Newmont Corp Files Q3 2024 10-Q

TL;DR

Newmont's Q3 2024 10-Q is in: check financials and ops for the latest.

AI Summary

Newmont Corporation filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational updates. Key financial figures and operational metrics for the third quarter of 2024 are presented, alongside comparative data from the previous year.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Newmont, a major gold producer, influencing investment decisions and market sentiment.

Risk Assessment

Risk Level: medium — As a large publicly traded company in the volatile mining sector, Newmont faces inherent market, operational, and regulatory risks.

Key Numbers

• 2024 Q3 — Reporting Period (Financial and operational data for the third quarter of 2024.)
• 2023-09-30 — Comparative Period End Date (Data for the third quarter of 2023 is provided for comparison.)
• 2024-09-30 — Current Period End Date (Balance sheet and other period-end data as of September 30, 2024.)

Key Players & Entities

• NEWMONT Corp /DE/ (company) — Filer
• 20240930 (date) — Period of Report
• 20241024 (date) — Filing Date
• NEWMONT GOLDCORP CORP /DE/ (company) — Former Company Name
• NEWMONT MINING CORP /DE/ (company) — Former Company Name
• DELTA HOLDCO CORP (company) — Former Company Name

FAQ

Key Financial Figures

• $1.60 — ich registered Common stock, par value $1.60 per share NEM New York Stock Exchange
• $873 — attributable to Newmont stockholders of $873 or $0.76 per diluted share, an increase
• $0.76 — able to Newmont stockholders of $873 or $0.76 per diluted share, an increase of $716
• $716 — $0.76 per diluted share, an increase of $716 from the prior-year quarter primarily d
• $115 — by the Loss on assets held for sale of $115 and higher Costs applicable to sales.
• $936 — income: Reported Adjusted net income of $936 or $0.81 per diluted share, an increase
• $0.81 — Reported Adjusted net income of $936 or $0.81 per diluted share, an increase of $0.45
• $0.45 — $0.81 per diluted share, an increase of $0.45 per diluted share from the prior-year q
• $1,967 — em 2, MD&A). Adjusted EBITDA: Reported $1,967 in Adjusted EBITDA, an increase of 111%
• $3,807 — ed by (used in) operating activities of $3,807 for the nine months ended September 30,
• $1,280 — m the prior year, and free cash flow of $1,280 (refer to Non-GAAP Financial Measures w
• $153 — ration assets for cash consideration of $153, which was received in September 2024.
• $3.0 billion — ancial strength: Ended the quarter with $3.0 billion of consolidated cash, cash of $86 inclu
• $86 — 0 billion of consolidated cash, cash of $86 included in Assets held for sale , and
• $7.1 billion — included in Assets held for sale , and $7.1 billion of total liquidity; redeemed $150 of se

Filing Documents

• nem-20240930.htm (10-Q) — 4580KB
• q32024exhibit101.htm (EX-10.1) — 38KB
• q32024exhibit311.htm (EX-31.1) — 9KB
• q32024exhibit312.htm (EX-31.2) — 9KB
• q32024exhibit321.htm (EX-32.1) — 4KB
• q32024exhibit322.htm (EX-32.2) — 4KB
• q32024exhibit95.htm (EX-95) — 52KB
• nem-20240930_g1.jpg (GRAPHIC) — 57KB
• q32024exhibit101001.jpg (GRAPHIC) — 42KB
• q32024exhibit101002.jpg (GRAPHIC) — 253KB
• q32024exhibit101003.jpg (GRAPHIC) — 278KB
• q32024exhibit101004.jpg (GRAPHIC) — 271KB
• q32024exhibit101005.jpg (GRAPHIC) — 237KB
• q32024exhibit101006.jpg (GRAPHIC) — 244KB
• q32024exhibit101007.jpg (GRAPHIC) — 256KB
• q32024exhibit101008.jpg (GRAPHIC) — 285KB
• q32024exhibit101009.jpg (GRAPHIC) — 278KB
• q32024exhibit101010.jpg (GRAPHIC) — 280KB
• q32024exhibit101011.jpg (GRAPHIC) — 67KB
• q32024exhibit101012.jpg (GRAPHIC) — 101KB
• q32024exhibit101013.jpg (GRAPHIC) — 179KB
• 0001164727-24-000061.txt ( ) — 21964KB
• nem-20240930.xsd (EX-101.SCH) — 90KB
• nem-20240930_cal.xml (EX-101.CAL) — 166KB
• nem-20240930_def.xml (EX-101.DEF) — 528KB
• nem-20240930_lab.xml (EX-101.LAB) — 1033KB
• nem-20240930_pre.xml (EX-101.PRE) — 799KB
• nem-20240930_htm.xml (XML) — 3452KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page GLOSSARY OF ABBREVIATIONS 1 THIRD 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 15 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 32 Note 13 Investments 35 Note 14 Inventories 36 Note 15 Stockpiles and Ore on Leach Pads 36 Note 16 Debt 36 Note 17 Other Liabilities 37 Note 18 Accumulated Other Comprehensive Income (Loss) 38 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 51 Foreign Currency Exchange Rates 58 Liquidity and Capital Resources 59 Environmental 64 Non-GAAP Financial Measures 64 Accounting Developments 73 Safe Harbor Statement 73 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 75 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 77

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 78 ITEM 1A.

RISK FACTORS

RISK FACTORS 78 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 78 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 78 ITEM 4. MINE SAFETY DISCLOSURES 78 ITEM 5. OTHER INFORMATION 79 ITEM 6. EXHIBITS 80

SIGNATURES

SIGNATURES 81 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 GISTM 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 THIRD QUARTER 2024 RESULTS AND HIGHLIGHTS (unaudited, in millions, except per share, per ounce and per pound) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Financial Results: Sales $ 4,605 $ 2,493 $ 13,030 $ 7,855 Gold $ 3,945 $ 2,400 $ 10,909 $ 7,083 Copper $ 329 $ 90 $ 1,003 $ 282 Silver $ 147 $ 5 $ 557 $ 246 Lead $ 32 $ — $ 136 $ 64 Zinc $ 152 $ (2) $ 425 $ 180 Costs applicable to sales (1) $ 2,310 $ 1,371 $ 6,572 $ 4,396 Gold $ 1,892 $ 1,273 $ 5,359 $ 3,789 Copper $ 199 $ 50 $ 521 $ 151 Silver $ 75 $ 23 $ 282 $ 200 Lead $ 26 $ 7 $ 88 $ 62 Zinc $ 118 $ 18 $ 322 $ 194 Net income (loss) from continuing operations $ 875 $ 162 $ 1,892 $ 666 Net income (loss) $ 924 $ 163 $ 1,960 $ 681 Net income (loss) from continuing operations attributable to Newmont stockholders $ 873 $ 157 $ 1,877 $ 649 Per common share, diluted: Net income (loss) from continuing operations attributable to Newmont stockholders $ 0.76 $ 0.20 $ 1.63 $ 0.82 Net income (loss) attributable to Newmont stockholders $ 0.80 $ 0.20 $ 1.69 $ 0.84 Adjusted net income (loss) (2) $ 936 $ 286 $ 2,400 $ 872 Adjusted net income (loss) per share,

—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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales (Note 6) $ 4,605 $ 2,493 $ 13,030 $ 7,855 Costs and expenses: Costs applicable to sales (1) 2,310 1,371 6,572 4,396 Depreciation and amortization 631 480 1,887 1,427 Reclamation and remediation (Note 7) 132 166 324 298 Exploration 74 78 184 192 Advanced projects, research and development 47 53 149 132 General and administrative 113 70 314 215 Loss on assets held for sale (Note 5) 115 — 846 — Other expense, net (Note 8) 55 37 187 86 3,477 2,255 10,463 6,746 Other income (expense): Other income (loss), net (Note 9) 17 42 238 124 Interest expense, net of capitalized interest ( 86 ) ( 48 ) ( 282 ) ( 162 ) ( 69 ) ( 6 ) ( 44 ) ( 38 ) Income (loss) before income and mining tax and other items 1,059 232 2,523 1,071 Income and mining tax benefit (expense) (Note 10) ( 244 ) ( 73 ) ( 695 ) ( 449 ) Equity income (loss) of affiliates (Note 13) 60 3 64 44 Net income (loss) from continuing operations 875 162 1,892 666 Net income (loss) from discontinued operations 49 1 68 15 Net income (loss) 924 163 1,960 681 Net loss (income) attributable to noncontrolling interests (Note 1) ( 2 ) ( 5 ) ( 15 ) ( 17 ) Net income (loss) attributable to Newmont stockholders $ 922 $ 158 $ 1,945 $ 664 Net income (loss) attributable to Newmont stockholders: Continuing operations $ 873 $ 157 $ 1,877 $ 649 Discontinued operations 49 1 68 15 $ 922 $ 158 $ 1,945 $ 664 Weighted average common shares (millions): Basic 1,147 795 1,151 795 Effect of employee stock-based awards 2 1 1 — Diluted 1,149 796 1,152 795 Net income (loss) attributable to Newmont stockholders per common share: Basic: Continuing operations $ 0.76 $ 0.20 $ 1.63 $ 0.82 Discontinued operations 0.04 — 0.06 0.02 $ 0.80 $ 0.20 $ 1.69 $ 0.84 Diluted: Continu

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