Newmont achieves 2022 guidance and improves longer-term outlook

DENVER – Newmont Corporation has announced fourth quarter and full year 2022 results, as well as its 2023 and longer-term outlook.

ACHIEVED 2022 GUIDANCE, SAFELY DELIVERED ON ITS COMMITMENTS

• Produced 6.0 million gold ounces and 1.3 million gold equivalent ounces from copper, silver, lead and zinc; achieved original production guidance range set in December 2021
• Gold all-in sustaining costs were $1,211 per ounce, in-line with updated guidance range despite global cost pressures throughout the year
• Generated $1.1 billion in free cash flow* after $2.7 billion of meaningful reinvestment into the business to advance our most profitable near-term projects
• Safely delivered on our commitments and remained focused on fatality risk management; recognized as the Top Miner in the 2022 Dow Jones Sustainability Index for our unwavering commitment to leading ESG practices

ANNOUNCED 2023 AND LONGER-TERM OUTLOOK; UNDERPINNED BY STRONG GOLD PRODUCTION AND IMPROVING COSTS  

• As previously signaled, 2023 production guidance is expected to be between 5.7 and 6.3 million gold ounces; steadily improves longer-term, driven by strong production from world-class assets and an unmatched project pipeline
• Gold all-in sustaining costs are expected to be between $1,150 and $1,250 per ounce in 2023; incorporates an additional 3% of cost inflation compared to 2022, which is expected to be largely offset by Full Potential cost efficiencies
• Sustaining capital spend of $1.0 to $1.2 billion in 2023; remaining steady across the five-year period
• Development capital spend of $1.2 to $1.4 billion in 2023; meaningful reinvestment to strengthen our global portfolio

Tom Palmer, President and Chief Executive Officer said “Newmont safely delivered on our commitments in 2022 and finished the year from a position of strength, meeting our full year production guidance and generating $4.6 billion in adjusted EBITDA and $1.1 billion in free cash flow. As we look ahead to 2023 and beyond, we expect to steadily increase production and improve costs from our balanced, global portfolio of world-class assets and robust project pipeline. We remain committed to our disciplined and balanced approach to capital allocation, allowing us to maintain an investment-grade balance sheet while steadily reinvesting in the business and providing superior returns to shareholders through our industry-leading dividend framework. With more than 100 years of history and experience, Newmont is well-positioned to continue safely delivering industry-leading results, while remaining grounded in our values and driven by our purpose to create value and improve lives through sustainable and responsible mining.”