Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Form 10-Q

(Mark One)

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

For the Quarterly Period Ended June 30, 2022

or

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

For the transition period from__________to__________

Commission File Number: 001-31240

NEWMONT CORPORATION

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

There were 793,680,485 shares of common stock outstanding on July 18, 2022.

TABLE OF CONTENTS

GLOSSARY OF ABBREVIATIONS

____________________________

(1)See Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis.

(2)See Results of Consolidated Operations within Part I, Item 2, Management's Discussion and Analysis.

NEWMONT CORPORATION

SECOND QUARTER 2022 RESULTS AND HIGHLIGHTS

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

____________________________

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

(2)See Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis.

NEWMONT CORPORATION

SECOND QUARTER 2022 RESULTS AND HIGHLIGHTS

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

____________________________

(1)Attributable gold ounces produced includes 70 and 78 thousand ounces for the three months ended June 30, 2022 and 2021, respectively, and 139 and 169 thousand ounces for the six months ended June 30, 2022 and 2021, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.

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

(3)For the definition of gold equivalent ounces see Results of Consolidated Operations within Part I, Item 2, Management's Discussion and Analysis.

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

(5)See Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis.

Second Quarter 2022 Highlights (dollars in millions, except per share, per ounce and per pound amounts)

• Net income:** Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $379 or $0.48 per diluted share, a decrease of $261 from the prior-year quarter primarily due to higher Costs applicable to sales predominately resulting from impacts due to cost inflation from increased input commodity prices, notably fuel and energy costs, as well as $70 related to the profit-sharing agreement entered into by the Company during the second quarter of 2022 with the workforce at the Peñasquito mine related to 2021 site performance, and unrealized losses on marketable and other equity securities, partially offset by lower income tax expense.

• Adjusted net income:** Reported Adjusted net income of $362 or $0.46 per diluted share, a decrease of $0.37 per diluted share from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis).

• Adjusted EBITDA:** Generated $1,149 in Adjusted EBITDA, a decrease of 28% from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis).

• Cash Flow:** Reported Net cash provided by (used in) operating activities of continuing operations of $1,722, a decrease of 6% from the prior year, and free cash flow of $766 (see Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis).

• ESG:** Published 2nd annual climate report in May 2022 providing a view on how the Company understands and is addressing climate change; contributed $34 in July 2022 as part of the Company's strategic alliance with Caterpillar Inc. to develop and deliver electric autonomous mining systems to reduce emissions supporting Newmont’s climate change targets and ambition.

• Portfolio Updates:** Acquired remaining 5% ownership interest in Yanacocha from Sumitomo, resulting in 100% ownership interest.

• Attributable production:** Produced 1.5 million attributable ounces of gold and 330 thousand attributable gold equivalent ounces from co-products.

• Financial strength:** Ended the quarter with $4.3 billion of consolidated cash and $7.3 billion of liquidity; declared a dividend of $0.55 per share in July 2022.

Health & Safety Update

Our operations continue to be affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Refer to Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and Non-GAAP Financial Measures within Part I, Item 2, Management’s Discussion and Analysis of this report for additional information about the continued impacts of COVID-19 on our business and operations.

For a discussion of the precautions we are taking to protect our workforce and nearby communities, while also taking steps to preserve the long-term value of our business, refer to "COVID-19 Pandemic" within Part I, Item 1, Business on our Form 10-K filed with the SEC on February 24, 2022. For a discussion of COVID-19 related risks to the business, see Part I, Item 1A, Risk Factors on our Form 10-K filed with the SEC on February 24, 2022.

PART I—FINANCIAL INFORMATION