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 June 30, 2023

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 794,732,443 shares of common stock outstanding on July 13, 2023.

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION
GLOSSARY OF ABBREVIATIONS		1
SECOND QUARTER 2023 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 Balance Sheets	7
	Condensed Consolidated Statements of Cash Flows	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	11
	Note 3 Segment Information	13
	Note 4 Sales	17
	Note 5 Reclamation and Remediation	20
	Note 6 Other Expense, Net	22
	Note 7 Other Income (Loss), Net	22
	Note 8 Income and Mining Taxes	22
	Note 9 Fair Value Accounting	23
	Note 10 Derivatives	24
	Note 11 Investments	26
	Note 12 Inventories	27
	Note 13 Stockpiles and Ore on Leach Pads	27
	Note 14 Debt	28
	Note 15 Other Liabilities	28
	Note 16 Accumulated Other Comprehensive Income (Loss)	28
	Note 17 Net Change in Operating Assets and Liabilities	29
	Note 18 Commitments and Contingencies	29
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	33
	Overview	33
	Consolidated Financial Results	34
	Results of Consolidated Operations	40
	Foreign Currency Exchange Rates	44
	Liquidity and Capital Resources	45
	Environmental	49
	Non-GAAP Financial Measures	49
	Accounting Developments	58
	Safe Harbor Statement	59
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	60
ITEM 4.	CONTROLS AND PROCEDURES	62
PART II – OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	63
ITEM 1A.	RISK FACTORS	63
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	67
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	67
ITEM 4.	MINE SAFETY DISCLOSURES	67
ITEM 5.	OTHER INFORMATION	68
ITEM 6.	EXHIBITS	69
SIGNATURES		70

GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS

Unit	Unit of Measure
$	United States Dollar
%	Percent
A$	Australian Dollar
C$	Canadian Dollar
gram	Metric Gram
ounce	Troy Ounce
pound	United States Pound
tonne	Metric Ton

Abbreviation	Description
AISC (1)	All-In Sustaining Costs
ARC	Asset Retirement Cost
ASC	FASB Accounting Standard Codification
ASU	FASB Accounting Standard Update
AUD	Australian Dollar
CAD	Canadian Dollar
CAS	Costs Applicable to Sales
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
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
MINAM	Ministry of the Environment of Peru
Mine Act	U.S. Federal Mine Safety and Health Act of 1977
MINEM	Ministry of Energy and Mines of Peru
MSHA	Federal Mine Safety and Health Administration
MXN	Mexican Peso
NPDES	National Pollutant Discharge Elimination System
SEC	U.S. Securities and Exchange Commission
Securities Act	U.S. Securities Act of 1933
SOFR	Secured Overnight Financing Rate
U.S.	The United States of America
USD	United States Dollar
WTP	Water Treatment Plant

____________________________

(1)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

(2)Refer to Results of Consolidated Operations within Part I, Item 2, MD&A.

1

NEWMONT CORPORATION

SECOND QUARTER 2023 RESULTS AND HIGHLIGHTS

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Financial Results:
Sales	$	2,683	$	3,058	$	5,362	$	6,081
Gold	$	2,380	$	2,722	$	4,683	$	5,236
Copper	$	82	$	76	$	192	$	175
Silver	$	124	$	140	$	241	$	296
Lead	$	32	$	28	$	64	$	72
Zinc	$	65	$	92	$	182	$	302
Costs applicable to sales (1)	$	1,543	$	1,708	$	3,025	$	3,143
Gold	$	1,277	$	1,381	$	2,516	$	2,565
Copper	$	48	$	49	$	101	$	95
Silver	$	95	$	155	$	177	$	252
Lead	$	33	$	29	$	55	$	51
Zinc	$	90	$	94	$	176	$	180
Net income (loss) from continuing operations	$	153	$	392	$	504	$	845
Net income (loss)	$	155	$	400	$	518	$	869
Net income (loss) from continuing operations attributable to Newmont stockholders	$	153	$	379	$	492	$	811
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders	$	0.19	$	0.48	$	0.62	$	1.02
Net income (loss) attributable to Newmont stockholders	$	0.19	$	0.49	$	0.64	$	1.05
Adjusted net income (loss) (2)	$	266	$	362	$	586	$	908
Adjusted net income (loss) per share, diluted (2)	$	0.33	$	0.46	$	0.74	$	1.14
Earnings before interest, taxes and depreciation and amortization (2)	$	835	$	1,024	$	1,900	$	2,261
Adjusted earnings before interest, taxes and depreciation and amortization (2)	$	910	$	1,149	$	1,900	$	2,539
Net cash provided by (used in) operating activities of continuing operations					$	1,137	$	1,722
Free cash flow (2)					$	(5)	$	766
Cash dividends paid per common share in the period ended June 30	$	0.40	$	0.55	$	0.80	$	1.10
Cash dividends declared per common share for the period ended June 30	$	0.40	$	0.55	$	0.80	$	1.10

____________________________

(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

SECOND QUARTER 2023 RESULTS AND HIGHLIGHTS

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating Results:
Consolidated gold ounces (thousands):
Produced	1,203		1,453		2,436		2,764
Sold	1,211		1,482		2,419		2,811
Attributable gold ounces (thousands):
Produced (1)	1,240		1,495		2,513		2,839
Sold (2)	1,197		1,455		2,385		2,746
Consolidated and attributable gold equivalent ounces - other metals (thousands) (3)
Produced	256		330		544		680
Sold	251		333		516		683
Consolidated and attributable - other metals:
Produced copper (million pounds)	26		24		52		43
Sold copper (million pounds)	25		25		51		46
Produced silver (thousand ounces)	6,323		7,733		13,786		15,813
Sold silver (thousand ounces)	5,999		8,066		12,123		15,718
Produced lead (million pounds)	45		35		86		79
Sold lead (million pounds)	36		35		72		77
Produced zinc (million pounds)	78		94		180		208
Sold zinc (million pounds)	90		85		189		205
Average realized price:
Gold (per ounce)	$	1,965	$	1,836	$	1,936	$	1,863
Copper (per pound)	$	3.26	$	2.99	$	3.73	$	3.81
Silver (per ounce)	$	20.56	$	17.42	$	19.85	$	18.85
Lead (per pound)	$	0.92	$	0.80	$	0.89	$	0.94
Zinc (per pound)	$	0.73	$	1.08	$	0.96	$	1.47
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)	$	1,054	$	932	$	1,040	$	912
Gold equivalent ounces - other metals (per ounce) (3)	$	1,062	$	983	$	988	$	846
All-in sustaining costs: (5)
Gold (per ounce)	$	1,472	$	1,199	$	1,424	$	1,179
Gold equivalent ounces - other metals (per ounce) (3)	$	1,492	$	1,286	$	1,405	$	1,138

____________________________

(1)Attributable gold ounces produced includes 51 and 70 thousand ounces for the three months ended June 30, 2023 and 2022, respectively, and 111 and 139 thousand ounces for the six months ended June 30, 2023 and 2022, 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)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. In 2023, the Company updated the metal prices utilized for this calculation to align with reserve metal price assumptions; this resulted in fewer calculated gold equivalent ounces - other metals produced and sold of 48 thousand ounces and 47 thousand ounces, respectively, for the three months ended June 30, 2023, and 103 thousand ounces and 95 thousand ounces, respectively, for the six months ended June 30, 2023, than would have been calculated based on the pricing used in 2022 for this calculation. Refer to Results of Consolidated Operations within Part I, Item 2, Management's Discussion and Analysis for further information.

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

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

3

Second Quarter 2023 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 $153 or $0.19 per diluted share, a decrease of $226 from the prior-year quarter primarily due to a decrease in Sales resulting largely from lower gold sales volumes, which includes the impacts arising from (i) work stoppage at Peñasquito for the month of June 2023 due to a labor strike and (ii) lower production at Akyem to re-sequence the mine plan and temporarily suspend mining in the main pit to make safety improvements and fortify the catch berms above the haul road into the pit. Additionally, the decrease was the result of higher income tax expense, partially offset by lower Costs applicable to sales, a decrease in unrealized losses on marketable equity securities, and lower Depreciation and amortization.

•Adjusted net income: Reported Adjusted net income of $266 or $0.33 per diluted share, a decrease of $0.13 per diluted share from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).

•Adjusted EBITDA: Reported $910 in Adjusted EBITDA, a decrease of 21% 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 continuing operations of $1,137, a decrease of 34% from the prior year, and free cash flow of $(5) (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).

•ESG: Published 3rd annual climate report in May 2023 providing a view on how the Company understands and is addressing climate change from managing physical and transition climate risk, to climate impacts and reducing our greenhouse gas emissions.

•Attributable gold production: Produced 1.2 million attributable ounces of gold and 256 thousand attributable gold equivalent ounces from co-products.

•Financial strength: Ended the quarter with $2.8 billion of consolidated cash, $374 million of time deposits with a maturity of more than three months but less than one year, and $6.2 billion of total liquidity; declared a dividend of $0.40 per share in July 2023.

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Sales (Note 4)	$	2,683	$	3,058	$	5,362	$	6,081
Costs and expenses:
Costs applicable to sales (1)	1,543		1,708		3,025		3,143
Depreciation and amortization	486		559		947		1,106
Reclamation and remediation (Note 5)	66		49		132		110
Exploration	66		62		114		100
Advanced projects, research and development	44		45		79		89
General and administrative	71		73		145		137
Other expense, net (Note 6)	41		22		49		57
	2,317		2,518		4,491		4,742
Other income (expense):
Other income (loss), net (Note 7)	(17)		(75)		82		(184)
Interest expense, net of capitalized interest	(49)		(57)		(114)		(119)
	(66)		(132)		(32)		(303)
Income (loss) before income and mining tax and other items	300		408		839		1,036
Income and mining tax benefit (expense) (Note 8)	(163)		(33)		(376)		(247)
Equity income (loss) of affiliates (Note 11)	16		17		41		56
Net income (loss) from continuing operations	153		392		504		845
Net income (loss) from discontinued operations	2		8		14		24
Net income (loss)	155		400		518		869
Net loss (income) attributable to noncontrolling interests (Note 1)	—		(13)		(12)		(34)
Net income (loss) attributable to Newmont stockholders	$	155	$	387	$	506	$	835
Net income (loss) attributable to Newmont stockholders:
Continuing operations	$	153	$	379	$	492	$	811
Discontinued operations	2		8		14		24
	$	155	$	387	$	506	$	835
Weighted average common shares (millions):
Basic	795		794		794		793
Effect of employee stock-based awards	—		1		1		2
Diluted	795		795		795		795
Net income (loss) attributable to Newmont stockholders per common share:
Basic:
Continuing operations	$	0.19	$	0.48	$	0.62	$	1.02
Discontinued operations	—		0.01		0.02		0.03
	$	0.19	$	0.49	$	0.64	$	1.05
Diluted:
Continuing operations	$	0.19	$	0.48	$	0.62	$	1.02
Discontinued operations	—		0.01		0.02		0.03
	$	0.19	$	0.49	$	0.64	$	1.05

____________________________

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

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss)	$	155	$	400	$	518	$	869
Other comprehensive income (loss):
Change in marketable securities, net of tax	—		(1)		(1)		(2)
Foreign currency translation adjustments	(4)		2		(5)		1
Change in pension and other post-retirement benefits, net of tax	(2)		(1)		(3)		121
Reclassification of (gain) loss on cash flow hedges from accumulated other comprehensive income (loss), net of tax	(4)		1		(7)		2
Other comprehensive income (loss)	(10)		1		(16)		122
Comprehensive income (loss)	$	145	$	401	$	502	$	991
Comprehensive income (loss) attributable to:
Newmont stockholders	$	145	$	388	$	490	$	957
Noncontrolling interests	—		13		12		34
	$	145	$	401	$	502	$	991

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

6

NEWMONT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

	At June 30, 2023		At December 31, 2022
ASSETS
Cash and cash equivalents	$	2,829	$	2,877
Time deposits and other investments (Note 11)	409		880
Trade receivables (Note 4)	185		366
Inventories (Note 12)	1,111		979
Stockpiles and ore on leach pads (Note 13)	858		774
Other current assets	742		639
Current assets	6,134		6,515
Property, plant and mine development, net	24,284		24,073
Investments (Note 11)	3,172		3,278
Stockpiles and ore on leach pads (Note 13)	1,737		1,716
Deferred income tax assets	166		173
Goodwill	1,971		1,971
Other non-current assets	669		756
Total assets	$	38,133	$	38,482
LIABILITIES
Accounts payable	$	565	$	633
Employee-related benefits	313		399
Income and mining taxes payable	155		199
Lease and other financing obligations	96		96
Other current liabilities (Note 15)	1,564		1,599
Current liabilities	2,693		2,926
Debt (Note 14)	5,574		5,571
Lease and other financing obligations	441		465
Reclamation and remediation liabilities (Note 5)	6,604		6,578
Deferred income tax liabilities	1,795		1,809
Employee-related benefits	399		342
Silver streaming agreement	786		828
Other non-current liabilities (Note 15)	426		430
Total liabilities	18,718		18,949
Commitments and contingencies (Note 18)
EQUITY
Common stock	1,281		1,279
Treasury stock	(261)		(239)
Additional paid-in capital	17,407		17,369
Accumulated other comprehensive income (loss) (Note 16)	13		29
Retained earnings (accumulated deficit)	785		916
Newmont stockholders' equity	19,225		19,354
Noncontrolling interests	190		179
Total equity	19,415		19,533
Total liabilities and equity	$	38,133	$	38,482

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

7

NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

	Six Months Ended June 30,
	2023		2022
Operating activities:
Net income (loss)	$	518	$	869
Non-cash adjustments:
Depreciation and amortization	947		1,106
Net loss (income) from discontinued operations	(14)		(24)
Reclamation and remediation	120		103
Stock-based compensation	42		40
(Gain) loss on asset and investment sales, net (Note 7)	(36)		35
Deferred income taxes	21		(111)
Change in fair value of investments (Note 7)	1		96
Charges from pension settlement (Note 7)	—		130
Other non-cash adjustments	7		(20)
Net change in operating assets and liabilities (Note 17)	(469)		(502)
Net cash provided by (used in) operating activities of continuing operations	1,137		1,722
Net cash provided by (used in) operating activities of discontinued operations	7		15
Net cash provided by (used in) operating activities	1,144		1,737
Investing activities:
Additions to property, plant and mine development	(1,142)		(956)
Proceeds from maturities of investments	981		—
Purchases of investments	(542)		(8)
Proceeds from asset and investment sales	214		41
Contributions to equity method investees	(64)		(91)
Return of investment from equity method investees	30		39
Other	23		(59)
Net cash provided by (used in) investing activities	(500)		(1,034)
Financing activities:
Dividends paid to common stockholders	(636)		(873)
Funding from noncontrolling interests	75		56
Distributions to noncontrolling interests	(66)		(103)
Payments on lease and other financing obligations	(32)		(34)
Payments for withholding of employee taxes related to stock-based compensation	(22)		(36)
Acquisition of noncontrolling interests (Note 1)	—		(348)
Repayment of debt	—		(89)
Other	(3)		10
Net cash provided by (used in) financing activities	(684)		(1,417)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4)		(9)
Net change in cash, cash equivalents and restricted cash	(44)		(723)
Cash, cash equivalents and restricted cash at beginning of period	2,944		5,093
Cash, cash equivalents and restricted cash at end of period	$	2,900	$	4,370
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	2,829	$	4,307
Restricted cash included in Other current assets	1		—
Restricted cash included in Other non-current assets	70		63
Total cash, cash equivalents and restricted cash	$	2,900	$	4,370

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

8

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
	Shares	Amount		Shares	Amount
Balance at December 31, 2022	799	$	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 issuances	1	2		—	—		17		—		—		—		19
Balance at March 31, 2023	800	$	1,281	(7)	$	(261)	$	17,386	$	23	$	948	$	182	$	19,559
Net income (loss)	—	—		—	—		—		—		155		—		155
Other comprehensive income (loss)	—	—		—	—		—		(10)		—		—		(10)
Dividends declared (1)	—	—		—	—		—		—		(318)		—		(318)
Distributions declared to noncontrolling interests	—	—		—	—		—		—		—		(26)		(26)
Cash calls requested from noncontrolling interests	—	—		—	—		—		—		—		34		34
Stock-based awards and related share issuances	—	—		—	—		21		—		—		—		21
Balance at June 30, 2023	800	$	1,281	(7)	$	(261)	$	17,407	$	13	$	785	$	190	$	19,415

____________________________

(1)Cash dividends paid per common share were $0.40 and $0.80 for the three and six months ended June 30, 2023, respectively.

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 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, 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	—	—		—	—		—		—		—		(59)		(59)		—
Cash calls requested from noncontrolling interests	—	—		—	—		—		—		—		30		30		—
Withholding of employee taxes related to stock-based compensation	—	—		(1)	(36)		—		—		—		—		(36)		—
Acquisition of noncontrolling interests (Note 1)	—	—		—	—		(699)		—		—		399		(300)		—
Reclassification of contingently redeemable noncontrolling interests (Note 1)	—	—		—	—		—		—		—		—		—		(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	$	—
Net income (loss)	—	—		—	—		—		—		387		13		400		—
Other comprehensive income (loss)	—	—		—	—		—		1		—		—		1		—
Dividends declared (1)	—	—		—	—		—		—		(438)		—		(438)		—
Distributions declared to noncontrolling interests	—	—		—	—		—		—		—		(45)		(45)		—
Cash calls requested from noncontrolling interests	—	—		—	—		—		—		—		28		28		—
Stock-based awards and related share issuances	—	—		—	—		22		—		—		—		22		—
Balance at June 30, 2022	799	$	1,278	(6)	$	(236)	$	17,334	$	(11)	$	3,056	$	178	$	21,599	$	—

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(1)Cash dividends paid per common share were $0.55 and $1.10 for the three and six months ended June 30, 2022.

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

10

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, 2022 filed on February 23, 2023 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 May 14, 2023, the Company entered into a binding Scheme Implementation Deed (the “Transaction Agreement”) to acquire all of the issued and outstanding ordinary shares of Newcrest Mining Limited ("Newcrest") in a stock transaction, by way of an Australian court-approved Scheme of Arrangement (the “Scheme”, and such acquisition, the “Proposed Newcrest Transaction”). Under the terms of the Transaction Agreement, Newcrest shareholders will receive 0.400 of a share of Newmont’s common stock for each Newcrest common share and a special dividend of up to $1.10 per share, to be paid by Newcrest immediately prior to the consummation of the Proposed Newcrest Transaction. The Proposed Newcrest Transaction, which is subject to approval by both Newmont stockholders and Newcrest shareholders and other customary conditions and regulatory approvals, is expected to close in the fourth quarter of 2023.

Noncontrolling interests

Net loss (income) attributable to noncontrolling interest is comprised of income, primarily related to Suriname Gold project C.V. (“Merian”), of $— and $13 for the three months ended June 30, 2023 and 2022, respectively, and $12 and $34 for the six months ended June 30, 2023 and 2022, respectively. 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

In February 2022, the Company completed the acquisition of Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) 43.65% noncontrolling interest in Yanacocha 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. Concurrently, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja") for a $45 loss on sale of its equity interest, included in Other income (loss), net. Additionally, in June 2022, the Company acquired the remaining 5% interest held by Sumitomo in exchange for cash consideration of $48, resulting in the Company obtaining 100% ownership interest in Yanacocha.

NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to moni