Newmont Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Newmont Corporation has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational updates.</b>

AI Summary

NEWMONT Corp /DE/ (NEMCL) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Newmont Corporation filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's previous name was Newmont Goldcorp Corp. /DE/, changed on April 17, 2019. Newmont Mining Corp. /DE/ was the prior name before April 17, 2019. The company is incorporated in Delaware (DE) and its fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking NEWMONT Corp /DE/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational insights for Newmont Corporation, crucial for understanding the company's performance in the first quarter of 2024. The report includes historical financial data and details on corporate structure changes, offering context for the current financial position and strategic direction of the company.

Risk Assessment

Risk Level: medium — NEWMONT Corp /DE/ shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains detailed financial information but does not include forward-looking statements or significant new disclosures that would drastically alter risk assessment without further analysis of the content within the report itself.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Newmont's Q1 2024 performance and identify any emerging risks or opportunities.

Key Numbers

• 2024-03-31 — Report Date (Conformed Period of Report)
• 2024-04-29 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-11-06 — Acquisition Date (Newcrest Mining Limited)

Key Players & Entities

• NEWMONT Corp /DE/ (company) — Filer
• Newmont Goldcorp Corp /DE/ (company) — Former company name
• Newmont Mining Corp /DE/ (company) — Former company name
• Delta Holdco Corp (company) — Former company name
• Newcrest Mining Limited (company) — Acquisition related entity

FAQ

Industry Context

Newmont Corporation operates in the gold and silver ores industry, a sector characterized by commodity price volatility and significant capital investment.

Regulatory Implications

As a publicly traded company, Newmont Corporation is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for operational highlights and challenges.
3. Examine any disclosures related to assets held for sale or discontinued operations.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-04-29: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2019-04-17: Name Change — Date Newmont Mining Corp. became Newmont Goldcorp Corp.
• 2023-11-06: Acquisition — Date related to Newcrest Mining Limited.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous 10-K filing for the fiscal year ended December 31, 2023.

Key Financial Figures

• $1.60 — ich registered Common stock, par value $1.60 per share NEM New York Stock Exchange
• $166 — attributable to Newmont stockholders of $166 or $0.15 per diluted share, a decrease
• $0.15 — able to Newmont stockholders of $166 or $0.15 per diluted share, a decrease of $173 f
• $173 — $0.15 per diluted share, a decrease of $173 from the prior-year quarter primarily d
• $485 — to the Loss on assets held for sale of $485 and an increase in Costs applicable to
• $224 — increase to attributable net income of $224 related to the acquired Newcrest sites,
• $630 — income: Reported Adjusted net income of $630 or $0.55 per diluted share, an increase
• $0.55 — Reported Adjusted net income of $630 or $0.55 per diluted share, an increase of $0.15
• $1,694 — em 2, MD&A). Adjusted EBITDA: Reported $1,694 in Adjusted EBITDA, an increase of 71%
• $776 — ed by (used in) operating activities of $776, an increase of 61% from the prior year
• $291 — rating activities included a payment of $291 on the Stamp Duty, related to the Newcr
• $2.3 billion — ancial strength: Ended the quarter with $2.3 billion of consolidated cash, cash of $342 incl
• $342 — 3 billion of consolidated cash, cash of $342 included in Current assets held for sal
• $6.7 billion — ed in Current assets held for sale, and $6.7 billion of total liquidity; declared a dividend
• $0.25 — total liquidity; declared a dividend of $0.25 per share in April 2024. 5 Table of

Filing Documents

• nem-20240331.htm (10-Q) — 2979KB
• q12024exhibit102.htm (EX-10.2) — 40KB
• q12024exhibit103.htm (EX-10.3) — 30KB
• q12024exhibit311.htm (EX-31.1) — 9KB
• q12024exhibit312.htm (EX-31.2) — 9KB
• q12024exhibit321.htm (EX-32.1) — 4KB
• q12024exhibit322.htm (EX-32.2) — 4KB
• q12024exhibit95.htm (EX-95) — 52KB
• nem-20240331_g1.jpg (GRAPHIC) — 57KB
• q12024exhibit102001.jpg (GRAPHIC) — 442KB
• q12024exhibit102002.jpg (GRAPHIC) — 598KB
• q12024exhibit102003.jpg (GRAPHIC) — 548KB
• q12024exhibit102004.jpg (GRAPHIC) — 292KB
• q12024exhibit102005.jpg (GRAPHIC) — 426KB
• q12024exhibit102006.jpg (GRAPHIC) — 478KB
• q12024exhibit102007.jpg (GRAPHIC) — 215KB
• q12024exhibit103001.jpg (GRAPHIC) — 265KB
• q12024exhibit103002.jpg (GRAPHIC) — 454KB
• q12024exhibit103003.jpg (GRAPHIC) — 548KB
• q12024exhibit103004.jpg (GRAPHIC) — 615KB
• q12024exhibit103005.jpg (GRAPHIC) — 342KB
• q12024exhibit103006.jpg (GRAPHIC) — 66KB
• 0001164727-24-000031.txt (&nbsp;) — 21223KB
• nem-20240331.xsd (EX-101.SCH) — 86KB
• nem-20240331_cal.xml (EX-101.CAL) — 157KB
• nem-20240331_def.xml (EX-101.DEF) — 471KB
• nem-20240331_lab.xml (EX-101.LAB) — 965KB
• nem-20240331_pre.xml (EX-101.PRE) — 725KB
• nem-20240331_htm.xml (XML) — 2339KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page GLOSSARY OF ABBREVIATIONS 1 FIRST QUARTER 2024 RESULTS AND HIGHLIGHTS 2 ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 6 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income (Loss) 7 Condensed Consolidated Balance Sheets 8 Condensed Consolidated Statements of Cash Flows 9 Condensed Consolidated Statement s of Changes in Equity 10 Notes to Condensed Consolidated Financial Statements 11 Note 1 Basis of Presentation 11 Note 2 Summary of Significant Accounting Policies 11 Note 3 Business Acquisition 12 Note 4 Segment Information 15 Note 5 Assets and Liabilities Held for Sale 15 Note 6 Sales 19 Note 7 Reclamation and Remediation 20 Note 8 Other Expense, Net 22 Note 9 Other Income (Loss), Net 22 Note 10 Income and Mining Taxes 22 Note 11 Fair Value Accounting 23 Note 12 Derivative Instruments 25 Note 13 Investments 28 Note 14 Inventories 29 Note 15 Stockpiles and Ore on Leach Pads 29 Note 16 Debt 29 Note 17 Other Liabilities 30 Note 18 Accumulated Other Comprehensive Income (Loss) 30 Note 19 Net Change in Operating Assets and Liabilities 31 Note 20 Commitments and Contingencies 31 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36 Overview 36 Consolidated Financial Results 37 Results of Consolidated Operations 40 Foreign Currency Exchange Rates 43 Liquidity and Capital Resources 44 Environmental 49 Non-GAAP Financial Measures 49 Accounting Developments 56 Safe Harbor Statement 56 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 58 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 60

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 61 ITEM 1A.

RISK FACTORS

RISK FACTORS 61 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 61 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 61 ITEM 4. MINE SAFETY DISCLOSURES 61 ITEM 5. OTHER INFORMATION 62 ITEM 6. EXHIBITS 63

SIGNATURES

SIGNATURES 64 Table of Contents GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS Unit Unit of Measure $ United States Dollar % Percent A$ Australian Dollar C$ Canadian Dollar gram Metric Gram ounce Troy Ounce pound United States Pound tonne Metric Ton Abbreviation Description AISC (1) All-In Sustaining Costs ARC Asset Retirement Cost ASC FASB Accounting Standard Codification ASU FASB Accounting Standard Update AUD Australian Dollar CAD Canadian Dollar CAS Costs Applicable to Sales DTA Deferred tax asset DTL Deferred tax liability EBITDA (1) Earnings Before Interest, Taxes, Depreciation and Amortization EIA Environmental Impact Assessment EPA U.S. Environmental Protection Agency ESG Environmental, Social and Governance Exchange Act U.S. Securities Exchange Act of 1934 FASB Financial Accounting Standards Board GAAP U.S. Generally Accepted Accounting Principles GEO (2) Gold Equivalent Ounces GHG Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere GITSM Global Industry Standard on Tailings Management IASB International Accounting Standards Board IFRS International Financial Reporting Standards LIBOR London Interbank Offered Rate LBMA London Bullion Market Association LME London Metal Exchange MD&A

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations MINAM Ministry of the Environment of Peru Mine Act U.S. Federal Mine Safety and Health Act of 1977 MINEM Ministry of Energy and Mines of Peru MSHA Federal Mine Safety and Health Administration MXN Mexican Peso NPDES National Pollutant Discharge Elimination System SEC U.S. Securities and Exchange Commission Securities Act U.S. Securities Act of 1933 SOFR Secured Overnight Financing Rate U.S. The United States of America USD United States Dollar WTP Water Treatment Plant ____________________________ (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. 1 Table of Contents NEWMONT CORPORATION FIRST QUARTER 2024 RESULTS AND HIGHLIGHTS (unaudited, in millions, except per share, per ounce and per pound) Three Months Ended March 31, 2024 2023 Financial Results: Sales $ 4,023 $ 2,679 Gold $ 3,341 $ 2,303 Copper $ 297 $ 110 Silver $ 201 $ 117 Lead $ 60 $ 32 Zinc $ 124 $ 117 Costs applicable to sales (1) $ 2,106 $ 1,482 Gold $ 1,690 $ 1,239 Copper $ 161 $ 53 Silver $ 111 $ 82 Lead $ 36 $ 22 Zinc $ 108 $ 86 Net income (loss) from continuing operations $ 175 $ 351 Net income (loss) $ 179 $ 363 Net income (loss) from continuing operations attributable to Newmont stockholders $ 166 $ 339 Per common share, diluted: Net income (loss) from continuing operations attributable to Newmont stockholders $ 0.15 $ 0.42 Net income (loss) attributable to Newmont stockholders $ 0.15 $ 0.44 Adjusted net income (loss) (2) $ 630 $ 320 Adjusted net income (loss) per share, diluted (2) $ 0.55 $ 0.40 Earnings before interest, taxes and depreciation and amortization (2) $ 1,175 $ 1,065 Adjusted earnings before interest, taxes and depreciation and amortization (2) $ 1,694 $ 990 Net cash provided by (used in) operating activities of continuing operati

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions except per share) Three Months Ended March 31, 2024 2023 Sales (Note 6) $ 4,023 $ 2,679 Costs and expenses: Costs applicable to sales (1) 2,106 1,482 Depreciation and amortization 654 461 Reclamation and remediation (Note 7) 98 66 Exploration 53 48 Advanced projects, research and development 53 35 General and administrative 101 74 Loss on assets held for sale (Note 5) 485 — Other expense, net (Note 8) 73 8 3,623 2,174 Other income (expense): Other income (loss), net (Note 9) 121 99 Interest expense, net of capitalized interest ( 93 ) ( 65 ) 28 34 Income (loss) before income and mining tax and other items 428 539 Income and mining tax benefit (expense) (Note 10) ( 260 ) ( 213 ) Equity income (loss) of affiliates (Note 13) 7 25 Net income (loss) from continuing operations 175 351 Net income (loss) from discontinued operations 4 12 Net income (loss) 179 363 Net loss (income) attributable to noncontrolling interests (Note 1) ( 9 ) ( 12 ) Net income (loss) attributable to Newmont stockholders $ 170 $ 351 Net income (loss) attributable to Newmont stockholders: Continuing operations $ 166 $ 339 Discontinued operations 4 12 $ 170 $ 351 Weighted average common shares (millions): Basic 1,153 794 Effect of employee stock-based awards — 1 Diluted 1,153 795 Net income (loss) attributable to Newmont stockholders per common share: Basic: Continuing operations $ 0.15 $ 0.42 Discontinued operations — 0.02 $ 0.15 $ 0.44 Diluted: Continuing operations $ 0.15 $ 0.42 Discontinued operations — 0.02 $ 0.15 $ 0.44 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation . The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 6 Table of Contents NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSI

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