Newmont (NEM) 10-K risk factor changes: FY2024 vs FY2023

[removed: See] [added: Refer to] “Forward-Looking Statements.”*

Average gold prices for [removed: 2023] [added: 2024] were [removed: $1,941] [added: $2,386] per ounce [removed: (2022: $1,800; 2021: $1,799),] [added: (2023: $1,941; 2022: $1,800),] average copper prices for [removed: 2023] [added: 2024] were [removed: $3.85] [added: $4.15] per pound [removed: (2022: $3.99; 2021: $4.23),] [added: (2023: $3.85; 2022: $3.99),] average silver prices for [removed: 2023] [added: 2024] were [removed: $23.35] [added: $28.27] per ounce [removed: (2022: $21.73; 2021: $25.12),] [added: (2023: $23.35; 2022: $21.73),] average lead prices for [removed: 2023] [added: 2024] were [removed: $0.97] [added: $0.94] per pound [removed: (2022: $0.98; 2021: $1.00),] [added: (2023: $0.97; 2022: $0.98),] and average zinc prices for [removed: 2023] [added: 2024] were [removed: $1.20] [added: $1.26] per pound [removed: (2022: $1.58; 2021: $1.36).][added: (2023: $1.20; 2022: $1.58).]

The [added: mineral] reserves stated in this report represent the amount of gold, copper, silver, lead, zinc and molybdenum that we estimated, at December 31, [removed: 2023,] [added: 2024,] could be economically and legally extracted or produced at the time of the reserve determination.

The Company cannot be certain that any part or parts of the resource will ever be converted into [added: mineral] reserves.

If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported [added: mineral] reserves and resources.

[removed: Reserves] [added: Mineral reserves] and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300.

- Changes in input commodity and labor [removed: costs;][added: costs, including as a result of inflation or tariffs;]

- [removed: Availability] [added: Availability, cost] and terms of financing;

- Delays [removed: in obtaining] [added: or inability to obtain] 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, [added: customs law and tariffs,] the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements;

- Government instability, including [removed: but] [added: in jurisdictions that do] not [added: have a long-standing or significant mining industry, such that there may be] limited [removed: to] [added: clarity on agreements with such governments, or] decreased [added: governmental] support for development of mining projects;

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 [added: and regulatory] permits and arrangements for necessary surface and other land rights.

Thus, it is possible that actual costs may increase [removed: 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 [removed: 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.]

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 [added: environment, and other significant events associated with or impacting mining operations.]

Environmental liabilities are accrued when they become known, or new permit conditions or limits are added, are probable and can be [removed: reasonably estimated.]

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 [added: companies, including Yanacocha.]

The Company appealed this approval to the Mining Council requesting the regulatory extension until [removed: 2027.][added: 2027, and in April 2024, MINEM approved the compliance schedule.]

These ongoing studies, which will extend beyond the current year, [removed: were progressed in 2023 as the study team continued] [added: continue] to evaluate and revise assumptions and estimated costs of changes to the reclamation plan.

[removed: The annual 2023 update included an] [added: While certain estimated costs remain subject to revision, the Company’s asset retirement obligation includes construction and operating costs for two new water treatment plants and] initial consideration of known risks (including the associated risk that [added: these] water treatment estimates could change in the future as more work is completed).

[removed: However, these] [added: 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 [removed: 2024] [added: 2025] and continue in the future.

[removed: We] [added: In recent years we] have [removed: also] provided greater transparency on environmental, social and governance performance in response to stakeholder engagement and [removed: requests in recent years,] [added: requests,] and [removed: provide] [added: provided] supplemental disclosures in our Annual Sustainability Report and other sustainability reports on our website in connection with stakeholder concerns and issues.

We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure [added: or cybersecurity attacks] and risks associated with implementation, upgrade, operation and integration.

- inability of partners to meet their financial and other obligations to the joint venture or third parties; [removed: and]

- [removed: litigation] [added: disputes] between partners regarding management, funding or other decisions related to the joint [removed: venture.][added: venture; and]

[removed: For example, we] [added: We also] hold a 32.0% equity interest in Lundin Gold, a Canadian mine development and operating company, operating the Fruta del Norte gold mine in [removed: Ecuador.][added: Ecuador, in addition to a variety of exploration and project joint ventures.]

The foreign currencies that primarily affect our results of operations are the Australian Dollar and the [removed: Canadian Dollar.]

These measures may have a number of negative effects on Newmont, reducing the immediately available capital [added: that we could otherwise deploy for investment opportunities or the payment of expenses.]

For example, Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% [removed: for] [added: over] the last [removed: five] [added: three] years.

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, [removed: economic] [added: economic, security] and other risks*” and “*Our Merian operation in Suriname is subject to [removed: political] [added: political, security] and economic risks*”, “*Our operations at Lihir and [added: project at] Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties*” and “*Our operations [removed: at Red Chris] and [removed: Brucejack in British Columbia,] [added: projects] Canada are subject to [removed: political] [added: legal] and regulatory risks and other [removed: uncertainties*”] [added: uncertainties in connection with claims and challenges by Indigenous groups*”] below.

[removed: However,] U.S. and global markets have, from time to time, experienced significant dislocations and liquidity disruptions.

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 [removed: shareholders.][added: stockholders.]

[removed: 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.

[added: Any excess] purchase price is allocated to goodwill.

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 [removed: equipment,] [added: equipment and infrastructure,] 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.

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 [removed: condition][added: condition.]

We rely on our supply chain operations to procure goods and services to [removed: conduct aspects of] [added: support] our operations and projects, and competition with other natural resource companies, and shortage of critical [removed: parts] [added: parts, services] and equipment may adversely affect our operations and development projects.

We rely on our global supply chain to procure goods and services from [added: suppliers and] contractors to [removed: conduct aspects of] [added: support] our operations and projects.

See the risk factors “*We rely on contractors to conduct a significant portion of our operations and construction projects”* and *“Our operations [added: and projects] may be adversely affected by rising energy prices or energy shortages*” below for further information.

- Ability to achieve anticipated benefits, synergies, savings and other efficiencies in connection with acquisitions, full potential programs and initiatives, and through portfolio optimization and divestitures;

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.

reasonably estimated.

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.

Our business operations rely heavily on technology platforms and systems to manage and optimize our globally diverse mining assets.

These systems are critical to ensuring safety, operational efficiency, cost management, and meeting environmental, social, and governance (ESG) objectives.

However, the increasing sophistication of cybersecurity threats, coupled with the adoption of emerging technologies such as artificial intelligence (AI), automation, and cloud-based platforms, poses important risks to our operations, financial performance, and reputation.

Our systems, as well as those of our third-party service providers, vendors, and partners, face a wide range of cybersecurity threats, including: Ransomware, malware, and phishing schemes targeting critical systems and sensitive data; unauthorized access and breaches affecting intellectual property, financial information, and operational data; vulnerabilities introduced through supply chain dependencies and third-party security weaknesses; human error, design flaws, and system misconfigurations.

The adoption of new technologies and the adoption of remote and flexible work arrangements enhances our operational capabilities but introduces additional risks.

AI, for example, is increasingly leveraged by Newmont for decision-making, mineral extraction optimization, and autonomous operations.

While AI has the potential to improve efficiency and safety, it also presents unique vulnerabilities, including algorithmic biases that could lead to inaccurate decisions or unintended outcomes; data integrity risks, such as manipulation or corruption of datasets used to train AI systems; unauthorized access or exploitation of AI-powered systems, potentially compromising operations or sensitive data.

Additionally, the increased interconnectivity of automated and cloud-based systems and increase of our remote workforce expands our cyber-attack surface, requiring heightened vigilance and advanced security measures.

These risks are further compounded for our operations in countries with higher geopolitical risk.

The Newmont cybersecurity program is designed to protect our technology platforms and address risks associated with the implementation of emerging technologies.

While these efforts are designed to align with industry best practices, no system can eliminate all risks, especially given the pace of technological advancement and the evolving nature and increased frequency of cyber threats.

In addition, we do not carry specific cybersecurity insurance to help mitigate such costs due to increased premiums and limited market availability.

Therefore, a successful cyberattack or other cybersecurity incident could result in production and operational downtimes, data corruption, and unauthorized disclosure of sensitive information.

These events may subject us to significant expenses, remediation costs, disputes, financial losses, regulatory actions or investigations, litigation, reputational harm, and delays in the deployment of critical technologies, that could results in damages, material fines and penalties, and harm to our reputation, any of which could have a significant effect on our financial condition, results of operations, liquidity, and cash flows.

The risks associated with the implementation of emerging technologies, if not effectively mitigated, could undermine the benefits of these advancements and impact our competitive position.

In addition, we are subject to various legislation, regulations, directives and guidelines from federal, state, local and foreign agencies, that are intended to strengthen cybersecurity measures required for information and operational technology, and that apply to the collection, use, retention, protection, disclosure, transfer and other processing of personal information.

Failure to comply with any of applicable legal requirements could result in enforcement action against us, including fines, which could harm our reputation and have a significant effect on our financial condition, results of operations, liquidity, and cash flows.

- activities conducted by partners outside the joint venture may lead to reputational or regulatory consequences that negatively affect the performance or reputation of the joint venture due to their association.

Newmont is also exposed to non-managed investments related to its joint venture interest in Pueblo Viejo mine (40.0% owned) and Norte Abierto (50% owned).

Canadian Dollar.

For example, in February 2024 Newmont announced its intent to divest non-core assets, including six operations and two projects from its Australian, Ghanaian, and North American business units.

At the end of 2024 the sale of Telfer operation and Newmont's 70% interest in the Havieron project closed and definitive agreements were in place to divest four other operations; Akyem, Musselwhite, Éléonore and CC&V.

In addition, proceeds were also received from the completed sale of investments, including the sale of the Lundin Gold stream credit facility and offtake agreement, and the monetization of Newmont's Batu Hijau contingent payments.

In the case that our partners do not make their

In addition, our ability to competitively source goods and services may be affected by local content procurement commitments in the jurisdictions in which we operate.

Failure to obtain and/or comply with required permits can have serious consequences, including damage to our reputation; cessation of the

Beyond 2029 an additional tailings facility would need to be built, termed RDA2, and this facility is also subject to permitting and other approvals, including additional environmental permits.

Cadia is currently approved to continue operations until 2031 and is seeking approval from the NSW Government to extend our mining operations beyond 2031.

This is known as the Cadia Continued Operations Project (“CCOP”), of which the construction of an extension to the STSFX is a project feature.

No assurances can be provided that approvals will be secured.

Any of these outcomes could materially and adversely affect our business, reputation, operational performance, and financial condition.

provide enhanced and/or alternative livelihood support.

Illegal mining, which involves trespass and occupation of exploration, development, and operating properties present significant security, safety, legal, and environmental risk, which could result in a security threat to human life, infrastructure, and equipment, and lead to the loss of legal title, possession, or use of Newmont's land tenure.

The failure to conduct operations in accordance with Company

The matter has been adjourned pending the delivery of the judgment.

On October 18, 2024, Cadia Holdings entered a plea of not guilty to the proceedings related to alleged air pollution from Cadia Holdings’ tailings storage facilities.

environment, and other significant events associated with or impacting mining operations.

companies, including Yanacocha.

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.

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.

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.

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.

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.

that we could otherwise deploy for investment opportunities or the payment of expenses.

Any excess

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 tailings capacity will be secured at similar cost, commercially reasonable terms, or at all.

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.

Increased global attention or regulation on consumption of shared resources and use

Prolonged or extended limitations on use of the TSF would adversely impact our production and profitability.

The proceedings related to alleged air pollution from the tailings storage facilities are adjourned for further directions on February 23, 2024.

Operational changes

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.

Changes in the market price of copper, silver, [removed: lead] [added: lead,] and zinc also affect our profitability and cash flow.

The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at December 31, [removed: 2023] [added: 2024] included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions:

| Gold price (per ounce) | | | $ | [removed: 1,971] [added: 2,663] | | | | | $ | [removed: 1,700] [added: 1,900] | |

| Copper price (per pound) | | | $ | [removed: 3.70] [added: 4.17] | | | | | $ | [removed: 3.75] [added: 4.00] | |

| Silver price (per ounce) | | | $ | [removed: 23.20] [added: 31.38] | | | | | $ | [removed: 22.00] [added: 25.00] | |

| Lead price (per pound) | | | $ | [removed: 0.96] [added: 0.91] | | | | | $ | 0.90 | |

| Zinc price (per pound) | | | $ | [removed: 1.13] [added: 1.38] | | | | | $ | 1.25 | |

| CAD to USD exchange rate | | | $ | [removed: 0.73] [added: 0.71] | | | | | $ | 0.75 | |

| MXN to USD exchange rate | | | $ | [removed: 0.06] [added: 0.05] | | | | | $ | 0.05 | |

[removed: Fixed-rate debt.] We are subject to interest rate risk related to the fair value of our senior notes which [removed: consist] [added: is wholly comprised] of fixed [removed: rates.][added: rates at December 31, 2024.]

Refer to Note [removed: 20] [added: 13] to our Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt.

[removed: In addition to our operations in the U.S., we] [added: We] have significant operations and/or assets in [added: the U.S.,] Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana.

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, [removed: 2023] [added: 2024] in relation to the U.S. dollar at our foreign mining [removed: operations.][added: operations, with no mitigation assumed from our foreign currency cash flow hedges.]

The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate [removed: $58] [added: $71] increase to *Costs applicable to sales* per gold ounce at December 31, [removed: 2023.][added: 2024.]

Market risk is the risk that the fair value of a derivative might be adversely affected by a change in [added: commodity prices or] currency exchange rates, and that this in turn affects our financial condition.

[removed: We have performed a sensitivity analysis as of December 31, 2023, using] [added: For the foreign currency cash flow hedges, we utilized] a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the AUD [added: and CAD] foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant.

The foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD [added: and CAD] market rates in effect at December 31, [removed: 2023.][added: 2024.]

The sensitivity analyses indicated that a hypothetical 10% adverse movement [removed: in foreign currency exchange rates] would result in an approximate decrease in the fair value of the [removed: hedging derivative instruments] [added: Cadia PPA cash flow hedge and the foreign currency cash flow hedges] of [removed: $15] [added: $32 and $195] at December 31, [removed: 2023.][added: 2024, respectively.]

Refer below for our analysis as of December 31, [removed: 2023.][added: 2024.]

| Silver (ounces, in millions) | | | [removed: 3] [added: 6] | | | | | | $ | [removed: 23.89] [added: 28.99] | | | | | $ | [removed: 5] [added: 12] | | | | | $ | [removed: 23.79] [added: 28.91] | |

| Lead (pounds, in millions) | | | [removed: 25] [added: 52] | | | | | | $ | [removed: 0.93] [added: 0.88] | | | | | $ | [removed: 1] [added: 3] | | | | | $ | [removed: 0.92] [added: 0.87] | |

| Zinc (pounds, in millions) | | | [removed: 31] [added: 114] | | | | | | $ | [removed: 1.20] [added: 1.34] | | | | | $ | [removed: 2] [added: 10] | | | | | $ | [removed: 1.20] [added: 1.35] | |

(1)Includes provisionally priced by-product sales subject to final pricing, which are recognized [removed: in] [added: as a reduction to] *Costs applicable to sales.*

(2)The closing settlement price as of December 31, [removed: 2023] [added: 2024] is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver.

| Gold (ounces, in thousands) | | | 265 | | | | | | $ | 2,635 | | | | | $ | 46 | | | | | $ | 2,609 | |

| Copper (pounds, in millions) | | | 85 | | | | | | $ | 3.99 | | | | | $ | 23 | | | | | $ | 3.95 | |

| | | | | | | | | | | | | | | | | | | | | | | | |

The Company's hedging instruments consisted of the Cadia Power Purchase Agreement ("Cadia PPA") and foreign currency cash flow hedges at December 31, 2024, which were transacted for risk management purposes.

The Cadia PPA mitigates the variability in future cash flows related to a portion of power purchases at the Cadia mine and the foreign currency cash flow hedges were entered into to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures and AUD-denominated capital expenditures.

Market Risk

We have performed sensitivity analyses as of December 31, 2024 regarding the Cadia PPA and foreign currency cash flow hedges.

For the Cadia PPA, we utilized a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the forward electricity rates relative to current rates, with all other variables held constant.

Credit Risk

Market Liquidity 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.

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.

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.

The analysis covered all of our AUD-denominated fixed forward contracts.

| Gold (ounces, in thousands) | | | 257 | | | | | | $ | 2,071 | | | | | $ | 37 | | | | | $ | 2,078 | |

| Copper (pounds, in millions) | | | 104 | | | | | | $ | 3.88 | | | | | $ | 28 | | | | | $ | 3.84 | |

| Molybdenum (pounds, in millions) (3) | | | 1 | | | | | | $ | 19.62 | | | | | $ | 1 | | | | | $ | 18.53 | |

(3)Molybdenum is a by-product at the Cadia site and is recognized in *Costs applicable to sales*.

At December 31, [removed: 2023,] [added: 2024,] Newmont had attributable proven and probable gold reserves of [removed: 135.9] [added: 134.1] million ounces, attributable measured and indicated gold resources of [removed: 104.8] [added: 99.4] million ounces, attributable inferred gold resources of [removed: 69.1] [added: 70.6] million ounces, and an aggregate land position of approximately [removed: 24,900] [added: 25,500] square miles [removed: (64,400] [added: (66,000] square kilometers).

Newmont’s corporate headquarters are in Denver, Colorado, U.S. In this report, “Newmont,” the “Company,” [removed: “our”] [added: “our,”] and “we” refer to Newmont Corporation together with our affiliates and subsidiaries, unless the context otherwise requires.

Results of Newcrest for the period November 6 to December 31, 2023 [added: and the year ended December 31, 2024] are included in this report.

[removed: As a result, the Company determined that its] [added: The Company's] reportable segments [removed: were] [added: consist of] each of its [removed: 17] [added: 16] mining operations that it [removed: manages, which includes its 70.0% proportionate interest in Red Chris,] [added: manages] and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage.

For information on acquisitions and [removed: asset sales] [added: divestitures] impacting the comparability of our results, refer to [removed: Notes 1 and 9] [added: Note 3] to the Consolidated Financial [removed: Statements, respectively.][added: Statements.]

References in this report to “attributable” means that portion of gold, copper, silver, lead, [removed: zinc] or [removed: molybdenum] [added: zinc] produced, sold or included in proven and probable reserves and measured, [removed: indicated] [added: indicated,] and inferred resources based on our proportionate ownership, unless otherwise noted.

[removed: *General.*] [added: General.] The details of our consolidated and attributable gold production from continuing operations are set forth below:

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Consolidated gold ounces produced (thousands) | | | [removed: 5,401] [added: 6,545] | | | | | | [removed: 5,786] [added: 5,401] | | | | | | [removed: 5,884] [added: 5,786] | | |

| Attributable gold ounces produced (thousands) | | | [removed: 5,545] [added: 6,849] | | | | | | [removed: 5,956] [added: 5,545] | | | | | | [removed: 5,971] [added: 5,956] | | |

| Pueblo Viejo [removed: (40%)] [added: (40.0%)] | | | [removed: 224] [added: 235] | | | | | | [removed: 285] [added: 224] | | | | | | [removed: 325] [added: 285] | | |

| Fruta del Norte [added: (32.0%)] (1) | | | [removed: —] [added: 138] | | | | | | — | | | | | | — | | |

| | | | [removed: 224] [added: 373] | | | | | | [removed: 285] [added: 224] | | | | | | [removed: 325] [added: 285] | | |

The Company acquired a [removed: 32%] [added: 32.0%] interest in Lundin Gold through the Newcrest [removed: transaction.][added: transaction, which is accounted for as an equity method investment on a quarterly lag.]

As a result, results of operations [removed: will] [added: were] not [removed: be] reported until the first quarter of 2024.

For the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021, 89%, 87%] [added: 2022, 85%, 89%] and [removed: 86%,] [added: 87%,] respectively, of our *Sales* were attributable to gold.

Doré is sent to refiners to produce bullion that [added: meets the required market standard of 99.95% gold.]

Additionally, a portion of gold is sold in concentrate containing other metals such as copper, silver, lead, [removed: zinc] and/or [removed: molybdenum.][added: zinc.]

[removed: *Gold Uses.*] [added: 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, [removed: medallions] [added: medallions,] and official coins.

Gold investors buy gold bullion, official [removed: coins] [added: coins,] and jewelry.

[removed: *Gold Supply.*] [added: 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, [removed: 2021] [added: 2022] through [removed: 2023,] [added: 2024,] mine production has averaged approximately 75% of the annual gold supply with the remainder primarily sourced from recycled gold.

[removed: *Gold Price.*] [added: Gold Price.] The following table presents the annual high, [removed: low] [added: low,] and average daily afternoon LBMA Gold Price over the past ten years on the London Bullion Market ($/ounce):

On February [removed: 15, 2024,] [added: 13, 2025,] the afternoon LBMA gold price was [removed: $2,004] [added: $2,928] per ounce.

Copper production at [removed: Boddington,] Red Chris, [added: Boddington,] Cadia, and Telfer and silver, [removed: lead] [added: lead,] and zinc production at Peñasquito are considered co-products.

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, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021:][added: 2022:]

| | | | [removed: 2023] [added: 2024] | | | | | | | | | [removed: 2022] | | | [added: 2023] | | | | | | [removed: 2021] | | | | | | [added: 2022 | | | | | | | | |]

| | | | Co-product Production | | | [added: | | |] Sales as % of Total Sales | | | | | | Co-product Production | | | [added: | | |] Sales as % of Total Sales | | | | | | Co-product Production | | | [added: | | |] Sales as % of Total Sales | | |

| Copper (pounds/millions) (1) | | | [removed: 145] [added: 338] | | | [removed: 5] | | [added: | 7 | |] % | | | | [removed: 84] [added: 145] | | | [removed: 3] | | [added: | 5 | |] % | | | | [removed: 71] [added: 84] | | | [removed: 2] | | [added: | 3 | |] % |

| Silver (ounces/millions) (2) | | | [removed: 18] [added: 33] | | | [removed: 3] | | [added: | 4 | |] % | | | | [removed: 30] [added: 18] | | | [removed: 5] | | [added: | 3 | |] % | | | | [removed: 31] [added: 30] | | | [added: | | |] 5 | | % |

| Lead (pounds/millions) (2) | | | [removed: 113] [added: 212] | | | [added: | | |] 1 | | % | | | | [removed: 149] [added: 113] | | | [added: | | |] 1 | | % | | | | [removed: 177] [added: 149] | | | [removed: 2] | | [added: | 1 | |] % |

| Zinc (pounds/millions) (2) | | | [removed: 230] [added: 569] | | | [removed: 2] | | [added: | 3 | |] % | | | | [removed: 377] [added: 230] | | | [removed: 4] | | [added: | 2 | |] % | | | | [removed: 435] [added: 377] | | | [removed: 5] | | [added: | 4 | |] % |

(1)For the [removed: year ended] [added: years] December 31, [added: 2024 and] 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 [removed: years] [added: year] ended December 31, [removed: 2022 and 2021.][added: 2022.]

(2)All of our silver, [removed: lead] [added: lead,] and zinc co-product production came from Peñasquito.

Aside from the co-product sales at Red Chris, Peñasquito, Boddington, Cadia, and Telfer, [removed: copper, silver,] [added: copper] and [removed: molybdenum] [added: silver] produced at other Newmont sites are by-product metals.

[removed: *Doré.*] [added: 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.

[removed: *Concentrate.* Sulfide ore] [added: Concentrate. Ore containing zinc, silver, lead, and gold] is delivered to a crushing and grinding plant which feeds a sulfide processing plant.

The ore is initially treated by successive stages of flotation resulting in a gold/copper concentrate containing approximately 10% to 26% [removed: copper.][added: copper and is dewatered and transported off-site.]

Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest transaction, 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.

Subsequently in the second half of 2024, the Company entered into definitive agreements to sell the Telfer, Akyem, Musselwhite, Éléonore, and CC&V reportable segments, of which Telfer closed in 2024.

In January 2025, the Company entered into a definitive agreement to sell the Porcupine reportable segment.

Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures.

The reportable segments at December 31, 2024 include certain reportable segments that are designated as held for sale and exclude those which have been divested.

Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures.

| 2025 (through February 13, 2025) | | | $ | 2,928 | | | | | $ | 2,636 | | | | | $ | 2,759 | |

| 2024 | | | $ | 2,778 | | | | | $ | 1,985 | | | | | $ | 2,386 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

A summary of product and form by segment is set forth below.

| Held for Sale (3) | | | | | | | | | | | | | | |

| Divested (4) | | | | | | | | | | | | | | |

(2)In the fourth quarter of 2023, the Company abandoned the pyrite leach plant at Peñasquito resulting in no production of doré for the year ended 2024.

Refer to Note 9 to the Consolidated Financial Statements for further information.

(3)Refer to Note 3 to the Consolidated Financial Statements for further information on held for sale.

(4)In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment.

Refer to Note 3 to the Consolidated Financial Statements for further information.

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 Sustainability Accounting Standards Board ("SASB") Metals & Mining standards.

Newmont's emission calculation methodology framework dictates that any change of 5% resulting from divestitures or acquisitions requires recalculation of baseline data.

The acquisition of Newcrest in November 2023 triggered Newmont to recalculate the target baseline years and trailing years of GHG emissions data.

We are continuing to review our targets and roadmap which may result in amendments in the future.

Investors are reminded that climate-

related targets are subject to aspirational management goals and forward-looking statements, which remain subject to risks and uncertainties.

Refer to Forward-Looking Statements, below, and Item 1A, Risk Factors of this report under the heading "*Our operations and projects 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.*"

Inclusion, Diversity, and Equity. Inclusion is one of our five core values.

We support this through a focus on our culture and four key areas of inclusion: (i) start with respect; (ii) listen to and engage employees; (iii) leverage dissonance, consistency, and persistence toward a future state culture; and (iv) focus on the career progress of underrepresented team members.

Newmont is an equal employment opportunity employer and Newmont's policy is to not make employment-related decisions based on gender or any other protected basis.

Health and Safety. Safeguarding the health and safety of our employees and contractors is fundamental to how we operate.

Mining activities pose risks and hazards that must be effectively managed and controlled to minimize their impact.

Safety is one of Newmont's core values, and our global Health, Safety, and Security strategy aims to advance our journey toward a workplace free from fatalities, injuries and illnesses.

We measure the effectiveness of our approach to managing the wide range of health and safety risks by setting measurable objectives and targets.

Commitments to Communities. Gaining and maintaining the trust of stakeholders impacted by a business is an ongoing endeavor.

At Newmont, we use a methodical approach to managing stakeholder relationships and earning social acceptance.

Through understanding and managing our activities' impacts on communities and involving local stakeholders in decision making, we aim to build ensuring relationships based on respect and mutually beneficial and sustainable development outcomes.

We monitor various metrics and performance objectives to assess the effectiveness of our social acceptance approach, and to better understand both the positive and negative impacts that our activities have on host communities.

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 business is subject to the U.S. Foreign Corrupt Practices Act, and other related anti-bribery laws and regulations.

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").

The 32% interest is accounted for as an equity method investment with results reported on a quarter lag.

meets the required market standard of 99.95% gold.

| 2024 (through February 15, 2024) | | | $ | 2,068 | | | | | $ | 1,985 | | | | | $ | 2,029 | |

| 2014 | | | $ | 1,385 | | | | | $ | 1,142 | | | | | $ | 1,266 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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.

See table below for summary of product and form by segment.

*Stakeholder Engagement*.

*Reporting*.

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.

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.

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.

In 2022, the full Board reviewed and approved our refreshed global people strategy.

*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 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.

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.

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.

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.

- Significant demands will be placed on the combined company as a result of the combination.

For the Fiscal Year Ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

At June 30, [removed: 2023,] [added: 2024,] the aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant was [removed: $33,878,942,644] [added: $48,153,562,623] based on the closing sale price as reported on the New York Stock Exchange.

There were [removed: 1,152,551,607] [added: 1,126,861,075] shares of common stock outstanding on February [removed: 15, 2024.][added: 13, 2025.]

Portions of Registrant’s definitive Proxy Statement for the Registrant’s [removed: 2024] [added: 2025] Annual Stockholders Meeting will be filed no later than 120 days after the close of the Registrant's fiscal year ended December 31, [removed: 2023,] [added: 2024,] are incorporated by reference into Part III of this report.

| | | | [PART [removed: I](#ie307b7f42be4454998f44b456109c9aa_16)] [added: I](#i48286b94b8564316b7674709310ac46c_16)] | | | Page | | |

| [GLOSSARY: UNITS OF MEASURE AND [removed: ABBREVIATIONS](#ie307b7f42be4454998f44b456109c9aa_10)] [added: ABBREVIATIONS](#i48286b94b8564316b7674709310ac46c_10)] | | | | | | 1 | | |

[removed: | [2023] [added: 2024] RESULTS AND [removed: HIGHLIGHTS](#ie307b7f42be4454998f44b456109c9aa_13) | | | | | | [2](#ie307b7f42be4454998f44b456109c9aa_13) | | |][added: HIGHLIGHTS]

| [ITEM [removed: 1.](#ie307b7f42be4454998f44b456109c9aa_19)] [added: 1.](#i48286b94b8564316b7674709310ac46c_19)] | | | [removed: [BUSINESS](#ie307b7f42be4454998f44b456109c9aa_19)] [added: [BUSINESS](#i48286b94b8564316b7674709310ac46c_19)] | | | [removed: [5](#ie307b7f42be4454998f44b456109c9aa_19)] [added: [5](#i48286b94b8564316b7674709310ac46c_19)] | | |

| | | | [Segment [removed: Information](#ie307b7f42be4454998f44b456109c9aa_25)] [added: Information](#i48286b94b8564316b7674709310ac46c_25)] | | | [removed: [5](#ie307b7f42be4454998f44b456109c9aa_25)] [added: [5](#i48286b94b8564316b7674709310ac46c_25)] | | |

| | | | [Licenses and [removed: Concessions](#ie307b7f42be4454998f44b456109c9aa_34)] [added: Concessions](#i48286b94b8564316b7674709310ac46c_34)] | | | [removed: [8](#ie307b7f42be4454998f44b456109c9aa_34)] [added: [8](#i48286b94b8564316b7674709310ac46c_34)] | | |

| | | | [Condition of Physical Assets and [removed: Insurance](#ie307b7f42be4454998f44b456109c9aa_37)] [added: Insurance](#i48286b94b8564316b7674709310ac46c_37)] | | | [removed: [8](#ie307b7f42be4454998f44b456109c9aa_37)] [added: [8](#i48286b94b8564316b7674709310ac46c_37)] | | |

| | | | [Environmental, Social and [removed: Governance](#ie307b7f42be4454998f44b456109c9aa_40)] [added: Governance](#i48286b94b8564316b7674709310ac46c_40)] | | | [removed: [9](#ie307b7f42be4454998f44b456109c9aa_40)] [added: [9](#i48286b94b8564316b7674709310ac46c_40)] | | |

| | | | [Risk Factor [removed: Summary](#ie307b7f42be4454998f44b456109c9aa_52)] [added: Summary](#i48286b94b8564316b7674709310ac46c_49)] | | | [removed: [12](#ie307b7f42be4454998f44b456109c9aa_52)] [added: [12](#i48286b94b8564316b7674709310ac46c_49)] | | |

| | | | [Forward-Looking [removed: Statements](#ie307b7f42be4454998f44b456109c9aa_55)] [added: Statements](#i48286b94b8564316b7674709310ac46c_52)] | | | [removed: [14](#ie307b7f42be4454998f44b456109c9aa_55)] [added: [14](#i48286b94b8564316b7674709310ac46c_52)] | | |

| | | | [Available [removed: Information](#ie307b7f42be4454998f44b456109c9aa_58)] [added: Information](#i48286b94b8564316b7674709310ac46c_55)] | | | [removed: [16](#ie307b7f42be4454998f44b456109c9aa_58)] [added: [16](#i48286b94b8564316b7674709310ac46c_55)] | | |

| [ITEM [removed: 1A.](#ie307b7f42be4454998f44b456109c9aa_61)] [added: 1A.](#i48286b94b8564316b7674709310ac46c_58)] | | | [RISK [removed: FACTORS](#ie307b7f42be4454998f44b456109c9aa_61)] [added: FACTORS](#i48286b94b8564316b7674709310ac46c_58)] | | | [removed: [16](#ie307b7f42be4454998f44b456109c9aa_61)] [added: [16](#i48286b94b8564316b7674709310ac46c_58)] | | |

| [ITEM [removed: 1B.](#ie307b7f42be4454998f44b456109c9aa_67)] [added: 1B.](#i48286b94b8564316b7674709310ac46c_64)] | | | [UNRESOLVED STAFF [removed: COMMENTS](#ie307b7f42be4454998f44b456109c9aa_67)] [added: COMMENTS](#i48286b94b8564316b7674709310ac46c_64)] | | | [removed: [47](#ie307b7f42be4454998f44b456109c9aa_67)] [added: [49](#i48286b94b8564316b7674709310ac46c_64)] | | |

| [ITEM [removed: 2.](#ie307b7f42be4454998f44b456109c9aa_70)] [added: 2.](#i48286b94b8564316b7674709310ac46c_76)] | | | [removed: [PROPERTIES](#ie307b7f42be4454998f44b456109c9aa_70)] [added: [PROPERTIES](#i48286b94b8564316b7674709310ac46c_76)] | | | [removed: [50](#ie307b7f42be4454998f44b456109c9aa_70)] [added: [52](#i48286b94b8564316b7674709310ac46c_76)] | | |

| | | | [Production and Development [removed: Properties](#ie307b7f42be4454998f44b456109c9aa_73)] [added: Properties](#i48286b94b8564316b7674709310ac46c_79)] | | | [removed: [50](#ie307b7f42be4454998f44b456109c9aa_73)] [added: [52](#i48286b94b8564316b7674709310ac46c_79)] | | |

| | | | [Operating [removed: Statistics](#ie307b7f42be4454998f44b456109c9aa_91)] [added: Statistics](#i48286b94b8564316b7674709310ac46c_100)] | | | [removed: [60](#ie307b7f42be4454998f44b456109c9aa_91)] [added: [62](#i48286b94b8564316b7674709310ac46c_100)] | | |

| | | | [Proven and Probable [removed: Reserves](#ie307b7f42be4454998f44b456109c9aa_100)] [added: Reserves](#i48286b94b8564316b7674709310ac46c_109)] | | | [removed: [67](#ie307b7f42be4454998f44b456109c9aa_100)] [added: [69](#i48286b94b8564316b7674709310ac46c_109)] | | |

| | | | [Measured, Indicated, and Inferred [removed: Resources](#ie307b7f42be4454998f44b456109c9aa_106)] [added: Resources](#i48286b94b8564316b7674709310ac46c_115)] | | | [removed: [76](#ie307b7f42be4454998f44b456109c9aa_106)] [added: [78](#i48286b94b8564316b7674709310ac46c_115)] | | |

| [ITEM [removed: 3.](#ie307b7f42be4454998f44b456109c9aa_112)] [added: 3.](#i48286b94b8564316b7674709310ac46c_121)] | | | [LEGAL [removed: PROCEEDINGS](#ie307b7f42be4454998f44b456109c9aa_112)] [added: PROCEEDINGS](#i48286b94b8564316b7674709310ac46c_121)] | | | [removed: [88](#ie307b7f42be4454998f44b456109c9aa_112)] [added: [90](#i48286b94b8564316b7674709310ac46c_121)] | | |

| [ITEM [removed: 4.](#ie307b7f42be4454998f44b456109c9aa_115)] [added: 4.](#i48286b94b8564316b7674709310ac46c_124)] | | | [MINE SAFETY [removed: DISCLOSURES](#ie307b7f42be4454998f44b456109c9aa_115)] [added: DISCLOSURES](#i48286b94b8564316b7674709310ac46c_124)] | | | [removed: [88](#ie307b7f42be4454998f44b456109c9aa_115)] [added: [90](#i48286b94b8564316b7674709310ac46c_124)] | | |

| [ITEM [removed: 5.](#ie307b7f42be4454998f44b456109c9aa_121)] [added: 5.](#i48286b94b8564316b7674709310ac46c_130)] | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY [removed: SECURITIES](#ie307b7f42be4454998f44b456109c9aa_121)] [added: SECURITIES](#i48286b94b8564316b7674709310ac46c_130)] | | | [removed: [89](#ie307b7f42be4454998f44b456109c9aa_121)] [added: [91](#i48286b94b8564316b7674709310ac46c_130)] | | |

| [ITEM [removed: 7.](#ie307b7f42be4454998f44b456109c9aa_127)] [added: 7.](#i48286b94b8564316b7674709310ac46c_136)] | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#ie307b7f42be4454998f44b456109c9aa_127)] [added: OPERATIONS](#i48286b94b8564316b7674709310ac46c_136)] | | | [removed: [90](#ie307b7f42be4454998f44b456109c9aa_127)] [added: [92](#i48286b94b8564316b7674709310ac46c_136)] | | |

| | | | [Consolidated Financial [removed: Results](#ie307b7f42be4454998f44b456109c9aa_133)] [added: Results](#i48286b94b8564316b7674709310ac46c_142)] | | | [removed: [91](#ie307b7f42be4454998f44b456109c9aa_133)] [added: [93](#i48286b94b8564316b7674709310ac46c_142)] | | |

| | | | [Results of Consolidated [removed: Operations](#ie307b7f42be4454998f44b456109c9aa_157)] [added: Operations](#i48286b94b8564316b7674709310ac46c_166)] | | | [removed: [96](#ie307b7f42be4454998f44b456109c9aa_157)] [added: [98](#i48286b94b8564316b7674709310ac46c_166)] | | |

| | | | [Foreign Currency Exchange [removed: Rates](#ie307b7f42be4454998f44b456109c9aa_160)] [added: Rates](#i48286b94b8564316b7674709310ac46c_169)] | | | [removed: [99](#ie307b7f42be4454998f44b456109c9aa_160)] [added: [102](#i48286b94b8564316b7674709310ac46c_169)] | | |

| | | | [Liquidity and Capital [removed: Resources](#ie307b7f42be4454998f44b456109c9aa_163)] [added: Resources](#i48286b94b8564316b7674709310ac46c_190)] | | | [removed: [111](#ie307b7f42be4454998f44b456109c9aa_163)] [added: [103](#i48286b94b8564316b7674709310ac46c_190)] | | |

| | | | [Non-GAAP Financial [removed: Measures](#ie307b7f42be4454998f44b456109c9aa_190)] [added: Measures](#i48286b94b8564316b7674709310ac46c_172)] | | | [removed: [100](#ie307b7f42be4454998f44b456109c9aa_190)] [added: [110](#i48286b94b8564316b7674709310ac46c_172)] | | |

| [ITEM [removed: 7A.](#ie307b7f42be4454998f44b456109c9aa_214)] [added: 7A.](#i48286b94b8564316b7674709310ac46c_223)] | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#ie307b7f42be4454998f44b456109c9aa_214)] [added: RISK](#i48286b94b8564316b7674709310ac46c_223)] | | | [removed: [123](#ie307b7f42be4454998f44b456109c9aa_214)] [added: [125](#i48286b94b8564316b7674709310ac46c_223)] | | |

| [ITEM [removed: 8.](#ie307b7f42be4454998f44b456109c9aa_232)] [added: 8.](#i48286b94b8564316b7674709310ac46c_241)] | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#ie307b7f42be4454998f44b456109c9aa_232)] [added: DATA](#i48286b94b8564316b7674709310ac46c_241)] | | | [removed: [126](#ie307b7f42be4454998f44b456109c9aa_232)] [added: [128](#i48286b94b8564316b7674709310ac46c_241)] | | |

| [ITEM [removed: 9.](#ie307b7f42be4454998f44b456109c9aa_337)] [added: 9.](#i48286b94b8564316b7674709310ac46c_346)] | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#ie307b7f42be4454998f44b456109c9aa_337)] [added: DISCLOSURE](#i48286b94b8564316b7674709310ac46c_346)] | | | [removed: [193](#ie307b7f42be4454998f44b456109c9aa_337)] [added: [196](#i48286b94b8564316b7674709310ac46c_346)] | | |

| [ITEM [removed: 9A.](#ie307b7f42be4454998f44b456109c9aa_340)] [added: 9A.](#i48286b94b8564316b7674709310ac46c_349)] | | | [CONTROLS AND [removed: PROCEDURES](#ie307b7f42be4454998f44b456109c9aa_340)] [added: PROCEDURES](#i48286b94b8564316b7674709310ac46c_349)] | | | [removed: [193](#ie307b7f42be4454998f44b456109c9aa_340)] [added: [196](#i48286b94b8564316b7674709310ac46c_349)] | | |

| [ITEM [removed: 9B.](#ie307b7f42be4454998f44b456109c9aa_346)] [added: 9B.](#i48286b94b8564316b7674709310ac46c_355)] | | | [OTHER [removed: INFORMATION](#ie307b7f42be4454998f44b456109c9aa_346)] [added: INFORMATION](#i48286b94b8564316b7674709310ac46c_355)] | | | [removed: [195](#ie307b7f42be4454998f44b456109c9aa_346)] [added: [198](#i48286b94b8564316b7674709310ac46c_355)] | | |

| [ITEM [removed: 10.](#ie307b7f42be4454998f44b456109c9aa_352)] [added: 10.](#i48286b94b8564316b7674709310ac46c_364)] | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#ie307b7f42be4454998f44b456109c9aa_352)] [added: GOVERNANCE](#i48286b94b8564316b7674709310ac46c_364)] | | | [removed: [196](#ie307b7f42be4454998f44b456109c9aa_352)] [added: [199](#i48286b94b8564316b7674709310ac46c_364)] | | |

| [ITEM [removed: 11.](#ie307b7f42be4454998f44b456109c9aa_355)] [added: 11.](#i48286b94b8564316b7674709310ac46c_367)] | | | [EXECUTIVE [removed: COMPENSATION](#ie307b7f42be4454998f44b456109c9aa_355)] [added: COMPENSATION](#i48286b94b8564316b7674709310ac46c_367)] | | | [removed: [197](#ie307b7f42be4454998f44b456109c9aa_355)] [added: [200](#i48286b94b8564316b7674709310ac46c_367)] | | |

| [ITEM [removed: 12.](#ie307b7f42be4454998f44b456109c9aa_358)] [added: 12.](#i48286b94b8564316b7674709310ac46c_370)] | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#ie307b7f42be4454998f44b456109c9aa_358)] [added: MATTERS](#i48286b94b8564316b7674709310ac46c_370)] | | | [removed: [197](#ie307b7f42be4454998f44b456109c9aa_358)] [added: [201](#i48286b94b8564316b7674709310ac46c_370)] | | |

| [2024 RESULTS AND HIGHLIGHTS](#i48286b94b8564316b7674709310ac46c_13) | | | | | | [2](#i48286b94b8564316b7674709310ac46c_13) | | |

| | | | [Introduction](#i48286b94b8564316b7674709310ac46c_22) | | | [5](#i48286b94b8564316b7674709310ac46c_22) | | |

| | | | [Products](#i48286b94b8564316b7674709310ac46c_28) | | | [5](#i48286b94b8564316b7674709310ac46c_28) | | |

| | | | [Competition](#i48286b94b8564316b7674709310ac46c_31) | | | [8](#i48286b94b8564316b7674709310ac46c_31) | | |

| [ITEM 1C.](#i48286b94b8564316b7674709310ac46c_67) | | | [CYBERSECURITY](#i48286b94b8564316b7674709310ac46c_67) | | | [50](#i48286b94b8564316b7674709310ac46c_67) | | |

| | | | [PART II](#i48286b94b8564316b7674709310ac46c_127) | | | | | |

| [ITEM 6.](#i48286b94b8564316b7674709310ac46c_133) | | | [RESERVED](#i48286b94b8564316b7674709310ac46c_133) | | | [91](#i48286b94b8564316b7674709310ac46c_133) | | |

| | | | [Overview](#i48286b94b8564316b7674709310ac46c_139) | | | [92](#i48286b94b8564316b7674709310ac46c_139) | | |

| | | | [Environmental](#i48286b94b8564316b7674709310ac46c_211) | | | [109](#i48286b94b8564316b7674709310ac46c_211) | | |

| | | | [Forward Looking Statements](#i48286b94b8564316b7674709310ac46c_214) | | | [110](#i48286b94b8564316b7674709310ac46c_214) | | |

| | | | [Accounting Developments](#i48286b94b8564316b7674709310ac46c_217) | | | [121](#i48286b94b8564316b7674709310ac46c_217) | | |

| | | | [Critical Accounting Estimates](#i48286b94b8564316b7674709310ac46c_220) | | | [121](#i48286b94b8564316b7674709310ac46c_220) | | |

| | | | [Metal Prices](#i48286b94b8564316b7674709310ac46c_226) | | | [125](#i48286b94b8564316b7674709310ac46c_226) | | |

| | | | [Foreign Currency](#i48286b94b8564316b7674709310ac46c_232) | | | [125](#i48286b94b8564316b7674709310ac46c_232) | | |

| | | | [Commodity Price Exposure](#i48286b94b8564316b7674709310ac46c_238) | | | [126](#i48286b94b8564316b7674709310ac46c_238) | | |

| [ITEM 9C.](#i48286b94b8564316b7674709310ac46c_2509) | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#i48286b94b8564316b7674709310ac46c_2509) | | | [198](#i48286b94b8564316b7674709310ac46c_2509) | | |

| | | | [PART III](#i48286b94b8564316b7674709310ac46c_361) | | | | | |

| | | | [PART IV](#i48286b94b8564316b7674709310ac46c_379) | | | | | |

| [ITEM 16.](#i48286b94b8564316b7674709310ac46c_385) | | | [FORM 10-K SUMMARY](#i48286b94b8564316b7674709310ac46c_385) | | | [202](#i48286b94b8564316b7674709310ac46c_382) | | |

| [SIGNATURES](#i48286b94b8564316b7674709310ac46c_388) | | | | | | SCH-[1](#i48286b94b8564316b7674709310ac46c_388) | | |

| DTA | | | | | | Deferred tax asset | | |

| DTL | | | | | | Deferred tax liability | | |

| IASB | | | | | | International Accounting Standards Board | | |

| NSR | | | | | | Net Smelter Return | | |

(unaudited, dollars in millions, except per share, per ounce and per pound)

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Pounds (millions) | | | 338 | | | | | | 145 | | | | | | 84 | | |

| Tonnes (thousands) | | | 153 | | | | | | 65 | | | | | | 38 | | |

| Pounds (millions) | | | 332 | | | | | | 155 | | | | | | 85 | | |

| Tonnes (thousands) | | | 150 | | | | | | 71 | | | | | | 39 | | |

| Produced lead: | | | | | | | | | | | | | | | | | |

| Pounds (millions) | | | 212 | | | | | | 113 | | | | | | 149 | | |

| Tonnes (thousands) | | | 96 | | | | | | 51 | | | | | | 68 | | |

| Sold lead: | | | | | | | | | | | | | | | | | |

| Pounds (millions) | | | 213 | | | | | | 107 | | | | | | 147 | | |

| Tonnes (thousands) | | | 97 | | | | | | 49 | | | | | | 67 | | |

| Produced zinc: | | | | | | | | | | | | | | | | | |

| Pounds (millions) | | | 569 | | | | | | 230 | | | | | | 377 | | |

| Tonnes (thousands) | | | 258 | | | | | | 104 | | | | | | 171 | | |

| | | | [Introduction](#ie307b7f42be4454998f44b456109c9aa_22) | | | [5](#ie307b7f42be4454998f44b456109c9aa_22) | | |

| | | | [Products](#ie307b7f42be4454998f44b456109c9aa_28) | | | [5](#ie307b7f42be4454998f44b456109c9aa_28) | | |

| | | | [Competition](#ie307b7f42be4454998f44b456109c9aa_31) | | | [8](#ie307b7f42be4454998f44b456109c9aa_31) | | |

| [ITEM 1](#ie307b7f42be4454998f44b456109c9aa_2352)[C](#ie307b7f42be4454998f44b456109c9aa_2352)[.](#ie307b7f42be4454998f44b456109c9aa_2352) | | | [CYBERSECURITY](#ie307b7f42be4454998f44b456109c9aa_2352) | | | [48](#ie307b7f42be4454998f44b456109c9aa_2352) | | |

| | | | [PART II](#ie307b7f42be4454998f44b456109c9aa_118) | | | | | |

| [ITEM 6.](#ie307b7f42be4454998f44b456109c9aa_124) | | | [RESERVED](#ie307b7f42be4454998f44b456109c9aa_124) | | | [89](#ie307b7f42be4454998f44b456109c9aa_124) | | |

| | | | [Overview](#ie307b7f42be4454998f44b456109c9aa_130) | | | [90](#ie307b7f42be4454998f44b456109c9aa_130) | | |

| | | | [Environmental](#ie307b7f42be4454998f44b456109c9aa_184) | | | [117](#ie307b7f42be4454998f44b456109c9aa_184) | | |

| | | | [Forward Looking Statements](#ie307b7f42be4454998f44b456109c9aa_187) | | | [117](#ie307b7f42be4454998f44b456109c9aa_187) | | |

| | | | [Accounting Developments](#ie307b7f42be4454998f44b456109c9aa_208) | | | [117](#ie307b7f42be4454998f44b456109c9aa_208) | | |

| | | | [Critical Accounting Estimates](#ie307b7f42be4454998f44b456109c9aa_211) | | | [117](#ie307b7f42be4454998f44b456109c9aa_211) | | |

| | | | [Metal Prices](#ie307b7f42be4454998f44b456109c9aa_217) | | | [123](#ie307b7f42be4454998f44b456109c9aa_217) | | |

| | | | [Foreign Currency](#ie307b7f42be4454998f44b456109c9aa_223) | | | [124](#ie307b7f42be4454998f44b456109c9aa_223) | | |

| | | | [Commodity Price Exposure](#ie307b7f42be4454998f44b456109c9aa_229) | | | [125](#ie307b7f42be4454998f44b456109c9aa_229) | | |

| | | | [PART III](#ie307b7f42be4454998f44b456109c9aa_349) | | | | | |

| | | | [PART IV](#ie307b7f42be4454998f44b456109c9aa_367) | | | | | |

| [ITEM 16.](#ie307b7f42be4454998f44b456109c9aa_373) | | | [FORM 10-K SUMMARY](#ie307b7f42be4454998f44b456109c9aa_373) | | | [199](#ie307b7f42be4454998f44b456109c9aa_370) | | |

| [SIGNATURES](#ie307b7f42be4454998f44b456109c9aa_376) | | | | | | SCH-[1](#ie307b7f42be4454998f44b456109c9aa_376) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 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 | | |

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.

- 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.

- 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.

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.

The sophistication of cybersecurity threats, including through the use of [removed: artificial intelligence,] [added: AI,] 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 [removed: artificial intelligence,] [added: AI,] 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, [removed: 2023] [added: 2024] 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 [removed: if] [added: of] this report under the heading "*We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure [added: or cybersecurity attacks] and risks associated with implementation, upgrade, operation and integration*" which should be read in conjunction with the information above.

Our Audit Committee, comprised of independent directors from our Board, oversees the responsibilities relating to the operational (including information technology [removed: (IT)] [added: ("IT")] risks and data security) risk affairs of the Company.

The Chief Technology Officer [removed: (CTO)] and Chief Information Officer [removed: (CIO)] have direct oversight of the cybersecurity function.

Cybersecurity and the secure adoption of emerging technologies, including artificial intelligence ("AI"), remain strategic priorities for Newmont.

Our Board of Directors and management team oversee these risks as part of our enterprise risk management framework, ensuring alignment with our business objectives and regulatory obligations.

[removed: ][added: ]

[removed: Production] [added: Development] and [removed: Development] [added: Exploration] Properties

Newmont’s properties [removed: are] described below [removed: and unless otherwise noted] are in the production stage and are operated by [removed: Newmont.][added: Newmont, unless otherwise noted.]

In addition, Newmont holds investment interests in Canada, Mexico, Chile, [removed: Argentina] [added: Argentina,] and various other locations.

The Company maintains its corporate headquarters in Denver, [removed: Colorado] [added: Colorado,] U.S. and has various regional offices.

The CC&V operation comprises two state [removed: mining] [added: mineral] leases, [removed: three] [added: 108 subdivided city lots, 30] surface [removed: parcels, 154] [added: and] mineral parcels, [removed: 1,753] [added: and 1,642] patented [removed: mining claims] [added: lode, millsite,] and [added: placer claims, and] 13 unpatented [removed: lode] [added: federal load] claims encompassing a total area of [removed: 12,985] [added: 13,757] acres [removed: (5,255] [added: (5,567] hectares).

The available mining fleet consists of two hydraulic shovels, two loaders, and 21 haul trucks, each with a [removed: 250-tonne] [added: 230-tonne] payload.

[removed: CC&V’s] [added: Brucejack’s] gross property, plant and mine development at December 31, [removed: 2023] [added: 2024] was [removed: $1,132.][added: $2,105.]

CC&V reported [removed: 1.3] [added: 2.4] million ounces of gold reserves at December 31, [removed: 2023.][added: 2024.]

The Musselwhite operation comprises 940 mining claims and 338 mining leases, issued under the Ontario Mining Act, encompassing an area of [removed: 13,366] [added: 162,178] acres [removed: (5,409] [added: (65,631] hectares).

[removed: Musselwhite’s] [added: Peñasquito’s] gross property, plant and mine development at December 31, [removed: 2023] [added: 2024] was [removed: $1,276.][added: $5,625.]

Musselwhite reported 1.5 million ounces of gold reserves at December 31, [removed: 2023.][added: 2024.]

Porcupine, Canada. (100% owned) Porcupine consists of the Hollinger open [removed: pit] [added: pit, Pamour 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 [removed: 699] [added: 705] mining claims, [removed: 1,105] [added: 528] mining patents, and [removed: 157] [added: 96] mining leases, issued under the Ontario Mining Act, encompassing an area of [removed: 98,138] [added: 99,015] acres [removed: (39,715] [added: (40,070] hectares).

The Borden operations is comprised of 488 mining cell claims, [removed: 530] [added: 489] surface and mining patents, and [removed: 35] [added: 21] surface and mining leases encompassing an area of [removed: 245,232] [added: 255,615] acres [removed: (99,241 acres).][added: (103,446 hectares).]

The available mining fleet consists of three hydraulic shovels, [removed: six] [added: five surface] loaders, [removed: 21] [added: 18] underground loaders, and [removed: 27] [added: 32] haul trucks, with payloads ranging from 30 to 137 tonnes.

[removed: Porcupine’s] [added: Merian’s] gross property, plant and mine development at December 31, [removed: 2023] [added: 2024] was [removed: $1,830.][added: $1,355.]

Porcupine reported [removed: 2.2] [added: 2.3] million ounces of gold reserves at December 31, [removed: 2023.][added: 2024.]

The available fleet consists of [removed: 15] [added: 13] underground loaders, and [removed: 11] [added: 10] haul trucks, each with 45 to 60-tonne payloads.

[removed: Éléonore’s] [added: Yanacocha’s] gross property, plant and mine development at December 31, [removed: 2023] [added: 2024] was [removed: $1,208.][added: $5,886.]

Éléonore reported [removed: 1.5] [added: 1.6] million ounces of gold reserves at December 31, [removed: 2023.][added: 2024.]

The Red Chris operation is comprised of five mining leases which cover 12,703 acres (5,141 hectares) and [removed: 75] [added: 199] mineral claims, encompassing an area of approximately [removed: 47,140] [added: 164,903] acres [removed: (19,077] [added: (66,734] hectares).

The main sulfide mineral [removed: assemblage is pyrite-chalcopyrite-bornite.]

The available fleet consists of three face shovels, five drills, [removed: 23] [added: 22] trucks (dump and water trucks), three graders, [removed: five] [added: one PC2000 excavator, five-non-production] excavators, [removed: nine] [added: two mini excavators, ten] loaders, and [removed: five] [added: nine] dozers.

Red Chris’s gross property, plant and mine development at December 31, [removed: 2023] [added: 2024] was [removed: $1,671.][added: $1,967.]

Red Chris reported [removed: 3.9] [added: 3.7] million ounces of gold reserves and [removed: 2,300] [added: 1.0] million [removed: pounds] [added: tonnes] of copper reserves at December 31, [removed: 2023.][added: 2024.]

[removed: Brucejack’s] [added: Boddington’s] gross property, plant and mine development at December 31, [removed: 2023] [added: 2024] was [removed: $2,910.][added: $4,879.]

Brucejack reported [removed: 3.1] [added: 1.9] million ounces of gold reserves at December 31, [removed: 2023.][added: 2024.]

| 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. [removed: Goldcorp] [added: Goldcorp, Inc. (“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. | | | | | | [removed: ] [added: ] | | |

The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals [added: Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%.]

Process facilities include a sulfide processing plant, comprising [removed: three] [added: two] stages of flotation: [removed: carbon, lead,] [added: lead] and zinc.

The [removed: tailings from the leach circuit undergoes cyanide destruction and combines with final] flotation tailings [added: go] for final deposition in the tailings storage facility.

The available mining fleet consists of five rope shovels, three hydraulic shovels, four loaders, and [removed: 82] [added: 81] haul trucks, each with a 312-tonne payload.

The fleet is supported by [removed: 9] blast hole production drills, as well as track dozers, rubber tire dozers, excavators, and graders.

[removed: Peñasquito’s] [added: Tanami’s] gross property, plant and mine development at December 31, [removed: 2023] [added: 2024] was [removed: $5,644.][added: $3,401.]

As of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Peñasquito reported [removed: 4.6] [added: 4.1] million and [removed: 5.4] [added: 4.6] million ounces of gold reserves, respectively, [removed: 313] [added: 253.3] million ounces and [removed: 346] [added: 312.6] million of silver reserves, respectively, [removed: 2,100] [added: 0.8] million and [removed: 2,300] [added: 0.9] million [removed: pounds] [added: tonnes] of lead reserves, respectively, and [removed: 4,900] [added: 1.7] million and [removed: 5,540] [added: 2.2] million [removed: pounds] [added: tonnes] of zinc reserves, respectively.

These changes represent a decrease of approximately [removed: 15%] [added: 5%] in gold [removed: reserves, a decrease of approximately 10% in silver reserves,] [added: resources,] a decrease of approximately [removed: 9%] [added: 11%] in [removed: lead reserves,] [added: copper resources,] and a decrease of approximately 12% in [removed: zinc reserves] [added: silver resources] in [removed: 2023] [added: 2024] compared to [removed: 2022.][added: 2023.]

As of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Peñasquito reported [removed: 1.5] [added: 1.7] million and [removed: 3.7] [added: 1.5] million ounces of gold resources, respectively, [removed: 175] [added: 189.6] million ounces and [removed: 314] [added: 175.2] million of silver resources, respectively, [removed: 1,100] [added: 0.5] million and [removed: 2,070] [added: 0.6] million [removed: pounds] [added: tonnes] of lead resources, respectively, and [removed: 2,900] [added: 1.3] million and [removed: 4,740] [added: 1.3] million [removed: pounds] [added: tonnes] of zinc resources, respectively.

These changes represent [removed: a decrease] [added: an increase] of approximately [removed: 59%] [added: 13%] in gold resources, [removed: a decrease] [added: an increase] of approximately [removed: 44%] [added: 8%] in silver resources, [added: and] a decrease of approximately [removed: 47%] [added: 17%] in lead resources, [removed: and a decrease of approximately 39% in] [added: while] zinc resources [added: remained consistent] in [removed: 2023] [added: 2024] compared to [removed: 2022.][added: 2023.]

The [removed: overall] decrease in gold resources is primarily due to [removed: resource model] [added: negative net revisions] and [removed: cost updates.][added: conversion to reserves.]

Newmont’s production, development, and exploration properties are described below.

Refer to Operating Statistics, Proven and Probable Reserves, and Measured, Indicated and Inferred Resources below.

Production Properties

At December 31, 2024, the Peñasquito, Boddington, Cadia, Lihir, and NGM properties are classified as material individual properties under Regulation S-K 1300 and additional details are provided for these properties accordingly.

assemblage is pyrite-chalcopyrite-bornite.

These changes represent a decrease of approximately 11% in gold

reserves, a decrease of approximately 19% in silver reserves, a decrease of approximately 11% in lead reserves, and a decrease of approximately 23% in zinc reserves in 2024 compared to 2023.

Pueblo Viejo, Dominican Republic. (40% owned) Pueblo Viejo is a joint venture with Barrick Gold Corporation ("Barrick"), where Barrick is the operator who holds the remaining 60% interest.

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 Pueblo Viejo deposits are located in two major areas, the Monte Negro pit and the

The milling plant includes a three-stage crushing facility

These changes represent an increase of approximately 13% in gold reserves, while copper reserves remained consistent in 2024 compared to 2023.

The increase in gold reserves is primarily due to net positive technical revisions.

The decrease in gold resources is primarily due to conversion to reserves, partially offset by positive technical revisions.

treated effluent, on-site groundwater bores, Belubula River, and site runoff.

Molybdenum reserves remained consistent.

The gold resources remained consistent in 2024 compared to 2023.

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.

The decrease in gold reserves is primarily due to mining depletion, partially offset by additions and positive net revisions.

Held for Sale Properties

The following properties are classified as held for sale as of December 31, 2024.

Refer to Note 3 to the Consolidated Financial Statements for further discussion.

Mineralization at Pamour, in Timmins, is in three distinct types, TN veins (type I) occurs in the Timiskaming assemblage rocks, extension veins (type II) form in the Timiskaming sediments as sheeted quartz veins or stockwork stringers best developed in the conglomerates and forms the bulk type mineralization, narrow vein hosted by volcanic units (type III) that crosscut stratigraphy.

Gold occurs one as free gold associated with narrow, quartz ankerite extension veins associated with traces of sphalerite, galena and locally arsenopyrite, and two as a disseminated pyrite-gold alteration halo around quartz veinlets and stockworks.


Newmont’s development and exploration stage properties are set forth below for which we have declared reserves and/or resources.

As these are in the development and exploration stages, the properties have not reached commercial production and do not have processing plants or other available facilities, except as noted below for Ahafo North.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Property | | | Stage | | | Size and Location | | | Ownership Interest and Type | | | Operator | | | Mine Types and Mineralization Styles | | | Titles, Mineral Rights, Leases or Options | | |

| Galore Creek | | | Exploration | | | 455,502 acres (184,335 hectares) Located 230 miles northwest of Smithers in British Columbia, Canada. | | | 50% owned. Joint venture with Teck Resources Limited that is proportionately consolidated. | | | Jointly operated by Newmont and Teck Resources Limited. | | | Galore Creek is an open pit mine and is an alkali porphyry copper gold deposit. | | | Galore Creek consists of 390 mineral claims. | | |

| Noche Buena | | | Exploration | | | 3,946 acres (1,597 hectares) Located 35 miles northwest of Caborca, Sonora, Mexico, within the Peñasquito production property. | | | 50% owned. Joint venture with Minera Frisco. | | | Newmont | | | Noche Buena is an intermediate sulfidation/skarn deposit. | | | Noche Buena consists of 32 mining concessions included within the Peñasquito production property. | | |

| NuevaUnión | | | Development | | | 414,262 acres (167,646 hectares) Located in the Atacama Region of Chile. | | | 50% owned. Joint venture with Teck Resources Limited accounted for as an equity method investment. | | | Jointly operated by Newmont and Teck Resources Limited. | | | NuevaUnión is an open pit mine and is a porphyry copper gold deposit. | | | NuevaUnión consists of 546 exploitation licenses and 630 exploration licenses. | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Property | | | Stage | | | Size and Location | | | Ownership Interest and Type | | | Operator | | | Mine Types and Mineralization Styles | | | Titles, Mineral Rights, Leases or Options | | |

| Norte Abierto | | | Development | | | 326,785 acres (132,245 hectares) Located in the Atacama Region of Chile. | | | 50% owned. Joint venture with Barrick Gold Corporation accounted for as an equity method investment. | | | Jointly operated by Newmont and Barrick Gold Corporation. | | | Norte Abierto is an open pit mine and is a porphyry copper gold deposit with minor epithermal gold deposits. | | | Norte Abierto consists of 504 exploitation licenses, 174 exploration licenses, and 26 water rights. | | |

| Conga Project | | | Exploration | | | 35,427 acres (14,337 hectares) Located within the Cajamarca Region of Northern Peru. | | | 100% owned | | | Newmont | | | Conga is made up of a cluster of porphyry gold-copper deposits, including the Chailhuagón and Perol open pits. | | | Conga consists of one mining concession, included within the Yanacocha production property, and 278 surface rights (5,900 hectares). | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%.

The carbon pre-flotation circuit was added in 2018 ahead of lead flotation to remove organic carbon associated with sedimentary ores.

The overall reduction in gold reserves is primarily due to depletion, resource model updates, and other modifying factors, including mill recovery and geotechnical considerations.

We also own lands in the Cerro

| 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. | | | | | |  | | |

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.

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.

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.

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.

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.

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.

The operation of our U.S. based mine is subject to regulation by the [removed: Federal Mine Safety and Health Administration (“MSHA”)] [added: MSHA] under the [removed: Federal] Mine [removed: Safety and Health Act of 1977 (the “Mine Act”).][added: Act.]

In 2024, we lost four colleagues due to fatal events at sites not 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”).

We are working diligently to strengthen and improve our safety systems, along with the key safety tools that we use in the field.

We are fully committed to understanding the factors that contributed to these tragedies, undertaking decisive action to improve our safety culture with a clear focus on seeking to effectively control all of the risks that could lead to a fatality.

Newmont’s Always Safe program reflects learning from these tragic events.

The program focuses on Integrated Systems, Robust Capabilities and Empowered Behaviors, through a leadership commitment to care, clarity, and capability.

We will also continue to transparently share the lessons we learned with our employees and our peers in the industry to help improve the safety performance of our sector.

ITEM 5.

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES (in millions, except share and per share data)

Our common stock is listed and principally traded on the New York Stock Exchange under the symbol “NEM.” On February 13, 2025, there were 1,126,861,075 shares of Newmont’s common stock outstanding, which were held by approximately 6,500 stockholders of record.

During the period from October 1, 2024 to December 31, 2024, 16,841,467 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, 2024 through October 31, 2024 | | | 10,300,979 | | | | | | $ | 51.32 | | | | | 10,277,445 | | | | | | $ | 2,024 | |

| November 1, 2024 through November 30, 2024 | | | 3,645,079 | | | | | | $ | 42.73 | | | | | 3,627,052 | | | | | | $ | 1,869 | |

| December 1, 2024 through December 31, 2024 | | | 2,895,409 | | | | | | $ | 39.92 | | | | | 2,891,138 | | | | | | $ | 1,754 | |

____________________________

(1)The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations, totaling 23,534 shares, 18,027 shares, and 4,271 shares for the fiscal months of October, November, December 2024, respectively.

(2)In February 2024, the Board of Directors authorized a $1 billion stock repurchase program to repurchase shares of outstanding common stock to provide returns to stockholders.

In connection with the expected completion of such program, in October 2024, the Board authorized an additional $2 billion share repurchase program, which will expire after 24 months (in October 2026).

The program will be executed at the Company's discretion.

The repurchase programs may be discontinued at any time, and the programs do 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 authorizations in the future.

The following MD&A generally discusses our consolidated financial condition and results of operations for [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

Discussions of our consolidated financial condition and results of operations for [removed: 2021] [added: 2022] and year-to-year comparisons between [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] are included in [removed: "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 [removed: [Current] [added: [Annual] Report on Form [removed: 8-K](https://www.sec.gov/Archives/edgar/data/1164727/000116472723000035/nem-20230720.htm),] [added: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1164727/000116472724000016/nem-20231231.htm),] filed with the Securities and Exchange Commission on [removed: July 20, 2023.][added: February 29, 2024.]

Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and [removed: Non-GAAP] [added: non-GAAP] Financial Measures for information about the continued impacts from [removed: the COVID-19 pandemic, the Russian invasion of Ukraine, and the resulting significant inflation experienced globally, as well as the] [added: inflationary pressures,] effects of certain [removed: counter measures] [added: countermeasures] taken by central banks, [added: and supply chain disruptions, with particular consideration] on the [removed: Company.][added: 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.]

[added: 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.

[removed: At December 31, 2023, the] [added: (7)The] Company [removed: holds] [added: acquired the remaining interest in Yanacocha in 2022, resulting in] 100% ownership interest [removed: in Yanacocha.][added: at December 31, 2022.]

Refer to Note [removed: 1] [added: 3] to the Consolidated Financial Statements for further [removed: details regarding these transactions.][added: information.]

| | | | 2023 | | | | | | 2022 | | | | | | | | | [removed: | | | | | |]

| Net income (loss) [removed: from continuing operations] attributable to Newmont stockholders [removed: |] [added: from continuing operations (3)] | | [removed: $] | (459) | | | | | [removed: $] | [removed: 1,109 | | | | | $] [added: (0.58)] | [removed: (1,568)] | | | | | [added: (0.58)] | | |

| Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted | | | $ | [removed: (0.58)] [added: 2.86] | | | | | $ | [removed: 1.39] [added: (3.00)] | | | | | $ | [removed: (1.97)] [added: 5.86] | | | | | | | |

[removed: See] [added: Refer] below for further information on the change in [added: *Costs applicable to sales* and] *Depreciation and amortization.*

| | | | Year Ended December 31, | | | | | | | | | | | | Increase (decrease) | | | [removed: | | | Percent Change | | |]

| Gold | | | $ | 10,593 | | | | | $ | 10,416 | | | | | $ | 177 | | [removed: | | | 2 | | % |]

| Copper | | | 575 | | | | | | 316 | | | | | | 259 | | | [removed: | | | 82 | | |]

| Silver | | | 335 | | | | | | 549 | | | | | | (214) | | | [removed: | | | (39) | | |]

| Lead | | | 96 | | | | | | 133 | | | | | | (37) | | | [removed: | | | (28) | | |]

| Zinc | | | 213 | | | | | | 501 | | | | | | (288) | | | [removed: | | | (57) | | |]

| | | | $ | 11,812 | | | | | $ | 11,915 | | | | | $ | (103) | | [removed: | | | (1) | | % |]

| Consolidated ounces/pounds sold [removed: (millions)] [added: (1)(2)] | | | 5,420 | | | | | | 155 | | | | | | 17 | | | | | | 107 | | | | | | 222 | | |

| Average realized price (per ounce/pound): [removed: (1)] [added: (3)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

[removed: (1)Per] [added: (3)Per] ounce/pound measures may not recalculate due to rounding.

| Consolidated ounces/pounds sold [removed: (millions)] [added: (1)(2)] | | | 5,812 | | | | | | 85 | | | | | | 30 | | | | | | 147 | | | | | | 373 | | |

[removed: (1)Per] [added: (3)Per] ounce/pounds measures may not recalculate due to rounding.

| | | | Year Ended December [removed: 31, 2021] [added: 31,] | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Gross before provisional pricing and streaming impact | | | $ | [removed: 10,581] [added: 15,701] | | | | | $ | [removed: 292] [added: 1,377] | | | | | $ | [removed: 641] [added: 724] | | | | | $ | [removed: 173] [added: 200] | | | | | $ | [removed: 593] [added: 691] | |

| Provisional pricing mark-to-market | | | [removed: 9] [added: 105] | | | | | | [removed: 10] [added: —] | | | | | | [removed: (12)] [added: 14] | | | | | | [removed: 4] [added: (2)] | | | | | | [removed: 21] [added: 8] | | |

| Silver streaming amortization | | | — | | | | | | — | | | | | | [removed: 79] [added: 91] | | | | | | — | | | | | | — | | |

| Gross after provisional pricing and streaming impact | | | [removed: 10,590] [added: 15,806] | | | | | | [removed: 302] [added: 1,377] | | | | | | [removed: 708] [added: 829] | | | | | | [removed: 177] [added: 198] | | | | | | [removed: 614] [added: 699] | | |

| Treatment and refining charges | | | [removed: (47)] [added: (60)] | | | | | | [removed: (7)] [added: (50)] | | | | | | [removed: (57)] [added: (37)] | | | | | | [removed: (5)] [added: (3)] | | | | | | [removed: (53)] [added: (77)] | | |

| Gross before provisional pricing and streaming impact | | | $ | [removed: 1,794] [added: 2,401] | | | | | $ | [removed: 4.24] [added: 4.15] | | | | | $ | [removed: 19.92] [added: 22.05] | | | | | $ | [removed: 1.00] [added: 0.94] | | | | | $ | [removed: 1.37] [added: 1.27] | |

| Provisional pricing mark-to-market | | | [removed: 2] [added: 16] | | | | | | [removed: 0.15] [added: —] | | | | | | [removed: (0.40)] [added: 0.42] | | | | | | [removed: 0.02] [added: (0.01)] | | | | | | [removed: 0.05] [added: 0.02] | | |

| Silver streaming amortization | | | — | | | | | | — | | | | | | [removed: 2.44] [added: 2.79] | | | | | | — | | | | | | — | | |

| Gross after provisional pricing and streaming impact | | | [removed: 1,796] [added: 2,417] | | | | | | [removed: 4.39] [added: 4.15] | | | | | | [removed: 21.96] [added: 25.26] | | | | | | [removed: 1.02] [added: 0.93] | | | | | | [removed: 1.42] [added: 1.29] | | |

| Treatment and refining charges | | | [removed: (8)] [added: (9)] | | | | | | [removed: (0.10)] [added: (0.15)] | | | | | | [removed: (1.77)] [added: (1.13)] | | | | | | (0.02) | | | | | | [removed: (0.12)] [added: (0.15)] | | |

| Increase (decrease) in consolidated ounces/pounds sold | | | $ | [removed: (153)] [added: 2,197] | | | | | $ | [removed: 59] [added: 698] | | | | | $ | [removed: (55)] [added: 346] | | | | | $ | [removed: (28)] [added: 98] | | | | | $ | [removed: (85)] [added: 387] | |

| Increase (decrease) in average realized price | | | [removed: 22] [added: 2,970] | | | | | | [removed: (35)] [added: 63] | | | | | | [removed: (58)] [added: 122] | | | | | | [removed: (5)] [added: 1] | | | | | | [removed: 45] [added: 46] | | |

| Decrease (increase) in treatment and refining charges | | | [removed: 4] [added: (14)] | | | | | | [removed: (3)] [added: (9)] | | | | | | [removed: 11] [added: (11)] | | | | | | [removed: (6)] [added: —] | | | | | | [removed: (20)] [added: (24)] | | |

Of the [removed: $10,593 of] gold [removed: sales] and [removed: $575 of] copper sales [removed: in 2023, $732] [added: increases, $2,807] and [removed: $212, respectively,] [added: $786,] were attributable to sites acquired in the Newcrest [removed: transaction.][added: transaction, respectively.]

| Gold | | | $ | 5,689 | | | | | $ | 5,423 | | | | | $ | 266 | | [removed: | | | 5 | | % |]

| Copper | | | 359 | | | | | | 181 | | | | | | 178 | | | [removed: | | | 98 | | |]

| Silver | | | 300 | | | | | | 454 | | | | | | (154) | | | [removed: | | | (34) | | |]

In June 2024, the Company was named as the only miner in TIME’s top 100 green firms ranking.

Refer to discussion of Risk and Uncertainties within Note 2 to the Consolidated Financial Statements for further information.

Non-core Asset Divestitures

While the Company remains committed to a plan to sell these assets for a fair price, there is a possibility that the assets held for sale may exceed one year due to events or circumstances beyond the Company's control.

In the second half of 2024, the Company entered into a definitive agreement to sell the assets of the Telfer reportable segment, which closed in the fourth quarter 2024.

As a result of the sale, a loss of $160 was recognized in *Loss on assets held for sale*.

Additionally, in the fourth quarter of 2024 the Company entered into definitive agreements to sell the reportable segments of Akyem, Musselwhite, Éléonore, and CC&V and in January 2025 the Company entered into a definitive agreement to sell the Porcupine reportable segment.

All of which are expected to close in the first half of 2025 and remained designated as held for sale at December 31, 2024.

The non-core assets and the development project classified as held for sale are recorded at the lower of the carrying value or fair value, less costs to sell.

These assets are periodically valued until sale occurs with any resulting gain or loss recognized in *Loss on assets held for sale*.

As a result, for the year ended December 31, 2024 a loss of $859 was recognized within *Loss on assets held for sale*, of which $160 and $699 related to Telfer and the disposal groups remaining as held for sale as of December 31, 2024, respectively.

The $699 loss on the disposal groups remaining as held for sale resulted in an aggregate net book value of $2,432 at December 31, 2024.

A resulting tax impact of $255 was recognized for the year ended December 31, 2024, resulting in a total loss of $1,114 recognized for the year ended December 31, 2024, within *Loss on assets held for sale*.

Newcrest Acquisition

| | | | 2024 | | | | | | 2023 | | | | | | | | | | | | | | |

*Net income (loss) from continuing operations attributable to Newmont stockholders* increased during the year ended December 31, 2024, compared to the same period in 2023, partially due to the impact of sites acquired in the Newcrest transaction which contributed $1,047 to the increase.

Excluding the impact of the sites acquired in the Newcrest transaction, the increase in *Net income (loss) from continuing operations attributable to Newmont stockholders* for the year ended 2024 compared to the same period in 2023 was primarily due to (i) higher average realized prices for all metals; (ii) lower *Impairment* *charges*; (iii) lower *Reclamation and remediation*; and (iv) and higher net income at Peñasquito which had been impacted in 2023 as a result of the labor strike.

This increase was partially offset by the *Loss on assets held for sale* and higher income and mining tax expense.

| | | | 2024 | | | | | | 2023 | | | | | | | | |

| Gold | | | $ | 15,746 | | | | | $ | 10,593 | | | | | $ | 5,153 | |

| Copper | | | 1,327 | | | | | | 575 | | | | | | 752 | | |

| Silver | | | 792 | | | | | | 335 | | | | | | 457 | | |

| Zinc | | | 622 | | | | | | 213 | | | | | | 409 | | |

| | | | $ | 18,682 | | | | | $ | 11,812 | | | | | $ | 6,870 | |

| Net | | | $ | 15,746 | | | | | $ | 1,327 | | | | | $ | 792 | | | | | $ | 195 | | | | | $ | 622 | |

| Consolidated ounces/pounds sold (1)(2) | | | 6,539 | | | | | | 332 | | | | | | 33 | | | | | | 213 | | | | | | 545 | | |

| Net | | | $ | 2,408 | | | | | $ | 4.00 | | | | | $ | 24.13 | | | | | $ | 0.91 | | | | | $ | 1.14 | |

(1)Amounts reported in millions except gold ounces, which are reported in thousands.

(2)For the year ended December 31, 2024, the Company sold 150 thousand tonnes of copper, 97 thousand tonnes of lead, and 247 thousand tonnes of zinc.

| Average realized price (per ounce/pound): (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

(1)Amounts reported in millions except gold ounces, which are reported in thousands.

(2)For the year ended December 31, 2023, the Company sold 71 thousand tonnes of copper, 49 thousand tonnes of lead, and 101 thousand tonnes of zinc.

| Average realized price (per ounce/pound): (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

(1)Amounts reported in millions except gold ounces, which are reported in thousands.

(2)For the year ended December 31, 2022, the Company sold 39 thousand tonnes of copper, 67 thousand tonnes of lead, and 169 thousand tonnes of zinc.

(3)Per ounce/pound measures may not recalculate due to rounding.

| | | | 2024 vs. 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | $ | 5,153 | | | | | $ | 752 | | | | | $ | 457 | | | | | $ | 99 | | | | | $ | 409 | |

*Sales* increased during the year ended December 31, 2024, compared to the same period in 2023, by $6,870, primarily due to a net increase in gold and copper sales of $5,153 and $752, respectively.

| | | | 2024 | | | | | | 2023 | | | | | | | | |

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.

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.

With the delay of the Yanacocha Sulfides project,

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.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2022 | | | | | | 2021 | | | | | | | | | | | | | | |

*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.

| 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) | | % |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

___________________________

| Net | | | $ | 10,543 | | | | | $ | 295 | | | | | $ | 651 | | | | | $ | 172 | | | | | $ | 561 | |

| Consolidated ounces/pounds sold (millions) | | | 5,897 | | | | | | 69 | | | | | | 32 | | | | | | 173 | | | | | | 433 | | |

| Net | | | $ | 1,788 | | | | | $ | 4.29 | | | | | $ | 20.19 | | | | | $ | 1.00 | | | | | $ | 1.30 | |

| | | | 2022 vs. 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | $ | (127) | | | | | $ | 21 | | | | | $ | (102) | | | | | $ | (39) | | | | | $ | (60) | |

*Sales* decreased during the year ended December 31, 2023, compared to the same period in 2022, by $103.

Excluding the impact of these sites, gold sales decreased $555 (5%) and copper sales increased $47 (15%).

| Gold | | | $ | 5,423 | | | | | $ | 4,628 | | | | | $ | 795 | | | | | 17 | | % |

| Copper | | | 181 | | | | | | 143 | | | | | | 38 | | | | | | 27 | | |

| Silver | | | 454 | | | | | | 332 | | | | | | 122 | | | | | | 37 | | |

| Zinc | | | 316 | | | | | | 256 | | | | | | 60 | | | | | | 23 | | |

| | | | $ | 6,468 | | | | | $ | 5,435 | | | | | $ | 1,033 | | | | | 19 | | % |

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.

| Gold | | | $ | 1,838 | | | | | $ | 1,935 | | | | | $ | (97) | | | | | (5) | | % |

| Copper | | | 34 | | | | | | 23 | | | | | | 11 | | | | | | 48 | | |

| Silver | | | 151 | | | | | | 169 | | | | | | (18) | | | | | | (11) | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#ie307b7f42be4454998f44b456109c9aa_238)] [added: Firm](#i48286b94b8564316b7674709310ac46c_247)] (Ernst & Young LLP; PCAOB ID: 42) | | | | | | [removed: [127](#ie307b7f42be4454998f44b456109c9aa_238)] [added: [129](#i48286b94b8564316b7674709310ac46c_247)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#ie307b7f42be4454998f44b456109c9aa_241)] [added: Firm](#i48286b94b8564316b7674709310ac46c_250)] (PricewaterhouseCoopers LLP; PCAOB ID: 271) | | | | | | [removed: [129](#ie307b7f42be4454998f44b456109c9aa_241)] [added: [131](#i48286b94b8564316b7674709310ac46c_250)] | | |

| [Consolidated Statements of Comprehensive Income [removed: (Loss)](#ie307b7f42be4454998f44b456109c9aa_247)] [added: (Loss)](#i48286b94b8564316b7674709310ac46c_256)] | | | | | | [removed: [132](#ie307b7f42be4454998f44b456109c9aa_247)] [added: [134](#i48286b94b8564316b7674709310ac46c_256)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ie307b7f42be4454998f44b456109c9aa_253)] [added: Flows](#i48286b94b8564316b7674709310ac46c_262)] | | | | | | [removed: [134](#ie307b7f42be4454998f44b456109c9aa_253)] [added: [136](#i48286b94b8564316b7674709310ac46c_262)] | | |

| [Consolidated Statement of Changes in [removed: Equity](#ie307b7f42be4454998f44b456109c9aa_256)] [added: Equity](#i48286b94b8564316b7674709310ac46c_265)] | | | | | | [removed: [136](#ie307b7f42be4454998f44b456109c9aa_256)] [added: [138](#i48286b94b8564316b7674709310ac46c_265)] | | |

[removed: | [Notes to Consolidated Financial Statements](#ie307b7f42be4454998f44b456109c9aa_259) | | | | | | [137](#ie307b7f42be4454998f44b456109c9aa_259) | | |][added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS]

| | | | [Note [removed: 2,] [added: 2] Summary of Significant Accounting [removed: Policies](#ie307b7f42be4454998f44b456109c9aa_265)] [added: Policies](#i48286b94b8564316b7674709310ac46c_274)] | | | [removed: [138](#ie307b7f42be4454998f44b456109c9aa_265)] [added: [140](#i48286b94b8564316b7674709310ac46c_274)] | | |

| | | | [removed: [Note 6, Reclamation] [added: [Note](#i48286b94b8564316b7674709310ac46c_286) [6](#i48286b94b8564316b7674709310ac46c_286) [Reclamation] and [removed: Remediation](#ie307b7f42be4454998f44b456109c9aa_274)] [added: Remediation](#i48286b94b8564316b7674709310ac46c_286)] | | | [removed: [158](#ie307b7f42be4454998f44b456109c9aa_274)] [added: [162](#i48286b94b8564316b7674709310ac46c_286)] | | |

| [added: Other expense, net (Note 8)] | | | [removed: [Note 8, Other Expense, Net](#ie307b7f42be4454998f44b456109c9aa_280)] [added: 191] | | | [removed: [161](#ie307b7f42be4454998f44b456109c9aa_280)] | | | [added: 517 | | | | | | 82 | | |]

| [added: Other income (loss), net (Note 9)] | | | [removed: [Note 9, Other Income, Net](#ie307b7f42be4454998f44b456109c9aa_286)] [added: 425] | | | [removed: [162](#ie307b7f42be4454998f44b456109c9aa_286)] | | | [added: (88) | | | | | | (27) | | |]

| | | | [removed: [Note 10, Income] [added: [Note](#i48286b94b8564316b7674709310ac46c_298) [10](#i48286b94b8564316b7674709310ac46c_298) [Income] and Mining [removed: Taxes](#ie307b7f42be4454998f44b456109c9aa_289)] [added: Taxes](#i48286b94b8564316b7674709310ac46c_298)] | | | [removed: [163](#ie307b7f42be4454998f44b456109c9aa_289)] [added: [166](#i48286b94b8564316b7674709310ac46c_298)] | | |

| [added: Employee-related benefits (Note 11)] | | | [removed: [Note 11, Employee-Related Benefits](#ie307b7f42be4454998f44b456109c9aa_292)] [added: 630] | | | [removed: [166](#ie307b7f42be4454998f44b456109c9aa_292)] | | | [added: 551 | | |]

| [added: Stock-based compensation (Note 12)] | | | [removed: [Note 12, Stock-Based Compensation](#ie307b7f42be4454998f44b456109c9aa_295)] [added: 89] | | | [removed: [170](#ie307b7f42be4454998f44b456109c9aa_295)] | | | [added: 80 | | | | | | 73 | | |]

| | | | [removed: [Note 13, Fair] [added: [Note](#i48286b94b8564316b7674709310ac46c_307) [13](#i48286b94b8564316b7674709310ac46c_307) [Fair] Value [removed: Accounting](#ie307b7f42be4454998f44b456109c9aa_298)] [added: Accounting](#i48286b94b8564316b7674709310ac46c_307)] | | | [removed: [172](#ie307b7f42be4454998f44b456109c9aa_298)] [added: [176](#i48286b94b8564316b7674709310ac46c_307)] | | |

| [added: Investments (Note 15)] | | | [removed: [Note 15, Investments](#ie307b7f42be4454998f44b456109c9aa_304)] [added: 21] | | | [removed: [179](#ie307b7f42be4454998f44b456109c9aa_304)] | | | [added: 23 | | |]

| [removed: | | | [Note 17,] Stockpiles and [removed: Ore] [added: ore] on [removed: Leach Pads](#ie307b7f42be4454998f44b456109c9aa_310)] [added: leach pads (Note 17)] | | | [removed: [181](#ie307b7f42be4454998f44b456109c9aa_310)] [added: 761] | | | [added: | | | 979 | | |]

| | | | [removed: [Note 18, Property,] [added: [Note](#i48286b94b8564316b7674709310ac46c_322) [18](#i48286b94b8564316b7674709310ac46c_322) [Property,] Plant and Mine [removed: Development](#ie307b7f42be4454998f44b456109c9aa_313)] [added: Development](#i48286b94b8564316b7674709310ac46c_322)] | | | [removed: [181](#ie307b7f42be4454998f44b456109c9aa_313)] [added: [185](#i48286b94b8564316b7674709310ac46c_322)] | | |

| [added: Payments on lease and other financing obligations (Note 21)] | | | [removed: [Note 21, Lease and Other Financing Obligations](#ie307b7f42be4454998f44b456109c9aa_322)] [added: (87)] | | | [removed: [185](#ie307b7f42be4454998f44b456109c9aa_322)] | | | [added: (67) | | | | | | (66) | | |]

| [added: Accumulated other comprehensive income (loss) (Note 23)] | | | [removed: [Note 23, Accumulated Other Comprehensive Income (Loss)](#ie307b7f42be4454998f44b456109c9aa_328)] [added: (95)] | | | [removed: [187](#ie307b7f42be4454998f44b456109c9aa_328)] | | | [added: 14 | | |]