2024 Annual Report of 2024, PDF file, (opens in new window)

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# 2024 Annual Report of 2024, PDF file, (opens in new window)

Source: https://s24.q4cdn.com/382246808/files/doc_financials/2024/ar/Newmont-2024-Annual-Report.pdf
Published: 2026-04-23T20:09:25+00:00
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# 2024 Annual Report of 2024, PDF file, (opens in new window)
Realizing
Our Potential
2024 Annual Report
FIN A N CIA L HIGHLIGHT S
Dollars in millions, except per share data, years ended December 31 2024 2023 2022
Sales $ 18,682 $ 11,812 $ 11,915
Net income (loss) attributable to Newmont stockholders from continuing operations $ 3,280 $ (2,521) $ (459)
Per share (diluted) $ 2.86 $ (3.00) $ (0.58)
Adjusted net income 1 $ 3,991 $ 1,324 $ 1,468
Per share (diluted) 1
$ 3.48 $ 1.57 $ 1.85
EBITDA 1
$ 7,528 $ 320 $ 2,361
Adjusted EBITDA 1
$ 8,675 $ 4,215 $ 4,550
Net cash provided by operating activities of continuing operations $ 6,318 $ 2,754 $ 3,198
Free cash flow 1
$ 2,916 $ 88 $ 1,067
Cash and cash equivalents $ 3,619 $ 3,002 $ 2,877
Dividends paid per share $ 1.00 $ 1.60 $ 2.20
Operating Highlights
Consolidated gold production (thousands of ounces) 6,545 5,401 5,786
Attributable gold production (thousands of ounces) 2 6,849 5,545 5,956
Average realized gold price ($/oz) $ 2,408 $ 1,954 $ 1,792
Costs applicable to sales3 $ 8,963 $ 6,699 $ 6,468
Gold costs applicable to sales 3 $ 7,364 $ 5,689 $ 5,423
Gold equivalent ounces costs applicable to sales 3 $ 1,599 $ 1,010 $ 1,045
Gold costs applicable to sales ($/oz) 1, 3 $ 1,126 $ 1,050 $ 933
Gold all-in sustaining costs ($/oz)1 $ 1,516 $ 1,444 $ 1,211
Gold equivalent ounces produced (thousands of ounces)4 1,944 891 1,275
Gold equivalent ounces costs applicable to sales ($/oz) 1, 3, 4 $ 834 $ 1,127 $ 819
Gold equivalent ounces all-in sustaining costs ($/oz) 1, 4 $ 1,161 $ 1,579 $ 1,114
Note: All amounts in the table represent metrics of continuing operations.
1 Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A for further information.
2  Attributable gold ounces produced includes 235, 224 and 285 thousand ounces for the years ended December 31, 2024, 2023 and 2022, respectively, related to
the Pueblo Viejo mine, which is 40 percent owned by Newmont and accounted for as an equity method investment, and 138 thousand ounces for the year ended
December 31, 2024, related to the Fruta del Norte mine, which is wholly owned by Lundin Gold Inc. in which the Company holds a 32 percent interest and is
accounted for as an equity method investment on a quarter lag.
3 Excludes Depreciation and amortization and Reclamation and remediation.
4  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. Refer to Results of
Consolidated Operations within Part II, Item 7, MD&A for further information.
Photo: Peñasquito, Mexico
2 02 4
ANNUAL CEO
LE T TE R TO TOM PALMER
S TO CK HOLDE R S President and
Chief Executive Officer
Dear Stockholders, Our priority for the year ahead is to operate safely,
reduce costs, improve productivity and generate
As we reflect on another milestone year at Newmont, strong returns for our stockholders. By staying true
I am proud to introduce our annual report – a to our values, we will realize the long-term potential
comprehensive view into our transformational of this portfolio of assets the likes of which has
journey in 2024. never been seen before in the gold industry.
Since we closed one of the largest acquisitions in ALWAYS SAFE
mining history, we have undergone a period of
significant integration, bringing together new assets Safety is at the heart of everything we do. After being
and exceptional teams, rationalization of our new five years fatality-free, we suffered the tragic loss of
portfolio and stabilization toward a business focused five colleagues over a 12-month period. That is
on large, long-life mining operations. unacceptable, and we are working diligently to review
and refresh key safety programs across our global
Our foremost priority remains the safety and business. We are committed to ensuring that
wellbeing of our workforce. We have focused our Newmont is a workplace where every employee and
efforts on enhancing our systems, fostering a deep contractor returns home safely every day.
safety culture and investing in continuous skill
development – ensuring that every team member To drive meaningful progress, we continue to
returns home safely. As you will read, this dedication enhance our safety programs by focusing on three
is the cornerstone of everything we do. critical areas: systems, culture and skill development.
With a Tier 1 portfolio of long-life assets, a disciplined • Strengthening our systems: We are refining our
approach to capturing safety and efficiency safety systems to make them more effective. This
improvements, and extensive organic growth to be includes streamlining key processes such as our
unlocked in years to come, we’re excited about the fatigue risk management standards and critical
long-term upside as we execute on our plans to control verification processes to improve
build the world’s leading gold and copper portfolio. consistency and compliance.
Our record fourth quarter free cash flow and strong
annual performance reflect our ability to create • Fostering a strong safety culture: A culture of
long-term value while maintaining financial safety is built on trust, accountability and leadership
discipline. While there is still work ahead to reduce at all levels. We are embedding safety into every
costs and maximize our exposure to unprecedented aspect of our operations, ensuring that each team
gold prices, the progress we made in 2024 provides member takes ownership of their wellbeing and
a strong foundation for continued success. that of their colleagues.
Newmont Corporation 2024 Annual Report 1
2024 Annual CEO Letter to Stockholders
GOLD RESERVES FREE CASH FLOW
134.1
GENERATED
Moz $2,916 M M
GOLD AT TRIBUTABLE GEOs RETURNED TO STOCKHOLDERS
6.8 1.9 $2.3
PRODUCED PRODUCED Including share repurchases and dividends
Moz Moz B
• Investing in skill development: Equipping our The strategic acquisition of Newcrest strengthened our
workforce with the right knowledge, tools and training portfolio, unlocking significant synergies and increasing
is essential to maintaining a safe working environment. our exposure to copper. Through systems integration,
We continue to enhance safety education and streamlined operations and efficiency initiatives, we
competency programs across all our sites. aim to maximize the value of our combined assets over
the next two years.
As the newly appointed Chair of the International
Council on Mining and Metals (ICMM), I am committed OPERATIONAL EXCELLENCE AND MAXIMIZING
to keeping safety performance at the forefront of our PERFORMANCE
industry’s focus. By fostering collaboration, sharing of
best practices and championing initiatives that raise 2024 was a transformative year for Newmont, with a
industry-wide safety standards, we can create a safer focus on integrating new assets into the portfolio
future for all. marked by a strong step up in the fourth quarter
performance. In the final quarter, we produced
GO-FORWARD PORTFOLIO approximately 230,000 more ounces of gold than in the
previous quarter and reduced unit costs by nearly
Over the last five years, Newmont has built a world-class 10 percent. This performance underscores the strength
portfolio with 11 long-life operations and three projects of our Tier 1 portfolio and highlights what is possible as
in execution. This unique portfolio is positioned to we continue to optimize our assets.
produce 6 million ounces of gold and 150,000 tonnes of
copper on average annually over the next decade. To fully leverage our enhanced portfolio, and shape an
organization that is fit for purpose, we have shifted to
This strategic portfolio serves as the foundation of a three business units – Africa and Canada (AFCAN), Latin
resilient and sustainable business – designed to adapt to America and the Caribbean (LATAC), and Asia Pacific
shifting global demands. Many of our operations have (APAC) – each positioned to drive strategic growth while
mine lives exceeding 15 years, supporting profitable maintaining operational excellence.
gold and copper production into the 2050s and beyond.
With the gold industry’s largest reserve base of For 2025, our performance will be driven by our six
134.1 million attributable gold ounces and significant managed Tier 1 operations – Tanami, Boddington,
exposure to copper with 13.5 million tonnes of copper Peñasquito, Cadia, Lihir and Ahafo. We are optimizing
reserves, we have a strong foundation, providing mine plans, investing in life-extension projects and
unmatched stability and growth potential.*
2 Newmont Corporation 2024 Annual Report
Tanami continues to advance the second Panel Caves at Cadia are expected to Ahafo North remains on
expansion project, providing a meaningful deliver more than 5 million ounces of track to pour first gold in
reduction in operating costs and increasing gold and 1 million tonnes of copper, the second half of 2025 and
gold production by approximately positioning Cadia to continue operating declare commercial production
35 percent beginning in 2028. to the middle of this century. towards the end of 2025.
strengthening operational efficiencies to maximize PEOPLE AND LEADERSHIP: WORKING TOGETHER
value. Key projects include:
With a strong foundation in place for Newmont’s future,
• Ahafo North (2025 commissioning): In 2024, we we have built a highly capable leadership team with the
advanced infrastructure construction, progressed expertise to drive transformation, collaboration and
highway diversion and commenced stripping. This long-term business success. To support this evolution,
project will expand the Ahafo complex to annually we launched Working Together at Newmont – a
produce approximately 750,000 ounces of gold. comprehensive framework of systems, tools and
expectations designed to enhance collaboration,
• Tanami Expansion (H2 2027 completion): In 2024, efficiency and productivity across the organization.
we completed 1.3 kilometers of concrete lining in the
production shaft. This project will reduce operating This initiative builds on our strengths, fostering a
costs by 2028 while increasing gold production by workplace where every team member feels valued,
approximately 35 percent. empowered and inspired to bring their best every day.
By cultivating an inclusive culture where everyone
• Cadia development: In 2024, we achieved cave belongs and thrives, we are driving deeper engagement
establishment at PC2-3 and completed more than and collective success.
12 kilometers of underground development at
PC1-2. This project will unlock decades of gold and As part of this transformation, we welcomed new
copper reserves. leadership to further strengthen our capabilities. Peter
Wexler joined us in March 2024 as the Chief Legal
Beyond these projects, Newmont boasts an unrivaled Officer to lead our global legal, compliance and
organic growth pipeline in both gold and copper. We regulatory affairs. Francois Hardy, a Newmont veteran
continue to evaluate strategic expansion opportunities, of over 20 years, was promoted to Chief Technology
ensuring they are pursued at the right time and in the Officer in May 2024, bringing deep institutional
most capital-efficient manner to generate long-term knowledge and expertise to shape our technical
value for our stockholders. strategies for operational excellence and future growth.
Newmont Corporation 2024 Annual Report 3
2024 Annual CEO Letter to Stockholders
“ Looking to 2025 and beyond, our
priorities are clear: maximize the
potential of our Tier 1 portfolio, meet
our commitments, return capital
and drive long-term value for
our stockholders.”
Photo: Cadia, Australia
While structural changes bring challeng

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