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DENVER--(BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced second quarter 2024 results and declared a second quarter dividend of $0.25 per share.
"Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow," said Tom Palmer, Newmont's President and Chief Executive Officer. "We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt. As we head into the second half of the year, we remain confident in our ability to continue executing on shareholder returns, meet our full year guidance and deliver on our commitments."
Q2 2024 Results1
- Announced monetization of Batu Hijau contingent payments; expect to receive $153 million in cash proceeds in the third quarter, in addition to $44 million of cash associated with contingent payments
- Expect to achieve at least $2 billion in gross divestiture proceeds from high-quality, non-core asset sales
- Since our last earnings release, repurchased 5.7 million shares at an average price of $43.34 for a total cost of $250 million, of which $104 million was repurchased during the second quarter and $146 million was repurchased in July 2024
- Reduced nominal debt by $250 million for a cash cost of $227 million
- Delivered $539 million in total returns to shareholders through share repurchases and dividend payments in the second quarter2; declared a dividend of $0.25 per share of common stock for the second quarter of 20243
- Produced 1.6 million attributable gold ounces and 477 thousand gold equivalent ounces (GEOs)4 from copper, silver, lead and zinc, including 38 thousand tonnes of copper; primarily driven by production of 1.3 million gold ounces from Newmont's Tier 1 Portfolio5
- Generated $1.4 billion of cash from operating activities, net of working capital changes of $(263) million; reported $594 million in Free Cash Flow6
- Reported Net Income of $857 million, Adjusted Net Income (ANI) of $0.72 per share and Adjusted EBITDA of $2.0 billion for the quarter6
- Achieved $100 million in synergies during the second quarter, for a total of $205 million to date from the Newcrest acquisition; on track to realize $500 million in annual synergies by the end of 20257
- On track to deliver 2024 guidance for production, costs and capital spend; anticipating a sequential increase in production in the second half of the year, weighted towards the fourth quarter8
- Published Newmont's 2023 Climate Performance Update, summarizing the climate performance for Newmont's managed operating sites throughout 2023
| ____________________ | ||||
1 | Newmont’s actual condensed consolidated financial results remain subject to completion and final review by management and external auditors for the quarter ended June 30, 2024. Newmont intends to file its Q2 2024 Form 10-Q on or about the close of business on July 25, 2024. See notes at the end of this release. | |||
2 | Total returns to shareholders includes $146 million of shares repurchased in July 2024. | |||
3 | Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the second quarter of 2024, payable on September 30, 2024 to holders of record at the close of business on September 5, 2024. | |||
4 | Gold equivalent ounces (GEOs) calculated using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024. | |||
5 | Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes attributable production from the Company’s equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines joint venture. | |||
6 | Non-GAAP metrics; see reconciliations at the end of this release. | |||
7 | Synergies are a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Synergies represent management’s combined estimate of pre-tax synergies, supply chain efficiencies and Full Potential improvements, as a result of the integration of Newmont’s and Newcrest’s businesses that have been monetized for the purposes of the estimation. Such estimates are necessarily imprecise and are based on numerous judgments and assumptions. See cautionary statement at the end of this release regarding forward-looking statements. | |||
8 | See discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements. | |||
Advancing Portfolio Optimization with Monetization of Batu Hijau Deferred Payment Rights
Newmont today announced it has entered into an agreement to sell 100 percent of the entity holding Newmont's deferred payment rights associated with the Batu Hijau copper and gold mine in Indonesia for total consideration of $153 million in cash, with closing to occur no later than September 30, 2024. Furthermore, an additional $10 million cash payment associated with these deferred payment rights was received in July. During the second quarter of 2024, Newmont also received a $34 million cash payment, bringing total proceeds to $197 million for 2024.
Summary of Second Quarter Results | ||||||||||||||||||||||||||
| 2023 |
| 2024 | |||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY |
| Q1 | Q2 | FY | |||||||||||||||||
Average realized gold price ($/oz) | $ | 1,906 |
| $ | 1,965 | $ | 1,920 | $ | 2,004 |
| $ | 1,954 |
| $ | 2,090 |
| $ | 2,347 | $ | 2,216 | ||||||
Attributable gold production (Moz)1 |
| 1.27 |
|
| 1.24 |
| 1.29 |
| 1.74 |
|
| 5.55 |
|
| 1.68 |
|
| 1.61 |
| 3.28 | ||||||
Gold CAS ($/oz)2,3 | $ | 1,025 |
| $ | 1,054 | $ | 1,019 | $ | 1,086 |
| $ | 1,050 |
| $ | 1,057 |
| $ | 1,152 | $ | 1,103 | ||||||
Gold AISC ($ per ounce)3 | $ | 1,376 |
| $ | 1,472 | $ | 1,426 | $ | 1,485 |
| $ | 1,444 |
| $ | 1,439 |
| $ | 1,562 | $ | 1,500 | ||||||
GAAP net income (loss) from continuing operations ($M) | $ | 339 |
| $ | 153 | $ | 157 | $ | (3,170 | ) | $ | (2,521 | ) | $ | 166 |
| $ | 838 | $ | 1,004 | ||||||
Adjusted net income ($M)4 | $ | 320 |
| $ | 266 | $ | 286 | $ | 452 |
| $ | 1,324 |
| $ | 630 |
| $ | 834 | $ | 1,464 | ||||||
Adjusted net income per share ($/diluted share)4 | $ | 0.40 |
| $ | 0.33 | $ | 0.36 | $ | 0.46 |
| $ | 1.57 |
| $ | 0.55 |
| $ | 0.72 | $ | 1.27 | ||||||
Adjusted EBITDA ($M)4 | $ | 990 |
| $ | 910 | $ | 933 | $ | 1,382 |
| $ | 4,215 |
| $ | 1,694 |
| $ | 1,966 | $ | 3,660 | ||||||
Cash from operations before working capital ($M)5 | $ | 843 |
| $ | 763 | $ | 874 | $ | 787 |
| $ | 3,267 |
| $ | 1,442 |
| $ | 1,657 | $ | 3,099 | ||||||
Net cash from operating activities of continuing operations ($M) | $ | 481 |
| $ | 656 | $ | 1,001 | $ | 616 |
| $ | 2,754 |
| $ | 776 |
| $ | 1,394 | $ | 2,170 | ||||||
Capital expenditures ($M)6 | $ | 526 |
| $ | 616 | $ | 604 | $ | 920 |
| $ | 2,666 |
| $ | 850 |
| $ | 800 | $ | 1,650 | ||||||
Free cash flow ($M)7 | $ | (45 | ) | $ | 40 | $ | 397 | $ | (304 | ) | $ | 88 |
| $ | (74 | ) | $ | 594 | $ | 520 | ||||||
SECOND QUARTER 2024 PRODUCTION AND FINANCIAL SUMMARY
Attributable gold production1 decreased 4 percent to 1,607 thousand ounces from the prior quarter primarily due to lower production at Cerro Negro as a result of the suspension of operations during the quarter following the tragic fatalities of two members of the Newmont workforce on April 9, 2024. Operations at Cerro Negro safely resumed on May 24, 2024. In addition, operations were suspended as of April 14, 2024 at Telfer, one of Newmont's non-core assets, as further work is completed to remediate the safe operation of the tailings storage facility. Second quarter production was also impacted by lower production at Lihir due to heavy rainfall impacting mine sequencing, as well as lower production at Akyem due to lower grades as a result of the ongoing stripping campaign. These impacts were partially offset by higher production at Porcupine, Brucejack and Peñasquito.
Full year production for 2024 is expected to be second-half weighted as previously indicated, with a sequential increase weighted towards the fourth quarter. The second-half weighting is expected to be driven primarily by improved grades at Peñasquito, Ahafo and Tanami, improved throughput from Lihir and Boddington and sequential improvements delivered from our non-managed joint venture operations.
Average realized gold price was $2,347, an increase of $257 per ounce over the prior quarter. Average realized gold price includes $2,344 per ounce of gross price received, a favorable impact of $17 per ounce mark-to-market on provisionally-priced sales and reductions of $14 per ounce for treatment and refining charges.
Gold CAS2 totaled $1.8 billion for the quarter. Gold CAS per ounce3 increased 9 percent to $1,152 per ounce compared to the prior quarter primarily due to lower sales volumes, processing of stockpiles at Porcupine and Tanami and higher third party royalties as a result of higher gold prices.
Gold AISC per ounce3 increased 9 percent to $1,562 per ounce compared to the prior quarter primarily due to higher CAS and higher sustaining capital spend.
Attributable gold equivalent ounce (GEO) production from other metals was largely in line with the prior quarter at 477 thousand ounces.
CAS from other metals2 totaled $379 million for the quarter. CAS per GEO3 was largely in line with the prior quarter at $836 per ounce.
AISC per GEO3 increased 5 percent to $1,207 per ounce compared to the prior quarter primarily due to higher sustaining capital spend.
Net income from continuing operations attributable to Newmont stockholders was $838 million or $0.73 per diluted share, an increase of $672 million from the prior quarter primarily due to the loss on assets held for sale of $485 million recognized during the first quarter of 2024, as well as higher average realized prices for all metals in the second quarter of 2024.
Adjusted net income4 was $834 million or $0.72 per diluted share, compared to $630 million or $0.55 per diluted share in the prior quarter. Primary adjustments to second quarter net income include a loss on assets held for sale of $246 million, a gain on asset and investment sales of $55 million primarily related to the previously announced sale of the Lundin Stream Credit Facility Agreement and the purchase and sale of foreign currency bonds8, a gain of $14 million on the partial redemption of certain Senior notes, and Newcrest transaction and integration costs of $16 million.
Adjusted EBITDA4 increased 16 percent to $2.0 billion for the quarter, compared to $1.7 billion for the prior quarter.
Consolidated cash from operations before working capital5 increased 15 percent from the prior quarter to $1.7 billion primarily due to higher realized prices for all metals in the second quarter.
Consolidated net cash from operating activities increased 80 percent from the prior quarter to $1.4 billion primarily due to the improvement in cash from operations. Net cash from operating activities in the second quarter was impacted by a $263 million reduction in operating cash flow due to changes in working capital, including a build in inventories, stockpiles and ore on leach pads of $185 million and reclamation spend of $107 million, primarily related to the construction of the Yanacocha water treatment facilities.
Free Cash Flow7 was $594 million compared to $(74) million in the prior quarter primarily due to improvements in consolidated net cash from operating activities, partially offset by higher capital expenditures before capital accruals.
Capital expenditures (net of capital accruals)6 decreased 6 percent from the prior quarter to $800 million primarily due to an increase of capital accruals offsetting higher sustaining and development capital expenditures. Sustaining capital spend increased from the first quarter due to the ramp-up of spend on the tailings project at Cadia and the purchase of updated fleet equipment at Merian. Development capital expenditures in 2024 primarily relate to Tanami Expansion 2, Ahafo North, Cadia Block Caves and Cerro Negro expansion projects.
Balance sheet and liquidity remained strong in the second quarter, ending the quarter with $2.6 billion of consolidated cash, cash of $205 million included in Assets held for sale and time deposits of $28 million, with approximately $6.8 billion of total liquidity; reported net debt to pro forma adjusted EBITDA of 1.0x9.
NON-MANAGED JOINT VENTURE AND EQUITY METHOD INVESTMENTS10
Nevada Gold Mines (NGM) attributable gold production decreased 4 percent to 253 thousand ounces, with a 4 percent increase in CAS to $1,220 per ounce3 and a 7 percent increase in AISC to $1,689 per ounce3 compared to the prior quarter.
Pueblo Viejo (PV) attributable gold production decreased 2 percent to 53 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $12 million in the second quarter. Capital contributions of $5 million were made during the quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the second quarter of 2024 increased 67 percent to 35 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $8 million for the second quarter.
| ____________________ | ||||
1 | Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32.0%). | |||
2 | Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation. | |||
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 | Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows. | |||
6 | Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows. | |||
7 | Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities. | |||
8 | In June 2024, the Company entered into AUD and CAD denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to capital and operating expenditures for certain development projects and mines in Australia and Canada. | |||
9 | Non-GAAP measure. See end of this release for reconciliation. | |||
10 | Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32.0% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag. | |||
Committed to Concurrent Reclamation
Since mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to accrue to reclamation and remediation spend through the year. Newmont expects to incur a cash outflow of approximately $600 million in 2024 and $700 million in 2025, primarily related to the construction of two new water treatment plants and post-closure management at Yanacocha. The operation’s ongoing closure planning study advanced to the feasibility state in December 2023 and continues to address several complex closure issues, including water management, social impacts and tailings. A long-term water management solution will replace five existing water treatment facilities with two, addressing the watersheds along the continental divide. Certain estimated costs remain subject to revision as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress.
Newmont's 2024 Outlook
For a more detailed discussion, see the Company’s 2024 Outlook released on February 22, 2024, available on Newmont.com. Please see the cautionary statement and footnotes for additional information.
Guidance Metric | 2024E |
Attributable Gold Production (Koz) | |
Managed Tier 1 Portfolio | 4,100 |
Non-Managed Tier 1 Portfolio | 1,530 |
Total Tier 1 Portfolio | 5,630 |
Non-Core Assets | 1,300 |
Total Newmont Attributable Gold Production (Koz) | 6,930 |
Attributable Gold CAS ($/oz) ($1,900/oz price assumption) | |
Managed Tier 1 Portfolio | 980 |
Non-Managed Tier 1 Portfolio | 1,130 |
Total Tier 1 Portfolio | 1,000 |
Non-Core Assets | 1,400 |
Total Newmont Gold CAS ($/oz)a | 1,050 |
Attributable Gold AISC ($/oz) ($1,900/oz price assumption) | |
Managed Tier 1 Portfolio | 1,250 |
Non-Managed Tier 1 Portfolio | 1,440 |
Total Tier 1 Portfolio | 1,300 |
Non-Core Assets | 1,750 |
Total Newmont Gold AISC ($/oz)a | 1,400 |
Copper ($8,818/tonne price assumption)a |
|
Copper Production - Tier 1 Portfolio (ktonne) | 144 |
Copper Production - Non-Core Assets (ktonne) | 8 |
Total Newmont Copper Production (ktonne) | 152 |
Copper CAS - Tier 1 Portfolio ($/tonne) | $5,050 |
Copper CAS - Non-Core Assets ($/tonne) | $11,050 |
Total Newmont Copper CAS ($/tonne)b | $5,080 |
Copper AISC - Tier 1 Portfolio ($/tonne) | $7,350 |
Copper AISC - Non-Core Assets ($/tonne) | $12,540 |
Total Newmont Copper AISC ($/tonne)b | $7,380 |
Silver ($23.00/oz price assumption) |
|
Silver Production (Moz) | 34 |
Silver CAS ($/oz)b | $11.00 |
Silver AISC ($/oz)b | $15.40 |
Lead ($2,205/tonne price assumption)a |
|
Lead Production (ktonne) | 95 |
Lead CAS ($/tonne)b | $1,220 |
Lead AISC ($/tonne)b | $1,570 |
Zinc ($2,976/tonne price assumption)a |
|
Zinc Production (ktonne) | 245 |
Zinc CAS ($/tonne)b | $1,550 |
Zinc AISC ($/tonne)b | $2,300 |
Attributable Capital | |
Sustaining Capital ($M)a | $1,800 |
Development Capital ($M)a | $1,300 |
Consolidated Expenses | |
Exploration & Advanced Projects ($M) | $450 |
General & Administrative ($M) | $300 |
Interest Expense ($M) | $365 |
Depreciation & Amortization ($M) | $2,850 |
Adjusted Tax Rate c,d | 34% |
a | Co-product metal pricing assumptions in imperial units equate to Copper ($4.00/lb.), Lead ($1.00/lb.) and Zinc ($1.35/lb.). | |
b | Consolidated basis | |
c | The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. | |
d | Assuming average prices of $1,900 per ounce for gold, $4.00 per pound for copper, $23.00 per ounce for silver, $1.00 per pound for lead, and $1.35 per pound for zinc and achievement of production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2024 will be 34%. | |
| 2023 |
| 2024 | |||||||||||||||||||||||||
Operating Results | Q1 | Q2 | Q3 | Q4 | FY |
| Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||
Attributable Sales (koz) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Attributable gold ounces sold (1) |
| 1,188 |
| 1,197 |
| 1,229 |
| 1,726 |
| 5,340 |
| 1,581 |
| 1,528 |
|
|
| 3,109 | ||||||||||
Attributable gold equivalent ounces sold |
| 265 |
| 251 |
| 59 |
| 321 |
| 896 |
| 502 |
| 453 |
|
|
| 955 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Average Realized Price ($/oz, $/lb) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Average realized gold price | $ | 1,906 | $ | 1,965 | $ | 1,920 | $ | 2,004 | $ | 1,954 | $ | 2,090 | $ | 2,347 |
|
| $ | 2,216 | ||||||||||
Average realized copper price | $ | 4.18 | $ | 3.26 | $ | 3.68 | $ | 3.69 | $ | 3.71 | $ | 3.72 | $ | 4.47 |
|
| $ | 4.10 | ||||||||||
Average realized silver price (2) | $ | 19.17 | $ | 20.56 | N.M. | $ | 19.45 | $ | 19.97 | $ | 20.41 | $ | 26.20 |
|
| $ | 23.00 | |||||||||||
Average realized lead price (2) | $ | 0.86 | $ | 0.92 | N.M. | $ | 0.90 | $ | 0.90 | $ | 0.92 | $ | 1.05 |
|
| $ | 0.97 | |||||||||||
Average realized zinc price (2) | $ | 1.18 | $ | 0.73 | N.M. | $ | 3.71 | $ | 0.96 | $ | 0.92 | $ | 1.31 |
|
| $ | 1.10 | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Attributable Gold Production (koz) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Boddington |
| 199 |
| 209 |
| 181 |
| 156 |
| 745 |
| 142 |
| 147 |
|
|
| 289 | ||||||||||
Tanami |
| 63 |
| 126 |
| 123 |
| 136 |
| 448 |
| 90 |
| 99 |
|
|
| 189 | ||||||||||
Cadia |
| — |
| — |
| — |
| 97 |
| 97 |
| 122 |
| 117 |
|
|
| 239 | ||||||||||
Lihir |
| — |
| — |
| — |
| 134 |
| 134 |
| 181 |
| 141 |
|
|
| 322 | ||||||||||
Ahafo |
| 128 |
| 137 |
| 133 |
| 183 |
| 581 |
| 190 |
| 184 |
|
|
| 374 | ||||||||||
Peñasquito (2) |
| 85 |
| 38 |
| — |
| 20 |
| 143 |
| 45 |
| 64 |
|
|
| 109 | ||||||||||
Cerro Negro |
| 67 |
| 48 |
| 71 |
| 83 |
| 269 |
| 81 |
| 19 |
|
|
| 100 | ||||||||||
Yanacocha |
| 56 |
| 65 |
| 87 |
| 68 |
| 276 |
| 91 |
| 78 |
|
|
| 169 | ||||||||||
Merian (75%) |
| 62 |
| 40 |
| 62 |
| 78 |
| 242 |
| 57 |
| 46 |
|
|
| 103 | ||||||||||
Brucejack |
| — |
| — |
| — |
| 29 |
| 29 |
| 37 |
| 60 |
|
|
| 97 | ||||||||||
Red Chris (70%) |
| — |
| — |
| — |
| 5 |
| 5 |
| 6 |
| 9 |
|
|
| 15 | ||||||||||
Managed Tier 1 Portfolio |
| 660 |
| 663 |
| 657 |
| 989 |
| 2,969 |
| 1,042 |
| 964 |
|
|
| 2,006 | ||||||||||
Nevada Gold Mines (38.5%) |
| 261 |
| 287 |
| 300 |
| 322 |
| 1,170 |
| 264 |
| 253 |
|
|
| 517 | ||||||||||
Pueblo Viejo (40%) (3) |
| 60 |
| 51 |
| 52 |
| 61 |
| 224 |
| 54 |
| 53 |
|
|
| 107 | ||||||||||
Fruta Del Norte (32%) (4) |
| — |
| — |
| — |
| — |
| — |
| 21 |
| 35 |
|
|
| 56 | ||||||||||
Non-Managed Tier 1 Portfolio |
| 321 |
| 338 |
| 352 |
| 383 |
| 1,394 |
| 339 |
| 341 |
|
|
| 680 | ||||||||||
Total Tier 1 Portfolio |
| 981 |
| 1,001 |
| 1,009 |
| 1,372 |
| 4,363 |
| 1,381 |
| 1,305 |
|
|
| 2,686 | ||||||||||
Telfer |
| — |
| — |
| — |
| 43 |
| 43 |
| 31 |
| 14 |
|
|
| 45 | ||||||||||
Akyem |
| 71 |
| 49 |
| 75 |
| 100 |
| 295 |
| 69 |
| 47 |
|
|
| 116 | ||||||||||
CC&V |
| 48 |
| 41 |
| 45 |
| 38 |
| 172 |
| 28 |
| 35 |
|
|
| 63 | ||||||||||
Porcupine |
| 66 |
| 60 |
| 64 |
| 70 |
| 260 |
| 61 |
| 91 |
|
|
| 152 | ||||||||||
Éléonore |
| 66 |
| 48 |
| 50 |
| 68 |
| 232 |
| 56 |
| 61 |
|
|
| 117 | ||||||||||
Musselwhite |
| 41 |
| 41 |
| 48 |
| 50 |
| 180 |
| 49 |
| 54 |
|
|
| 103 | ||||||||||
Non-Core Assets (5) |
| 292 |
| 239 |
| 282 |
| 369 |
| 1,182 |
| 294 |
| 302 |
|
|
| 596 | ||||||||||
Total Attributable Gold Production |
| 1,273 |
| 1,240 |
| 1,291 |
| 1,741 |
| 5,545 |
| 1,675 |
| 1,607 |
|
|
| 3,282 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Attributable Co-Product GEO Production (kGEO) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Boddington |
| 64 |
| 67 |
| 58 |
| 56 |
| 245 |
| 49 |
| 55 |
|
|
| 104 | ||||||||||
Cadia |
| — |
| — |
| — |
| 90 |
| 90 |
| 118 |
| 117 |
|
|
| 235 | ||||||||||
Peñasquito (2) |
| 224 |
| 189 |
| — |
| 116 |
| 529 |
| 288 |
| 268 |
|
|
| 556 | ||||||||||
Red Chris (70%) |
| — |
| — |
| — |
| 20 |
| 20 |
| 28 |
| 35 |
|
|
| 63 | ||||||||||
Tier 1 Portfolio |
| 288 |
| 256 |
| 58 |
| 282 |
| 884 |
| 483 |
| 475 |
|
|
| 958 | ||||||||||
Telfer |
| — |
| — |
| — |
| 7 |
| 7 |
| 6 |
| 2 |
|
|
| 8 | ||||||||||
Non-Core Assets (5) |
| — |
| — |
| — |
| 7 |
| 7 |
| 6 |
| 2 |
|
|
| 8 | ||||||||||
Total Attributable Co-Product GEO Production |
| 288 |
| 256 |
| 58 |
| 289 |
| 891 |
| 489 |
| 477 |
|
|
| 966 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Gold CAS Consolidated ($/oz) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Boddington | $ | 841 | $ | 777 | $ | 848 | $ | 941 | $ | 847 | $ | 1,016 | $ | 1,022 |
|
| $ | 1,019 | ||||||||||
Tanami | $ | 936 | $ | 829 | $ | 655 | $ | 702 | $ | 759 | $ | 902 | $ | 1,018 |
|
| $ | 962 | ||||||||||
Cadia | $ | — | $ | — | $ | — | $ | 1,079 | $ | 1,079 | $ | 648 | $ | 624 |
|
| $ | 636 | ||||||||||
Lihir | $ | — | $ | — | $ | — | $ | 1,117 | $ | 1,117 | $ | 936 | $ | 1,101 |
|
| $ | 1,010 | ||||||||||
Ahafo | $ | 992 | $ | 910 | $ | 969 | $ | 924 | $ | 947 | $ | 865 | $ | 976 |
|
| $ | 920 | ||||||||||
Peñasquito (2) | $ | 1,199 | $ | 831 | N.M. | $ | 1,306 | $ | 1,219 | $ | 853 | $ | 827 |
|
| $ | 838 | |||||||||||
Cerro Negro | $ | 1,146 | $ | 1,655 | $ | 1,216 | $ | 1,132 | $ | 1,257 | $ | 861 | $ | 2,506 |
|
| $ | 1,310 | ||||||||||
Yanacocha | $ | 1,067 | $ | 1,187 | $ | 1,057 | $ | 975 | $ | 1,069 | $ | 972 | $ | 1,000 |
|
| $ | 985 | ||||||||||
Merian (75%) | $ | 1,028 | $ | 1,501 | $ | 1,261 | $ | 1,155 | $ | 1,207 | $ | 1,221 | $ | 1,546 |
|
| $ | 1,368 | ||||||||||
Brucejack | $ | — | $ | — | $ | — | $ | 1,898 | $ | 1,898 | $ | 2,175 | $ | 1,390 |
|
| $ | 1,723 | ||||||||||
Red Chris (70%) | $ | — | $ | — | $ | — | $ | 905 | $ | 905 | $ | 940 | $ | 951 |
|
| $ | 945 | ||||||||||
Managed Tier 1 Portfolio | $ | 984 | $ | 977 | $ | 975 | $ | 1,027 | $ | 995 | $ | 955 | $ | 1,048 |
|
| $ | 1,000 | ||||||||||
Nevada Gold Mines (38.5%) | $ | 1,109 | $ | 1,055 | $ | 992 | $ | 1,125 | $ | 1,070 | $ | 1,177 | $ | 1,220 |
|
| $ | 1,198 | ||||||||||
Non-Managed Tier 1 Portfolio | $ | 1,109 | $ | 1,055 | $ | 992 | $ | 1,125 | $ | 1,070 | $ | 1,177 | $ | 1,220 |
|
| $ | 1,198 | ||||||||||
Total Tier 1 Portfolio | $ | 1,019 | $ | 1,001 | $ | 980 | $ | 1,050 | $ | 1,016 | $ | 1,000 | $ | 1,083 |
|
| $ | 1,040 | ||||||||||
Telfer | $ | — | $ | — | $ | — | $ | 1,882 | $ | 1,882 | $ | 2,632 | $ | 2,548 |
|
| $ | 2,585 | ||||||||||
Akyem | $ | 810 | $ | 1,087 | $ | 1,032 | $ | 877 | $ | 931 | $ | 1,006 | $ | 1,716 |
|
| $ | 1,280 | ||||||||||
CC&V | $ | 1,062 | $ | 1,186 | $ | 1,253 | $ | 1,122 | $ | 1,156 | $ | 1,394 | $ | 1,361 |
|
| $ | 1,376 | ||||||||||
Porcupine | $ | 1,071 | $ | 1,225 | $ | 1,189 | $ | 1,186 | $ | 1,167 | $ | 1,042 | $ | 1,068 |
|
| $ | 1,058 | ||||||||||
Éléonore | $ | 1,095 | $ | 1,477 | $ | 1,338 | $ | 1,224 | $ | 1,263 | $ | 1,441 | $ | 1,404 |
|
| $ | 1,422 | ||||||||||
Musselwhite | $ | 1,313 | $ | 1,356 | $ | 1,045 | $ | 1,068 | $ | 1,186 | $ | 1,175 | $ | 993 |
|
| $ | 1,077 | ||||||||||
Non-Core Assets (5) | $ | 1,043 | $ | 1,264 | $ | 1,159 | $ | 1,214 | $ | 1,169 | $ | 1,306 | $ | 1,398 |
|
| $ | 1,354 | ||||||||||
Total Gold CAS (6) | $ | 1,025 | $ | 1,054 | $ | 1,019 | $ | 1,086 | $ | 1,050 | $ | 1,057 | $ | 1,152 |
|
| $ | 1,103 | ||||||||||
Total Gold CAS (by-product) (6) | $ | 916 | $ | 1,024 | $ | 1,022 | $ | 1,060 | $ | 1,011 | $ | 891 | $ | 892 |
|
| $ | 891 | ||||||||||
| 2023 |
| 2024 | |||||||||||||||||||||||||
Operating Results (continued) | Q1 |
| Q2 |
| Q3 |
| Q4 |
| FY |
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| FY | |||||||||
Co-Product CAS Consolidated ($/GEO) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Boddington | $ | 809 | $ | 766 | $ | 816 | $ | 944 | $ | 830 | $ | 942 | $ | 1,031 |
|
| $ | 985 | ||||||||||
Cadia | $ | — | $ | — | $ | — | $ | 1,017 | $ | 1,017 | $ | 594 | $ | 552 |
|
| $ | 572 | ||||||||||
Peñasquito (2) | $ | 954 | $ | 1,162 | N.M. | $ | 1,602 | $ | 1,283 | $ | 843 | $ | 904 |
|
| $ | 870 | |||||||||||
Red Chris (70%) | $ | — | $ | — | $ | — | $ | 1,020 | $ | 1,020 | $ | 1,011 | $ | 915 |
|
| $ | 959 | ||||||||||
Tier 1 Portfolio | $ | 918 | $ | 1,062 | $ | 1,636 | $ | 1,235 | $ | 1,118 | $ | 807 | $ | 822 |
|
| $ | 814 | ||||||||||
Telfer | $ | — | $ | — | $ | — | $ | 1,703 | $ | 1,703 | $ | 2,882 | $ | 1,940 |
|
| $ | 2,387 | ||||||||||
Non-Core Assets (5) | $ | — | $ | — | $ | — | $ | 1,703 | $ | 1,703 | $ | 2,882 | $ | 1,940 |
|
| $ | 2,387 | ||||||||||
Total Co-Product GEO CAS (6) | $ | 918 | $ | 1,062 | $ | 1,636 | $ | 1,254 | $ | 1,127 | $ | 829 | $ | 836 |
|
| $ | 832 | ||||||||||
|
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|
|
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|
|
|
| ||||||||||||||||||
Gold AISC Consolidated ($/oz) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Boddington | $ | 1,035 | $ | 966 | $ | 1,123 | $ | 1,172 | $ | 1,067 | $ | 1,242 | $ | 1,237 |
|
| $ | 1,240 | ||||||||||
Tanami | $ | 1,219 | $ | 1,162 | $ | 890 | $ | 1,046 | $ | 1,060 | $ | 1,149 | $ | 1,276 |
|
| $ | 1,215 | ||||||||||
Cadia | $ | — | $ | — | $ | — | $ | 1,271 | $ | 1,271 | $ | 989 | $ | 1,064 |
|
| $ | 1,028 | ||||||||||
Lihir | $ | — | $ | — | $ | — | $ | 1,517 | $ | 1,517 | $ | 1,256 | $ | 1,212 |
|
| $ | 1,236 | ||||||||||
Ahafo | $ | 1,366 | $ | 1,237 | $ | 1,208 | $ | 1,114 | $ | 1,222 | $ | 1,010 | $ | 1,123 |
|
| $ | 1,066 | ||||||||||
Peñasquito (2) | $ | 1,539 | $ | 1,078 | N.M. | $ | 1,670 | $ | 1,590 | $ | 1,079 | $ | 1,038 |
|
| $ | 1,055 | |||||||||||
Cerro Negro | $ | 1,379 | $ | 1,924 | $ | 1,438 | $ | 1,412 | $ | 1,509 | $ | 1,120 | $ | 3,010 |
|
| $ | 1,635 | ||||||||||
Yanacocha | $ | 1,332 | $ | 1,386 | $ | 1,187 | $ | 1,198 | $ | 1,266 | $ | 1,123 | $ | 1,217 |
|
| $ | 1,166 | ||||||||||
Merian (75%) | $ | 1,235 | $ | 2,010 | $ | 1,652 | $ | 1,454 | $ | 1,541 | $ | 1,530 | $ | 2,170 |
|
| $ | 1,820 | ||||||||||
Brucejack | $ | — | $ | — | $ | — | $ | 2,646 | $ | 2,646 | $ | 2,580 | $ | 1,929 |
|
| $ | 2,206 | ||||||||||
Red Chris (70%) | $ | — | $ | — | $ | — | $ | 1,439 | $ | 1,439 | $ | 1,277 | $ | 1,613 |
|
| $ | 1,453 | ||||||||||
Managed Tier 1 Portfolio | $ | 1,372 | $ | 1,386 | $ | 1,376 | $ | 1,433 | $ | 1,397 | $ | 1,327 | $ | 1,455 |
|
| $ | 1,389 | ||||||||||
Nevada Gold Mines (38.5%) | $ | 1,405 | $ | 1,388 | $ | 1,307 | $ | 1,482 | $ | 1,397 | $ | 1,576 | $ | 1,689 |
|
| $ | 1,631 | ||||||||||
Non-Managed Tier 1 Portfolio | $ | 1,405 | $ | 1,388 | $ | 1,307 | $ | 1,482 | $ | 1,397 | $ | 1,576 | $ | 1,689 |
|
| $ | 1,631 | ||||||||||
Tier 1 Portfolio | $ | 1,381 | $ | 1,387 | $ | 1,355 | $ | 1,444 | $ | 1,397 | $ | 1,378 | $ | 1,503 |
|
| $ | 1,438 | ||||||||||
Telfer | $ | — | $ | — | $ | — | $ | 1,988 | $ | 1,988 | $ | 3,017 | $ | 3,053 |
|
| $ | 3,037 | ||||||||||
Akyem | $ | 1,067 | $ | 1,461 | $ | 1,332 | $ | 1,110 | $ | 1,210 | $ | 1,254 | $ | 1,952 |
|
| $ | 1,523 | ||||||||||
CC&V | $ | 1,375 | $ | 1,631 | $ | 1,819 | $ | 1,793 | $ | 1,644 | $ | 1,735 | $ | 1,700 |
|
| $ | 1,716 | ||||||||||
Porcupine | $ | 1,412 | $ | 1,587 | $ | 1,644 | $ | 1,665 | $ | 1,577 | $ | 1,470 | $ | 1,366 |
|
| $ | 1,408 | ||||||||||
Éléonore | $ | 1,420 | $ | 2,213 | $ | 2,107 | $ | 1,796 | $ | 1,838 | $ | 1,920 | $ | 1,900 |
|
| $ | 1,910 | ||||||||||
Musselwhite | $ | 1,681 | $ | 2,254 | $ | 1,715 | $ | 1,771 | $ | 1,843 | $ | 1,766 | $ | 1,397 |
|
| $ | 1,568 | ||||||||||
Non-Core Assets (5) | $ | 1,359 | $ | 1,808 | $ | 1,685 | $ | 1,629 | $ | 1,610 | $ | 1,712 | $ | 1,770 |
|
| $ | 1,743 | ||||||||||
Total Gold AISC (6) | $ | 1,376 | $ | 1,472 | $ | 1,426 | $ | 1,485 | $ | 1,444 | $ | 1,439 | $ | 1,562 |
|
| $ | 1,500 | ||||||||||
Total Gold AISC (by-product) (6) | $ | 1,354 | $ | 1,531 | $ | 1,467 | $ | 1,540 | $ | 1,480 | $ | 1,373 | $ | 1,412 |
|
| $ | 1,392 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Co-Product AISC Consolidated ($/GEO) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Boddington | $ | 1,019 | $ | 977 | $ | 1,108 | $ | 1,181 | $ | 1,067 | $ | 1,081 | $ | 1,254 |
|
| $ | 1,165 | ||||||||||
Cadia | $ | — | $ | — | $ | — | $ | 1,342 | $ | 1,342 | $ | 1,027 | $ | 1,024 |
|
| $ | 1,025 | ||||||||||
Peñasquito (2) | $ | 1,351 | $ | 1,581 | N.M. | $ | 2,098 | $ | 1,756 | $ | 1,102 | $ | 1,164 |
|
| $ | 1,130 | |||||||||||
Red Chris (70%) | $ | — | $ | — | $ | — | $ | 1,660 | $ | 1,660 | $ | 1,400 | $ | 1,560 |
|
| $ | 1,486 | ||||||||||
Tier 1 Portfolio | $ | 1,322 | $ | 1,492 | $ | 2,422 | $ | 1,666 | $ | 1,565 | $ | 1,120 | $ | 1,189 |
|
| $ | 1,153 | ||||||||||
Telfer | $ | — | $ | — | $ | — | $ | 2,580 | $ | 2,580 | $ | 3,745 | $ | 2,742 |
|
| $ | 3,218 | ||||||||||
Non-Core Assets (5) | $ | — | $ | — | $ | — | $ | 2,580 | $ | 2,580 | $ | 3,745 | $ | 2,742 |
|
| $ | 3,218 | ||||||||||
Total Co-Product GEO AISC (6) | $ | 1,322 | $ | 1,492 | $ | 2,422 | $ | 1,703 | $ | 1,579 | $ | 1,148 | $ | 1,207 |
|
| $ | 1,176 | ||||||||||
Contacts
Investor Contact - Global
Neil Backhouse
[email protected]
Investor Contact - Asia Pacific
Natalie Worley
[email protected]
Media Contact - Global
Jennifer Pakradooni
[email protected]
Media Contact - Asia Pacific
Rosalie Cobai
[email protected]
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