Newmont’s Outlook Remains Strong For 2022

DENVER, CO - “Newmont Corporation’s outlook remains strong as we steadily increase production and improve costs over time from our global portfolio of world-class assets located in top-tier jurisdictions. In 2022 we expect to deliver approximately 7.5 million gold equivalent ounces, demonstrating the strength of our operations and proven operating model. We are entering a period of significant investment in our organic project pipeline, an important component in growing production, improving margins and extending mine life, and we remain focused on delivering long-term value to all of our stakeholders through our ongoing commitment to sustainable and responsible mining,” said Tom Palmer,President and Chief Executive Officer.

With attributable gold production guidance of 6.2 million ounces and AISCof $1,050 per ounce at an $1,800 gold price assumption. Total gold production combined with other metals is expected to be 7.5 million gold equivalent ounces in 2022 and improve longer-term, with declining costs through investments in new, lower-cost production and benefits from Full Potential improvements.

Newmont’s outlook reflects increasing gold production and ongoing investment in its operating assets and most promising growth prospects. Outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour at Porcupine and Cerro Negro District Expansion 1.

Attributable gold production is expected to be stable at 6.0 to 6.8 million ounces across the five-year period. The 2022 outlook of 6.2 million ounces increases from 2021 due to increased production at Boddington and Ahafo. Production is expected to remain between 6.0 and 6.6 million ounces in 2023. This is supported by a steady base from our world class assets, and is further enhanced by the Company’s other operating mines and our ownership in Nevada Gold Mines and Pueblo Viejo joint ventures. In 2024, production is expected to increase to between 6.2 and 6.8 million ounces longer-term through 2026 due to the inclusion of profitable production from Ahafo North and Tanami Expansion 2 and reaching higher gold grade at Penasquito.

In 2022, Boddington increases production with higher copper grade, with steady production expected at Penasquito. In the longer-term, higher co-product production from Penasquito is expected due to higher silver, lead and zinc content delivered from the Chile Colorado pit, which is partially offset by decreasing copper production from Boddington due to mine sequencing. First copper production is expected from Yanacocha Sulfides in 2026.

Penasquito is expected to deliver lower gold production in 2022 due to lower-grade, harder ore mined from the Chile Colorado pit and stripping the next phases of the Penasco and Chile Colorado pits continuing through 2023. Co-product production at Penasquito in 2022 is expected to remain consistent with 2021 production levels, with increased production starting in 2023 due to higher silver, lead and zinc content delivered from the Chile Colorado pit. Porcupine benefits from higher grades at Hoyle, Borden and Hollinger in 2022. The Pamour project is expected to maintain production at Porcupine in 2024 as Hollinger and Hoyle begin to ramp down in 2023 and 2025, respectively. Éleonore, CC&V and Musselwhite are expected to deliver steady production in 2022.

Merian is expected to deliver higher production from higher grade in 2022, with slightly lower production expected in subsequent years as we enter the next phase of stripping in the Merian pit and continue mining harder, higher-grade ore. Cerro Negro production is expected to steadily increase due to higher throughput and development rates from productivity improvements. The first expansion at Cerro Negro includes the development of the Marianas and Eastern districts, adding production starting in 2024. Yanacocha continues to deliver leach-only production while developing the first phase of the Sulfides project.

Production at Boddington benefits from higher gold and copper grades and efficiency improvements from Autonomous Haulage in 2022. Gold production is expected to decrease in 2023 as the site is expanding the North and South pits through laybacks and remain steady longer-term due to continued throughput from strong mill performance. Tanami maintains steady production through 2023, with higher production beginning in 2024 from the ramp-up of Tanami Expansion 2.

Production at Ahafo is expected to increase through 2024 due to higher grade at the Subika open pit and increased underground tonnes mined due to the change in our mining method at Subika Underground. Akyem is expected to maintain steady production in 2022, with lower production expected in 2023 as stripping continues for a new layback. Ahafo North will add profitable production beginning in 2024.

Unit costs at Ahafo steadily improve due to higher production volumes through 2024. Akyem unit costs benefit from steady production in 2022 and increase starting in 2023 due to mine sequencing. Ahafo North begins to ramp-up in 2024, improving margins through low-cost production.

Development capital includes spend for Tanami Expansion 2 in Australia, Ahafo North in Ghana, Cerro Negro District Expansion 1 in Argentina, Yanacocha Sulfides in Peru, Pamour at Porcupine in Canada and expenditures to progress studies for future projects as well as development capital related to the Company’s ownership interest in Nevada Gold Mines including Goldrush and the Turquoise Ridge Shaft. Annual decreases reflect the Company’s approach to only include development projects that have reached execution stage or are expected to reach execution in the next 12 months.

Investment in exploration and advanced projects expense is expected to be $450 million in 2022, an increase of approximately $50 million compared to 2021, to advance greenfield exploration projects, extend mine life at existing operations and continue building reserves. We expect to invest approximately $200 million dollars in exploration expense to progress our most promising greenfield exploration projects including Esperance in French Guiana, the Coffee project in the Yukon, and the Saddle North project in British Columbia. In addition, we expect to invest approximately $250 million in advanced projects spend, as we continue to advance studies associated with our robust pipeline of projects, including Galore Creek and Akyem Underground.

Newmont’s project pipeline supports stable production with improving margins and mine life. Outlook includes current development capital, costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1.