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 September 30, 2024

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 1,138,450,479 shares of common stock outstanding on October 17, 2024.

TABLE OF CONTENTS

GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS

____________________________

(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

THIRD QUARTER 2024 RESULTS AND HIGHLIGHTS

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

____________________________

(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

THIRD QUARTER 2024 RESULTS AND HIGHLIGHTS

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

____________________________

(1)Attributable gold ounces produced includes 66 and 52 thousand ounces for the three months ended September 30, 2024 and 2023, respectively, and 173 and 163 thousand ounces for the nine months ended September 30, 2024 and 2023, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment. For the three and nine months ended September 30, 2024, Attributable gold ounces produced also includes 43 thousand ounces and 99 thousand ounces, respectively, related to the Fruta del Norte mine, which is wholly owned by Lundin Gold, in which the Company holds a 31.9% interest at September 30, 2024 and is accounted for as an equity method investment on a quarter lag.

(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine and the Fruta del Norte mine.

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

(4)On June 7, 2023, the Company suspended its operations at Peñasquito due to the Union strike. As a result of the suspended operations, no production occurred during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. Consequently, price per ounce/pound metrics are not meaningful ("N.M.").

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

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

Third Quarter 2024 Highlights (dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)

• Net income:** Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $873 or $0.76 per diluted share, an increase of $716 from the prior-year quarter primarily due to an increase to attributable net income related to the acquired Newcrest sites. Excluding the impact of acquired sites, the increase is primarily due to an increase in Sales at Peñasquito as a result of the work stoppage due to a labor strike that began in June 2023 ("Peñasquito labor strike"), resulting in no sales at Peñasquito in the third quarter of 2023. Additionally, Net income (loss) from continuing operations attributable to Newmont stockholders increased due to higher average realized prices primarily for gold. This increase was partially offset by the Loss on assets held for sale of $115 and higher Costs applicable to sales.

• Adjusted net income:** Reported Adjusted net income of $936 or $0.81 per diluted share, an increase of $0.45 per diluted share from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).

• Adjusted EBITDA:** Reported $1,967 in Adjusted EBITDA, an increase of 111% from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).

• Cash flow:** Reported Net cash provided by (used in) operating activities of $3,807 for the nine months ended September 30, 2024, an increase of 78% from the prior year, and free cash flow of $1,280 (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).

• Portfolio Updates:** Completed the sale of the Batu and Elang contingent consideration assets for cash consideration of $153, which was received in September 2024. Announced agreement to sell the assets of the Telfer reportable segment, including Newmont’s 70% interest in the Havieron development project and other related assets; the sale is expected to close in the fourth quarter of 2024. In October, announced agreement to sell the Akyem reportable segment; the sale is expected to close in the fourth quarter of 2024.

• Attributable gold production:** Produced 1.7 million attributable ounces of gold and 430 thousand attributable gold equivalent ounces from co-products.

• Financial strength:** Ended the quarter with $3.0 billion of consolidated cash, cash of $86 included in Assets held for sale, and $7.1 billion of total liquidity; redeemed $150 of senior notes; settled $347 of share repurchases from $1 billion share repurchase program. In October, declared a dividend of $0.25 per share and the Company's Board authorized an additional $2 billion share repurchase program to be executed at the Company’s discretion, utilizing open market repurchases to occur from time to time throughout the next 24 months.

PART I—FINANCIAL INFORMATION