Top Tier Jurisdictions For Newmont Contain 90 Percent Of Gold Reserves

DENVER, CO - Tom Palmer, President and Chief Executive Officer, updated that, “In 2022, Newmont replaced depletion and grew reserves by nearly 4 percent as we continued to focus on extending mine life, developing districts and discovering new opportunities in the most favorable mining jurisdictions. Our diverse, global portfolio of operations and projects delivers steady production for at least the next decade, leading the industry with approximately six million gold ounces per year. Supported by the most extensive exploration program in the industry, our team is actively building a profitable and resilient production pipeline for the next several decades."

The Company had higher gold Mineral Reserves of 96.1 million attributable ounces for 2022 compared to the Company’s 92.8 million ounces at the end of 2021. Newmont has significant upside to other metals, including more than 15 billion pounds of copper reserves and nearly 600 million ounces of silver reserves.

Newmont’s reserve base is a key differentiator with over 90 percent of gold reserves located in top-tier jurisdictions, an average reserve grade of 1.09 grams per tonne and an operating reserve life of more than 10 years at six managed sites and two non-managed joint ventures, with significant upside potential from a robust organic project pipeline. In addition, Newmont has substantial exposure to other metals, with 68 million gold equivalent ounces2 of reserves from copper, silver, lead, zinc and molybdenum.

Newmont’s 38.5 percent interest in NGM represented 18.6 million attributable ounces of gold reserves at year end, compared to 19.3 million ounces at the end of 2021. Newmont's 40 percent interest in Pueblo Viejo represented 8.2 million attributable ounces of gold reserves at year end, compared to 3.6 million ounces at the end of 2021.

Gold reserve grade improved 2 percent to 1.09 grams per tonne compared to 1.06 grams per tonne in the prior year, primarily due to higher grade reserves from the Company’s 40 percent equity ownership in Pueblo Viejo and positive results from the Company's underground managed operations, including Cerro Negro, Tanami and Musselwhite, as well as increased equity ownership in Yanacocha.

In 2022, Newmont reported Measured and Indicated Gold Mineral Resources of 75.3 million ounces, a 10 percent increase from the prior year total of 68.3 million ounces. Inferred Gold Mineral Resources totaled 36.1 million ounces, a 9 percent increase from the prior year total of 33.2 million ounces. In total, resource conversions to reserves were more than offset by a combination of acquisitions, additions and net positive revisions.

Measured and Indicated Gold Mineral Resources added through exploration programs were 2.8 million ounces and included notable additions before revisions of 0.5 million ounces at Ahafo South underground, 0.5 million ounces at Yanacocha, 0.4 million attributable ounces at NGM, 0.2 million ounces at Cerro Negro, 0.2 million ounces at Penasquito and 0.2 million ounces at Ahafo North. Acquisitions added 8.2 million ounces, including 7.1 million ounces at Conga and 1.1 million ounces at Yanacocha, while the divestiture of Agua Rica had an impact of 1.8 million ounces.

Inferred Gold Mineral Resources added through exploration programs were 2.6 million ounces and included notable additions before revisions of 0.4 million ounces at Cerro Negro, 0.4 million ounces at Ahafo South underground, 0.4 million ounces at Porcupine underground, 0.1 million ounces at Tanami and 0.1 million ounces at Eleonore. Additionally, NGM added 0.9 million attributable ounces. Acquisitions added 4.3 million ounces, including 2.6 million ounces at Yanacocha and 1.4 million ounces at Conga, while the divestiture of Agua Rica had an impact of 0.4 million ounces.

In 2022, copper reserves increased slightly to 15.7 billion pounds from 15.1 billion pounds in the prior year, primarily due to increased equity at Yanacocha. Measure and Indicated copper resources increased slightly to 17.9 billion pounds from 17.8 billion pounds, primarily due to increased equity at Conga and Yanacocha. Inferred copper resources remained flat at 8.6 billion pounds as compared to the prior year.

Silver reserves increased to 593 million ounces from 568 million ounces in the prior year, primarily due to increased equity at Yanacocha. Measured and Indicated silver resources also increased to 500 million ounces from 422 million ounces in the prior year, primarily due to increased equity at Yanacocha and Conga. Inferred silver resources decreased to 152 million ounces from 163 million ounces in the prior year, primarily due to the divestiture of Agua Rica and resource conversion at Cerro Negro.

Lead reserves decreased to 2.3 billion pounds from 2.6 billion pounds in the prior year, and zinc reserves also decreased to 5.5 billion pounds from 6.3 billion pounds. These decreases were primarily due to depletion at Penasquito. Measured and Indicated lead resources increased to 1.6 billion pounds from 1.2 billion pounds, while Inferred lead resources decreased to 440 million pounds from 480 million pounds in the prior year. Measured and Indicated zinc resources increased to 3.7 billion pounds from 2.7 billion pounds and Inferred zinc resources decreased to 1.0 billion pounds from 1.1 billion pounds in the prior year. The increases in Measured and Indicated lead and zinc resources were primarily due to positive revision at Penasquito. The decreases in Inferred lead and zinc resources were primarily due to negative revisions and conversion at Penasquito.

Newmont’s attributable exploration expenditure for managed operations is expected to be approximately $200 million in 2023 with 80 percent of total exploration investment dedicated to near-mine expansion programs and the remaining 20 percent allocated to the advancement of greenfield projects.

Additionally, the Company’s share of exploration investment for its non-managed joint ventures will total approximately $25 million.

Geographically, the Company expects to invest approximately 32 percent in North America, 30 percent in South America, 18 percent in Africa and the remainder in Australia and other locations.