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, 2022

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)

Delaware	84-1611629
(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 class	Trading Symbol	Name of each exchange on which registered
Common stock, par value $1.60 per share	NEM	New 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 793,651,139 shares of common stock outstanding on April 18, 2022.

Table of Contents

TABLE OF CONTENTS

		Page
	PART I – FINANCIAL INFORMATION
FIRST QUARTER 2022 RESULTS AND HIGHLIGHTS		1
ITEM 1.	FINANCIAL STATEMENTS	4
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income (Loss)	5
	Condensed Consolidated Statements of Cash Flows	6
	Condensed Consolidated Balance Sheets	7
	Condensed Consolidated Statements of Changes in Equity	8
	Notes to Condensed Consolidated Financial Statements	10
	Note 1 Basis of Presentation	10
	Note 2 Summary of Significant Accounting Policies	10
	Note 3 Segment Information	11
	Note 4 Sales	14
	Note 5 Reclamation and Remediation	16
	Note 6 Other Expense, Net	17
	Note 7 Other Income (Loss), Net	17
	Note 8 Income and Mining Taxes	18
	Note 9 Fair Value Accounting	18
	Note 10 Investments	20
	Note 11 Inventories	21
	Note 12 Stockpiles and Ore on Leach Pads	21
	Note 13 Debt	21
	Note 14 Other Liabilities	22
	Note 15 Accumulated Other Comprehensive Income (Loss)	22
	Note 16 Net Change in Operating Assets and Liabilities	23
	Note 17 Commitments and Contingencies	23
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	28
	Overview	28
	Consolidated Financial Results	28
	Results of Consolidated Operations	32
	Foreign Currency Exchange Rates	37
	Liquidity and Capital Resources	37
	Environmental	41
	Non-GAAP Financial Measures	41
	Accounting Developments	51
	Safe Harbor Statement	51
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	52
ITEM 4.	CONTROLS AND PROCEDURES	54
	PART II – OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	55
ITEM 1A.	RISK FACTORS	55
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	55
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	55
ITEM 4.	MINE SAFETY DISCLOSURES	55
ITEM 5.	OTHER INFORMATION	56
ITEM 6.	EXHIBITS	56
SIGNATURES		57

Table of Contents

GLOSSARY OF ABBREVIATIONS

AISC (1)	All-In Sustaining Costs
ARC	Asset Retirement Cost
ASC	FASB Accounting Standard Codification
ASU	FASB Accounting Standard Update
CAS	Costs Applicable to Sales
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
IFRS	International Financial Reporting Standards
IRC	International Royalty Corporation
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
NPDES	National Pollutant Discharge Elimination System
SEC	U.S. Securities and Exchange Commission
Securities Act	U.S. Securities Act of 1933
U.S.	The United States of America
WTP	Water Treatment Plant

____________________________

(1)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.

(2)See “Results of Consolidated Operations” within Part I, Item 2, Management's Discussion and Analysis.

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NEWMONT CORPORATION

FIRST QUARTER 2022 RESULTS AND HIGHLIGHTS

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

	Three Months Ended March 31,
	2022		2021
Financial Results:
Sales	$	3,023	$	2,872
Gold	$	2,514	$	2,482
Copper	$	99	$	52
Silver	$	156	$	168
Lead	$	44	$	44
Zinc	$	210	$	126
Costs applicable to sales (1)	$	1,435	$	1,247
Gold	$	1,184	$	1,065
Copper	$	46	$	27
Silver	$	97	$	75
Lead	$	22	$	19
Zinc	$	86	$	61
Net income (loss) from continuing operations	$	453	$	558
Net income (loss)	$	469	$	579
Net income (loss) from continuing operations attributable to Newmont stockholders	$	432	$	538
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders	$	0.54	$	0.67
Net income (loss) attributable to Newmont stockholders	$	0.56	$	0.70
Adjusted net income (loss) (2)	$	546	$	594
Adjusted net income (loss) per share, diluted (2)	$	0.69	$	0.74
Earnings before interest, taxes and depreciation and amortization (2)	$	1,237	$	1,370
Adjusted earnings before interest, taxes and depreciation and amortization (2)	$	1,390	$	1,457
Net cash provided by (used in) operating activities of continuing operations	$	689	$	841
Free Cash Flow (2)	$	252	$	442
Cash dividends paid per common share in the period ended March 31	$	0.55	$	0.55
Cash dividends declared per common share for the period ended March 31	$	0.55	$	0.55

____________________________

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

(2)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.

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NEWMONT CORPORATION

FIRST QUARTER 2022 RESULTS AND HIGHLIGHTS

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

	Three Months Ended March 31,
	2022		2021
Operating Results:
Consolidated gold ounces (thousands):
Produced	1,311		1,422
Sold	1,329		1,417
Attributable gold ounces (thousands):
Produced (1)	1,344		1,455
Sold (2)	1,291		1,361
Consolidated and attributable gold equivalent ounces - other metals (thousands) (3)
Produced	350		317
Sold	350		327
Consolidated and attributable - other metals:
Produced copper (million pounds)	19		14
Sold copper (million pounds)	21		12
Produced silver (thousand ounces)	8,080		8,162
Sold silver (thousand ounces)	7,652		8,531
Produced lead (million pounds)	44		50
Sold lead (million pounds)	42		50
Produced zinc (million pounds)	114		111
Sold zinc (million pounds)	120		119
Average realized price:
Gold (per ounce)	$	1,892	$	1,751
Copper (per pound)	$	4.84	$	4.20
Silver (per ounce)	$	20.36	$	19.73
Lead (per pound)	$	1.06	$	0.88
Zinc (per pound)	$	1.75	$	1.06
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)	$	890	$	752
Gold equivalent ounces - other metals (per ounce) (3)	$	717	$	555
All-in sustaining costs: (5)
Gold (per ounce)	$	1,156	$	1,039
Gold equivalent ounces - other metals (per ounce) (3)	$	997	$	819

____________________________

(1)Attributable gold ounces produced includes 69 and 91 thousand ounces for the three months ended March 31, 2022 and 2021, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.

(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.

(3)For the definition of gold equivalent ounces see “Results of Consolidated Operations" within Part I, Item 2, Management's Discussion and Analysis.

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

(5)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.

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First Quarter 2022 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 $432 or $0.54 per diluted share, a decrease of $106 from the prior-year quarter primarily due to lower gold sales volume, higher Costs applicable to sales, non-cash pension settlement charges, loss on the sale of the La Zanja equity method investment and higher reclamation and remediation charges partially offset by higher realized metal prices, unrealized gains on marketable and other equity securities in 2022 compared to unrealized losses in 2021 and lower income tax expense.

•Adjusted net income: Reported Adjusted net income of $546 or $0.69 per diluted share, a decrease of $0.05 per diluted share from the prior-year quarter (see “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).

•Adjusted EBITDA: Generated $1,390 in Adjusted EBITDA, a decrease of 5% from the prior-year quarter (see “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).

•Cash Flow: Reported Net cash provided by (used in) operating activities of continuing operations of $689, a decrease of 18% from the prior year, and free cash flow of $252 (see “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).

•ESG: Published annual sustainability report in April 2022 providing a transparent view of ESG performance.

•Portfolio Improvements: In February 2022, the Company acquired the 43.65% noncontrolling interest in Yanacocha previously held by Compañia de Minas Buenaventura S.A.A., increasing the Company’s ownership interest to 95%. Subsequent Sumitomo put option exercise, expected to closed in the second quarter of 2022, will transfer the remaining 5% interest in Yanacocha resulting in 100% ownership.

•Attributable production: Produced 1.3 million attributable ounces of gold and 350 thousand attributable gold equivalent ounces from co-products.

•Financial strength: Ended the quarter with $4.3 billion of consolidated cash and $7.3 billion of liquidity; declared dividend for the first quarter of $0.55.

COVID-19 Update

An outbreak of a novel strain of coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization in March 2020. COVID-19 has since spread worldwide, posing public health risks across the globe and continues to negatively impact the global economy, disrupt global supply chains and workforce participation and create significant volatility and disruption of financial markets.

For a discussion of the precautions we are taking to protect our workforce and nearby communities, while also taking steps to preserve the long-term value of our business, refer to "COVID-19 Pandemic" within Part I, Item 1, Business on our Form 10-K filed with the SEC on February 24, 2022. For a discussion of COVID-19 related risks to the business, see Part I, Item 1A, Risk Factors on our Form 10-K filed with the SEC on February 24, 2022.

Our operations continue to be affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Refer to "Consolidated Financial Results", "Results of Consolidated Operations", “Liquidity and Capital Resources” and “Non-GAAP Financial Measures" within Part I, Item 2, Management’s Discussion and Analysis of this report for additional information about the continued impacts of COVID-19 on our business and operations.

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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,
	2022		2021
Sales (Note 4)	$	3,023	$	2,872
Costs and expenses:
Costs applicable to sales (1)	1,435		1,247
Depreciation and amortization	547		553
Reclamation and remediation (Note 5)	61		46
Exploration	38		35
Advanced projects, research and development	44		31
General and administrative	64		65
Other expense, net (Note 6)	35		39
	2,224		2,016
Other income (expense):
Other income (loss), net (Note 7)	(109)		(39)
Interest expense, net of capitalized interest	(62)		(74)
	(171)		(113)
Income (loss) before income and mining tax and other items	628		743
Income and mining tax benefit (expense) (Note 8)	(214)		(235)
Equity income (loss) of affiliates	39		50
Net income (loss) from continuing operations	453		558
Net income (loss) from discontinued operations	16		21
Net income (loss)	469		579
Net loss (income) attributable to noncontrolling interests	(21)		(20)
Net income (loss) attributable to Newmont stockholders	$	448	$	559
Net income (loss) attributable to Newmont stockholders:
Continuing operations	$	432	$	538
Discontinued operations	16		21
	$	448	$	559
Weighted average common shares (millions):
Basic	793		801
Effect of employee stock-based awards	1		1
Diluted	794		802
Net income (loss) attributable to Newmont stockholders per common share
Basic:
Continuing operations	$	0.54	$	0.67
Discontinued operations	0.02		0.03
	$	0.56	$	0.70
Diluted:
Continuing operations	$	0.54	$	0.67
Discontinued operations	0.02		0.03
	$	0.56	$	0.70

____________________________

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

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in millions)

	Three Months Ended March 31,
	2022		2021
Net income (loss)	$	469	$	579
Other comprehensive income (loss):
Change in marketable securities, net of tax of $— and $—, respectively	(1)		—
Foreign currency translation adjustments	(1)		2
Change in pension and other post-retirement benefits, net of tax of $(32) and $(1), respectively	122		6
Change in fair value of cash flow hedge instruments, net of tax of $— and $(1), respectively	1		3
Other comprehensive income (loss)	121		11
Comprehensive income (loss)	$	590	$	590
Comprehensive income (loss) attributable to:
Newmont stockholders	$	569	$	570
Noncontrolling interests	21		20
	$	590	$	590

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

	Three Months Ended March 31,
	2022		2021
Operating activities:
Net income (loss)	$	469	$	579
Non-cash adjustments:
Depreciation and amortization	547		553
Net loss (income) from discontinued operations	(16)		(21)
Charges from pension settlement (Note 7)	130		—
Reclamation and remediation	57		43
Deferred income taxes	(41)		(25)
Change in fair value of investments (Note 7)	(39)		110
Stock-based compensation	18		17
Other non-cash adjustments	29		(90)
Net change in operating assets and liabilities (Note 16)	(465)		(325)
Net cash provided by (used in) operating activities of continuing operations	689		841
Net cash provided by (used in) operating activities of discontinued operations	5		—
Net cash provided by (used in) operating activities	694		841
Investing activities:
Additions to property, plant and mine development	(437)		(399)
Contributions to equity method investees	(52)		(27)
Payment relating to sale of La Zanja (Note 1)	(45)		—
Return of investment from equity method investees	13		18
Proceeds from asset and investment sales	9		63
Purchases of investments	(4)		(4)
Other	(3)		(1)
Net cash provided by (used in) investing activities	(519)		(350)
Financing activities:
Dividends paid to common stockholders	(436)		(441)
Acquisition of noncontrolling interests (Note 1)	(300)		—
Repayment of debt (Note 13)	(89)		—
Distributions to noncontrolling interests	(59)		(54)
Payments for withholding of employee taxes related to stock-based compensation	(36)		(28)
Funding from noncontrolling interests	32		30
Payments on lease and other financing obligations	(19)		(18)
Other	12		—
Net cash provided by (used in) financing activities	(895)		(511)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3		(2)
Net change in cash, cash equivalents and restricted cash	(717)		(22)
Cash, cash equivalents and restricted cash at beginning of period	5,093		5,648
Cash, cash equivalents and restricted cash at end of period	$	4,376	$	5,626
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	4,272	$	5,518
Restricted cash included in Other current assets	50		2
Restricted cash included in Other non-current assets	54		106
Total cash, cash equivalents and restricted cash	$	4,376	$	5,626

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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NEWMONT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

	At March 31, 2022		At December 31, 2021
ASSETS
Cash and cash equivalents	$	4,272	$	4,992
Trade receivables (Note 4)	413		337
Investments (Note 10)	72		82
Inventories (Note 11)	956		930
Stockpiles and ore on leach pads (Note 12)	800		857
Other current assets	546		498
Current assets	7,059		7,696
Property, plant and mine development, net	24,070		24,124
Investments (Note 10)	3,335		3,243
Stockpiles and ore on leach pads (Note 12)	1,790		1,775
Deferred income tax assets	227		269
Goodwill	2,771		2,771
Other non-current assets	661		686
Total assets	$	39,913	$	40,564
LIABILITIES
Accounts payable	$	491	$	518
Employee-related benefits	366		386
Income and mining taxes payable	273		384
Lease and other financing obligations	104		106
Debt (Note 13)	—		87
Other current liabilities (Note 14)	1,183		1,173
Current liabilities	2,417		2,654
Debt (Note 13)	5,566		5,565
Lease and other financing obligations	540		544
Reclamation and remediation liabilities (Note 5)	5,848		5,839
Deferred income tax liabilities	2,045		2,144
Employee-related benefits	375		439
Silver streaming agreement	892		910
Other non-current liabilities (Note 14)	599		608
Total liabilities	18,282		18,703
Contingently redeemable noncontrolling interest (Note 1)	—		48
Commitments and contingencies (Note 17)
EQUITY
Common stock	1,278		1,276
Treasury stock	(236)		(200)
Additional paid-in capital	17,312		17,981
Accumulated other comprehensive income (loss) (Note 15)	(12)		(133)
Retained earnings (accumulated deficit)	3,107		3,098
Newmont stockholders' equity	21,449		22,022
Noncontrolling interests	182		(209)
Total equity	21,631		21,813
Total liabilities and equity	$	39,913	$	40,564

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited, in millions)

	Common Stock			Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Accumulated Deficit)		Noncontrolling Interests		Total Equity		Contingently Redeemable Noncontrolling Interest (5)
	Shares	Amount		Shares	Amount
Balance at December 31, 2021	797	$	1,276	(5)	$	(200)	$	17,981	$	(133)	$	3,098	$	(209)	$	21,813	$	48
Net income (loss)	—	—		—	—		—		—		448		21		469		—
Other comprehensive income (loss)	—	—		—	—		—		121		—		—		121		—
Dividends declared (1)	—	—		—	—		—		—		(439)		—		(439)		—
Distributions declared to noncontrolling interests (2)	—	—		—	—		—		—		—		(59)		(59)		—
Cash calls requested from noncontrolling interests (3)	—	—		—	—		—		—		—		30		30		—
Withholding of employee taxes related to stock-based compensation	—	—		(1)	(36)		—		—		—		—		(36)		—
Acquisition of noncontrolling interests (4)	—	—		—	—		(699)		—		—		399		(300)		—
Reclassification of contingently redeemable noncontrolling interests (4)	—	—		—	—		—		—		—		—		—		(48)
Stock options exercised	—	—		—	—		14		—		—		—		14		—
Stock-based awards and related share issuances	2	2		—	—		16		—		—		—		18		—
Balance at March 31, 2022	799	$	1,278	(6)	$	(236)	$	17,312	$	(12)	$	3,107	$	182	$	21,631	$	—

____________________________

(1)Cash dividends per common share were $0.55 for the three months ended March 31, 2022. Dividends declared and dividends paid to common stockholders differ by $3 due to timing.

(2)Distributions declared to noncontrolling interests of $59 for the three months ended March 31, 2022 represent amounts declared by Newmont to Staatsolie for the Suriname Gold project C.V. (“Merian”) mine. Newmont paid $59 for distributions during the three months ended March 31, 2022. Any differences are due to timing of payments.

(3)Cash calls requested from noncontrolling interests of $30 for the three months ended March 31, 2022 represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $32 for cash calls during the three months ended March 31, 2022. Differences are due to timing of receipts.

(4)Refer to Note 1 for additional information.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited, in millions)

	Common Stock			Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Accumulated Deficit)		Noncontrolling Interests		Total Equity		Contingently Redeemable Noncontrolling Interest
	Shares	Amount		Shares	Amount
Balance at December 31, 2020	804	$	1,287	(4)	$	(168)	$	18,103	$	(216)	$	4,002	$	837	$	23,845	$	34
Net income (loss)	—	—		—	—		—		—		559		20		579		—
Other comprehensive income (loss)	—	—		—	—		—		11		—		—		11		—
Dividends declared (1)	—	—		—	—		—		—		(441)		—		(441)		—
Distributions declared to noncontrolling interests (2)	—	—		—	—		—		—		—		(54)		(54)		—
Cash calls requested from noncontrolling interests (3)	—	—		—	—		—		—		—		28		28		—
Withholding of employee taxes related to stock-based compensation	—	—		—	(28)		—		—		—		—		(28)		—
Stock options exercised	—	—		—	—		1		—		—		—		1		—
Stock-based awards and related share issuances	1	2		—	—		15		—		—		—		17		—
Balance at March 31, 2021	805	$	1,289	(4)	$	(196)	$	18,119	$	(205)	$	4,120	$	831	$	23,958	$	34

____________________________

(1)Cash dividends per common share were $0.55 for the three months ended March 31, 2021.

(2)Distributions declared to noncontrolling interests of $54 for the three months ended March 31, 2021 represent amounts to Staatsolie for the Merian mine. Newmont paid $54 for distributions during the three months ended March 31, 2021. Any differences are due to timing of payments.

(3)Cash calls requested from noncontrolling interests of $28 for the three months ended March 31, 2021 represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $30 for cash calls during the three months ended March 31, 2021. Differences are due to timing of receipts.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

9

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” 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, 2021 filed on February 24, 2022 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.

References to “C$” refer to Canadian currency.

Noncontrolling Interests

Net loss (income) attributable to noncontrolling interest is primarily comprised of $20 and $20 for the three months ended March 31, 2022 and 2021, respectively, related to 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.

Yanacocha transaction

At December 31, 2021, Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) held 43.65% ownership interest in Minera Yanacocha S.R.L. ("Yanacocha"). During the first quarter of 2022, the Company completed the acquisition of Buenaventura’s 43.65% noncontrolling interest in Yanacocha (the “Yanacocha Transaction”) for $300 cash consideration, certain royalties on any production from other future potential projects, and contingent payments of up to $100 tied to higher metal prices, achieving commercial production at the Yanacocha Sulfides project and resolution on the outstanding Yanacocha tax dispute (see Note 17). The Yanacocha Transaction was accounted for as an equity transaction, resulting in a decrease to additional paid-in-capital and no gain or loss recognition. Upon close of the Yanacocha Transaction, the Company’s ownership interest in Yanacocha increased to 95%, with the remaining 5% held by Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”).

Concurrent with the Yanacocha Transaction, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"), accounted for as an equity method investment with a carrying value of $— as of December 31, 2021. Per the terms of the sale, the Company sold its interest in La Zanja to Buenaventura, the parent company of La Zanja, in exchange for royalties on potential future production from the La Zanja operation and contributed cash of $45 to be used exclusively for reclamation costs at the La Zanja operation. Upon close of the sale, the Company recognized a $45 loss on sale of its equity interest, included in Other income (loss), net.

Contingently redeemable noncontrolling interest

In 2018, Sumitomo acquired a 5% interest in Yanacocha for $48 in cash. Under the terms of the acquisition, Sumitomo had the option to require Yanacocha to repurchase the interest for the $48, which has been placed in escrow. In March 2022, Sumitomo exercised this option, in accordance with the terms of the acquisition, which is expected to close in Q2 2022. Upon close, Yanacocha will repay the $48 in exchange for the 5% ownership interest held by Sumitomo and the Company will hold 100% ownership interest in Yanacocha. As a result, the $48 previously classified outside of permanent equity as Contingently redeemable noncontrolling interest was reclassified to Other current liabilities and the $48 restricted cash held in escrow was reclassified to Other current assets on the Condensed Consolidated Balance Sheets at March 31, 2022.

NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

The COVID-19 pandemic continues to affect the Company and its ongoing impacts could include sites being placed into care and maintenance, significant COVID-19 specific costs, volatility in the prices for gold and other metals, logistical challenges shipping our products, delays in product refining and smelting due to restrictions or temporary closures, additional travel restrictions, other supply chain disruptions and workforce interruptions, including loss of life, as well as potential impacts to estimated costs and timing of projects. Depending on the duration and extent of the impact of COVID-19, this could materially impact the Company’s results of operations, cash flows and financial condition and could result in material impairment charges to the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill.

Although the Company does not currently have operations in Ukraine, Russia or other parts of Europe, there are certain impacts arising from Russia’s invasion of Ukraine that could have a potential effect on the Company including, but not limited to, volatility in commodity prices, cost and supply chain pressures and availability and currencies and disruption in banking systems and capital markets. As of the date of filing, there have been no material impacts.

10

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(dollars in millions, except per share, per ounce and per pound amounts)

The Company is currently monitoring the potential further impacts to estimated capital expenditures and timing of projects related to cost pressures and supply chain disruptions as a result of COVID-19 and variants and the war in Ukraine.

Refer to Note 2 of the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 for further information on risks and uncertainties that could have a potential impact on the Company.

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.

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

Financial Disclosures of Government Assistance

In November 2021, ASU No. 2021-10 was issued which provides guidance for required annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company adopted this standard as of January 1, 2022. The adoption did not have a material impact on the Condensed Consolidated Financial Statements or disclosures.

Recently Issued Accounting Pronouncements

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. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the London Interbank Offered Rate ("LIBOR") and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the Condensed Consolidated Financial Statements or disclosures.

NOTE 3     SEGMENT INFORMATION

The Company has organized its operations into five geographic regions: North America, South America, Australia, Africa and Nevada, which also represent Newmont’s reportable and operating segments. The results of these operating segments are reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. As a result, these operating segments represent the Company’s reportable segments. Notwithstanding this structure, the Company internally reports information on a mine-by-mine basis for each mining operation and has chosen to disclose this information 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. Newmont’s business activities that are not considered operating segments are included in Corporate and Other. Although they are not required to be included in this footnote, they are provided for reconciliation purposes.

11

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(dollars in millions, except per share, per ounce and per pound amounts)

	Sales		Costs Applicable to Sales	Depreciation and Amortization	Advanced Projects, Research and Development and Exploration	Income (Loss) before Income and Mining Tax and Other Items	Capital Expenditures(1)
Three Months Ended March 31, 2022
CC&V	$	68