Newmont reports net income of $3.4 billion; provides full year 2025 guidance

DENVER – Newmont Corporation has announced its fourth quarter and full year 2024 results, and provided guidance for the full year of 2025.

2024 Results

• Reported Net Income of $3.4 billion, Adjusted Net Income (ANI)2of $3.48 per diluted share and Adjusted EBITDA2of $8.7 billion for the year with notable fourth quarter ANI2of $1.6 billion or $1.40 per diluted share
• Generated $6.3 billion of cash from operating activities, net of working capital changes of $(1.0) billion; reported $2.9 billion in Free Cash Flow for the year, including a record $1.6 billion in the fourth quarter
• Announced agreements to divest six non-core assets: Akyem, Cripple Creek & Victor (CC&V), Éléonore, Musselwhite, Porcupine and Telfer, along with its 70% interest in the Havieron project. Telfer and Havieron closed in December, 2024
• Potential to generate up to $4.3 billion in total proceeds from non-core asset and other investment sales, including up to $2.5 billion in cash expected to be delivered in the first half of 2025, net of taxes and closing costs
• Repurchased $1.2 billion of outstanding shares as part of the $3.0 billion total share repurchase programs, authorized by the Board of Directors through October 2026
• Declared fourth quarter dividend of $0.25 per share and delivered $1.1 billion in total dividends to shareholders in 2024
• Completed integration of Newcrest assets, solidifying Newmont as the world’s largest gold producer with robust complementary copper growth opportunities
• Produced 6.8 million attributable gold ounces, primarily driven by production of 5.7 million attributable gold ounces from Newmont’s Tier 1 Portfolio3, as well as 1.9 million gold equivalent ounces (GEOs) from copper, silver, lead and zinc, including 153 thousand tonnes of copper
• Maintained a flexible investment-grade balance sheet, including $3.6 billion in cash and $7.7 billion in total liquidity
• Reduced debt by $1.4 billion over the last 12 months, which includes early redemption of $928 million in 2026 Notes redeemed on February 7, 2025; reported net debt to adjusted EBITDA of 0.6x
• Declared total Newmont reserves of 134 million attributable gold ounces and resources of 170 million attributable gold ounces; significant upside to other metals, including more than 13.5 million tonnes of copper reserves

“2024 was a transformational year for Newmont, as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform. We have deliberately streamlined Newmont into the world’s best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance. Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows,” said Tom Palmer, Newmont’s President and Chief Executive Officer.

”With the gold price predicted to remain strong and the proceeds from our divestiture program expected to materialize during the first half of 2025, we expect our balance sheet and liquidity remains robust. This year we are focused on continuing to improve the business across our safety, costs, and productivity performance. Looking to 2025 and beyond, our priorities are clear: maximize the potential of our Tier 1 portfolio, meet our commitments, return capital, and drive long-term value for our shareholders.”

2025 Guidance

• Attributable production for 2025 is expected to be approximately 5.9 million gold ounces, including 0.3 million gold ounces in the first quarter from the non-core assets held for sale and 5.6 million gold ounces for the Total Tier 1 Portfolio3
• Gold AISC2for the Total Portfolio is expected to be $1,630 per ounce including production from non-core assets for the first quarter of 2025; with Gold AISC2from the Total Tier 1 Portfolio expected to be $1,620 per ounce for full year 2025
• Sustaining capital spend of approximately $1.8 billion in 2025 for the Total Tier 1 Portfolio3; Development capital spend of approximately $1.3 billion in 2025 for the Total Tier 1 Portfolio to progress key near-term development projects