On this page of StockholderLetter.com we present the latest annual shareholder letter from NEWMONT Corp /DE/ — ticker symbol NEM. Reading current and past NEM letters to shareholders can bring important insights into the investment thesis.

 •  3/14/2025 Letter Continued (Full PDF)
 •  3/11/2024 NEM Stockholder Letter
 •  More "Precious Metals" Category Stockholder Letters
 •  NEM Benford's Law Stock Score = 93

NEM Shareholder/Stockholder Letter Transcript:

Realizing
Our Potential
2024 Annual Report

FIN A N CIA L HIGHLIGHT S
2024
2023
2022
Sales
$ 18,682
$ 11,812
$ 11,915
Net income (loss) attributable to Newmont stockholders from continuing operations

3,280
$ (2,521)

(459)
Dollars in millions, except per share data, years ended December 31

2.86

(3.00)

(0.58)
1
Adjusted net income

3,991

1,324

1,468
1
Per share (diluted)

3.48

1.57

1.85

7,528

320

2,361
Adjusted EBITDA

8,675

4,215

4,550
Net cash provided by operating activities of continuing operations

6,318

2,754

3,198
Free cash flow

2,916

88

1,067
Cash and cash equivalents

3,619

3,002

2,877
Dividends paid per share

1.00

1.60

2.20
Per share (diluted)
EBITDA
1
1
1
Operating Highlights
Consolidated gold production (thousands of ounces)
6,545
5,401
5,786
Attributable gold production (thousands of ounces)
6,849
5,545
5,956
2
Average realized gold price ($/oz)

2,408

1,954

1,792
Costs applicable to sales3

8,963

6,699

6,468

7,364

5,689

5,423
Gold equivalent ounces costs applicable to sales

1,599

1,010

1,045
Gold costs applicable to sales ($/oz)

1,126

1,050

933
Gold all-in sustaining costs ($/oz)1

1,516

1,444

1,211
Gold costs applicable to sales
3
3
1, 3
1,944
Gold equivalent ounces produced (thousands of ounces)4
891
1,275
Gold equivalent ounces costs applicable to sales ($/oz)

834

1,127

819
Gold equivalent ounces all-in sustaining costs ($/oz)

1,161

1,579

1,114
1, 3, 4
1, 4
Note: All amounts in the table represent metrics of continuing operations.
1 Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A for further information.
2 Attributable gold ounces produced includes 235, 224 and 285 thousand ounces for the years ended December 31, 2024, 2023 and 2022, respectively, related to
the Pueblo Viejo mine, which is 40 percent owned by Newmont and accounted for as an equity method investment, and 138 thousand ounces for the year ended
December 31, 2024, related to the Fruta del Norte mine, which is wholly owned by Lundin Gold Inc. in which the Company holds a 32 percent interest and is
accounted for as an equity method investment on a quarter lag.
3 Excludes Depreciation and amortization and Reclamation and remediation.
4 Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals    price to the gold price. Refer to Results of
Consolidated Operations within Part II, Item 7, MD&A for further information.
Photo: Pe  asquito, Mexico

2 02 4
ANNUAL CEO
LE T TE R TO
S TO CK HOLDE R S
Dear Stockholders,
As we reflect on another milestone year at Newmont,
I am proud to introduce our annual report     a
comprehensive view into our transformational
journey in 2024.
Since we closed one of the largest acquisitions in
mining history, we have undergone a period of
significant integration, bringing together new assets
and exceptional teams, rationalization of our new
portfolio and stabilization toward a business focused
on large, long-life mining operations.
Our foremost priority remains the safety and
wellbeing of our workforce. We have focused our
efforts on enhancing our systems, fostering a deep
safety culture and investing in continuous skill
development     ensuring that every team member
returns home safely. As you will read, this dedication
is the cornerstone of everything we do.
With a Tier 1 portfolio of long-life assets, a disciplined
approach to capturing safety and efficiency
improvements, and extensive organic growth to be
unlocked in years to come, we   re excited about the
long-term upside as we execute on our plans to
build the world   s leading gold and copper portfolio.
Our record fourth quarter free cash flow and strong
annual performance reflect our ability to create
long-term value while maintaining financial
discipline. While there is still work ahead to reduce
costs and maximize our exposure to unprecedented
gold prices, the progress we made in 2024 provides
a strong foundation for continued success.
TOM PALMER
President and
Chief Executive Officer
Our priority for the year ahead is to operate safely,
reduce costs, improve productivity and generate
strong returns for our stockholders. By staying true
to our values, we will realize the long-term potential
of this portfolio of assets the likes of which has
never been seen before in the gold industry.
ALWAYS SAFE
Safety is at the heart of everything we do. After being
five years fatality-free, we suffered the tragic loss of
five colleagues over a 12-month period. That is
unacceptable, and we are working diligently to review
and refresh key safety programs across our global
business. We are committed to ensuring that
Newmont is a workplace where every employee and
contractor returns home safely every day.
To drive meaningful progress, we continue to
enhance our safety programs by focusing on three
critical areas: systems, culture and skill development.
    Strengthening our systems: We are refining our
safety systems to make them more effective. This
includes streamlining key processes such as our
fatigue risk management standards and critical
control verification processes to improve
consistency and compliance.
    Fostering a strong safety culture: A culture of
safety is built on trust, accountability and leadership
at all levels. We are embedding safety into every
aspect of our operations, ensuring that each team
member takes ownership of their wellbeing and
that of their colleagues.
Newmont Corporation
2024 Annual Report
1

2024 Annual CEO Letter to Stockholders
GOLD RESERVES
FREE CASH FLOW
GENERATED
134.1
Moz
GOLD
PRODUCED
6.8
$2,916
AT TRIBUTABLE GEOs
PRODUCED
Moz
1.9
Moz
    Investing in skill development: Equipping our
workforce with the right knowledge, tools and training
is essential to maintaining a safe working environment.
We continue to enhance safety education and
competency programs across all our sites.
As the newly appointed Chair of the International
Council on Mining and Metals (ICMM), I am committed
to keeping safety performance at the forefront of our
industry   s focus. By fostering collaboration, sharing of
best practices and championing initiatives that raise
industry-wide safety standards, we can create a safer
future for all.
GO-FORWARD PORTFOLIO
Over the last five years, Newmont has built a world-class
portfolio with 11 long-life operations and three projects
in execution. This unique portfolio is positioned to
produce 6 million ounces of gold and 150,000 tonnes of
copper on average annually over the next decade.
This strategic portfolio serves as the foundation of a
resilient and sustainable business     designed to adapt to
shifting global demands. Many of our operations have
mine lives exceeding 15 years, supporting profitable
gold and copper production into the 2050s and beyond.
With the gold industry   s largest reserve base of
134.1 million attributable gold ounces and significant
exposure to copper with 13.5 million tonnes of copper
reserves, we have a strong foundation, providing
unmatched stability and growth potential.*
2
Newmont Corporation
2024 Annual Report
M
M
RETURNED TO STOCKHOLDERS
$2.3
Including share repurchases and dividends
B
The strategic acquisition of Newcrest strengthened our
portfolio, unlocking significant synergies and increasing
our exposure to copper. Through systems integration,
streamlined operations and efficiency initiatives, we
aim to maximize the value of our combined assets over
the next two years.
OPERATIONAL EXCELLENCE AND MAXIMIZING
PERFORMANCE
2024 was a transformative year for Newmont, with a
focus on integrating new assets into the portfolio
marked by a strong step up in the fourth quarter
performance. In the final quarter, we produced
approximately 230,000 more ounces of gold than in the
previous quarter and reduced unit costs by nearly
10 percent. This performance underscores the strength
of our Tier 1 portfolio and highlights what is possible as
we continue to optimize our assets.
To fully leverage our enhanced portfolio, and shape an
organization that is fit for purpose, we have shifted to
three business units     Africa and Canada (AFCAN), Latin
America and the Caribbean (LATAC), and Asia Pacific
(APAC)     each positioned to drive strategic growth while
maintaining operational excellence.
For 2025, our performance will be driven by our six
managed Tier 1 operations     Tanami, Boddington,
Pe  asquito, Cadia, Lihir and Ahafo. We are optimizing
mine plans, investing in life-extension projects and

Tanami continues to advance the second
expansion project, providing a meaningful
reduction in operating costs and increasing
gold production by approximately
35 percent beginning in 2028.
Panel Caves at Cadia are expected to
deliver more than 5 million ounces of
gold and 1 million tonnes of copper,
positioning Cadia to continue operating
to the middle of this century.
strengthening operational efficiencies to maximize
value. Key projects include:
    Ahafo North (2025 commissioning): In 2024, we
advanced infrastructure construction, progressed
highway diversion and commenced stripping. This
project will expand the Ahafo complex to annually
produce approximately 750,000 ounces of gold.
    Tanami Expansion (H2 2027 completion): In 2024,
we completed 1.3 kilometers of concrete lining in the
production shaft. This project will reduce operating
costs by 2028 while increasing gold production by
approximately 35 percent.
    Cadia development: In 2024, we achieved cave
establishment at PC2-3 and completed more than
12 kilometers of underground development at
PC1-2. This project will unlock decades of gold and
copper reserves.
Beyond these projects, Newmont boasts an unrivaled
organic growth pipeline in both gold and copper. We
continue to evaluate strategic expansion opportunities,
ensuring they are pursued at the right time and in the
most capital-efficient manner to generate long-term
value for our stockholders.
Ahafo North remains on
track to pour first gold in
the second half of 2025 and
declare commercial production
towards the end of 2025.
PEOPLE AND LEADERSHIP: WORKING TOGETHER
With a strong foundation in place for Newmont   s future,
we have built a highly capable leadership team with the
expertise to drive transformation, collaboration and
long-term business success. To support this evolution,
we launched Working Together at Newmont     a
comprehensive framework of systems, tools and
expectations designed to enhance collaboration,
efficiency and productivity across the organization.
This initiative builds on our strengths, fostering a
workplace where every team member feels valued,
empowered and inspired to bring their best every day.
By cultivating an inclusive culture where everyone
belongs and thrives, we are driving deeper engagement
and collective success.
As part of this transformation, we welcomed new
leadership to further strengthen our capabilities. Peter
Wexler joined us in March 2024 as the Chief Legal
Officer to lead our global legal, compliance and
regulatory affairs. Francois Hardy, a Newmont veteran
of over 20 years, was promoted to Chief Technology
Officer in May 2024, bringing deep institutional
knowledge and expertise to shape our technical
strategies for operational excellence and future growth.
Newmont Corporation
2024 Annual Report
3



 3/14/2025 Letter Continued (Full PDF)