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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 March 31, 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-Color-RGB.jpg
NEWMONT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware84-1611629
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
6900 E Layton Ave
Denver, Colorado
80237
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code (303) 863-7414
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $1.60 per shareNEMNew York Stock Exchange
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.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
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 1,153,140,195 shares of common stock outstanding on April 22, 2024.


TABLE OF CONTENTS
Page


GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS
UnitUnit of Measure
$United States Dollar
%Percent
A$Australian Dollar
C$Canadian Dollar
gramMetric Gram
ounceTroy Ounce
poundUnited States Pound
tonneMetric Ton
Abbreviation
Description
AISC (1)
All-In Sustaining Costs
ARCAsset Retirement Cost
ASCFASB Accounting Standard Codification
ASUFASB Accounting Standard Update
AUDAustralian Dollar
CAD
Canadian Dollar
CASCosts Applicable to Sales
DTA
Deferred tax asset
DTL
Deferred tax liability
EBITDA (1)
Earnings Before Interest, Taxes, Depreciation and Amortization
EIAEnvironmental Impact Assessment
EPAU.S. Environmental Protection Agency
ESGEnvironmental, Social and Governance
Exchange ActU.S. Securities Exchange Act of 1934
FASBFinancial 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
IFRSInternational 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
MINAMMinistry of the Environment of Peru
Mine ActU.S. Federal Mine Safety and Health Act of 1977
MINEMMinistry of Energy and Mines of Peru
MSHAFederal Mine Safety and Health Administration
MXN
Mexican Peso
NPDESNational Pollutant Discharge Elimination System
SECU.S. Securities and Exchange Commission
Securities ActU.S. Securities Act of 1933
SOFR
Secured Overnight Financing Rate
U.S.
The United States of America
USD
United States Dollar
WTPWater 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

NEWMONT CORPORATION
FIRST QUARTER 2024 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Three Months Ended
March 31,
20242023
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 operations$776 $481 
Free cash flow (2)
$(74)$(45)
Cash dividends paid per common share in the period ended March 31
$0.25 $0.40 
Cash dividends declared per common share for the period ended March 31
$0.25 $0.40 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.
2

NEWMONT CORPORATION
FIRST QUARTER 2024 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Three Months Ended
March 31,
20242023
Operating Results:
Consolidated gold ounces (thousands):
Produced1,619 1,233 
Sold1,599 1,208 
Attributable gold ounces (thousands):
Produced (1)
1,675 1,273 
Sold (2)
1,581 1,188 
Consolidated and attributable gold equivalent ounces - other metals (thousands): (3)
Produced489 288 
Sold502 265 
Consolidated and attributable - other metals:
Produced copper:
Pounds (millions)81 26 
Tonnes (thousands)36 12 
Sold copper:
Pounds (millions)80 26 
Tonnes (thousands)36 12 
Produced silver (million ounces)
Sold silver (million ounces)
10 
Produced lead:
Pounds (millions)61 41 
Tonnes (thousands)28 19 
Sold lead:
Pounds (millions)65 36 
Tonnes (thousands)29 17 
Produced zinc:
Pounds (millions)127 102 
Tonnes (thousands)58 46 
Sold zinc:
Pounds (millions)135 99 
Tonnes (thousands)61 45 
Average realized price:
Gold (per ounce) $2,090 $1,906 
Copper (per pound) $3.72 $4.18 
Silver (per ounce)
$20.41 $19.17 
Lead (per pound)
$0.92 $0.86 
Zinc (per pound)
$0.92 $1.18 
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce) $1,057 $1,025 
Gold equivalent ounces - other metals (per ounce) (3)
$829 $918 
All-in sustaining costs: (5)
Gold (per ounce) $1,439 $1,376 
Gold equivalent ounces - other metals (per ounce) (3)
$1,148 $1,322 
____________________________
(1)Attributable gold ounces produced includes 54 and 60 thousand ounces for the three months ended March 31, 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 months ended March 31, 2024, Attributable gold ounces produced also includes 21 thousand ounces related to the Fruta del Norte mine, which is wholly owned
3

by Lundin Gold, in which the Company holds a 31.9% interest at March 31, 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)Excludes Depreciation and amortization and Reclamation and remediation.
(5)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.
4

First Quarter 2024 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 $166 or $0.15 per diluted share, a decrease of $173 from the prior-year quarter primarily due to the Loss on assets held for sale of $485 and an increase in Costs applicable to sales, partially offset by an increase in Sales resulting from higher sales volumes for all metals and a higher average realized price for gold, an increase to attributable net income of $224 related to the acquired Newcrest sites, and higher production at Tanami, compared to the prior period, due to significant rainfall in early 2023.
Adjusted net income: Reported Adjusted net income of $630 or $0.55 per diluted share, an increase of $0.15 per diluted share from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Adjusted EBITDA: Reported $1,694 in Adjusted EBITDA, an increase of 71% 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 $776, an increase of 61% from the prior year, and free cash flow of $(74) (see Non-GAAP Financial Measures within Part I, Item 2, MD&A). Net cash provided by (used in) operating activities included a payment of $291 on the Stamp Duty, related to the Newcrest transaction, in the first quarter of 2024.
Portfolio Updates: Announced intent to divest six non-core assets, which include CC&V, Musselwhite, Porcupine, Éléonore, Telfer and Akyem, as well as the Coffee development project in Canada.
ESG: In April 2024, published our Annual Sustainability Report, providing a transparent view of ESG performance, and the Taxes and Royalties Contribution Report, providing an overview of the Company's tax strategy and economic contributions as part of its commitment to shared value creation.
Attributable gold production: Produced 1.7 million attributable ounces of gold and 489 thousand attributable gold equivalent ounces from co-products.
Financial strength: Ended the quarter with $2.3 billion of consolidated cash, cash of $342 included in Current assets held for sale, and $6.7 billion of total liquidity; declared a dividend of $0.25 per share in April 2024.
5

PART I—FINANCIAL INFORMATION
ITEM 1.       FINANCIAL STATEMENTS.
NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
Three Months Ended
March 31,
20242023
Sales (Note 6)
$4,023 $2,679 
Costs and expenses:
Costs applicable to sales (1)
2,106 1,482 
Depreciation and amortization654 461 
Reclamation and remediation (Note 7)
98 66 
Exploration53 48 
Advanced projects, research and development53 35 
General and administrative101 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 items428 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 operations175 351 
Net income (loss) from discontinued operations4 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 operations4 12 
$170 $351 
Weighted average common shares (millions):
Basic1,153794
Effect of employee stock-based awards1
Diluted1,153795
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

NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in millions)
Three Months Ended
March 31,
20242023
Net income (loss)$179 $363 
Other comprehensive income (loss):
Change in marketable securities, net of tax (1)
Foreign currency translation adjustments 
5 (1)
Change in pension and other post-retirement benefits, net of tax (1)
Change in cash flow hedges, net of tax
(35)(3)
Other comprehensive income (loss)(30)(6)
Comprehensive income (loss)$149 $357 
Comprehensive income (loss) attributable to:
Newmont stockholders $140 $345 
Noncontrolling interests9 12 
$149 $357 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
7

NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
At March 31,
2024
At December 31,
2023
ASSETS
Cash and cash equivalents$2,336 $3,002 
Trade receivables (Note 6)
782 734 
Investments (Note 13)
23 23 
Inventories (Note 14)
1,385 1,663 
Stockpiles and ore on leach pads (Note 15)
745 979 
Derivative assets (Note 12)
114 198 
Other current assets765 913 
Current assets held for sale (Note 5)
5,656  
Current assets11,806 7,512 
Property, plant and mine development, net33,564 37,563 
Investments (Note 13)
4,138 4,143 
Stockpiles and ore on leach pads (Note 15)
1,837 1,935 
Deferred income tax assets210 268 
Goodwill2,792 3,001 
Derivative assets (Note 12)
412 444 
Other non-current assets576 640 
Total assets$55,335 $55,506 
LIABILITIES
Accounts payable$698 $960 
Employee-related benefits 414 551 
Income and mining taxes payable136 88 
Lease and other financing obligations99 114 
Debt (Note 16)
 1,923 
Other current liabilities (Note 17)
1,784 2,362 
Current liabilities held for sale (Note 5)
2,351  
Current liabilities5,482 5,998 
Debt (Note 16)
8,933 6,951 
Lease and other financing obligations436 448 
Reclamation and remediation liabilities (Note 7)
6,652 8,167 
Deferred income tax liabilities3,094 2,987 
Employee-related benefits 610 655 
Silver streaming agreement753 779 
Other non-current liabilities (Note 17)
300 316 
Total liabilities26,260 26,301 
Commitments and contingencies (Note 20)
EQUITY
Common stock1,855 1,854 
Treasury stock(274)(264)
Additional paid-in capital30,436 30,419 
Accumulated other comprehensive income (loss) (Note 18)
(16)14 
(Accumulated deficit) Retained earnings (3,111)(2,996)
Newmont stockholders' equity28,890 29,027 
Noncontrolling interests185 178 
Total equity29,075 29,205 
Total liabilities and equity$55,335 $55,506 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
8

NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Three Months Ended
March 31,
20242023
Operating activities:
Net income (loss)$179 $363 
Non-cash adjustments:
Depreciation and amortization654 461 
Loss on assets held for sale (Note 5)
485  
Net (income) loss from discontinued operations
(4)(12)
Reclamation and remediation 94 61 
Deferred income taxes53 15 
Change in fair value of investments (Note 9)
(31)(41)
Other non-cash adjustments12 (4)
Net change in operating assets and liabilities (Note 19)
(666)(362)
Net cash provided by (used in) operating activities776 481 
Investing activities:
Additions to property, plant and mine development (850)(526)
Proceeds from asset and investment sales35 181 
Return of investment from equity method investees25  
Purchases of investments (23)(525)
Contributions to equity method investees(15)(41)
Proceeds from maturities of investments 557 
Other 30 12 
Net cash provided by (used in) investing activities (798)(342)
Financing activities:
Proceeds from issuance of debt, net3,476  
Repayment of debt(3,423) 
Dividends paid to common stockholders(288)(318)
Distributions to noncontrolling interests(41)(34)
Funding from noncontrolling interests22 41 
Payments on lease and other financing obligations(18)(16)
Payments for withholding of employee taxes related to stock-based compensation(10)(22)
Other(17)(1)
Net cash provided by (used in) financing activities(299)(350)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3)(8)
Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale
(324)(219)
Less: cash and restricted cash reclassified to assets held for sale (1)
(395) 
Net change in cash, cash equivalents and restricted cash(719)(219)
Cash, cash equivalents and restricted cash at beginning of period 3,100 2,944 
Cash, cash equivalents and restricted cash at end of period $2,381 $2,725 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$2,336 $2,657 
Restricted cash included in other current assets
6 1 
Restricted cash included in other non-current assets
39 67 
Total cash, cash equivalents and restricted cash$2,381 $2,725 
___________________________
(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $342 of Cash and cash equivalents and $53 of restricted cash, included in Other current assets and Other non-current assets, were reclassified to Current assets held for sale and Current liabilities held for sale, respectively. Refer to Note 5 for additional information.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
9

NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in millions)
Common StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Noncontrolling
Interests
Total
Equity
SharesAmountSharesAmount
Balance at December 31, 20231,159 $1,854 (7)$(264)$30,419 $14 $(2,996)$178 $29,205 
Net income (loss)— — — — — — 170 9 179 
Other comprehensive income (loss) — — — — — (30)— — (30)
Dividends declared (1)
— — — — — — (285)— (285)
Distributions declared to noncontrolling interests— — — — — — — (35)(35)
Cash calls requested from noncontrolling interests— — — — — — — 33 33 
Withholding of employee taxes related to stock-based compensation— — — (10)— — — — (10)
Stock-based awards and related share issuances1 1 — — 17 — — — 18 
Balance at March 31, 20241,160 $1,855 (7)$(274)$30,436 $(16)$(3,111)$185 $29,075 
____________________________
(1)Cash dividends paid per common share were $0.25 for the three months ended March 31, 2024.
Common StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Noncontrolling
Interests
Total
Equity
SharesAmountSharesAmount
Balance at December 31, 2022799 $1,279 (6)$(239)$17,369 $29 $916 $179 $19,533 
Net income (loss)— — — — — — 351 12 363 
Other comprehensive income (loss)— — — — — (6)— — (6)
Dividends declared (1)
— — — — — — (319)— (319)
Distributions declared to noncontrolling interests— — — — — — — (40)(40)
Cash calls requested from noncontrolling interests— — — — — — — 31 31 
Withholding of employee taxes related to stock-based compensation— — (1)(22)— — — — (22)
Stock-based awards and related share issuances1 2 — — 17 — — — 19 
Balance at March 31, 2023800 $1,281 (7)$(261)$17,386 $23 $948 $182 $19,559 
____________________________
(1)Cash dividends paid per common share were $0.40 for the three months ended March 31, 2023.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

NOTE 1     BASIS OF PRESENTATION
The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, “Newmont,” “we,” “us,” or the “Company”) are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2023 filed on February 29, 2024 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted.
Newcrest Transaction
On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM. Refer to Note 3 for further information.
Noncontrolling Interests
Net loss (income) attributable to noncontrolling interest is comprised of income of $9 and $12 for the three months ended March 31, 2024 and 2023, respectively, related to Suriname Gold project C.V. (“Merian”). Newmont consolidates Merian through its wholly-owned subsidiary, Newmont Suriname LLC., in its Condensed Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity.
NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead, and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; certain Derivative assets; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.
Our global operations expose us to risks associated with public health crises, including epidemics and pandemics such as COVID-19, and geopolitical and macroeconomic pressures such as the Russian invasion of Ukraine. The Company continues to experience the impacts from recent geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions as well as an uncertain and evolving labor market.
The following factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, energy market disruptions, as well as potential impacts to estimated costs and timing of projects.
Refer to Note 20 below for further information on risks and uncertainties that could have a potential impact on the Company as well as Note 2 of the Consolidated Financial Statements included in Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.
11

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Assets Held for Sale
We classify long-lived assets, or disposal groups comprising of assets and liabilities, as held for sale in the period in which the following six criteria are met, (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
The Company ceases depreciation and amortization on long-lived assets (or disposal groups) classified as held for sale, and measures them at the lower of carrying value or estimated fair value less cost to sell.
Reclassifications
Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules
Effects of Reference Rate Reform
In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company has completed its review of key contracts and does not expect the guidance to have a material impact to the consolidated financial statements or disclosures. The Company will continue to review new contracts to identify references to the LIBOR and implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition.
Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules
SEC Final Climate Rule
In March 2024, the SEC issued a final rule that requires registrants to disclose climate-related information in their annual reports and in registration statements. In April 2024, the SEC chose to stay the newly adopted rulemaking pending judicial review of related consolidated Eighth Circuit petitions. If the stay is lifted, certain disclosures may be required in annual reports for the year ending December 31, 2025, filed in 2026. The Company is currently evaluating the impacts of the rules on its consolidated financial statements.
Improvement to Income Tax Disclosures
In December 2023, ASU 2023-09 was issued which requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of the guidance on its consolidated financial statements.
Segments Reporting
In November 2023, ASU 2023-07 was issued which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280 and is effective starting in annual periods beginning after December 15, 2023. The adoption is not expected to have a material impact on the Company's consolidated financial statements or disclosures.
NOTE 3     BUSINESS ACQUISITION
On November 6, 2023 (the “acquisition date”), Newmont completed its business combination transaction with Newcrest, a public Australian mining company limited by shares, whereby Newmont, through Newmont Sub, acquired all of the ordinary shares of Newcrest, pursuant to a court-approved scheme of arrangement under Part 5.1 of the Australian Corporations Act 2001 (Cth) between Newcrest and its shareholders, as contemplated by a scheme implementation deed, dated as of May 15, 2023, by and among Newmont, Newmont Sub and Newcrest, as amended from time to time. Upon implementation, Newmont completed the business acquisition of Newcrest, in which Newmont was the acquirer and Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The acquisition of Newcrest increased the Company’s gold and other metal reserves and expanded the operating jurisdictions.
12

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
The acquisition date fair value of the consideration transferred consisted of the following:
(in millions, except share and per share data)SharesPer Share
Purchase Consideration
Stock Consideration
Shares of Newmont exchanged for Newcrest outstanding ordinary shares
357,691,627 $37.88 $13,549 
Total Purchase Price
$13,549 
The Company retained an independent appraiser to determine the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of Newcrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes. The goodwill balance is mainly attributable to: (i) the acquisition of existing operating mines with access to an assembled workforce that cannot be duplicated at the same costs by new entrants; (ii) operating synergies anticipated from the integration of the operations of Newmont and Newcrest; and (iii) the application of Newmont’s Full Potential program and potential strategic and financial benefits that include the increase in reserve base and opportunities to identify additional mineralization through exploration activities.
As of March 31, 2024, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for Newcrest is preliminary. At March 31, 2024, remaining items to finalize include the fair value of materials and supplies inventories, property plant and mine development, goodwill, reclamation and remediation liabilities, employee-related benefits, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to implement Newmont accounting policies and refine its estimates and assumptions based on information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Newmont’s measurement period, which is not to exceed one year from the acquisition date.
13

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
The following table summarizes the preliminary purchase price allocation for the Newcrest transaction as of March 31, 2024:
ASSETSMarch 31, 2024
Cash and cash equivalents$668 
Trade receivables212 
Inventories722 
Stockpiles and ore on leach pads
137 
Derivative assets
42 
Other current assets
194 
Current assets1,975 
Property, plant and mine development, net (1)
13,509 
Investments
990 
Stockpiles and ore on leach pads
131 
Deferred income tax assets (2)
179 
Goodwill (3)
2,535 
Derivative assets
362 
Other non-current assets
93 
Total assets19,774 
LIABILITIES
Accounts payable344 
Employee-related benefits143 
Lease and other financing obligations
16 
Debt1,923 
Other current liabilities
336 
Current liabilities
2,762 
Debt
1,373 
Lease and other financing obligations
35 
Reclamation and remediation liabilities
393 
Deferred income tax liabilities (2)
1,429 
Employee-related benefits222 
Other non-current liabilities
11 
Total liabilities6,225 
Net assets acquired$13,549 
____________________________
(1)During the first quarter of 2024, measurement period adjustments of $326 increased Property, plant and mine development, net, from refinements to the preliminary valuation of the Canadian assets.
(2)Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the preliminary fair value of the assets acquired in Australia and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill. Current period adjustments resulted in deferred income tax assets decreasing by $10 and deferred income tax liabilities increasing by $98 during the quarter.
(3)Preliminary goodwill is attributable to reportable segments as follows: $1,089 to Brucejack; $404 to Red Chris; $427 to Cadia; and $615 to Lihir. During the first quarter of 2024, the Company identified and recorded measurement period adjustments to the Company's preliminary purchase price allocation, as a result of additional analysis performed. These adjustments resulted in a reduction in Goodwill of $209.
Sales and Net income (loss) attributable to Newmont stockholders in the Condensed Consolidated Statement of Operations includes Newcrest revenue of $992 and Newcrest net income (loss) of $224 for the three months ended March 31, 2024.
Pro Forma Financial Information
The following unaudited pro forma financial information presents consolidated results assuming the Newcrest transaction occurred on January 1, 2022.
Three Months Ended
March 31, 2023
Sales$3,862 
Net income (loss) attributable to Newmont stockholders
$593 
14

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
NOTE 4     SEGMENT INFORMATION
The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM"). The reportable segments of the Company comprise each of its 17 mining operations that it manages, which includes its 70.0% proportionate interest in Red Chris, and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage.
In the following tables, Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company's business activities and operating segments that are not considered reportable, including all equity method investments, are reported in Corporate and Other, which has been provided for reconciliation purposes.
The financial information relating to the Company’s segments is as follows:
15

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures (1)
Three Months Ended March 31, 2024
Brucejack (2)
$72 $74 $35 $ $(37)$16 
Red Chris (2)
Gold16 7 2 
Copper46 31 8 
Total Red Chris62 38 10 2 11 35 
Peñasquito:
Gold92 38 15 
Silver201 111 44 
Lead60 36 14 
Zinc124 108 36 
Total Peñasquito477 293 109 2 62 32 
Merian155 90 19 4 39 18 
Cerro Negro
153 63 30 5 51 46 
Yanacocha186 88 28 2 20 24 
Boddington:
Gold299 144 26 
Copper77 48 9 
Total Boddington376 192 35 1 157 28 
Tanami188 82 25 8 82 85 
Cadia: (2)
Gold248 74 28 
Copper167 67 27 
Total Cadia415 141 55 5 222 111 
Lihir (2)
377 171 35 6 163 55 
Ahafo381 159 51 5 178 90 
NGM559 314 107 5 128 118 
Corporate and Other  12 44 (562)4 
Held for sale (3)
CC&V59 40 3 1 (92)5 
Musselwhite101 57 18 2 (59)26 
Porcupine125 63 23 2 34 40 
Éléonore116 80 19 4 12 21 
Telfer: (2)
Gold59 70 8 
Copper7 15 2 
Total Telfer66