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, 2023

or

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

For the transition period from__________to__________

Commission File Number: 001-31240

NEWMONT 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 794,732,443 shares of common stock outstanding on July 13, 2023.

TABLE OF CONTENTS

GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS

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(1)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

(2)Refer to Results of Consolidated Operations within Part I, Item 2, MD&A.

NEWMONT CORPORATION

SECOND QUARTER 2023 RESULTS AND HIGHLIGHTS

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

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

(2)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

NEWMONT CORPORATION

SECOND QUARTER 2023 RESULTS AND HIGHLIGHTS

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

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(1)Attributable gold ounces produced includes 51 and 70 thousand ounces for the three months ended June 30, 2023 and 2022, respectively, and 111 and 139 thousand ounces for the six months ended June 30, 2023 and 2022, 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)Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price. In 2023, the Company updated the metal prices utilized for this calculation to align with reserve metal price assumptions; this resulted in fewer calculated gold equivalent ounces - other metals produced and sold of 48 thousand ounces and 47 thousand ounces, respectively, for the three months ended June 30, 2023, and 103 thousand ounces and 95 thousand ounces, respectively, for the six months ended June 30, 2023, than would have been calculated based on the pricing used in 2022 for this calculation. Refer to Results of Consolidated Operations within Part I, Item 2, Management's Discussion and Analysis for further information.

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

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

Second Quarter 2023 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 $153 or $0.19 per diluted share, a decrease of $226 from the prior-year quarter primarily due to a decrease in Sales resulting largely from lower gold sales volumes, which includes the impacts arising from (i) work stoppage at Peñasquito for the month of June 2023 due to a labor strike 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. Additionally, the decrease was the result of higher income tax expense, partially offset by lower Costs applicable to sales, a decrease in unrealized losses on marketable equity securities, and lower Depreciation and amortization.

• Adjusted net income:** Reported Adjusted net income of $266 or $0.33 per diluted share, a decrease of $0.13 per diluted share from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).

• Adjusted EBITDA:** Reported $910 in Adjusted EBITDA, a decrease of 21% from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).

• Cash Flow:** Reported Net cash provided by (used in) operating activities of continuing operations of $1,137, a decrease of 34% from the prior year, and free cash flow of $(5) (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).

• ESG:** Published 3rd annual climate report in May 2023 providing a view on how the Company understands and is addressing climate change from managing physical and transition climate risk, to climate impacts and reducing our greenhouse gas emissions.

• Attributable gold production:** Produced 1.2 million attributable ounces of gold and 256 thousand attributable gold equivalent ounces from co-products.

• Financial strength:** Ended the quarter with $2.8 billion of consolidated cash, $374 million of time deposits with a maturity of more than three months but less than one year, and $6.2 billion of total liquidity; declared a dividend of $0.40 per share in July 2023.

PART I—FINANCIAL INFORMATION