Business Wire | Oct 29, 2020 07:32AM EDT

Newmont Announces Record Third Quarter 2020 Results

Oct. 29, 2020

DENVER--(BUSINESS WIRE)--Oct. 29, 2020--Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced third quarter 2020 results.

THIRD QUARTER 2020 HIGHLIGHTS

* Produced 1.5 million attributable ounces of gold* and reported CAS* of $756 per ounce and AISC* of $1,020 per ounce and produced 273 thousand attributable gold equivalent ounces from co-products * Generated $1.6 billion of cash from continuing operations and $1.3 billion of Free Cash Flow* * Reported $4.8 billion of consolidated cash with $7.8 billion of liquidity and a net debt to adjusted EBITDA* ratio of 0.4x * All sites operational with wide-ranging controls and safety protocols continuing to manage the Covid pandemic while placing the health, safety and wellbeing of our people and communities above all else * On track to finish 2020 strong and meet full-year guidance * Declared third quarter dividend of $0.40 per share, an increase of 60 percent over the prior quarter * Formed exploration joint ventures with Agnico Eagle Mines Limited in Colombia and Kirkland Lake Gold Inc. in Canada * Announced sale of royalty portfolio to Maverix Metals for total consideration of approximately $90 million * Achieved gender parity amongst independent non-executive Board Directors

"Capitalizing on the strength of our portfolio and higher gold prices, we delivered record third quarter adjusted EBITDA of $1.7 billion and free cash flow of $1.3 billion. This was the best quarterly financial performance in Newmont's history. We also remain focused above all else on protecting the health, safety and wellbeing of our workforce and neighboring communities as the pandemic continues," said Tom Palmer, President and Chief Executive Officer. "As demonstrated by our second dividend increase this year, with a 79 percent increase in January and a further 60 percent increase in October, I am confident that our world-class portfolio is best positioned to generate industry-leading value and returns for our shareholders."

- Tom Palmer, President and Chief Executive Officer

QUARTERLY DIVIDEND INCREASED 60 PERCENT

* Annualized dividend of $1.60 per share is highest in the gold sector** * Announced dividend framework that maintains leading $1.00 per share sustainable base dividend and provides additional returns from Newmont's significant free cash flow generation at higher gold prices * Strong financial position and world-class portfolio supports a higher dividend as we continue to progress our most profitable projects * Industry-leading dividend yield of 2.7% exceeds median of S&P 500 Index * During 2019 and 2020, we will have returned more than $2.5B to shareholders through dividends and share buybacks

___________________________

*See footnotes provided below, as well as the cautionary statement at end of release regarding forward-looking statements, including with respect to financial and operating outlook and expected returns to shareholders.

**An annualized dividend has not been declared by the Board. The above represents management's expectations based upon the increased level declared for the third quarter. The declaration of future quarterly dividends remains at the discretion of the Board. Investors are cautioned that the Company's dividend framework and the expected annualized dividend level are non-binding. See the cautionary statement at the end of this release.

THIRD QUARTER 2020 FINANCIAL AND PRODUCTION SUMMARY

Q3'20 Q2'20 Q1'20 Q3'19

Attributable gold production (million 1.54 1.26 1.48 1.64 ounces)

Gold costs applicable to sales (CAS) ($ $ 756 $ 748 $ 781 $ 733 per ounce)

Gold all-in sustaining costs (AISC) ($ $ 1,020 $ 1,097 $ 1,030 $ 987 per ounce)

GAAP Net income (US $ millions) $ 611 $ 412 $ 837 $ 2,226

Adjusted net income (US $ millions) $ 697 $ 261 $ 326 $ 292

Adjusted EBITDA (US $ millions) $ 1,663 $ 984 $ 1,118 $ 1,079

Cash flow from continuing operations (US $ 1,597 $ 668 $ 939 $ 793 $ millions)

Capital Expenditures (US $ millions) $ 296 $ 280 $ 328 $ 428

Free cash flow (US $ millions) $ 1,301 $ 388 $ 611 $ 365

Attributable gold production1 decreased 6 percent to 1,541 thousand ounces from the prior year quarter primarily due to ongoing Covid-related impacts at Yanacocha, Cerro Negro and lonore as the operations continued to ramp up in the third quarter from care and maintenance, in addition to the sale of Red Lake and Kalgoorlie, partially offset by higher production at Peasquito and Musselwhite.

Gold CAS2 decreased 8 percent to $1,130 million from the prior year quarter primarily due to lower gold ounces sold. Gold CAS per ounce increased 3 percent to $756 per ounce primarily due to higher stripping ratios at Yanacocha, Merian, Akyem, lower surface grades at Ahafo and higher gold price-related royalties.

Gold AISC3 increased 3 percent to $1,020 per ounce from the prior year quarter primarily due to higher CAS per ounce and Covid-related care and maintenance costs, partially offset by lower sustaining capital spend.

Attributable gold equivalent ounce (GEO) production from other metals increased 16 percent to 273 thousand ounces primarily due to operations at Peasquito receiving sustained community support compared to the prior year blockade and higher recoveries at Boddington. CAS from other metals totaled $139 million for the quarter. CAS per GEO2 improved 26 percent to $556 per ounce from the prior year quarter primarily due to higher sales at Peasquito, partially offset by foreign exchange impacts in Australia and lower sales at Boddington. AISC per GEO3 improved 33 percent to $770 per ounce primarily due to lower CAS from other metals and lower sustaining capital spend.

Net income from continuing operations attributable to Newmont stockholders was $611 million or $0.76 per diluted share, a decrease of $1,615 million from the prior year quarter primarily due to the recognized gain on the formation of Nevada Gold Mines (NGM) in the prior year, lower sales volumes due to the sale of Kalgoorlie and Red Lake, higher costs in response to the COVID-19 pandemic and pension settlement charges, partially offset by higher average realized gold prices and lower tax expense, exploration costs, Goldcorp transaction costs and general and administrative costs.

Adjusted net income4 was $697 million or $0.86 per diluted share, compared to $292 million or $0.36 per diluted share in the prior year quarter. The adjustments to net income of $0.10 primarily related to pension settlements, changes in the fair value of investments, COVID-19 specific costs, asset impairments, restructuring and severance costs, settlement costs including the costs from the Cedros community agreement at Peasquito, valuation allowance and other tax adjustments. Adjusted EBITDA5 improved 54 percent to $1,663 million for the quarter, compared to $1,079 million for the prior year quarter.

Revenue increased 17 percent from the prior year quarter to $3,170 million primarily due to higher average realized gold prices, partially offset by lower gold sales volumes.

Average realized price6 for gold was $1,913, an increase of $437 per ounce over the prior year quarter; average realized price for copper was $2.99, an increase of $0.62 per pound over the prior year quarter; average realized price for silver was $21.69 per ounce, an increase of $4.51 per ounce over the prior year quarter; average realized price for lead was $0.73 per pound, a decrease of $0.11 per pound; average realized price for zinc was $1.01 per pound, an increase of $0.20 per pound over the prior year quarter.

Capital expenditures7 decreased 31 percent from the prior year quarter to $296 million, primarily due to the sale of Red Lake and Kalgoorlie and reduced spending from the completion of Borden Underground, Ahafo Mill Expansion, and other sustaining projects in 2019. Development capital expenditures in 2020 primarily include advancing Tanami Expansion 2, Yanacocha Sulfides, Ahafo North, the Subika mining method change, Musselwhite Materials Handling System, lonore Lower Mine Material Handling System, Quecher Main, and projects associated with the Company's ownership interest in Nevada Gold Mines.

Consolidated operating cash flow from continuing operations increased 101 percent from the prior year quarter to $1,597 million due to higher realized gold prices, partially offset by lower sales volumes. Free Cash Flow8 also increased to $1,301 million primarily due to higher operating cash flow and lower capital expenditures.

Balance sheet ended the quarter with $4.8 billion of consolidated cash and approximately $7.8 billion of liquidity; reported net debt to adjusted EBITDA of 0.4x9.

Nevada Gold Mines (NGM) attributable gold production was 337 thousand ounces with CAS of $761 per ounce and AISC of $904 per ounce for the third quarter of 2020. EBITDA for NGM was $374 million.

Pueblo Viejo (PV) attributable gold production was 87 thousand ounces. Pueblo Viejo EBITDA10 was $115 million and cash distributions received for the Company's equity method investment totaled $75 million in the third quarter.

COVID-19 UPDATE

* Continued our wide-ranging controls at the Company's operations and offices to put the health, safety, and overall wellbeing of Newmont's people and communities above all else * Maintained effective testing, quarantine and contact tracing procedures for positive cases * Incurred $35 million of care and maintenance costs during the third quarter, which included wages, direct operating costs for critical activities and non-cash depreciation for sites ramping up from care and maintenance or continuing to operate at reduced levels * Incurred $32 million of incremental Covid specific costs for activities such as additional health and safety procedures, increased transportation and community fund contributions * Distributed $9 million to date from Newmont's $20 million Global Community Support Fund focused on employee and community health, food security and local economic resilience through partnerships with local governments, medical institutions, charities and non-governmental organizations

PROJECTS UPDATE

Newmont's capital-efficient project pipeline supports stable production with improving margins and mine life. Funding for the current development capital projects Tanami Expansion 2 and Musselwhite Materials Handling has been approved and the projects are in execution. Additional projects not listed below represent incremental improvements to the Company's outlook.

* Tanami Expansion 2 (Australia) secures Tanami's future as a long-life, low cost producer with potential to extend mine life to 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to achieve 3.5 million tonnes per year of production and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years beginning in 2023, and is expected to reduce operating costs by approximately 10 percent. Capital costs for the project are estimated to be between $700 million and $800 million.

* Musselwhite Materials Handling (North America) improves material movement from Musselwhite's two main zones below Lake Opapimiskan. An underground shaft will hoist ore from the underground crushers, reducing haulage distances and ventilation costs. The project is 95 percent complete; however, full commissioning has been delayed amidst the Covid pandemic as Musselwhite operations were previously on care and maintenance. The Company expects to commission the project upon completion of the Musselwhite conveyor system by the end of 2020.

OUTLOOK

Newmont's 2020 attributable gold production is unchanged at approximately 6.0 million ounces and the Company expects to produce approximately 1.0 million gold equivalent ounces from co-products. Gold CAS is expected to be $760 per ounce, and gold AISC is expected to be $1,015 per ounce.

Newmont's capital expenditure for 2020 is expected to be approximately $1.4 billion as the Company continues to progress the majority of its development and sustaining capital projects, including Tanami Expansion 2, developing the sub-level shrinkage mining method at Subika Underground and advancing laybacks at Boddington and Ahafo.

For exploration and advanced projects, approximately 80 percent of the Company's exploration budget is allocated to near-mine activities. Newmont's 2020 exploration and advanced project spend is expected to be approximately $350 million as the majority of infill drilling programs and Greenfield exploration actives have resumed with the lifting of Covid restrictions globally. Advanced project study work for Yanacocha Sulfides and Ahafo North continues remotely.

Newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning, and avoiding exposure for at-risk individuals. If at any point the Company determines that continuing operations poses an increased risk to our workforce or host communities, it will reduce operational activities up to and including care and maintenance and management of critical environmental systems. Newmont's 2020 outlook assumes operations continue throughout the remainder of the year without major Covid-related interruptions.

1Attributable gold production for the third quarter 2020 includes 87 thousand ounces from the Company's equity method investment in Pueblo Viejo (40%).

2Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.

3Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.

4Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.

5Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.

6Non-GAAP measure. See end of this release for reconciliation to Sales.

7Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows.

8Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.

9Non-GAAP measure. See end of this release for reconciliation.

10 Non-GAAP measure. See end of this release for reconciliation.

Newmont Outlook (+/-5%) 2020

Consolidated Production (koz) 5,900

Attributable Production* (koz) 6,000

Consolidated Gold CAS ($/oz) 760

Consolidated Gold All-in Sustaining Costs ($/oz) 1,015

Consolidated Co-products (GEOs koz) 1,010

Attributable Co-products (GEOs koz) 1,010

Consolidated GEO CAS ($/oz) 605

Consolidated GEO All-in Sustaining Costs ($/oz) 945

Consolidated Sustaining Capital Expenditures ($M) 900

Consolidated Development Capital Expenditures ($M) 475

Attributable Sustaining Capital Expenditures ($M) 875

Attributable Development Capital Expenditures ($M) 425

*Attributable gold production for 2020 includes 375,000 ounces from the Company's equity method investment in Pueblo Viejo (40%).

2020 Regional Production And Cost Overview:

Australia

Attributable Production (koz) 1,180

Attributable Co-products (GEOs koz) 130

Consolidated Gold CAS ($/oz) 700

Consolidated Gold All-in Sustaining Costs ($/oz) 900

Consolidated Sustaining Capital Expenditures ($M) 205

Consolidated Development Capital Expenditures ($M) 145

* Full Potential at Boddington improves mining rates and grade increases throughout remainder of 2020 with the three year stripping campaign nearing completion in the South Pit and Tanami continues to deliver solid performance.

Africa

Attributable Production (koz) 850

Consolidated Gold CAS ($/oz) 710

Consolidated Gold All-in Sustaining Costs ($/oz) 870

Consolidated Sustaining Capital Expenditures ($M) 90

Consolidated Development Capital Expenditures ($M) 70

* Africa benefits from a full year of production from the Ahafo Mill Expansion which is offset by mine sequencing in both the Subika and Awonsu open pits, a change in mining method at Subika Underground and lower grades at Akyem.

North America

Attributable Production (koz) 1,410

Attributable Co-products (GEOs koz) 880

Consolidated Gold CAS ($/oz) 775

Consolidated Gold All-in Sustaining Costs ($/oz) 1,040

Consolidated Sustaining Capital Expenditures ($M) 275

Consolidated Development Capital Expenditures ($M) 70

* 2020 outlook includes the impacts from Peasquito, lonore and Musselwhite being temporarily placed into care and maintenance in the second quarter. * The Musselwhite Materials Handling project is 95 percent complete and the conveyor system is on track to be fully commissioned by year end. * lonore production and cost outlook reflects the ongoing work to integrate the geotechnical model and updated Reserves.

South America

Attributable Production (koz) 1,135

Consolidated Gold CAS ($/oz) 815

Consolidated Gold All-in Sustaining Costs ($/oz) 1,105

Consolidated Sustaining Capital Expenditures ($M) 110

Consolidated Development Capital Expenditures ($M) 120

* 2020 outlook includes the impacts from Cerro Negro and Yanacocha being temporarily placed into care and maintenance in the second quarter. The 2020 outlook includes Covid-related impacts through July 30, 2020 and does not include ongoing Covid-related constraints in Argentina that restricts Cerro Negro operations which are at approximately 65 percent of normal capacity. The South America region remains on track to achieve full year 2020 guidance.

Nevada Gold Mines (NGM)

Attributable Production (koz) 1,375

Consolidated Gold CAS ($/oz) 690

Consolidated Gold All-in Sustaining Costs ($/oz) 880

Consolidated Sustaining Capital Expenditures ($M) 185

Consolidated Development Capital Expenditures ($M) 45

* Production, CAS & AISC for the Company's 38.5 percent ownership interest in NGM is unchanged, as provided by Barrick Gold Corporation.

2020 Outlooka

Consolidated Attributable Consolidated Consolidated Consolidated Attributable Attributable2020 Outlook Production Production Consolidated All-In Sustaining Development Sustaining Development(+/-5%) (Koz, GEOS (Koz, GEOs CAS ($/oz) Sustaining Capital Capital Capital Capital Koz) Koz) Costs ^b ($/ Expenditures Expenditures Expenditures Expenditures oz) ($M) ($M) ($M) ($M)

North 1,410 1,410 775 1,040 275 70 275 70America

South 1,030 1,135 815 1,105 110 120 90 80America

Australia 1,180 1,180 700 900 205 145 205 145

Africa 850 850 710 870 90 70 90 70

Nevada Gold 1,375 1,375 690 880 185 45 185 45Mines^c

Total Gold^d 5,900 6,000 760 1,015 900 475 875 425



TotalCo-products^ 1,010 1,010 605 945 e

2020 Consolidated Expense Outlook ($M) (+/-5%)

General & Administrative 265

Interest Expense 300

Depreciation and Amortization 2,250

Advanced Projects & Exploration 350

Adjusted Tax Rate ^f,g 38% - 42%

Federal Tax Rate ^g 29% - 33%

Mining Tax Rate ^g 8% - 10%

a 2020 outlook projections used in this presentation are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of October 29, 2020. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2020 Outlook assumes $1,200/oz gold, $16/oz silver, $2.75/lb copper, $1.20/lb zinc, $0.95/lb lead, $0.75 USD/AUD exchange rate, $0.77 USD/CAD exchange rate and $60/barrel WTI; AISC and CAS estimates do not include inflation, for the remainder of the year. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary at the end of this release.

b All-in sustaining costs or AISC as used in the Company's Outlook is a non-GAAP metric; see below for further information and reconciliation to consolidated 2020 CAS outlook.

c Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM.

d Attributable gold production outlook includes the Company's equity investment (40%) in Pueblo Viejo with ~375Koz in 2020; does not include the Company's other equity investments. Attributable gold production outlook represents the Company's 51.35% interest for Yanacocha and a 75% interest for Merian.

e Gold equivalent ounces (GEO) is calculated as pounds or ounces produced multiplied by the ratio of the other metal's price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16/oz.), Lead ($0.95/lb.), and Zinc ($1.20/lb.) pricing.

f The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.

g Assuming average prices of $1,400 per ounce for gold, $16 per ounce for silver, $2.75 per pound for copper, $0.95 per pound for lead, and $1.20 per pound for zinc and achievement of current production and sales volumes and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2020 will be between 38%-42%.

Three Months Ended Nine Months Ended September September 30, 30,

Operating Results 2020 2019 % 2020 2019 % Change Change

Attributable Sales (koz)

Attributable gold 1,429 1,578 (9) % 3,996 4,352 (8) %ounces sold^ (1)

Attributable gold 248 213 16 % 780 357 118 %equivalent ounces sold



Average Realized Price ($/oz, $/lb)

Average realized gold $ 1,913 $ 1,476 30 % $ 1,745 $ 1,370 27 %price

Average realized $ 2.99 $ 2.37 26 % $ 2.49 $ 2.59 (4) %copper price

Average realized $ 21.69 $ 17.18 26 % $ 16.66 $ 16.23 3 %silver price

Average realized lead $ 0.73 $ 0.84 (13) % $ 0.69 $ 0.81 (15) %price

Average realized zinc $ 1.01 $ 0.81 25 % $ 0.77 $ 0.81 (5) %price



Attributable Production (koz)

North America^ (2) 414 325 27 % 1,022 657 56 %

South America ^(2) 165 275 (40) % 536 720 (26) %

Australia 309 339 (9) % 861 1,038 (17) %

Africa 229 267 (14) % 608 775 (22) %

Nevada^ (3) 337 344 (2) % 992 1,102 (10) %

Total Gold (excludingequity method 1,454 1,550 (6) % 4,019 4,292 (6) %investments)

Pueblo Viejo (40%) ^ 87 94 (7) % 256 169 51 %(4)

Total Gold 1,541 1,644 (6) % 4,275 4,461 (4) %



North America 238 203 17 % 656 256 156 %

Australia 35 33 6 % 94 104 (10) %

Nevada - - - % - 35 (100) %

Total Gold Equivalent 273 236 16 % 750 395 90 %Ounces



CAS Consolidated ($/ oz, $/GEO)

North America $ 762 $ 945 (19) % $ 792 $ 976 (19) %

South America $ 885 $ 669 32 % $ 824 $ 638 29 %

Australia $ 690 $ 768 (10) % $ 712 $ 749 (5) %

Africa $ 693 $ 563 23 % $ 707 $ 586 21 %

Nevada $ 761 $ 711 7 % $ 764 $ 761 - %

Total Gold $ 756 $ 733 3 % $ 762 $ 733 4 %

Total Gold $ 641 $ 691 (7) % $ 686 $ 717 (4) %(by-product)



North America $ 513 $ 756 (32) % $ 539 $ 980 (45) %

Australia $ 840 $ 758 11 % $ 842 $ 819 3 %

Nevada $ - $ - - % $ - $ 750 (100) %

Total Gold Equivalent $ 556 $ 747 (26) % $ 575 $ 908 (37) %Ounces



AISC Consolidated ($/ oz, $/GEO)

North America $ 1,003 $ 1,276 (21) % $ 1,066 $ 1,290 (17) %

South America $ 1,162 $ 841 38 % $ 1,111 $ 803 38 %

Australia $ 889 $ 944 (6) % $ 914 $ 911 - %

Africa $ 865 $ 741 17 % $ 889 $ 776 15 %

Nevada $ 904 $ 915 (1) % $ 936 $ 956 (2) %

Total Gold $ 1,020 $ 987 3 % $ 1,046 $ 974 7 %

Total Gold $ 940 $ 997 (6) % $ 1,024 $ 986 4 %(by-product)



North America $ 735 $ 1,226 (40) % $ 840 $ 1,471 (43) %

Australia $ 998 $ 907 10 % $ 1,032 $ 966 7 %

Nevada $ - $ - - % $ - $ 894 (100) %

Total Gold Equivalent $ 770 $ 1,155 (33) % $ 862 $ 1,259 (32) %Ounces

(1) Attributable gold ounces from the Pueblo Viejo mine, an equity method investment, are not included in attributable gold ounces sold.

(2) Includes sites acquired as part of the Newmont Goldcorp transaction, effective April 18, 2019.

(3) Newmont contributed its existing Nevada mining operations in exchange for a 38.5% interest in NGM, effective July 1, 2019.

(4) Represents attributable gold from Pueblo Viejo and does not include the Company's other equity method investments. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in footnote 1. Income and expenses of equity method investments are included in Equity income (loss) of affiliates.

NEWMONT CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited, in millions except per share)

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019



Sales $ 3,170 $ 2,713 $ 8,116 $ 6,773



Costs and expenses

Costs applicable to sales ^(1) 1,269 1,392 3,659 3,736

Depreciation and amortization 592 548 1,685 1,347

Reclamation and remediation 38 62 116 165

Exploration 48 88 118 198

Advanced projects, research and 39 43 92 102 development

General and administrative 68 84 205 224

Care and maintenance 26 - 171 -

Other expense, net 92 38 184 243

2,172 2,255 6,230 6,015

Other income (expense):

Gain on formation of Nevada Gold - 2,366 - 2,366 Mines

Gain on asset and investment 1 (1) 593 32 sales, net

Other income, net (44) 32 (35) 134

Interest expense, net of (75) (77) (235) (217) capitalized interest

(118) 2,320 323 2,315

Income (loss) before income and 880 2,778 2,209 3,073 mining tax and other items

Income and mining tax benefit (305) (558) (446) (703) (expense)

Equity income (loss) of 53 32 119 53 affiliates

Net income (loss) from continuing 628 2,252 1,882 2,423 operations

Net income (loss) from 228 (48) 145 (100) discontinued operations

Net income (loss) 856 2,204 2,027 2,323

Net loss (income) attributable to (17) (26) (22) (83) noncontrolling interests

Net income (loss) attributable to $ 839 $ 2,178 $ 2,005 $ 2,240 Newmont stockholders



Net income (loss) attributable to Newmont stockholders:

Continuing operations $ 611 $ 2,226 $ 1,860 $ 2,340

Discontinued operations 228 (48) 145 (100)

$ 839 $ 2,178 $ 2,005 $ 2,240

Net income (loss) per common share

Basic:

Continuing operations $ 0.76 $ 2.72 $ 2.31 $ 3.30

Discontinued operations 0.28 (0.06) 0.18 (0.14)

$ 1.04 $ 2.66 $ 2.49 $ 3.16

Diluted:

Continuing operations $ 0.76 $ 2.71 $ 2.31 $ 3.30

Discontinued operations 0.28 (0.06) 0.18 (0.14)

$ 1.04 $ 2.65 $ 2.49 $ 3.16

(1)Excludes Depreciation andamortization and Reclamation and remediation.

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

NEWMONT CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in millions)

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Operating activities:

Net income (loss) $ 856 $ 2,204 $ 2,027 $ 2323

Adjustments:

Depreciation and amortization 592 548 1,685 1,347

Gain on formation of Nevada Gold - (2,366) - (2,366) Mines

Gain on asset and investment (1) 1 (593) (32) sales, net

Net loss (income) from (228) 48 (145) 100 discontinued operations

Change in fair value of (57) (19) (191) (75) investments

Reclamation and remediation 35 56 107 151

Impairment of investments - 1 93 2

Charges from pension settlement 82 8 82 8

Charges from debt extinguishment - - 77 -

Deferred income taxes 72 435 (72) 422

Stock-based compensation 17 22 55 76

Write-downs of inventory and 14 4 51 108 stockpiles and ore on leach pads

Other non-cash adjustments 47 1 (22) 13

Net change in operating assets 168 (150) 50 (409) and liabilities

Net cash provided by (used in)operating activities of 1,597 793 3,204 1,668 continuing operations

Net cash provided by (used in)operating activities of (1) (2) (8) (7) discontinued operations

Net cash provided by (used in) 1,596 791 3,196 1,661 operating activities



Investing activities: ? ?

Proceeds from sales of mining 2 - 1,137 29 operations and other assets, net

Additions to property, plant and (296) (428) (904) (1,033) mine development

Proceeds from sales of 35 3 305 59 investments

Return of investment from equity - 3 43 83 method investees

Purchases of investments - (8) (33) (94)

Acquisitions, net ^(1) (2) - 6 - 127

Other (3) (14) 29 12

Net cash provided by (used in)investing activities of (262) (438) 577 (817) continuing operations

Net cash provided by (used in)investing activities of (75) - (75) - discontinued operations

Net cash provided by (used in) (337) (438) 502 (817) investing activities



Financing activities: ? ?

Repayment of debt - - (1,160) (1,250)

Proceeds from issuance of debt, - 690 985 690 net

Dividends paid to common (201) (109) (514) (775) stockholders

Repurchases of common stock - - (321) -

Distributions to noncontrolling (55) (44) (143) (137) interests

Funding from noncontrolling 27 29 82 75 interests

Proceeds from exercise of stock 10 - 50 - options

Payments on lease and other (16) (11) (49) (37) financing obligations

Payments for withholding ofemployee taxes related to (6) (3) (45) (48) stock-based compensation

Other (1) (22) (4) (24)

Net cash provided by (used in) (242) 530 (1,119) (1,506) financing activities

Effect of exchange rate changeson cash, cash equivalents and 4 (2) 4 (4) restricted cash

Net change in cash, cash 1,021 881 2,583 (666) equivalents and restricted cash

Cash, cash equivalents andrestricted cash at beginning of 3,911 1,942 2,349 3,489 period

Cash, cash equivalents and $ 4,932 $ 2,823 $ 4,932 $ 2,823 restricted cash at end of period

NEWMONT CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in millions)

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Reconciliation of cash, cash ? ?equivalents and restricted cash:

Cash and cash equivalents $ 4,828 $ 2,712 $ 4,828 $ 2,712

Restricted cash included in Other - 19 - 19 current assets

Restricted cash included in Other 104 92 104 92 non-current assets

Total cash, cash equivalents and $ 4,932 $ 2,823 $ 4,932 $ 2,823 restricted cash

(1)Acquisitions, net for the three months ended September 30, 2019 is comprised of $- cash and cash equivalents acquired, net of $- cash paid to Goldcorp shareholders, in the Newmont Goldcorp transaction and $6 of restricted cash acquired in the formation of Nevada Gold Mines.

(2)Acquisitions, net for the nine months ended September 30, 2019 is comprised of $138 cash and cash equivalents acquired, net of $17 cash paid to Goldcorp shareholders, in the Newmont Goldcorp transaction and $6 of restricted cash acquired in the formation of Nevada Gold Mines.

Acquisitions, net for the three months ended September 30, 2019 is^ comprised of $- cash and cash equivalents acquired, net of $- cash paid to(1) Goldcorp shareholders, in the Newmont Goldcorp transaction and $6 of restricted cash acquired in the formation of Nevada Gold Mines.

Acquisitions, net for the nine months ended September 30, 2019 is^ comprised of $138 cash and cash equivalents acquired, net of $17 cash paid(2) to Goldcorp shareholders, in the Newmont Goldcorp transaction and $6 of restricted cash acquired in the formation of Nevada Gold Mines.

NEWMONT CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(unaudited, in millions)

At September 30, At December 2020 31, 2019

ASSETS

Cash and cash equivalents $ 4,828 $ 2,243

Trade receivables 324 373

Investments 313 237

Inventories 983 1,014

Stockpiles and ore on leach pads 805 812

Other current assets 407 570

Current assets held for sale - 1,023

Current assets 7,660 6,272

Property, plant and mine development, net 24,333 25,276

Investments 3,030 3,199

Stockpiles and ore on leach pads 1,690 1,484

Deferred income tax assets 505 549

Goodwill 2,771 2,674

Other non-current assets 562 520

Total assets $ 40,551 $ 39,974



LIABILITIES

Accounts payable $ 418 $ 539

Employee-related benefits 338 361

Income and mining taxes payable 322 162

Lease and other financing obligations 100 100

Debt 551 -

Other current liabilities 974 880

Current liabilities held for sale - 343

Current liabilities 2,703 2,385

Debt 5,479 6,138

Lease and other financing obligations 547 596

Reclamation and remediation liabilities 3,522 3,464

Deferred income tax liabilities 2,391 2,407

Employee-related benefits 522 448

Silver streaming agreement 1,015 1,058

Other non-current liabilities 752 1,061

Total liabilities 16,931 17,557



Contingently redeemable noncontrolling 43 47 interest



EQUITY

Common stock 1,292 1,298

Treasury stock (165) (120)

Additional paid-in capital 18,156 18,216

Accumulated other comprehensive income (loss) (245) (265)

Retained earnings 3,623 2,291

Newmont stockholders' equity 22,661 21,420

Noncontrolling interests 916 950

Total equity 23,577 22,370

Total liabilities and equity $ 40,551 $ 39,974

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the Non-GAAP financial measures of our continuing operations in the tables below. For additional information regarding our discontinued operations, see Note 13 to the Condensed Consolidated Financial Statements.

Adjusted net income (loss)

Management uses Adjusted net income (loss) to evaluate the Company's operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners' noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable regional tax rate. Management's determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:

Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020

per share data ^(1) per share data ^(1)

basic diluted basic diluted

Net income(loss)attributable to $ 839 $ 1.04 $ 1.04 $ 2,005 $ 2.49 $ 2.49 Newmontstockholders

Net loss(income)attributable toNewmont (228) (0.28) (0.28) (145) (0.18) (0.18) stockholdersfromdiscontinuedoperations ^(2)

Net income(loss)attributable toNewmont 611 0.76 0.76 1,860 2.31 2.31 stockholdersfrom continuingoperations

(Gain) loss onasset and (1) - - (593) (0.73) (0.73) investmentsales^ (3)

Change in fairvalue of (57) (0.07) (0.07) (191) (0.24) (0.24) investments ^(4)

Impairment ofinvestments^ - - - 93 0.11 0.11 (5)

Pension 83 0.10 0.10 85 0.10 0.10 settlement ^(6)

Loss on debtextinguishment - - - 77 0.09 0.09 ^(7)

COVID-19specific costs, 27 0.03 0.03 62 0.08 0.08 net ^(8)

Settlement 23 0.03 0.03 31 0.04 0.04 costs, net ^(9)

Impairment oflong-lived and 24 0.03 0.03 29 0.04 0.04 other assets ^(10)

Goldcorptransaction and - - - 23 0.03 0.03 integrationcosts^ (11)

Restructuringand severance, 9 0.01 0.01 11 0.01 0.01 net ^(12)

Tax effect ofadjustments^ (32) (0.03) (0.04) 93 0.11 0.11 (13)

Valuationallowance andother tax 10 0.01 0.01 (296) (0.35) (0.36) adjustments,net ^(14)

Adjusted netincome (loss) ^ $ 697 $ 0.87 $ 0.86 $ 1,284 $ 1.60 $ 1.59 (15)

? ? ?

Weightedaverage commonshares ? 803 806 804 806 (millions):^(16)

^(1) Per share measures may not recalculate due to rounding.

^(2) For additional information regarding our discontinued operations, see Note 13 to our Condensed Consolidated Financial Statements.

(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a $493 gain on the sale of^(3) Kalgoorlie in January 2020, a $91 gain on the sale of Continental and a $9 gain on the sale of Red Lake in March 2020. For additional information, see Note 9 to our Condensed Consolidated Financial Statements.

Change in fair value of investments, included in Other income, net, primarily represents unrealized holding gains and losses on marketable^(4) equity securities and our investment instruments. For additional information regarding our investments, see Note 19 to our Condensed Consolidated Financial Statements.

Impairment of investments, included in Other income, net, primarily^(5) represents the other-than-temporary impairment of the TMAC investment recorded in March 2020.

^(6) Pension settlements, included in Other income, net, represents pension settlement charges in 2020.

Loss on debt extinguishment, included in Other income, net, primarily^(7) represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during March and April 2020.

COVID-19 specific costs, net, included in Other expense, net, represents incremental direct costs incurred as a result of actions taken to protect^(8) against the impacts of the COVID-19 pandemic. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(5) and $ (5), respectively.

Settlement costs, net, included in Other expense, net, primarily represents costs related to the Cedros community agreement at Penasquito^(9) in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(3) and $(3), respectively.

^ Impairment of long-lived and other assets, included in Other expense,(10) net, represents non-cash write-downs of long-lived assets and materials and supplies inventories.

Goldcorp transaction and integration costs, included in Other expense,^ net, primarily represents costs incurred related to the Newmont Goldcorp(11) transaction completed during 2019 as well as subsequent integration costs.

Restructuring and severance, net, included in Other expense, net,^ primarily represents severance and related costs associated with(12) significant organizational or operating model changes implemented by the Company. Amounts are presented net of income (loss) attributable to noncontrolling interests of $- and $(1), respectively.

The tax effect of adjustments, included in Income and mining tax benefit^ (expense), represents the tax effect of adjustments in footnotes (3)(13) through (12), as described above, and are calculated using the applicable regional tax rate.

Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and nine months ended September 30, 2020 is due to a net^ increase or (decrease) to net operating losses, tax credit carryovers and(14) other deferred tax assets subject to valuation allowance of $7 and $ (113), respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $14 and $(173), respectively, changes to the reserve for uncertain tax positions of $(10) and $(19), respectively, and other tax adjustments of $3 and $35, respectively. Total amount is presented net of income (loss) attributable to noncontrolling interests of $(4) and $(26), respectively.

Adjusted net income (loss) has not been adjusted for $25 and $158 of cash and $9 and $83 of non-cash care and maintenance costs, included in Care and maintenance and Depreciation and amortization, respectively, which^ primarily represent costs associated with our Musselwhite, ?l?onore, Pe?(15) asquito, Yanacocha and Cerro Negro sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2020, respectively. Amounts are presented net of income (loss) attributable to noncontrolling interests of $1, $13, $- and $3, respectively.

^ Adjusted net income (loss) per diluted share is calculated using diluted(16) common shares, which are calculated in accordance with U.S. GAAP.

Three Months EndedSeptember 30, 2019

Nine Months EndedSeptember 30, 2019

per share data (1)

per share data (1)

basic

diluted

basic

diluted

Net income (loss) attributable to Newmont stockholders

$

2,178

$

2.66

$

2.65

$

2,240

$

3.16

$

3.16

Net loss (income) attributable to Newmont stockholders from discontinued operations (2)

48

0.06

0.06

100

0.14

0.14

Net income (loss) attributable to Newmont stockholders from continuing operations

2,226

2.72

2.71

2,340

3.30

3.30

Gain on formation of Nevada Gold Mines (3)

(2,366)

(2.88)

(2.88)

(2,366)

(3.34)

(3.34)

Goldcorp transaction and integration costs (4)

26

0.03

0.03

185

0.26

0.26

Change in fair value of investments (5)

(19)

(0.02)

(0.02)

(75)

(0.10)

(0.10)

Reclamation and remediation charges (6)

17

0.02

0.02

49

0.07

0.07

Loss (gain) on asset and investment sales, net (7)

1

-

-

(30)

(0.04)

(0.04)

Nevada JV transaction and integration costs (8)

3

-

-

26

0.05

0.05

Pension curtailment (9)

8

0.01

0.01

8

0.02

0.02

Restructuring and severance (10)

-

-

-

5

0.01

0.01

Impairment of long-lived and other assets, net (11)

2

-

-

3

-

-

Settlement costs (12)

2

-

-

2

-

-

Impairment of investments (13)

1

-

-

2

-

-

Tax effect of adjustments (14)

439

0.54

0.54

426

0.60

0.60

Valuation allowance and other tax adjustments, net (15)

(48)

(0.06)

(0.05)

(15)

(0.04)

(0.04)

Adjusted net income (loss)

$

292

$

0.36

$

0.36

$

560

$

0.79

$

0.79

Weighted average common shares (millions): (16)

820

822

708

709

Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019

per share data ^(1) per share data ^(1)

basic diluted basic diluted

Net income(loss)attributable $ 2,178 $ 2.66 $ 2.65 $ 2,240 $ 3.16 $ 3.16 to Newmontstockholders

Net loss(income)attributableto Newmontstockholders 48 0.06 0.06 100 0.14 0.14 fromdiscontinuedoperations^(2)

Net income(loss)attributableto Newmont 2,226 2.72 2.71 2,340 3.30 3.30 stockholdersfromcontinuingoperations

Gain onformation of (2,366) (2.88) (2.88) (2,366) (3.34) (3.34) Nevada GoldMines ^(3)

Goldcorptransactionand 26 0.03 0.03 185 0.26 0.26 integrationcosts^ (4)

Change infair value of (19) (0.02) (0.02) (75) (0.10) (0.10) investments^(5)

Reclamationand 17 0.02 0.02 49 0.07 0.07 remediationcharges ^(6)

Loss (gain)on asset andinvestment 1 - - (30) (0.04) (0.04) sales, net ^(7)

Nevada JVtransactionand 3 - - 26 0.05 0.05 integrationcosts^ (8)

Pensioncurtailment ^ 8 0.01 0.01 8 0.02 0.02 (9)

Restructuringand severance - - - 5 0.01 0.01 ^(10)

Impairment oflong-livedand other 2 - - 3 - - assets, net ^(11)

Settlement 2 - - 2 - - costs ^(12)

Impairment ofinvestments ^ 1 - - 2 - - (13)

Tax effect ofadjustments^ 439 0.54 0.54 426 0.60 0.60 (14)

Valuationallowance andother tax (48) (0.06) (0.05) (15) (0.04) (0.04) adjustments,net ^(15)

Adjusted net $ 292 $ 0.36 $ 0.36 $ 560 $ 0.79 $ 0.79 income (loss)



Weightedaveragecommon shares 820 822 708 709 (millions): ^(16)

^(1) Per share measures may not recalculate due to rounding.

^(2) For additional information regarding our discontinued operations, see Note 13 to our Condensed Consolidated Financial Statements.

Gain on formation of Nevada Gold Mines, included in Gain on formation of^(3) Nevada Gold Mines, represents the difference between the fair value of our 38.5% interest in NGM and the carrying value of the Nevada mining operations contributed.

Goldcorp transaction and integration costs, included in Other expense,^(4) net, primarily represents costs incurred related to the Newmont Goldcorp transaction during 2019.

Change in fair value of investments, included in Other income, net, primarily represents unrealized holding gains and losses on marketable^(5) equity securities and our investment instruments in Continental. For additional information regarding our investment, see Note 19 to our Condensed Consolidated Financial Statements.

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to remediation plans at the Company's^(6) former historic mining operations, including adjustments related to a review of the project cost estimates at the Dawn remediation site and increased water management costs at the Con Mine.^

Loss (gain) on asset and investment sales, net, included in Other income,^(7) net, primarily represents a gain on the sale of exploration property in North America in 2019. Amounts are presented net of income (loss) attributable to noncontrolling interest of $- and $2, respectively.

Nevada JV transaction and integration costs, included in Other expense,^(8) net, primarily represents costs incurred related to the Nevada JV Agreement, including hostile defense fees, during 2019.

Pension curtailment, included in Other income, net, primarily represents^(9) curtailment charges recognized due to a significant amount of employees being terminated as a result of establishing NGM.

^ Restructuring and severance, included in Other expense, net, primarily(10) represents certain costs associated with severance and legal costs.

Impairment of long-lived and other assets, net, included in Other^ expense, net, represents non-cash write-downs of long-lived assets.(11) Amounts are presented net of income (loss) attributable to noncontrolling interests of $(1) and $(1), respectively.

^ Settlement costs, included in Other expense, net, primarily represents(12) certain costs associated with legal and other settlements.

^ Impairment of investments, included in Other income, net, represents(13) other-than-temporary impairments of other investments.

The tax effect of adjustments, included in Income and mining tax benefit^ (expense), represents the tax effect of adjustments in footnotes (3)(14) through (13), as described above, and are calculated using the applicable regional tax rate.

Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment in the three and nine months ended September 30, 2019 is due to increases^ or (decreases) to net operating losses, tax credit carryovers and other(15) deferred tax assets subject to valuation allowance of $87 and $111 respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(147) and $(150), respectively, additions to the reserve for uncertain tax positions of $7 and $21, respectively and other tax adjustments of $8 and $5, respectively. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(3) and $(2), respectively.

^ Adjusted net income (loss) per diluted share is calculated using diluted(16) common shares, which are calculated in accordance with U.S. GAAP.

Earnings before interest, taxes and depreciation and amortization and Adjusted earnings before interest, taxes and depreciation and amortization

Management uses Earnings before interest, taxes and depreciation and amortization ("EBITDA") and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period ("Adjusted EBITDA") as non-GAAP measures to evaluate the Company's operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management's determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:

? Three Months Ended Nine Months Ended September 30, September 30,

? 2020 2019 2020 2019

Net income (loss) attributable to $ 839 $ 2,178 $ 2,005 $ 2,240 Newmont stockholders

Net income (loss) attributable to 17 26 22 83 noncontrolling interests

Net loss (Income) from (228) 48 (145) 100 discontinued operations^ (1)

Equity loss (income) of (53) (32) (119) (53) affiliates

Income and mining tax expense 305 558 446 703 (benefit)

Depreciation and amortization 592 548 1,685 1,347

Interest expense, net 75 77 235 217

EBITDA $ 1,547 $ 3,403 $ 4,129 $ 4,637

Adjustments:

(Gain) loss on asset and $ (1) $ 1 $ (593) $ (32) investment sales^ (2)

Change in fair value of (57) (19) (191) (75) investments^ (3)

Impairment of investments^ (4) - 1 93 2

Pension settlements and 83 8 85 8 curtailments ^(5)

Loss on debt extinguishment ^(6) - - 77 -

COVID-19 specific costs^ (7) 32 - 67 -

Settlement costs^ (8) 26 2 34 2

Impairment of long-lived and 24 3 29 4 other assets ^(9)

Goldcorp transaction and - 26 23 185 integration costs ^(10)

Restructuring and severance ^(11) 9 - 12 5

Reclamation and remediation - 17 - 49 charges ^(12)

Nevada JV transaction and - 3 - 26 integration costs ^(13)

Gain on formation of Nevada Gold - (2,366) - (2,366) Mines ^(14)

Adjusted EBITDA ^(15) $ 1,663 $ 1,079 $ 3,765 $ 2,445

(1)

For additional information regarding our discontinued operations, see Note 13 to our Condensed Consolidated Financial Statements.

(2)

(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a $493 gain on the sale of Kalgoorlie in January 2020, a $91 gain on the sale of Continental and a $9 gain on the sale of Red Lake in March 2020 and represents a gain on the sale of exploration land in 2019. For additional information, see Note 9 to our Condensed Consolidated Financial Statements.

(3)

Change in fair value of investments, included in Other income, net, primarily represents unrealized holding gains and losses on marketable equity securities and our investment instruments. For additional information regarding our investments, see Note 19 to our Condensed Consolidated Financial Statements.

(4)

Impairment of investments, included in Other income, net, primarily represents the other-than-temporary impairment of the TMAC investment recorded in March 2020.

(5)

Pension settlements and curtailments, included in Other income, net, primarily represents pension settlements in 2020 and pension curtailments in 2019.

(6)

Loss on debt extinguishment, included in Other income, net, primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during March and April 2020.

(7)

COVID-19 specific costs, included in Other expense, net, represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic.

(8)

Settlement costs, included in Other expense, net, primarily represents costs related to the Cedros community agreement at Penasquito in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs, and certain costs associated with legal and other settlements for 2019.

(9)

Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of long-lived assets and materials and supplies inventories.

(10)

Goldcorp transaction and integration costs, included in Other expense, net, primarily represents costs incurred related to the Newmont Goldcorp transaction completed during 2019 as well as subsequent integration costs.

(11)

Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented.

(12)

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to remediation plans at the Company's former historic mining operations in 2019, including adjustments related to a review of the project cost estimates at the Dawn remediation site, as well as increased water management costs at the Con Mine.

(13)

Nevada JV transaction and integration costs, included in Other expense, net, primarily represents costs incurred related to the Nevada JV Agreement, including hostile defense fees, during 2019.

(14)

Gain on formation of Nevada Gold Mines, included in Gain on formation of Nevada Gold Mines, represents the difference between the fair value of our 38.5% interest in NGM and the carrying value of the Nevada mining operations contributed.

(15)

Adjusted EBITDA has not been adjusted for $26 and $171 of cash care and maintenance costs, included in Care and maintenance, which primarily represent costs incurred associated with our Musselwhite, ?l?onore, Pe?asquito, Yanacocha and Cerro Negro mine sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2020, respectively.

Additionally, the Company uses Pueblo Viejo EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in the Pueblo Viejo mine. Pueblo Viejo EBITDA does not represent, and should not be considered an alternative to, Equity income (loss) of affiliates, as defined by GAAP, and does not necessarily indicate whether cash distributions from Pueblo Viejo will match Pueblo Viejo EBITDA or earnings from affiliates. Although the Company has the ability to exert significant influence, it does not have direct control over the operations or resulting revenues and expenses, nor does it proportionately consolidate its investment in Pueblo Viejo. The Company believes that Pueblo Viejo EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in Pueblo Viejo, in the same manner as management and the Board of Directors. Equity income (loss) of affiliates is reconciled to Pueblo Viejo EBITDA as follows:?

^(1) For additional information regarding our discontinued operations, see Note 13 to our Condensed Consolidated Financial Statements.

(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a $493 gain on the sale of^(2) Kalgoorlie in January 2020, a $91 gain on the sale of Continental and a $9 gain on the sale of Red Lake in March 2020 and represents a gain on the sale of exploration land in 2019. For additional information, see Note 9 to our Condensed Consolidated Financial Statements.

Change in fair value of investments, included in Other income, net, primarily represents unrealized holding gains and losses on marketable^(3) equity securities and our investment instruments. For additional information regarding our investments, see Note 19 to our Condensed Consolidated Financial Statements.

Impairment of investments, included in Other income, net, primarily^(4) represents the other-than-temporary impairment of the TMAC investment recorded in March 2020.

Pension settlements and curtailments, included in Other income, net,^(5) primarily represents pension settlements in 2020 and pension curtailments in 2019.

Loss on debt extinguishment, included in Other income, net, primarily^(6) represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during March and April 2020.

COVID-19 specific costs, included in Other expense, net, represents^(7) incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic.

Settlement costs, included in Other expense, net, primarily represents costs related to the Cedros community agreement at Penasquito in Mexico,^(8) a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs, and certain costs associated with legal and other settlements for 2019.

Impairment of long-lived and other assets, included in Other expense,^(9) net, represents non-cash write-downs of long-lived assets and materials and supplies inventories.

Goldcorp transaction and integration costs, included in Other expense,^ net, primarily represents costs incurred related to the Newmont Goldcorp(10) transaction completed during 2019 as well as subsequent integration costs.

Restructuring and severance, included in Other expense, net, primarily^ represents severance and related costs associated with significant(11) organizational or operating model changes implemented by the Company for all periods presented.

Reclamation and remediation charges, included in Reclamation and^ remediation, represent revisions to remediation plans at the Company's(12) former historic mining operations in 2019, including adjustments related to a review of the project cost estimates at the Dawn remediation site, as well as increased water management costs at the Con Mine.

^ Nevada JV transaction and integration costs, included in Other expense,(13) net, primarily represents costs incurred related to the Nevada JV Agreement, including hostile defense fees, during 2019.

Gain on formation of Nevada Gold Mines, included in Gain on formation of^ Nevada Gold Mines, represents the difference between the fair value of(14) our 38.5% interest in NGM and the carrying value of the Nevada mining operations contributed.

Adjusted EBITDA has not been adjusted for $26 and $171 of cash care and maintenance costs, included in Care and maintenance, which primarily^ represent costs incurred associated with our Musselwhite, ?l?onore, Pe?(15) asquito, Yanacocha and Cerro Negro mine sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2020, respectively.

Additionally, the Company uses Pueblo Viejo EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in the Pueblo Viejo mine. Pueblo Viejo EBITDA does not represent, and should not be considered an alternative to, Equity income (loss) of affiliates, as defined by GAAP, and does not necessarily indicate whether cash distributions from Pueblo Viejo will match Pueblo Viejo EBITDA or earnings from affiliates. Although the Company has the ability to exert significant influence, it does not have direct control over the operations or resulting revenues and expenses, nor does it proportionately consolidate its investment in Pueblo Viejo. The Company believes that Pueblo Viejo EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in Pueblo Viejo, in the same manner as management and the Board of Directors. Equity income (loss) of affiliates is reconciled to Pueblo Viejo EBITDA as follows:?

Three Months Ended September 30,

2020 2019



Equity income (loss) of affiliates $ 53 $ 32

Equity (income) loss of affiliates, excluding (1) 7 Pueblo Viejo^ (1)

Equity income (loss) of affiliates, Pueblo Viejo^ 52 39 (1)

Reconciliation of Pueblo Viejo on attributable basis:

Income and mining tax expense (benefit) 45 20

Depreciation and amortization 18 21

Pueblo Viejo EBITDA $ 115 $ 80

(1)

See Note 12 to the Condensed Consolidated Financial Statements.?

The Company uses NGM EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in Nevada Gold Mines (NGM). NGM EBITDA does not represent, and should not be considered an alternative to, Income (loss) before income and mining tax and other items, as defined by GAAP, and does not necessarily indicate whether cash distributions from NGM will match NGM EBITDA. Although the Company has the ability to exert significant influence and proportionally consolidates its 38.5% interest in NGM, it does not have direct control over the operations or resulting revenues and expenses of its investment in NGM. The Company believes that NGM EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in NGM, in the same manner as management and the Board of Directors. Income (loss) before income and mining tax and other items is reconciled to NGM EBITDA as follows:

^(1) See Note 12 to the Condensed Consolidated Financial Statements.?

The Company uses NGM EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in Nevada Gold Mines (NGM). NGM EBITDA does not represent, and should not be considered an alternative to, Income (loss) before income and mining tax and other items, as defined by GAAP, and does not necessarily indicate whether cash distributions from NGM will match NGM EBITDA. Although the Company has the ability to exert significant influence and proportionally consolidates its 38.5% interest in NGM, it does not have direct control over the operations or resulting revenues and expenses of its investment in NGM. The Company believes that NGM EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in NGM, in the same manner as management and the Board of Directors. Income (loss) before income and mining tax and other items is reconciled to NGM EBITDA as follows:

Three Months Ended September 30,

2020 2019

Income (Loss) before Income and Mining Tax and other $ 223 $ 85 Items, NGM^ (1)

Depreciation and amortization^ (1) 151 149

NGM EBITDA $ 374 $ 234

(1)

See Note 4 to the Condensed Consolidated Financial Statements.?

Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Condensed Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company's performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company's calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company's performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company's definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company's Condensed Consolidated Statements of Cash Flows.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.

^(1) See Note 4 to the Condensed Consolidated Financial Statements.?

Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Condensed Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company's performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company's calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company's performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company's definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company's Condensed Consolidated Statements of Cash Flows.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Net cash provided by (used $ 1,596 $ 791 $ 3,196 $ 1,661 in) operating activities

Less: Net cash used in(provided by) operating 1 2 8 7 activities of discontinuedoperations

Net cash provided by (usedin) operating activities of 1,597 793 3,204 1,668 continuing operations

Less: Additions to property, (296) (428) (904) (1,033) plant and mine development

Free Cash Flow $ 1,301 $ 365 $ 2,300 $ 635



Net cash provided by (used $ (337) $ (438) $ 502 $ (817) in) investing activities^ (1)

Net cash provided by (used $ (242) $ 530 $ (1,119) $ (1,506) in) financing activities

(1)

Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company's computation of Free Cash Flow.?

Costs applicable to sales per ounce/gold equivalent ounce

Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. Costs applicable to sales per ounce/gold equivalent ounce statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.

Costs applicable to sales per ounce

^ Net cash provided by (used in) investing activities includes Additions to(1) property, plant and mine development, which is included in the Company's computation of Free Cash Flow.?

Costs applicable to sales per ounce/gold equivalent ounce

Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. Costs applicable to sales per ounce/gold equivalent ounce statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.

Costs applicable to sales per ounce

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Costs applicable to sales ^(1)(2) $ 1,130 $ 1,232 $ 3,210 $ 3,412

Gold sold (thousand ounces) 1,495 1,682 4,210 4,656

Costs applicable to sales per ounce $ 756 $ 733 $ 762 $ 733 ^(3)

(1)

Includes by-product credits of $34 and $78 during the three and nine months ended September 30, 2020, respectively, and $31 and $60 during the three and nine months ended September 30, 2019, respectively.

(2)

Excludes Depreciation and amortization and Reclamation and remediation.

(3)

Per ounce measures may not recalculate due to rounding.

Costs applicable to sales per gold equivalent ounce

^ Includes by-product credits of $34 and $78 during the three and nine(1) months ended September 30, 2020, respectively, and $31 and $60 during the three and nine months ended September 30, 2019, respectively.

^ Excludes Depreciation and amortization and Reclamation and remediation.(2)

^ Per ounce measures may not recalculate due to rounding.(3)

Costs applicable to sales per gold equivalent ounce

Three Months Nine Months Ended Ended September 30, September 30,

2020 2019 2020 2019

Costs applicable to sales ^(1)(2) $ 139 $ 160 $ 449 $ 324

Gold equivalent ounces - other metals 248 213 780 357 (thousand ounces) ^(3)

Costs applicable to sales per ounce ^(4) $ 556 $ 747 $ 575 $ 908

(1)

Includes by-product credits of $1 and $2 during the three and nine months ended September 30, 2020, respectively, and $- and $2 during the three and nine months ended September 30, 2019, respectively.

(2)

Excludes Depreciation and amortization and Reclamation and remediation.

(3)

Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver $16/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($15/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2019.

(4)

Per ounce measures may not recalculate due to rounding.?

Costs applicable to sales per ounce for Nevada Gold Mines (NGM)

^ Includes by-product credits of $1 and $2 during the three and nine months(1) ended September 30, 2020, respectively, and $- and $2 during the three and nine months ended September 30, 2019, respectively.

^ Excludes Depreciation and amortization and Reclamation and remediation.(2)

Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using^ Gold ($1,200/oz.), Copper ($2.75/lb.), Silver $16/oz.), Lead ($0.95/lb.)(3) and Zinc ($1.20/lb.) pricing for 2020 and Gold ($1,200/oz.), Copper ($2.75 /lb.), Silver ($15/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2019.

^ Per ounce measures may not recalculate due to rounding.?(4)

Costs applicable to sales per ounce for Nevada Gold Mines (NGM)

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Cost applicable to sales, NGM ^(1)(2) $ 258 $ 235 $ 761 $ 235

Gold sold (thousand ounces), NGM 340 334 997 334

Costs applicable to sales per ounce, NGM ^ $ 761 $ 701 $ 764 $ 701 (3)

(1)

See Note 4 to the Condensed Consolidated Financial Statements

(2)

Excludes Depreciation and amortization and Reclamation and remediation.

(3)

Per ounce measures may not recalculate due to rounding.

All-In Sustaining Costs

Newmont has developed a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations.

Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production.

All-in sustaining cost ("AISC") amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards ("IFRS"), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company's internal policies.

The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:

Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sales ("CAS"), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Condensed Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company's Condensed Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals at our Peasquito, Boddington, and Phoenix mines. The other metals CAS at those mine sites is disclosed in Note 4 to the Condensed Consolidated Financial Statements. The allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines is based upon the relative sales value of gold and other metals produced during the period.

Reclamation costs. Includes accretion expense related to reclamation liabilities and the amortization of the related Asset Retirement Cost ("ARC") for the Company's operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Condensed Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to support our corporate structure and fulfill our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis.

Care and maintenance and Other expense, net. Care and maintenance includes direct operating and development capital costs incurred at the mine sites during the period that these sites were temporarily placed into care and maintenance in response to the COVID-19 pandemic. For Other expense, net we exclude certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company's non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on our Condensed Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

Sustaining capital and finance lease payments. We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC. The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company's current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

^(1) See Note 4 to the Condensed Consolidated Financial Statements

^(2) Excludes Depreciation and amortization and Reclamation and remediation.

^(3) Per ounce measures may not recalculate due to rounding.

All-In Sustaining Costs

Newmont has developed a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations.

Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production.

All-in sustaining cost ("AISC") amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards ("IFRS"), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company's internal policies.

The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:

Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sales ("CAS"), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Condensed Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company's Condensed Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals at our Peasquito, Boddington, and Phoenix mines. The other metals CAS at those mine sites is disclosed in Note 4 to the Condensed Consolidated Financial Statements. The allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines is based upon the relative sales value of gold and other metals produced during the period.

Reclamation costs. Includes accretion expense related to reclamation liabilities and the amortization of the related Asset Retirement Cost ("ARC") for the Company's operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Condensed Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to support our corporate structure and fulfill our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis.

Care and maintenance and Other expense, net. Care and maintenance includes direct operating and development capital costs incurred at the mine sites during the period that these sites were temporarily placed into care and maintenance in response to the COVID-19 pandemic. For Other expense, net we exclude certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company's non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on our Condensed Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

Sustaining capital and finance lease payments. We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC. The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company's current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peasquito, Boddington, and Phoenix mines.

Advanced Projects, Care and SustainingThree Months Costs Research Maintenance Treatment Capital All-In Ounces All-InEnded Applicable Reclamation and General and and Other and and Lease Sustaining (000) SustainingSeptember to Sales^ Costs^(4) Development Administrative Expense, Refining Related Costs Sold Costs Per30, 2020 (1)(2)(3) and Net^(6)(7) Costs Costs^(8) oz.^(10) Exploration (9) ^(5)

Gold

CC&V $ 61 $ 1 $ 3 $ - $ - $ - $ 10 $ 75 71 $ 1,081

Musselwhite 46 1 2 - 2 - 7 58 47 1,260

Porcupine 61 - 3 - - - 10 74 81 911

?l?onore 53 1 - - - - 10 64 57 1,118

Pe?asquito 74 2 - - - 18 13 107 130 835

Other North - - 4 1 2 - - 7 - - America

North 295 5 12 1 4 18 50 385 386 1,003 America

? ? ? ? ? ? ? ? ?

Yanacocha 81 13 2 1 4 - 6 107 80 1,325

Merian 86 1 - - - - 10 97 106 917

Cerro Negro 43 1 - - 16 - 8 68 51 1,346

Other South - - 1 2 1 - - 4 - - America

South 210 15 3 3 21 - 24 276 237 1,162 America

? ? ? ? ? ? ? ? ?

Boddington 148 3 1 - - 3 17 172 175 985

Tanami 62 - 3 - - - 29 94 130 723

Other - - - 3 1 - 1 5 - - Australia

Australia 210 3 4 3 1 3 47 271 305 889

? ? ? ? ? ? ? ? ?

Ahafo 99 3 1 1 - - 20 124 136 912

Akyem 58 5 - - - - 7 70 91 775

Other Africa - - - 2 - - - 2 - -

Africa 157 8 1 3 - - 27 196 227 865

? ? ? ? ? ? ? ? ?

Nevada Gold 258 4 6 3 - 2 34 307 340 904 Mines

Nevada 258 4 6 3 - 2 34 307 340 904

? ? ? ? ? ? ? ? ?

Corporate - - 24 55 - - 10 89 - - and Other

Total Gold $ 1,130 $ 35 $ 50 $ 68 $ 26 $ 23 $ 192 $ 1,524 1,495 $ 1,020

? ? ? ? ? ? ? ? ?

Goldequivalentounces - ? ? ? ? ? ? ? ? ?other metals^(11)

Pe?asquito $ 111 $ 2 $ - $ - $ 1 $ 31 $ 14 $ 159 215 $ 735

Boddington 28 - - - - 1 3 32 33 998

Total GoldEquivalent $ 139 $ 2 $ - $ - $ 1 $ 32 $ 17 $ 191 248 $ 770 Ounces



Consolidated $ 1,269 $ 37 $ 50 $ 68 $ 27 $ 55 $ 209 $ 1,715

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $35 and excludes co-product revenues of $310.

(3)

Includes stockpile and leach pad inventory adjustments of $6 at NGM.

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $23 and $14, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $12 and $3, respectively.

(5)

Advanced projects, research and development and Exploration excludes development expenditures of $1 at CC&V, $1 at ?l?onore, $1 at Pe?asquito, $1 at Other North America, $3 at Merian, $6 at Other South America, $1 at Tanami, $5 at Other Australia, $4 at Ahafo, $2 at Akyem, $1 at Other Africa, $6 at NGM and $5 at Corporate and Other, totaling $37 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)

Care and maintenance includes $5 at Musselwhite, $2 at Yanacocha, $18 at Cerro Negro and $1 at Other South America of cash care and maintenance costs associated with the sites temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2020 that we would have continued to incur if the site were not temporarily placed into care and maintenance.

(7)

Other expense, net is adjusted for incremental costs of responding to the COVID-19 pandemic of $32, settlement costs of $26, impairment of long-lived and other assets of $24 and restructuring and severance of $9.

(8)

Includes sustaining capital expenditures of $55 for North America, $24 for South America, $47 for Australia, $26 for Africa, $34 for Nevada, and $10 for Corporate and Other, totaling $196 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $100. The following are major development projects: Musselwhite Materials Handling, ?l?onore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Subika Mining Method Change, Ahafo North, Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez.

(9)

Includes finance lease payments for sustaining projects of $13.

(10)

Per ounce measures may not recalculate due to rounding.

(11)

Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver $16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.

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

^(2) Includes by-product credits of $35 and excludes co-product revenues of $310.

^(3) Includes stockpile and leach pad inventory adjustments of $6 at NGM.

Reclamation costs include operating accretion and amortization of asset retirement costs of $23 and $14, respectively, and exclude accretion and^(4) reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $12 and $3, respectively.

Advanced projects, research and development and Exploration excludes development expenditures of $1 at CC&V, $1 at ?l?onore, $1 at Pe?asquito, $1 at Other North America, $3 at Merian, $6 at Other South America, $1 at^(5) Tanami, $5 at Other Australia, $4 at Ahafo, $2 at Akyem, $1 at Other Africa, $6 at NGM and $5 at Corporate and Other, totaling $37 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

Care and maintenance includes $5 at Musselwhite, $2 at Yanacocha, $18 at Cerro Negro and $1 at Other South America of cash care and maintenance costs associated with the sites temporarily being placed into care and^(6) maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2020 that we would have continued to incur if the site were not temporarily placed into care and maintenance.

Other expense, net is adjusted for incremental costs of responding to the^(7) COVID-19 pandemic of $32, settlement costs of $26, impairment of long-lived and other assets of $24 and restructuring and severance of $9.

Includes sustaining capital expenditures of $55 for North America, $24 for South America, $47 for Australia, $26 for Africa, $34 for Nevada, and $10 for Corporate and Other, totaling $196 and excludes development capital expenditures, capitalized interest and the change in accrued^(8) capital totaling $100. The following are major development projects: Musselwhite Materials Handling, ?l?onore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Subika Mining Method Change, Ahafo North, Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez.

^(9) Includes finance lease payments for sustaining projects of $13.

^ Per ounce measures may not recalculate due to rounding.(10)

Gold equivalent ounces is calculated as pounds or ounces produced^ multiplied by the ratio of the other metals price to the gold price,(11) using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver $16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.

Advanced

Costs Projects, Other SustainingThree Months Applicable Reclamation Research and Treatment Capital and All-In Ounces All-InEnded General and Expense, and Lease Sustaining (000) SustainingSeptember to Costs ^(4) Development Administrative Refining Related Costs Sold Costs Per30, 2019 Net ^(6) Costs Costs^(7)(8) oz.^(9) Sales ^(1) and (2)(3) Exploration^ (5)

Gold

CC&V $ 65 $ - $ 2 $ - $ - $ - $ 13 $ 80 73 $ 1,087

Red Lake 45 2 2 - - - 8 57 31 1,872

Musselwhite 8 1 2 - - - 10 21 - -

Porcupine 62 1 - - - - 8 71 84 843

?l?onore 69 - - - - - 9 78 83 932

Pe?asquito 39 1 - - - 1 18 59 35 1,681

Other North - - - 23 1 - 1 25 - - America

North 288 5 6 23 1 1 67 391 306 1,276 America



Yanacocha 107 13 4 1 - - 6 131 149 881

Merian 78 1 2 - - - 16 97 127 761

Cerro Negro 78 - 11 - - - 12 101 118 860

Other South - - - 2 - - - 2 - - America

South 263 14 17 3 - - 34 331 394 841 America



Boddington 146 3 1 - - 3 19 172 178 958

Tanami 64 - 2 - - - 18 84 112 758

Kalgoorlie 60 2 2 - - - 5 69 61 1,141

Other - - 3 2 - - 2 7 - - Australia

Australia 270 5 8 2 - 3 44 332 351 944



Ahafo 98 1 5 - - - 23 127 157 811

Akyem 51 8 - - - - 5 64 107 612

Other Africa - - - 3 1 - - 4 - -

Africa 149 9 5 3 1 - 28 195 264 741



Nevada Gold 235 10 5 3 2 2 50 307 334 920 Mines

Carlin 8 - - - - - - 8 11 854

Phoenix 15 - - - - 2 - 17 13 1,187

Twin Creeks 3 - - - - - - 3 8 340

Long Canyon 1 - - - - - - 1 1 692

Other Nevada - - - - - - - - - -

Nevada 262 10 5 3 2 4 50 336 367 915



Corporate - - 18 50 - - 8 76 - - and Other

Total Gold $ 1,232 $ 43 $ 59 $ 84 $ 4 $ 8 $ 231 $ 1,661 1,682 $ 987



Goldequivalentounces - other metals^(10)

Pe?asquito $ 132 $ 3 $ 1 $ - $ - $ 32 $ 45 $ 213 173 $ 1,226

Boddington 28 - - - - 2 3 33 37 907

Phoenix - - - - - - - - 3 -

Total GoldEquivalent $ 160 $ 3 $ 1 $ - $ - $ 34 $ 48 $ 246 213 $ 1,155 Ounces



Consolidated $ 1,392 $ 46 $ 60 $ 84 $ 4 $ 42 $ 279 $ 1,907

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

^(2) Includes by-product credits of $31 and excludes co-product revenues of $230.

^(3) Includes stockpile and leach pad inventory adjustments of $1 at NGM.

Reclamation costs include operating accretion and amortization of asset retirement costs of $25 and $21, respectively, and exclude accretion and^(4) reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $14 and $23, respectively.

Advanced projects, research and development and Exploration excludes development expenditures of $1 at Musselwhite, $4 at Porcupine, $2 at ?l? onore, $1 at Pe?asquito, $2 at Other North America, $2 at Yanacocha, $1^(5) at Merian, $4 at Cerro Negro, $9 at Other South America, $6 at Other Australia, $3 at Ahafo, $4 at Akyem, $1 at Other Africa, $8 at NGM and $23 at Corporate and Other, totaling $71 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

Other expense, net is adjusted for Goldcorp transaction and integration^(6) costs of $26, Nevada JV transaction and integration costs of $3, impairment of long-lived and other assets of $3 and settlement costs of $2.

Includes sustaining capital expenditures of $98 for North America, $34 for South America, $44 for Australia, $27 for Africa, $50 for Nevada and $8 for Corporate and Other, totaling $261 and excludes development^(7) capital expenditures, capitalized interest and the increase in accrued capital totaling $167. The following are major development projects: Musselwhite Materials Handling, Borden, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Ahafo North, Ahafo Mill Expansion and Turquoise Ridge joint venture 3rd shaft.

^(8) Includes finance lease payments for sustaining projects of $18 and excludes finance lease payments for development projects of $3.

^(9) Per ounce measures may not recalculate due to rounding.

Gold equivalent ounces is calculated as pounds or ounces produced^ multiplied by the ratio of the other metals price to the gold price,(10) using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($15.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2019.

Nine Months Ended September 30, 2020

Costs Applicable to Sales(1)(2)(3)

Reclamation Costs(4)

Advanced Projects, Research and Development and Exploration(5)

General and Administrative

Care and Maintenance and Other Expense, Net(6)(7)

Treatment and Refining Costs

Sustaining Capital and Lease Related Costs(8)(9)

All-In Sustaining Costs

Ounces (000) Sold

All-In Sustaining Costs Per oz.(10)

Gold

CC&V

$

180

$

4

$

5

$

-

$

-

$

-

$

27

$

216

200

$

1,085

Red Lake

45

-

1

-

-

-

4

50

42

1,182

Musselwhite

73

2

5

-

24

-

16

120

62

1,945

Porcupine

174

2

7

-

-

-

25

208

241

862

?l?onore

127

2

3

-

26

-

27

185

137

1,345

Pe?asquito

188

4

-

-

19

27

24

262

311

845

Other North America

-

-

4

9

3

-

1

17

-

-

North America

787

14

25

9

72

27

124

1,058

993

1,066

Yanacocha

270

42

5

1

30

-

14

362

266

1,358

Merian

239

3

3

1

-

-

27

273

337

811

Cerro Negro

115

2

1

-

54

-

24

196

154

1,271

Other South America

-

-

1

7

2

-

-

10

-

-

South America

624

47

10

9

86

-

65

841

757

1,111

Boddington

421

9

3

-

-

8

64

505

482

1,046

Tanami

189

1

7

-

-

-

68

265

375

707

Other Australia

-

-

-

9

1

-

3

13

-

-

Australia

610

10

10

9

1

8

135

783

857

914

Ahafo

264

7

2

1

2

-

56

332

338

983

Akyem

164

17

1

-

1

-

18

201

268

750

Other Africa

-

-

-

5

-

-

-

5

-

-

Africa

428

24

3

6

3

-

74

538

606

889

Nevada Gold Mines

761

11

16

8

6

8

124

934

997

936

Nevada

761

11

16

8

6

8

124

934

997

936

Corporate and Other

-

-

53

164

3

-

31

251

-

-

Total Gold

$

3,210

$

106

$

117

$

205

$

171

$

43

$

553

$

4,405

4,210

$

1,046

Gold equivalent ounces - other metals (11)

Pe?asquito

$

371

$

6

$

1

$

-

$

19

$

114

$

67

$

578

688

$

840

Boddington

78

1

-

-

-

4

12

95

92

1,032

Total Gold Equivalent Ounces

$

449

$

7

$

1

$

-

$

19

$

118

$

79

$

673

780

$

862

Consolidated

$

3,659

$

113

$

118

$

205

$

190

$

161

$

632

$

5,078

Advanced Projects, Care and SustainingNine Months Costs Research Maintenance Treatment Capital All-In Ounces All-InEnded Applicable Reclamation and General and and Other and and Lease Sustaining (000) SustainingSeptember to Sales^ Costs^(4) Development Administrative Expense, Refining Related Costs Sold Costs Per30, 2020 (1)(2)(3) and Net^(6)(7) Costs Costs^(8) oz.^(10) Exploration (9) ^(5)

Gold

CC&V $ 180 $ 4 $ 5 $ - $ - $ - $ 27 $ 216 200 $ 1,085

Red Lake 45 - 1 - - - 4 50 42 1,182

Musselwhite 73 2 5 - 24 - 16 120 62 1,945

Porcupine 174 2 7 - - - 25 208 241 862

?l?onore 127 2 3 - 26 - 27 185 137 1,345

Pe?asquito 188 4 - - 19 27 24 262 311 845

Other North - - 4 9 3 - 1 17 - - America

North 787 14 25 9 72 27 124 1,058 993 1,066 America



Yanacocha 270 42 5 1 30 - 14 362 266 1,358

Merian^ 239 3 3 1 - - 27 273 337 811

Cerro Negro 115 2 1 - 54 - 24 196 154 1,271

Other South - - 1 7 2 - - 10 - - America

South 624 47 10 9 86 - 65 841 757 1,111 America



Boddington 421 9 3 - - 8 64 505 482 1,046

Tanami 189 1 7 - - - 68 265 375 707

Other - - - 9 1 - 3 13 - - Australia

Australia 610 10 10 9 1 8 135 783 857 914



Ahafo 264 7 2 1 2 - 56 332 338 983

Akyem 164 17 1 - 1 - 18 201 268 750

Other Africa - - - 5 - - - 5 - -

Africa 428 24 3 6 3 - 74 538 606 889



Nevada Gold 761 11 16 8 6 8 124 934 997 936 Mines

Nevada 761 11 16 8 6 8 124 934 997 936



Corporate - - 53 164 3 - 31 251 - - and Other

Total Gold $ 3,210 $ 106 $ 117 $ 205 $ 171 $ 43 $ 553 $ 4,405 4,210 $ 1,046



Goldequivalentounces - other metals^(11)

Pe?asquito $ 371 $ 6 $ 1 $ - $ 19 $ 114 $ 67 $ 578 688 $ 840

Boddington 78 1 - - - 4 12 95 92 1,032

Total GoldEquivalent $ 449 $ 7 $ 1 $ - $ 19 $ 118 $ 79 $ 673 780 $ 862 Ounces



Consolidated $ 3,659 $ 113 $ 118 $ 205 $ 190 $ 161 $ 632 $ 5,078

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

^(2) Includes by-product credits of $80 and excludes co-product revenues of $769.

^(3) Includes stockpile and leach pad inventory adjustments of $18 at Yanacocha and $23 at NGM.

Reclamation costs include operating accretion and amortization of asset retirement costs of $69 and $44, respectively, and exclude accretion and^(4) reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $38 and $9, respectively.

Advanced projects, research and development and Exploration excludes development expenditures of $4 at CC&V, $1 at Porcupine, $1 at ?l?onore, $2 at Pe?asquito,$1 at Other North America, $2 at Yanacocha, $6 at^(5) Merian, $19 at Other South America, $4 at Tanami, $11 at Other Australia, $12 at Ahafo, $4 at Akyem, $3 at Other Africa, $14 at NGM and $8 at Corporate and Other, totaling $92 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

Care and maintenance includes $28 at Musselwhite, $26 at ?l?onore, $38 at Pe?asquito, $27 at Yanacocha, $50 at Cerro Negro and $2 at Other South America of cash care and maintenance costs associated with the sites^(6) temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2020 that we would have continued to incur if the site were not temporarily placed into care and maintenance.

Other expense, net is adjusted for incremental costs of responding to the^(7) COVID-19 pandemic of $67, settlement costs of $34, impairment of long-lived and other assets of $29, Goldcorp transaction and integration costs of $23 and restructuring and severance costs of $12.

Includes sustaining capital expenditures of $156 for North America, $65 for South America, $139 for Australia, $73 for Africa, $124 for Nevada, and $31 for Corporate and Other, totaling $588 and excludes development capital expenditures, capitalized interest and the change in accrued^(8) capital totaling $316. The following are major development projects: Musselwhite Materials Handling, ?l?onore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Subika Mining Method Change, Ahafo North, Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez.

^(9) Includes finance lease payments for sustaining projects of $44.

^ Per ounce measures may not recalculate due to rounding.(10)

Gold equivalent ounces is calculated as pounds or ounces produced^ multiplied by the ratio of the other metals price to the gold price,(11) using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver $16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.

Advanced

Costs Projects, Sustaining All-InNine Months Applicable Research Other TreatmentEnded Reclamation and General and and Capital and All-In Ounces SustainingSeptember 30, to Administrative Expense, Refining Lease Sustaining (000) 2019 Costs ^(4) Development Costs Related Costs Sold Costs per Sales ^(1) Net ^(6) Costs^(7) (2)(3) and (8) oz. ^(9)

Exploration ^(5)

Gold

CC&V $ 208 $ 3 $ 6 $ 1 $ 2 $ - $ 28 $ 248 230 $ 1,076

Red Lake 88 2 5 - - - 22 117 68 1,734

Musselwhite 20 1 5 - - - 14 40 6 7,131

Porcupine 125 2 2 - - - 18 147 143 1,027

?l?onore 144 - 2 - - 1 21 168 167 1,002

Pe?asquito 66 1 - - - 1 25 93 54 1,714

Other North - - 1 43 1 - 4 49 - - America

North America 651 9 21 44 3 2 132 862 668 1,290



Yanacocha 300 43 7 1 7 - 20 378 422 895

Merian 220 3 4 1 - - 39 267 397 672

Cerro Negro 141 1 13 - 1 - 25 181 218 833

Other South - - - 7 - - - 7 - - America

South America 661 47 24 9 8 - 84 833 1,037 803



Boddington 431 9 1 - - 10 45 496 522 949

Tanami 198 2 5 - - - 56 261 361 725

Kalgoorlie 160 3 2 - - - 20 185 170 1,090

Other - - 4 7 1 - 5 17 - - Australia

Australia 789 14 12 7 1 10 126 959 1,053 911



Ahafo 281 3 14 - 1 - 71 370 451 820

Akyem 172 25 3 - 1 - 20 221 321 691

Other Africa - - - 7 1 - - 8 - -

Africa 453 28 17 7 3 - 91 599 772 776



Nevada Gold 235 10 5 3 2 2 50 307 334 920 Mines

Carlin 358 3 9 3 1 - 64 438 408 1,076

Phoenix 116 3 - 1 - 7 10 137 118 1,149

Twin Creeks 113 1 3 1 - - 23 141 170 830

Long Canyon 36 1 - 1 - - 7 45 96 466

Other Nevada - - 5 - - - 4 9 - -

Nevada 858 18 22 9 3 9 158 1,077 1,126 956



Corporate and - - 46 148 3 - 9 206 - - Other

Total Gold $ 3,412 $ 116 $ 142 $ 224 $ 21 $ 21 $ 600 $ 4,536 4,656 $ 974



Goldequivalent ounces - othermetals ^(10)

Pe?asquito $ 209 $ 3 $ 2 $ - $ - $ 34 $ 65 $ 313 213 $ 1,471

Boddington 87 2 - - - 6 8 103 106 966

Phoenix 28 2 - - - 1 3 34 38 894

Total GoldEquivalent $ 324 $ 7 $ 2 $ - $ - $ 41 $ 76 $ 450 357 $ 1,259 Ounces



Consolidated $ 3,736 $ 123 $ 144 $ 224 $ 21 $ 62 $ 676 $ 4,986

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

^(2) Includes by-product credits of $62 and excludes co-product revenues of $397.

Includes stockpile and leach pad inventory adjustments of $10 at CC&V,^(3) $10 at Yanacocha, $19 at Boddington, $20 at Akyem, $1 at NGM, $33 at Carlin and $2 at Twin Creeks.

Reclamation costs include operating accretion and amortization of asset retirement costs of $63 and $60, respectively, and exclude accretion and^(4) reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $39 and $63, respectively.

Advanced projects, research and development and Exploration excludes development expenditures of $3 at CC&V, $1 at Musselwhite, $4 at Porcupine, $2 at ?l?onore, $1 at Pe?asquito, $2 at Other North America, $9 at Yanacocha, $2 at Merian, $6 at Cerro Negro, $29 at Other South^(5) America, $3 at Tanami, $2 at Kalgoorlie, $12 at Other Australia, $10 at Ahafo, $9 at Akyem, $4 at Other Africa, $8 at NGM, $6 at Carlin, $1 at Phoenix, $2 at Twin Creeks, $12 at Long Canyon, $2 at Other Nevada and $26 at Corporate and Other, totaling $156 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

Other expense, net is adjusted for Goldcorp transaction and integration^(6) costs of $185, Nevada JV transaction and integration costs of $26, restructuring and severance costs of $5, impairment of long-lived and other assets of $4 and settlement costs of $2.

Includes sustaining capital expenditures of $172 for North America, $84 for South America, $125 for Australia, $88 for Africa, $160 for Nevada and $9 for Corporate and Other, totaling $638 and excludes development^(7) capital expenditures, capitalized interest and the increase in accrued capital totaling $395. The following are major development projects: Musselwhite Materials Handling, Borden, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Ahafo North, Subika Underground, Ahafo Mill Expansion and Turquoise Ridge joint venture 3rd shaft.

^(8) Includes finance lease payments for sustaining projects of $38 and excludes finance lease payments for development projects of $22.

^(9) Per ounce measures may not recalculate due to rounding.

Gold equivalent ounces is calculated as pounds or ounces produced^ multiplied by the ratio of the other metals price to the gold price,(10) using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($15.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2019.

A reconciliation of the 2020 Gold AISC outlook to the 2020 Gold CAS outlook is provided below. The estimates in the table below are considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.

2020 Proforma Outlook Gold ^(7)(8) Outlook Estimate



(in millions, except ounces and per ounce)





Cost Applicable to Sales ^(1)(2) $ 4,450

Reclamation Costs ^(3) 170

Advanced Projects & Exploration ^(4) 130

General and Administrative^ (5) 240

Other Expense 160

Treatment and Refining Costs 30

Sustaining Capital ^(6) 790

Sustaining Finance Lease Payments 30

All-in Sustaining Costs $ 6,000

Ounces (000) Sold^ (9) 5,900

All-in Sustaining Costs per Oz $ 1,015

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes stockpile and leach pad inventory adjustments.

(3)

Reclamation costs include operating accretion and amortization of asset retirement costs.

(4)

Advanced Project and Exploration excludes non-sustaining advanced projects and exploration.

(5)

Includes stock based compensation.

(6)

Excludes development capital expenditures, capitalized interest and change in accrued capital.

(7)

The reconciliation is provided for illustrative purposes in order to better describe management's estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2020 AISC Gold and Co-Product Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.

(8)

All values are presented on a consolidated basis for Newmont.

(9)

Consolidated production for Yanacocha and Merian is presented on a total production basis for the mine site and excludes production from Pueblo Viejo.

A reconciliation of the 2020 Co-products AISC outlook to the 2020 Co-Products CAS outlook is provided below. The estimates in the table below are considered "forward-looking statements" within the 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.

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

^ Includes stockpile and leach pad inventory adjustments.(2)

^ Reclamation costs include operating accretion and amortization of asset(3) retirement costs.

^ Advanced Project and Exploration excludes non-sustaining advanced projects(4) and exploration.

^ Includes stock based compensation.(5)

^ Excludes development capital expenditures, capitalized interest and change(6) in accrued capital.

The reconciliation is provided for illustrative purposes in order to better describe management's estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result,^ the total All-in sustaining costs and the All-in sustaining costs per(7) ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2020 AISC Gold and Co-Product Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.

^ All values are presented on a consolidated basis for Newmont.(8)

^ Consolidated production for Yanacocha and Merian is presented on a total(9) production basis for the mine site and excludes production from Pueblo Viejo.

A reconciliation of the 2020 Co-products AISC outlook to the 2020 Co-Products CAS outlook is provided below. The estimates in the table below are considered "forward-looking statements" within the 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.

2020 Proforma Outlook - Co-Product ^(7)(8) Outlook Estimate



(in millions, except GEO and per GEO)





Cost Applicable to Sales ^(1)(2) $ 610

Reclamation Costs ^(3) 10

Advanced Projects & Exploration ^(4) 10

General and Administrative^ (5) 25

Other Expense 20

Treatment and Refining Costs 150

Sustaining Capital ^(6) 110

Sustaining Finance Lease Payments 20

All-in Sustaining Costs $ 955

Co-Product GEO (000) Sold^ (9) 1,010

All-in Sustaining Costs per Co Product GEO $ 945

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes stockpile and leach pad inventory adjustments.

(3)

Reclamation costs include operating accretion and amortization of asset retirement costs.

(4)

Advanced Project and Exploration excludes non-sustaining advanced projects and exploration.

(5)

Includes stock based compensation.

(6)

Excludes development capital expenditures, capitalized interest and change in accrued capital.

(7)

The reconciliation is provided for illustrative purposes in order to better describe management's estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2020 AISC Gold and Co-Product Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.

(8)

All values are presented on a consolidated basis for Newmont.

(9)

Co-Product GEO are all non-gold co-products (Pe?asquito silver, zinc, lead, Boddington copper).

Net debt to Adjusted EBITDA ratio

Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company's operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company's debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net Debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management's determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:

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

^ Includes stockpile and leach pad inventory adjustments.(2)

^ Reclamation costs include operating accretion and amortization of asset(3) retirement costs.

^ Advanced Project and Exploration excludes non-sustaining advanced projects(4) and exploration.

^ Includes stock based compensation.(5)

^ Excludes development capital expenditures, capitalized interest and change(6) in accrued capital.

The reconciliation is provided for illustrative purposes in order to better describe management's estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result,^ the total All-in sustaining costs and the All-in sustaining costs per(7) ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2020 AISC Gold and Co-Product Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.

^ All values are presented on a consolidated basis for Newmont.(8)

^ Co-Product GEO are all non-gold co-products (Pe?asquito silver, zinc,(9) lead, Boddington copper).

Net debt to Adjusted EBITDA ratio

Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company's operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company's debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net Debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management's determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:

Three Months Ended

September June March 30, 30, 31, December 2020 2020 2020 31, 2019



Net income (loss) attributable to $ 839 $ 344 $ 822 $ 565 Newmont stockholders

Net income (loss) attributable to 17 3 2 (4) noncontrolling interests

Net loss (income) from discontinued (228) 68 15 (28) operations

Equity loss (income) of affiliates (53) (29) (37) (42)

Income and mining tax expense 305 164 (23) 129 (benefit)

Depreciation and amortization 592 528 565 613

Interest expense, net 75 78 82 84

EBITDA 1,547 1,156 1,426 1,317

EBITDA Adjustments:

Pension settlements and curtailments 83 2 - (28)

Change in fair value of investments (57) (227) 93 (91)

COVID-19 specific costs 32 33 2 -

Settlement costs 26 2 6 3

Impairment of long-lived and other 24 5 - 1 assets

Restructuring and severance 9 2 1 2

Loss (gain) on asset and investment (1) 1 (593) 2 sales

Goldcorp transaction and integration - 7 16 32 costs

Loss on debt extinguishment - 3 74 -

Impairment of investments - - 93 -

Reclamation and remediation charges - - - 71

Gain on formation of Nevada Gold Mines - - - (24)

Nevada JV transaction and integration - - - 4 costs

Adjusted EBITDA 1,663 984 1,118 1,289

12 month trailing Adjusted EBITDA $ 5,054



Total Debt $ 6,030

Lease and other financing obligations 647

Less: Cash and cash equivalents 4,828

Total net debt $ 1,849



Net debt to adjusted EBITDA 0.4

Net average realized price per ounce/ pound

Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the net consolidated gold, copper, silver, lead and zinc sales by the consolidated gold ounces, copper pounds, silver ounces, lead pounds and zinc pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Consolidated gold sales, net $ 2,860 $ 2,483 $ 7,347 $ 6,376

Consolidated copper sales, net 43 40 101 163

Consolidated silver sales, net 138 78 337 109

Consolidated lead sales, net 30 25 92 38

Consolidated zinc sales, net 99 87 239 87

Total sales $ 3,170 $ 2,713 $ 8,116 $ 6,773

Three Months Ended September 30, 2020

Gold Copper Silver Lead Zinc

(ounces) (pounds) (ounces) (pounds) (pounds)

Consolidated sales:

Gross before provisionalpricing and streaming $ 2,864 $ 42 $ 122 $ 36 $ 99 impact

Provisional pricing 19 2 12 (1) 14 mark-to-market

Silver streaming - - 16 - - amortization

Gross after provisionalpricing and streaming 2,883 44 150 35 113 impact

Treatment and refining (23) (1) (12) (5) (14) charges

Net $ 2,860 $ 43 $ 138 $ 30 $ 99

Consolidated ounces(thousands)/ pounds 1,495 14 6,371 42 98 (millions) sold

Average realized price (per ounce/pound)^(1):

Gross before provisionalpricing and streaming $ 1,917 $ 2.94 $ 19.15 $ 0.87 $ 1.01 impact

Provisional pricing 12 0.15 2.00 (0.02) 0.15 mark-to-market

Silver streaming - - 2.40 - - amortization

Gross after provisionalpricing and streaming 1,929 3.09 23.55 0.85 1.16 impact

Treatment and refining (16) (0.10) (1.86) (0.12) (0.15) charges

Net $ 1,913 $ 2.99 $ 21.69 $ 0.73 $ 1.01

Nine Months Ended September 30, 2020

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

7,342

$

108

$

306

$

109

$

299

Provisional pricing mark-to-market

48

(3)

18

(3)

5

Silver streaming amortization

-

-

48

-

-

Gross after provisional pricing and streaming impact

7,390

105

372

106

304

Treatment and refining charges

(43)

(4)

(35)

(14)

(65)

Net

$

7,347

$

101

$

337

$

92

$

239

Consolidated ounces (thousands)/ pounds (millions) sold

4,210

40

20,260

133

313

Average realized price (per ounce/pound)(1):

Gross before provisional pricing and streaming impact

$

1,744

$

2.67

$

15.08

$

0.82

$

0.96

Provisional pricing mark-to-market

11

(0.07)

0.90

(0.02)

0.02

Silver streaming amortization

-

-

2.36

-

-

Gross after provisional pricing and streaming impact

1,755

2.60

18.34

0.80

0.98

Treatment and refining charges

(10)

(0.11)

(1.68)

(0.11)

(0.21)

Net

$

1,745

$

2.49

$

16.66

$

0.69

$

0.77

Nine Months Ended September 30, 2020

Gold Copper Silver Lead Zinc

(ounces) (pounds) (ounces) (pounds) (pounds)

Consolidated sales:

Gross before provisionalpricing and streaming $ 7,342 $ 108 $ 306 $ 109 $ 299 impact

Provisional pricing 48 (3) 18 (3) 5 mark-to-market

Silver streaming - - 48 - - amortization

Gross after provisionalpricing and streaming 7,390 105 372 106 304 impact

Treatment and refining (43) (4) (35) (14) (65) charges

Net $ 7,347 $ 101 $ 337 $ 92 $ 239

Consolidated ounces(thousands)/ pounds 4,210 40 20,260 133 313 (millions) sold

Average realized price (per ounce/pound)^(1):

Gross before provisionalpricing and streaming $ 1,744 $ 2.67 $ 15.08 $ 0.82 $ 0.96 impact

Provisional pricing 11 (0.07) 0.90 (0.02) 0.02 mark-to-market

Silver streaming - - 2.36 - - amortization

Gross after provisionalpricing and streaming 1,755 2.60 18.34 0.80 0.98 impact

Treatment and refining (10) (0.11) (1.68) (0.11) (0.21) charges

Net $ 1,745 $ 2.49 $ 16.66 $ 0.69 $ 0.77

(1)

Per ounce/pound measures may not recalculate due to rounding.

^(1) Per ounce/pound measures may not recalculate due to rounding.

Three Months Ended September 30, 2019

Gold Copper Silver Lead Zinc

(ounces) (pounds) (ounces) (pounds) (pounds)

Consolidated sales:

Gross before provisionalpricing and streaming $ 2,485 $ 44 $ 70 $ 29 $ 112 impact

Provisional pricing 6 (2) - - - mark-to-market

Silver streaming - - 11 - - amortization

Gross after provisionalpricing and streaming 2,491 42 81 29 112 impact

Treatment and refining (8) (2) (3) (4) (25) charges

Net $ 2,483 $ 40 $ 78 $ 25 $ 87

Consolidated ounces(thousands)/ pounds 1,682 17 4,552 30 107(millions) sold

Average realized price (per ounce/pound)^(1):

Gross before provisionalpricing and streaming $ 1,477 $ 2.62 $ 15.25 $ 0.96 $ 1.04 impact

Provisional pricing 4 (0.13) - - - mark-to-market

Silver streaming - - 2.41 - - amortization

Gross after provisionalpricing and streaming 1,481 2.49 17.66 0.96 1.04 impact

Treatment and refining (5) (0.12) (0.48) (0.12) (0.23) charges

Net $ 1,476 $ 2.37 $ 17.18 $ 0.84 $ 0.81

Nine Months Ended September 30, 2019

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

6,384

$

173

$

96

$

44

$

112

Provisional pricing mark-to-market

13

(3)

-

-

-

Silver streaming amortization

-

-

16

-

-

Gross after provisional pricing and streaming impact

6,397

170

112

44

112

Treatment and refining charges

(21)

(7)

(3)

(6)

(25)

Net

$

6,376

$

163

$

109

$

38

$

87

Consolidated ounces (thousands)/ pounds (millions) sold

4,656

63

6,719

47

107

Average realized price (per ounce/pound)(1):

Gross before provisional pricing and streaming impact

$

1,371

$

2.75

$

14.35

$

0.93

$

1.04

Provisional pricing mark-to-market

3

(0.05)

-

-

-

Silver streaming amortization

-

-

2.39

-

-

Gross after provisional pricing and streaming impact

1,374

2.70

16.74

0.93

1.04

Treatment and refining charges

(4)

(0.11)

(0.51)

(0.12)

(0.23)

Net

$

1,370

$

2.59

$

16.23

$

0.81

$

0.81

Nine Months Ended September 30, 2019

Gold Copper Silver Lead Zinc

(ounces) (pounds) (ounces) (pounds) (pounds)

Consolidated sales:

Gross before provisionalpricing and streaming $ 6,384 $ 173 $ 96 $ 44 $ 112 impact

Provisional pricing 13 (3) - - - mark-to-market

Silver streaming - - 16 - - amortization

Gross after provisionalpricing and streaming 6,397 170 112 44 112 impact

Treatment and refining (21) (7) (3) (6) (25) charges

Net $ 6,376 $ 163 $ 109 $ 38 $ 87

Consolidated ounces(thousands)/ pounds 4,656 63 6,719 47 107(millions) sold

Average realized price (per ounce/pound)^(1):

Gross before provisionalpricing and streaming $ 1,371 $ 2.75 $ 14.35 $ 0.93 $ 1.04 impact

Provisional pricing 3 (0.05) - - - mark-to-market

Silver streaming - - 2.39 - - amortization

Gross after provisionalpricing and streaming 1,374 2.70 16.74 0.93 1.04 impact

Treatment and refining (4) (0.11) (0.51) (0.12) (0.23) charges

Net $ 1,370 $ 2.59 $ 16.23 $ 0.81 $ 0.81

(1)

Per ounce/pound measures may not recalculate due to rounding.

?Gold by-product metrics

Copper, sliver, lead and zinc are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements.

Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company's performance with certain competitors. As Newmont's operations are primarily focused on gold production, "Gold by-product metrics" were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead and zinc production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead and zinc sales recognized from Sales and including these amounts as offsets to CAS.

Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks, such as in IFRS.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures:

^(1) Per ounce/pound measures may not recalculate due to rounding.

?Gold by-product metrics

Copper, sliver, lead and zinc are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements.

Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company's performance with certain competitors. As Newmont's operations are primarily focused on gold production, "Gold by-product metrics" were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead and zinc production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead and zinc sales recognized from Sales and including these amounts as offsets to CAS.

Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks, such as in IFRS.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures:

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Consolidated gold sales, net $ 2,860 $ 2,483 $ 7,347 $ 6,376

Consolidated other metal sales, net 310 230 769 397

Sales $ 3,170 $ 2,713 $ 8,116 $ 6,773



Costs applicable to sales $ 1,269 $ 1,392 $ 3,659 $ 3,736

Less: Consolidated other metal (310) (230) (769) (397) sales, net

By-Product costs applicable to sales $ 959 $ 1,162 $ 2,890 $ 3,339

Gold sold (thousand ounces) 1,495 1,682 4,210 4,656

Total Gold CAS per ounce $ 641 $ 691 $ 686 $ 717 (by-product) ^(1)



Total AISC $ 1,715 $ 1,907 $ 5,078 $ 4,986

Less: Consolidated other metal (310) (230) (769) (397) sales, net

By-Product AISC $ 1,405 $ 1,677 $ 4,309 $ 4,589

Gold sold (thousand ounces) 1,495 1,682 4,210 4,656

Total Gold AISC per ounce $ 940 $ 997 $ 1,024 $ 986 (by-product) ^(1)

(1)

Per ounce measures may not recalculate due to rounding.

Conference Call Information

A conference call will be held on Thursday, October 29, 2020 at 12:00 p.m. Eastern Time (10:00 a.m. Mountain Time); it will also be carried on the Company's website.

Conference Call Details

^(1) Per ounce measures may not recalculate due to rounding.

Conference Call Information

A conference call will be held on Thursday, October 29, 2020 at 12:00 p.m. Eastern Time (10:00 a.m. Mountain Time); it will also be carried on the Company's website.

Conference Call Details

Dial-In Number 855.209.8210

Intl Dial-In Number 412.317.5213

Conference Name Newmont

Replay Number 877.344.7529

Intl Replay Number 412.317.0088

Replay Access Code 10148282

Webcast Details

Title: Newmont Third Quarter 2020 Earnings Conference Call

URL: https://event.on24.com/wcc/r/2626338/3D19516266F04B6CBE6671286959419C

The third quarter 2020 results will be available before the market opens on Thursday, October 29, 2020 on the "Investor Relations" section of the Company's website, www.newmont.com. Additionally, the conference call will be archived for a limited time on the Company's website.

About Newmont

Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

Cautionary Statement Regarding Forward Looking Statements, Including Outlook:

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as "anticipate," "intend," "plan," "will," "would," "estimate," "expect," "believe," "target," "indicative," "preliminary," or "potential." Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook, average future production, upside potential and indicative production profiles; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) estimates of future cost reductions, full potential savings, value creation, improvements, synergies and efficiencies; (v) expectations regarding the project pipeline, including, without limitation, with respect to Tanami and Musselwhite, and the development, growth and exploration potential of the Company's other operations, projects and investments, including, without limitation, returns, IRR, schedule, decision dates, mine life and mine life extensions, commercial start, first production, average production, average costs, impacts of improvement or expansion projects and upside potential; (vi) expectations regarding future investments or divestitures; (vii) expectations regarding free cash flow, and returns to stockholders, including with respect to future dividends and future share repurchases; (viii) expectations regarding future mineralization, including, without limitation, expectations regarding reserves and recoveries; (ix) estimates of future closure costs and liabilities; (x) expectations regarding the timing and/or likelihood of future borrowing, future debt repayment, financial flexibility and cash flow; and (xi) expectations regarding the impact of the COVID-19 pandemic. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of current mineral reserve and mineralized material estimates; and (viii) other planning assumptions. Uncertainties relating to the impacts of COVID-19, include, without limitation, general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, the ability to operate following changing governmental restrictions on travel and operations (including, without limitation, the duration of restrictions, including access to sites, ability to transport and ship dor, access to processing and refinery facilities, impacts to international trade, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, impacts to productivity and operations in connection with decisions intended to protect the health and safety of the workforce, their families and neighboring communities), and the impact of additional waves of the pandemic or increases of incidents of COVID-19 in the areas and countries in which we operate. Investors are reminded that only the third quarter has been declared by the Board of Directors at this time. Dividends for the remainder of 2020 have not yet been approved or declared by the Board of Directors, and an annualized dividend has not been declared by the Board. Investors are cautioned that the Company's dividend framework is non-binding. Management's expectations with respect to future dividends are "forward-looking statements" and non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont's financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board. The duration, scope and impact of COVID-19 presents additional uncertainties with respect to future dividends and no assurance is being provided that the Company will pay future dividends at the current payment level. For a more detailed discussion of risks and other factors that might impact future looking statements, see the Company's Annual Report on Form 10-K for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (the "SEC"), under the heading "Risk Factors", as well as the COVID-19 related "Risk Factor" in the Quarterly Report on Form 10-Q for the year ended March 31, 2020, filed with the SEC, available on the SEC website or www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005425/en/

CONTACT: Media Contact Courtney Boone 303.837.5159 courtney.boone@newmont.com

CONTACT: Investor Contact Eric Colby 303.837.5724 eric.colby@newmont.com