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 September 30, 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 793,738,731 shares of common stock outstanding on October 25, 2022.

TABLE OF CONTENTS

		Page
	PART I – FINANCIAL INFORMATION
GLOSSARY OF ABBREVIATIONS		1
THIRD QUARTER 2022 RESULTS AND HIGHLIGHTS		2
ITEM 1.	FINANCIAL STATEMENTS	5
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Comprehensive Income (Loss)	6
	Condensed Consolidated Statements of Cash Flows	7
	Condensed Consolidated Balance Sheets	8
	Condensed Consolidated Statements of Changes in Equity	9
	Notes to Condensed Consolidated Financial Statements	11
	Note 1 Basis of Presentation	11
	Note 2 Summary of Significant Accounting Policies	12
	Note 3 Segment Information	14
	Note 4 Sales	18
	Note 5 Reclamation and Remediation	22
	Note 6 Other Expense, Net	23
	Note 7 Other Income (Loss), Net	23
	Note 8 Income and Mining Taxes	24
	Note 9 Fair Value Accounting	24
	Note 10 Investments	26
	Note 11 Inventories	27
	Note 12 Stockpiles and Ore on Leach Pads	28
	Note 13 Debt	28
	Note 14 Other Liabilities	29
	Note 15 Accumulated Other Comprehensive Income (Loss)	29
	Note 16 Net Change in Operating Assets and Liabilities	30
	Note 17 Commitments and Contingencies	30
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	35
	Overview	35
	Consolidated Financial Results	36
	Results of Consolidated Operations	42
	Foreign Currency Exchange Rates	51
	Liquidity and Capital Resources	51
	Environmental	55
	Non-GAAP Financial Measures	55
	Accounting Developments	68
	Safe Harbor Statement	68
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	69
ITEM 4.	CONTROLS AND PROCEDURES	71
	PART II – OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	72
ITEM 1A.	RISK FACTORS	72
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	72
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	72
ITEM 4.	MINE SAFETY DISCLOSURES	72
ITEM 5.	OTHER INFORMATION	73
ITEM 6.	EXHIBITS	74
SIGNATURES		75

GLOSSARY OF ABBREVIATIONS

AISC (1)	All-In Sustaining Costs
ARC	Asset Retirement Cost
ARP	Argentine Peso
ASC	FASB Accounting Standard Codification
ASU	FASB Accounting Standard Update
AUD	Australian Dollar
CAD	Canadian Dollar
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
MXN	Mexican Peso
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
USD	United States dollar
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.

1

NEWMONT CORPORATION

THIRD QUARTER 2022 RESULTS AND HIGHLIGHTS

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Financial Results:
Sales	$	2,634	$	2,895	$	8,715	$	8,832
Gold	$	2,350	$	2,516	$	7,586	$	7,628
Copper	$	48	$	72	$	223	$	204
Silver	$	105	$	143	$	401	$	486
Lead	$	26	$	42	$	98	$	129
Zinc	$	105	$	122	$	407	$	385
Costs applicable to sales (1)	$	1,545	$	1,367	$	4,688	$	3,895
Gold	$	1,345	$	1,175	$	3,910	$	3,331
Copper	$	36	$	37	$	131	$	102
Silver	$	85	$	80	$	337	$	230
Lead	$	15	$	18	$	66	$	55
Zinc	$	64	$	57	$	244	$	177
Net income (loss) from continuing operations	$	225	$	(254)	$	1,070	$	955
Net income (loss)	$	220	$	(243)	$	1,089	$	997
Net income (loss) from continuing operations attributable to Newmont stockholders	$	218	$	(8)	$	1,029	$	1,170
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders	$	0.28	$	(0.01)	$	1.30	$	1.46
Net income (loss) attributable to Newmont stockholders	$	0.27	$	—	$	1.32	$	1.51
Adjusted net income (loss) (2)	$	212	$	483	$	1,120	$	1,747
Adjusted net income (loss) per share, diluted (2)	$	0.27	$	0.60	$	1.41	$	2.18
Earnings before interest, taxes and depreciation and amortization (2)	$	859	$	565	$	3,120	$	3,507
Adjusted earnings before interest, taxes and depreciation and amortization (2)	$	850	$	1,316	$	3,389	$	4,364
Net cash provided by (used in) operating activities of continuing operations					$	2,188	$	2,967
Free cash flow (2)					$	703	$	1,755
Cash dividends paid per common share in the period ended September 30	$	0.55	$	0.55	$	1.65	$	1.65
Cash dividends declared per common share for the period ended September 30	$	0.55	$	0.55	$	1.65	$	1.65

____________________________

(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.

2

NEWMONT CORPORATION

THIRD QUARTER 2022 RESULTS AND HIGHLIGHTS

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating Results:
Consolidated gold ounces (thousands):
Produced	1,428		1,422		4,192		4,274
Sold	1,391		1,416		4,202		4,277
Attributable gold ounces (thousands):
Produced (1)	1,487		1,449		4,326		4,353
Sold (2)	1,369		1,357		4,115		4,101
Consolidated and attributable gold equivalent ounces - other metals (thousands) (3)
Produced	299		315		979		935
Sold	281		301		964		930
Consolidated and attributable - other metals:
Produced copper (million pounds)	16		17		59		50
Sold copper (million pounds)	17		18		63		49
Produced silver (thousand ounces)	7,460		7,970		23,273		23,560
Sold silver (thousand ounces)	6,805		7,792		22,523		23,938
Produced lead (million pounds)	33		44		112		138
Sold lead (million pounds)	30		42		107		134
Produced zinc (million pounds)	89		109		297		325
Sold zinc (million pounds)	85		98		290		319
Average realized price:
Gold (per ounce)	$	1,691	$	1,778	$	1,806	$	1,783
Copper (per pound)	$	2.80	$	3.99	$	3.54	$	4.19
Silver (per ounce)	$	15.42	$	18.34	$	17.81	$	20.32
Lead (per pound)	$	0.86	$	0.99	$	0.92	$	0.96
Zinc (per pound)	$	1.25	$	1.24	$	1.41	$	1.21
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)	$	968	$	830	$	931	$	779
Gold equivalent ounces - other metals (per ounce) (3)	$	712	$	638	$	807	$	606
All-in sustaining costs: (5)
Gold (per ounce)	$	1,271	$	1,120	$	1,209	$	1,064
Gold equivalent ounces - other metals (per ounce) (3)	$	999	$	887	$	1,098	$	863

____________________________

(1)Attributable gold ounces produced includes 81 and 85 thousand ounces for the three months ended September 30, 2022 and 2021, respectively, and 220 and 254 thousand ounces for the nine months ended September 30, 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.

3

Third 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 $218 or $0.28 per diluted share, an increase of $226 from the prior-year quarter primarily due to the Loss on assets held for sale in 2021 related to the Conga mill assets, lower income tax expense and a gain on the change in fair value of marketable and other equity securities compared to a loss in the prior period, partially offset by lower realized metal prices and sales volumes, and higher Costs applicable to sales predominately resulting from impacts due to cost inflation.

•Adjusted net income: Reported Adjusted net income of $212 or $0.27 per diluted share, a decrease of $0.33 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: Reported $850 in Adjusted EBITDA, a decrease of 35% 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 $2,188, a decrease of 26% from the prior year, and free cash flow of $703 (see Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis).

•ESG: Published inaugural Taxes and Royalties Contribution Report in August 2022, providing an overview of the Company's tax strategy and economic contributions as part of its commitment to shared value creation.

•Global Project Pipeline: Delayed the full-funds investment decision for the Yanacocha Sulfides project in Peru due to challenging market conditions with the intent to focus funds on current operations and other capital commitments while management assesses execution options and project plans.

•Attributable production: Produced 1.5 million attributable ounces of gold and 299 thousand attributable gold equivalent ounces from co-products.

•Financial position: Ended the quarter with $3.1 billion of consolidated cash, $653 million of time deposits with a maturity of more than three months but less than one year, and $6.7 billion of liquidity; declared a dividend of $0.55 per share in October 2022.

4

PART I—FINANCIAL INFORMATION

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,
	2022		2021		2022		2021
Sales (Note 4)	$	2,634	$	2,895	$	8,715	$	8,832
Costs and expenses:
Costs applicable to sales (1)	1,545		1,367		4,688		3,895
Depreciation and amortization	508		570		1,614		1,684
Reclamation and remediation (Note 5)	53		117		163		220
Exploration	69		60		169		147
Advanced projects, research and development	80		40		169		108
General and administrative	73		61		210		190
Loss on assets held for sale (Note 1)	—		571		—		571
Other expense, net (Note 6)	11		43		68		134
	2,339		2,829		7,081		6,949
Other income (expense):
Other income (loss), net (Note 7)	56		(71)		(128)		(60)
Interest expense, net of capitalized interest	(55)		(66)		(174)		(208)
	1		(137)		(302)		(268)
Income (loss) before income and mining tax and other items	296		(71)		1,332		1,615
Income and mining tax benefit (expense) (Note 8)	(96)		(222)		(343)		(798)
Equity income (loss) of affiliates (Note 10)	25		39		81		138
Net income (loss) from continuing operations	225		(254)		1,070		955
Net income (loss) from discontinued operations	(5)		11		19		42
Net income (loss)	220		(243)		1,089		997
Net loss (income) attributable to noncontrolling interests	(7)		246		(41)		215
Net income (loss) attributable to Newmont stockholders	$	213	$	3	$	1,048	$	1,212
Net income (loss) attributable to Newmont stockholders:
Continuing operations	$	218	$	(8)	$	1,029	$	1,170
Discontinued operations	(5)		11		19		42
	$	213	$	3	$	1,048	$	1,212
Weighted average common shares (millions):
Basic	794		799		793		800
Effect of employee stock-based awards	1		1		2		2
Diluted	795		800		795		802
Net income (loss) attributable to Newmont stockholders per common share
Basic:
Continuing operations	$	0.28	$	(0.01)	$	1.30	$	1.47
Discontinued operations	(0.01)		0.01		0.02		0.05
	$	0.27	$	—	$	1.32	$	1.52
Diluted: (2)
Continuing operations	$	0.28	$	(0.01)	$	1.30	$	1.46
Discontinued operations	(0.01)		0.01		0.02		0.05
	$	0.27	$	—	$	1.32	$	1.51

____________________________

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

(2)For the three months ended September 30, 2021, potentially dilutive shares were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.

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

5

NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income (loss)	$	220	$	(243)	$	1,089	$	997
Other comprehensive income (loss):
Change in marketable securities, net of tax	(1)		(1)		(3)		(1)
Foreign currency translation adjustments	5		2		6		3
Change in pension and other post-retirement benefits, net of tax	(1)		5		120		17
Reclassification of (gain) loss on cash flow hedge instruments from accumulated other comprehensive income (loss), net of tax	1		2		3		7
Other comprehensive income (loss)	4		8		126		26
Comprehensive income (loss)	$	224	$	(235)	$	1,215	$	1,023
Comprehensive income (loss) attributable to:
Newmont stockholders	$	217	$	11	$	1,174	$	1,238
Noncontrolling interests	7		(246)		41		(215)
	$	224	$	(235)	$	1,215	$	1,023

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

6

NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

	Nine Months Ended September 30,
	2022		2021
Operating activities:
Net income (loss)	$	1,089	$	997
Non-cash adjustments:
Depreciation and amortization	1,614		1,684
Loss on assets held for sale (Note 1)	—		571
Net loss (income) from discontinued operations	(19)		(42)
Reclamation and remediation	149		208
Deferred income taxes	(145)		(10)
Charges from pension settlement (Note 7)	130		—
Change in fair value of investments (Note 7)	91		180
Stock-based compensation	57		55
Other non-cash adjustments	34		(98)
Net change in operating assets and liabilities (Note 16)	(812)		(578)
Net cash provided by (used in) operating activities of continuing operations	2,188		2,967
Net cash provided by (used in) operating activities of discontinued operations	22		13
Net cash provided by (used in) operating activities	2,210		2,980
Investing activities:
Additions to property, plant and mine development	(1,485)		(1,212)
Purchases of investments	(665)		(18)
Contributions to equity method investees	(152)		(114)
Proceeds from asset and investment sales	57		111
Return of investment from equity method investees	52		18
Payment relating to sale of La Zanja (Note 1)	(45)		—
Acquisitions, net	(15)		(328)
Other	(4)		26
Net cash provided by (used in) investing activities	(2,257)		(1,517)
Financing activities:
Dividends paid to common stockholders	(1,310)		(1,321)
Acquisition of noncontrolling interests (Note 1)	(348)		—
Distributions to noncontrolling interests	(140)		(155)
Funding from noncontrolling interests	89		73
Repayment of debt (Note 13)	(89)		(550)
Payments on lease and other financing obligations	(50)		(54)
Payments for withholding of employee taxes related to stock-based compensation	(38)		(31)
Repurchases of common stock	—		(248)
Other	9		(77)
Net cash provided by (used in) financing activities	(1,877)		(2,363)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(29)		(3)
Net change in cash, cash equivalents and restricted cash	(1,953)		(903)
Cash, cash equivalents and restricted cash at beginning of period	5,093		5,648
Cash, cash equivalents and restricted cash at end of period	$	3,140	$	4,745
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	3,058	$	4,636
Restricted cash included in Other current assets	18		2
Restricted cash included in Other non-current assets	64		107
Total cash, cash equivalents and restricted cash	$	3,140	$	4,745

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

7

NEWMONT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

	At September 30, 2022		At December 31, 2021
ASSETS
Cash and cash equivalents	$	3,058	$	4,992
Time deposits and other investments (Note 10)	755		82
Trade receivables (Note 4)	289		337
Inventories (Note 11)	1,000		930
Stockpiles and ore on leach pads (Note 12)	694		857
Other current assets	524		498
Current assets	6,320		7,696
Property, plant and mine development, net	24,150		24,124
Investments (Note 10)	3,198		3,243
Stockpiles and ore on leach pads (Note 12)	1,839		1,775
Deferred income tax assets	208		269
Goodwill	2,771		2,771
Other non-current assets	657		686
Total assets	$	39,143	$	40,564
LIABILITIES
Accounts payable	$	570	$	518
Employee-related benefits	337		386
Income and mining taxes payable	174		384
Lease and other financing obligations	94		106
Debt (Note 13)	—		87
Other current liabilities (Note 14)	1,149		1,173
Current liabilities	2,324		2,654
Debt (Note 13)	5,569		5,565
Lease and other financing obligations