Newmont Corp Files Q2 2024 10-Q

TL;DR

NEWMONT 10-Q FILED: Q2 2024 financials out, check for operational updates.

AI Summary

Newmont Corporation filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operations during the second quarter of 2024. Key financial data and operational updates are presented, reflecting the company's status in the gold and silver mining industry.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Newmont, a major player in the gold and silver mining sector, impacting its stock valuation and future outlook.

Risk Assessment

Risk Level: medium — As a mining company, Newmont is subject to commodity price volatility, operational risks, and regulatory changes, which can significantly impact its financial performance.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
• 2024-06-30 — As of Date (End of the reporting period)
• 2023-06-30 — Prior Year Period (Comparison point for Q2 2024 results)

Key Players & Entities

• NEWMONT Corp /DE/ (company) — Filer
• 20240630 (date) — Period of Report
• 20240725 (date) — Filing Date
• GOLD & SILVER ORES [1040] (industry) — Standard Industrial Classification
• 001-31240 (company) — SEC File Number

FAQ

Key Financial Figures

• $1.60 — ich registered Common stock, par value $1.60 per share NEM New York Stock Exchange
• $838 — attributable to Newmont stockholders of $838 or $0.73 per diluted share, an increase
• $0.73 — able to Newmont stockholders of $838 or $0.73 per diluted share, an increase of $685
• $685 — $0.73 per diluted share, an increase of $685 from the prior-year quarter primarily d
• $834 — income: Reported Adjusted net income of $834 or $0.72 per diluted share, an increase
• $0.72 — Reported Adjusted net income of $834 or $0.72 per diluted share, an increase of $0.39
• $0.39 — $0.72 per diluted share, an increase of $0.39 per diluted share from the prior-year q
• $1,966 — em 2, MD&A). Adjusted EBITDA: Reported $1,966 in Adjusted EBITDA, an increase of 116%
• $2,170 — ed by (used in) operating activities of $2,170 for the six months ended June 30, 2024,
• $520 — m the prior year, and free cash flow of $520 (see Non-GAAP Financial Measures within
• $291 — rating activities included a payment of $291 on the Stamp Duty, related to the Newcr
• $330 — ake agreement for cash consideration of $330, of which $180 was received in June 202
• $180 — or cash consideration of $330, of which $180 was received in June 2024. ESG: Publis
• $2.6 billion — ancial strength: Ended the quarter with $2.6 billion of consolidated cash, cash of $205 incl
• $205 — 6 billion of consolidated cash, cash of $205 included in Assets held for sale, and $

Filing Documents

• nem-20240630.htm (10-Q) — 4462KB
• q22024exhibit311.htm (EX-31.1) — 9KB
• q22024exhibit312.htm (EX-31.2) — 9KB
• q22024exhibit321.htm (EX-32.1) — 4KB
• q22024exhibit322.htm (EX-32.2) — 4KB
• q22024exhibit95.htm (EX-95) — 52KB
• nem-20240630_g1.jpg (GRAPHIC) — 57KB
• 0001164727-24-000039.txt ( ) — 17762KB
• nem-20240630.xsd (EX-101.SCH) — 89KB
• nem-20240630_cal.xml (EX-101.CAL) — 163KB
• nem-20240630_def.xml (EX-101.DEF) — 525KB
• nem-20240630_lab.xml (EX-101.LAB) — 1023KB
• nem-20240630_pre.xml (EX-101.PRE) — 790KB
• nem-20240630_htm.xml (XML) — 3359KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page GLOSSARY OF ABBREVIATIONS 1 SECOND 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 11 Notes to the Condensed Consolidated Financial Statements 13 Note 1 Basis of Presentation 13 Note 2 Summary of Significant Accounting Policies 13 Note 3 Business Acquisition 14 Note 4 Segment Information 17 Note 5 Assets and Liabilities Held for Sale 17 Note 6 Sales 23 Note 7 Reclamation and Remediation 26 Note 8 Other Expense, Net 28 Note 9 Other Income (Loss), Net 28 Note 10 Income and Mining Taxes 29 Note 11 Fair Value Accounting 29 Note 12 Derivative Instruments 31 Note 13 Investments 34 Note 14 Inventories 35 Note 15 Stockpiles and Ore on Leach Pads 35 Note 16 Debt 36 Note 17 Other Liabilities 37 Note 18 Accumulated Other Comprehensive Income (Loss) 37 Note 19 Net Change in Operating Assets and Liabilities 38 Note 20 Commitments and Contingencies 38 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 43 Overview 43 Consolidated Financial Results 44 Results of Consolidated Operations 50 Foreign Currency Exchange Rates 57 Liquidity and Capital Resources 58 Environmental 62 Non-GAAP Financial Measures 63 Accounting Developments 72 Safe Harbor Statement 72 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 74 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 76

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 77 ITEM 1A.

RISK FACTORS

RISK FACTORS 77 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 77 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 77 ITEM 4. MINE SAFETY DISCLOSURES 77 ITEM 5. OTHER INFORMATION 78 ITEM 6. EXHIBITS 78

SIGNATURES

SIGNATURES 79 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 SECOND QUARTER 2024 RESULTS AND HIGHLIGHTS (unaudited, in millions, except per share, per ounce and per pound) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Financial Results: Sales $ 4,402 $ 2,683 $ 8,425 $ 5,362 Gold $ 3,623 $ 2,380 $ 6,964 $ 4,683 Copper $ 377 $ 82 $ 674 $ 192 Silver $ 209 $ 124 $ 410 $ 241 Lead $ 44 $ 32 $ 104 $ 64 Zinc $ 149 $ 65 $ 273 $ 182 Costs applicable to sales (1) $ 2,156 $ 1,543 $ 4,262 $ 3,025 Gold $ 1,777 $ 1,277 $ 3,467 $ 2,516 Copper $ 161 $ 48 $ 322 $ 101 Silver $ 96 $ 95 $ 207 $ 177 Lead $ 26 $ 33 $ 62 $ 55 Zinc $ 96 $ 90 $ 204 $ 176 Net income (loss) from continuing operations $ 842 $ 153 $ 1,017 $ 504 Net income (loss) $ 857 $ 155 $ 1,036 $ 518 Net income (loss) from continuing operations attributable to Newmont stockholders $ 838 $ 153 $ 1,004 $ 492 Per common share, diluted: Net income (loss) from continuing operations attributable to Newmont stockholders $ 0.73 $ 0.19 $ 0.87 $ 0.62 Net income (loss) attributable to Newmont stockholders $ 0.74 $ 0.19 $ 0.89 $ 0.64 Adjusted net income (loss) (2) $ 834 $ 266 $ 1,464 $ 586 Adjusted net income (loss) per share, diluted (2)

—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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sales (Note 6) $ 4,402 $ 2,683 $ 8,425 $ 5,362 Costs and expenses: Costs applicable to sales (1) 2,156 1,543 4,262 3,025 Depreciation and amortization 602 486 1,256 947 Reclamation and remediation (Note 7) 94 66 192 132 Exploration 57 66 110 114 Advanced projects, research and development 49 44 102 79 General and administrative 100 71 201 145 Loss on assets held for sale (Note 5) 246 — 731 — Other expense, net (Note 8) 59 41 132 49 3,363 2,317 6,986 4,491 Other income (expense): Other income (loss), net (Note 9) 100 ( 17 ) 221 82 Interest expense, net of capitalized interest ( 103 ) ( 49 ) ( 196 ) ( 114 ) ( 3 ) ( 66 ) 25 ( 32 ) Income (loss) before income and mining tax and other items 1,036 300 1,464 839 Income and mining tax benefit (expense) (Note 10) ( 191 ) ( 163 ) ( 451 ) ( 376 ) Equity income (loss) of affiliates (Note 13) ( 3 ) 16 4 41 Net income (loss) from continuing operations 842 153 1,017 504 Net income (loss) from discontinued operations 15 2 19 14 Net income (loss) 857 155 1,036 518 Net loss (income) attributable to noncontrolling interests (Note 1) ( 4 ) — ( 13 ) ( 12 ) Net income (loss) attributable to Newmont stockholders $ 853 $ 155 $ 1,023 $ 506 Net income (loss) attributable to Newmont stockholders: Continuing operations $ 838 $ 153 $ 1,004 $ 492 Discontinued operations 15 2 19 14 $ 853 $ 155 $ 1,023 $ 506 Weighted average common shares (millions): Basic 1,153 795 1,153 794 Effect of employee stock-based awards 2 — 1 1 Diluted 1,155 795 1,154 795 Net income (loss) attributable to Newmont stockholders per common share: Basic: Continuing operations $ 0.73 $ 0.19 $ 0.87 $ 0.62 Discontinued operations 0.01 — 0.02 0.02 $ 0.74 $ 0.19 $ 0.89 $ 0.64 Diluted: Continuing operations $ 0.

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View this 10-Q filing on SEC EDGAR