Item 1A. , Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022.

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Item 1A. , Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022.

For the six months ended June 30, 2022 and 2021, we had Additions to property, plant and mine development as follows:


	2022						2021
	Development Projects		Sustaining Capital		Total		Development Projects		Sustaining Capital		Total
North America	$	63	$	160	$	223	$	11	$	147	$	158
South America	174		57		231		58		53		111
Australia	129		89		218		121		146		267
Africa	102		60		162		43		54		97
Nevada	35		103		138		32		85		117
Corporate and other	4		7		11		1		9		10
Accrual basis	$	507	$	476	$	983	$	266	$	494	$	760
Decrease (increase) in non-cash adjustments					(27)						54
Cash basis					$	956					$	814

For the six months ended June 30, 2022, development capital projects primarily included Pamour in North America; Yanacocha Sulfides and Cerro Negro expansion projects in South America; Tanami Expansion 2 in Australia; Ahafo North in Africa; and Goldrush Complex in NGM. Development capital costs (excluding capitalized interest) on our Ahafo North project since approval were $142, of which $75 related to the six months ended June 30, 2022. Development capital costs (excluding capitalized interest) on our Tanami Expansion 2 project since approval were $395, of which $111 related to the six months ended June 30, 2022.

For the six months ended June 30, 2021, development capital projects primarily included Pamour in North America; Yanacocha Sulfides, Quecher Main and Cerro Negro expansion projects in South America; Tanami Expansion 2 in Australia; Subika Mining Method Change and Ahafo North in Africa; and Goldrush Complex and Turquoise Ridge 3rd shaft in Nevada.

Sustaining capital includes capital expenditures such as underground and surface mine development, tailings facility construction, mining equipment, capitalized component purchases and water treatment plant construction. Additionally, for the six months ended June 30, 2021, sustaining capital included haul truck purchases for the Autonomous Haulage System in Australia.

Refer to Note 2 and Note 3 of the Condensed Consolidated Financial Statements and Part I, Item 2, Non-GAAP Financial Measures, "All-In Sustaining Costs" for further information.

Debt

Debt and Corporate Revolving Credit Facilities. There were no material changes to our debt and corporate revolving credit facilities since December 31, 2021, except as noted in Note 13 of the Condensed Consolidated Financial Statements.

Refer to Part II, Item 7 of our Annual report on Form 10-K for the year ended December 31, 2021, for information regarding our debt and corporate revolving credit facilities.

Debt Covenants. There were no changes to our debt covenants. Refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2021, for information regarding our debt covenants. At June 30, 2022, we were in compliance with all existing debt covenants and provisions related to potential defaults.

Supplemental Guarantor Information. The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt securities, guarantees of debt securities, warrants and units (the “Shelf Registration Statement”). Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries (Newmont, as issuer, and Newmont USA, as guarantor, are collectively referred to here-within as the “Obligor Group”). These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding. The cash provided by operations of the Obligor Group, and all of its subsidiaries, is available to satisfy debt repayments as they become due, and there are no material restrictions on the ability of the Obligor Group to obtain funds from subsidiaries by dividend, loan, or otherwise, except to the extent of any rights of noncontrolling interests or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $178 and $(209) at June 30, 2022 and December 31, 2021, respectively. All noncontrolling interests relate to non-guarantor subsidiaries.

Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables. Newmont USA’s primary investments are comprised

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of its 38.5% interest in NGM and 100% interest in Yanacocha. For further information regarding these and our other operations, refer to Note 3 of the Condensed Consolidated Financial Statements and Part I, Item 2, Management’s Discussion and Analysis, Results of Consolidated Operations.

In addition to equity interests in subsidiaries, the Obligor Group’s balance sheets consisted primarily of the following intercompany assets, intercompany liabilities and external debt. The remaining assets and liabilities of the Obligor Group are considered immaterial at June 30, 2022 and December 31, 2021.


	Obligor Group				Newmont USA
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
Current intercompany assets	$	13,352	$	12,959	$	5,575	$	5,450
Non-current intercompany assets	$	557	$	2,301	$	543	$	448
Current intercompany liabilities	$	12,456	$	11,052	$	1,918	$	1,963
Current external debt	$	—	$	—	$	—	$	—

Non-current external debt	$	5,561	$	5,558	$	—	$	—

Newmont USA's subsidiary guarantees (the “subsidiary guarantees”) are general unsecured senior obligations of Newmont USA and rank equal in right of payment to all of Newmont USA's existing and future senior unsecured indebtedness and senior in right of payment to all of Newmont USA's future subordinated indebtedness. The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness.

At June 30, 2022, Newmont USA had approximately $5,561 of consolidated indebtedness (including guaranteed debt), all of which relates to the guarantees of indebtedness of Newmont.

Under the terms of the subsidiary guarantees, holders of Newmont’s securities subject to such subsidiary guarantees will not be required to exercise their remedies against Newmont before they proceed directly against Newmont USA.

Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following:

upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates);
upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or
upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at June 30, 2022, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).

Newmont’s debt securities are effectively junior to any secured indebtedness of Newmont to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all debt and other liabilities of Newmont’s non-guarantor subsidiaries. At June 30, 2022, (i) Newmont’s total consolidated indebtedness was approximately $6,173, none of which was secured (other than $605 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $5,334 of total liabilities (including trade payables, but excluding intercompany and external debt and reclamation and remediation liabilities), which would have been structurally senior to Newmont’s debt securities.

For further information on our debt, refer to Note 13 of the Condensed Consolidated Financial Statements.

Contractual Obligations

As of June 30, 2022, there have been no material changes, outside the ordinary course of business, in our contractual obligations since December 31, 2021, except in regards to the reduction of employee-related benefit obligations resulting from the pension annuitization as noted in Note 7 of the Condensed Consolidated Financial Statements. Refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2021 for information regarding our contractual obligations.

Environmental

Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly.

For a complete discussion of the factors that influence our reclamation obligations and the associated risks, refer to Part II, Item 7, Managements’ Discussion and Analysis of Consolidated Financial Condition and Results of Operations under the headings Environmental and “Critical Accounting Estimates” and refer to Part I, Item 1A, Risk Factors under the heading “Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made” for the year ended December 31, 2021, filed February 24, 2022 on Form 10-K.

Our sustainability strategy is a foundational element in achieving our purpose to create value and improve lives through sustainable and responsible mining. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For additional information on the Company’s reclamation and remediation liabilities, refer to Notes 5 and 17 of the Condensed Consolidated Financial Statements.

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K filed with the SEC on February 24, 2022 for further information on the Non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.

Earnings before interest, taxes, depreciation and amortization and Adjusted earnings before interest, taxes, depreciation and amortization

Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income (loss) attributable to Newmont stockholders	$	387	$	650	$	835	$	1,209
Net income (loss) attributable to noncontrolling interests	13		11		34		31
Net (income) loss from discontinued operations	(8)		(10)		(24)		(31)
Equity loss (income) of affiliates	(17)		(49)		(56)		(99)
Income and mining tax expense (benefit)	33		341		247		576
Depreciation and amortization	559		561		1,106		1,114
Interest expense, net of capitalized interest	57		68		119		142
EBITDA	$	1,024	$	1,572	$	2,261	$	2,942
Adjustments:

Pension settlement (1)	—		—		130		—
Change in fair value of investments (2)	135		(26)		96		84
(Gain) loss on asset and investment sales (3)	—		—		35		(43)
Settlement costs (4)	5		8		18		11
Reclamation and remediation charges (5)	—		20		13		30
Impairment of long-lived and other assets (6)	2		11		2		12

COVID-19 specific costs (7)	1		1		1		2
Restructuring and severance (8)	—		5		1		10
Other (9)	(18)		—		(18)		—

Adjusted EBITDA	$	1,149	$	1,591	$	2,539	$	3,048

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(1)Pension settlement, included in Other income (loss), net, represents pension settlement charges in 2022 related to the annuitization of certain defined benefit plans. For further information, refer to Note 7 of the Condensed Consolidated Financial Statements.

(2)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities. For further information regarding our investments, refer to Note 10 of the Condensed Consolidated Financial Statements.

(3)(Gain) loss on asset and investment sales, included in Other income (loss), net, primarily represents the loss recognized on the sale of the La Zanja equity method investment in 2022 and a gain on the sale of TMAC in 2021. For further information, refer to Note 7 of the Condensed Consolidated Financial Statements.

(4)Settlement costs, included in Other expense, net, are primarily comprised of a legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine in 2022.

(5)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.

(6)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplied inventories.

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(7)COVID-19 specific costs, included in Other expense, net, primarily include amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic.

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

(9)Primarily comprised of a reimbursement of certain historical Goldcorp operational expenses related to a legacy project that reached commercial production in the second quarter of 2022, included in Other income (loss), net.

Adjusted net income (loss)

Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
			per share data (1)						per share data (1)
			basic		diluted				basic		diluted
Net income (loss) attributable to Newmont stockholders	$	387	$	0.49	$	0.49	$	835	$	1.05	$	1.05
Net loss (income) attributable to Newmont stockholders from discontinued operations	(8)		(0.01)		(0.01)		(24)		(0.03)		(0.03)
Net income (loss) attributable to Newmont stockholders from continuing operations	379		0.48		0.48		811		1.02		1.02

Pension settlement (2)	—		—		—		130		0.16		0.16
Change in fair value of investments (3)	135		0.17		0.17		96		0.13		0.13
(Gain) loss on asset and investment sales (4)	—		—		—		35		0.04		0.04
Settlement costs (5)	5		—		—		18		0.03		0.03
Reclamation and remediation charges (6)	—		—		—		13		0.02		0.02
Impairment of long-lived and other assets (7)	2		—		—		2		—		—

COVID-19 specific costs (8)	1		—		—		1		—		—
Restructuring and severance (9)	—		—		—		1		—		—

Other (10)	(18)		(0.03)		(0.03)		(18)		(0.03)		(0.03)
Tax effect of adjustments (11)	(25)		(0.03)		(0.03)		(62)		(0.08)		(0.08)
Valuation allowance and other tax adjustments (12)	(117)		(0.13)		(0.13)		(119)		(0.14)		(0.15)
Adjusted net income (loss)	$	362	$	0.46	$	0.46	$	908	$	1.15	$	1.14

Weighted average common shares (millions): (13)			794		795				793		795

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

(2)Pension settlement, included in Other income (loss), net, represents pension settlement charges in 2022 related to the annuitization of certain defined benefit plans. For further information, refer to Note 7 of the Condensed Consolidated Financial Statements.

(3)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable and other equity securities. For further information regarding our investments, refer to Note 10 of the Condensed Consolidated Financial Statements.

(4)(Gain) loss on asset and investment sales, included in Other income (loss), net,, primarily represents the loss recognized on the sale of the La Zanja equity method investment. For further information, refer to Note 7 of the Condensed Consolidated Financial Statements.

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

(6)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.

(7)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplied inventories.

(8)COVID-19 specific costs, included in Other expense, net, primarily include amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic.

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

(10)Primarily comprised of a reimbursement of certain historical Goldcorp operational expenses related to a legacy project that reached commercial production in the second quarter of 2022, included in Other income (loss), net.

(11)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate.

(12)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and six months ended June 30, 2022 reflects the net increase or (decrease) to net operating losses,

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capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $37 and $49, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(23) and $(26), net reductions to the reserve for uncertain tax positions of $(5) and $(17), other tax adjustments of $(1) and $—, and a tax settlement in Mexico of $(125) and $(125). For further information on reductions to the reserve for uncertain tax positions, refer to Note 8 of the Condensed Consolidated Financial Statements.

(13)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.


	Three Months Ended June 30, 2021						Six Months Ended June 30, 2021
			per share data (1)						per share data (1)
			basic		diluted				basic		diluted
Net income (loss) attributable to Newmont stockholders	$	650	$	0.81	$	0.81	$	1,209	$	1.51	$	1.51
Net loss (income) attributable to Newmont stockholders from discontinued operations	(10)		(0.01)		(0.01)		(31)		(0.04)		(0.04)
Net income (loss) attributable to Newmont stockholders from continuing operations	640		0.80		0.80		1,178		1.47		1.47
Change in fair value of investments (2)	(26)		(0.03)		(0.03)		84		0.10		0.10
Gain (loss) on asset and investment sales (3)	—		—		—		(43)		(0.05)		(0.05)
Reclamation and remediation charges (4)	20		0.02		0.02		30		0.04		0.04
Impairment of long-lived and other assets (5)	11		0.01		0.01		12		0.01		0.01
Settlement costs (6)	8		0.01		0.01		11		0.01		0.01
Restructuring and severance, net (7)	5		—		—		9		0.01		0.01
COVID-19 specific costs (8)	1		—		—		2		—		—



Tax effect of adjustments (9)	(11)		—		—		(30)		(0.03)		(0.03)
Valuation allowance and other tax adjustments, net (10)	22		0.03		0.02		11		0.02		0.02
Adjusted net income (loss)	$	670	$	0.84	$	0.83	$	1,264	$	1.58	$	1.58

Weighted average common shares (millions): (11)			801		803				801		802

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

(2)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses on marketable and other equity securities and our investment instruments. For further information regarding our investments, refer to Note 10 of the Condensed Consolidated Financial Statements.

(3)(Gain) loss on asset and investment sales, included in Other income (loss), net, primarily represents a gain on the sale of TMAC. For further information, refer to Note 7 of the Condensed Consolidated Financial Statements.

(4)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statements for further information.

(5)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

(6)Settlement costs, included in Other expense, net, primarily represents certain costs associated with legal and other settlements.

(7)Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company. Total amount is presented net of income (loss) attributable to noncontrolling interests of $— and $(1), respectively.

(8)COVID-19 specific costs, included in Other expense, net, primarily includes amounts distributed from the Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic. Adjusted net income (loss) has not been adjusted for $19 and $40, respectively, of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 6 of the Condensed Consolidated Financial Statements for further information.

(9)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (8), as described above, and are calculated using the applicable regional tax rate.

(10)Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and six months ended June 30, 2021 is due to increases or (decreases) to net operating losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $9 and $30 respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $11 and $(17) respectively, changes to the reserve for uncertain tax positions of $22 and $22 respectively, and other tax adjustments of $(17) and $(19), respectively. Total amount is presented net of income (loss) attributable to noncontrolling interests of $(3) and $(5), respectively.

(11)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP.

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Free Cash Flow

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


	Six Months Ended June 30,
	2022		2021
Net cash provided by (used in) operating activities	$	1,737	$	1,836
Less: Net cash used in (provided by) operating activities of discontinued operations	(15)		(2)
Net cash provided by (used in) operating activities of continuing operations	1,722		1,834
Less: Additions to property, plant and mine development	(956)		(814)
Free Cash Flow	$	766	$	1,020

Net cash provided by (used in) investing activities (1)	$	(1,034)	$	(1,127)
Net cash provided by (used in) financing activities	$	(1,417)	$	(1,666)

____________________________

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

Costs applicable to sales per ounce/gold equivalent ounce

Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.

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

Costs applicable to sales per gold ounce


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Costs applicable to sales (1)(2)	$	1,381	$	1,091	$	2,565	$	2,156
Gold sold (thousand ounces)	1,482		1,444		2,811		2,861
Costs applicable to sales per ounce (3)	$	932	$	755	$	912	$	754

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(1)Includes by-product credits of $26 and $72 during the three months ended June 30, 2022 and 2021, respectively, and $53 and $127 during the six months ended June 30, 2022 and 2021, respectively.

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

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

Costs applicable to sales per gold equivalent ounce


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Costs applicable to sales (1)(2)	$	327	$	190	$	578	$	372
Gold equivalent ounces - other metals (thousand ounces) (3)	333		302		683		629
Costs applicable to sales per gold equivalent ounce (4)	$	983	$	629	$	846	$	590

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(1)Includes by-product credits of $2 and $2 during the three months ended June 30, 2022 and 2021, respectively, and $4 and $3 during the six months ended June 30, 2022 and 2021, respectively

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

(3)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc ($1.15/lb.) pricing for 2022 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.

(4)Per ounce measures may not recalculate due to rounding.

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All-In Sustaining Costs

All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.


Three Months Ended June 30, 2022	Costs Applicable to Sales (1)(2)(3)		Reclamation Costs (4)		Advanced Projects, Research and Development and Exploration (5)		General and Administrative		Other Expense, Net (6)		Treatment and Refining Costs		Sustaining Capital and Lease Related Costs (7)(8)		All-In Sustaining Costs		Ounces (000) Sold	All-In Sustaining Costs Per oz. (9)
Gold
CC&V	$	49	$	4	$	2	$	—	$	2	$	—	$	14	$	71	46	$	1,553
Musselwhite	53		1		2		—		—		—		11		67		40	1,693
Porcupine	71		1		4		—		—		—		14		90		68	1,328
Éléonore	71		2		1		—		2		—		14		90		47	1,922
Peñasquito (10)	127		3		1		—		—		6		18		155		130	1,187
Other North America	—		—		—		2		—		—		—		2		—	—
North America	371		11		10		2		4		6		71		475		331	1,437

Yanacocha	73		6		2		—		4		—		6		91		69	1,321
Merian	94		1		4		—		1		—		13		113		96	1,173
Cerro Negro	71		2		1		—		1		—		11		86		78	1,106
Other South America	—		—		—		2		—		—		—		2		—	—
South America	238		9		7		2		6		—		30		292		243	1,203

Boddington	181		4		1		—		1		5		14		206		241	854
Tanami	84		1		1		—		2		—		28		116		132	873
Other Australia	—		—		1		2		—		—		1		4		—	—
Australia	265		5		3		2		3		5		43		326		373	873

Ahafo	129		2		—		—		—		—		22		153		135	1,130
Akyem	76		8		—		—		—		—		7		91		109	837
Other Africa	—		—		1		3		—		—		1		5		—	—
Africa	205		10		1		3		—		—		30		249		244	1,017

Nevada Gold Mines	302		3		4		2		—		—		57		368		291	1,263

Nevada	302		3		4		2		—		—		57		368		291	1,263

Corporate and Other	—		—		16		50		—		—		2		68		—	—
Total Gold	$	1,381	$	38	$	41	$	61	$	13	$	11	$	233	$	1,778	1,482	$	1,199

Gold equivalent ounces - other metals (11)
Peñasquito (10)	$	278	$	5	$	4	$	—	$	1	$	32	$	35	$	355	264	$	1,347
Other North America	—		—		—		—		—		—		—		—		—	—
North America	278		5		4		—		1		32		35		355		264	1,349

Boddington	49		—		1		—		—		3		3		56		69	818
Other Australia	—		—		—		1		—		—		—		1		—	—
Australia	49		—		1		1		—		3		3		57		69	829

Corporate and Other	—		—		3		11		—		—		1		15		—	—
Total Gold Equivalent Ounces	$	327	$	5	$	8	$	12	$	1	$	35	$	39	$	427	333	$	1,286

Consolidated	$	1,708	$	43	$	49	$	73	$	14	$	46	$	272	$	2,205

____________________________

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

(2)Includes by-product credits of $28 and excludes co-product revenues of $336.

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(3)Includes stockpile and leach pad inventory adjustments of $2 at CC&V and $27 at NGM.

(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $16 and $27, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $29 and $4, respectively.

(5)Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $1 at Peñasquito, $1 at Other North America, $3 at Yanacocha, $2 at Merian, $3 at Cerro Negro, $11 at Other South America, $6 at Tanami, $4 at Other Australia, $7 at Ahafo, $4 at Akyem, $5 at NGM and $10 at Corporate and Other, totaling $58 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)Other expense, net is adjusted for settlement costs of $5, impairment of long-lived and other assets of $2 and distributions from the Newmont Global Community Support Fund of $1.

(7)Includes sustaining capital expenditures of $94 for North America, $30 for South America, $43 for Australia, $29 for Africa, $57 for Nevada, and $3 for Corporate and Other, totaling $256 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $263. See Liquidity and Capital Resources within Part I, Item 2, Management's Discussion and Analysis for discussion of major development projects.

(8)Includes finance lease payments for sustaining projects of $16.

(9)Per ounce measures may not recalculate due to rounding.

(10)Costs applicable to sales includes $70 related to the Peñasquito Profit-Sharing Agreement. For further information, refer to Note 3 of the Condensed Consolidated Financial Statements.

(11)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc ($1.15/lb.) pricing for 2022.

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Three Months Ended June 30, 2021	Costs Applicable to Sales (1)(2)(3)		Reclamation Costs (4)		Advanced Projects, Research and Development and Exploration (5)		General and Administrative		Other Expense, Net (6)(7)		Treatment and Refining Costs		Sustaining Capital and Lease Related Costs (8)(9)		All-In Sustaining Costs		Ounces (000) Sold	All-In Sustaining Costs Per oz. (10)
Gold
CC&V	$	59	$	1	$	5	$	—	$	—	$	—	$	7	$	72	63	$	1,142
Musselwhite	37		1		2		—		1		—		9		50		35	1,420
Porcupine	61		1		5		—		—		—		13		80		66	1,193
Éléonore	65		—		1		—		1		—		19		86		67	1,287
Peñasquito	95		2		—		—		1		5		14		117		181	656
Other North America	—		—		(1)		—		1		—		—		—		—	—
North America	317		5		12		—		4		5		62		405		412	985

Yanacocha	32		24		—		—		8		—		6		70		68	1,029
Merian	83		1		3		—		2		—		10		99		108	909
Cerro Negro	69		2		—		—		4		—		14		89		79	1,133
Other South America	—		—		—		2		1		—		—		3		—	—
South America	184		27		3		2		15		—		30		261		255	1,022

Boddington	162		3		1		—		—		3		24		193		189	1,023
Tanami	65		1		1		—		2		—		30		99		109	919
Other Australia	—		—		—		2		1		—		2		5		—	—
Australia	227		4		2		2		3		3		56		297		298	997

Ahafo	92		2		1		—		2		—		19		116		104	1,122
Akyem	56		7		1		—		1		—		11		76		90	828
Other Africa	—		—		1		2		—		—		—		3		—	—
Africa	148		9		3		2		3		—		30		195		194	1,000

Nevada Gold Mines	215		3		4		2		2		—		54		280		285	985
Nevada	215		3		4		2		2		—		54		280		285	985

Corporate and Other	—		—		14		38		(2)		—		5		55		—	—
Total Gold	$	1,091	$	48	$	38	$	46	$	25	$	8	$	237	$	1,493	1,444	$	1,035

Gold equivalent ounces - other metals (11)
Peñasquito	$	152	$	3	$	1	$	—	$	2	$	14	$	25	$	197	260	$	755
Other North America	—		—		—		1		—		—		—		1		—	—
North America	152		3		1		1		2		14		25		198		260	761

Boddington	38		—		1		—		—		2		5		46		42	1,088
Other Australia	—		—		—		1		—		—		—		1		—	—
Australia	38		—		1		1		—		2		5		47		42	1,113

Corporate and Other	—		—		6		16		—		—		1		23		—	—
Total Gold Equivalent Ounces	$	190	$	3	$	8	$	18	$	2	$	16	$	31	$	268	302	$	886

Consolidated	$	1,281	$	51	$	46	$	64	$	27	$	24	$	268	$	1,761

____________________________

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

(2)Includes by-product credits of $74 and excludes co-product revenues of $435.

(3)Includes stockpile and leach pad inventory adjustments of $5 at CC&V.

(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $20 and $31, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $13 and $24, respectively.

(5)Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $2 at Porcupine, $1 at Éléonore, $2 at Other North America, $3 at Yanacocha, $1 at Cerro Negro, $9 at Other South America, $7 at Tanami, $4 at Other Australia, $4 at Ahafo, $1

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at Akyem, $4 at NGM and $4 at Corporate and Other, totaling $43 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)Care and maintenance, included in Other expense, net, includes $2 at Tanami of cash care and maintenance costs associated with the site temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended June 30, 2021 that we would have continued to incur if the site were not temporarily placed into care and maintenance.

(7)Other expense, net is adjusted for impairment of long-lived and other assets of $11, settlement costs of $8, restructuring and severance of $5 and distributions from the Newmont Global Community Support Fund of $1.

(8)Includes sustaining capital expenditures of $74 for North America, $30 for South America, $58 for Australia, $29 for Africa, $54 for Nevada, and $6 for Corporate and Other, totaling $251 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $164. See Liquidity and Capital Resources within Part I, Item 2, Management's Discussion and Analysis for discussion of major development projects.

(9)Includes finance lease payments for sustaining projects of $17.

(10)Per ounce measures may not recalculate due to rounding.

(11)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.

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Six Months Ended June 30, 2022	Costs Applicable to Sales (1)(2)(3)		Reclamation Costs (4)		Advanced Projects, Research and Development and Exploration (5)		General and Administrative		Other Expense, Net (6)		Treatment and Refining Costs		Sustaining Capital and Lease Related Costs (7)(8)		All-In Sustaining Costs		Ounces (000) Sold	All-In Sustaining Costs Per oz. (9)
Gold
CC&V	$	101	$	7	$	3	$	—	$	3	$	—	$	18	$	132	82	$	1,608
Musselwhite	96		3		3		—		1		—		17		120		72	1,670
Porcupine	137		2		6		—		—		—		23		168		128	1,313
Éléonore	133		4		1		—		3		—		26		167		97	1,734
Peñasquito (10)	214		5		2		—		1		13		32		267		264	1,013
Other North America	—		—		—		3		1		—		—		4		—	—
North America	681		21		15		3		9		13		116		858		643	1,336

Yanacocha	140		10		2		—		7		—		11		170		137	1,243
Merian	181		3		5		—		2		—		24		215		199	1,079
Cerro Negro	134		3		1		—		7		—		22		167		142	1,172
Other South America	—		—		—		5		—		—		—		5		—	—
South America	455		16		8		5		16		—		57		557		478	1,164

Boddington	343		9		2		—		1		8		27		390		439	888
Tanami	149		1		4		—		5		—		57		216		231	933
Other Australia	—		—		1		4		—		—		4		9		—	—
Australia	492		10		7		4		6		8		88		615		670	917

Ahafo	235		4		1		—		1		—		44		285		243	1,171
Akyem	143		15		1		—		—		—		17		176		199	884
Other Africa	—		—		1		5		—		—		1		7		—	—
Africa	378		19		3		5		1		—		62		468		442	1,057

Nevada Gold Mines	559		4		7		5		—		1		103		679		578	1,176

Nevada	559		4		7		5		—		1		103		679		578	1,176

Corporate and Other	—		—		39		93		(1)		—		6		137		—	—
Total Gold	$	2,565	$	70	$	79	$	115	$	31	$	22	$	432	$	3,314	2,811	$	1,179

Gold equivalent ounces - other metals (11)
Peñasquito (10)	$	483	$	10	$	6	$	—	$	4	$	65	$	68	$	636	559	$	1,138
Other North America	—		—		—		1		—		—		—		1		—	—
North America	483		10		6		1		4		65		68		637		559	1,140

Boddington	95		1		1		—		—		5		7		109		124	881
Other Australia	—		—		—		1		—		—		1		2		—	—
Australia	95		1		1		1		—		5		8		111		124	895

Corporate and Other	—		—		8		20		—		—		1		29		—	—
Total Gold Equivalent Ounces	$	578	$	11	$	15	$	22	$	4	$	70	$	77	$	777	683	$	1,138

Consolidated	$	3,143	$	81	$	94	$	137	$	35	$	92	$	509	$	4,091

____________________________

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

(2)Includes by-product credits of $57 and excludes co-product revenues of $845.

(3)Includes stockpile and leach pad inventory adjustments of $7 at CC&V, $3 at Merian and $28 at NGM.

(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $32 and $49, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $57 and $21, respectively.

(5)Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $1 at Porcupine, $3 at Peñasquito, $1 at Other North America, $4 at Yanacocha, $4 at Merian, $6 at Cerro Negro, $20 at Other South America, $9 at Tanami, $7 at Other

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Australia, $10 at Ahafo, $7 at Akyem, $8 at NGM and $14 at Corporate and Other, totaling $95 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)Other expense, net is adjusted for settlement costs of $18, impairment of long-lived and other assets of $2, restructuring and severance costs of $1 and distributions from the Newmont Global Community Support Fund of $1.

(7)Includes sustaining capital expenditures of $160 for North America, $57 for South America, $89 for Australia, $60 for Africa, $103 for Nevada, and $7 for Corporate and Other, totaling $476 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $480. See Liquidity and Capital Resources within Part I, Item 2, Management's Discussion and Analysis for discussion of major development projects.

(8)Includes finance lease payments for sustaining projects of $33.

(9)Per ounce measures may not recalculate due to rounding.

(10)Costs applicable to sales includes $70 related to the Peñasquito Profit-Sharing Agreement. For further information, refer to Note 3 of the Condensed Consolidated Financial Statements.

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Six Months Ended June 30, 2021	Costs Applicable to Sales (1)(2)(3)		Reclamation Costs (4)		Advanced Projects, Research and Development and Exploration (5)		General and Administrative		Other Expense, Net (6)(7)		Treatment and Refining Costs		Sustaining Capital and Lease Related Costs (8)(9)		All-In Sustaining Costs		Ounces (000) Sold	All-In Sustaining Costs Per oz. (10)
Gold
CC&V	$	120	$	3	$	5	$	—	$	—	$	—	$	16	$	144	119	$	1,209
Musselwhite	76		1		4		—		1		—		18		100		74	1,359
Porcupine	127		2		9		—		—		—		22		160		140	1,146
Éléonore	118		1		2		—		3		—		37		161		128	1,258
Peñasquito	184		4		1		—		4		15		30		238		371	644
Other North America	—		—		—		2		1		—		—		3		—	—
North America	625		11		21		2		9		15		123		806		832	971

Yanacocha	82		36		2		—		16		—		8		144		129	1,117
Merian	164		2		3		—		3		—		20		192		216	887
Cerro Negro	109		3		1		—		10		—		25		148		126	1,181
Other South America	—		—		—		4		2		—		—		6		—	—
South America	355		41		6		4		31		—		53		490		471	1,041

Boddington	293		6		3		—		—		6		80		388		335	1,157
Tanami	135		1		2		—		3		—		55		196		231	854
Other Australia	—		—		—		5		1		—		3		9		—	—
Australia	428		7		5		5		4		6		138		593		566	1,048

Ahafo	184		4		3		—		3		—		36		230		208	1,108
Akyem	122		15		1		—		1		—		19		158		194	806
Other Africa	—		—		1		4		—		—		—		5		—	—
Africa	306		19		5		4		4		—		55		393		402	974

Nevada Gold Mines	442		5		6		5		2		—		85		545		590	924
Nevada	442		5		6		5		2		—		85		545		590	924

Corporate and Other	—		—		39		91		—		—		8		138		—	—
Total Gold	$	2,156	$	83	$	82	$	111	$	50	$	21	$	462	$	2,965	2,861	$	1,037

Gold equivalent ounces - other metals (11)
Peñasquito	$	307	$	5	$	1	$	—	$	6	$	57	$	48	$	424	558	$	760
Other North America	—		—		—		1		—		—		—		1		—	—
North America	307		5		1		1		6		57		48		425		558	762

Boddington	65		1		1		—		—		3		17		87		71	1,216
Other Australia	—		—		—		1		—		—		—		1		—	—
Australia	65		1		1		1		—		3		17		88		71	1,231

Corporate and Other	—		—		6		16		—		—		1		23		—	—
Total Gold Equivalent Ounces	$	372	$	6	$	8	$	18	$	6	$	60	$	66	$	536	629	$	851

Consolidated	$	2,528	$	89	$	90	$	129	$	56	$	81	$	528	$	3,501

____________________________

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

(2)Includes by-product credits of $130 and excludes co-product revenues of $825.

(3)Includes stockpile and leach pad inventory adjustments of $9 at CC&V and $10 at NGM.

(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $40 and $49, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $26 and $37, respectively.

(5)Advanced projects, research and development and exploration excludes development expenditures of $3 at CC&V, $3 at Porcupine, $2 at Éléonore, $2 at Other North America, $4 at Yanacocha, $1 at Merian, $1 at Cerro Negro, $15 at Other South America, $9 at Tanami, $6 at Other Australia, $5

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at Ahafo, $2 at Akyem, $8 at NGM and $4 at Corporate and Other, totaling $65 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(7)Other expense, net is adjusted for impairment of long-lived and other assets of $12, settlement costs of $11, restructuring and severance costs of $10 and distributions from the Newmont Global Community Support Fund of $2.

(8)Includes sustaining capital expenditures of $147 for North America, $53 for South America, $146 for Australia, $54 for Africa, $85 for Nevada, and $9 for Corporate and Other, totaling $494 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $320. See Liquidity and Capital Resources within Part I, Item 2, Management's Discussion and Analysis for discussion of major development projects.

(9)Includes finance lease payments for sustaining projects of $34.

(10)Per ounce measures may not recalculate due to rounding.

Accounting Developments

For a discussion of Recently Adopted and Recently Issued Accounting Pronouncements, refer to Note 2 of the Condensed Consolidated Financial Statements.

Refer to our Management’s Discussion and Analysis of Accounting Developments and Critical Accounting Estimates included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 for additional information on our critical accounting policies and estimates.

Safe Harbor Statement

Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “estimate(s)”, “should”, “intend(s)” and similar expressions are intended to identify forward-looking statements. Our forward-looking statements may include, without limitation:

estimates regarding future earnings and the sensitivity of earnings to gold, copper and other metal prices;
estimates of future mineral production and sales;
estimates of future production costs, other expenses and taxes for specific operations and on a consolidated basis;
estimates of future cash flows and the sensitivity of cash flows to gold and other metal prices;
estimates of future capital expenditures, construction, production or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof;
estimates as to the projected development of certain ore deposits, including the timing of such development, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates;
estimates of reserves and statements regarding future exploration results and reserve replacement and the sensitivity of reserves to metal price changes;
statements regarding the availability of, and terms and costs related to, future borrowing or financing and expectations regarding future debt repayments or debt tender transactions;
estimates regarding future exploration expenditures, results and reserves;
statements regarding fluctuations in financial and currency markets;
estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures;
expectations regarding future or recent acquisitions and joint ventures, including, without limitation, projected benefits, synergies, value creation, integration, timing and costs and related valuations and other matters;
expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of our projects;
statements regarding future hedge and derivative positions or modifications thereto;
statements regarding political, economic or governmental conditions and environments;
statements regarding the impacts of changes in the legal and regulatory environment in which we operate;

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estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters, including without limitation, in connection with water treatment and tailings management;
estimates of income taxes and expectations relating to tax contingencies or tax audits;
estimates of pension and other post-retirement costs;
expectations regarding the impacts of COVID-19, COVID variants and other health and safety conditions; and
expectations as to whether and for how long certain sites will be placed into care and maintenance including as a result of COVID-19 occurrences and related restrictions.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks and uncertainties include, but are not limited to:

the price of gold, copper and other metal prices and commodities;
the cost of operations;
currency fluctuations;
geological and metallurgical assumptions;
operating performance of equipment, processes and facilities;
the impact of COVID-19, including, without limitation, impacts on employees, operations, regulations resulting in potential business interruptions and travel restrictions, commodity prices, costs, supply chain and the U.S. and the global economy;
labor relations;
timing of receipt of necessary governmental permits or approvals;
domestic and foreign laws or regulations, particularly relating to the environment, mining and processing;
changes in tax laws;
domestic and international economic and political conditions;
domestic and international conflicts, including, without limitation, in connection with Russia's invasion of Ukraine resulting in potential volatility in commodity prices and currencies and disruptions to banking and capital markets;
our ability to obtain or maintain necessary financing; and
other risks and hazards associated with mining operations.

More detailed information regarding these factors is included in the section titled Item 1, Business; Item 1A, Risk Factors in the Annual Report on Form 10-K for the year ended December 31, 2021 as well as elsewhere throughout this report. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.

All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Previous: Item 1. FINANCIAL STATEMENTS. · Next: Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (dollars in millions, except per ounce and per pound amounts).