NEM 8-K

NEWMONT Corp /DE/ (NEM)

8-K 2021-10-28 For: 2021-10-28

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	Delaware
	(State or Other Jurisdiction of Incorporation)

	001-31240
	(Commission File Number)

	84-1611629
	(I.R.S. Employer Identification No.)

	6900 E. Layton Avenue, Denver, Colorado 80237
	(Address of principal executive offices) (zip code)

	(303) 863-7414
	(Registrant's telephone number, including area code)

	Not applicable
	(Former Name or Former Address, if Changed Since Last Report)

Title of each class		Trading Symbol		Name of each exchange on which registered
Common stock, par value $1.60 per share		NEM		New York Stock Exchange

Exhibit Number		Description of Exhibit

99.1		News Release, dated October 28, 2021, reporting Third Quarter 2021 Results

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	By:	/s/ Nancy K. Buese
	Name:	Nancy K. Buese
	Title:	Executive Vice President and Chief Financial 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.

NEM 8-K

Newmont Announces Third Quarter 2021 Results

Contacts

	Q3'21			Q2'21		Q1'21		Q3'20
Attributable gold production (million ounces)	1.45			1.45		1.46		1.54
Gold costs applicable to sales (CAS) ($ per ounce)	$	830		$	755	$	752	$	756
Gold all-in sustaining costs (AISC) ($ per ounce)	$	1,120		$	1,035	$	1,039	$	1,020
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 (US $ millions)	$	1,133		$	993	$	841	$	1,597
Capital expenditures (US $ millions)	$	398		$	415	$	399	$	296
Free cash flow (US $ millions)	$	735		$	578	$	442	$	1,301

___________________________
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.
¹⁰	Non-GAAP measure. See end of this release for reconciliation
¹¹	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 and Indicated Resource and 410,000 ounces of Inferred Resource as at December 31, 2020.
¹²	Consolidated basis.

Newmont 2021 Outlook ^a	Updated (as of Oct. 28, 2021)	Previous (+/-5%) (as of Dec. 8, 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 ($/oz) ^c	1,050	970
Consolidated Co-Product GEO Production (Moz) ^d	1.3	1.3
Attributable Co-Product GEO Production (Moz) ^d	1.3	1.3
Consolidated GEO CAS ($/oz) ^d	600	600
Consolidated GEO All-in Sustaining Costs ($/oz) ^c,d	880	880
Consolidated Sustaining Capital Expenditures ($M)	1,000	1,000
Consolidated Development Capital Expenditures ($M)	750	900
Attributable Sustaining Capital Expenditures ($M)	950	950
Attributable Development Capital Expenditures ($M)	700	850
General & Administrative ($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.
^d	Gold equivalent ounces (GEO) is calculated as pounds or ounces produced multiplied by the ratio of the other metal’s price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($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.

	Three Months Ended September 30,						Nine Months Ended September 30,
Operating Results	2021		2020		% Change		2021		2020		% Change
Attributable Sales (koz)
Attributable gold ounces sold⁽¹⁾	1,357		1,429		(5	)%	4,101		3,996		3	%
Attributable gold equivalent ounces sold	301		248		21	%	930		780		19	%

Average Realized Price ($/oz, $/lb)
Average realized gold price	$	1,778	$	1,913	(7	)%	$	1,783	$	1,745	2	%
Average realized copper price	$	3.99	$	2.99	33	%	$	4.19	$	2.49	68	%
Average realized silver price	$	18.34	$	21.69	(15	)%	$	20.32	$	16.66	22	%
Average realized lead price	$	0.99	$	0.73	36	%	$	0.96	$	0.69	39	%
Average realized zinc price	$	1.24	$	1.01	23	%	$	1.21	$	0.77	57	%

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 (excluding equity method investments)	1,364		1,454		(6	)%	4,099		4,019		2	%
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 Ounces	315		273		15	%	935		750		25	%

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 Ounces	$	638	$	556	15	%	$	606	$	575	5	%

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 Ounces	$	887	$	770	15	%	$	863	$	862	—	%

⁽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.

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

	Three Months Ended September 30,						Nine Months Ended 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 development	40			39			108			92
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, net	3			1			46			593
Other income (loss), net	(74		)	(44		)	(106		)	(35		)
Interest expense, net of capitalized interest	(66		)	(75		)	(208		)	(235		)
	(137		)	(118		)	(268		)	323
Income (loss) before income and mining tax and other items	(71		)	880			1,615			2,209
Income and mining tax benefit (expense)	(222		)	(305		)	(798		)	(446		)
Equity income (loss) of affiliates	39			53			138			119
Net income (loss) from continuing operations	(254		)	628			955			1,882
Net income (loss) from discontinued operations	11			228			42			145
Net income (loss)	(243		)	856			997			2,027
Net loss (income) attributable to noncontrolling interests	246			(17		)	215			(22		)
Net income (loss) attributable to Newmont stockholders	$	3		$	839		$	1,212		$	2,005

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.

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

	Three Months Ended September 30,						Nine Months Ended 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, net	(3		)	(1		)	(46		)	(593		)
Net loss (income) from discontinued operations	(11		)	(228		)	(42		)	(145		)
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 distributions received	29			22			(26		)	(12		)
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 liabilities	13			168			(578		)	50
Net cash provided by (used in) operating activities of continuing operations	1,133			1,597			2,967			3,204
Net cash provided by (used in) operating activities of discontinued operations	11			(1		)	13			(8		)
Net cash provided by (used in) operating activities	1,144			1,596			2,980			3,196

Investing activities:
Additions to property, plant and mine development	(398		)	(296		)	(1,212		)	(904		)
Acquisitions, net	—			—			(328		)	—
Contributions to equity method investees	(42		)	(2		)	(114		)	(16		)
Proceeds from sales of investments	23			35			107			305
Return of investment from equity method investees	—			—			18			43
Purchases of investments	(2		)	—			(18		)	(33		)
Proceeds from sales of mining operations and other assets, net	3			2			4			1,137
Other	26			(1		)	26			45
Net cash provided by (used in) investing activities of continuing operations	(390		)	(262		)	(1,517		)	577
Net cash provided by (used in) investing activities of discontinued operations	—			(75		)	—			(75		)
Net cash provided by (used in) investing activities	(390		)	(337		)	(1,517		)	502

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 interests	(58		)	(55		)	(155		)	(143		)
Funding from noncontrolling interests	25			27			73			82
Payments on lease and other financing obligations	(18		)	(16		)	(54		)	(49		)
Payments for withholding of employee taxes related to stock-based compensation	(2		)	(6		)	(31		)	(45		)
Proceeds from issuance of debt, net	—			—			—			985
Other	(90		)	9			(77		)	46
Net cash provided by (used in) financing activities	(697		)	(242		)	(2,363		)	(1,119		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3		)	4			(3		)	4
Net change in cash, cash equivalents and restricted cash	54			1,021			(903		)	2,583
Cash, cash equivalents and restricted cash at beginning of period	4,691			3,911			5,648			2,349
Cash, cash equivalents and restricted cash at end of period	$	4,745		$	4,932		$	4,745		$	4,932

NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)

	At September 30, 2021			At December 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 interest	48			34

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

	Three Months Ended September 30, 2021									Nine Months Ended September 30, 2021
				per share data ⁽¹⁾									per share data ⁽¹⁾
				basic			diluted						basic			diluted
Net income (loss) attributable to Newmont stockholders	$	3		$	—		$	—		$	1,212		$	1.52		$	1.51
Net loss (income) attributable to Newmont stockholders from discontinued operations	(11		)	(0.01		)	(0.01		)	(42		)	(0.05		)	(0.05		)
Net income (loss) attributable to Newmont stockholders from continuing operations	(8		)	(0.01		)	(0.01		)	1,170			1.47			1.46
Loss on assets held for sale, net ⁽²⁾	372			0.47			0.46			372			0.47			0.46
Change in fair value of investments ⁽³⁾	96			0.12			0.12			180			0.23			0.23
Reclamation and remediation charges⁽⁴⁾	79			0.10			0.10			109			0.14			0.14
(Gain) loss on asset and investment sales ⁽⁵⁾	(3		)	—			—			(46		)	(0.05		)	(0.05		)
Impairment of long-lived and other assets ⁽⁶⁾	6			0.01			0.01			18			0.02			0.02
Settlement costs ⁽⁷⁾	—			—			—			11			0.01			0.01
Restructuring and severance, net ⁽⁸⁾	—			—			—			9			0.01			0.01
COVID-19 specific costs ⁽⁹⁾	1			—			—			3			—			—
Impairment of investments	1			—			—			1			—			—
Tax effect of adjustments⁽¹⁰⁾	(167		)	(0.22		)	(0.21		)	(197		)	(0.27		)	(0.25		)
Valuation allowance and other tax adjustments, net ⁽¹¹⁾	106			0.13			0.13			117			0.15			0.15
Adjusted net income (loss) ⁽¹²⁾	$	483		$	0.60		$	0.60		$	1,747		$	2.18		$	2.18

Weighted average common shares (millions):⁽¹³⁾				799			800						800			802

⁽¹⁾	Per share measures may not recalculate due to rounding.
⁽²⁾	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 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.
⁽³⁾	Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's 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.
⁽⁴⁾	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.
⁽⁵⁾	(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. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.
⁽⁶⁾	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 supplies inventories.
⁽⁷⁾	Settlement costs, included in Other expense, net, primarily are comprised of a voluntary contribution made to the Republic of Suriname.
⁽⁸⁾	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.
⁽⁹⁾	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. 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.
⁽¹⁰⁾	The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (9), as described above, and are calculated using the applicable regional tax rate.
⁽¹¹⁾	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 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.
⁽¹²⁾	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 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.
⁽¹³⁾	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 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 September 30, 2020									Nine Months Ended September 30, 2020
				per share data ⁽¹⁾									per share data ⁽¹⁾
				basic			diluted						basic			diluted
Net income (loss) attributable to Newmont stockholders	$	839		$	1.04		$	1.04		$	2,005		$	2.49		$	2.49
Net loss (income) attributable to Newmont stockholders from discontinued operations	(228		)	(0.28		)	(0.28		)	(145		)	(0.18		)	(0.18		)
Net income (loss) attributable to Newmont stockholders from continuing operations	611			0.76			0.76			1,860			2.31			2.31
Gain (loss) on asset and investment sales ⁽²⁾	(1		)	—			—			(593		)	(0.73		)	(0.73		)
Change in fair value of investments⁽³⁾	(57		)	(0.07		)	(0.07		)	(191		)	(0.24		)	(0.24		)
Impairment of investments ⁽⁴⁾	—			—			—			93			0.11			0.11
Pension settlements ⁽⁵⁾	83			0.10			0.10			85			0.10			0.10
Loss on debt extinguishment ⁽⁶⁾	—			—			—			77			0.09			0.09
COVID-19 specific costs, net ⁽⁷⁾	27			0.03			0.03			62			0.08			0.08
Settlement costs, net ⁽⁸⁾	23			0.03			0.03			31			0.04			0.04
Impairment of long-lived and other assets⁽⁹⁾	24			0.03			0.03			29			0.04			0.04
Goldcorp transaction and integration costs ⁽¹⁰⁾	—			—			—			23			0.03			0.03
Restructuring and severance, net ⁽¹¹⁾	9			0.01			0.01			11			0.01			0.01
Tax effect of adjustments ⁽¹²⁾	(32		)	(0.03		)	(0.04		)	93			0.11			0.11
Valuation allowance and other tax adjustments, net ⁽¹³⁾	10			0.01			0.01			(296		)	(0.35		)	(0.36		)
Adjusted net income (loss) ⁽¹⁴⁾	$	697		$	0.87		$	0.86		$	1,284		$	1.60		$	1.59

Weighted average common shares (millions): ⁽¹⁵⁾				803			806						804			806

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Net income (loss) attributable to Newmont stockholders	$	3		$	839		$	1,212		$	2,005
Net income (loss) attributable to noncontrolling interests	(246		)	17			(215		)	22
Net loss (Income) from discontinued operations	(11		)	(228		)	(42		)	(145		)
Equity loss (income) of affiliates	(39		)	(53		)	(138		)	(119		)
Income and mining tax expense (benefit)	222			305			798			446
Depreciation and amortization	570			592			1,684			1,685
Interest expense, net of capitalized interest	66			75			208			235
EBITDA	$	565		$	1,547		$	3,507		$	4,129
Adjustments:
Loss on assets held for sale⁽¹⁾	$	571		$	—		$	571		$	—
Change in fair value of investments⁽²⁾	96			(57		)	180			(191		)
Reclamation and remediation charges ⁽³⁾	79			—			109			—
(Gain) loss on asset and investment sales ⁽⁴⁾	(3		)	(1		)	(46		)	(593		)
Impairment of long-lived and other assets⁽⁵⁾	6			24			18			29
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 integration costs ⁽¹²⁾	—			—			—			23
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 Peñasquito 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, Éléonore, Peñasquito, Yanacocha, and Cerro Negro mine sites.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Net cash provided by (used in) operating activities	$	1,144		$	1,596		$	2,980		$	3,196
Less: Net cash used in (provided by) operating activities of discontinued operations	(11		)	1			(13		)	8
Net cash provided by (used in) operating activities of continuing operations	1,133			1,597			2,967			3,204
Less: Additions to property, plant and mine development	(398		)	(296		)	(1,212		)	(904		)
Free Cash Flow	$	735		$	1,301		$	1,755		$	2,300

Net cash provided by (used in) investing activities⁽¹⁾	$	(390	)	$	(337	)	$	(1,517	)	$	502
Net cash provided by (used in) financing activities	$	(697	)	$	(242	)	$	(2,363	)	$	(1,119	)

	Three Months Ended September 30, 2021									Nine Months Ended September 30, 2021
	Consolidated			Attributable to noncontrolling interests ⁽¹⁾			Attributable to Newmont Stockholders			Consolidated			Attributable to noncontrolling interests ⁽¹⁾			Attributable to Newmont Stockholders
Net cash provided by (used in) operating activities	$	1,144		$	(39	)	$	1,105		$	2,980		$	(92	)	$	2,888
Less: Net cash used in (provided by) operating activities of discontinued operations	(11		)	—			(11		)	(13		)	—			(13		)
Net cash provided by (used in) operating activities of continuing operations	1,133			(39		)	1,094			2,967			(92		)	2,875
Less: Additions to property, plant and mine development ⁽²⁾	(398		)	19			(379		)	(1,212		)	50			(1,162		)
Free Cash Flow	$	735		$	(20	)	$	715		$	1,755		$	(42	)	$	1,713

Net cash provided by (used in) investing activities⁽³⁾	$	(390	)							$	(1,517	)
Net cash provided by (used in) financing activities	$	(697	)							$	(2,363	)

⁽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.

	Three Months Ended September 30, 2020									Nine Months Ended September 30, 2020
	Consolidated			Attributable to noncontrolling interests ⁽¹⁾			Attributable to Newmont Stockholders			Consolidated			Attributable to noncontrolling interests ⁽¹⁾			Attributable to Newmont Stockholders
Net cash provided by (used in) operating activities	$	1,596		$	(50	)	$	1,546		$	3,196		$	(132	)	$	3,064
Less: Net cash used in (provided by) operating activities of discontinued operations	1			—			1			8			—			8
Net cash provided by (used in) operating activities of continuing operations	1,597			(50		)	1,547			3,204			(132		)	3,072
Less: Additions to property, plant and mine development ⁽²⁾	(296		)	12			(284		)	(904		)	37			(867		)
Free Cash Flow	$	1,301		$	(38	)	$	1,263		$	2,300		$	(95	)	$	2,205

Net cash provided by (used in) investing activities⁽³⁾	$	(337	)							$	502
Net cash provided by (used in) financing activities	$	(242	)							$	(1,119	)

*Costs applicable to sales per ounce*
	Three Months Ended September 30,				Nine Months Ended 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.

*Costs applicable to sales per gold equivalent ounce*
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Costs applicable to sales ⁽¹⁾⁽²⁾	$	192	$	139	$	564	$	449
Gold equivalent ounces - other metals (thousand ounces) ⁽³⁾	301		248		930		780
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.

*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

⁽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.

Three Months Ended September 30, 2021	Costs Applicable to Sales ^(1)(2)(3)		Reclamation Costs ⁽⁴⁾		Advanced Projects, Research and Development and Exploration⁽⁵⁾		General and Administrative		Care and Maintenance and Other Expense, Net^(6)(7)(8)		Treatment and Refining Costs		Sustaining Capital and Lease Related Costs^(9)(10)		All-In Sustaining Costs		Ounces (000) Sold	All-In Sustaining Costs Per oz.⁽¹¹⁾
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
Éléonore	60		1		—		—		1		—		10		72		58	1,243
Peñasquito	94		1		—		—		1		9		16		121		170	706
Other North America	—		—		—		1		—		—		—		1		—	—
North America	308		6		5		1		2		9		64		395		384	1,026

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

Boddington	151		2		2		—		—		4		13		172		167	1,030
Tanami	69		—		1		—		12		—		29		111		111	986
Other Australia	—		—		—		2		—		—		1		3		—	—
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 Mines	232		2		4		2		1		2		43		286		303	945
Nevada	232		2		4		2		1		2		43		286		303	945

Corporate and Other	—		—		31		43		—		—		6		80		—	—
Total Gold	$	1,175	$	41	$	49	$	53	$	33	$	16	$	219	$	1,586	1,416	$	1,120

Gold equivalent ounces - other metals ⁽¹²⁾
Peñasquito	$	155	$	2	$	—	$	—	$	2	$	27	$	26	$	212	261	$	819
Other North America	—		—		—		1		1		—		—		2		—	—
North America	155		2		—		1		3		27		26		214		261	822

Boddington	37		—		—		—		—		2		1		40		40	1,013
Other Australia	—		—		—		—		—		—		1		1		—	—
Australia	37		—		—		—		—		2		2		41		40	1,025

Corporate and Other	—		—		4		7		—		—		1		12		—	—
Total Gold Equivalent Ounces	$	192	$	2	$	4	$	8	$	3	$	29	$	29	$	267	301	$	887

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

Three Months Ended September 30, 2020	Costs Applicable to Sales^(1)(2)(3)		Reclamation Costs⁽⁴⁾		Advanced Projects, Research and Development and Exploration⁽⁵⁾		General and Administrative		Care and Maintenance and Other Expense, Net⁽⁶⁾⁽⁷⁾		Treatment and Refining Costs		Sustaining Capital and Lease Related Costs⁽⁸⁾⁽⁹⁾		All-In Sustaining Costs		Ounces (000) Sold	All-In Sustaining Costs Per oz.⁽¹⁰⁾
Gold
CC&V	$	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
Éléonore	53		1		—		—		—		—		10		64		57	1,118
Peñasquito	74		2		—		—		—		18		13		107		130	835
Other North America	—		—		4		1		2		—		—		7		—	—
North America	295		5		12		1		4		18		50		385		386	1,003

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 America	—		—		1		2		1		—		—		4		—	—
South America	210		15		3		3		21		—		24		276		237	1,162

Boddington	148		3		1		—		—		3		17		172		175	985
Tanami	62		—		3		—		—		—		29		94		130	723
Other Australia	—		—		—		3		1		—		1		5		—	—
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 Mines	258		4		6		3		—		2		34		307		340	904
Nevada	258		4		6		3		—		2		34		307		340	904

Corporate and Other	—		—		24		55		—		—		10		89		—	—
Total Gold	$	1,130	$	35	$	50	$	68	$	26	$	23	$	192	$	1,524	1,495	$	1,020

Gold equivalent ounces - other metals ⁽¹¹⁾
Peñasquito	$	111	$	2	$	—	$	—	$	1	$	31	$	14	$	159	215	$	735
Boddington	28		—		—		—		—		1		3		32		33	998
Total Gold Equivalent Ounces	$	139	$	2	$	—	$	—	$	1	$	32	$	17	$	191	248	$	770

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

Nine Months Ended September 30, 2020	Costs Applicable to Sales ^(1)(2)(3)		Reclamation Costs ⁽⁴⁾		Advanced Projects, Research and Development and Exploration⁽⁵⁾		General and Administrative		Care and Maintenance and Other Expense, Net⁽⁶⁾⁽⁷⁾		Treatment and Refining Costs		Sustaining Capital and Lease Related Costs⁽⁸⁾⁽⁹⁾		All-In Sustaining Costs		Ounces (000) Sold	All-In Sustaining Costs Per oz.⁽¹⁰⁾
Gold
CC&V	$	180	$	4	$	5	$	—	$	—	$	—	$	27	$	216	200	$	1,085
Red Lake	45		—		1		—		—		—		4		50		42	1,182
Musselwhite	73		2		5		—		24		—		16		120		62	1,945
Porcupine	174		2		7		—		—		—		25		208		241	862
Éléonore	127		2		3		—		26		—		27		185		137	1,345
Peñasquito	188		4		—		—		19		27		24		262		311	845
Other North America	—		—		4		9		3		—		1		17		—	—
North America	787		14		25		9		72		27		124		1,058		993	1,066

Yanacocha	270		42		5		1		30		—		14		362		266	1,358
Merian	239		3		3		1		—		—		27		273		337	811
Cerro Negro	115		2		1		—		54		—		24		196		154	1,271
Other South America	—		—		1		7		2		—		—		10		—	—
South America	624		47		10		9		86		—		65		841		757	1,111

Boddington	421		9		3		—		—		8		64		505		482	1,046
Tanami	189		1		7		—		—		—		68		265		375	707
Other Australia	—		—		—		9		1		—		3		13		—	—
Australia	610		10		10		9		1		8		135		783		857	914

Ahafo	264		7		2		1		2		—		56		332		338	983
Akyem	164		17		1		—		1		—		18		201		268	750
Other Africa	—		—		—		5		—		—		—		5		—	—
Africa	428		24		3		6		3		—		74		538		606	889

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

Corporate and Other	—		—		53		164		3		—		31		251		—	—
Total Gold	$	3,210	$	106	$	117	$	205	$	171	$	43	$	553	$	4,405	4,210	$	1,046

Gold equivalent ounces - other metals ⁽¹¹⁾
Peñasquito	$	371	$	6	$	1	$	—	$	19	$	114	$	67	$	578	688	$	840
Boddington	78		1		—		—		—		4		12		95		92	1,032
Total Gold Equivalent Ounces	$	449	$	7	$	1	$	—	$	19	$	118	$	79	$	673	780	$	862

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

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.