Business Wire | Oct 28, 2021 07:01AM EDT

Newmont Announces Third Quarter 2021 Results

Oct. 28, 2021

DENVER--(BUSINESS WIRE)--Oct. 28, 2021--Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced third quarter 2021 results.

THIRD QUARTER 2021 HIGHLIGHTS

* Produced 1.45 million attributable ounces of gold and 315 thousand attributable gold equivalent ounces from co-products * Reported gold CAS* of $830 per ounce and AISC* of $1,120 per ounce * Updated full-year guidance of 6.0 million ounces of attributable gold production, $790 per ounce of CAS and $1,050 per ounce of AISC**, reaffirming original guidance of 1.3 million gold equivalent ounces from copper, silver, lead and zinc * Generated $1.1 billion of cash from continuing operations and $735 million of Free Cash Flow (97 percent attributable to Newmont)* * Declared third quarter dividend of $0.55 per share, consistent with the previous quarter*** * Completed $99 million of share repurchases from $1 billion buyback program*** * Ended the quarter with $4.6 billion of consolidated cash and $7.6 billion of liquidity with a net debt to adjusted EBITDA* ratio of 0.2x * Delivered the gold industry's first Autonomous Haulage System (AHS) fleet, improving safety and long-term productivity at Boddington * Advancing near-term projects, including Tanami Expansion 2, Ahafo North and the mining method change at Subika Underground * Progressing Yanacocha Sulfides, investing at least $500M through 2022 with a full funds decision expected in the second half of 2022

"Newmont delivered on a challenging third quarter performance with $1.3 billion in adjusted EBITDA and $735 million in free cash flow, building momentum for a strong fourth quarter," said Tom Palmer, Newmont President and Chief Executive Officer. "Supported by our clear strategic focus and proven operating model, we continue to apply our disciplined approach to capital allocation. A year ago, we announced our industry-leading dividend framework, establishing a clear pathway for stable and predictable returns. Over the last four quarters, Newmont has steadily reinvested in our operations while returning more than $2 billion dollars to shareholders through dividends and share buybacks, demonstrating our confidence in the long-term value of our business and our ability to maintain financial flexibility."

- Tom Palmer, Newmont President and Chief Executive Officer

___________________________* Non-GAAP metrics; see footnotes at the end of this release.

** See discussion of outlook and cautionary statement at end of release regarding forward-looking statements.

*** See cautionary statement and endnotes at the end of this release, including with respect to future dividends and share buybacks. Note that the buyback figure above excludes $15 million disclosed in Q2 2021 settled after June 30, 2021.

THIRD QUARTER 2021 FINANCIAL AND PRODUCTION SUMMARY

Q3'21 Q2'21 Q1'21 Q3'20

Attributable gold production (million 1.45 1.45 1.46 1.54 ounces)

Gold costs applicable to sales (CAS) ($ $ 830 $ 755 $ 752 $ 756 per ounce)

Gold all-in sustaining costs (AISC) ($ $ 1,120 $ 1,035 $ 1,039 $ 1,020 per ounce)

GAAP net income (loss) (US $ millions) $ (8 ) $ 640 $ 538 $ 611

Adjusted net income (US $ millions) $ 483 $ 670 $ 594 $ 697

Adjusted EBITDA (US $ millions) $ 1,316 $ 1,591 $ 1,457 $ 1,663

Cash flow from continuing operations $ 1,133 $ 993 $ 841 $ 1,597 (US $ millions)

Capital expenditures (US $ millions) $ 398 $ 415 $ 399 $ 296

Free cash flow (US $ millions) $ 735 $ 578 $ 442 $ 1,301

Attributable gold production1 decreased 6 percent to 1,449 thousand ounces from the prior year quarter primarily due to lower throughput at Nevada Gold Mines as a result of a mechanical failure in May 2021 which resulted in a partial shutdown of the Goldstrike mill at Carlin until it was fully repaired in September 2021, lower leach production, mill recovery and ore grade milled at CC&V, lower throughput at Tanami as the mine was placed under care and maintenance in July 2021 and lower throughput, grade milled and recovery at Boddington. These decreases were partially offset by higher throughput at Cerro Negro due to reduced operations in the prior year quarter in response to Covid.

Gold CAS increased 4 percent to $1,175 million from the prior year quarter. Gold CAS per ounce2 increased 10 percent to $830 per ounce from the prior year quarter primarily due to lower gold ounces sold, higher diesel costs, an unfavorable Australian dollar foreign currency exchange rate and higher royalty payments at Akyem and Nevada Gold Mines. These increases were partially offset by a build of inventory.

Gold AISC3 increased 10 percent to $1,120 per ounce from the prior year quarter primarily due to higher CAS per ounce and higher sustaining capital spend. These increases were partially offset by lower treatment and refining costs.

Attributable gold equivalent ounce (GEO) production from other metals increased 15 percent to 315 thousand ounces primarily due to higher throughput and recoveries at Peasquito.

CAS from other metals totaled $192 million for the quarter. CAS per GEO2 increased 15 percent to $638 per ounce from the prior year quarter primarily due to higher allocation of costs to other metals and higher concentrate selling expenses at Peasquito and Boddington. These increases were partially offset by higher gold equivalent ounces sold. AISC per GEO3 increased 15 percent to $887 per ounce primarily due to higher CAS per GEO and higher sustaining capital spend.

Net loss from continuing operations attributable to Newmont stockholders was $(8) million or $(0.01) per diluted share, a decrease of $619 million from the prior year quarter primarily due to the loss recognized on the pending sale of the Conga mill assets of $571 million, lower average realized gold prices, lower gold sales volumes, unrealized losses on marketable and other equity securities, higher CAS and higher reclamation and remediation charges. These decreases were partially offset by lower income tax expense and lower impairment of long-lived assets.

Adjusted net income4 was $483 million or $0.60 per diluted share, compared to $697 million or $0.86 per diluted share in the prior year quarter. Primary adjustments to third quarter net income include the loss recognized on the pending sale of the Conga mill assets, changes in the fair value of investments, reclamation and remediation charges and valuation allowance and other tax adjustments.

Adjusted EBITDA5 decreased 21 percent to $1,316 million for the quarter, compared to $1,663 million for the prior year quarter.

Revenue decreased 9 percent from the prior year quarter to $2,895 million primarily due to lower average realized gold prices and lower gold sales volumes.

Average realized price6 for gold was $1,778, a decrease of $135 per ounce over the prior year quarter. Average realized gold price includes $1,784 per ounce of gross price received, the favorable impact of $4 per ounce mark-to-market on provisionally-priced sales and reductions of $10 per ounce for treatment and refining charges.

Capital expenditures7 increased 34 percent from the prior year quarter to $398 million primarily due to higher sustaining capital spend from sites that were placed into care and maintenance in response to Covid during 2020 and higher development capital spend. Development capital expenditures in 2021 primarily include advancing Tanami Expansion 2, Yanacocha Sulfides, Ahafo North, the Subika Mining Method Change, Cerro Negro expansion projects, Quecher Main, Pamour, the Power Generation Civil Upgrade, Goldrush Complex and Turquoise Ridge 3rd shaft.

Consolidated operating cash flow from continuing operations decreased 29 percent from the prior year quarter to $1,133 million primarily due to lower average realized gold prices and lower gold sales volumes, an increase in tax payments and an increase in prepaid assets. Free Cash Flow8 also decreased to $735 million primarily due to lower operating cash flow and higher capital expenditures as described above.

Balance sheet and liquidity ended the quarter with $4.6 billion of consolidated cash and approximately $7.6 billion of liquidity; reported net debt to adjusted EBITDA of 0.2x9.

Nevada Gold Mines (NGM) attributable gold production was 308 thousand ounces with CAS of $768 per ounce and AISC of $945 per ounce for the third quarter. EBITDA10 for NGM was $293 million.

Pueblo Viejo (PV) attributable gold production was 85 thousand ounces for the quarter. Pueblo Viejo EBITDA10 was $108 million and cash distributions received for the Company's equity method investment totaled $69 million in the third quarter.

COVID UPDATE

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. The Company incurred incremental Covid specific costs of $24 million during the quarter for activities such as additional health and safety procedures, increased transportation and community fund contributions. During the second quarter of 2020, the Newmont Global Community Support Fund was established to help host communities, governments and employees combat the Covid pandemic. Amounts distributed from this fund were $1 million during the quarter and have been adjusted from certain non-GAAP metrics. The remaining $23 million is not adjusted from our non-GAAP metrics.

We have mobilized a Covid vaccine working group with representatives from across the globe. Newmont views vaccination as critical in the fight against Covid and actively encourages our workforce to get vaccinated as they become eligible. We are working to support authorities, through our Global Community Support Fund, to improve the availability and deployment of vaccines to our workforce and host communities.

PROJECTS UPDATE

Newmont's capital-efficient project pipeline supports improving production, lowering costs and extending mine life. Funding for the current development capital projects Tanami Expansion 2 and Ahafo North has been approved and these projects are in the execution stage. The Company has included the Yanacocha Sulfides project in its long-term outlook as the project is currently scheduled to be approved for full funding in the second half of 2022. Additional development 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 beyond 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 and is expected to reduce operating costs by approximately 10 percent. Capital costs for the project are estimated to be between $850 million and $950 million with a commercial production date in the first half of 2024. * Ahafo North (Africa) expands our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company's Ahafo South operations. The project is expected to add between 275,000 and 325,000 ounces per year with all-in sustaining costs between $600 to $700 per ounce for the first five full years of production (2024-2028). Capital costs for the project are estimated to be between $750 and $850 million with a construction completion date in the second half of 2023 and commercial production in early 2024. Ahafo North is the best unmined gold deposit in West Africa with approximately 3.5 million ounces of Reserves and more than 1 million ounces of Measured and Indicated and Inferred Resource11 and significant upside potential to extend beyond Ahafo North's current 13-year mine life. * Yanacocha Sulfides (South America)12 will develop the first phase of sulfide deposits and an integrated processing circuit, including an autoclave to process gold, copper and silver feedstock. The project is expected to add 500,000 gold equivalent ounces per year with all-in sustaining costs between $700 to $800 per ounce for the first five full years of production. An investment decision is expected in the second half of 2022 with a three year development period. The first phase focuses on developing the Yanacocha Verde and Chaquicocha deposits to extend Yanacocha's operations beyond 2040 with second and third phases having the potential to extend life for multiple decades.

___________________________^1 Attributable gold production for the third quarter 2021 includes 85 thousand ounces from the Company's equity method investment in Pueblo Viejo (40%).

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

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

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

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

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

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

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

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

^ Non-GAAP measure. See end of this release for reconciliation10

See note to U.S. Investors at the end of this release; such resource^ estimate for Ahafo North is comprised of 610,000 ounces of Measured and11 Indicated Resource and 410,000 ounces of Inferred Resource as at December 31, 2020.

^ Consolidated basis.12

UPDATED OUTLOOK

Newmont is providing an updated 2021 outlook due to the continued impact from Covid and other challenges experienced in the year. Further updates about Newmont's long-term guidance will be provided in December 2021. Please see the cautionary statement in the end notes for additional information. For further discussion, investors are encouraged to attend Newmont's Third Quarter 2021 Earnings Conference Call.

Newmont's updated 2021 outlook includes approximately 6.0 million ounces of attributable gold production and approximately 1.3 million gold equivalent ounces from copper, silver, lead and zinc. The revised outlook for attributable gold production includes adjustments for operational challenges at Boddington and Nevada Gold Mines, as well as the continued impact from the global pandemic, primarily in Canada and Australia.

Boddington experienced challenges from severe weather, shovel reliability, operational delays associated with managing bench hygiene and the continued ramp-up of AHS to full productivity. As a result, Boddington delivered lower ex-pit tons than expected, with full-year 2021 gold production anticipated to be approximately 140 thousand ounces below original guidance estimates. Nevada Gold Mines is also experiencing challenges. Carlin and Cortez are expected to be at the low end of their annual guidance ranges, and Turquoise Ridge is expected to be below its annual guidance range. Additionally, the global pandemic has continued to impact many of our operations. Tanami was placed under care and maintenance in late-June and July as a result of Covid restrictions, reducing the site's full-year production by approximately 40 thousand ounces. In addition, Newmont continues to experience lower productivity as a result of Covid-related absenteeism and a tightening of the labor market in Canada. We expect these sites to be at the low end or below their annual production guidance ranges.

Updated 2021 Costs applicable to sales (CAS) outlook are expected to be $790 per ounce and All-in sustaining costs (AISC) are expected to be $1,050 per ounce. The revised outlook includes the impact from lower production volumes and higher royalties and production taxes at higher gold prices.

Updated 2021 attributable development capital expenditures are expected to be approximately $700 million. The revised outlook includes a decrease of $150 million largely due to deferred spending associated with advancing Tanami Expansion 2.

Updated Previous (+/-5%)Newmont 2021 Outlook ^a (as of Oct. 28, (as of Dec. 8, 2021) 2020)

Gold Price Assumption ($/oz) $1,800 $1,200

Consolidated Gold Production (Moz) 5.9 6.4

Attributable Gold Production (Moz) ^b 6.0 6.5

Consolidated Gold CAS ($/oz) 790 750

Consolidated Gold All-in Sustaining Costs 1,050 970($/oz) ^c

Consolidated Co-Product GEO Production 1.3 1.3(Moz) ^d

Attributable Co-Product GEO Production 1.3 1.3(Moz) ^d

Consolidated GEO CAS ($/oz) ^d 600 600

Consolidated GEO All-in Sustaining Costs ($ 880 880/oz) ^c,d

Consolidated Sustaining Capital 1,000 1,000Expenditures ($M)

Consolidated Development Capital 750 900Expenditures ($M)

Attributable Sustaining Capital 950 950Expenditures ($M)

Attributable Development Capital 700 850Expenditures ($M)

General & Administrative ($M) 260 260

Interest Expense ($M) 275 275

Depreciation and Amortization ($M) 2,350 2,500

Exploration & Advanced Projects ($M) 390 390

Adjusted Tax Rate ^e 34% - 38% 34% - 38%

Federal Tax Rate 27% - 30% 27% - 30%

Mining Tax Rate 6% - 9% 6% - 9%

a

2021 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 28, 2021. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2021 Outlook includes actual results through September 30, 2021 and assumes $1,800/oz Au, $25/oz Ag, $4.00/lb Cu, $1.20/lb Zn, $0.95/lb Pb, $0.75 USD/AUD exchange rate, $0.78 USD/CAD exchange rate and $65/barrel WTI for the fourth quarter of 2021. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved, except for Yanacocha Sulfides which is included in Outlook as the development project is expected to reach execution stage in the second half of 2022. 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. 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

Attributable gold production outlook includes the Company's equity investment (40%) in Pueblo Viejo with ~325Koz in 2021; 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.

c

All-in sustaining costs (AISC) as used in the Company's Outlook is a non-GAAP metric; see below for further information and reconciliation to consolidated 2021 CAS outlook.

dGold 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 ($22.00/oz.), Lead ($0.90/lb.), and Zinc ($1.05/lb.) pricing.

e

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

2021 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 28, 2021. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2021 Outlook includes actual results through September 30, 2021 and assumes $1,800 /oz Au, $25/oz Ag, $4.00/lb Cu, $1.20/lb Zn, $0.95/lb Pb, $0.75 USD/AUD exchange rate, $0.78 USD/CAD exchange rate and $65/barrel WTI for the fourth quarter of 2021. Production, CAS, AISC and capital estimates exclude projects^ that have not yet been approved, except for Yanacocha Sulfides which isa included in Outlook as the development project is expected to reach execution stage in the second half of 2022. 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. 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.

Attributable gold production outlook includes the Company's equity investment^ (40%) in Pueblo Viejo with ~325Koz in 2021; does not include the Company'sb other equity investments. Attributable gold production outlook represents the Company's 51.35% interest for Yanacocha and a 75% interest for Merian.

^ All-in sustaining costs (AISC) as used in the Company's Outlook is a non-GAAPc metric; see below for further information and reconciliation to consolidated 2021 CAS outlook.

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, usingd Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.), and Zinc ($1.05/lb.) pricing.

^ The adjusted tax rate excludes certain items such as tax valuation allowancee adjustments.

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

Operating Results 2021 2020 % 2021 2020 % Change Change

Attributable Sales (koz)

Attributable gold 1,357 1,429 (5 )% 4,101 3,996 3 %ounces sold^ (1)

Attributable gold 301 248 21 % 930 780 19 %equivalent ounces sold



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

Average realized gold $ 1,778 $ 1,913 (7 )% $ 1,783 $ 1,745 2 %price

Average realized copper $ 3.99 $ 2.99 33 % $ 4.19 $ 2.49 68 %price

Average realized silver $ 18.34 $ 21.69 (15 )% $ 20.32 $ 16.66 22 %price

Average realized lead $ 0.99 $ 0.73 36 % $ 0.96 $ 0.69 39 %price

Average realized zinc $ 1.24 $ 1.01 23 % $ 1.21 $ 0.77 57 %price



Attributable Production (koz)

North America 384 414 (7 )% 1,194 1,022 17 %

South America 188 165 14 % 551 536 3 %

Australia 274 309 (11 )% 842 861 (2 )%

Africa 210 229 (8 )% 617 608 1 %

Nevada 308 337 (9 )% 895 992 (10 )%

Total Gold (excludingequity method 1,364 1,454 (6 )% 4,099 4,019 2 %investments)

Pueblo Viejo (40%) ^(2) 85 87 (2 )% 254 256 (1 )%

Total Gold 1,449 1,541 (6 )% 4,353 4,275 2 %



North America 275 238 16 % 820 656 25 %

Australia 40 35 14 % 115 94 22 %

Total Gold Equivalent 315 273 15 % 935 750 25 %Ounces



CAS Consolidated ($/oz, $/GEO)

North America $ 800 $ 762 5 % $ 767 $ 792 (3 )%

South America $ 958 $ 885 8 % $ 822 $ 824 - %

Australia $ 788 $ 690 14 % $ 767 $ 712 8 %

Africa $ 886 $ 693 28 % $ 804 $ 707 14 %

Nevada $ 768 $ 761 1 % $ 755 $ 764 (1 )%

Total Gold $ 830 $ 756 10 % $ 779 $ 762 2 %

Total Gold (by-product) $ 698 $ 641 9 % $ 629 $ 686 (8 )%



North America $ 595 $ 513 16 % $ 564 $ 539 5 %

Australia $ 914 $ 840 9 % $ 913 $ 842 8 %

Total Gold Equivalent $ 638 $ 556 15 % $ 606 $ 575 5 %Ounces



AISC Consolidated ($/ oz, $/GEO)

North America $ 1,026 $ 1,003 2 % $ 988 $ 1,066 (7 )%

South America $ 1,276 $ 1,162 10 % $ 1,119 $ 1,111 1 %

Australia $ 1,025 $ 889 15 % $ 1,040 $ 914 14 %

Africa $ 1,114 $ 865 29 % $ 1,023 $ 889 15 %

Nevada $ 945 $ 904 5 % $ 931 $ 936 (1 )%

Total Gold $ 1,120 $ 1,020 10 % $ 1,064 $ 1,046 2 %

Total Gold (by-product) $ 1,041 $ 940 11 % $ 970 $ 1,024 (5 )%



North America $ 822 $ 735 12 % $ 781 $ 840 (7 )%

Australia $ 1,025 $ 998 3 % $ 1,155 $ 1,032 12 %

Total Gold Equivalent $ 887 $ 770 15 % $ 863 $ 862 - %Ounces

(1)

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

(2)

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.

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

Represents attributable gold from Pueblo Viejo and does not include the^ Company's other equity method investments. Attributable gold ounces(2) 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,

2021 2020 2021 2020



Sales $ 2,895 $ 3,170 $ 8,832 $ 8,116



Costs and expenses

Costs applicable to sales ^(1) 1,367 1,269 3,895 3,659

Depreciation and amortization 570 592 1,684 1,685

Reclamation and remediation 117 38 220 116

Exploration 60 48 147 118

Advanced projects, research and 40 39 108 92 development

General and administrative 61 68 190 205

Care and maintenance 6 26 8 171

Loss on assets held for sale 571 - 571 -

Other expense, net 37 92 126 184

2,829 2,172 6,949 6,230

Other income (expense):

Gain on asset and investment sales, 3 1 46 593 net

Other income (loss), net (74 ) (44 ) (106 ) (35 )

Interest expense, net of capitalized (66 ) (75 ) (208 ) (235 )interest

(137 ) (118 ) (268 ) 323

Income (loss) before income and (71 ) 880 1,615 2,209 mining tax and other items

Income and mining tax benefit (222 ) (305 ) (798 ) (446 )(expense)

Equity income (loss) of affiliates 39 53 138 119

Net income (loss) from continuing (254 ) 628 955 1,882 operations

Net income (loss) from discontinued 11 228 42 145 operations

Net income (loss) (243 ) 856 997 2,027

Net loss (income) attributable to 246 (17 ) 215 (22 )noncontrolling interests

Net income (loss) attributable to $ 3 $ 839 $ 1,212 $ 2,005 Newmont stockholders



Net income (loss) attributable to Newmont stockholders:

Continuing operations $ (8 ) $ 611 $ 1,170 $ 1,860

Discontinued operations 11 228 42 145

$ 3 $ 839 $ 1,212 $ 2,005



Weighted average common shares (millions):

Basic 799 803 800 804

Effect of employee stock-based awards 1 3 2 2

Diluted 800 806 802 806



Net income (loss) attributable to Newmont stockholders per common share

Basic:

Continuing operations $ (0.01 ) $ 0.76 $ 1.47 $ 2.31

Discontinued operations 0.01 0.28 0.05 0.18

$ - $ 1.04 $ 1.52 $ 2.49

Diluted: ^(2)

Continuing operations $ (0.01 ) $ 0.76 $ 1.46 $ 2.31

Discontinued operations 0.01 0.28 0.05 0.18

$ - $ 1.04 $ 1.51 $ 2.49

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

For the three months ended September 30, 2021, potentially dilutive shares were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.

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

^ For the three months ended September 30, 2021, potentially dilutive shares(2) were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.

NEWMONT CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)



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

2021 2020 2021 2020

Operating activities:

Net income (loss) $ (243 ) $ 856 $ 997 $ 2,027

Adjustments:

Depreciation and amortization 570 592 1,684 1,685

Loss on assets held for sale 571 - 571 -

Gain on asset and investment sales, (3 ) (1 ) (46 ) (593 )net

Net loss (income) from discontinued (11 ) (228 ) (42 ) (145 )operations

Reclamation and remediation 112 35 208 107

Change in fair value of investments 96 (57 ) 180 (191 )

Stock-based compensation 17 17 55 55

Equity earnings in affiliates, net of 29 22 (26 ) (12 )distributions received

Deferred income taxes (24 ) 72 (10 ) (72 )

Impairment of investments 1 - 1 93

Charges from pension settlement - 82 - 82

Charges from debt extinguishment - - - 77

Other non-cash adjustments 5 39 (27 ) 41

Net change in operating assets and 13 168 (578 ) 50 liabilities

Net cash provided by (used in)operating activities of continuing 1,133 1,597 2,967 3,204 operations

Net cash provided by (used in)operating activities of discontinued 11 (1 ) 13 (8 )operations

Net cash provided by (used in) 1,144 1,596 2,980 3,196 operating activities



Investing activities: ? ?

Additions to property, plant and mine (398 ) (296 ) (1,212 ) (904 )development

Acquisitions, net - - (328 ) -

Contributions to equity method (42 ) (2 ) (114 ) (16 )investees

Proceeds from sales of investments 23 35 107 305

Return of investment from equity - - 18 43 method investees

Purchases of investments (2 ) - (18 ) (33 )

Proceeds from sales of mining 3 2 4 1,137 operations and other assets, net

Other 26 (1 ) 26 45

Net cash provided by (used in)investing activities of continuing (390 ) (262 ) (1,517 ) 577 operations

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

Net cash provided by (used in) (390 ) (337 ) (1,517 ) 502 investing activities



Financing activities: ? ?

Dividends paid to common stockholders (440 ) (201 ) (1,321 ) (514 )

Repayment of debt - - (550 ) (1,160 )

Repurchases of common stock (114 ) - (248 ) (321 )

Distributions to noncontrolling (58 ) (55 ) (155 ) (143 )interests

Funding from noncontrolling interests 25 27 73 82

Payments on lease and other financing (18 ) (16 ) (54 ) (49 )obligations

Payments for withholding of employeetaxes related to stock-based (2 ) (6 ) (31 ) (45 )compensation

Proceeds from issuance of debt, net - - - 985

Other (90 ) 9 (77 ) 46

Net cash provided by (used in) (697 ) (242 ) (2,363 ) (1,119 )financing activities

Effect of exchange rate changes oncash, cash equivalents and restricted (3 ) 4 (3 ) 4 cash

Net change in cash, cash equivalents 54 1,021 (903 ) 2,583 and restricted cash

Cash, cash equivalents and restricted 4,691 3,911 5,648 2,349 cash at beginning of period

Cash, cash equivalents and restricted $ 4,745 $ 4,932 $ 4,745 $ 4,932 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,

2021 2020 2021 2020

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

Cash and cash equivalents $ 4,636 $ 4,828 $ 4,636 $ 4,828

Restricted cash included in Other 2 - 2 -current assets

Restricted cash included in Other 107 104 107 104non-current assets

Total cash, cash equivalents and $ 4,745 $ 4,932 $ 4,745 $ 4,932restricted cash

NEWMONT CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)



At September 30, At December 2021 31, 2020

ASSETS

Cash and cash equivalents $ 4,636 $ 5,540

Trade receivables 334 449

Investments 157 290

Inventories 998 963

Stockpiles and ore on leach pads 941 827

Other current assets 406 436

Current assets 7,472 8,505

Property, plant and mine development, net 23,711 24,281

Investments 3,173 3,197

Stockpiles and ore on leach pads 1,791 1,705

Deferred income tax assets 313 337

Goodwill 2,771 2,771

Other non-current assets 634 573

Total assets $ 39,865 $ 41,369



LIABILITIES

Accounts payable $ 498 $ 493

Employee-related benefits 345 380

Income and mining taxes payable 305 657

Lease and other financing obligations 106 106

Debt 492 551

Other current liabilities 1,053 1,182

Current liabilities 2,799 3,369

Debt 4,990 5,480

Lease and other financing obligations 550 565

Reclamation and remediation liabilities 3,937 3,818

Deferred income tax liabilities 2,235 2,073

Employee-related benefits 484 493

Silver streaming agreement 923 993

Other non-current liabilities 661 699

Total liabilities 16,579 17,490



Contingently redeemable noncontrolling 48 34 interest



EQUITY

Common stock 1,284 1,287

Treasury stock (199 ) (168 )

Additional paid-in capital 18,078 18,103

Accumulated other comprehensive income (loss) (190 ) (216 )

Retained earnings 3,739 4,002

Newmont stockholders' equity 22,712 23,008

Noncontrolling interests 526 837

Total equity 23,238 23,845

Total liabilities and equity $ 39,865 $ 41,369

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.

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 others 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, 2021 September 30, 2021

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

basic diluted basic diluted

Net income(loss)attributable to $ 3 $ - $ - $ 1,212 $ 1.52 $ 1.51 Newmontstockholders

Net loss(income)attributable toNewmont (11 ) (0.01 ) (0.01 ) (42 ) (0.05 ) (0.05 )stockholdersfromdiscontinuedoperations

Net income(loss)attributable toNewmont (8 ) (0.01 ) (0.01 ) 1,170 1.47 1.46 stockholdersfrom continuingoperations

Loss on assetsheld for sale, 372 0.47 0.46 372 0.47 0.46 net ^(2)

Change in fairvalue of 96 0.12 0.12 180 0.23 0.23 investments ^(3)

Reclamation andremediation 79 0.10 0.10 109 0.14 0.14 charges^ (4)

(Gain) loss onasset and (3 ) - - (46 ) (0.05 ) (0.05 )investmentsales ^(5)

Impairment oflong-lived and 6 0.01 0.01 18 0.02 0.02 other assets ^(6)

Settlement - - - 11 0.01 0.01 costs ^(7)

Restructuringand severance, - - - 9 0.01 0.01 net ^(8)

COVID-19specific costs 1 - - 3 - - ^(9)

Impairment of 1 - - 1 - - investments

Tax effect ofadjustments^ (167 ) (0.22 ) (0.21 ) (197 ) (0.27 ) (0.25 )(10)

Valuationallowance andother tax 106 0.13 0.13 117 0.15 0.15 adjustments,net ^(11)

Adjusted netincome (loss) ^ $ 483 $ 0.60 $ 0.60 $ 1,747 $ 2.18 $ 2.18 (12)

? ? ?

Weightedaverage commonshares ? 799 800 800 802 (millions):^(13)

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

Loss on assets held for sale, net, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The^(2) assets were remeasured to fair value less costs to sell. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(199) and $(199), respectively. Refer to Note 7 of the Condensed Consolidated Financial Statements for further information.

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's^(3) investment in current and non-current marketable and other equity securities. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at^(4) the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.

(Gain) loss on asset and investment sales, included in Gain on asset and^(5) investment sales, net, primarily represents a gain on the sale of TMAC. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.

Impairment of long-lived and other assets, included in Other expense, net,^(6) represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

^(7) Settlement costs, included in Other expense, net, primarily are comprised of a voluntary contribution made to the Republic of Suriname.

Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with^(8) 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.

COVID-19 specific costs included in Other expense, net, primarily include amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic.^(9) Adjusted net income (loss) has not been adjusted for $23 and $63, respectively, of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 of the Condensed Consolidated Financial Statements for further information.

The tax effect of adjustments, included in Income and mining tax benefit^ (expense), represents the tax effect of adjustments in footnotes (2)(10) through (9), 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, 2021 is due to increases^ or (decreases) to net operating losses, tax credit carryovers and other(11) deferred tax assets subject to valuation allowance of $185 and $215 respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(11) and $(28) respectively, changes to the reserve for uncertain tax positions of $(1) and $21 respectively, and other tax adjustments of $2 and $(17), respectively. Total amount is presented net of income (loss) attributable to noncontrolling interests of $(69) and $(74), respectively.

Adjusted net income (loss) has not been adjusted for cash care and maintenance costs, included in Care and maintenance, which represent costs^ incurred associated with our Tanami mine site being temporarily placed(12) into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2021. Cash care and maintenance costs were $6 and $8 during the three and nine months ended September 30, 2021, respectively.

Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with U.S. GAAP. For the three months ended September 30, 2021, potentially dilutive shares of 1 million were excluded^ from the computation of diluted loss per common share attributable to(13) Newmont stockholders in the Condensed Consolidated Statement of Operations as they were antidilutive. These shares were included in the computation of adjusted net income per diluted share for the three months ended September 30, 2021.

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

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 ^(2)

Change in fairvalue of (57 ) (0.07 ) (0.07 ) (191 ) (0.24 ) (0.24 )investments^(3)

Impairment ofinvestments ^ - - - 93 0.11 0.11 (4)

Pensionsettlements ^ 83 0.10 0.10 85 0.10 0.10 (5)

Loss on debtextinguishment - - - 77 0.09 0.09 ^(6)

COVID-19specific costs, 27 0.03 0.03 62 0.08 0.08 net ^(7)

Settlement 23 0.03 0.03 31 0.04 0.04 costs, net ^(8)

Impairment oflong-lived and 24 0.03 0.03 29 0.04 0.04 other assets^(9)

Goldcorptransaction and - - - 23 0.03 0.03 integrationcosts ^(10)

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

Tax effect ofadjustments ^ (32 ) (0.03 ) (0.04 ) 93 0.11 0.11 (12)

Valuationallowance andother tax 10 0.01 0.01 (296 ) (0.35 ) (0.36 )adjustments,net ^(13)

Adjusted netincome (loss) ^ $ 697 $ 0.87 $ 0.86 $ 1,284 $ 1.60 $ 1.59 (14)

?

Weightedaverage commonshares 803 806 804 806 (millions): ^(15)

(1)

Per share measures may not recalculate due to rounding.

(2)

(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents gains on the sale of Kalgoorlie, Continental, and Red Lake. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.

(3)

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable equity securities and our investment instruments. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.

(4)

Impairment of investments, included in Other income (loss), net, represents the other-than-temporary impairment of the TMAC investment.

(5)

Pension settlements, included in Other income (loss), net, represent pension settlement charges.

(6)

Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes.

(7)

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

(8)

Settlement costs, net, included in Other expense, net, primarily represents costs related to the Cedros community agreement at Pe?asquito 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

(9)

Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets no longer in use and materials and supplies inventories.

(10)

Goldcorp transaction and integration costs, included in Other expense, net, primarily represent subsequent integration costs incurred during 2020 related to the Newmont Goldcorp transaction.

(11)

Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with 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.

(12)

The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (11), as described above, and are calculated using the applicable regional tax rate.

(13)

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 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 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.

(14)

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?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.

(15)

Adjusted net income (loss) per diluted share is calculated using diluted 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:

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

(Gain) loss on asset and investment sales, included in Gain on asset and^(2) investment sales, net, primarily represents gains on the sale of Kalgoorlie, Continental, and Red Lake. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's^(3) investments in current and non-current marketable equity securities and our investment instruments. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.

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

^(5) Pension settlements, included in Other income (loss), net, represent pension settlement charges.

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

COVID-19 specific costs, net, included in Other expense, net, represent incremental direct costs incurred as a result of actions taken to protect^(7) 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 Pe?asquito^(8) 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, net,^(9) represents non-cash write-downs of various assets no longer in use and materials and supplies inventories.

^ Goldcorp transaction and integration costs, included in Other expense,(10) net, primarily represent subsequent integration costs incurred during 2020 related to the Newmont Goldcorp transaction.

Restructuring and severance, net, included in Other expense, net,^ primarily represents severance and related costs associated with(11) 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 (2)(12) through (11), 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 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(13) 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?(14) 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(15) 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,

? 2021 2020 2021 2020

Net income (loss) attributable to $ 3 $ 839 $ 1,212 $ 2,005 Newmont stockholders

Net income (loss) attributable to (246 ) 17 (215 ) 22 noncontrolling interests

Net loss (Income) from (11 ) (228 ) (42 ) (145 )discontinued operations

Equity loss (income) of (39 ) (53 ) (138 ) (119 )affiliates

Income and mining tax expense 222 305 798 446 (benefit)

Depreciation and amortization 570 592 1,684 1,685

Interest expense, net of 66 75 208 235 capitalized interest

EBITDA $ 565 $ 1,547 $ 3,507 $ 4,129

Adjustments:

Loss on assets held for sale^ (1) $ 571 $ - $ 571 $ -

Change in fair value of 96 (57 ) 180 (191 )investments^ (2)

Reclamation and remediation 79 - 109 - charges ^(3)

(Gain) loss on asset and (3 ) (1 ) (46 ) (593 )investment sales ^(4)

Impairment of long-lived and 6 24 18 29 other assets^ (5)

Settlement costs ^(6) - 26 11 34

Restructuring and severance^ (7) - 9 10 12

COVID-19 specific costs ^(8) 1 32 3 67

Impairment of investments ^(9) 1 - 1 93

Pension settlements ^(10) - 83 - 85

Loss on debt extinguishment ^(11) - - - 77

Goldcorp transaction and - - - 23 integration costs ^(12)

Adjusted EBITDA ^(13) $ 1,316 $ 1,663 $ 4,364 $ 3,765

(1)

Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. Refer to Note 7 of the Condensed Consolidated Financial Statements for further information.

(2)

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.

(3)

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.

(4)

(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a gain on the sale of TMAC in 2021 and gains on the sale of Kalgoorlie and Continental in 2020. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.

(5)

Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplied inventories.

(6)

Settlement costs, included in Other expense, net, are primarily comprised of a voluntary contribution made to the Republic of Suriname and other certain costs associated with legal and other settlements for 2021 and costs related to the Cedros community agreement at Pe?asquito in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs for 2020.

(7)

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.

(8)

COVID-19 specific costs, included in Other expense, net, primarily include amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic. For the three and nine months ended September 30, 2021, Adjusted EBITDA has not been adjusted for $23 and $63 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 of the Condensed Consolidated Financial Statements for further information.

(9)

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

(10)

Pension settlements, included in Other income (loss), net, represent pension settlement charges in 2020.

(11)

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

(12)

Goldcorp transaction and integration costs, included in Other expense, net, primarily represent subsequent integration costs incurred during 2020 related to the Newmont Goldcorp transaction.

(13)

Adjusted EBITDA has not been adjusted for cash care and maintenance costs, included in Care and maintenance, which represent costs incurred associated with certain mine sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic. Cash care and maintenance costs were $6 and $8 during the three and nine months ended September 30, 2021, respectively, relating to our Tanami mine site. Cash care and maintenance costs were $26 and $171 during the three and nine months ended September 30, 2020, respectively, relating to our Musselwhite, ?l?onore, Pe?asquito, Yanacocha, and Cerro Negro mine sites.

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:?

Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga^(1) mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. Refer to Note 7 of the Condensed Consolidated Financial Statements for further information.

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's^(2) investments in current and non-current marketable and other equity securities. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at^(3) the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.

(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a gain on the sale of TMAC in^(4) 2021 and gains on the sale of Kalgoorlie and Continental in 2020. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.

Impairment of long-lived and other assets, included in Other expense, net,^(5) represents non-cash write-downs of various assets that are no longer in use and materials and supplied inventories.

Settlement costs, included in Other expense, net, are primarily comprised of a voluntary contribution made to the Republic of Suriname and other^(6) certain costs associated with legal and other settlements for 2021 and costs related to the Cedros community agreement at Pe?asquito in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs for 2020.

Restructuring and severance, included in Other expense, net, primarily^(7) represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented.

COVID-19 specific costs, included in Other expense, net, primarily include amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic.^(8) For the three and nine months ended September 30, 2021, Adjusted EBITDA has not been adjusted for $23 and $63 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 of the Condensed Consolidated Financial Statements for further information.

Impairment of investments, included in Other income (loss), net, primarily^(9) represents the other-than-temporary impairment of the TMAC investment recorded in 2020.

^ Pension settlements, included in Other income (loss), net, represent(10) pension settlement charges in 2020.

^ Loss on debt extinguishment, included in Other income (loss), net,(11) primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during 2020.

^ Goldcorp transaction and integration costs, included in Other expense,(12) net, primarily represent subsequent integration costs incurred during 2020 related to the Newmont Goldcorp transaction.

Adjusted EBITDA has not been adjusted for cash care and maintenance costs, included in Care and maintenance, which represent costs incurred associated with certain mine sites being temporarily placed into care and^ maintenance in response to the COVID-19 pandemic. Cash care and(13) maintenance costs were $6 and $8 during the three and nine months ended September 30, 2021, respectively, relating to our Tanami mine site. Cash care and maintenance costs were $26 and $171 during the three and nine months ended September 30, 2020, respectively, relating to our Musselwhite, ?l?onore, Pe?asquito, Yanacocha, and Cerro Negro mine sites.

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 Nine Months Ended Ended September 30, September 30,

2021 2020 2021 2020



Equity income (loss) of affiliates $ 39 $ 53 $ 138 $ 119

Equity (income) loss of affiliates, excluding 4 (1 ) (1 ) 16Pueblo Viejo^ (1)

Equity income (loss) of affiliates, Pueblo 43 52 137 135Viejo^ (1)

Reconciliation of Pueblo Viejo on attributable basis:

Income and mining tax expense (benefit) 37 45 117 111

Depreciation and amortization 28 18 82 52

Pueblo Viejo EBITDA $ 108 $ 115 $ 336 $ 298

(1)

Refer to Note 12 of 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) Refer to Note 12 of 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 Nine Months Ended Ended September 30, September 30,

2021 2020 2021 2020

Income (Loss) before Income and Mining Tax and $ 162 $ 223 $ 499 $ 486other Items, NGM^ (1)

Depreciation and amortization^ (1) 131 151 386 429

NGM EBITDA $ 293 $ 374 $ 885 $ 915

(1)

See Note 3 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 3 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,

2021 2020 2021 2020

Net cash provided by (used in) $ 1,144 $ 1,596 $ 2,980 $ 3,196 operating activities

Less: Net cash used in(provided by) operating (11 ) 1 (13 ) 8 activities of discontinuedoperations

Net cash provided by (used in)operating activities of 1,133 1,597 2,967 3,204 continuing operations

Less: Additions to property, (398 ) (296 ) (1,212 ) (904 )plant and mine development

Free Cash Flow $ 735 $ 1,301 $ 1,755 $ 2,300



Net cash provided by (used in) $ (390 ) $ (337 ) $ (1,517 ) $ 502 investing activities^ (1)

Net cash provided by (used in) $ (697 ) $ (242 ) $ (2,363 ) $ (1,119 )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.

Attributable Free Cash Flow

Management uses Attributable Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations that are attributable to the Company. Attributable Free Cash Flow is Net cash provided by (used in) operating activities after deducting net cash flows from operations attributable to noncontrolling interests less Net cash provided by (used in) operating activities of discontinued operations after deducting net cash flows from discontinued operations attributable to noncontrolling interests less Additions to property, plant and mine development after deducting property, plant and mine development attributable to noncontrolling interests. The Company believes that Attributable Free Cash Flow is useful as one of the bases for comparing the Company's performance with its competitors. Although Attributable 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 Attributable Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The presentation of non-GAAP Attributable Free Cash Flow is not meant to be considered in isolation or as an alternative to Net income attributable to Newmont stockholders as an indicator of the Company's performance, or as an alternative to Net cash provided by (used in) 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 Attributable 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 Attributable Free Cash Flow as a measure that provides supplemental information to the Company's Condensed Consolidated Statements of Cash Flows.

The following tables set forth a reconciliation of Attributable 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 Attributable 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.

^ 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.

Attributable Free Cash Flow

Management uses Attributable Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations that are attributable to the Company. Attributable Free Cash Flow is Net cash provided by (used in) operating activities after deducting net cash flows from operations attributable to noncontrolling interests less Net cash provided by (used in) operating activities of discontinued operations after deducting net cash flows from discontinued operations attributable to noncontrolling interests less Additions to property, plant and mine development after deducting property, plant and mine development attributable to noncontrolling interests. The Company believes that Attributable Free Cash Flow is useful as one of the bases for comparing the Company's performance with its competitors. Although Attributable 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 Attributable Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The presentation of non-GAAP Attributable Free Cash Flow is not meant to be considered in isolation or as an alternative to Net income attributable to Newmont stockholders as an indicator of the Company's performance, or as an alternative to Net cash provided by (used in) 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 Attributable 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 Attributable Free Cash Flow as a measure that provides supplemental information to the Company's Condensed Consolidated Statements of Cash Flows.

The following tables set forth a reconciliation of Attributable 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 Attributable 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 September 30, 2021 Nine Months Ended September 30, 2021

Attributable Attributable Attributable Attributable Consolidated to to Consolidated to to noncontrolling Newmont noncontrolling Newmont interests ^(1) Stockholders interests ^(1) Stockholders

Net cashprovided by(used in) $ 1,144 $ (39 ) $ 1,105 $ 2,980 $ (92 ) $ 2,888 operatingactivities

Less: Netcash used in(providedby)operating (11 ) - (11 ) (13 ) - (13 )activitiesofdiscontinuedoperations

Net cashprovided by(used in)operating 1,133 (39 ) 1,094 2,967 (92 ) 2,875 activitiesofcontinuingoperations

Less:Additions toproperty,plant and (398 ) 19 (379 ) (1,212 ) 50 (1,162 )minedevelopment^(2)

Free Cash $ 735 $ (20 ) $ 715 $ 1,755 $ (42 ) $ 1,713 Flow



Net cashprovided by(used in) $ (390 ) $ (1,517 ) investingactivities^(3)

Net cashprovided by(used in) $ (697 ) $ (2,363 ) financingactivities

(1)

Adjustment to eliminate a portion of Net cash provided by (used in) operating activities, Net cash provided by (used in) operating activities of discontinued operations and Additions to property, plant and mine development attributable to noncontrolling interests, which relate to Yanacocha (48.65%) and Merian (25%).

(2)

For the three months ended September 30, 2021 Yanacocha and Merian had total consolidated Additions to property, plant and mine development of $35 and $9, respectively, on a cash basis. For the nine months ended September 30, 2021, Yanacocha and Merian had total consolidated Additions to property, plant and mine development of $88 and $31, respectively, on a cash basis.

(3)

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.

Adjustment to eliminate a portion of Net cash provided by (used in)^ operating activities, Net cash provided by (used in) operating activities(1) of discontinued operations and Additions to property, plant and mine development attributable to noncontrolling interests, which relate to Yanacocha (48.65%) and Merian (25%).

For the three months ended September 30, 2021 Yanacocha and Merian had total consolidated Additions to property, plant and mine development of $35^ and $9, respectively, on a cash basis. For the nine months ended September(2) 30, 2021, Yanacocha and Merian had total consolidated Additions to property, plant and mine development of $88 and $31, respectively, on a cash basis.

^ Net cash provided by (used in) investing activities includes Additions to(3) property, plant and mine development, which is included in the Company's computation of Free Cash Flow.

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

Attributable Attributable Attributable Attributable Consolidated to to Consolidated to to noncontrolling Newmont noncontrolling Newmont interests ^(1) Stockholders interests ^(1) Stockholders

Net cashprovided by(used in) $ 1,596 $ (50 ) $ 1,546 $ 3,196 $ (132 ) $ 3,064 operatingactivities

Less: Netcash used in(providedby)operating 1 - 1 8 - 8 activitiesofdiscontinuedoperations

Net cashprovided by(used in)operating 1,597 (50 ) 1,547 3,204 (132 ) 3,072 activitiesofcontinuingoperations

Less:Additions toproperty,plant and (296 ) 12 (284 ) (904 ) 37 (867 )minedevelopment^(2)

Free Cash $ 1,301 $ (38 ) $ 1,263 $ 2,300 $ (95 ) $ 2,205 Flow



Net cashprovided by(used in) $ (337 ) $ 502 investingactivities^(3)

Net cashprovided by(used in) $ (242 ) $ (1,119 ) financingactivities

(1)

Adjustment to eliminate a portion of Net cash provided by (used in) operating activities, Net cash provided by (used in) operating activities of discontinued operations and Additions to property, plant and mine development attributable to noncontrolling interests, which relate to Yanacocha (48.65%) and Merian (25%).

(2)

For the three months ended September 30, 2020 Yanacocha and Merian had total consolidated Additions to property, plant and mine development of $23 and $8, respectively, on a cash basis. For the nine months ended September 30, 2020, Yanacocha and Merian had total consolidated Additions to property, plant and mine development of $66 and $26, respectively, on a cash basis.

(3)

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.

Adjustment to eliminate a portion of Net cash provided by (used in)^ operating activities, Net cash provided by (used in) operating activities(1) of discontinued operations and Additions to property, plant and mine development attributable to noncontrolling interests, which relate to Yanacocha (48.65%) and Merian (25%).

For the three months ended September 30, 2020 Yanacocha and Merian had total consolidated Additions to property, plant and mine development of $23^ and $8, respectively, on a cash basis. For the nine months ended September(2) 30, 2020, Yanacocha and Merian had total consolidated Additions to property, plant and mine development of $66 and $26, respectively, on a cash basis.

^ Net cash provided by (used in) investing activities includes Additions to(3) 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 Nine Months Ended Ended September 30, September 30,

2021 2020 2021 2020

Costs applicable to sales ^(1)(2) $ 1,175 $ 1,130 $ 3,331 $ 3,210

Gold sold (thousand ounces) 1,416 1,495 4,277 4,210

Costs applicable to sales per ounce ^(3) $ 830 $ 756 $ 779 $ 762

(1)

Includes by-product credits of $27 and $154 during the three and nine months ended September 30, 2021, respectively, and $34 and $78 during the three and nine months ended September 30, 2020, respectively.

(2)

Excludes Depreciation and amortization and Reclamation and remediation.

(3)

Per ounce measures may not recalculate due to rounding.

^ Includes by-product credits of $27 and $154 during the three and nine(1) months ended September 30, 2021, respectively, and $34 and $78 during the three and nine months ended September 30, 2020, 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,

2021 2020 2021 2020

Costs applicable to sales ^(1)(2) $ 192 $ 139 $ 564 $ 449

Gold equivalent ounces - other metals (thousand 301 248 930 780ounces) ^(3)

Costs applicable to sales per ounce ^(4) $ 638 $ 556 $ 606 $ 575

(1)

Includes by-product credits of $2 and $5 during the three and nine months ended September 30, 2021, respectively, and $1 and $2 during the three and nine months ended September 30, 2020, 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 ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.

(4)

Per ounce measures may not recalculate due to rounding.

^ Includes by-product credits of $2 and $5 during the three and nine months(1) ended September 30, 2021, respectively, and $1 and $2 during the three and nine months ended September 30, 2020, 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 ($22.00/oz.), Lead ($0.90/(3) lb.) and Zinc ($1.05/lb.) pricing for 2021 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.

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

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

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Cost applicable to sales, NGM (1)(2)

$

232

$

258

$

674

$

761

Gold sold (thousand ounces), NGM

303

340

893

997

Costs applicable to sales per ounce, NGM (3)

$

768

$

761

$

755

$

764

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

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

2021 2020 2021 2020

Cost applicable to sales, NGM ^(1)(2) $ 232 $ 258 $ 674 $ 761

Gold sold (thousand ounces), NGM 303 340 893 997

Costs applicable to sales per ounce, NGM ^ $ 768 $ 761 $ 755 $ 764(3)

(1)

See Note 3 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 aids 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 and Boddington mines. The other metals CAS at those mine sites is disclosed in Note 3 of the Condensed Consolidated Financial Statements. The allocation of CAS between gold and other metals at the Peasquito and Boddington 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 and Boddington 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 and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to supporting our corporate structure and fulfilling 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. We allocate these costs to gold and other metals at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

Care and maintenance and Other expense, net. Care and maintenance includes direct operating 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 and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

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 the 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 and Boddington 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 and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

^(1) See Note 3 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 aids 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 and Boddington mines. The other metals CAS at those mine sites is disclosed in Note 3 of the Condensed Consolidated Financial Statements. The allocation of CAS between gold and other metals at the Peasquito and Boddington 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 and Boddington 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 and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to supporting our corporate structure and fulfilling 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. We allocate these costs to gold and other metals at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

Care and maintenance and Other expense, net. Care and maintenance includes direct operating 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 and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

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 the 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 and Boddington 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 and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

Advanced

Projects, Costs General Care and SustainingThree Months Applicable Reclamation Research and Maintenance Treatment Capital All-In Ounces All-InEnded to and and Other and and Lease Sustaining (000) SustainingSeptember Sales ^(1) Costs ^(4) Development Expense, Refining Related Costs Sold Costs Per30, 2021 (2)(3) Administrative Net^(6)(7) Costs Costs^(9) oz.^(11) and (8) (10)

Exploration^ (5)

Gold

CC&V $ 47 $ 2 $ 2 $ - $ - $ - $ 19 $ 70 49 $ 1,421

Musselwhite 38 - 1 - - - 10 49 35 1,379

Porcupine 69 2 2 - - - 9 82 72 1,139

?l?onore 60 1 - - 1 - 10 72 58 1,243

Pe?asquito 94 1 - - 1 9 16 121 170 706

Other North - - - 1 - - - 1 - - America

North 308 6 5 1 2 9 64 395 384 1,026 America

? ? ? ? ? ? ? ? ? ?

Yanacocha 92 20 1 - 9 1 4 127 67 1,908

Merian 80 2 2 - 1 - 9 94 106 884

Cerro Negro 54 1 1 - 6 - 16 78 63 1,231

Other South - - - 3 - - - 3 - - America

South 226 23 4 3 16 1 29 302 236 1,276 America

? ? ? ? ? ? ? ? ? ?

Boddington 151 2 2 - - 4 13 172 167 1,030

Tanami 69 - 1 - 12 - 29 111 111 986

Other - - - 2 - - 1 3 - - Australia

Australia 220 2 3 2 12 4 43 286 278 1,025

? ? ? ? ? ? ? ? ? ?

Ahafo 112 2 1 - 2 - 19 136 123 1,100

Akyem 77 6 1 - - - 15 99 92 1,104

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

Africa 189 8 2 2 2 - 34 237 215 1,114

? ? ? ? ? ? ? ? ? ?

Nevada Gold 232 2 4 2 1 2 43 286 303 945 Mines

Nevada 232 2 4 2 1 2 43 286 303 945

? ? ? ? ? ? ? ? ? ?

Corporate - - 31 43 - - 6 80 - - and Other

Total Gold $ 1,175 $ 41 $ 49 $ 53 $ 33 $ 16 $ 219 $ 1,586 1,416 $ 1,120

? ? ? ? ? ? ? ? ? ?

Goldequivalentounces - ? ? ? ? ? ? ? ? ?other metals^(12)

Pe?asquito $ 155 $ 2 $ - $ - $ 2 $ 27 $ 26 $ 212 261 $ 819

Other North - - - 1 1 - - 2 - - America

North 155 2 - 1 3 27 26 214 261 822 America



Boddington 37 - - - - 2 1 40 40 1,013

Other - - - - - - 1 1 - - Australia

Australia 37 - - - - 2 2 41 40 1,025



Corporate - - 4 7 - - 1 12 - - and Other

Total GoldEquivalent $ 192 $ 2 $ 4 $ 8 $ 3 $ 29 $ 29 $ 267 301 $ 887 Ounces

?

Consolidated $ 1,367 $ 43 $ 53 $ 61 $ 36 $ 45 $ 248 $ 1,853

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

^(2) Includes by-product credits of $29 and excludes co-product revenues of $379.

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

Reclamation costs include operating accretion and amortization of asset retirement costs of $20 and $23, 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 $13 and $84, respectively.

Advanced projects, research and development and exploration excludes development expenditures of $3 at CC&V, $1 at ?l?onore, $2 at Pe?asquito, $1 at Other North America, $4 at Yanacocha, $2 at Merian, $1 at Cerro^(5) Negro, $9 at Other South America, $6 at Tanami, $4 at Other Australia, $5 at Ahafo, $2 at Akyem, $4 at NGM and $3 at Corporate and Other, totaling $47 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

Care and maintenance includes $6 at Tanami of cash care and maintenance costs associated with the site 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, 2021 that we would have continued to incur if the site were not temporarily placed into care and maintenance.

Other expense, net includes incremental COVID-19 costs incurred as a^(7) result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites of $6 for North America, $11 for South America, $5 for Australia and $1 for Africa, totaling $23.

Other expense, net is adjusted for impairment of long-lived and other^(8) assets of $6, and distributions from the Newmont Global Community Support Fund of $1.

Includes sustaining capital expenditures of $76 for North America, $29 for South America, $42 for Australia, $33 for Africa, $43 for Nevada, and $7 for Corporate and Other, totaling $230 and excludes development capital^(9) expenditures, capitalized interest and the change in accrued capital totaling $168. The following are major development projects: Pamour, Yanacocha Sulfides, Quecher Main, Cerro Negro expansion projects, Tanami Expansion 2, Power Generation Civil Upgrade, Subika Mining Method Change, Ahafo North, Goldrush Complex and Turquoise Ridge 3rd shaft.

^ Includes finance lease payments for sustaining projects of $18.(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(12) Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/ lb.) and Zinc ($1.05/lb.) pricing for 2021.

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.

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 capital^(8) 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, using(11) 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 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, 2021 (1)(2)(3) and Net^(6)(7) Costs Costs^(9) oz.^(11) Exploration (8) (10) ^(5)

Gold

CC&V $ 167 $ 5 $ 7 $ - $ - $ - $ 35 $ 214 168 $ 1,271

Musselwhite 114 1 5 - 1 - 28 149 109 1,366

Porcupine 196 4 11 - - - 31 242 212 1,144

?l?onore 178 2 2 - 4 - 47 233 186 1,253

Pe?asquito 278 5 1 - 5 24 46 359 541 663

Other North - - - 3 1 - - 4 - - America

North 933 17 26 3 11 24 187 1,201 1,216 988 America



Yanacocha 174 56 3 - 25 1 12 271 196 1,385

Merian 244 4 5 - 4 - 29 286 322 886

Cerro Negro 163 4 2 - 16 - 41 226 189 1,198

Other South - - - 7 2 - - 9 - - America

South 581 64 10 7 47 1 82 792 707 1,119 America



Boddington 444 8 5 - - 10 93 560 502 1,115

Tanami 204 1 3 - 15 - 84 307 342 897

Other - - - 7 1 - 4 12 - - Australia

Australia 648 9 8 7 16 10 181 879 844 1,040



Ahafo 296 6 4 - 5 - 55 366 331 1,105

Akyem 199 21 2 - 1 - 34 257 286 902

Other Africa - - 1 6 - - - 7 - -

Africa 495 27 7 6 6 - 89 630 617 1,023



Nevada Gold 674 7 10 7 3 2 128 831 893 931 Mines

Nevada 674 7 10 7 3 2 128 831 893 931



Corporate - - 70 134 - - 14 218 - - and Other

Total Gold $ 3,331 $ 124 $ 131 $ 164 $ 83 $ 37 $ 681 $ 4,551 4,277 $ 1,064



Goldequivalentounces - other metals^(12)

Pe?asquito $ 462 $ 7 $ 1 $ - $ 8 $ 84 $ 74 $ 636 819 $ 778

Other North - - - 2 1 - - 3 - - America

North 462 7 1 2 9 84 74 639 819 781 America



Boddington 102 1 1 - - 5 18 127 111 1,141

Other - - - 1 - - 1 2 - - Australia

Australia 102 1 1 1 - 5 19 129 111 1,155



Corporate - - 10 23 - - 2 35 - - and Other

Total GoldEquivalent $ 564 $ 8 $ 12 $ 26 $ 9 $ 89 $ 95 $ 803 930 $ 863 Ounces



Consolidated $ 3,895 $ 132 $ 143 $ 190 $ 92 $ 126 $ 776 $ 5,354

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

^(2) Includes by-product credits of $159 and excludes co-product revenues of $1,204.

^(3) Includes stockpile and leach pad inventory adjustments of $9 at CC&V, $18 at Yanacocha and $10 at NGM.

Reclamation costs include operating accretion and amortization of asset retirement costs of $60 and $72, 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 $121, respectively.

Advanced projects, research and development and exploration excludes development expenditures of $6 at CC&V, $3 at Porcupine, $3 at ?l?onore, $2 at Pe?asquito, $3 at Other North America, $8 at Yanacocha, $3 at^(5) Merian, $2 at Cerro Negro, $24 at Other South America, $15 at Tanami, $10 at Other Australia, $10 at Ahafo, $4 at Akyem, $12 at NGM and $7 at Corporate and Other, totaling $112 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

Care and maintenance includes $8 at Tanami of cash care and maintenance costs associated with the site 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, 2021 that we would have continued to incur if the site were not temporarily placed into care and maintenance.

Other expense, net includes incremental COVID-19 costs incurred as a^(7) result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites of $19 for North America, $34 for South America, $6 for Australia and $4 for Africa, totaling $63.

Other expense, net is adjusted for impairment of long-lived and other^(8) assets of $18, settlement costs of $11, restructuring and severance costs of $10 and distributions from the Newmont Global Community Support Fund of $3.

Includes sustaining capital expenditures of $223 for North America, $82 for South America, $188 for Australia, $87 for Africa, $128 for Nevada, and $16 for Corporate and Other, totaling $724 and excludes development^(9) capital expenditures, capitalized interest and the change in accrued capital totaling $488. The following are major development projects: Pamour, Yanacocha Sulfides, Quecher Main, Cerro Negro expansion projects, Tanami Expansion 2, Power Generation Civil Upgrade, Subika Mining Method Change, Ahafo North, Goldrush Complex and Turquoise Ridge 3rd shaft.

^ Includes finance lease payments for sustaining projects of $52.(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(12) Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/ lb.) and Zinc ($1.05/lb.) pricing for 2021.

Advanced

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

Exploration ^(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, using(11) Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/ lb.) and Zinc ($1.20/lb.) pricing for 2020.

A reconciliation of the updated 2021 Gold AISC outlook to the updated 2021 Gold CAS outlook and 2021 Co-product AISC outlook to the 2021 Co-product CAS outlook are 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.

2021 Outlook - Gold ^(1)(2)

(in millions, except ounces and per ounce) Outlook Estimate

Cost Applicable to Sales ^(3)(4) $ 4,600

Reclamation Costs ^(5) 150

Advanced Projects & Exploration ^(6) 160

General and Administrative^ (7) 225

Other Expense 100

Treatment and Refining Costs 50

Sustaining Capital ^(8) 870

Sustaining Finance Lease Payments 45

All-in Sustaining Costs $ 6,200

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

All-in Sustaining Costs per Oz $ 1,050

(1)

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 2021 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.

(2)

All values are presented on a consolidated basis for Newmont.

(3)

Excludes Depreciation and amortization and Reclamation and remediation.

(4)

Includes stockpile and leach pad inventory adjustments.

(5)

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

(6)

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

(7)

Includes stock based compensation.

(8)

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

(9)

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

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(1) the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2021 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.(2)

^ Excludes Depreciation and amortization and Reclamation and remediation.(3)

^ Includes stockpile and leach pad inventory adjustments.(4)

^ Reclamation costs include operating accretion and amortization of asset(5) retirement costs.

^ Advanced Project and Exploration excludes non-sustaining advanced projects(6) and exploration.

^ Includes stock based compensation.(7)

^ Excludes development capital expenditures, capitalized interest and change(8) in accrued capital.

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

2021 Outlook - Co-Product ^(1)(2)

(in millions, except GEO and per GEO) Outlook Estimate

Cost Applicable to Sales ^(3)(4) $ 790

Reclamation Costs ^(5) 10

Advanced Projects & Exploration ^(6) 20

General and Administrative^ (7) 35

Other Expense 20

Treatment and Refining Costs 125

Sustaining Capital ^(8) 130

Sustaining Finance Lease Payments 20

All-in Sustaining Costs $ 1,150

Co-Product GEO (000) Sold^ (9) 1,300

All-in Sustaining Costs per Co Product GEO $ 880

(1)

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 2021 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.

(2)

All values are presented on a consolidated basis for Newmont.

(3)

Excludes Depreciation and amortization and Reclamation and remediation.

(4)

Includes stockpile and leach pad inventory adjustments.

(5)

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

(6)

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

(7)

Includes stock based compensation.

(8)

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

(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:

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(1) the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2021 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.(2)

^ Excludes Depreciation and amortization and Reclamation and remediation.(3)

^ Includes stockpile and leach pad inventory adjustments.(4)

^ Reclamation costs include operating accretion and amortization of asset(5) retirement costs.

^ Advanced Project and Exploration excludes non-sustaining advanced projects(6) and exploration.

^ Includes stock based compensation.(7)

^ Excludes development capital expenditures, capitalized interest and change(8) in accrued capital.

^ Co-Product GEO are all non-gold co-products (Pe?asquito silver, zinc, lead,(9) 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 30, March December 30, 2021 2021 31, 2021 31, 2021



Net income (loss) attributable $ 3 $ 650 $ 559 $ 824 to Newmont stockholders

Net income (loss) attributable (246 ) 11 20 (60 )to noncontrolling interests

Net loss (income) from (11 ) (10 ) (21 ) (18 )discontinued operations

Equity loss (income) of (39 ) (49 ) 50 (70 )affiliates

Income and mining tax expense 222 341 235 258 (benefit)

Depreciation and amortization 570 561 553 615

Interest expense, net of 66 68 74 73 capitalized interest

EBITDA 565 1,572 1,370 1,622

EBITDA Adjustments:

Loss on assets held for sale 571 - - -

Change in fair value of 96 (26 ) 110 (61 )investments

Reclamation and remediation 79 20 10 213 charges

Impairment of long-lived and 6 11 1 20 other assets

Loss (gain) on asset and (3 ) - (43 ) (84 )investment sales

COVID-19 specific costs 1 1 1 25

Impairment of investments 1 - - -

Settlement costs - 8 3 24

Restructuring and severance - 5 5 6

Pension settlements - - - 7

Adjusted EBITDA 1,316 1,591 1,457 1,772

12 month trailing Adjusted $ 6,136 EBITDA



Total Debt $ 5,482

Lease and other financing 656 obligations

Less: Cash and cash equivalents 4,636

Total net debt $ 1,502



Net debt to adjusted EBITDA 0.2

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,

2021 2020 2021 2020

Consolidated gold sales, net $ 2,516 $ 2,860 $ 7,628 $ 7,347

Consolidated copper sales, net 72 43 204 101

Consolidated silver sales, net 143 138 486 337

Consolidated lead sales, net 42 30 129 92

Consolidated zinc sales, net 122 99 385 239

Total sales $ 2,895 $ 3,170 $ 8,832 $ 8,116

Three Months Ended September 30, 2021

Gold Copper Silver Lead Zinc

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

Consolidated sales:

Gross beforeprovisional pricing and $ 2,527 $ 75 $ 167 $ 30 $ 133 streaming impact

Provisional pricing 5 (1 ) (29 ) 13 1 mark-to-market

Silver streaming - - 19 - - amortization

Gross after provisionalpricing and streaming 2,532 74 157 43 134 impact

Treatment and refining (16 ) (2 ) (14 ) (1 ) (12 )charges

Net $ 2,516 $ 72 $ 143 $ 42 $ 122

Consolidated ounces(thousands)/pounds 1,416 18 7,792 42 98 (millions) sold

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

Gross beforeprovisional pricing and $ 1,784 $ 4.18 $ 21.52 $ 0.73 $ 1.35 streaming impact

Provisional pricing 4 (0.08 ) (3.79 ) 0.29 0.01 mark-to-market

Silver streaming - - 2.44 - - amortization

Gross after provisionalpricing and streaming 1,788 4.10 20.17 1.02 1.36 impact

Treatment and refining (10 ) (0.11 ) (1.83 ) (0.03 ) (0.12 )charges

Net $ 1,778 $ 3.99 $ 18.34 $ 0.99 $ 1.24

Nine Months Ended September 30, 2021

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

7,675

$

204

$

490

$

130

$

419

Provisional pricing mark-to-market

(10

)

5

(20

)

2

5

Silver streaming amortization

-

-

58

-

-

Gross after provisional pricing and streaming impact

7,665

209

528

132

424

Treatment and refining charges

(37

)

(5

)

(42

)

(3

)

(39

)

Net

$

7,628

$

204

$

486

$

129

$

385

Consolidated ounces (thousands)/pounds (millions) sold

4,277

49

23,938

134

319

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

Gross before provisional pricing and streaming impact

$

1,794

$

4.20

$

20.49

$

0.98

$

1.32

Provisional pricing mark-to-market

(2

)

0.09

(0.85

)

0.01

0.01

Silver streaming amortization

-

-

2.44

-

-

Gross after provisional pricing and streaming impact

1,792

4.29

22.08

0.99

1.33

Treatment and refining charges

(9

)

(0.10

)

(1.76

)

(0.03

)

(0.12

)

Net

$

1,783

$

4.19

$

20.32

$

0.96

$

1.21

Nine Months Ended September 30, 2021

Gold Copper Silver Lead Zinc

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

Consolidated sales:

Gross beforeprovisional pricing and $ 7,675 $ 204 $ 490 $ 130 $ 419 streaming impact

Provisional pricing (10 ) 5 (20 ) 2 5 mark-to-market

Silver streaming - - 58 - - amortization

Gross after provisionalpricing and streaming 7,665 209 528 132 424 impact

Treatment and refining (37 ) (5 ) (42 ) (3 ) (39 )charges

Net $ 7,628 $ 204 $ 486 $ 129 $ 385

Consolidated ounces(thousands)/pounds 4,277 49 23,938 134 319 (millions) sold

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

Gross beforeprovisional pricing and $ 1,794 $ 4.20 $ 20.49 $ 0.98 $ 1.32 streaming impact

Provisional pricing (2 ) 0.09 (0.85 ) 0.01 0.01 mark-to-market

Silver streaming - - 2.44 - - amortization

Gross after provisionalpricing and streaming 1,792 4.29 22.08 0.99 1.33 impact

Treatment and refining (9 ) (0.10 ) (1.76 ) (0.03 ) (0.12 )charges

Net $ 1,783 $ 4.19 $ 20.32 $ 0.96 $ 1.21

(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, 2020

Gold Copper Silver Lead Zinc

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

Consolidated sales:

Gross beforeprovisional pricing and $ 2,864 $ 42 $ 122 $ 36 $ 99 streaming 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 beforeprovisional pricing and $ 1,917 $ 2.94 $ 19.15 $ 0.87 $ 1.01 streaming 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.

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,

2021 2020 2021 2020

Consolidated gold sales, net $ 2,516 $ 2,860 $ 7,628 $ 7,347

Consolidated other metal sales, net 379 310 1,204 769

Sales $ 2,895 $ 3,170 $ 8,832 $ 8,116



Costs applicable to sales $ 1,367 $ 1,269 $ 3,895 $ 3,659

Less: Consolidated other metal (379 ) (310 ) (1,204 ) (769 )sales, net

By-Product costs applicable to $ 988 $ 959 $ 2,691 $ 2,890 sales

Gold sold (thousand ounces) 1,416 1,495 4,277 4,210

Total Gold CAS per ounce $ 698 $ 641 $ 629 $ 686 (by-product) ^(1)



Total AISC $ 1,853 $ 1,715 $ 5,354 $ 5,078

Less: Consolidated other metal (379 ) (310 ) (1,204 ) (769 )sales, net

By-Product AISC $ 1,474 $ 1,405 $ 4,150 $ 4,309

Gold sold (thousand ounces) 1,416 1,495 4,277 4,210

Total Gold AISC per ounce $ 1,041 $ 940 $ 970 $ 1,024 (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 28, 2021 at 10:00 a.m. Eastern Time (8:00 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 28, 2021 at 10:00 a.m. Eastern Time (8:00 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 10160453

Webcast Details

Title: Newmont Third Quarter 2021 Earnings Conference Call

URL: https://event.on24.com/wcc/r/3408524/0D1847AA22DB48542F3EE259587D62D1

The third quarter 2021 results will be available before the market opens on Thursday, October 28, 2021, 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 Tanami Expansion 2, Ahafo North and Yanacocha Sulfides projects, as well as the development, growth and exploration potential of the Company's other operations, projects and investments, including, without limitation, returns, IRR, schedule, approval and 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, including, without limitation, expectations with respect to water treatment and other costs; (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 and vaccine. 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), the impact of additional waves or variations of Covid, and the availability and impact of Covid vaccinations in the areas and countries in which we operate. Investors are reminded that only the third quarter dividend has been declared by the Board of Directors at this time. Future dividends beyond the dividend payable on December 28, 2021 to holders of record at the close of business on December 9, 2021 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management's expectations with respect to future dividends are "forward-looking statements" and the Company's dividend framework is 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. Investors are also cautioned that the extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. 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, 2020 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, each filed with the U.S. Securities and Exchange Commission (the "SEC"), under the heading "Risk Factors", 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.

Notice for U.S. Investors:

The terms "resources" and "Measured, Indicated and Inferred resources" are used in this news release. Investors are advised that the SEC does not recognize these terms and "resources" have not been prepared in accordance with Industry Guide 7. Newmont has determined that such "resources" would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration (SME) and defined as "Mineral Resource". Estimates of resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred Resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part or all of the Inferred Resource exists, or is economically or legally mineable. Investors are reminded that even if significant mineralization is discovered and converted to reserves, during the time necessary to ultimately move such mineralization to production the economic feasibility of production may change. US investors are encouraged to refer to the "Proven and Probable Reserve" tables contained herein for reserves prepared in compliance with the SEC's Industry Guide 7 and "Mineralized Material" tables, available at www.newmont.com and included in the Company's Form 10-K, filed on February 18, 2021, on www.sec.gov. Additional information on the Company's resource estimates can be found at www.newmont.com/operations-and-projects/reserves-and-resources.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005277/en/

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

CONTACT: Investor Contact Daniel Horton 303.837.5468 daniel.horton@newmont.com