NEM - Newmont Corporation

Operator: Hello, and welcome to Newmont's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Please go ahead. Neil Backhouse: Thank you, and hello, everyone. Thank you for joining Newmont's Third Quarter 2025 Results Conference Call. Joining me today are Tom Palmer, our Chief Executive Officer; Natascha Viljoen, our President and Chief Operating Officer; and Peter Wexler, our Chief Legal Officer and Interim Chief Financial Officer. Together with the rest of our executive leadership team, they will be available to answer your questions at the end of the call. Before we begin, please take a moment to review our cautionary statement shown here and refer to our SEC filings, which can be found on our website. With that, I'll turn the call over to Tom for opening remarks. Tom Palmer: Thanks, Neil. To begin today's call, I'd like to take a moment to acknowledge the important leadership transition we shared a few weeks ago. Announcing my retirement at the end of this year and appointing Natascha as Newmont's next President and Chief Executive Officer. When I joined Newmont more than a decade ago, I could not have predicted the remarkable transformation our company would undertake. Over these years, we have not only grown as a business, but redefined what it means to be the world's leader in gold mining. We have successfully navigated some of the most significant transactions in mining history, fundamentally changing the landscape of our industry and what it means to be a gold company. Today, we stand as the benchmark for responsible gold mining with an operating portfolio that has meaningful copper production and a project pipeline that is the envy of our industry. During my time with Newmont, the mining industry has undergone profound change. Newmont has responded to these changes and actively shaped its destiny. Rather than simply riding the commodity cycle, we have built a long life, globally diversified portfolio, one that will sustainably deliver shared value to our host communities and governments, shareholders, employees and all of our stakeholders. It has been a privilege to serve as Chief Executive. And as I pass the baton, I am confident that Natascha, who has demonstrated exceptional leadership throughout her 30-year career in our industry, will seize the many opportunities that lie ahead for our business. And with that, I'll turn it over to Natascha to take you through our third quarter operational and financial performance. Natascha Viljoen: Thank you, Tom, and thank you also for your leadership and support since I met you the first time 3 years ago and for your leadership of this great company over the past 10 years. Your contributions have helped shape the strong foundation we stand on today, and I look forward to leveraging that experience to further unlock the value that we all know this business can deliver. Before diving into the details about our operational and financial performance, I'd like to highlight a few notable milestones and record achievements from the quarter. First and foremost, in July, we safely recovered 3 teammates at our Red Chris project, a result of robust procedures and systems in place, the swift and trained actions from individuals involved and strong collaboration across the mining industry. As an organization, we are taking a hard and honest look at the findings from the investigation into the circumstances that led to the incident, and we are fully committed to applying and sharing those learnings across our business and the broader industry. Second, we've received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of our asset divestment program and the further streamlining of our noncore equities portfolio. Third, from our portfolio of world-class gold and copper assets, we generated record 3 quarter cash flow of $1.6 billion, enabling us to reach an all-time annual record of $4.5 billion, with 1 quarter still remaining. And we made significant progress on the cost discipline and productivity work we announced at the beginning of the year, which has allowed us to meaningfully improve our 2025 guidance for several cost metrics, whilst maintaining our outlook for production and unit cost in a rising gold price environment, a notable success in today's market. We achieved this by establishing a smaller senior leadership team with a decentralized organizational structure that is designed to sharpen accountability and simplify how we work. This includes consolidating our structure to 2 business units, giving our 12 operating sites greater decision-making authority and enabling faster, more agile execution. In addition, we further strengthened our balance sheet and enhanced our financial flexibility, ending the quarter in a near 0 debt position after successfully retiring $2 billion of debt. And Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, a clear reflection of our improved credit profile, strengthened balance sheet, excellent liquidity position and prudent financial management. We have also continued to share our success with our shareholders, returning $823 million since the last earnings call through a stable dividend and ongoing share repurchases. On top of this financial discipline and excellent performance from our operations, we will also declare commercial production by the end of today at our new exciting mine, Ahafo North, which expands our existing group footprint in Ghana and adds profitable gold production over an initial 13 years of mine life. With this strong momentum from our operations and projects, we are well positioned to continue creating long-term value for years to come. Building on our cost and productivity work and solid foundation from the first half of the year, our third quarter operational performance reflects our continuous focus on safety and optimization. Our third quarter production was largely in line with the second quarter, primarily driven by a step-up in production due to higher grades of Brucejack, improved productivity at Cerro Negro and continued success from our patented injection leaching technologies at Yanacocha. As previously signaled, Peñasquito delivered a lower proportion of gold and steady lead, silver and zinc production in the third quarter, consistent with the planned sequence at this polymetallic mine. And at Ahafo South, we completed mining at the Subika open pit during the third quarter as planned, shifting mining activities to lower grades from the Awonsu open pit. And finally, at Lihir, we completed the construction of the engineered wall of the Phase 14a layback, preparing the site to efficiently reach higher grades in the future years. Consistent with our stable production in the third quarter, our unit costs remained largely in line with the second quarter. Our continued focus on cost discipline and productivity has enabled us to offset higher cost from profit-sharing agreements, production taxes and royalties resulting from the stronger gold price environment. In addition, we continue to progress the projects we have in execution and reached several significant milestones during this third quarter. As I mentioned, we poured first gold on September 19 and will be declaring commercial production at our new mine, Ahafo North, by the end of today. At our second expansion at Tanami, we have fully completed the concrete lining of the 1.5 kilometer deep production shaft and are equipping the shaft and completing construction of the underground crushing and associated materials handling system. At Cadia, tailing from PC2-3 has continued according to plan as we advance the underground development for PC1-2, along with a critical tailings remediation and storage capacity work, which I will touch in a little bit more detail in a moment. Moving on Newmont's operational strength in the third quarter, we delivered another solid financial performance. Newmont generated $3.3 billion in adjusted EBITDA and adjusted net income of $1.71 per share for the third quarter, a 20% increase from the second quarter and more than double last year's results. Also during the third quarter, Newmont generated $2.3 billion of cash flow from operations and $1.6 billion of free cash flow after working capital, marking a record third quarter performance. This achievement represents the fourth consecutive quarter with free cash flow exceeding $1 billion, underscoring Newmont's scale and leverage to favorable gold prices. So far this year, we have generated $4.5 billion of free cash flow, an all-time annual record already, with 1 quarter still remaining. And since the last earnings call, we have received $640 million in after-tax cash proceeds from successful asset divestitures and further equity sales, bringing our total 2025 proceeds to over $3.5 billion in cash to support Newmont's disciplined capital allocation priorities. These priorities remain unchanged and include maintaining a strong balance sheet, steadily funding cash generative capital projects and continue to return capital to shareholders. Looking ahead to the remainder of the year, strong execution across all our managed operations during 2025 has positioned us to achieve our full year production guidance. In the fourth quarter, mining at Yanacocha is expected to conclude, and we will continue to evaluate the opportunities in the surrounding regions of Peru. Additionally, we are looking forward to adding new low-cost ounces during the fourth quarter from our new mine, Ahafo North, and we are anticipating higher ounces from Nevada Gold Mines in the fourth quarter, as indicated by our joint venture partners. From a cost perspective, we are already seeing that our savings initiatives are bearing fruit this year, and we have reduced our absolute cost guidance in 2025 for G&A, Exploration and Advanced Projects by approximately 15%. This improvement in G&A expense is the direct result of our deliberate efforts to simplify the organization and drive down labor and contractor costs. And on the back of progressing labor reductions, our Exploration and Advanced Project guidance is also reflecting the optimization work we are doing to ensure we are managing cost efficiently, including how we deploy resources and equipment, sequence studies and focus exploration on areas that will generate the highest value. Turning now to unit cost. It is important to note that our 2025 guidance was established using a $2,500 per ounce gold price assumption at the start of the year. With sustained high gold prices, our fourth quarter all-in sustaining cost outlook includes increased cost from profit sharing, royalties and production taxes. However, through ongoing optimization and cost improvements, combined with supportive macroeconomic tailwinds, we expect to largely offset these impacts, enabling us to maintain our guidance for cost applicable to sales and all-in sustaining cost per ounce. Finally, now shifting to capital spend. Sustaining capital spend in the current year is tracking below our guidance published in February 2025, primarily due to the timing of spend related to our investments in the tailings work at Cadia. The team has done outstanding work this year, thoroughly assessing every option to ensure we're deploying capital in the most efficient way. Our focus continues to be maximizing capacity in the current in-pit storage facility, repairing the southern wall of the Northern facility and then rising the wall of the Southern facility. With this plan in place, we are ramping up our spend, ensuring that we achieve the right balance between responsible capital management and the tailings capacity needed to support this very long life mine. Similarly, development capital spend is also tracking below our initial guidance, primarily to a deliberate shift in the timing of spend related to the study and underground development work to support the potential expansion project at Red Chris. Taking everything into account and looking ahead to 2026, gold production from our managed operations is expected to be within the same guidance range we provided in 2025, but towards the lower end due to the planned mine sequence at our world-class operations. As previously indicated, lower ounces from Ahafo South next year will be largely replaced by new low-cost ounces from Ahafo North mine. In addition, the decrease in expected production next year will be driven by a lower proportion of gold production from Peñasquito as we transition into the next scheduled phase of mining at the Peñasco pit, while slightly increase our output of silver, lead and zinc. Lower leach production at Yanacocha as we conclude the mining activities at the Quecher Main pit and lower gold and copper production from Cadia as PC1 and PC2 come to an end and we transition to the next panel cave, PC2-3. In addition, following the anticipated $200 million improvement to capital guidance in 2025, we expect capital spending to be elevated in 2026 as a result, keeping our 2-year average largely in line with expectations. Lastly, building on cost and productivity improvements achieved in 2025, we expect to realize the full benefits of our cost saving initiatives, which will be reflected in our 2026 guidance to be provided in February next year. However, if elevated gold prices persist into next year, increased profit sharing, royalties and production taxes could offset a significant portion of the benefits we expect to realize from our cost savings initiatives in 2026. These ongoing efforts demonstrate our disciplined approach to cost control and our continued commitment to driving margin expansion, with more work underway to capture additional efficiencies even in a rising price environment. With our guidance reflecting continued operational and financial discipline, I'll next turn to capital allocation, where our focus remains on striking the right balance between financial flexibility, reinvestment in the business and returning capital to shareholders. We remain committed to our shareholder-focused capital allocation strategies, which are 3 key priorities and remained unchanged. Beginning with our strong and flexible balance sheet, we ended the quarter with $5.6 billion in cash, and we reduced gross debt to $5.4 billion, ending the quarter in a near 0 net debt position and reinforcing our financial resilience in today's unpredictable environment. Secondly, we continue to steadily reinvest in our business, in line with our long-term planning cycle and external guidance, with a goal of generating sustainable free cash flow. And finally, we continue to return capital to shareholders. We declared a fixed common quarter dividend of $0.25 per share. And we repurchased $550 million of shares since our last earnings call in late July. This year, we executed $2.1 billion in share repurchases, bringing the total to $3.3 billion in share repurchases since February of last year, with approximately $2.7 billion remaining in our $6 billion program. We will continue to be disciplined and balanced in our capital allocation priorities. Despite the record level gold price environment, ensuring that Newmont is well positioned to drive consistent long-term shareholder value. With another strong quarter behind us, we remain well positioned to continue delivering on our commitments to our shareholders. Driven by the consistent operational performance we have seen so far this year, we are firmly on track to achieve the improved 2025 guidance that I outlined earlier. And from this stable and efficient operational performance, we have generated $4.5 billion in free cash flow so far this year, achieving a full year record in just the first 3 quarters. From this position of strength, we have focused our time and attention towards optimizing our assets, taking deliberate actions to improve our cost structure and unlock the full value of our world-class portfolio. Alongside our operational strength and financial discipline, we will declare commercial production at our Ahafo North project at the end of today, setting us up to deliver new low-cost ounces for many years to come. In addition, we have successfully completed our asset divestment program and the further streamlining of our noncore equity portfolio, generating greater than $3.5 billion in after-tax cash proceeds from asset divestitures in 2025 to support Newmont's disciplined capital allocation priorities. Over the last 2 years, we have repaid $3.9 billion of debt and have returned over $5.7 billion to shareholders through our common dividend and share repurchases, delivering approximately $250 million in annual savings from these actions alone. Even amid unprecedented gold prices, our commitment remains to disciplined, balanced capital allocation, cost management and productivity improvement, driving long-term shareholder value and financial resilience. As we look to the future, Newmont is well positioned to continue generating industry-leading free cash flow, strengthening our business and rewarding shareholders through a predictable dividend and ongoing share repurchases. Lastly and most importantly, I would like to sincerely thank Tom for his leadership and contributions that helped to put Newmont on such a strong footing. And with that, I'll turn it back over to you, Tom, one last time for closing remarks. Tom Palmer: Thanks, Natascha. As only the 10th CEO in Newmont's 104-year history, it has been a privilege to serve this great company. I'd like to thank our Board for its guidance and partnership throughout my time in the role, our executive leadership team and all of our teams across the world for their support in shaping our business into the industry leader that it is today. And with that, I'll hand the line back to the operator to open the call up for questions. Operator: [Operator Instructions] The first question comes from Daniel Major with UBS. Daniel Major: Congratulations, Natascha. And Tom, good luck in the future. So yes, a couple of questions. The first one, just on capital allocation and the balance sheet. You've been returning cash to shareholders at a healthy rate, but the balance sheet is effectively net debt 0, well below your net debt target. How do you see that going into 2026 if gold prices stay at this sort of level, would you look to build cash? Or would you look to accelerate the rate of buybacks and cash returns to get closer to your net debt target? Natascha Viljoen: Thank you for that question, Daniel. As we've said in our prepared remarks, we remain firstly committed to, I think, a very well-defined capital allocation framework. Within that framework, we've made some good progress, and we will continue to review our returns to shareholders within the flexibility that we have in the capital allocation framework, and we will remain disciplined towards that. And of course, just to add, we do review that on a quarterly basis with our Board. Daniel Major: Okay. So if prices stay here, would it be fair to assume you would accelerate the rate of cash returns rather than move into larger net cash -- or move into a net cash position, is that fair? Natascha Viljoen: Daniel, I would rather steer towards we'll remain disciplined within that framework. And we will continue to review that as we have greater certainty of what the gold price do in the future. What's in our control, certainly, is to continue to focus on our operational performance, our safety, cost and productivity work. Daniel Major: Okay. And then the second question is just on the project pipeline, previously indicated that Red Chris block cave would be the next project that would potentially be approved. Has there been any delays to that potential timeline with the incident last quarter? And is there any other updates on the other kind of longer-dated projects, Yanacocha, Wafi-Golpu, et cetera? Natascha Viljoen: Daniel, firstly, on Red Chris, we remain on track to deliver a proposal to the Board towards the middle of next year. And we have, as we said earlier, done quite a bit of work to do a thorough investigation on the incident that we had. And we are building all of those learnings into the work that we're doing through the feasibility study. We are -- the progress remain on track. In terms of longer-dated projects, those are part of our projects in our -- that's part of our studies pipeline. And all of them will have to earn their right in the portfolio and for us to allocate capital to any future decision. Operator: The next question comes from Matthew Murphy with BMO. Matthew Murphy: Congratulations, Tom, on retirement and Natascha on the appointment. When you described giving the sites more autonomy and just some of the restructuring, I'm interested, what that means for your team? Are there key appointments that you're still looking to make? Or do you feel like you have the team to carry out that strategy already? Natascha Viljoen: Matthew, as you know, in our executive leadership team, we do have a vacancy in-house for our CFO, who is -- and currently, we have our team very capably led by Peter Wexler and a very capable team supporting him in that finance -- in the finance function. So that would be a key appointment that we are focusing on. We have a deep bench across our operational teams that we are leveraging from. We've redefined or reshaped our business into 2 business units, who will be -- that will be led by 2 very strong managing directors, each having authority over 6 of our assets. We also have a very strong group head in our projects and studies and another group head looking off to health, safety, security and environment. So all 4 of them absolutely focused on operations and projects at the core, making sure that we can deliver on our objectives in a sustainable and safe manner. And then, of course, we continue within the framework of the restructuring, we have a very strong functional team across all of our important functions that will continue to support the work that we've defined in this restructuring. So very comfortable that we have a very capable team across our operations, projects and functions. Matthew Murphy: Okay. Great. And then just any color you can share on the ramp-up of Ahafo North? How -- you've got it into commercial production. Has that gone as planned? And how is the ramp looking in Q4? Natascha Viljoen: Yes. So we will be -- we will officially declare and it's absolutely a matter of timing. By the end of today, we'll be able to declare commercial production. What that means is that we have, on average run for 30 days at more than 65% of the design, which gives you about 300 tonnes per hour. And that ramp-up is going -- is running on schedule. So we're very, very excited about this new mine. I think Tom and I, will be heading out there next week. I think particularly, that's a big legacy for Tom as well for us to get this operation up and running. And -- but we will be celebrating with the team that brought this asset online next week to officially open it. But we're really excited about having this new mine as part of our portfolio. Operator: [Operator Instructions] The next question comes from Josh Wolfson with RBC. Joshua Wolfson: I recognize it might be a bit early to ask, but is there any sort of perspective you can provide on reserve pricing, gold assumptions for next year? And then also in that context, whether we should expect a growth in the reserves? Natascha Viljoen: Josh, you're right. It is a little bit early. As you would expect, we're right in the middle of our budgeting cycle, right, also busy with our resource and reserve review. And we will definitely give you an outcome of that work in February next year. Joshua Wolfson: Okay. Got it. And then just back to some of the comments on 2026 guidance. And I guess, there's sort of 2 parts here. One is, I think you had mentioned earlier the average CapEx over '25 and '26 would remain unchanged. If the CapEx declined in '25 by $200 million, should we assume the number next year is the same as '25, so -- or $3.2 billion and then add $200 million to it? And then the other question is just on AISC. I recognize there's a bunch of moving parts here. Directionally, there wasn't any indication provided there. But is the suggestion in the text that the AISC cost should remain stable? Or is one of the optimization and synergies outweighing the other of higher gold prices? Natascha Viljoen: Josh, yes, firstly, starting off with capital. I think you're accurate. And if you consider that over the 2 years, '25 and '26, that we will remain within the guidance that we've given. 2026 will be higher. So you can assume that, that will flow through into 2026. If we look then at all-in sustaining cost, the 2 elements that will impact our all-in sustaining cost, firstly, would be the guidance that we've given or the indication of that we've given for the guidance next year of where our ounce profile will be for our managed operations. I want to just add that. And the impact would be predominantly from Ahafo South, where we -- our Subika open pit operation has stopped, and we've moved into a Awonsu pit with lower grades. But our Ahafo North would largely offset that. The reductions then further will be Yanacocha from the Quecher Main pit, that where we stop mining, and we will only be focusing on leaching activities. Peñasquito, we see a move into GEOs and our goal just due to where we are from the mining profile and Cadia as we wait for PC2-3 to ramp up. So the combination of what we think would be on the lower end of our guidance for ounces and moving of sustaining capital into 2026. Saying that, however, despite the good progress that we've made on our cost and productivity work and we start to see that benefits flowing through, that work will continue with a focus on cost and productivity. So to help offset any increases due to higher gold prices or what we've seen in the higher capital or lower ounces next year. Operator: The following comes from Lawson Winder with Bank of America. Lawson Winder: And Tom, congratulations on concluding your very notable career at Newmont. And then Natascha, I just want to say congratulations on your appointment as CEO. I do look forward to following this next chapter in Newmont's history. If I could, I'd like to ask about capital allocation again, but just from a slightly different point of view. Obviously, there's a lot of extra capital for which Newmont can consider allocating in a variety of different ways. It sounds like capital return is a priority. The balance sheet is already very strong. How do you think about acting on asset or company acquisition opportunities? Is that something that's still within the wheelhouse of potential capital allocation? When you think about growth and investing in growth assets, is that on the docket? Natascha Viljoen: Lawson, thank you for that question. Firstly, we believe that with the -- with this wealth of the portfolio that we have, that the best investment for us is in our own assets and in share buybacks. So definitely, we will remain disciplined around that. And just as a reminder, those 3 elements, you've touched on it. The one is certainly strengthening our balance sheet and our resilience. We've made some good progress there, the investments that I've just touched on. And the progress that we are making on bringing Tanami 2 and the 2 block caves at Cadia still online, disciplined in making sure that we spend our money well in those projects and bringing them online in time. And then lastly, we still have our ongoing share buyback program and our fixed dividend policy. So we will remain committed, and that investment will only be made where we know that it's value accretive. Lawson Winder: Okay. Fantastic. And in that same vein, I mean, there will be an opportunity to consider a significant investment into Nevada Gold Mines from the point of view of Fourmile, which is now 100% controlled by Barrick. I mean, there's also a demonstrated significant upside at Goldrush as a result of the work that's been done at Fourmile. I mean, how do you think about those 2 investment options? Is one preferred over the other? And when you look at Fourmile potentially coming into the portfolio several years down the road, do you think of it as another project to which to allocate capital? Or is that a separate decision from the project allocation? Natascha Viljoen: Thank you, Lawson. Firstly, on Goldrush, is already part of Nevada Gold Mines. So already included in that portfolio, and the capital required is included in the capital forecast as we have it from Barrick today. From a Fourmile point of view, and if you look at that Nevada Gold Mine district, we know that it's a district that is -- still has a wealth of resources and a long future in terms of mining. And as Barrick has concluded their pre-feasibility last year and from the results that we have seen, which is the same results that you have seen and just from what we know from that district, we're very excited about the opportunity that we have that's included in the current agreement for us to have an option to continue our share of that project as well. So we are waiting for Barrick to give us more information so that we can make an informed decision. And as you would have indicated a little bit earlier, it will be a project that will compete for capital against all of our other projects, and we will be disciplined in also making this capital decision when we have the information available as our JV agreement. Operator: The next question comes from Anita Soni with CIBC. Anita Soni: And congratulations, Tom, on your retirement and Natascha, on your appointment as CEO. . Just a further question, a couple of detailed questions, I guess, on Yanacocha, I think the tapers in -- you said it's closing in the fourth quarter. They had a really, really strong quarter this quarter. Is that expected to continue into the fourth quarter? Natascha Viljoen: So Anita, yes. Thank you for that question. Into the fourth quarter, we do see slightly lower than the third quarter. And that is as we in the mining, in Quecher Main pit. And then we will be fully focused on the injection leaching through those in the heap leaches that they have. And that's where our main production source would be. Sorry, Anita. Anita Soni: That's fine. As you indicated that you're going to be at the lower end of the -- if you -- you said it was -- similar levels to 2025 for your managed operations, but at the lower end, I assume that means the lower end of the plus or minus 5%. Within that, are you assuming Cadia is going to drop off in grade next year? Or could you see some positive surprise on that side as well? Natascha Viljoen: Anita, it's a really good question. We have -- we are planning according to the best estimates from our models. We have seen upside in this year so far. And we will continue to monitor PC1 and PC2 as they come to the end. So the models predict that we will see a decrease going into next year. And that's what we've certainly incorporated into our planning for next year. Anita Soni: All right. And then last question on cost. So I think this quarter, you indicated CAS of about -- or sorry, in fourth quarter, CAS about $1,260. Is that -- I mean, just as a proxy to next year, is that a good -- if you're using current gold prices and the kind of operational efficiencies that you've already achieved, is that a good run rate on average for next year, assuming obviously higher gold prices and some great declines, as you mentioned? But on average, would that be a reasonable assumption for CAS for next year? Natascha Viljoen: Anita, our fourth quarter CAS -- G&A is normally cyclical by nature. So I think that's the first assumption that you need to consider. And we do not see that, that is the run rate going into next year. And then from CAS point of view, CAS is impacted by our -- will be mainly impacted by our normal inflation. And then depending on where we are with gold prices, increases in taxes, royalties and worker participation. But it's very much still work in progress as we work through this last quarter and getting ready for the guidance in February. Anita Soni: All right. And then one last quick one for me. On the Ahafo North, my prior assumption was production of around 300,000 ounces for next year as it ramps fully. Does that mean that Ahafo South would decline by the same amount? Or is 300,000 ounces too aggressive for the first year of operations at Ahafo North? Natascha Viljoen: I think if we look at the 2 operations, you could assume a similar kind of run rate that we've had for this year between the 2 operations. Operator: The next question comes from Tanya Jakusconek with Scotiabank. Tanya Jakusconek: Natascha, congratulations on your new appointment. And Tom, congratulations on the retirement, and hope it's going to be a good one and a great adventure. . 3 questions, if I could. Just Natascha, starting off on Nevada Gold Mines, you said you're waiting for Barrick to provide you with information so you can make your decision. Just trying to understand, is that information the feasibility study that we need to wait on? Or is there something else before that? I think the feasibility study is not until 2029. Natascha Viljoen: Yes. That's right, Tanya. We're waiting for that feasibility study. Tanya Jakusconek: Okay. That's helpful. And just on the capital returns to shareholder, you focused a lot on share buyback. Should I be assuming that in February, our $1 per share dividend remains intact and constant? Natascha Viljoen: Tanya, as you know, and again, within the -- in the framework, in the capital allocation framework, we -- as we have it today, we have a fixed dividend, and it is -- something that the Board review on a quarterly basis. Tanya Jakusconek: Okay. So it could be possible, I guess, that part of your return to shareholders could include an increase in dividend in addition to your share buyback? Natascha Viljoen: Yes. Tanya, it's absolutely not something that I think I can give you any indication on, I think. I think the commitment that we have is to remain disciplined within the framework that we're very familiar with. Tanya Jakusconek: Okay. Maybe on the restructuring then, if I could. Understand that you flatlined a lot. I'm just trying understand, I'm trying to draw an organizational chart. Natascha, how many people do you have reporting or divisions do you have reporting to you at this point? Natascha Viljoen: So Tanya, we have restructured the organization to have 2 business units, each of them fixed assets. So it's a good spread of -- an equal spread of operations and also a good spread from a jurisdiction point of view. So if I look at a future structure where I have the operations and the 2 managing directors, the group head for projects and the group head for safety, health, environment still reporting to me, it would be a team of 8 people. Sorry, Tanya, just want to correct that. If I add the CFO, it would be 9, yes. Operator: The next question comes from Fahad Tariq with Jefferies. Fahad Tariq: Maybe just first, just to clarify on 2026 production guidance. I think I heard 2 different things. I just want to make sure I'm getting it right. . You're saying it's within the same guidance range for the core portfolio as 2025, which would be 5.6 million ounces. But that -- but you're also saying it could be lower. So is the right way to think about it potentially 5% lower than 5.6 million ounces? Natascha Viljoen: Fahad, I think the first thing is the 5.6 million is obviously the managed and non-managed operations. So non-managed, we are waiting for -- like normal. We will be getting that guidance from Barrick. And the focus for the managed operations would be we normally guide within a range of plus or minus 5%. And we do see that next year's production would be on the lower end of the managed portion of the guidance, which is in the order of 4.2 million ounces. Fahad Tariq: Okay. That's very clear. And then in all the cost commentary, I didn't hear anything about cost inflation. You mentioned that some of the cost saving initiatives at the unit cost level are being offset by higher royalties, profit sharing, taxes, but that's all gold price driven. Are you seeing any underlying cost inflation on labor, consumables, fuel, anything? Natascha Viljoen: It will be part of our budget, Fahad. There will be a normal increase in that we normally do for our labor increases. And then we'll, obviously, there would be economic factors from some of our major consumables. I think the biggest challenge that we normally have around inflation would be taxes, royalties and worker participation. And that we've been able to offset a large portion of through the cost savings initiatives. Operator: The following question comes from Daniel Morgan with Barrenjoey. Daniel Morgan: Just a follow-up on the 2026 qualitative guidance chart. So to clarify, your managed guidance, 2025 is 4.2 million. You say today that it's expected to be similar but close to the bottom end of the range, which implies 5% lower at -- a roll down of 4.0 million ounces. Is that too conservative a view for the market to take as the midpoint for 2026 guidance? Natascha Viljoen: I think, Daniel, considering that you very rightly commented that it's indicative from where we are going for the next year. We're in the middle of that work. So it is directional. And just to remind you, the impacts that we are having, firstly, I think probably just to take a step back. At the beginning of the year, we've given a clear indication of the work that we're doing to support the long-term profile through the projects and the projects that's in delivery. And those like Ahafo North that we just delivered, they are all on track for delivery. Then we have other production improvements that we're working on, amongst others, with the laybacks that we are doing at Boddington and Lihir, all of those underway for that long-term guidance and making sure that we're consistent with around that 6 million ounces for next year. However, the areas that we are focusing on that we have seen come down is Yanacocha because we have stopped production at the Quecher Main pit. So we're absolutely now required and reliant on the injection meeting. Peñasquito, where we're seeing that we're taking another layback. And that's just due to the normal sequencing of that pit, we'll see lower gold and slightly higher ounces, GEO ounces. And then Cadia, as we work to bringing PC2-3 online, which is well on track to deliver on time, we see a period for where we see PC1 and PC2 lower grades as they come to an end. So the impact on 2026 is very much driven by those dynamics. Daniel Morgan: And just on -- I know it is still early, but just on the reserve discussion that's coming up. There's obviously a fair degree of discretion, which you would be debating. I imagine about the gold price is up a lot. What do you do with thinking about reserves, versus -- do you try to maintain higher margins, et cetera? Just wondering how collectively you're thinking about that debate internally right now. Natascha Viljoen: So from a reserve and resource pricing point of view, that is as you're right, we're in the middle of that debate. Independent of how we think about resource and reserve price, firstly, the focus for us is to always put to prioritize high -- the highest grade ounces through the capacity available to us, first. A very important factor for us as we see the cost of tailings. And that's probably one of our biggest bottlenecks is to ensure that it's economic ounces from a tailings point of view as well. So that is the important factors for us to consider as we make any decisions on resource and reserve impact prices. And again, Daniel, I'll probably just double down on -- as we think about margins. We -- independent of what gold price does, we will continue to focus on our underlying cost and productivity to drive margins in that way. So that is absolutely the focus for us. I think the only additional mention for us around resource and reserves is probably just the divestments that we've done through the year. But you need to -- that you can consider. Operator: The next question comes from Hugo Nicolaci with Goldman Sachs. Hugo Nicolaci: Just going from previous comments, congratulations. Tom, on your tenure at the helm and Natascha, as you take the baton. I wanted to ask a more strategic question on the project pipeline. How do you maximize the value of your currently longer-dated projects here? Does the gold price let you accelerate some of these given the reduced balance sheet risk from your position now? Or is there maybe room to monetize additional assets like the stakes in some of these multimillion ounce projects like Galore Creek and Nueva Unión as you go forward if they're not medium-term priorities? Natascha Viljoen: I think Hugo, you have heard me say this probably 5 times on the call so far. So we're going to remain disciplined in terms of that capital allocation. So we have these projects in study phase in various sizes in the pipeline. They will all, as per the Fourmile comments a little bit earlier, all compete for capital within the profile or within the portfolio. I think it's important to consider that we have many opportunities, both brownfields and greenfields. And the most value-accretive projects will have the benefit of capital allocation. Obviously, within that framework of maintaining a resilient balance sheet and returning capital to shareholders through share buybacks and dividends. So that remains the focus. And as we develop those projects, when the time is right, we will make those decisions. Hugo Nicolaci: Got it. So to clarify, the projects not competing for capital in, say, the next 5 years is a divestment an option? Natascha Viljoen: We continue to evaluate our portfolio. That's something we should be doing to continually look at what is the value that we can get from these assets. And if we have a view that we cannot get value out of them, then they will be -- that will be an opportunity for us to reconsider its position in the portfolio. Hugo Nicolaci: Got it. Fair enough. And then lastly, if I could, Tom, as you take a step back, maybe what excites you the most about the future of Newmont? Tom Palmer: Thanks, Hugo. Thanks for giving me a chance to use my voice. Hugo, this portfolio we've built is unsurpassed in the gold industry. The long life operations, the project pipeline you were just asking about, that can be developed with discipline over time to be able to make decisions and lay out a portfolio of gold production, supported by copper and a few other metals coming through. Never been seen before in this industry. What I'm going to be looking forward to watching from [ Cottesloe Beach ] is in the years to come, '27, '28, '29, '30, 2035, looking at Newmont sustaining the sorts of production levels and margins that no other gold company can compete with. That's the thing that excites me, Hugo. Operator: The final question comes from Ralph Profiti with Stifel. Ralph Profiti: Best wishes and congratulations on the management changeover and transition. Just one question from me, Natascha. When I look at this $450 million in Exploration and Advanced Projects, how much of that reduction is due to rationalization and asset sales, and it's just sort of catch-up adjustments versus the original guidance? And how much was from strategic capital allocation decisions aimed at say, cost savings where exploration was either pulled back or advanced at certain assets? Natascha Viljoen: Thank you, Ralph. Over the last 18 months and as we had clear line of sight of our go-forward portfolio, we have done a material amount of work on all of our assets to understand the full potential around each of these assets, considering not only where we are with every asset today, but the long-term potential, including any exploration upside in these -- all of these assets. And that, in addition to the advanced projects, basically made up the baseline for how we reconsidered the work that we need to do going forward for Newmont. Making sure that, that work is targeted towards delivering the value out of each and every one of these assets. That is what then and also underpinned our organizational structure and the decentralized design. I know that's not your question, but I think it's an important context because in that same framework within that same context, we are also targeting our exploration dollars where we are clear on where the best next exploration work is and where we can expand our understanding and future of these assets. So when we see a reduction, it wasn't a hiccup. It was a deliberate review of doing the right work for the assets and targeting our dollars towards that. So it's been a very deliberate piece of work. Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Tom Palmer: Thank you, operator. I was expecting that to go to Natascha. Thank you, everyone, for your time, and please enjoy your evening or the rest of your day. Thank you. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Hello, and welcome to Newmont's Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Chief Executive Officer, Tom Palmer. Please go ahead. Thomas Ronald Palmer: Thank you, operator. Hello, everyone, and thank you for joining our call. Today, I'm joined by Natascha Viljoen, our President and Chief Operating Officer; Peter Wexler, our Chief Legal Officer; and as recently announced, our Interim Chief Financial Officer, along with the rest of my executive leadership team and we will all be available to answer your questions at the end of the call. Please note our cautionary statement and refer to our SEC filings, which can be found on our website. As we reported yesterday, on Tuesday this week, two fall of ground incidents occurred at our Red Chris operation in British Columbia, locking the access way to the underground work area of our nonproducing project at these sites. At the time of the initial incident, we had 3 business partner employees working underground, more than 500 meters beyond the affected zone. We asked them to relocate to a designated refuge chamber and confirmed that they have safely arrived in the chamber before the second fall of ground blocked the access way. This second fall of ground also impacted our underground communication system. All appropriate emergency response protocols were immediately activated and operations at Red Chris have been suspended whilst we're responding to the incident. Along with the support from emergency responders and teams from nearby mine sites, our focus is on restoring communications to the refuge chamber, safely reestablishing access underground and bringing our 3 teammates back to the surface and to their families and friends. We are diligently responding to this incident with excellent support from the broader industry and appreciate your understanding during this very live and evolving situation. Although overshadowed by this incident at Red Chris, Newmont delivered another strong operational performance in the second quarter, keeping us firmly on track to achieve our 2025 guidance. Underscoring this performance are our 3 key priorities for this year, which remain clear and unchanged. First and most importantly, to strengthen our safety culture; second, to stabilize our 11 managed operations; and third, to execute on capital returns. As I just described, we are concentrating the full force of our organization on the safe recovery of our team members at Red Chris, and we will conduct a thorough and independent investigation into the factors that led to this event. All findings and lessons learned will be leveraged across Newmont to strengthen our Always Safe program and will be shared across the broader mining industry. You can also expect that we will continue to provide regular updates as those efforts progress. Turning to our ongoing work to stabilize our operations. Our portfolio of world-class gold and copper assets delivered another solid quarter. We produced 1.5 million ounces of gold and 36,000 tonnes of copper, remaining in line with our full year guidance and the indications we provided on our last call. This strong production supported robust financial results, including $2.4 billion of cash flow from operations after working capital, and an all-time record for quarterly free cash flow of $1.7 billion, of which more than $1.5 billion or 90% was generated by our core managed operations. Our shareholders continue to benefit from our noncore asset divestment program that we successfully completed earlier this year. As we announced last week, we expect to receive approximately $470 million in cash proceeds after taxes and commissions from the sale of our shares in Greatland Gold and Discovery Silver, shares that we received as consideration for the divestments of Telfer and Porcupine, respectively. As a consequence, we now expect to generate $3 billion in after-tax cash proceeds this year from our divestment program. And these proceeds will be used to support our third key priority, returning capital to shareholders. Since our last earnings call, we have retired $372 million of debt and returned over $1 billion to shareholders through both regular dividends and share repurchases. And in addition to making meaningful progress on our existing program, our Board has approved an additional $3 billion share repurchase program, doubling our total authorization to $6 billion, of which $2.8 billion has been executed to date. With our strong second quarter results and continued operational and financial momentum, we remain firmly on track to meet our 2025 guidance, whilst also generating industry-leading free cash flow and consistently returning capital to shareholders through a predictable dividend and ongoing share repurchases. With that, I'll now turn it to Natascha for an update on our operations. Natascha Viljoen: Thank you, Tom, and hello, everyone. Before we jump into the details, I'd like to echo Tom's statements about our team members at Red Chris. Above all else, we are focused on bringing them home safely, and we are leveraging the strength and extensive experience of our global technical, operational and safety teams with the support of our industry partners. Shifting now to our operational performance. This quarter underscores the resilience of our world-class portfolio, which has been thoughtfully assembled around high- quality, long-life assets. With this robust foundation in place, we are exceptionally well positioned to organically deliver multi-decade value through our high-caliber operations, robust pipeline of projects and deep bench of technical and operational leaders. Our second quarter operational results outperformed our previous expectations, effectively bookending the first half of the year and establishing a solid foundation for consistent delivery in the second half. This compelling performance was largely driven by production from our core managed operations, including higher-than-expected production from Cadia in the first half of the year due to higher grade ore from the current panel cave. And in addition, we have been able to noticeably reduce downtime related to planned maintenance. As previously mentioned, we expect production to decrease in the second half of the year as we continue to transition to our new panel cave, PC2-3. Peñasquito exceeded our gold production expectations in the first half of the year due to higher grade ore from the Peñasco pit. However, production is expected to shift from a higher proportion of gold to a higher proportion of silver, lead and zinc content, primarily in the fourth quarter as we move to lower gold grade areas in the Peñasco pit as part of a planned sequence in this large polymetallic mine. And at Lihir, we delivered consistent production in the first half of the year. However, this will begin to decline in the second half of the year as we begin processing lower-grade material as part of our planned mine sequence. What really stands out at Lihir is the steady progress we're making in bringing stability to both the mine and processing plant. For example, we are beginning to see the benefits from improved drainage and water management around our haul roads, along with cleaner access to both pit and stockpiles, creating a safer and more efficient design for this mine. As a result, we've been able to park 9 trucks and materially reduce the contractor footprint, generating significant cost savings from these initiatives alone. For the last 2 years, we have been on a journey of integration, rationalization and optimization with a view to creating value over a period of decades. With the rationalization phase largely complete, we have been applying the full force of our operating and technical capability to systematically optimize operations across all 11 of our managed operations. And as reflected in our results, these stabilization efforts are delivering tangible benefits, positioning us to confidently continue our optimization work. With a deep understanding of each and every asset, we are working on productivity enhancements and improvements to the cost structure across our managed operations, ensuring each site meets the performance metrics required to earn its place in our world- class portfolio. You saw an example of this at the beginning of the year when we paused our investment in the underground expansion activities at Cerro Negro and again, more recently, with the cost improvement measures we are working on at Merian. Building on the strong production performance from our core managed operations in the first half of the year, we remain firmly on track to meet the full year guidance ranges we issued in February. Turning now to our cost performance. We remain on track and are continuing to focus on driving improvements across our portfolio. As mentioned, sharpening our efforts on cost discipline and productivity enhancements has been a primary focus for all of us at Newmont. And as a result, our cost applicable to sales and our all- in sustaining costs are in line with the guidance expectations set at the beginning of the year. Finally, our capital spend for 2025 is on track to land within the guidance ranges we set at the beginning of the year. Starting with sustaining capital. We anticipate spending to be approximately 57% weighted towards the second half of the year, driven by deliberate decisions to defer expenditures for key activities across several sites, including planned spending at Tanami associated with our expansion of our ventilation system in the second half of the year, purposefully moving some of our ongoing optimization work at Lihir to the third and fourth quarters with a specific focus on asset integrity and reliability and a continued surface work at Red Chris and Brucejack during the warmest summer months in Canada. Higher sustaining capital in the second half of the year will also include an expected increase at Cadia to support the ongoing panel cave development as well as addressing the historical underinvestment in tailings remediation and storage capacity, while we continue to evaluate more efficient tailing solutions at this world-class operation. Our development capital follows a similar guidance and is now expected to be 51% second half weighted, primarily due to the timing of spend related to the projects currently in execution. At our Ahafo North project, we are progressing as planned and are preparing to pour first gold in the coming months, keeping us firmly on track to declare commercial production in the fourth quarter as previously indicated. In parallel, we successfully completed the 160-meter raise bore at the bottom of the shaft at our second expansion at Tanami and have removed the pentice or an [ inshaft ] barrier, which allows the safe and efficient completion of this critical path work. And finally, at Cadia, [indiscernible] from PC2-3 has continued according to plan while steadily advancing the underground development for PC1-2 and progressing the important tailings remediation and storage capacity works I mentioned previously. I now will turn it back to Tom to go through our financial results for the quarter. Thomas Ronald Palmer: Thanks, Natascha. I'd like to start this update by acknowledging the recent departure of Karyn Ovelmen, our Chief Financial Officer. Whilst the timing was unfortunate, we respect her decision and thank her for her contributions to Newmont over the last 2 years. We have commenced a comprehensive search for our next CFO. And while we do that work, we continue to have a very strong and experienced finance team in place, being capably led by Peter Wexler on an interim basis. Importantly, there are no changes to our financial policies or capital allocation strategy, and we remain on track to deliver on our 2025 commitments and continue returning capital to shareholders. As I mentioned at the start of the call, Newmont reported strong financial results in the second quarter, driven by robust production, steady unit costs and a supportive gold price environment. Gold all-in sustaining costs for the quarter were slightly below our guidance for the full year at $1,593 an ounce on a co-product basis. This is largely due to lower sustaining capital spend in the first half of the year, which as Natascha just described, is expected to increase in the second half by comparison. As a result, all- in sustaining costs are expected to be higher in the third and fourth quarters, but overall in line with the indications we provided in February for the full year. I also want to highlight that going forward, we plan to more prominently present our unit costs under both the co-product and by- product methodologies to better assist our investor base with industry benchmarking and comparisons to our peers. By providing our unit costs under both methods, we aim to offer our investors better insights into the individual contributions of the metals that we produce in addition to gold, whilst also providing a more comprehensive view of Newmont's overall margin performance. To put this into perspective, on a by-product basis, our gold all-in sustaining costs for the second quarter were $1,375 an ounce, which is more than $200 an ounce lower than our unit costs under the co-product method. And from our core managed portfolio in the second quarter, our gold all-in sustaining costs were $1,276 an ounce on a by-product basis. For the second quarter, Newmont generated $3 billion in adjusted EBITDA and reported an adjusted net income of $1.43 per share. The most material adjustments to net income for the quarter include $0.63 related to a gain from the sale of [ Akyem ] and Porcupine as part of our noncore asset divestment program, $0.14 related to mark-to-market gains on equity investments, primarily from the gain on the sale of shares received as proceeds for the sale of our Telfer operation and interest in the Havieron project to Greatland Gold, and $0.31 in offsetting taxes primarily related to these adjustments. But most notably, Newmont generated $2.4 billion of cash flow from operations and $1.7 billion of free cash flow, well above the first quarter and setting a new record quarterly cash flow performance. Our operating cash flow in the second quarter benefited from $156 million of favorable working capital adjustments, primarily driven by sales timing and higher revenue and pretax income associated with strong metal prices. We are encouraged by the strength of our cash flow performance in the first half, which underscores the quality and potential of the world-class portfolio we have assembled and continue to shape and optimize. With this in mind, we remain committed to our shareholder-focused capital allocation strategy, which remains unchanged and has 3 priorities: to maintain a strong balance sheet, to steadily fund cash-generative organic projects and to continue to return capital to shareholders. Starting with our balance sheet. We finished the quarter and the first half of the year with $6.2 billion in cash, well above our target of $3 billion on average. It's worth noting that this cash balance includes $330 million of the approximately $470 million in cash proceeds, net of taxes and commissions from the sale of our equity shares in Greatland Gold and Discovery Silver. In addition, we continue to surpass our debt target of up to $8 billion and reached an outstanding principal balance of $7.4 billion as of June 30. And we are proactively assessing opportunities to further reduce our outstanding debt, creating a flexible and resilient balance sheet that is able to navigate the commodity cycle. Turning to shareholder returns. We declared a fixed common second quarter dividend of $0.25 per share, consistent with the past 7 quarters. And since our last earnings call in late April, we repurchased $750 million of shares, bringing the total shares repurchased in 2025 to $1.5 billion. In total, since February last year, we have executed $2.8 billion in share repurchases. And as I mentioned earlier, our Board has approved an additional $3 billion share repurchase program. This brings our total authorization to $6 billion, demonstrating the confidence that we have in our business and our commitment to rewarding our shareholders with predictable dividends and ongoing share repurchases in 2025 and beyond. In closing, we delivered a strong second quarter and first half of the year and remain on track to achieve our 2025 guidance and deliver on our commitments for the benefit of our shareholders. We achieved an all-time record quarterly free cash flow of $1.7 billion in the second quarter, and we continue to advance our disciplined capital allocation strategy, which includes strengthening our balance sheet through ongoing debt reductions and returning capital to shareholders through a predictable dividend and continued share repurchases, for which we have approved an additional $3 billion. Looking ahead, we will lean into the full capability of our teams and portfolio to leverage the momentum from our core managed operations in the first half of the year and continue building a stable and resilient future for Newmont. In turn, we are well positioned to reward our shareholders through growing free cash flow per share and consistent capital returns. However, we recognize that none of this matters until we bring our 3 Red Chris teammates home safe and sound. And with that, I'll thank you for your time and turn it back over to the operator to open the line for questions. Operator: [Operator Instructions] Our first question today comes from Lawson Winder from Bank of America. Lawson Winder: Very nice quarterly result, and thank you for today's update. Can I ask about your capital allocation priorities as it pertains to acquisitions? Certainly, your valuation has improved, your results have improved and you're generating significant free cash flow. Is there an appetite for further acquisitions at Newmont? And then further to that, is copper still viewed as a strategic metal for Newmont as it pertains to acquisitions? Thomas Ronald Palmer: Thanks, Lawson, and good afternoon. I'll be as clear as I can. Our focus is internal. And the best use of our capital is to buy back Newmont stock. And that's where you'll see us spend our time and attention. So internal focus, buying back Newmont stock. The question around copper, we have copper-producing assets in Red Chris, Boddington and Cadia. And we have a magnificent organic project pipeline. Next cab off the rank is the -- likely to be the Red Chris block cave, which is a copper-gold mine. And so you will see us focus on a balance of copper in our portfolio as a gold mining company, but that copper exposure will come from our organic growth. Operator: Our next question today comes from Daniel Major from UBS. Daniel Edward Major: The first one, perhaps on management changes and management succession. Obviously, I guess, Karyn's departure was somewhat unexpected. Certainly, there's been some discussion in the market around Natascha's appointment of President, whether that's a precursor to any other management changes. I wonder if you can make any comments on this and whether Karyn's departure impacts any other potential thinking about succession. Thomas Ronald Palmer: I have a couple of comments. As I said in my prepared remarks, it's unfortunate, Karyn resigned, but I've literally got sitting around me our finance leadership team and a really capable and experienced group of people. So we won't miss a beat. And in Peter Wexler, we have a very capable interim Chief Financial Officer. So absolutely no concerns in terms of the strength and capability of our business. And I think we've got a real opportunity to think about the next CFO that we bring in for the next exciting chapter of Newmont. So that's part of a natural progression evolution in organizations. So very comfortable with where we sit with our existing team in the interim and actually pretty excited about the opportunity we have in terms of that recruitment process. In terms of -- and I didn't pick it up in our prepared remarks, but I'll take your question to have the opportunity to congratulate Natascha on the promotion to President and Chief Operating Officer, which we announced back in early May. Natascha has been with us almost 2 years now and has consistently demonstrated strong leadership and a deep commitment to safe and disciplined operational delivery. And the expanded role is the opportunity to give Natascha a balance of both strategic and operational focus and also an opportunity for her energy and passion and resolve to be -- continue to be critical attributes as we work to improve safety, cost and productivity over time. Her move to President is part of ongoing leadership development. It's something that Newmont has done for generations, something that Newmont has done incredibly well. And I wouldn't read anything more into it other than a natural process of Newmont doing what Newmont has done very well for many years. And I'm sitting in this room looking around a number of people who have benefited from Newmont having a focus on leadership development, and I'm also a beneficiary of that. So hopefully, Daniel, that gives you some color in terms of both the finance team and also Natascha [indiscernible]. Daniel Edward Major: Great. That's some great color. And then the second question, just of cash flow outlook. You benefited from some working capital items during this period, I think payables, receivables. Any color on kind of any reversal and how that might impact free cash flow in 2H? And then the second part of the question, could you just remind us on how much of deferred proceeds from the divestments you have remaining and when they will expect to be coming? Thomas Ronald Palmer: Yes. Thanks, Daniel. What you'll see with the free cash flow generation in the second half of the year is it's going to be pretty steady production coming through. So for instance, third quarter is going to look pretty similar to the second quarter. As [indiscernible], we'll see a step up in our sustaining capital in terms of that first half to second half weighting pushing up to around 50% weighted in the second half. So obviously, that will come off our free cash flow. The other one to look at is our reclamation. And if you see first quarter to second quarter, that stepped up, and that's about us building the momentum around the construction of the 2 big water treatment plants down at Yanacocha. So you'll continue to see an increase in that spend. I think it's around $600 million or thereabouts we want to spend this year on that. So that will step up to a steady state rate. So you'll see a bit more sustaining capital, steady production and some of that reclamation spend will be factors in second half free cash flow. And of course, the other area to keep in mind is we're enjoying current gold price levels, and we'll start to see some tax payments from those higher gold prices, taxes and royalties start to flow through. In terms of the -- some of the equity positions, we're able to -- basically, we're out of Discovery Silver. So there's nothing left there. So those sales over the last couple of months, I mean that [ Tony and team ] can charge on and deliver from Porcupine. We've still got some shares in Greatland Gold that are part of that transaction. I think -- and a deferred -- we've got deferred cash payments from both Discovery, and we've got some deferred contingent payments. I think we announced at Discovery, the deferred cash payments are around $150 million, and they're payable in equal tranches over a 4-year period starting at the very end of 2027. And then in Greatland Gold, we've got some deferred contingent payments in the order of about $100 million. And we've got about 9.9% left in Greatland Gold, and there's some covenants around when we can dispose of that. We've quite a position in Orla still that came with the Musselwhite sale, free and clear of Éléonore in terms of Dhilmar, free and clear of Akyem with Zijin. I think, Daniel, that probably gives you the -- some of the key items in terms of that divestment program. Operator: The next question today comes from Fahad Tariq from Jefferies. Fahad Tariq: I want to focus a little bit on Cadia and Peñasquito, which were clearly very strong in the second quarter on high grades. Can you maybe walk through production, why production is expected to decline specifically in the third quarter for these 2 mines? I know there's a bit of a transition, but I'm just -- I think you'd have to see a pretty significant grade drop off in the third quarter to see production come up. So I'm just trying to get more color on how to think about grades into the third quarter and just production at these 2 mines in the third quarter. Thomas Ronald Palmer: Thanks, Fahad. Your line was a little crackly. So for those that might not have heard, just looking for some color in terms of the balance between first half and second half for Cadia and Peñasquito. And I'll ask Natascha maybe to talk about those operations and how we see that [ production grade ]. Natascha Viljoen: Thanks, Tom. And thanks for that question, Fahad. And obviously, both of these operations are key to our portfolio. If I can start with Peñasquito, we -- this year, we're seeing the benefits of the work and the investment we've done in that open pit and pushbacks that we've done during last year. We've moved into of the Phase 7 of the Peñasco pit, largely moved out of Chile Colorado. Peñasco pit, variable ore body, specifically variable as far as the different metals are concerned. And it's just the natural progression as we mine and follow our mine sequence through the Peñasco pit that we do see different grades coming through. So we will see lower grades in -- of gold in the third quarter, and we will see higher grades of silver, lead and zinc coming through. So typical indications about 2% higher silver and about 1.5% higher zinc, and we'll see a reduction in -- an associated reduction in our gold grades. As far as Cadia is concerned, Cadia, of course, one of the newer operations in our portfolio. We have done quite a bit of work to understand this operation and all of the requirements to run it on the -- as a quality asset as we should. As we see the first 2 block caves, PC1 and PC2 come to the end. We do see some model benefits from PC2, where the model has been predicting lower grades through PC2 as we come to the end of its life, but we do see the grades still hold strong as we complete the mining of PC2. And then, of course, we will slowly, but surely, we're starting to ramp up PC2-3, and we will see that going through an original lower grade and then ramping up steadily into full production and higher grades. And it's doing exactly as we expected -- it's that -- as we expected it to. Operator: The next question today comes from Matthew Murphy from BMO Capital Markets. Matthew Murphy: Great quarter, and we wish you great success in this rescue operation. I wanted to ask a question about Lihir. It seems to be doing really well. And Natascha, you talked about some of the improvements being realized, and that's even before you've spent much CapEx on it. So as the spend picks up in the back half, how does that set it up for 2026? Natascha Viljoen: Matthew, a really great question, and it is another one of our big operations that we feel quite excited about. And I think you might remember that for a period of time, we've been talking about how we build stability in that operation. It gave us the opportunity to relook the mine design, some of the basics like road design, specifically around water management on the various roads. What that has resulted in is far higher productivities for us in mine because we can manage water better off our haul roads. We get -- our fleet can run faster. And we've been able to park a number of trucks, as I said in our remarks, 9 trucks in the process. We've built on that by creating a buffer between the mine and the plant with intermediate stockpiles, which gives us both the opportunity to ensure a stable feed into the plant, disconnect the mine from the plant and get more stable grades through the plant as well. The team has made material progress in how we think about the asset management of that asset, specifically starting with our big shutdowns, ensuring and being very considered around our big plant shutdowns. You might remember at the end of last year, we had basically 2 -- our biggest autoclave and another autoclave down for maintenance. And with the skills that the team has been developing focus on big shutdowns, we have seen that shutdown coming ahead of time. We continue to build on that maturity in really creating stability in the plant, not only through more stable feed from the mine, but just higher levels of reliability. I have to recognize, though, that we still have a bit to do. The plant still needs quite a bit of work in terms of asset management and reliability. And we are continuing to build the capability, the planning and execution capacity that we have on site. Thomas Ronald Palmer: Maybe just a couple of builds, Matt, on Natascha's summary. We're very much about, as we've talked about over the course of a number of these calls, a big mine like Lihir, setting it up for the long term. So what Natascha is describing is the actions we're taking for an asset that's been a big asset in our portfolio. So it's been the elephant in the portfolio. It now sits with a number of other peers in the Newmont portfolio, and we're making deliberate decisions to set this mine up for the long term. It's what that ore body and that installed infrastructure and the people at Lihir are looking for from us. And we also have at Lihir, one of our strongest general managers in, Dawid Pretorius, a man I've known for a better part of 25 years and a really, really strong general manager. Big complex mine like this is well suited to his set of capabilities. Natascha Viljoen: And a very skilled people leader as well, which is something that, that operation thrives under. Operator: Our next question today comes from Josh Wolfson from RBC Capital Markets. Joshua Mark Wolfson: Great job on the cost containment for total cash cost year-to-date. I'm wondering if you can provide any more details on some of the trends you're seeing in your underlying cost structure, I guess, including inflation rates and if there's anything notable regionally as well? Thomas Ronald Palmer: Yes. Thanks, Josh. Largely, what we're seeing play out is consistent with expectations that we set as we build our business plan and guided at the beginning of the year. Some swings and roundabouts with fuel, energy, materials and consumables, but not significant. So we're largely -- the cost we expected to see, we're seeing this year. And labor is pretty much holding as we'd expect, both contracted services and our own employees. So what we expected is certainly playing out this year and the assumptions we made about inflationary impacts in all of those different categories is consistent with what we assumed even in the elevated gold price environment. Clearly, we're seeing the higher taxes and royalties associated with that. In Natascha's comments, she talked about stabilizing this portfolio and then looking to optimize the portfolio. And we are very much focused on where we can get after productivity improvements and also enhancements to our cost structure. So we're absolutely not sitting on our laurels saying, "Oh, we're meeting expectations for what we assume for this year." We recognize that this portfolio, which is still relatively new in terms of how we've shaped it, both the acquisitions, the integrations, the rationalization, and we are very much focused on productivity levels from every operation that meets our expectations and industry benchmarks and ensuring that's being supported by the appropriate cost structure. So we continue to actively work that even though our costs are meeting the levels that we expected this year as we built our plan and guidance. Joshua Mark Wolfson: Got it. And as you sort of navigate stabilizing the operations, when we think about 2026 and what we should expect at that point, has there been any thought towards which of the larger project updates we could expect and whether the outlook will be beyond just a 12- month basis? Thomas Ronald Palmer: It's just probably a couple of thoughts in terms of answering that question, very much sitting at the halfway mark focused on ensuring we safely deliver second half of this year, such a critical year given the challenge we've been through. So I want to make sure that our eyes are firmly on that task. And in that as we move into -- we've started the process now building our business plan for next year, and that's work that's very active at the moment. Our expectations would be that in February of next year, we'd do something similar to this year and we'll be focusing on giving the market a set of numbers for the 2026 year. But we're -- at the moment, the sleeves are rolled up, and we're head down, tail up getting after what we can do to deliver '26 business plan. So very much work in progress. On the project side of things, really important that we deliver -- safe to deliver first gold and commercial production out of Ahafo North, continue to progress the Tanami expansion and continue to progress the two panel case at Cadia. But we are actively working our project pipeline. And I think, as I've mentioned on previous calls, Red Chris is a project that's close to shovel-ready, and we're ensuring that we have a feasibility study to a Newmont standard that, that project washes its face and that we have the various consent and permits to be able to progress with that project. So very much focused on that project and whether that could come up to the mark to be considered for full funds in the 2026 time frame. Operator: Our next question today comes from Daniel Morgan from Barrenjoey. Daniel Morgan: How should we read production guidance? Basically, I think you beat your own plans by circa 100,000 ounces this quarter. Just trying to clarify, was that unexpected bonus versus the plan? Was it a bring forward of stuff in the second half to first half? Or how do you -- why not lift guidance somewhat? Is it pitch conservatively? Or have you just brought forward ounces from half 2? Thomas Ronald Palmer: Yes. Thanks, Daniel. If you think about -- I think, as Natascha answered the earlier question, you've certainly got a couple of big assets in Cadia and Peñasquito. Cadia moving into some lower grades out of those panel caves is what our expectations are. And we have the benefit of some positive reconciliations in the first half that's flowing through. So we will still remain sober in terms of what the model is telling us for Cadia out of those cases in the second half. Peñasquito is running beautifully. And so we were able to get some good production through and through some of that material and benefited from some higher metal production in the first half, but we do move into those lower grades in the second half. We look to the second half, we've got Nevada Gold Mines is a pretty important contributor in the second half, fourth quarter weighted. So again, we've -- it's a not insignificant part of our Newmont portfolio. And so we want to make sure we're cautious around ensuring that we can see that line of sight in the second half. And we got Yanacocha, we'll get some expecting -- we'll have a stronger second half in terms of the injection leaching work we've got happening on the heap leaches there. And we've got Ahafo North commission. Commissioning a new project has some risk associated with it. So again, being prudent in terms of how we think about the second half. So that's a little bit of color, hopefully, Daniel. And when I think about where we sit with our production, yes, we've had a good solid first half. We provided a number, which had a range around it. I think we're still sitting comfortably within that range. And so we're firmly on track to meet our guidance. Daniel Morgan: And just a follow-up question, possibly one more for Natascha, which I guess is two parts, it's projects. So first, it's -- can you please just expand on the Tanami shaft works? Is the risk of overbreak now behind us? Is that concrete line? Maybe go into a bit more detail? And then just on Ahafo, can you expand on the works remaining to first production and any risks that are front of mind? Natascha Viljoen: Thank you, Daniel. Let me start with Tanami Expansion 2. The risk of the overbreak on the lower part of the shaft is truly behind us. We have completed the raise bore through the concrete [indiscernible] that we've bought over -- at the beginning -- well, end of last year into the beginning of this year. The pentice has been removed. So we now have clear access to the entire shaft. And we started with -- we're still putting a lining in at the bottom half or the bottom end of that shaft to make sure that there's alignment with the top half and that there's smooth access to the bottom. The equipping of the top half is progressing well. And as soon as we complete the lining in the bottom half or the last bit of the shaft, we will complete that equipping as well. Underground operations are going to schedule. So I think everything there, the highest risk elements are behind us. And now it is the focus on completing the remaining work under the leadership of also a very strong Project Director, General Manager, Leigh Cox and that team is going from strength to strength. Ahafo North is making good progress. We are getting ready for commissioning. We have indeed started commissioning in certain areas of the plant. As you would remember, we have started mining. We're stockpiling material to get ready for the commissioning of the plant. So we're very well on track. It's a little bit of a small ball pipe being left, a little bit of electrical work still left. But by and large, the large construction work basically is complete. And we're very excited to go and see the first gold pour. Operator: Our next question comes from Anita Soni from CIBC. Anita Soni: I just wanted to ask a little bit more about Red Chris. On Red Chris, could you just let me know -- I think you had mentioned that there was an initial fall of ground. And then the -- and the workers were asked to go to a refuge station. That fall of ground, did that happen in the decline? Thomas Ronald Palmer: Yes, the decline, about 200 meters down the decline. There was an initial fall of ground that was detected. And so the emergency response protocols kicked in place. We only had those 3 people in that area. So it's not an operating mine. It's some developer being done as part of preparing hopefully for the Red Chris project in the coming period of time. So these 3 folks, when that event occurred, call went out, please make your way to refuge chamber, which they did. They got themselves into the refuge chamber, radioed in that they were safely there. And then shortly after that, in that same area, in the decline, we had the larger fall of ground that blocked the access play and took out the leaky feeder cable, which has taken out our communication to the refuge chamber. So as I talked about then in my prepared remarks, our focus is on reestablishing communication back to the refuge chamber to confirm that all are safe and well, whilst we work on various plans for getting access to rescue them. So we're working on plans to get access down through that decline again to do so safely. We're also -- we also have a secondary area to access, which would be through a vent shaft. So we're considering different methodologies to do that. So a whole bunch of people, both at Red Chris, the wider Newmont, and it is amazing the wider industry -- how the wider industry comes together to support with solutions and equipment and plans. So these are the 2 things that are happening in parallel, getting communication reestablished and determining the safest and most effective rescue plan for the 3 people. Anita Soni: Okay. I hope they're safe and well and you get them out quickly. My second question is with respect to some of the changes that you -- the capital spending. I just want to get an understanding why the capital spending was shifted. I think you said it was deliberately, but in terms of -- I think Natascha said that there was some in order to maintain integrity of the mine at Lihir. Could you just elaborate on those comments? Natascha Viljoen: Anita, I think as I [indiscernible] probably a little bit earlier on the work that we are doing at Lihir around our asset integrity work in the plant. And there's also a big power plant that we are maintaining. We have been -- as we plan and make sure that when we take large shutdowns that we do effective work and that we spend our capital effectively. As whilst we're talking about capital allocation, I think, hand in hand with that is capital discipline and being sure that when we start to spend the capital that we're ready to spend it effectively. So we did make a deliberate decision on spending that a little bit later in the year. Other areas would have been our [ vent raise 9 ] at Tanami. That is work that has also developed through the productivity work that we have been doing, identifying a need for us to enhance some of our ventilation work to enhance some of our productivity and development work at Tanami. And that's why that work will actively be happening in the second half. And then lastly, just the summer period of works with Brucejack and Red Chris. And it just happened that the spend moved a little bit more into the second half than what was planned originally. Operator: Our next question comes from Tanya Jakusconek from Scotiabank. Tanya M. Jakusconek: And again, I just hope that the miners get out safely as well. Just a couple of questions, if I [ could ]. The first one is just coming back to your portfolio. I think Tom, this is for you. You mentioned Greatland Gold, you still have some position there. I think you mentioned they're noncore. So those ones could be divested of -- you mentioned Orla, you have an equity investment in that as well. Is that noncore position as well? Thomas Ronald Palmer: I think the simplest answer to both of those, Tanya, I think as we think about the Newmont portfolio and how we want to focus our time and effort and manage this portfolio and simplify this portfolio as much as we can, both those positions you described, will I put in the noncore category. Tanya M. Jakusconek: Okay. And I just wanted to check where your Lundin Gold position also stands in terms of that position because that's also a big position. Thomas Ronald Palmer: Very comfortable with our 32% interest in Lundin Gold and the Fruta del Norte asset. And I think it's something -- we've only had a minute with all the other work we're doing. So Ron Hochstein and crew are doing a terrific job running that asset. And there's a bunch of stuff we can learn from a great operator like Ron. So we want to understand and learn from that asset, but very comfortable with that position in our portfolio. Tanya M. Jakusconek: Okay. And sorry, lastly, I just want to ask is this Wafi-Golpu. Have you had a chance to look at that? Is that fit at all? Thomas Ronald Palmer: Wafi-Golpu is certainly, we see that as an important asset, important project in our organic project pipeline. It's something that we're actively working on in terms of negotiations with the PNG government on converting a framework memorandum of understanding to a mineral development contract, which then enables you to get a special mining lease. Working very closely with the team at Harmony as we navigate through that. So very much looking at Wafi-Golpu as an important project in our organic project pipeline. And these negotiations are important in getting some clear stability around any investment decisions that may come down the track with a project such as Wafi-Golpu. Tanya M. Jakusconek: Okay. Natascha, if I could ask one for you. I mean I look at the portfolio and congrats on getting this portfolio stabilized. That's great to see. As you think about your core portfolio, where do you see -- and you talk about all these productivity improvements, where do you see the greatest bang for your buck in terms of productivity? Like what assets do you think that we could see really improvements in productivity that would actually show really good cost? Natascha Viljoen: Tanya, it's going to be difficult to choose that one because I think the opportunities are different at every asset, but there are certainly opportunities for us across the board. I can perhaps tie to bookends as examples. The one bookend would be absolutely at Lihir, one of our big assets, plenty of opportunity that will help us to make big step changes, long-term asset and continuously thinking about -- and it's got several different aspects to how we improve that. There's material, people aspects that we're focusing on asset management focus areas, mine layout and design for productivity all the way into our tailings management. So really a diverse set of opportunities for us at Lihir. And then obviously, I think at Lihir also a very unique opportunity for us to make an impact on the community of that Lihir Island. On the other bookend, probably, I will reflect on Cerro Negro, which has got a beautiful ore body. And our biggest challenge is productivity. We have assets that's in good state. We don't have major challenges with reliability of our assets. And we are working closely with our employees, with our unions on site to -- with an unwavering focus on how do we lift the productivity on that asset. So more of a singular focus on how do we do more with the assets and the teams that we do have. And then we have in between a couple of assets that either in as a full asset or in unique opportunity, and unique areas are certainly benchmark. Peñasquito is one such an asset. We've recently worked through asset reviews where we did a multidisciplinary deep dive through all of our assets. And Peñasquito in every aspect, there's quite a bit for us to take learnings and take that across all of the operations. And then very recent, we've had the same experience with Cadia on their asset management strategies, asset management processes specifically that we will leverage from and make sure that we use that across all of our other assets. So different for different assets and everyone unique opportunities. Operator: Our final question today comes from Hugo Nicolaci from Goldman Sachs. Hugo Nicolaci: Congrats on the quarter and the first half. Just a couple of operational questions for me, if I can. Firstly, just on Nevada, the production improvements in the second quarter, looking promising, but the costs there obviously remaining high. How much of that is the ongoing production improvement works in fleet replacement versus just underlying cost pressures? And how confident do you remain in that full year cost guidance? Thomas Ronald Palmer: I think when you think about Nevada, a couple of those questions are firmly for the operator. So I don't think it's appropriate that we give that level of granularity. And we also haven't had our Board meeting for this quarter yet. So Natascha, Francois and I will all be in Nevada next week with the team there, and we'll have a Board meeting and visit a couple of the operations and start to unpack in a bit more detail, second quarter performance with the team and also discuss the views and approach for the second half of the year and how opportunities are gone after and risks managed. So if it's okay, Hugo, I think that's probably a question best asked of the operator when they report their results in a couple of weeks' time. Hugo Nicolaci: Fair enough, Tom. And then maybe on one that is yours -- at Boddington, it looks like the mill ran above nameplate capacity in the quarter for the first time in about 4 years. Are you able to talk us through the productivity improvements there and how sustainable you think that is going forward and sort of holding that nameplate capacity? Thomas Ronald Palmer: Very observant, Hugo, but I'll pass to Natascha to give her perspective on Boddington, maybe both mine and plant. Natascha Viljoen: Yes. And I'll definitely do that. So Hugo, let's start with the mine. You would remember, just as we started to go through COVID, we rolled out an autonomous haul fleet at Boddington. And it has been a continuous learning journey for us on reestablishing and redesigning an existing mining operation to be appropriate for an autonomous hauling fleet. The team has really done an amazing work with our technical team with -- under Francois' leadership, considering mine design, road widths, the road layouts to be far more appropriate for an autonomous haul fleet. We have certainly take learnings from others on how to improve productivity. And we have seen a 10% uplift in productivity through that -- with that autonomous haul fleet. We see that at the moment, as we -- as you might remember, we are still in a pushback campaign, and we see the benefits of us lifting just -- the total materials movement has left materially year-on-year on the back of the productivity improvements we have not increased that fleet. So on the mining side, certainly, the team is doing a really good work. On the plant side, it's all about asset management and reliability. It is closely related, though, to mining performance. It is closely related to fragmentation. So back to mining discipline, ensuring that the fragmentation from the mining side is appropriate for feed and then the work that the team has done on asset management and establishing that reliability levels that we need. So in both instances, [ it is a ] working on making sure that the basis is strong so that we can continue to benefit from the work that we're doing. Hugo Nicolaci: Natascha, so if I can just pick on that a little bit. So should we expect that plant to continue to run close to nameplate? And if the mine is slower to get access to ore, then you'll draw down that, I think, 60 million tonne-plus of stockpile and continue to run close to that 10 million tonnes a quarter? Natascha Viljoen: We continue to draw on the medium-term stockpiles. We're still very much in a phase of pushback, and we will still be there for the next at least 12 months. So our focus here is to getting the pushbacks complete and making sure that we can adhere to the rates that we need to get that pushback done in time. Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Thomas Ronald Palmer: Thank you, operator, and thank you, everyone, for taking the time to join our call today, and I appreciate your full range of questions. And please enjoy the rest of your day all or your evenings. Thanks, everyone. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

Operator: Hello, and welcome to the Newmont Corporation's First Quarter 2025 Earnings Conference Call. All participants will be in a listen-only mode. By pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Thank you, operator. Hello, everyone, and thank you for joining our call. Today, I'm joined by Karyn Ovelmen, our Chief Financial Officer, and Natascha Viljoen, our Chief Operating Officer, along with the rest of my executive leadership team. We will all be available to answer your questions at the end of the call. Can you please state our cautionary statement and refer to our SEC filings, which can be found on our website? We have begun the year with a strong operational performance, which in turn has driven a robust financial performance. These results enabled us to generate record first quarter free cash flow and have kept us on track to deliver on our full-year commitments. Last week, we also reached an important milestone for Newmont Corporation with the completion of our divestment program, positioning us to continue to strengthen our balance sheet, return capital to shareholders, and apply our full attention to our go-forward portfolio. With the first quarter and our divestment program now under our belt, Newmont Corporation's priorities for 2025 remain clear and unchanged. First, to strengthen our safety culture. Second, to stabilize our 11 managed operations, and third, to execute on capital returns. Starting with our safety culture, for every person who works at Newmont Corporation, safety is more than a priority; it is a core value, one that is fundamental to who we are and how we operate. In the first quarter, we saw a notable decrease in the frequency of significant potential events that we are experiencing across our business, a key lagging indicator for safety performance. This improvement was driven by visible felt leadership in the field, a more consistent application of our safety systems, and an increased focus on learning from incidents and implementing corrective actions. Over the last year, we have been diligently undertaking a refresh of our safety work. With the completion of our divestment program and the clarity of our go-forward portfolio, this month, we launched Always Safe, our reinvigorated safety program focused on delivering a set of prioritized improvements across our portfolio of managed operations and projects, as well as our exploration and legacy sites. Moving to our operations, during the first quarter, we produced 1,500,000 ounces of gold and 35,000 tonnes of copper, in line with our full-year guidance and the indications we provided on our last earnings call. As a consequence, we generated $2 billion of cash flow from operations and $1.2 billion in free cash flow, both first-quarter records. On the back of safe and stable operating performance, these results were favorably impacted by the rise in gold prices in recent months, driven by unprecedented volatility in our global financial and commodity markets. Although it is still early days, we are closely monitoring the evolving tariff situation and are very much focused on managing the variables that are within our control. I'm really pleased we have successfully completed the divestment of all six of our high-quality non-core operations through the program we announced early last year. In February, we finalized the sale of Musselwhite and Eleonore in Canada and Cripple Creek and Victor here in the United States. Last week, we completed the sale of Porcupine in Canada and Ahafo in Ghana. From these five transactions, we have now received more than $2.5 billion in after-tax cash proceeds this year. When you combine these proceeds with those from the sale of Telfer and our other investments last year, we have generated a total of $3.2 billion in after-tax cash proceeds. On top of that, when valued at today's prices, we now have nearly $1.2 billion in both equity and deferred consideration. This is a significant milestone for Newmont Corporation, as the completion of this divestment program over the last year has enabled us to sharpen our focus on safely improving the performance of our go-forward portfolio of 11 managed operations and three projects in execution. To further strengthen our balance sheet, with $1.5 billion in debt retired over the last twelve months, including $1 billion repaid since the start of this year, and to deliver on our third priority, capital returns. We have now completed approximately $2 billion in share repurchases from our $3 billion program, including $755 million so far this year. Building upon our solid performance year to date and looking ahead to the rest of the year, we remain on track to achieve our 2025 commitments and progress our disciplined capital allocation priorities. As we move into the second quarter, we will continue to focus on safely generating industry-leading free cash flow, maintaining a strong financial position and investment-grade balance sheet, and returning capital to shareholders with predictable dividends and ongoing share repurchases. With that, I will now turn it to Natascha to take you through our operational performance and then Karyn to take you through our financial results and capital allocation achieved. Over to you, Natascha. Natascha Viljoen: Thank you, Tom. Our first quarter operational results were in line with our previous indications, and we remain on track to meet our full-year guidance. With this in mind, from an operational standpoint, we are focused on two simple but very important objectives. First and foremost is continuing to strengthen our safety culture, as Tom covered at the start of his remarks. Second is executing with consistency and focus to deliver on our performance metrics. I will now stick through the progress we made during the last quarter at each of the large long-life assets in our portfolio. Starting with our Tier one copper-gold operation, Cadia, in the first quarter, Cadia delivered consistent production whilst also successfully completing planned maintenance activities at our mill. We are continuing the transition to our new panel cave, PC2-3, and expect gold and copper production to be approximately 60% weighted towards the first half of the year. As factored into our guidance, we expect to continue delivering lower grades until the panel cave is fully ramped up and the last drawbell is fired in the second half of 2026. In funding to the test, we are progressing the underground development for PC1-2, and we are also continuing to catch up on the historical underinvestment in both tailings remediation and storage capacity, as mentioned during our last earnings call. At Tanami, we focused on underground development as planned. As a direct result, we continue to expect to access higher-grade stopes in the third quarter and deliver more than a 30% step-up in production in the second half of the year. In addition, we are also advancing the expansion project at Tanami with the completion of the shaft and underground materials handling systems remaining on schedule. We completed the installation of a painter's or an inch shaft barrier, which is a significant milestone for the project. The painter's allows us to isolate the lower part of the shaft from work happening in the upper portion. With this barrier in place, we are able to rise for the bottom 60 meters of the shaft while concurrently fitting out the top portion with services and infrastructure without risk of harm to the people below. This is just one example of the innovative work our team is doing to safely and efficiently advance this project. Due to these efforts, we remain on track to begin commissioning our 1.5-kilometer shaft in the first half of 2027 and reach commercial production by the second half of that year. At Boddington, we completed our scheduled plant shutdown for maintenance and primarily processed lower-grade stockpiles in the first quarter. We continued stripping laybacks in both the north and south pits, which is expected to continue through early next year. However, by the fourth quarter, we expect to start adding higher-grade gold ore from the mine to our mill feed. As a result, we anticipate a strong finish to the year from Boddington, with gold production approximately 53% weighted to the second half of the year. Shifting now to Lihir, we delivered solid gold production in the first quarter and successfully completed a total plant shutdown for maintenance, building upon two autoclave rebuilds last year. We expect to maintain this production momentum into the second quarter. We saw production decline slightly in the second half of the year when we began processing lower-grade material as part of our planned mine sequence. Moving to Penasquito, in March, we achieved a new daily record with 10,000 gold equivalent ounces produced in a single day. In the first quarter, we continued to deliver strong gold production and steady co-product production from high grades in the Finasco Pit. Gold production levels are expected to remain relatively steady through the second quarter before beginning to shift to a higher proportion of silver, lead, and zinc content through the third and fourth quarters and a lower proportion of gold, as planned. At our Ahafo complex, Ahafo South continued to deliver strong gold production from both the Subika Open Pit and underground operations. We expect this trend to continue through the second quarter before we move to mining lower-grade ore from the Awonsa Pit. As we mine the last ore and complete the final phase of the Subika Open Pit during the second quarter, we are closely monitoring and safely managing the interaction between the open pit and Subika underground mining activities beneath it. As production from Ahafo South declines in the second half of the year, we expect new low-cost ounces to come in from the Ahafo North project later this year. During the first quarter, we completed the highway diversion and are preparing to commence the commissioning of the mill and processing facilities next month. We expect to pour our first gold in the second half of the year, and we look forward to declaring commercial production towards the end of the year. Finally, I want to touch on two of the emerging Tier one assets in our portfolio. At Cerro Negro, our focus remains on strengthening safety performance and culture at this underground mine. Although there were temporary pauses in milling during the first quarter as part of our focused efforts to improve safety, the team did an excellent job stockpiling the ore mined and positioning Cerro Negro to ramp up production in the second quarter. Yanacocha has remained a strong performer, increasing production volumes by 13% over the last quarter. We expect to maintain this momentum through the rest of the year as we continue to recover ounces from the leach pads with the application of our patented injection leaching technology. Taking all of these factors into account and including the ounces from our non-managed assets, we continue to expect that gold production from our core portfolio will remain around 52% weighted towards the second half of the year, with approximately 24% of this year's production volumes expected in the second quarter. We also continue to anticipate that capital spend from our core portfolio will remain first-half weighted as indicated. With lower than planned capital expenditures for the first quarter, we expect sustaining capital spend at several of our global managed operations to increase in the second quarter, particularly at Cadia, where we are investing in a tailing strategy to support lift development and extend mine life, as mentioned in our last earnings call. I will now turn it over to Karyn for a review of our financial priorities and performance. Over to you, Karyn. Karyn Ovelmen: Thanks, Natascha. Let's turn to the next slide and get started with our first quarter results. As Tom mentioned, Newmont Corporation reported strong financial results in the first quarter, driven by robust production volumes and a supportive gold price environment. Gold all-in sustaining costs remained in line with our full-year guidance at $1,651 per ounce for the first quarter. Taking this into account, Newmont Corporation delivered adjusted EBITDA of $2.6 billion and adjusted net income of $1.25 per diluted share. The most significant adjustments to net income for the quarter were $0.25 primarily related to a gain from the sale of non-core assets as part of the successful completion of our divestiture program that Tom mentioned previously, and $0.25 related to unrealized mark-to-market gains on equity investments and options, primarily driven by an appreciation in the shares received from the sale of our Telfer operation and interest in the Havieron project. Most noteworthy, we generated $2 billion of cash flow from operations and $1.2 billion in free cash flow, setting a new record for first-quarter cash flow performance at Newmont Corporation. These results are exclusive of the $1.7 billion in after-tax proceeds received from the divestitures completed in the first quarter and the approximate $850 million received in April. However, as we look ahead to the second quarter, we expect working capital to be adversely impacted by the regular timing of cash tax payments, which are typically highest in the second quarter, and the timing of interest payments, which are typically highest in the second and fourth quarters. Additionally, we expect to pay approximately $200 million in cash taxes related to the finalization of our non-core divestments. Although the proceeds are recorded as investing activities on the statement of cash flows, these tax payments will come through as working capital adjustments. Also impacting working capital, we expect to continue ramping up spending for the water treatment plants at Yanacocha, which was significantly lower than planned during the first quarter. Additionally, we expect our sustaining and development capital to increase into the second quarter compared to the first quarter, as Natascha just mentioned. With the recent completion of our divestiture program, our financial results will no longer include the production and associated free cash flow from our non-core operating assets, which was approximately $200 million in the first quarter. While we are pleased with our record cash performance during the first quarter and the strong cash flows we expect to generate in future quarters, we realize that we still have work to do to improve our margins and leverage the full strength of our portfolio to the benefit of our shareholders. As we look ahead to the remainder of the year, we remain committed to our shareholder-focused capital allocation strategy, which includes maintaining a strong balance sheet, steadily funding cash-generative capital projects, and returning capital to shareholders. Beginning with our first commitment, we maintained a strong and flexible balance sheet and ended the quarter with $4.7 billion in cash, above our target average of $3 billion. It's worth noting that in addition to our cash balance, following the successful completion of our divestiture program, our equity stakes in Greatland Gold, Discovery Silver, and our existing position in Orla Mining are now valued at over $1 billion. As Tom mentioned, the proceeds generated from our non-core divestiture program have more than exceeded the initial commitment we made to the market when we announced the binding agreement to acquire Newcrest in May of 2023. As a result, we achieved our debt target of up to $8 billion faster than originally anticipated, and we reached an outstanding principal balance of $7.8 billion as of March 31. Taking into account the strong gold price environment we are benefiting from today and the feedback we have received from our investors, we are continuing to assess opportunities to further reduce our outstanding debt, proactively creating a flexible and resilient balance sheet that is able to navigate commodity price fluctuations. Moving to the second commitment in our capital allocation strategy, we continued to steadily reinvest in our business with the goal of generating robust free cash flow over the long term. In the first quarter, we incurred $59 million in sustaining capital and $323 million in development capital as we continue to advance our highest return projects from our deep organic pipeline. As we look ahead, we expect capital spend at several of our managed operations to ramp up in the second quarter, as I just mentioned. Finally, moving to our third commitment, we continue to return capital to shareholders. We declared a fixed common first-quarter dividend of $0.25 per share, consistent with the past six quarters, and we repurchased $755 million in shares so far in 2025. As we continue to generate free cash flow from our unmatched portfolio of Tier one operations, we remain well-positioned to reward our shareholders with predictable dividends and ongoing share repurchases in 2025 and beyond. With that, I'll turn it back to Tom. Thanks, Karyn. Tom Palmer: So bringing it all together, we have had a safe and strong start to the year, producing 1,500,000 ounces of gold, 35,000 tonnes of copper, as well as 16 ounces of silver, and 59,000 tons of zinc, generating record first-quarter free cash flow of $1.2 billion and adjusted EBITDA of $2.6 billion, and we remain on track to achieve our 2025 guidance. We also completed our divestment program, receiving more than $2.5 billion in net cash proceeds this year. We continue to advance our disciplined capital allocation strategy, strengthening our balance sheet with $1 billion in debt reduction, as well as delivering $1 billion in shareholder returns through our predictable dividend and ongoing share repurchases so far this year. We are very focused on ensuring that we carry this momentum into the second quarter and the remainder of 2025. With that, I thank you for your time and turn it back over to the operator to open the line for questions. Operator: We will now begin the question and answer session. We ask that you please limit inquiries to one primary question and one follow-up question. To ask a question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your headset before asking a question. To withdraw your question, please press star followed by 2. Our first question comes from Matthew Murphy with the company BMO Capital Markets. Matthew, your line is now open. Matthew Murphy: Hi. Congrats on the strong start to the year. Maybe just getting right into an operational question, looking through sort of the details on the quarter. Lihir cash cost dropped a lot, and I know you're focused on running it for margin. How should we think about the cash cost profile there? How is that program on mining for margin? Are you being surprised at all on the cost levels you're achieving? Tom Palmer: Yes. I'll pick it up, and then Matt, then pass across to Karyn to build. Certainly, our focus in Lihir is very much about configuring the mine to sustainably work through particularly phase 14a. So our focus very much got through some big shutdowns last year. Full rebuild of two autoclaves, including the large one autoclave four, which is 40% of the throughput capacity. We took that back to the shell and then built it back out again. So a lot of activity in the second part of last year, getting the plant set with a couple of those big shutdowns and then configuring the mine to ensure we've got the roads of an appropriate size with the appropriate drainage. You'll see that step up in sustaining capital in the second quarter associated with continuing some of that work. So from a Lihir operations perspective, very much about setting both the mine and the processing plant up for stable, reliable performance. Karyn, do you want to pick up the specifics of Matt's question? Karyn Ovelmen: Yeah, Matt, in terms of the cost at Lihir, there's approximately a $100 million impact from inventory adjustments in the quarter. This represents a non-cash impact to cash, and so that will normalize over time through the year. So the expectation is that Lihir will meet its full-year cost guidance. Matthew Murphy: Okay. Okay. Thanks. And then as a second question, just you've been very active on the buyback in April. I think you noted it would be related to the asset divestitures. Can you give any commentary about how you think about the pace of the buyback? Like, will it be a first-half-of-the-year weighted capital return because you've got more proceeds coming in, or do you look at maybe going at a slower pace over the rest of the year? Karyn Ovelmen: Thanks, Matt. We're continuing to do the share buyback. We do have a build in cash, and as you pointed out, we do have the divestitures that came in, and the proceeds came in, in April. So that couples with our outlook in terms of the gold price, elevated gold price. So we will continue to do the share buyback as the cash flow comes in. Obviously, it's been a very robust share buyback program with the overperformance on the divestitures. So the proceeds from that, we're continuing to do share buybacks with. Then, of course, with the elevated gold price, we'll continue to do share buybacks through the remainder of the year and into next year. Matthew Murphy: Okay. Thank you. Tom Palmer: Thanks, Matt. Operator: Next question comes from Daniel Morgan with the company, Barron Joey. Daniel, your line is now open. Daniel Morgan: Hi, Tom and team. Philosophical question. The gold price is near record highs, higher than I think any of us anticipated. What does this mean for how you manage your business, if anything? Thank you. Tom Palmer: Hey. Good day, Dan. Thanks for the question. Been through a pretty significant transformation acquiring Newcrest, integrating those operations, configuring some of those new operations to deliver on their long-term potential, and completing a pretty ambitious divestment program over the last twelve months. So literally last week, we've got our hands on our go-forward portfolio. We're in an investment cycle. We've got unit costs that are high where they should be for a portfolio of the quality of the one we've assembled. We are very, very focused on delivering the safety, cost, and productivity performance this portfolio deserves irrespective of the gold price. We'll enjoy the benefit of the gold prices, but our focus is on delivering the potential of the 11 managed operations that we are currently operating, commissioning Ahafo North later this year, completing the shaft, commissioning that in '27, continuing to build out panel cave two-three through the course of this year and into next. Ultimately bringing on one-two in the years after that. So a very sober focus on what we control. Thanks, Dan. Daniel Morgan: Oh, thank you. Then maybe just turning to growth. Could you just opine on which project might be coming to consideration, you know, to the board level or, you know, what the timeline is for the major projects that you might be considering over the next twelve months or more to sanction for investment? Tom Palmer: Thanks, Daniel. The starting point sort of linked to your earlier question is a very, very robust view on the amount of capital that we allocate towards development capital. The $1.3 billion is fully consumed at the moment with Ahafo North, the Tanami expansion, and the block caves at Cadia. But as we commission Ahafo North in the second half of this year, and importantly, as it ramps up and hits its straps in 2026, we have an opportunity to think about whether there is a project that deserves capital going forward. When I look at our project pipeline, I would argue that Red Chris is in prime position and it's spot to lose. But we've got work we're doing this year to build out a feasibility study to a JORC standard. There's quite a bit of work happening this year on that study. We continue to do some underground development work to continue to develop out some of the early works in that cave. It's important that we engage with the First Nations and the British Columbian government to ensure we've got the permits in place so that when, ultimately, if the project washes its face, we've got all pieces in place to build out that block cave. But as I look at our project pipeline, look at where we sit with Red Chris and the quality of that ore body, we've got another Cadia with multiple block caves ready to bring on. I think it's Red Chris' block cave's spot to lose in terms of the next project that we sanction. Daniel Morgan: Thanks so much, Tom. Operator: Next question comes from Tanya Jakusconek with the company Scotiabank. Tanya, your line is now open. Tanya Jakusconek: Great. Thank you very much for taking my question. Just wanted to ask about the tariffs, Tom. Sorry, I have a cold. I just wanted to ask about your initial work, and I understand that this tariff situation is quite fluid, but I'm trying to understand from a very high level. When you look at your cost structure, I'm interested in what part of your cost structure do you think will be greatly impacted by the addition of tariffs? So I'm gonna start first with the consumable side, which is about 30% of your cost structure. Maybe you can talk a little bit about what sort of consumables would you see being impacted. Then the second portion of the cost structure, obviously, is labor, which is a significant portion. That would come with inflation. Then I'm assuming another portion would be any sustaining capital that would involve new equipment, fleet, etcetera. So I'm interested if you have any new fleet replacement or other that happening this year. Thank you. Tom Palmer: Thanks, Tanya, and well done for getting through that with that cold. Obviously, as you say, lots of moving parts at the moment that we're monitoring closely. I'd also say that one of the benefits of having a globally diverse portfolio is we can manage these sorts of risks across our global business. So we're well placed from that perspective. Maybe just stepping through the different categories as you talked about. As you said, labor represents half of our cost base, our direct cost base. What we're seeing in terms of the labor, both our employees and the contract services, and we enter into long-term relationships with the various contractors, is consistent with what we're seeing in our budgeted amounts. So we're seeing no particular impacts in half of our cost base around some of the tariff volatility. Look at that 30% of materials and consumables and the different components that sit underneath that. Grinding media is heavily exposed to steel prices, so we are seeing a bit of upward pressure on grinding media. Again, we source that from a number of different locations. We have multiple supply chains with our operations around the globe. Ammonia and cyanide mixed trends, primarily being influenced by regional gas price fluctuations, and we're actually seeing some reduced natural gas prices in Europe. We're seeing some volatile natural gas costs in the US, so a bit of a mixed bag when it comes to ammonia and cyanide. We look at explosives. At this point in time, it's looking pretty flat. We'll keep monitoring that. Again, we continue to actively monitor particularly that materials and consumables area. We've got a global supply chain team. A lot of those arrangements are long-term, strategic in nature, and those relationships are robust. 15% of our cost is energy. If anything, we're seeing some tailwinds in the hedging price based upon what oil is doing. We're getting a little bit of a benefit from that. Lots of moving parts, monitoring it closely, but at this stage, what we're seeing is consistent with what we assured for this year. Hopefully, that provides some color for you, Tanya. Tanya Jakusconek: Maybe just a follow-up on my sustaining capital question as well. Are you having to replace any significant fleet trucks at the operations this year? That could be impacted should... Tom Palmer: Nothing specific for us, Tanya. The new mine at Ahafo North got fleet there now. It's been there for some time. Then I've got to look across the rest of our business, there's nothing in terms of fleet change out for our managed operations through the course of this year. You're then looking at rotables that may be more parts that you're buying that may come from different parts of the world. The two operations, the two areas that may start to see some tariff pressure would be Penasquito with some parts that you might buy for the US or Red Chris and Brucejack, but monitoring that closely, but in the overall scheme of things, nothing material. Tanya Jakusconek: Okay. And no labor contracts are expiring this year? Tom Palmer: In terms of labor agreements, we've got an interesting one at Cadia, which is essentially an Australian workplace law. You've got some underpinning agreements that underpin our staff contracts. We're going through a negotiation with our team at Cadia. There's nothing particularly of note when it comes to tariff volatility. We've just completed one at Penasquito in recent times. We're working through one at Merian. Again, I would describe those negotiations as pretty standard fare, and nothing around tariff volatility that's part of those discussions. They're more domestic issues in terms of shift rosters and the like. Operator: The next question comes from Lawson Winder with the company Bank of America. Lawson, your line is now open. Lawson Winder: Thank you very much, operator, and hello, Tom and team. Nice quarterly results. Thank you for today's update. Could I ask about Ahafo North, a key project for Newmont Corporation? Could you maybe describe the progress in 2025 to date and how it's tracking to your expectations in terms of development ramp-up spend? Have there been any surprises, whether positive or negative? The question I really want to get to is when you turn to 2026 and think about the progress to date, is that run rate production level of 275,000 to 325,000 ounces expected to be achieved in that year? Tom Palmer: Yes. I'll try to pick up the second part and get Natascha to... It's a pretty exciting time for Ahafo North as you've seen everything come out of the ground. The blueprint for Ahafo North is essentially the same as Merian and Ahafo South. Bringing on that mine and the processing facility is something we know well, and lots of people have got lots of experience commissioning that type of ore through that plan. What we've got in our guidance for next year and the ramp-up to those numbers is consistent with getting to commercial production towards the end of this year, then going through our paces to get up to that level. I wouldn't say, Lawson, there's upside to that. I think it's a robust view of bringing on a mine or a flow sheet that we know well through 2026. But, Natascha, do you want to sit back and talk about how the project's going here and now? Natascha Viljoen: Yeah. I can probably... Hi, Lawson, just go into a little bit more of the details of what we've completed this year so far. I think the project is really tracking well. The first thing that's important for us, considering that we did lose a colleague when we lost Kirby last year, is, of course, safety. So there's a material amount of focus. We have... It's the high construction period that we're in now. We have high numbers of people on-site and making sure that the concurrent work, multiples of contractors on-site, are being done safely. A critical milestone for us to really start or continue the stripping and complete the tailings dam was the diversion of the highway diversion. That was completed. So we've managed to really get into the tailings dam and continue the stripping of the mine. Power lines and with high voltage switch yard completed, SAG and ball mill completed, and our CIL tank corrected. Currently, it's really that last bit of the plant we're into piping, into electrical, into cabling. So quite a bit of cabling coming in now. The critical part is absolutely on the plant cabling and piping to get ready for commissioning of the processing facilities. I think tracking well, good focus from a safety point of view, and we're all looking forward to the first gold pour. Lawson Winder: Okay. Fantastic. Thank you for that, Natascha. If I could ask my follow-up question on Lihir. With the benefit of another quarter, what are you thinking now as a long-term sustainable level of gold production for that asset? You did 600,000 ounces last year. Obviously, we know you've got it to 600,000 this year. Is something in the middle, like 700,000, a good through-the-cycle average number to think of? Tom Palmer: Yeah. I think, Lawson, if you look at Lihir, we're basically getting that pit configured to the size mine that it is and ensuring we've got the processing plant in good nick in terms of availability and reliability. As we configure that mine and build out phase 14a, we're in the lower grades of ore for the next couple of years. So you're in that period of configuring that mine and moving waste and therefore processing more low-grade ore and stockpile. I think, as I indicated in the February call, that we come out of that stripping campaign in the 2028 time frame. So you're going to be relatively consistent with where we are now, but as you step out of that stripping campaign and get into the high grades, you start to get into the, for an open pit mine, high twos in terms of grams per tonne. Then you're looking at about a 30% increase in gold production as you come through that. Our expectation will be how do you then start to ensure that you can maintain those production levels because we've got the mine appropriately configured going forward. So if you've taken the time to configure that pit properly, step away from the engineered wall around a minor rock, and do a more traditional layback. Then, as we've indicated, plus 30% increase in production on 2024 levels, kicking in from about 2028. Lawson Winder: Thanks, Lawson. I think you probably have a tough question. Operator: Our next question comes from Hugo Nicolaci with the company Goldman Sachs. Hugo, your line is now open. Hugo Nicolaci: Hi, Tom, Natascha, Karyn. Congrats on the strong start to the year. I also first just wanted to follow up on costs and the timing of costs moving into the second quarter. Look, I appreciate that this is largely on timing, but is there anything to call out in terms of work completions or equipment delivery that we should think about in terms of tangible impacts to production into the second quarter? Tom Palmer: No. It's pretty vanilla, Hugo. Production in Q1 and Q2 will look very similar. Sustaining capital is the one we... I think it was in our prepared remarks, so a bit lighter in the first quarter. Then as we get into some final weather in different parts of the world, some increased standard of a bit more standardly here around roads and drainage. Brucejack, Red Chris as you get into the better weather. Some greater spend there. The 52% weighted sustaining capital in the first half of the year versus the second. So it's that balance account. You'll see higher sustaining capital spend in the second quarter, but everything is tracking with what we would expect. So it's no particular call-out at all. Hugo Nicolaci: Great. Thanks for clarifying, Tom. Then just the second one picking up on Karyn's comments around the opportunities to repay debt early. How should we think about the objective there? I mean, is it debt levels or flexibility or interest costs? Just if I look at the debt facilities you have in place at the moment, other than the 2039 notes, most still have pretty compelling rates in today's environment. Your liquidity continues to grow organically on the capital management framework. So I guess the question is, with Goldverde, what do you think you need that flexibility for? Karyn Ovelmen: Sure. No specific intent at this time, but as we move through this high gold price environment, coupled with a very uncertain economic time, we will look for opportunities to further buffer the balance sheet, right? So while we're continuing this reinvestment in the business and returning capital to shareholders, with the predictable dividend coupled with the continued share buyback. Well, if there's opportunities for us to continue to buffer that balance sheet, we'll look to do that. Again, we've got a robust share buyback program in place as a result of the gold price as well as the divestiture proceeds. Of course, we've got the dividend where it needs to be from a fixed predictable dividend that we believe the market will ascribe value to. So again, I think we have an opportunity here as we go forward to continue to shore up the balance sheet, but no specific intent at this point. Operator: Next question comes from Daniel Major with the company UBS. Daniel, your line is now open. Daniel Major: Yeah. Yeah. Thanks so much for the questions. The first one, well done on the execution in the divestments so far. When you look at the portfolio now, I know you've done what you've targeted, is it still optimal? Is there anything else in the portfolio you think could be monetized? I'm thinking specifically like Merian, Cerro Negro, relatively higher cost and smaller scale. Why do they sit in the core portfolio? Tom Palmer: Yeah. Thanks, Daniel. I mean, it's been a significant body of work for us over the last three years to integrate and rationalize. The most important thing for us to do now is bed down our go-forward portfolio. We've literally had the go-forward portfolio for seven days. Ensuring that we're focused on safety, cost, and productivity delivering on the potential of the elephants in that portfolio, the big tier one assets, and then realizing the potential of those emerging tier one assets. Having a red hot go at realizing the potential of those emerging tier one assets. At the end of the day, if we can't see a pathway to tier one, then that's a decision down the track. But we're literally seven days into our go-forward portfolio with the full bandwidth of this leadership team. So our focus is getting after delivering on the potential of the tier ones and proving up the potential of the emerging tier ones. So that's very much our focus. Daniel Major: Okay. Thanks. My follow-up on the cash returns, you clearly indicated the intention to return the divestment proceeds, at this kind of gold price environment, you generate a meaningful additional cash flow above that sort of level. I mean, could we expect buybacks to significantly exceed the divestment proceeds this year if the gold price stays at this sort of level? Karyn Ovelmen: Right. So no change to our financial policies. Right? So we've talked about holding an average of $3 billion of cash on the balance sheet at quarter-end. So that'll be a higher balance in terms of the timing of our cash needs. But generally speaking, that's where our cash will be. We've always said up to $8 billion. Like I said, we'll continue to look at maybe some opportunities to bring that down a bit. Our debt cap and our sustaining capital are set. Beyond that, we've got the dividend that's also set, a fixed dollar dividend. So beyond that, any free cash flow that we're generating, the expectation is we will continue to return that capital via share buyback. Operator: Our next question comes from Anita Soni with the company CIBC. Anita, your line is now open. Anita Soni: Hi, Tom. Congratulations on a solid start to the year. Everyone's asked a lot of questions on capital allocation and probably have asked most of the questions that Tanya asked about tariffs. I guess, now at the point where I'm like, could you go through just from a geopolitical standpoint, the regions that you operate in, is there anything that you're thinking about or concerned about with not just tariffs, but more of a sort of a, you know, as, you know, foreign direct investment and foreign aid is pulled from various areas, are there any regions where you're concerned about your investments or changes in government stance on royalties and taxes and things like that? Tom Palmer: Thanks, Anita. I guess my initial reaction to that question is where Newmont Corporation chooses to operate has always been very deliberate. So we look to be in the jurisdictions where we are able to have respect for the rule of law, a stability or investment agreement is in place and respected, and the relationships we build with the governments are strategic and long-term. That's been very much part of Newmont Corporation's theme for a long time and very much part of how we shape a go-forward portfolio, which is globally diverse, helps balance out some of those risks. But I think about the different locations that we're in, whether that be Australia, Papua New Guinea, Ghana, Canada, Mexico, Suriname, Peru, and Argentina, they are all very robust jurisdictions and seeing certainly something we'll continue to monitor, but we certainly think about the length of time we've been in those jurisdictions, the relationships we have, you continue to manage those relationships constructively, but seeing no particular risks as we see the world in front of us. Anita Soni: Okay. Thank you. Then just another follow-up, I guess, on capital allocation. You've done a path of, obviously, divestments and someone else just asked about was our first the rationalization to the portfolio, but are there any areas where you think you might want to improve your exposure? I guess the best way to put it? I'm just trying to understand with the cash balance that's obviously going to grow at these gold prices, are you looking to perhaps invest in some smaller scale projects or improve your sort of JV portfolio or things like that? Tom Palmer: I think that we're pretty clear the work we've done to arrive at the portfolio we have, the discipline around the capital allocation to the development projects, and ensuring that we stick to that $1.3 billion discipline. As much about the cash you allocate to that as it is the project execution risk. No changes on that front. I think I was saying in one of the earlier questions, we've been through two or three years of pretty significant transformational change where we've had our hands on our go-forward portfolio projects, operations, and our joint ventures. I think very much focused on stability and safely delivering our commitments from our portfolio. Operator: Next question comes from Andrew Bowler with the company Macquarie. Andrew, your line is now open. Andrew Bowler: Good day, Tom and team. Thanks for not going on a exact day a lot last year, but just a question on the pipeline. I mean, obviously, you know, loud and clear. It sounds like Brucejack's sorry. Red Chris is certainly the next one off the rank. But in terms of Wafi Golpu, can you just give us an update as to how that's going? Any discussions you've had recently with the government or, you know, very loose timelines on that project, please? Tom Palmer: Thanks, Andrew. The process with Wafi Golpu, obviously, it's a joint venture with Harmony. We've had a framework MOU that shapes what our very competitive basis for ultimately a mineral development contract that then be converted into a special mining lease. We continue to work constructively with the PNG government and work very well with Harmony as our joint venture partners. We're very clear on boundaries at which we're prepared to negotiate. We continue to have robust discussions. We continue to regular engagement with the PNG government up to and including the Prime Minister. We look forward to continuing to have constructive engagement and to be able to convert, which I think is a very robust and competitive memorandum of understanding into a mineral development contract, and a special mining lease. But we're prepared to sit at the table and negotiate and take as much time needed to ensure that we have an agreement in place that ensures the capital intensity for a project of that size can get a return of that investment over time. Andrew Bowler: Okay. Yeah. So first, you know, long story short, you're just at a stage where you're trying to hammer out a deal in terms of, you know, an economic share arrangement with the government essentially. Is that a good way to summarize? Tom Palmer: Yeah. That is a good way to summarize it, Andrew, and it's really important you get those agreements in place at the start before we start making big commitments. So that's where we'll put the time and effort. Operator: Our last question comes from Al Harvey with the company JPMorgan. Al, your line is now open. Al Harvey: Yes. Good morning. Good day, Al. So I just quick follow-up on the divestments. You did mention you've still got some value there in the equity stakes in Greatland and Discovery. So just wanted to get a sense of the option for these and just remind us of any lockup periods on those stakes. Tom Palmer: Yeah. Thanks, Al. There are some lockup periods on those different agreements. I don't actually have that at the tip of my fingers. I'm looking across at Peter Toth in the room, who can maybe talk to both of those. Discovery's definitely got a lockup of the order of twelve months. We just closed that transaction in the last week. Then Greatland's linked to their listing on the ASX, and that's getting a little bit of media coverage in Australia as they gear up for that in the June time frame. Then the ability to maybe think about what that holding might look like and how we might transact. So there are some lockups and also some listings on the ASX to go to happen, Al. Al Harvey: Sure. Thanks, Tom. Thanks, man. Operator: This concludes the question and answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Tom Palmer: Thank you, operator. Thank you, everyone, for making the time to join this call. For the Australians on the call, hope to get some time off for Anzac Day and a bit of time to reflect upon the sacrifices that others have made. Otherwise, enjoy the rest of your day or evening. Thanks, everyone. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Hello, and welcome to Newmont's Fourth Quarter and Full Year 2024 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After the today’s presentation, there will be opportunity to ask questions. Please note, this event is being recorded. I'd now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Thank you, operator. Hello, everyone, and thank you for making the time to join our call. Today, I'm joined by Karyn Ovelmen, our Chief Financial Officer; and Natascha Viljoen, our Chief Operating Officer; along with the rest of my executive leadership team and will all be available to answer your questions, at the end of the call. Please note our cautionary statement and refer to our SEC filings, which can be found on our website. I would like to start by taking a moment to provide an update on our safety performance. Newmont is a values-driven organization and ensuring the health and safety of our workforce, is at the very heart of everything we do. We are working diligently to strengthen our safety performance and have been reviewing and refreshing key safety programs across our global business, centered around three key areas: culture, systems and skill development. Maintaining and improving our culture of keeping everyone who works at Newmont always safe, relies on having simple well-governed systems and standards to guide safe operations, along with a process to identify and then implement ongoing improvements. We're also enhancing our frontline leadership capabilities by strengthening our asset management, team leadership and task assignment training and supporting it, with a fair consistent accountability framework. This improve of work will empower everyone at Newmont to confidently make decisions to drive safe, productive work each and every day. Turning now to our operational and financial performance last year. 2024 was a transformational year for Newmont. We took some very important steps to unlock the value of everything we have done so far on our journey to build a world-class company with an outstanding portfolio of assets that will generate value and long-term success for decades to come. In 2024, we focused on three areas: first, to complete the integration of the acquired assets; second, the rationalization of our portfolio; and third, the stabilization of our business. Both operationally and financially at a time where there is excitement of the demand dynamics we are witnessing, especially in the gold markets, but also at a time when Newmont and the broader mining industry have some challenges to work through. Let me start with the integration of our new operations. As with any acquisition, this is large and complex work. We have run into a few specific hurdles that we will need to clear before the true potential of these assets becomes evident in both our production and financial results. Two challenges have been Cadia and Lihir, and we are addressing them in a way that will position these assets to thrive and deliver on their underlying multi-decade potential. As we address the challenges at both these assets, we are ensuring that we have robust operational and technical plans, sitting behind the sustaining capital spend needed to get them up to a Newmont and Tier 1 level. We acquired these assets with a view to creating value over a period of decades and the investments that we're making now will set us up to deliver on that objective. We are putting this work in motion with focus and confidence and over the next 12 to 24 months. We are deploying the full force of our operational and technical experience, including our sustainability leadership with a view to preserving and optimizing value for the long term. Turning now to rationalization. Our divestment program over the last 12 months has been a resounding success. We have sold or reached definitive agreements to sell all six of our non-core operations, as part of the program we announced last February, and we have the potential to deliver up to $4.3 billion in pretax proceeds from this divestment program, which is expected to result in around $2.5 billion in cash proceeds in the first half of this year after taxes and closing costs. Importantly, the transactions announced so far including Telfer, are also expected to remove approximately $1.8 billion in closure liabilities from our balance sheet. This rationalization work is now positioning Newmont with a core set of Tier 1 assets that we see as being capable of capitalizing on the gold and copper cycles for several decades. In Canada with our work to integrate and rationalized our portfolio. We've also been working to stabilize production. As a result, we were able to exceed our production guidance by delivering 6.8 million ounces of gold and over 150,000 tons of copper last year, of which around 85% was produced from our go-forward core portfolio. We generated $2.9 billion in free cash flow last year and record free cash flow for the fourth quarter of $1.6 billion, driven by strong gold prices, higher sales volumes and positive working capital movements. It is also worth pausing for a moment to acknowledge that our fourth quarter reflects the true financial performance potential that our go-forward core portfolio can achieve and the positive effect it can have on our all-in sustaining costs. Building on the three focus areas I've just covered, we've also continued to advance our capital allocation priorities in 2024. We returned $2.3 billion through regular dividends and share repurchases, demonstrates our commitment to rewarding our shareholders. And we maintained a strong and flexible investment-grade balance sheet, ending the year with more than $3.6 billion in cash and $7.7 million in liquidity. In addition to shareholder returns over the last 12 months, we further improved our financial position by retiring $1.4 billion in debt, reaching our target balance of below $8 billion. As we move forward, we still have plenty of work ahead of us to capture the returns and margin potential we see possible from our go-forward portfolio. And while we do not speculate where gold prices are heading, we do continue to see robust demand and strong pricing given the geopolitical environment and gold's place as a long-term store of value, not only for individuals and professional investors, of the central banks as well. Turning to the next slide. As the world's leading gold producer, it is our responsibility to maximize the full value of the unique combination of our people, our assets, our projects and our culture to generate long-term shareholder value. With this in mind, combined with a clear line of sight of our go-forward portfolio, we are committed to making meaningful improvements to our safety, cost and productivity performance. The results of these efforts will drive stable and predictable production, allow us to better manage costs on a gold equivalent ounce basis to capture the incremental margins and cash flows we are seeing as a result of strong gold prices. And to explain where we are going, it's important to first appreciate where we are today. Newmont's high-quality portfolio is a great platform for investors to gain exposure to gold and copper fundamentals while benefiting from the improvements we are making to drive operational performance. Our portfolio includes more than half of the world's Tier 1 gold operations. We have the largest scale, longest life and highest quality combination of assets, with the capacity to perform for decades and through commodity cycles. Another key characteristic of our business is the quality of the jurisdictions in which we operate. This is an advantage that helps reduce some of the geopolitical risks inherent in our industry. So, with the right mix of assets, we now have a laser focus on safely improving costs and productivity at each of our managed operations so that our go-forward portfolio of Tier 1 assets operate, with a Tier 1 cost structure. Turning to the next slide. In our go-forward portfolio, we had 11 managed operations and three key projects in execution, strategically diversified across the world's most favorable mine jurisdictions. It is what we will deliver from this portfolio that will truly set us apart from our peers. Over the next decade, we expect that Newmont will produce roughly 6 million ounces of gold and around 150,000 tons of copper on average each year. The investment cycle that we are currently in, combined with the cost and productivity improvement we are doing will help us maximize our margins, not only in a strong gold market like we see today, but also future commodity cycles, enabling us to generate the highest possible margins. As is typical with large, long-life mines, there will naturally be some periods with lower production and some with higher production. But overall, this unique combination of assets sets us up to deliver robust and sustainable production for the foreseeable future. And underpinning this portfolio with more than 40 years of high confidence reserve and resources with decades of upside from mineral inventory and our ongoing exploration of endowment. As announced today, our gold reserve base assets are at 134 million ounces and is supported by 170 million ounces of gold resources. In addition to the largest gold reserve resource base in the industry, we also have significant copper reserves and resources, providing organic opportunities to further diversify into the future. Our gold reserves for 2024 we declared using a $1,700 an ounce gold price, which was increased from $1,400 an ounce. This increase was paid following our standard annual review process. It takes into consideration the three-year trailing average price, analyst forecast, and current economic conditions. With the long-life nature of our assets, combined with the maturity of our governance processes, we have full confidence that we will continue to develop optimal mine plans at these price assumptions. As demonstrated by no material reduction in the reserve gold grade due to the increased price. I'd also like to briefly note revisions we made to the reserves for two of our new assets, Lihir and Brucejack. These revisions were a result of applying Newmont governance and technical rigor and include appropriate updates to the final pit shell design of Lihir, as well as updates to the resource part of Brucejack to appropriately increase grade reliability. I'll now step through each of the large localized operations in our portfolio and the expectations for the year ahead, starting with Cadia. Cadia is one of Australia's largest gold copper mines and an industry leader in both block caving and automation. Block or panel caves cycle through natural periods of harvest and investment. When we assumed ownership, Cadia was just coming out of a harvest period phase, and Panel Cave-2 was beginning to ramp down from peak production. Today, we are transitioning to our next Panel Cave, PC2-3, building Panel Caves 1-2 and also catching up on a historical underinvestment in both tailings remediation and storage capacity. And as we progress this work, we are ensuring that we are optimizing capital intensity and the balance between tailing storage capacity and the mine and processing plant run rates. Moving to the next slide, I'll cover another of the new assets in our portfolio. At Lihir, the focus remains on creating stability in both the mine and processing plant by addressing the critical issues that we have identified in both systems. We've optimized the mine plan -- taking into consideration the significant cultural heritage site within the mine, the mine layout and sequence and equipment reliability to deliver a more sustainable long-term mine plans. We have also established a run-of-mine stockpile de-coupling the mine and processing plan and ensuring that we can deliver stable and quality feed to the mill where asset reliability is our key focus. This work will result in stable production in '25 through to 2027 as we move waste in the Phase 14a layback in order to access higher grades. This will then result in an estimated 30% lift in production in 2028 and beyond. Touching briefly on Brucejack. The underground development and drilling work to improve our knowledge of this nuggety ore-body and reduce grade variability is progressing very well. We're applying the lessons we learned a dozen years ago in Tanami with a similar ore body, by tightening our drilling density in order to improve the resource model and deliver steady and lasting value over the long term. Moving then to our legacy Newmont operations and starting with our large poly-metallic mine, Peñasquito. Following the successful stripping campaign in 2024, we will deliver higher gold grades for the Peñasco pit this year, resulting in a 30% increase in gold production compared to last year. 2026 will then see a higher proportion of silver lead and zinc content due to higher production for the Chile Colorado pit as per our normal mining sequence. At Boddington, our large gold and copper mine in Western Australia, the investment in stripping of planned laybacks in both the North and South pits, progresses well. Paving the way for higher grades to be accessed, 30% more gold to be delivered starting in 2027. At Ahafo complex, 2024 was a record production year in the 20-year life of our Ahafo South operation. This strong performance will continue through the first half of this year. At which stage the Subika open pit reaches the end of economic life, and we move across to mining lower grade ore from the Awonsu open pit, driving a slight reduction in production compared to the record levels of last year. This reduction will be partially offset by our new Ahafo North Mine, which comes online in the second half of this year, enabling the Ahafo complex to continue to contribute around 750,000 ounces per year in 2026 and beyond. At Tanami, we expect production will remain consistent in 2025, that will be weighted around 60% for the second half of the year, driven by the higher-grade stopes will access from both the Oron and Liberator ore bodies. We continue to advance the expansion project at Tanami, which will provide a meaningful reduction in operating costs and increased gold production by around 35% beginning in 2028. Finally, we expect that our production in 2025 will be further enhanced by around 1.4 million ounces of gold from our non-managed joint ventures. And in the medium term, our managing partner has indicated that they will deliver approximately 20% more gold in 2027 compared to last year. So, as we look beyond 2025, we expect to add more than 10% of annual gold production by 2028, as we bring forward the high-quality low-cost ounces from the laybacks and projects that I've just described. Turning to the next slide. The three key projects we currently have in execution advanced substantially in '24, and I have full confidence that we'll continue building on that momentum this year. Beginning with Ahafo North, we made a notable shift from land access and clearing activities in 2023 to the construction of the mine of processing infrastructure, progressing the highway diversion and commencing stripping last year. With this solid progress, we remain on track for our first gold in the second half and declare commercial production towards the end of this year. Turning to the second expansion at Tanami. We made really solid progress last year achieving two important milestones. We completed the concrete lining of the top 1.3 kilometers of this 1.5-kilometer-deep shaft pouring over 30,000 tons of concrete. And we successfully backfilled with concrete, the 160-meter section of over-break at the very bottom of the shaft, and it is now ready to be raised aboard. In 2025, our focus shifts to equipping the top 1.3 kilometer section with services once we raise for that bottom 160 meters in parallel. In conjunction with this critical path work, we'll also be progressing the construction of the underground crushing and materials handling infrastructure. along with the surface infrastructure. We continue to expect to declare commercial production in the second half of 2027 and significantly reduced operating costs in 2028, underpinning Tanami's future as a long-life, low-cost producer. Moving to the Panel Caves Cadia, which I touched upon earlier. We reached some important milestones last year. In Panel Caves 2-3, we achieved cave assessment and have now delivered more than 1 million tons of ore on this new cave to our processing plant. At Panel Cave 1-2, we completed more than 12 kilometers of underground development. Combined, these two caves are expected to deliver more than 5 million ounces of gold and 1 million tons of copper and will position Cadia to continue operating to the middle of this century. Turning now to the impact from our investment cycle and the current gold price dynamics on our costs. 2025 has already proven to be an exciting year for a variety of reasons. Current gold prices are at near record levels, surpassing $2,900 an ounce more than $500 higher than the price we realized in 2024. While higher gold prices contribute to our free cash flow generation, and we'll continue benefiting our shareholders. I also want to be very transparent about the impact of both our current investment cycle and higher gold prices have on our unit costs. All-in sustaining costs for our core portfolio are expected to be around $1,620 an ounce in 2025. This increase is a result of a variety of factors, that can be split in two major drivers. Higher sustaining capital investment and macroeconomic factors. First, we are estimating a $40 an ounce increase tied to the elevated sustaining capital spend at Cadia associated with the investment in both tailings remediation and storage capacity that I described earlier. Next, we are estimating a $35 an ounce increase of a higher proportion of the costs at our four poly-metallic mines being allocated to gold over other metals. This noncash impact to our gold all-in sustaining cost is due to the way we categorize co-product costs under U.S. GAAP and driven by the increase in our gold reserve price compared to our reserve prices for copper, silver, lead and zinc. Next, for 2025, we have assumed a $2,500 gold price. And for every $100 increase in gold price, we expect a $10 increase in our all-in sustaining costs due to taxes, royalties and profit-sharing payments. And finally, we are forecasting a $44 an ounce increase linked to a 3% assumption for inflation this year compared to 2024. We recognize that our all-in sustaining costs are not where we want them to be. So, in addition to the work, we are doing to bring on new low-cost ounces and normalize our sustaining capital spend over the next three years. My team and I are working to reduce costs and improve productivity across our go-forward managed portfolio. Over the last few years, Newmont has been on a journey to build the world's leading gold and copper company. And after doing the work to rationalize our portfolio, we are now firmly focused on improving costs and productivity across our entire organization. This is key to ensuring that our assets reliably and predictably generate the most profitable 6 million ounces of gold per year over the long term. The program behind this cost and productivity work has three key components. Our G&A costs are too high for our go-forward portfolio. We have a laser focus on ensuring that these costs are reduced, as we transitioned from 17 to 11 managed operations over the course of this year. Second, we are well into the process of evolving our commercial work at Newmont to ensure we have the capability to extract the full benefit of our scale, both in terms of our supply chain spend, as well as the revenue we received from doré and concentrate sales. Third, with the clarity of our go-forward portfolio, we are applying the full force of our operating and technical capability to systematically improve productivity across all 11 of our managed operations, whilst achieving the industry-leading safety record that we demand. And I will provide further updates on this program as we progress and move forward through this year. Bringing it all together, over last year, we have developed a much deeper understanding of our go-forward portfolio and the work ahead of us to deliver meaningful improvements, safety, costs and productivity this year. And while we progress this work, we are providing shorter-term and high confidence guidance for 2025. This year, we expect gold production from our go-forward Tier 1 portfolio to be around 5.6 million ounces and an all-in sustaining cost of $1,620 an ounce. Our sustaining capital is expected to be $1.8 billion and will remain at this level over the next couple of years as we complete our current investment cycle on the tailings storage facilities at Cadia. And we will continue to maintain discipline with our development capital spend, holding our investment to $1.3 billion for 2025. We expect the production from our core Tier 1 portfolio will be around 52% weighted to the second half of this year, driven mainly by the timing of production from our non-managed operations. Taking this trend into account in the first quarter we expect to deliver around 23% of the forecast gold production from our core portfolio. This will then be supplemented by around $250,000 higher cost ounces from our non-core assets held for divestment. Our unit costs will also be impacted by the timing of sustaining capital spend from both that managed and non-managed operational. And this is currently expected to be around 52% weighted to the first half of this year. So -- compared to the rest of the year, we anticipate that our all-in sustaining costs will be highest in the first quarter. As a consequence, we anticipate a notable decrease in our first quarter free cash flow compared to the fourth quarter of last year. And looking ahead to the remainder of the year, we expect to generate sequentially higher free cash flow each quarter. And with the momentum, we'll be well positioned to deliver on our commitments in 2025 whilst also funding our capital allocation priorities and building a stable future for Newmont. Our capital allocation strategy remains unchanged and is driven by three key priorities. First; we've maintained financial strength and flexibility with cash above $3 billion and debt below $8 billion; second, to steadily reinvest in our business with the goal of generating long-term sustainable free cash flow; and third, to return capital to shareholders through our predictable $1 a share annual dividend, and our share repurchase program. In order to maintain consistent cash levels through this year, the timing of share repurchases is likely to be closely correlated with our projected free cash flow, along with the timing of proceeds from our non-core asset divestments. After a period of integration, rationalization and stabilization, our focus is now on our go-forward portfolio. Last year, we focused on integrating four new assets, divesting our six non-core assets and laying the foundations to delivering cost productivity improvements of a safe, productive and profitable future. With 2024 now behind us, we moved to strengthen our value proposition by leveraging the true potential of our assets and projects to improve our safety, cost and productivity performance, positioning Newmont to focus on margins and growing free cash flow for the benefit of our shareholders. And with that, I thank you for your time today and turn it back over to the operator to open the line for questions. Operator: Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Hugo Nicolaci with Goldman Sachs. Your line is now open. Hugo Nicolaci: Congrats on the strong finish in 2024 and thanks for all the color already so far in the presentation. First one maybe for Karyn. Just post the recent debt reduction and the divestments to come through, how should the market think about the gearing and debt targets going forward? I appreciate you've talked to the $8 billion of debt and $5 billion of net debt. But with gold prices and cash generation where it is and where you're seeing it going and the number of strong projects able to start to come into that growth pipeline? Do you think something like the leverage ratio might be more appropriate in terms of being able to then look at accelerating some of those growth projects? Karyn Ovelmen: Right now -- thanks for the question, Hugo. Yes, right now, our capital allocation strategy remains unchanged. So, maintaining that strong balance sheet with around $3 billion in cash on average over the year, debt below the $8 billion, as you said, and steadily funding those cash-generative capital projects. We've got $1.8 billion sustaining capital that's at an elevated level for the next few years with the Cadia tailings and then $1.3 billion with development capital. And then, of course, returning capital to shareholders. So, $1 annual dividend, no change there. And then continuing with our share repurchases as part of that $3 billion program that we have. We've executed on $1.2 billion and we have $1.8 billion remaining on that authorization. So, no change to the financial policies. Hugo Nicolaci: And then second one, maybe for both Tom and Natasha. Just looking beyond, the current growth projects to that next phase of growth. Are you able to give us a bit more on what's needed to firm up the sequencing and timing of projects like Red Chris and Yanacocha in the sulfides? And is it studies and permitting, just given where you've already got significant capital invested in those projects and when should we expect an update? And then just a tack on how many projects do you think is the right number to be progressing concurrently for the portfolio? Tom Palmer: Yes. Thanks, Hugo. Our focus is firmly on delivery, the three projects we've got in execution and a $1.3 billion spend for a portfolio of our size is a healthy amount of money to be investing back in the business. So delivering on those hitting commercial production improving the value from those projects is our firm focus hitting our milestones this year and then ensuring that they come through -- that earns the right to be able to bring anything more through your project pipeline. But we do have some exciting projects sitting there queuing up, looking to get access to that capital. Red Chris is -- we're working through its feasibility study this year. So, two at Newmont standard, ensuring that we have not only the technical work done as part of the feasibility study, but as you've got the permits and the and the support of the Tahltan for that very, very long life project. At Yanacocha, the potential at Yanacocha we've been -- at Peru 40 years at Yanacocha for -- mining for 30 years. We've produced 40 million ounces of gold out of Yanacocha -- is more -- we haven't even past halfway yet. So, a very long life in front of Yanacocha. But we're at an inflection point. We moved from oxide operations to sulfides and other deposits that sit there. The important piece of work for us to do now at Yanacocha is to build the water treatment plants to be able to capture the mine effect of border and discharge -- treat that and discharge safely, that then sets us up to be able to go to with its next chapter. We've got Wafi-Golpu in PNG that we continue to work with Harmony and the PNG government on. We've got Nueva Union and Norte Abierto down in Chile, and we continue to understand where they might fit. And we've got Galore Creek up in British Columbia. So, we continue to understand and work those projects first and foremost, Hugo is delivering on our projects. We've got an execution here and now, do that well, then we earn the right to bring on those next projects. Operator: The next question is from Daniel Morgan with Barrenjoey. Your line is now open. Daniel Morgan: Tom and team. First question, just I know you've increased your reserve price assumption to $1,700 an ounce. Your 2025 ounce standing cost guidance of $1,620. Sorry to say that just strikes -- a little bit odd. It's an $80 an ounce margin. Does that imply that the [indiscernible] [Cerberus] peak costs and they come down? Or it's -- can you just comment on that difference and how you set the reserve price assumption. Tom Palmer: Yes. Thanks, Daniel. When we look at it -- there are two separate things. Our process being many, many years at Newmont, the team that works through our annual process to assess reserve pricing is looking at price, looking at the three-year trailing average looking at forward estimates, and making a judgment on price as to where our reserve price should be and then how that informs the work we do within randomized, mine plans and the like. Now on the other side of the coin, separate from that, we look at what our unit costs have to be for '25. There are $1,620 for 2025 because we've got some pretty -- one of the main drivers is we've got some pretty significant investment going back into Cadia to ensure that we've fixed that tailings facility to ensure those caves are able to realize their value. So, we separate those two things. $1,620, not happy with that number. It needs to come down. Our go-forward portfolio was generally in Q1, and we need to get our cost base down to Tier 1 levels. We need to get after -- we need to get through this investment cycle to bring on those cost ounces, but we also need to improve our cost and productivity. But they are two separate strengths. We set our pricing through reserve price over here. through a rigorous process that's conducted every year. We manage our costs this year, and we need to get up to improving those costs going forward. Daniel Morgan: Separate question, Lihir. I know you've done a reserve update. You've done some optimization on the pits. Just curious, how much closer is your attempt to concluding what the go-forward plan is at that asset? I imagine they would also be a reinvestment plan to upgrade asset integrity and set it up well into the future. So, when might that be concluded and when might you share that with us? Tom Palmer: Thanks, Daniel. So, as you commented on the -- we've now done a Newmont standard final pit shell, which impacted the reserves. The other important work we did was to step out from layer rock to ensure that we had appropriate offset from that rock. And then how we set up that high wall to manage that Phase 14a layback. So, we've done that mine planning work. Now it's about making sure that the roads are in good nick and then maintained, so that we can manage the equipment integrity, the trucks and diggers and other ancillary equipment running around that mine and work through that stripping campaign over the next two or three years, so we can move into the higher-grade ore from that Phase 14a layback. So that work is underway. Then setting up the skyway and having the wrong stockpile separate mine and processing plant now allows us to get greater reliability and quality of the feed going into the into the plant, which admittedly gives you greater confidence through the plant. And that then allows us to have more structure around our corrective and preventative maintenance program through that plan, which is part of the sustaining capital budget you have for a mine of that size. So those pieces are in place, and team is now getting after that. They know what they need to do. We need to deliver on what we said we're going to do this year, as indicated in my remarks, that as we work through that layback get into the 2028 period and Lihir will return to the historical levels that you've seen. And our plan is to maintain that into the future. So, we've got two or three years of getting that work done. And then Lihir is a long-term asset in the Newmont portfolio. I mean it's got the reserves and resources to a Newmont standard, north of 30 million ounces. It is by any measure of world-class asset. We're setting it up right over the next two or three years to deliver on the value, it's been looking for the last 30 years. Very pleased that it is in our portfolio. Operator: The next question is from Lawson Winder with Bank of America. Your line is now open. Lawson Winder: Thank you for the update. I just wanted to ask your thinking around the provision of one-year guidance. And so, I understood that you would consider maybe doing three years. And then as you look forward, is one year guidance what you anticipate continuing going forward? Or could we get back to potentially longer-term guidance? Tom Palmer: Thanks, Lawson. Massive transformation last year. I mean -- I'm 35 years in the industry. Worked in many different places, been fortunate enough to be involved in many transactions I haven't seen much more complicated than the work we've run through successfully last year in terms of being assets divestment program and coming out the other side. What's most important for us now is stabilizing this business, and focusing on a high confidence set of confidence in our guidance that we can get after and safely deliver. So, our focus is not stabilizing the business in '25 and delivering on those numbers that we've committed to in our release today. As part of that work, we're getting after cost and productivity improvements and understanding what the potential is of this go-forward portfolio and had it for a midnight, a New York minute rather. I've only had it for a second, how do we actually understand what the true potential of this portfolio has? We're getting after that this year. We're going to take all of this year to understand that asset -- that portfolio of assets and build a plan for '26. And so, our focus is on '25, delivering on our commitments and understanding what these assets might do as we work with them through the course of this year. Lawson Winder: Fantastic. Now just a follow-up on the R&R gold price assumption of $1,700. You've kind of indicated that, that was how you're thinking about the business at least for 2025. And -- in the past, you've thought about the dividend with respect to gold price ranges as well. So previously, the $1,400 represented the base level dividend. When we think about the current dividend as it was reset last year, is $1,700 per ounce, the gold price at which that is sustainable? Or is that still a $1,400? Tom Palmer: Thanks, Lawson. A decoupled, our dividend, our common dividend is $1 a share, full stop. Operator: The next question is from Daniel Major with UBS. Your line is now open. Daniel Major: The first one, and maybe another theme on the three-year guidance. You you're suggesting a 10-year average of 6 million ounces. But when we look at the portfolio and the projects that you've run through and the grade profile at Boddington, et cetera, and the guidance from Barrick would suggest on the consensus and on kind of our numbers, you would be above that towards the end of the sort of three- to five-year period. Is that the wrong assumption? Are we missing something in the portfolio that would go backwards to prevent you getting above 6 million ounces on a three-year view? Tom Palmer: Yes. Thanks, Daniel. You're seeing it correctly as we work through bringing on those -- both through those laybacks and bring on the new low-cost ounces. I think the comments I said 10% higher over that time frame. That will -- of what we've guided for our core portfolio over '25, and we'll certainly push you through and out the other side of '26. Now roll forward, another three, another four, another five, this portfolio goes out decades. And they're big mines, and you'll move through periods of lower grade, you move through periods of were stripping. So, if you will ebb and flow. So, you'll have some years where you're above six -- you'll have some years we're below six. If you get in the time machine and move forward 5, 10, 15 years, I look back at this Newmont portfolio, you're going to see on average about 6 million ounces of gold at 150,000 tons of copper. You're going to see a management team here that's going to focus on improving the margins in that not chasing volume. We're chasing margin. That's what we're going to be focusing on. But we will ebb and flow through the course of that very long-life portfolio. Dan, you haven't seen this before in the gold industry. This portfolio is like the likes of which has not been seen before. Daniel Major: Okay. That's helpful. And then the second question is around the trajectory of your -- overhead costs to G&A, they've come up a lot, and they're going up even more in 2025, and that comes against you executing on significant synergies as a consequence of the new Newcrest deal. Why are they so high in 2025? My feeling would be that a lot of the costs associated with the divestments and the integration would be done but the G&A is going up further, what's the explanation? And how much might moderate in the medium term? Tom Palmer: Yes. Thanks, Daniel. Good call out. The -- we did see the -- we did see the G&A synergies that come from a transaction like the Newcrest acquisition, where you collapse two public companies into one. So that element that comes out. But you're still seeing us carry unacceptably high G&A as we work through the divestment and the rationalization of our portfolio. So, we're still -- we've closed out Telfer late last year, but we're still carrying five assets that are held for divestment, and that will work through closing out those transactions through this quarter and into next. And we're still doing work around integrating systems from bringing two companies together that carries out an elevated cost for a fixed period of time. The number we're guiding to is an unacceptably high number for our go-forward portfolio. And as we see the assets leave our portfolio, I expect -- you should expect to see a glide path of the G&A cost coming down to match a go-forward portfolio of 11 managed operations. So, we guide to the number we have because of the work we're doing. But we're getting after reducing those -- the G&A cost down to a level that is more acceptable for our go-forward portfolio. Operator: The next question is from Kate McCutcheon with Citi. Your line is now open. Kate McCutcheon: Just on the Newcrest integration. So last quarter, you reiterated the 5-million-pound synergy run rate had been achieved. But I can't see that in the 4Q release that I may have missed it. Can you just call out for me where I see these numbers in the financials? If I look, it seems like OpEx and expenses both look higher, not lower. So just trying to reconcile the synergies and where that maybe lives? Natascha Viljoen: Yes. Thanks, Kate. Thanks for the question. So, as we went through 2024, we had a run rate expectation coming out of 2024 -- the synergies, and we hit that run rate at the end of the year at a much-accelerated pace than we had thought we would. So, you'll see these synergies. And although again, G&A, although it's high, because we got a lot of onetime costs in there as well as additional functional spend and consulting spend associated with some of the efficiency and productivity initiatives that you're seeing that we will see the benefit in future years. So, those were -- had the synergies in there, but the cost of the accelerated cost overwhelmed those synergies that were in G&A. The supply chain, we did see the synergies. We captured those approximately $200 million during again, the was a run rate at the end of 2025 and then as well as for a productivity improvement -- potential across the board around $200 million in synergies. All of those -- you don't necessarily see in the bottom line as we know our cost were elevated through 2024 and into 2025. And that's where Tom was speaking in his prepared notes, we have to get after those costs. So, we saw an acceleration in the cost. Again, some of that is a result of how we're looking at in terms of gold price escalation, normal escalation that you see year-over-year. But generally speaking, we had an overall increase in our cost structure, both in direct costs as well in G&A. And as a result, you don't see those synergies on a net basis in our bottom line. Kate McCutcheon: Got it. And then on capital allocation, asset sales and free cash flow this quarter exceeded consensus expectations. You've got another $1.8 billion authorized under the buyback. It doesn't really look like much stock was repurchased over the past quarter -- yet the share price was not a lot higher, very certainly. It was not at a high. How do we think about the cadence of that buyback throughout the year? Karyn Ovelmen: Sure. So, we ended the year with approximately $1.2 billion of buybacks. But at 12/31, our 1051 -- the expiration of the 10b5-1. So, as you see in the beginning of 2025, there was just some -- effective settlements of some of those buybacks from 2024. So really no share buyback since the beginning of 2025, post the earnings release, we will be in a position where we can begin to execute on share buybacks as we go forward. The timing of those share buybacks that will be closely correlated with the free cash flow generation and the timing of the proceeds from the non-core divestitures. So right now, we're expecting net of cash around $2.5 billion in divestiture proceeds, about $1.6 billion in Q1 and $0.9 billion% in Q2. So, all expected in the first half of 2025. Operator: The next question is from Josh Wolfson with RBC Capital Markets. Your line is now open. Josh Wolfson: I just wanted to go back to this discussion about some of the long-term expectations. I appreciate the disclosures earlier in the call, on changes over '26 and '27, but maybe back to some of the comments by Lawson and Daniel. I feel personally like we don't have a lot of information here on the long term or even the short-term outlook beyond 2025 for the Company. And there's a large difference in this release versus what the Company has issued previously. Should we expect to receive any substantive information beyond one year in future releases maybe in 2026? Tom Palmer: Thanks, Josh, very deliberate this year, Josh, I should say, very deliberate after a year of transformation and to move our stabilization to firmly focus this organization on delivering on commitments, safely delivering on commitments in 2025 with high confidence guidance. That's our focus for delivering on safety costs and productivity and the projects. And I think we signaled back well over the last many weeks and months, and that's what we're going to be doing with this release. And we've given you through the release and the comments today, a view as to how the investments and the laybacks and the investments in those three projects and execution will play out over the next three or four years. We're going to take every part of 2025 to get after cost of productivity improvements in our go-forward portfolio and understand where we might be able to take this essentially new portfolio for us and build that into a '26 business plan and will come out this time next year, with a set of numbers for 2026 that we'll commit to with high confidence. And we'll make some decisions through the course of this year as to whether it's 2026 only or whether based on the work we do this year whether we give a bit more color for years two or three. But that work is in front of us, Josh, and we've headed out to getting into it. Josh Wolfson: Understood. Maybe with that level of disclosure in our minds, how should investors and analysts assess the success of the Newcrest acquisition, given the impact of production and costs so far as well as reserves and not a lot of perspective as to what the assets look like longer term? Tom Palmer: So, Josh, I would look through the work we're doing this year to look at what we're doing to configure and fix Cadia for decades. We're building two caves, PC 2-3, PC 1-2 and we are considering whether PC 1-2 extends to pick up PC 1-3. You build those caves. You'll be able to support tailings capacity and you've got decades of ore coming out of that mine. You've got to Lihir with a resource base of some 36 million ounces -- and we're setting up that mine to deliver on that long-term value. You've got Red Chris that we're doing the feasibility study on a magnificent underground mine with a huge endowment. And you've got Brucejack as we get the resource model to the Newmont standard, very long life. So, we're doing the work this year to ensure that those assets can figure to deliver on their long-term potential, and we'll share stories on our progress as we go through each quarter. Another way of answering your question is to look at the fourth quarter on the record free cash flow we generated. That's an insight into what the go-forward portfolio can do. As we get into it, fix it up, position, to make sure every asset understands what it needs to do, and we get after it. So that's another little signal as to what is put to strength of this portfolio. Operator: The last question for today is from the line of Al Harvey with JPMorgan. Your line is now open. Al Harvey: Just wanting to follow up on projects again. I suppose usually you have three executions at once. So, I think afoot kind of coming towards the end -- by the end of the year. So, I guess I just wanted to get a sense of whether or not we can expect a fairly rapid transit into the next project. And I suppose I want to get your thinking on which projects the most logical step kind of assume it's Red Chris if you've got the study to come later this year. But, yes, is that the most likely candidate? Or is there a chance to hold fire on FID-ing that project? Tom Palmer: I think it's important that we just don't have a conveyor belt of projects. We got to watch their phase. And sort of the fact we have three projects in execution, we want to make sure you hit commercial production, you still going to ramp -- half make sure it's delivering on the value we committed. So that takes you a good chunk in the 2026 to get that done. You've got to watch to phase of your project execution -- is you need to manage, and you've got to make bloody sure, you've got a feasibility study that's well understood and it's got to deliver good returns. So doing the feasibility study for Red Chris at the moment. And there's a number of moving parts, not just the technical piece to make sure you got in place. But I would say, as we think about next cab off the rank at Newmont, when we're ready, if the value is there, it's just Red Chris ought to lose. Al Harvey: Great. And maybe just a quick follow-up, I suppose. Just beyond those next projects. I know your comments earlier about the copper options in the portfolio. So, I just wanted to get a sense of how you're thinking about where you might be more inclined to invest on the gold side of the copper side? Tom Palmer: So, I think about copper, two big laybacks north and south pit at Boddington, we're going to swing back into high grade, that's golden-copper. We got some nice copper coming back there. PC 2-3 it becomes the main supplier of ore at Cadia. It's some nice copper coming back up through there. Move across to Red Chris, and that's the one sort of links to you earlier in the previous question. That's the one if it wins the race and it washes its face. That's as much a copper mine as a gold mine. So, it's the one that can give us not only the pathway to maintain that 150,000 ounces over the long term I talked about, but maybe even push through that. Operator: That concludes the Q&A session. I would like to turn the conference back over to Tom Palmer for closing remarks. Tom Palmer: Thank you, operator, and thank you, everyone, for making the time for the call today, and look forward to seeing or speaking to you soon. Thanks, everybody. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont's Third Quarter 2024 Earnings Call. [Operator Instructions]. Please note this conference is being recorded. I will now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Thomas Palmer: Thank you, operator. Good morning, everyone, and thank you for joining our call. Today, I'm joined by my executive leadership team, including Natascha Viljoen and Karyn Ovelmen, and we'll all be available to answer your questions at the end of the call. Please note our cautionary statement and refer to our SEC filings, which can be found on our website. Before we discuss our third quarter performance, I would like to take a moment to remember Antoine Fortin, who tragically lost his life at our Illinois operation late last month. We recognize that this is our fifth fatality in less than a year, and we are working diligently to strengthen and improve our safety systems along with the key safety tools that we use in the field. We are fully-committed to understanding the factors that contributed to this tragedy and are taking decisive action to improve our safety culture. We've a clear focus on effectively controlling all of the risks that could lead to a fatality. We will also continue to transparently share the lessons we learn from the investigation with our peers in the industry to help to improve the safety performance of our sector. At Newmont, we know that a strong safety culture is fundamental to sustainably delivering on our commitments, and it is our accountability to ensure that, everyone working at Newmont returns home safely after each and every shift. Turning now to a summary of our third quarter. I'm honored to have recently been appointed as the next Chair of the International Council of Mining and Metals or ICMM. We look forward to playing an even greater role in advancing sustainability and responsible mining practices both at Newmont and across our industry. During my term as Chair, one of my key priorities will be building support for the consolidated mining standard initiatives, an effort we have strongly supported and actively engaged in over the last few months. These consolidated standards will be essential for strengthening the industry's reputation and providing stakeholders with confidence, that the commodities we produce are mined responsibly. Last week, we announced that, we have partnered with MKS PAMP to launch our first mined to market traceable gold bar for sale in the United States, making Newmont's gold directly accessible to consumers and demonstrating our commitment through transparent sourcing. Shifting to our world-class portfolio of Tier 1 and emerging Tier 1 operations and districts. In the third quarter, we produced nearly 1.7 million ounces of gold and 430,000 gold equivalent ounces from copper, silver, lead and zinc. Notably, this included 37,000 tons of copper. We generated $1.6 billion of cash flow from operations and $760 million in free cash flow. Our non-core divestment program has advanced meaningfully, since our last earnings call with the two recently announced transactions expected to deliver up to $1.5 billion in combined gross proceeds. The first announcement was a definitive agreement to divest the Telfer mine, and our 70% interest in the Havieron project in Western Australia, the total proceeds of up to $475 million. We continue to progress the closing conditions and expect to complete the transaction this quarter. The second announcement was a definitive agreement to sell the Akyem mine in Ghana for up to $1 billion in cash consideration. We also expect to close this transaction towards the end of the year. With this solid progress, we remain firmly on track to realize our commitment to generate at least $2 billion in gross proceeds from the divestment of our non-core assets. It is also important to note that, this is in addition to the $527 million in cash proceeds that we have already received this year for the Lundin Gold, Batu Hijau transactions. Our divestment progress and strong free cash flow generation have positioned us to be able to continue reducing debt and returning capital to shareholders. Since our last earnings call, we have retired $233 million in debt and returned $786 million to our shareholders through share repurchases and quarterly dividends. We also approved an additional $2 billion share repurchase program bringing our total authorization to $3 billion. In addition, we continue to safely advance the three projects we have in execution. The second expansion at Tanami, our new mine at Ahafo North and the Panel Ks at Cadia. Finally, turning to synergies. When we announced our decision to acquire Newcrest, we committed to delivering $5 million in synergies from three areas G&A, supply chain and our full potential program. As of today, we have achieved that $500 million synergy run rate. Starting with G&A, a $100 million synergy run rate was achieved through labor rationalization and reductions in both insurance costs and contractor spend. Moving to supply chain, our team has been leveraging the scale of our combined company to achieve improved commercial outcomes that have already brought our synergy run rate from this area to $200 million. And finally, we've begun to realize significant value from our full potential program and are in the delivery stage of our initiatives at Cadia, Red Chris and Lihir. From this work, we have successfully surpassed a $200 million synergy run rate with potential upside to be realized in future years. The majority of the value realized so far has been attributed to Cadia due to the work we've been doing to more efficiently move stockpile material and to optimize the output from our high pressure grinding roll system in the mill, an initiative that I touched on last quarter. The remaining value has come from Red Chris and Lihir. At Red Chris, we're improving gold and copper recoveries from the optimization of both the grinding and flotation circuits, while also increasing throughput by delivering a more consistent ore feed to the mill. And at Lihir, we are focused on improving efficiency by debottlenecking the materials handling and crushing circuits, as we mentioned on our first quarter earnings call. With our synergy commitment now met and our divestment program will advance, we are now focused on the sustainable value that we will deliver from our go forward portfolio of 11 managed large, long-life operations. With that, I'll now turn it over to Natascha for an operational update and then to Karen to take us through our financial performance for the quarter. Over to you, Natascha. Natascha Viljoen: Thank you, Tom. As we enter the final quarter of 2024, I'd like to start by re-emphasizing the operational priorities I highlighted at the beginning of the year. Our focus remains on three key objectives. First is making sure that, every person walking through a Newmont site is fully equipped and authorized to do their work safely. Second, is continuing to deliver strong performance from our managed assets, whilst also guiding our non-core assets through a respectful and productive process for divestment. And last is enhancing long-term productivity at every one of our 11 managed Tier 1 and emerging Tier 1 operations. Turning to the next slide and let's begin with an operational overview. In the third quarter, our managed portfolio delivered a meaningful step-up in production as planned, producing 4% more gold than the second quarter and building momentum for a strong finish to the year with an anticipated 1.8 million ounces of gold in the fourth quarter or an approximately 8% increase over the third quarter. This performance has been largely driven by our six managed Tier 1 operations, which I now will touch on in more detail. I will start with Tanami. We began accessing higher grades from the Liberator orebody and remain on track to deliver this year's strongest grades in the fourth quarter. At Boddington, we continue stripping in the north and south bits, as planned which is expected to continue through 2025 and will bring forward strong gold and copper grades starting in 2026. Moving to Penasquito. We delivered steady gold, silver, lead and zinc production in the third quarter from the Chile, Colorado pit and commenced mining ore in the higher gold grade Penasquito well ahead of plan due to efficient stripping. This will result in an increase in gold production in the fourth quarter and into 2025. And importantly, we have signed a new collective bargaining agreement with the union at Pinusquito, which safeguards the rights of all workers and provides a solid foundation for operations at Pinusquito through 2026. Turning now to Cadia. As factored in our guidance, grades at Cadia are expected to continue declining in the fourth quarter, as we transition to and ramp up Panel Cave 2-3. We are progressing integrated studies to align cave development with life of mine tailings capacity, setting up Cadia for the next three decades of ore feed. Our focus for tailings is maximizing capacity in the current in pit storage facility, repairing the southern wall of the northern facility that slumped in 2018 and then raising the wall of the southern facility. These efforts are expected to contribute to a period of increased sustaining capital spend at Cadia over the next few years, as we make the necessary, but disciplined investment to remedy and expand the current timing facilities. At Lihir, we continue to progress the planned shutdown of the primary autoclave, which remains on track to deliver an approximate 50% step-up in gold production in the fourth quarter of 2024, compared to the third quarter. As we look ahead to 2025, our operational focus at Lahir will remain on reducing complexity to deliver more sustainable and predictable results at this Tier 1 operation. In the short-term, these efforts will result in lower than initially anticipated production next year, due to lower throughput to allow for asset reliability improvement work and changes to the mine sequencing, including the establishment of wider ramps to manage surface water and repositioning all roads to be more effective and efficient. Whilst we complete this work, we will be processing a higher proportion of lower grade stockpiles in 2025, and we anticipate that, gold production next year from Lihir will be largely consistent with this year's and around 250,000 ounces lower than our initial guidance for 2025 that we provided back in February. Importantly, this work will simplify and improve operations at Lihir for the long-term, establishing it as a more consistent contributor as one of the 11 managed operations in our go forward portfolio. Similarly, at Brucejack, we have taken a step back this year to do the development and drilling work to ensure that we improve our knowledge of this nuggety ore body. We continue to experience periods of exceptional high grades, including a one day average of 52 grams per tonne last month, and an average of over 20 grams per ton in the same week. As a result of the work we are doing, we anticipate that the gold production next year from Brucejack will also be largely consistent with this year, or around 100,000 ounces lower than our initial guidance for 2025 that we provided back in February. Moving to Ahafo South. In the third quarter, we achieved a significant increase in gold production of nearly 15% over the second quarter, driven by higher mill throughput following the successful girth gear replacement in April and strong grades from our Subika open pit and underground mines. Looking ahead, we expect our Ahafo South to maintain consistent production levels in the fourth quarter and into next year, before declining in the second half of 2025 when we complete mining activities at the Subika open pit as planned. And finally, during the fourth quarter, we expect to commence mining activities at our Harford North and will stockpile ore to be used to commission the mole next year. This will be an essential milestone for our African business unit as Akyem is divested and production is replaced with new low cost ounces from Ahafo North towards the end of 2025. Continuing with Ahafo North, we have made notable shift from land clearing and earthworks to constructing the infrastructure for this new mine. The carbon in leach tanks are complete and we continue constructing the crushing, conveying and more infrastructure, which you can see in the photo in our presentation. We've recently completed the lining of the timing storage facility and are establishing the ore roads to begin stripping at this new mine in the fourth quarter. At the second expansion at Tanami, our focus remains on the concrete lining of the shaft, and we have completed more than a kilometer of this 1.5 kilometer deep production shaft. As you can see in the photo, the winder building is now largely complete and we are preparing to install the wasting machinery, which will be used to raise and lower our people, equipment and ore within the mine shaft once complete. Our Cadia Panel Caves project is progressing well. At Panel Caves 2-3 we have achieved cave establishment, meaning that, the intended fracturing has begun and gravity is now playing an important role in the mining process. This is a significant milestone for this multi-year project and we are successfully processing gold and copper ore from this cave. Over the next decade, Panel Cave 2-3 is expected to deliver a million ounces of gold and more than 400,000 tons of copper and is anticipated to ramp up to an average of 400,000 gold equivalent ounces between 2027 and 2032. At Panel Cave 1-2, we continue to advance underground development and the construction of the materials handling system. As a much larger cave, Panel Cave 1-2 is expected to deliver nearly 4 million ounces of gold and more than 700,000 tons of copper over its 15 year cave life. It is anticipated to ramp up to an average of 525,000 gold equivalent ounces between 2030 and 2040. With that, I'll turn it over to Karyn. Karyn Ovelmen: Thank you, Natascha. Turning to the next slide, I'll begin with an overview of our financial performance for the quarter. Building upon Tom and Natascha's remarks, Newmont delivered strong third quarter results. We've reported adjusted EBITDA of $2 billion, driven by sustained gold prices and strong quarterly production. We recorded adjusted net income of $0.81 per diluted share, an increase of $0.09 compared to the second quarter. We also generated $1.6 billion cash flow from operations and $760 million of free cash flow, which does not include the approximately $300 million in cash payments received during the third quarter from the sale of the Lundin Gold financing facilities and Batu Hijau contingent payments announced earlier this year. Free cash flow for the quarter includes $209 million of unfavorable working capital changes, largely due to a build in stockpiles of $202 million mainly at Lihir and Telfer and $107 million of reclamation spend primarily related to the construction of the Yanacocha water treatment facilities. With $273 million in reclamation spent to-date, we anticipate an approximate $225 million to be spent next quarter. These unfavorable working capital changes were partially offset by the favorable timing of accrued liability payments. Looking ahead, we expect to reach the year's strongest production volumes in the fourth quarter, positioning us to deliver strong free cash flows and to continue returning capital to shareholders. As Tom mentioned, the divestitures announced to-date from our non-core portfolio are expected to generate up to $1.5 billion in gross proceeds on top of the nearly $530 million in cash proceeds received from other investment sales in 2024. And as we committed to earlier this year, we have been using the proceeds to create long-term value for our shareholders by strengthening our balance sheet and repurchasing shares. Since our last earnings call, we repurchased 9.4 million shares at an average price of $53.16 per share for a total cost of $500 million including $198 million repurchased during the third quarter and $302 million in October. And with $250 million remaining in the current program, Newmont's Board authorized an additional $2 billion share repurchase program to be executed over the next 24 months, bringing our total authorization to $3 billion. To-date, we've now completed $750 million of our $3 billion authorization. Additionally, we declared a fixed common third quarter dividend $0.25 per share, consistent with the dividend declared for the past three quarters. We purchased $233 million in nominal debt for $210 million for around $0.90 on a dollar, of which $150 million was purchased during the third quarter and $83 million was purchased in October. To-date, we've now retired nearly $500 million for the year. We maintained an investment grade balance sheet and ended the quarter $7.1 billion in total liquidity. And our gross debt now stands at $8.5 billion compared to our target of $8 billion. In line with our balanced capital allocation strategy, we continue to focus on maintaining a strong balance sheet, steadily funding value-accretive capital projects and returning capital to shareholders. Looking ahead, we expect approximately 1.8 million ounces of gold production in the fourth quarter as planned. Production from our managed Tier 1 assets continues to drive our strong operational performance and we remain on track to meet our full year production guidance. As signaled by our joint venture partner, production from Nevada Gold Mines and Pueblo Viejo is expected to significantly increase in the fourth quarter, which is crucial as these sites comprise just over 20% of our attributable gold production for 2024. All in sustaining costs for the fourth quarter are expected to be approximately $14.75 an ounce, which represents an 8% reduction compared to the third quarter. This favorable decline is expected to be driven by higher gold production volumes and will be slightly offset by higher sustaining capital reinvestment, primarily anticipated at Nevada Gold Mines based on the run rate through the third quarter, and Cadia to remedy and expand the current tailings facilities as Natascha described. Increased production taxes and royalties from a higher gold price environment and slightly higher G&A spend largely due to an increase in contracted labor. Turning to development capital. We expect to spend $320 million during the fourth quarter, keeping us on track to meet our full year guidance estimates for earlier this year. We continue to expect to invest an average of $1.3 billion per year into projects that will generate the highest returns. With that, I'll pass it back to Tom for closing remarks. Thomas Palmer: Thanks, Karyn. We remain confident in the long-term strength of the go forward portfolio we have assembled, and continue to make solid progress on the four key commitments we made at the start of the year to our shareholders. Since our last earnings call, we continue to diligently implement the lessons learned from our recent fatalities, and are working to strengthen and improve our safety and risk management systems. We delivered high production as planned keeping us firmly on track to meet our full year production guidance. We generated $1.6 billion of cash flow from operations and $760 million in free cash flow. We've made meaningful progress on our portfolio rationalization with the announced divestments of Telfer, Havieron and Akyem. We achieved our synergy run rate target of $500 million. We've demonstrated our commitment to shareholder returns delivering $786 million from both regular dividends and share repurchases. We strengthened our balance sheet with $233 million of debt reductions, and we approved an additional $2 billion share repurchase program, bringing our total authorization to $3 billion. Having now gained almost a year of experience working with our new operations, we have developed a much deeper understanding of their long-term contribution to our core portfolio and the work needed to create consistent and lasting value for our shareholders. Looking ahead to 2025, we expect gold production from our go forward Tier 1 portfolio to remain largely consistent with this year, driven by the lower than previously expected production from two of our new operations in Lahir and Brucejack. We expect unit cost from our core portfolio in 2025 to align with the trends we are observing this year. We also remain committed to the critical tailings work in Cadia, which may result in an annual sustaining capital spend of around $1.8 billion from our core portfolio over the next few years. We continue to see higher previously expected direct costs and G&A spend that with the clarity of our go forward portfolio, we are now working to manage. With this context, my leadership team and I have a laser focus on the work we need to do to optimize our go forward portfolio of 11 managed operations and three projects in execution. Whilst we do anticipate production growth over time, our focus is firmly on expanding margins, generating a strong return on capital invested and creating value versus chasing volume. We are taking a critical look at our organic project pipeline and spending time to ensure that any reinvestment we make into our portfolio is both disciplined and deliberate. We are applying an economic lens to the long term decisions we are making today, ensuring that we deliver on Newmont's purpose to create value and improve lives through sustainable responsible mining for decades to come. With that, I'll thank you for your time today and turn it back over to the operator to open the line for questions. Operator: Thank you. [Operator Instructions] Our first question comes from Daniel Major at UBS. Daniel, your line is open. Please go ahead. Daniel Major: Hello. Can you hear me okay? Thomas Palmer: Yes. Loud and clear. Thanks, Dan. Tom here. Daniel Major: Great. Thanks. Yes, sort of two parts to the question. But I mean the first one is perhaps a kind of reflection on the industry as well. But, when I look back to February and you look at your cost profile in medium-term, like many in the gold industry, you've got costs coming down over time over the next few years. Yet this year, yes, all-in sustaining cost $100 higher than you saw in February. Is it realistic and credible to actually assume that unit costs will moderate over time, or should we rather be assuming the best case outcome is limiting inflation? Thomas Palmer: Thanks, Dan. I'll kick that off and Karyn might want to jump in as well. Certainly, if I think about the gold industry, there's always been a strong correlation between gold price and the cost of producing ounce of gold, given that inflation is one of those key structural elements behind the gold price. As you look forward, if gold price eases, then you'd expect the cost of producing amounts to ease. Obviously, you see some tracking between the cost per ounce and the gold price. Our focus is on the on what we're putting in place is that, we have 11 managed operations going forward, where we're going to be in a position to be looking over the long-term and strengthening and growing those margins. The other comment I'd like before I pass to Karyn, if you wanted to build on that, is, when you look at the out year numbers that we had provided back in February that assumed zero escalation. And so, when you think about any forward-looking numbers, there's no escalation. Obviously, what we're seeing as we get closer to 2025, the run rates we're seeing as we close out this year are largely going to flow into next year, as we understand the cost for the next 12 to 15 months. Karyn, anything you'd do with that? Karyn Ovelmen: No, I think that's right, Tom. It's just to emphasize those out years, as you mentioned, don't have an escalation in those. Generally speaking, as we indicated the costs that we're seeing here in 2024, we do expect those to trend into 2025. Costs were higher, driven by higher direct costs primarily, if you think about contracted labor which is 50% of our cost structure. We've seen those increase into the third quarter and through the year. And so we expect that that's been built in now into our cost estimates as we head into 2025. Thomas Palmer: Thanks, Karyn. David, did you say, you have second part to your question? Daniel Major: Yes. I had a second part, if that's, okay. Again, just thinking about your guidance comments for 2025. You previously looked in February around 6 million ounces from the core portfolio in terms of gold. You highlight in the comments 250,000 ounces lower than your previous plans at Lihir and 100 at Brucejack. Is it fair to then assume 350,000 off the 6 million is the new base when we look into 2025? Thomas Palmer: Yes. Thanks, Dan. Certainly, there are two movers in terms of our managed portfolio. As I think as Natascha said in her remarks, I followed up with the drivers behind that might take considerably Lihir and getting in front of understanding the resource definition of Brucejack and the development work and the drilling you need to do for that all. Both of those are progressing well, but it's the ounces for next year reflect that important work. I think the numbers, if you then look at the rest of the portfolio and those trends coming through from 2024 flowing into 2025, the numbers more like 5.6 as you think about this portfolio for 2025, the core portfolio for 2025. Obviously, we've got some divestments to close-out and still got some more work to do on that front. Some of that will flow into 2025, as we complete that divestment work with our core portfolio. 5.6% is about their gold production number for next year. Daniel Major: Okay. Yes, it's sort of broadly flat production and costs into next year is the message. Okay. Thank you. Thomas Palmer: Thanks, Dan. That's correct. Operator: Next question comes from Josh Wolfson from RBC Capital Markets. Josh, your line is open. Please go ahead. Josh Wolfson: Hi. Thanks very much. I'm trying to wrap my head around the change, the significant change in sort of cost expectations and some degree production expectations going forward versus what we had been hearing about previously. I guess there's sort of two different aspects at least that I can understand. One is, despite the synergy targets being achieved, it sounds like, there's some larger integration issues given the challenges or higher costs mentioned across Brucejack, Lihir and Cadia. And then, on the other hand, we're hearing significant and unexpected inflation expectation changes, which I guess would be a larger industry-related item. I just want to sort of clarify, how should we be thinking about these things? And am I sort of assessing this appropriately? Thank you. Thomas Palmer: Thanks, Justin. Let me kick off and I think Karyn, you might want to jump in. I think picking up in a few parts. I think the commentary around Lihir, Cadia, Cerro Negro, I think you mentioned is really the Q3 cost story. It's around Lihir, we had some costs that we had assumed would be in the fourth quarter for the launch, autoclave shutdown specialist labor in the remote part of the world moving into Q3. So that's one of the drivers there. Cadia was power, where high power cost coming off our contract for price taker. Cerro Negro was more around the ramping up following the tragedy earlier this year and making sure we're focused on doing that work safely, some productivity impacts. And then the other factor in the third quarter was we had some concentrate sales out of Penasquito where, didn't get away at the end of Q3 due to some weather impacts there that obviously flowed into the fourth quarter. So, that's sort of a bit of a wrap up of the third quarter cost story. When I look at '24 flying into '25, so there's two impacts as the volume impact we just talked about with Dan and the Lihir and Brucejack work next year linked to that. And then the cost impact is sustaining capital and particularly around the work we're putting into the facilities at Cadia. Cadia has got a 30 plus year life, several panel case will come on and there's work we need to do to ensure that, that targeted capacity is matched to the volumes coming out of those panel caves. That story is around volume for those couple of key drivers and then sustaining capital. Karyn or Natascha anything you'd be willing to add to that? Karyn Ovelmen: Sure. Just to a little more granularity in terms of 2024. About a third of that is increased due to that lower sales volume including in Telfer, and here in Brucejack. Another third relates to that higher sustaining capital that we've been talking about largely driven by Nevada. And then the remaining third half that is about royalties due to higher gold price and half associated with the G&A. So our run rate synergies are driven by the targeted benefits at Cadia, Red Chris and Lihir. However, we've also had performance challenges within the business including the Telfer tailings as well as the non-management of underperformed expectations. I think further to that supply chain and G&A benefits have been impacted by our need to invest in the future of this combined Tier 1 portfolio with a key focus in areas with the integration from Newcrest and Newmont as needed. But we're not happy with where we're at and we're working to reduce these costs. Josh Wolfson: Thanks, Ken. And if I can add, sir, to the follow-up question. Just sort of understanding if there's a quantum that can be provided in terms of maybe what the inflation trend is, the company is seeing, something that we can think about for modeling forecasts on operating costs or capital costs? Is there sort of any initial impressions you have on what inflation rates are running at currently? Thomas Palmer: Yes. Josh, we're seeing in terms of input costs around renewables, fuel, materials, that's largely in line with what the world is seeing. There's nothing particularly surprising for us there. It's the labor cost where we're seeing that escalation, particularly the contracted labor. We were seeing some of those escalations come through and then incorporating that in our in the sort of commentary or the steer we're giving for what flows into next year. Operator: The next question comes from Matthew Murphy from Jefferies. Matthew, please go ahead. Your line is open. Matthew Murphy: Hi. I'm wondering if you can elaborate a little more on what this outlook for 2025 means going forward in terms of, those initial graphical kind of indications, you'd put out had production growing over 6,000,000 ounces, costs falling to, call it, the mid 1200s an ounce. I mean, should we be thinking about 2025 continuing, in 2026, and beyond? Is this a 5.5 million ounce a year, 1500 AISC type company that we're going to see going forward? Thomas Palmer: Good morning, Matt. I think if I look at costs, you're certainly going to -- in the outlook given in February, there was no escalation there. As you make assumptions about what escalation inflation might do linked to what gold price might do and there's a key link between gold producers and gold price, then that's going to be a pretty significant driver of the cost of producing an ounce of gold at Newmont and any other the other gold mining companies. So that's one trend that will flow through. Obviously, gold price softens and those costs come off. We see a portfolio, as we complete our divestment work in the first part of next year, really start focusing on our 11 managed operations and the three projects we've got in execution. Those projects in execution will start to deliver new ounces in the latter part of next year and then that will flow through to '26 and '27. So, we do have some new lower cost ounces coming on, and that will help us have a portfolio of operations that, over the long-term are up around or about at 6 million ounce run rate and about 150,000 tons of copper. We're not going to chase volume for volume sake. Our focus is going to be on driving margins and ensuring that we're getting the best value, the best return on that capital that's invested. Another driver of our all-in sustaining cost is the important work we're putting into tailings facilities and ensuring that, we have a set of tailings facilities that have the appropriate capacity and structure to support these very long life operations. We have some of that spend, which is, it's not spend that's consistent over the whole time, but there are periods of elevated spend in sustaining capital in any mining company as you ensure your tailings facilities are up to scratch. So that's another factor in terms of our 2025 and 2026 story. Karyn Ovelmen: If I can probably... Matthew Murphy: Go ahead. Sorry. Karyn Ovelmen: I wanted to build a little bit on Tom's point on the 6 million run rate. And just as a reminder, Boddington is in two years of high stripping and lower than normal ounces. So, Boddington will keep getting back to its normal production. But in Telfer, we'll start to see coming back in the New Year. Cadia we have been predicting all along that we will see lower grades coming through, but as PC 2-3 comes in during the next two years, we'll see Cadia production step up as well. And then Lihir is also two years of high investment and we'll start to get back into higher grade ores in the near-term. That's to just build a little bit of granularity on Tom's point. Thomas Palmer: Particularly, we get more ounces out of the shaft, Tanami as it gets commissioned into '27, '28. We got half our north to start to produce gold in the second half of next year. So, we've got that reinvestment back in the business. Brings ounces on that complement the numbers we're talking about for this year and next year. Matthew Murphy: Okay. Is there a timeline where you're thinking, you'll be able to provide more formal asset-by-asset, multiyear guidance? Is that the plan maybe early next year? Thomas Palmer: It will be in due course, Matt, into next year. We'll certainly be focusing on giving greater granularity on the 2025 numbers in February. We're busy still, and we're still in this near the end of the second phase of the divestment of our North American assets and that works progressing well, but we need to close out that work. As we've got that clear line of sight to completing that divestment program, focusing on our 11 managed operations going forward and that's three projects in execution. With that clarity, we'll look to come back with some more color on this go forward portfolio into next year. Operator: The next question comes from Anita Soni from CIBC. Anita, your line is open. Please go ahead. Anita Soni: Yes. One of the questions that I guess are now part of the questions I had were all very detail oriented but don't seem that relevant anymore. Could I just ask you in terms of I guess longer-term Cadia the dust emissions, like, when do you expect to get approvals for that? That's what gets you to 35 million tons per annum right? Karyn Ovelmen: Sorry, Anita. I'm not sure, if I could just put a little clarity, dust emissions. I just want to make sure that I understand your question. Anita Soni: Sorry. On Cadia, the original goal or target was to get to, I think, 35 million tons per annum. Is that still valid? And what kind of approvals do you need? And when do you expect those? Karyn Ovelmen: Yes. Okay. Thank you. I just wanted to make sure that because the dust is not necessarily directly related to the tiling stamp approvals. There's a couple of things that needs to happen around the tiling stamp that is all underway. The first thing as I've mentioned is the repay of the southern wall of the northern dam. And then, there's further expansions that is underway. There's a number of permit applications that's in place and underway. We are balancing the permitting requirements, the expansion of the timings dam, and Cadia Panel Cave development to make sure that we've got optimal capital efficiency. Anita Soni: Okay. Cerro Negro, original target I think was around 3.5 million ton per annum. I think you're doing -- you are significantly under that right now and have been for a while. When do you think you'll get that asset up to the original target, or is that still valid? Natascha Viljoen: Cerro Negro, our largest focus area for Cerro Negro is in productivity and making sure that the baseline operation gets back to where we need it to be from a productivity point of view. We've got all of the mining areas available. We have all of the equipment available. The focus is 100% on productivity to bring us back to where we need to be. Anita Soni: Thanks, Natascha. Operator: The next question comes from Mike Parkin from National Bank. Mike, your line is open. Please go ahead. Mike Parkin: Hi, guys. Congrats on getting the synergy target achieved. Of the $500 million how much of that flowed through OpEx? Thomas Palmer: Good morning, Mike. Obviously, the G&A component of that is part of your OpEx. The supply chain is a combination between improving costs and opportunity to get to productivity and volume. A lot of the full potential work is around volume. So you get more productivity with the current gold price, you get that benefit flowing through. Probably of the amount of that delivery, it's probably less than half has come from that operational exit of cost improvements, as opposed to the productivity and volume improvements and the free cash flow that you get coming through. If I look through that, if I look at where we sit, it's one of the earlier questions as we're closing out the integration, an important part of closing out the integration is completing our divestments and having a clear line of sight to 11 managed operations through projects and execution. I'm not happy with the G&A that we have for that go forward business and that's an area that we're going to be focusing on to get that number down to match the go forward business. That's a little bit of that high cost to carry as you look through that transition, but as we get that clarity on the remaining divestments going out the door, we need to ensure that our G&A is matching the size of the go forward business and we expect to see some be working hard to get some improvement in that area in the months ahead. Mike Parkin: Okay. Just a follow-up on that. Because you've achieved that, is that fully reflected in your third quarter numbers? Just wondering, if you look at your quarter-over-quarter OpEx, you're up about 7% quarter-over-quarter, trying to understand how where the savings come in with the fourth quarter guidance if all the synergies have already been realized, or is it a bit of a deferral in terms of when they start to flow through the financials? Thomas Palmer: Yes. I think you see, certainly those that impact the cost base are there. They're in our direct costs. I think what you're going to -- I think key driver is going to flow through in the fourth quarter is a very strong gold production quarter and we're certainly well set up to be delivering on those commitments through the fourth quarter. That's what you're going to see drive that improvement in the fourth quarter is that higher production, getting them to sales, matching that production to ensure that the unit costs are coming to the levels that we've guided to for the fourth quarter. Operator: The next question comes from Lawson Winder from Bank of America. Lawson, your line is open. Please go ahead. Lawson Winder: Thank you, operator. Good morning, Tom and team, and thank you for the update. I just wanted to ask about capital allocation and in the context of a new story that the Prime Minister of PNG, recently called on all stakeholders involved Wafi, to finalize the special mining lease and the mine development contract sort of ASAP. I think he actually set a deadline of, like, December of this year. And so, that got me thinking, in terms of capital allocation, is that a sign that Wafi might be taking precedent as a preferred project in the portfolio over some of the other options? Thomas Palmer: Good morning, Lawson. We continue to work very closely with, Joint Venture Partners, Harmony and the PNG government on those negotiations, to convert what is a very robust and competitive framework, MOU, through the mineral development contract, not only a special mining lease, that would then move into a process of starting to understand updates to feasibility studies and a whole bunch of study work that would come once you've reached that conclusion of those negotiations. So important work and working very constructively with all of the parties around the table. Any project in our pipeline is competing for capital, and we are going to be very disciplined in terms of any project that we take into execution, going to have confidence in terms of the cost to build it, the time to deliver it and the returns from that invested capital. Our plate is full with three projects in execution, our Tanami expansion two at Ahafo North and the Panel Caves at Cadia. We're going to ensure that we properly deliver on our commitments on those projects, and then and only then we bring on our next project. Wafi-Golpu sits there in the pipeline with five other very interesting projects to compete for capital. Lawson Winder: Okay. Thanks very much for that context. And then, just as a follow-up on some of the earlier questions on the labor inflation that drove the cost a little higher in the quarter. I believe yourselves and some of your peers budgeted approximately 4%, labor inflation for 2024. I mean, it would be helpful to kind of put some numbers around that, in terms of, what's the realized experience in terms of labor inflation so far this year? Are you expected versus that 4% that seems to be the industry standard at the start of the year? Thomas Palmer: Yes. Thanks, Lawson. In our direct costs, half the cost is labor. About half of that is our employee base and that's the 4%. When you think about the people who work for Newmont across nine countries, when you average, aggregate the wage escalation, it's about 4%. The other cost base is the cost to for all the contracted services we use, whether that be maintenance shutdowns, maintenance that you use to supplement your workforce, cost of running camps, cost of flying people to and from clients, all of those sorts of costs. That's where we're seeing some escalation beyond what we'd assumed at the start of the year. As we look into 2025, then that's what we're guiding to today in terms of how we're seeing those costs flow through. Obviously, those costs have escalated over the course of this year and looking to capture that level of escalation, that we see flowing through to next year in terms of that broader unit cost for Newmont in 2025. Operator: Next question comes from Alex Hacking from HSBC. Alex, your line is open. Please go ahead. Alex Hacking: Yes, thanks. I just wanted to clarify some of the guidance commentary from earlier. So on next year, production from Tier 1 is going to be flattish. What assumption is embedded in that Nevada gold mine? Thank you. Thomas Palmer: Yes. Thanks, Alex. To answer that question, we provided granularity on Lihir and Brucejack in terms of pretty significant movers in our managed portfolio. The rest of the operations in our core portfolio going forward, we're assuming that, the run rates you're seeing through the course of this year will flow through 2025. Alex Hacking: Just to clarify, Nevada gold mines flat next year? Thomas Palmer: Alex, I'm answering that question in terms of the rest of our portfolio without getting specific. Alex Hacking: Okay. And then, on the following up on Matt's question on the mid-term outlook, it sounds like 6.7 million ounces in 2028 is under review, let's say. But did I hear you say, Tom, that 6 million ounces is kind of a mid-term target or did I mishear that? Thanks. Thomas Palmer: Thanks, Alex. When I look at our 11 managed operations and the three projects we've got in execution that will deliver ounces over the next three to five years into that portfolio of operations. It remains 11 managed operations because they're all essentially brownfield expansions and the long life. I mean, each of those orebodies underneath those 11 managed operations has got several decades out in front of them. I look at that portfolio and say, it can produce over the long-term at average around 6 million ounces of gold, about 150,000 tons of copper. Might have some years we pushed north of six and there'll be other years where you're south of six, but over the long-term, that's how we think about this portfolio we've assembled. 11 plus three, six, 150,000. Our growth is in margins, Alex, where we focus our time. Thanks, Alex. Operator: The next question comes from Tanya Jakusconek from Scotiabank. Tanya, your line is open. Please go ahead. Tanya Jakusconek: Great. Good morning, everyone. Thank you so much for taking my questions. Just wanted to come back to the cost, so just so that we understand what is Newmont related and what is industry related. Just want to make sure, Tom and Natascha, understand that what's Newmont related in these costs have to do with your particular operations on volumes, which you've given us on lower volumes at Lihir and Brucejack. And then, you've given us the additional sustaining capital that you have at some of your in Cadia on your tailings and Nevada Gold Mines, some other stuff there. You mentioned G&A as well on your all-in sustaining. Is it fair to assume that the only industry-related cost is your labor which pertains to the contractors, which is happier? 50% is your labor cost and 50% of that is contractors. If that's the case, Tom, I remember you mentioning that, in contractor inflation was, 12% or 14%, if I can remember correct. Can you just maybe share with us where you are seeing this contractor inflation? Is it related in Australia? Is it in the U.S? I'm just trying to understand, that's my first question. Just I'm trying to understand, if I understand this correctly. Thomas Palmer: Thanks, Tanya. Good morning. Just clarifying, you're talking about '25 versus '24, as you're looking at your numbers? Tanya Jakusconek: Yes. Thomas Palmer: Yes. I think, certainly the '24 to '25 story is the volume story and the sustaining capital story. Largely, what you're seeing is the cost we're seeing this year for labor, whether it be employees or, contractor labor, staying about the same going into next year. The driver is lower volume, and the sustaining capital '24 to '25. Tanya Jakusconek: But this labor, that's contractors, am I correct to speak to have that 12% to 14% inflation in your contractors? Has that not changed? I'm just trying to understand if that's still the case. Thomas Palmer: Yes. I think about answering at this point, Tanya, in terms of what's in our cost run rate as we close out '24, it's flowing into '25. We're not seeing a step-up of the percentages you're talking about. The rates of our costs as we close out the year, we're seeing that slowing to '25. Tanya Jakusconek: Okay. Alright. Maybe I'll ask my second question then. Maybe just on, Natascha, you mentioned that, as we look into next year and the year after, next two years, we're going to have Cadia's production decline from about this 370,000 ounce level. Could you kind of just share with us where I should think about the time before we set back up again on the other case then? Natascha Viljoen: I think yes. That's right, Tanya. You will remember, we have been saying that as PC 1 and PC 2 come to the end of their life, or of its life we see lower grades coming through and we have been predicting that we'll continue to see that going into next year. At the same time, PC 2-3 is now ramping up. We've seen that cave, actually cave. We will slowly wrap that up over the next two years to full production. PC 2-3 will then start to replace the lower production from PC 1 and PC 2. And then PC 1-2 is only targeted towards the end of the day guide. Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Thomas Palmer: Thank you, operator, and thank you everyone for joining us this morning and have a good rest of your day. Thank you. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont's Second Quarter 2024 Earnings Call. [Operator Instructions]. I will now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Thomas Palmer: Thank you, operator. Good morning, everyone, and thank you for joining our call. Today, I'm joined by my executive leadership team, including Natascha Viljoen and Karyn Ovelmen, and we'll all be available to answer your questions at the end of the call. Turning to the next slide, please note our cautionary statement and refer to our SEC filings, which can be found on our website. Before I cover our results for the quarter, I'd like to take a moment to provide an update on the important work we are doing to reinvigorate our safety systems. Following the tragic loss of four of our colleagues over the last year, we initiated a comprehensive, systematic review of our safety and risk management systems, in order to better understand the key challenges and opportunities we have to improve our safety performance going forward. Our enhanced approach includes a heightened level of diligence across our entire fatality risk management assurance model, bolstering our leadership work in the field to ensure we have a balanced approach between both the quantity and quality of our critical control verifications, and an increased focus on leaders, coaching leaders and their teams aimed at building and strengthening capability through all levels of our organization. With this reinvigorated approach, we are actively driving improvements in safety performance and strengthening operational effectiveness across all of our managed operations. Turning now to our second quarter highlights. We delivered solid operational performance as planned, keeping us firmly on track to achieve our 2024 guidance and positioning us to deliver improving financial results. These solid results have also enabled us to progress our capital allocation priorities, which I'll touch on in a moment. With a continued focus on safely delivering, we've also made meaningful progress on the four key commitments we made to our shareholders at the start of the year. First, we continue to strengthen Newmont's position as the gold industry's recognized sustainability leader. During the second quarter, and as I just mentioned, we launched a safety refresh across our managed operations globally and are leveraging this important work to reinvigorate our safety systems, tools, standards and in-field leadership work. Supported by this approach, we've restarted operations at Cerro Negro in late May, returning our focus to safe and efficient mining in this highly prospective district in Argentina. In May, we also published our annual Climate Report, summarizing our performance for the sites managed by Newmont throughout 2023. Moving to our second commitment. Newmont has created a world-class portfolio focused on Tier 1 and emerging Tier 1 operations and districts. From this portfolio in the second quarter, we produced 1.6 million ounces of gold and 477,000 gold equivalent ounces from copper, silver, lead and zinc. Notably, this included 38,000 tons of copper for the quarter. We generated $1.4 billion of cash flow from operations and $594 million in free cash flow in the second quarter. And yesterday, we announced the monetization of Batu Hijau deferred payment obligations, and we expect to receive $153 million upon closing by September 30. It is also worth noting that Newmont received $44 million associated with contingent payments from production of Batu Hijau, bringing total proceeds that we will receive this year from our former operation to $197 million. In addition, we received the first $180 million payment from the sale that we announced last quarter, that Lundin Gold financing facilities. From these two transactions, we will receive nearly $530 million by the end of this year. With this progress, and with the confidence we have in our divestiture program, we now expect to reach at least $2 billion from the sale of our seven high-quality non-core assets alone. Taking all of this into account, we continue to build momentum, enabling us to advance our capital allocation priorities. Since our last call, we continue to safely progress the projects we have in execution from an industry-leading organic project pipeline, including the second expansion at Tanami, our new miner Ahafo North, and the two new Block Caves at Cadia. We have retired $250 million in debt, and we have returned approximately $540 million to shareholders in the form of regular dividends and share repurchases, which Karyn will discuss in more detail in a few minutes. Turning now to synergies. We remain firmly on track to deliver above and beyond our initial commitment of $500 million. In the second quarter, we achieved $100 million in synergies, bringing our run rate to $205 million, since we closed our acquisition of Newcrest only eight months ago. With this solid momentum, we have now disbanded our back-office integration team and remain firmly on track to achieve a $335 million run rate by the end of this year, well ahead of our initial estimates. Looking at the three components of our synergy delivery, and starting with full potential. We are now advancing into the delivery stage of the initiatives we have identified at Lihir, Cadia and Red Chris, with the largest value drivers coming from our two new Tier 1 assets in Lihir and Cadia. On our call last quarter, we provided an update on the opportunities we have identified at Lihir. In this quarter, I'll briefly describe some of the opportunities we see in front of us at Cadia. We recently completed our full potential diagnosis phase at Cadia, from which we have identified a series of initiatives that are expected to deliver more than $100 million of value by the end of next year. During this first phase, we had a team of experts from Newmont's Global Technical Services group working to support the site to identify opportunities to high production and improved cash flows. As one example of this, and through collaboration with Boddington, Cadia is working to optimize the output from its high-pressure riding roll circuit in the mill. With these HPGR improvements, Cadia will be able to lift its mill feed by approximately 80 tons an hour or more than 600,000 tons a year. Implementing the initiatives we have identified and leveraging the experience we have gained over the last 10 years with our Full Potential program, we are working with the team at Cadia to increase average mill throughput to 34 million tons per annum, representing a meaningful step up in productivity from this world-class gold and copper asset. With Lihir, Cadia and Red Chris, all now entering the delivery phase of Full Potential. We are on track to meet our initial $200 million commitment. Moving to supply chain synergies. We continue to leverage our combined scale to drive improved commercial outcomes for both pricing and terms. In the second quarter, we realized $60 million in synergies from around 40 initiatives in contracted services, mining equipment, energy, information technology among other categories. And we have a clear line of sight to reach $140 million run rate by the end of this year, as we progress our commercial work across several spend categories, including chemicals, explosives, grinding media, tyres, fuel, as well as spare parts and rotables. And finally, turning to G&A synergies. We have now achieved 95% of our initial $100 million commitment with an additional $15 million realized during the second quarter. The latest G&A synergies have primarily been coming from continued labor rationalization and ongoing reductions in our contractor spend. Taking these synergies into account, combined with the higher production volumes anticipated in the second half of this year, we expect to deliver lower unit costs in the third and fourth quarters. And with that, I'll now turn it over to Natascha, and then on to Karyn for an update on our operational and financial performance for the quarter. Over to you, Natascha. Natascha Viljoen: Thank you, Tom, and good morning, everyone. Our managed operations delivered solid second quarter results in line with our expectations and outlook for the year. With a focus on safe and efficient production at each of our managed operations, we are heading into the second half of the year with confidence in our ability to deliver on our business plan and the commitments Tom reiterated earlier. And similar to the first half of the year, our operational results in the third and fourth quarters will be largely driven by reduction from our six managed Tier 1 operations. Reflecting on these and beginning with Tanami, we delivered higher production in the second quarter as planned, while effectively progressing the second underground expansion. Tanami continues to be a reliable performer and remains well positioned to access higher grade stopes in the second half of the year from the Liberator ore body. Moving to Boddington. We reported consistent results as stripping in the North and South pits continued ahead of plan in the second quarter. And with plant, plant and crusher maintenance now beside us, Boddington is expected to deliver strong mold throughput and slightly higher gold and copper production in the third quarter. At Penasquito, we delivered higher gold and zinc production due to higher grades from the Chile Colorado pit and strong mill performance in the second quarter. Production levels are expected to remain steady in the third quarter with significant increase in gold production in the fourth quarter as we return to mining ore from the Penasquito toward the end of the year. Turning now to Ahafo. The girth gear replacement was slightly completed ahead of schedule, and I'm really proud of the Ahafo team for completing this significant body of work so efficiently. The change-out spanned over 12 months and involved that fabrication of a new 6.5-meter diameter girth gear, along with the transport with more than 50 tons of steel all the way from Australia to Ghana. During this entire time, the team continued to optimize the processing circuit, ensuring our most productive milling circuit was able to run as efficiently as possible. Beginning in the third quarter, we expect a meaningful step-up in production from Ahafo, as we will improve mill throughput, deliver consistently strong mining rates from Subika underground and access higher grades from the Subika open pit. At Cadia, we delivered solid gold and copper production as planned due to steady grades of strong bond performance in the second quarter. As flagged it into our guidance, production at Cadia is expected to gradually decline through the rest of the year, as we transition mining to the next panel cave, and we expect these lower grades to continue until the next panel cave is fully wrapped up. And finally, at Lihir, second quarter production decreased from the first quarter, primarily due to heavy rainfall, which contributed to soft ground conditions that in turn impacted mine sequencing. Production levels are expected to remain consistent in the third quarter as the site commences a planned 120-day shutdown of the primary autoclave. And just to bring the autoclave shutdown into perspective, the process includes not only shutting down the autoclave itself, but also removing the brick layer at [PYROFLEX] membrane, inspecting the 5.5-meter diameter steel shell, applying a high-temperature tolerant membrane and rebricking the 48-meter long structure, which is nearly the length of a new Olympic swimming pool. Once complete, we anticipate coal production will return to normal levels in the fourth quarter, positioning Lihir for a strong finish to the year. Taking everything into account, we anticipate an increase in gold production mix quarter, setting us up to deliver Lihir's higher production in the fourth quarter. Our performance in the second half of the year will be driven by higher grades at Penasquito, Ahafo and Tanami, improved throughput from Lihir and Boddington, along with an expected improvement from our non-managed operations. During the second quarter, we continue to progress the four key projects we currently have in execution. At Ahafo North, the construction of the crusher and mill are advancing well. We have four the concrete foundations for the SAG and ball mills and have erected all six carbon in leach tanks. Earthworks continue for the tailing storage facilities, along with the pre-mine development activities for this very exciting new mine in West Africa. At the second expansion at Tanami, our team remains focused on the concrete liner of the lower section of the shaft, and we continue to advance construction activities both underground and on surface. Underground, we are progressing the pressure and conveyor systems and have just safely and successfully completed boring nearly 200 cubic meters of concrete for the underground pressure chamber. On surface, we are working to complete the winder building, which will house the wasting operations for many decades to come. Turning to Cadia. The two Block Caves are each progressing well. We are continuing to commission two new draw points at panel caves 2-3, and we are anticipating that initial caving is expected to remain by the end of the year. For panel caves 1-2, we are advancing underground development and the engineering work needed to design the crushing and material handling systems at this Tier 1 gold and copper operation. With that, I'll turn over to Karyn to cover our financial performance and the progress we are making on our capital allocation priorities. Karyn Ovelmen: Thank you, Natascha. Turning to the next slide. Let's begin with a review of the financial highlights for the quarter. Building upon Tom and Natascha's remarks, Newmont delivered strong operational and financial results in the second quarter. We reported $4.4 billion of revenue at an average realized gold price of $2,347 per ounce and costs applicable to sales of $1,152 per gold ounce, an all-in sustaining cost of $1,562 an ounce, which were higher over the first quarter, primarily due to lower production volumes, higher royalties from a stronger gold price environment and increased sustaining capital this quarter due to spend on tailings work at Cadia and the planned purchase of additional trucks at Merian. Taking everything into account, we reported adjusted EBITDA of approximately $2 billion, driven by solid production volumes and higher gold prices. Adjusted net income was $0.72 per diluted share and was more than 30% higher than the first quarter. The most notable adjustment to net income for the quarter was an approximately $0.20 add-back related to a non-cash impairment to reflect our progress at the conclusion of Phase 1 in the divestment process for North America. As a reminder, assets that are classified as held for sale require a specific evaluation under US GAAP and need to be recorded at the lower, the carrying value or fair value of cost to sell. And we will continue to assess the current carrying value of all assets held for sale each quarter, which may result in future adjustments until the assets are divested. It is important to note that this impairment does not reflect the future potential of these operations in their entirety or what the ultimate purchase price might be. We also generated $1.4 billion of cash flow from operations and $594 million of free cash flow, which does not include the first $180 million payment received from the sale of the Lundin Gold financing facilities announced last quarter. It does include $263 million of unfavorable working capital changes, largely due to a build in stockpiles of $185 million, primarily attributed to Lihir and Telfer, a build in trade and other receivables of $140 million, due to higher grade concentrate produced at Penasquito and the timing of sales at Cadia, and $107 million of reclamation spend, primarily related to the construction of the Yanacocha water treatment facilities. With $166 million in reclamation spent to date, we expect that payments will continue ramping up in the second half of the year, which will be a working capital headwind in the third and fourth quarters. And whilst, we are pleased with the improvement in free cash flow, we are still not satisfied and are working to further improve margins. Looking ahead, we anticipate higher free cash flows in the second half of the year, driven by increased production volumes and lower unit costs, as Tom and Natascha just mentioned. Heading into the second half of the year, we remain firmly on track to achieve our full year guidance of reduction, cost and capital spend. And as Natascha mentioned, production is expected to increase in the third quarter, with the year's strongest performance anticipated in the fourth quarter. Unit cost will be closely correlated to production with the added benefit of full potential improvements and additional synergies realized in the latter part of the year. Today, we announced two divestments, including the monetization of our Batu Hijau deferred payment obligations and the sale of our Lundin Gold financing facilities. In total, these divestitures are expected to generate nearly $530 million in gross proceeds by the end of the year. With this momentum, the benefit of higher commodity prices contributing to enhanced free cash flows and the confidence in our asset divestiture program, we were able to prioritize shareholder returns sooner than anticipated while concurrently executing on debt reductions. Since our last earnings call, we repurchased 5.7 million shares at an average price of $43 per share for a total cost of $250 million, including $104 million repurchased during the second quarter and $146 million in July. And we purchased $250 million in nominal debt for $227 million, or $0.90 on the dollar. Additionally, we maintained an investment-grade balance sheet and ended the quarter with $6.8 billion in total liquidity. And we declared a fixed common second quarter dividend of $0.25 per share, in line with dividend declared for the past two quarters. Looking ahead to the remainder of the year, we will continue to execute our balanced capital allocation strategy focused on maintaining a strong balance sheet, steadily funding cash-generative capital projects and returning capital to shareholders. With that, I'll pass it back to Tom for closing remarks. Thomas Palmer: Thanks, Karyn. At the start of this year, I outlined the four key commitments that we have made to our shareholders. And I'd like to end today's call with a recap of the progress we have made against them in the second quarter. First and most importantly, we commenced a systematic review of our safety and risk management systems. We safely delivered solid production as planned, keeping us firmly on track to meet our full year guidance for both ounces and costs. We announced meaningful progress on our portfolio optimization commitments with the monetization of our Batu Hijau deferred payment obligations. We realized $100 million in synergies, bringing the total delivered to $205 million, since we closed our acquisition of Newcrest in November last year. We've demonstrated our commitment to shareholder returns, delivering $540 million through both regular dividends and share repurchases. And we strengthened our balance sheet with $250 million of debt reduction. As we enter the second half of this year, I am confident in our ability to deliver high production, more potential improvements and additional synergies, all of which will contribute to lower unit costs in the third and fourth quarters, and execute on our portfolio optimization strategy through the divestment of our non-core assets, and to progress our capital allocation priorities, all positioning Newmont for a strong finish to this year. And with that, I'll thank you for your time today, and turn it back over to the operator to open the line for questions. Operator: Thank you. [Operator Instructions] The first question comes from Lawson Winder from Bank of America Securities. The line is now open. Please go ahead. Lawson Winder: Great. Thank you, operator, and good morning, Tom and team, nice quarterly results, and thanks for the update. I also like to just acknowledge the - congratulations for realizing value on the deferred payments from Batu Hijau, which I think most of us have forgotten about. But I wanted to ask about the larger asset sales process Akyem, Telfer and the North American assets. What is your latest thinking on timing of each? And with the stronger gold price, are you seeing upward pressure on offer prices? Thanks very much. Thomas Palmer: Good morning, Lawson. And thanks for your question. And it's a chapter that we closed in our relationship with Batu Hijau, an asset I've been associated with for my 10 years at Newmont and was an active part of the original divestment process. So in some ways, it's a sad market to close that chapter on what is still a great copper mine, and one that Newmont built a generation ago. So it's nice to be able to clean up our noncore portfolio and realize that sort of value. In terms of our broader portfolio optimization rationalization process, it's firmly on track, and we continue to follow a very rigorous process to ensure we get full and fair value for these assets. And these assets are sold to operators that can continue to operate them and maintain them, with the principles that we have at Newmont. Maybe just covering the program, we've had four parallel streams running. The first one is we've just talked about is the - cleaning up the opportunities around our noncore equity portfolio. And the two major items there were the London Gold transaction and Batu Hijau, but we'll continue to look for any opportunities that might be in that noncore equity portfolio. At Akyem, we're well advanced in process with Akyem. So, we completed Phase 1 some time ago. We had 20 parties through that process who made bids, and we've taken seven parties into Phase 2. And we're at the end of the Phase 2 process. So, we've had all those parties visit site and participate in management presentations. And they are now preparing their Phase 2 bids for us to consider. So we're at that stage where really, by the time you get into Phase 3, you're down to one or two parties starting to finalize that transaction. So that is progressing very well. It's progressing on track. And we're certainly seeing a competitive process and good value coming through. The North American process, we're just concluding Phase 1. So we had some 67 parties actively participate in Phase 1. And we had around 24 bids submitted. And we had everything from bids for a single asset. If you remember, North America is Cripple, Greek, Victor, Eleanor, Porcupine, Musselwhite and our coffee project up in the Yukon. So we've had a range of bids from a single asset, to a bundle of assets to the full portfolio. And we are busily now having received those bids just in recent days, working through a process of assessing those, and determining, which parties will take into Phase 2. Again, that's progressing well, and there's some very nice competition in that process. So pretty more than pleased with how both Akyem and North America are progressing. And then Telfer continues to progress well. We continue to actively work that process and also slightly confident around how that process is progressing also. So everything is on track and pretty pleased with what we're seeing in terms of bids coming through, and the type of organizations that are looking to make offers, and ultimately acquire these noncore assets. Karyn, do you want to build on that? Karyn Ovelmen: Yes and just as a reminder, the accounting treatment under U.S. GAAP requires that there's an advanced process, it's auditable, there's viable buyers and the probability that the divestitures will be completed in 12 months, which for us would then be March of 2025. Lawson Winder: Thanks for clearing up that timing. And just one follow up on Telfer. Thank you for clarifying a lot of, I think, folks' thoughts around Telfer in terms of both timing and value. But one bit of feedback we've been getting is just some concerns around the tailings dam issues, and whether or not that might have impacted the ability to monetize that asset for value. Do you have any thoughts on that? Or is there any feedback you may have received from potential interested parties that might help calm some of those concerns? Thomas Palmer: Yes. Thanks, Lawson. The approach we took with Telfer - and certainly talked to this a number of times over the last few months - is ultimately being radically transparent around those tailings issues. So we - since we saw the first of the sinkholes developed on Christmas Eve, have been very transparent with the regulators, with our workforce and with any potential buyers around, what the issue is and what the work is to remediate those issues. So that the issues are well understood and the remediation is well understood, and we have been completely transparent around what that looks like, and the pathway to remediate. So there is a clear pathway to remediate, and I might just get an attachment to give a little bit more detail, as to what that looks like and maybe a bit of the timing, around that, because that then serves to understand with that transparency, what any potential buyers looking at. In terms of the ability to acquire Telfer and to be able to run the operation for some time to come. I should add before I pass to Natascha, we continue to operate the mine. So we're building stockpiles in front of the mill. So as soon as the tailings facilities are through the remediation work, the plant can start up and we can continue to process ore and produce gold again. Thanks Natascha? Natascha Viljoen: Thanks, Tom. Good morning, Daniel. Firstly, I just want to reiterate the point that we've been transparent with all parties involved throughout the process. Secondly, I want to reiterate that both the TSS 7 and 8 dams are stable. We're progressing the TSS 7 rehabilitation as planned, and it is all around how do we fall in the sinkhole, placing membranes and preventing in that way any further erosion in those areas. So whilst we're working on the stability on remediating the sinkholes in TSS 7, TSS 8, we've completed the rehabilitation. And we have authorization to continue with a lift on TSS 8 that we are required to do before we can do any more depositioning on that dam. It is on schedule, and we are planning to start up Telfer in the fourth quarter when we - when the rehabilitation and the lift would have been done. And apologies, I realize we're still talking to those and then - we haven't progress to Daniel my apologies. Lawson Winder: Quite all right. Thank you very much for those responses. Thomas Palmer: Thanks Lawson. Operator: Thank you. The next question is from Daniel Major from UBS. The line is now open. Please go ahead. Daniel Major: Hi, thanks so much. Can you hear me, okay? Thomas Palmer: Yes, we can. Thanks, Daniel. Daniel Major: Yes. My question is focused on the decision to start the buyback and sort of comes in two parts. Firstly, from a perspective of kind of run rate of cash returns relative to debt reduction going forward, how should we look at that? You've sort of indicated around half of the free cash flow will be allocated to debt reduction and buybacks? Is that what we should be considering for the second half? That's the first part of the question. Thomas Palmer: Karyn, maybe pick that one up? Karyn Ovelmen: Sure. Yes, we have time on the debt. So we purposely put out the $1 billion tranche for 2026, and so our commitment was over a 24-month period when we put that in place. So we do have time on the debt. The Batu as well as the Lundin just allowed us to be able to opportunistically in the market do some open market purchases. Daniel Major: Hello? Sorry - and the buy... Thomas Palmer: Hi Daniel, we didn't miss the - second part. Did you want to build? Daniel Major: Yes, sorry. Well, the other part was the run rate of the buyback going forward, what we should be thinking? And then just to add to that, I mean, what gave you the confidence to initiate the cash returns earlier? Is it the gold price environment, the operational visibility for the second half, or the certainty on - or narrowing in on the proceeds for divestments? Karyn Ovelmen: All three of those, Daniel, provided that opportunity for us. In terms of the pace of the share buybacks as we go forward, that will be driven by our free cash flow realization and proceeds from the divestitures. So as we've just mentioned, we're proceeding very well and are very confident in the ultimate execution on those investments. But we'll pace our share buybacks as we realize those proceeds as well as the free cash flow. Thomas Palmer: And maybe just to build on the debt side, Daniel, there was opportunistically during the second quarter with those process coming through. We've got that tranche sitting out there two years and we'll look to be opportunistic in terms of where there might be some good buying, whilst we manage that period out to when that tranche is due. Daniel Major: Great. Thanks so much. Thomas Palmer: Thanks Dan. Operator: Thank you. The next question is from Tanya Jakusconek from Scotiabank. The line is now open. Please go ahead. Tanya Jakusconek: Good morning. I think that's me. Thank you, everyone. I want to have - just ask a question on the technical side. Maybe Natascha, to you. Just on Penasquito. You did mention in 10-Q that Q3 should be similar to Q2 on the gold side, strong Q4 driven by grades as we get into the new pit. But the production from the non-gold metals did very well in Q2. Our previous guidance had been that they would be evenly distributed throughout the year. How should I think about Penasquito on the gold side as we go through Q3 and Q4? Natascha Viljoen: Thank you, Tanya. I think as we've spoken about before, we are mining predominantly in Chile Colorado with these first three quarters of the year. As we are progressing a pushback in Penasquito pit. Chile Colorado as you would remember, is higher in the zinc, lead and the other metals. And therefore, our production in those other metals in the first three quarters are higher. We have been progressing this payback in Penasquito a bit faster than expected. So we do expect to be back in the fourth quarter in Penasquito pit, giving us that advantage of higher gold grades in that fourth quarter. And we'll probably see about a 25% increase gold grade in that fourth quarter. Thomas Palmer: And Natascha, maybe just building on that, I think for the second quarter, with ore coming from Chile Colorado, good performance through the mill engine. So we're getting good throughputs and recoveries. So as we - and it's a third quarter that's also got feed primarily coming from Chile Colorado. So if the mill can perform and the grades present, we can potentially see some better lead and zinc because of the ore is coming from Chile Colorado, but it was a bit higher than maybe you were expecting was due to really good mill performance by Dave Meador and the team down there. Tanya Jakusconek: Okay. As I think about the second half, and I think you mentioned that there will be a step-up in production, to volume and then stronger volumes in Q4. And I think about this cost structure because in order for us to get these costs down, we do need the volume, number one. And obviously, the $130 million in synergies that you mentioned. I'm just trying to picture for myself, should I be thinking that the step-up into Q3 like almost like 26% of production coming out of the year and then 28% in Q4, and $130 million, majority of those savings coming in Q4? I'm just trying to understand how I'm going to get to your guidance on the costing side, with the volume and the synergies. And also where the $130 million in synergies are coming from, if I can have a breakdown of those? Thomas Palmer: And think about – I'll paint a picture this way, and I think you're not too far off the mark. You certainly have to see the synergies getting through - particularly those coming from full potential in the fourth quarter, as those programs get their momentum up. You're certainly going to see the highest quarter four gold ounces in the fourth quarter. That's from some of our key assets that Natascha covered in her comments. The two non-managed joint ventures, so NGM and PV, need to deliver on their commitments and they've got that strong fourth quarter. Our direct costs are pretty stable across the year. And certainly what we're seeing in the first half flowing through the second half, pretty stable. So, I think the picture you're painting in terms of that third quarter weighting to the fourth quarter weighting, is a reasonable position to be thinking about in terms of that weight between the third and the fourth quarter. You will see a step up in the third, and then a step up into the fourth to get to our numbers. Tanya Jakusconek: And maybe just if I could have an understanding. Maybe just an understanding of the $130 million in synergies. Can you just give me a breakdown of what's coming from? Is it like what very little is left in G&A? Is it supply chain like $3 million of it and $100 million in the operations? I'm just trying to understand how I should think about that $130 million coming in yet? Thomas Palmer: Yes. Certainly, when you think about G&A, and it's the same we saw for Goldcorp, similar size companies, that's around about the mark. So we've largely seen that come through. Still pushing hard on - we've got a strong commercial team working hard on all those fronts. So you're going to see a good amount come from that supply chain work. And then you'll start to see both Lihir and Cadia bit of regress in the fourth quarter. So not much from G&A to percentage coming from supply chain, as that work start to kick in. And then you'll start to see in the fourth quarter some of the full potential of the operation starting to kick through, really, they start to show up in 2025. But again, the split, you're actually not too far off the mark. Tanya Jakusconek: Okay. Great. Thank you so much. I appreciate you taking my question. Thomas Palmer: Thanks Tanya. Operator: Thank you. The next question is from Matthew Murphy from Jefferies. The line is now open. Please go ahead. Matthew Murphy: Hi. Just a follow-up on the share repurchases. Just - margins are good. They're getting better. You still have asset disposals ahead, and you're out pretty early and strong out of the gate on the buyback. So how should we think about what happens, when you hit the $1 billion mark? I think that's the total allowed right now through 2026. So should we be thinking the Board will reevaluate that potentially earlier than that? Or should we think about once you hit the $1 billion, do you start picking up CapEx again? Thomas Palmer: Good morning Matt. Certainly the $1 billion was our initial commitment, and it's a bend. So we're committed to $2 billion of proceeds from divestments of the seven noncore assets and $1 billion going to share repurchase and $1 billion going to debt reduction. So that's how that comes together. Now as we start to see the divestment process come through, and as I was talking earlier in terms of what we see coming now in terms of offers. But Phase 2 and Phase 1 offers and get a view as to what the proceeds are plus the cash that we'll generate in this price environment, as we near the end of that $1 billion program. We'll sit down with our Board and discuss what another tranche may look like. But certainly, as we think about our return of capital, it's through buybacks will be the vehicle that we'll use. So you would expect that we would look to extend that program, if - that everything would play out as we expect, going forward, the conversation we have with our Board at the appropriate time. Karyn, do you want to build on that? Karyn Ovelmen: Absolutely. As I already indicated, the free cash flow realization and the divestitures will be what drives the share buyback. And administratively, as Tom said, we'll work with the Board if we have to read up the authorization to meet that the proceeds as well as the free cash flow to execute on share buybacks as we go forward. Matthew Murphy: Okay. Great. That's very clear. And then maybe just as a follow-on on the CapEx question. Do you view an increase in CapEx down the line? Is that kind of like a time line related thing where you integrate Newcrest for a number of years, and kind of focus on capital returns. And then eventually get back into potentially higher development CapEx? Thomas Palmer: No, Matt. We've been clear in our strategy. We have built a portfolio of Tier 1 long-life assets, lever managed operations and nonmanaged joint ventures, something that hasn't been seen before in the gold industry. I think for the first time, we have a long life, very long-life gold mining business with Tier 1 assets. Key to running a long-life portfolio is our discipline around capital allocation. So, if we think about this portfolio going forward and our pipeline of projects, the six big projects sitting in our pipeline, our discipline around the amount of capital we'll put towards sustaining capital for that portfolio, and the $1.3 billion towards development capital doesn't change. It's the discipline around managing our long-life portfolio and having a view on capital that's like two decades out. And thinking about what that means, is key to what we've built. So we'll demonstrate that over time, but the expectation you should expect from us, is that $1.3 billion is the amount of money that we allocate, to reinvest back in the business each and every year. Matthew Murphy: Okay. Great. That's clear. Thanks, Tom. Thomas Palmer: Thanks, Matt. Operator: Thank you. The next question is from Anita Soni from CIBC Wall Markets. The line is now open. Please go ahead. Anita Soni: Hello, Tom and team. So a lot of the questions have been asked and answered. I'm going to ask about the working capital as it evolves over the back half of the year. So I think you said you had about $166 million of the rest, the $600 million reclamation spend - spent to-date. So that leaves around $434 million. So that would - is it an even split for that spending in Q3 and Q4? And then also, the other aspect would be the Telfer spend. Are you going to continue to mine at that rate? And how much was that spend again? I thought I heard $185 million, but I could be wrong about that? Thanks. Thomas Palmer: Good morning, Anita. Thanks. I'll get Karyn will pick up the working capital question and then Natascha on the approach to Telfer discount. I'll leave Karen to begin. Karyn Ovelmen: Thanks, Anita. The first half of the year traditionally tends to produce adverse working capital changes. So we expect the free cash flow generation to improve in the second half of the year. And as I mentioned in my prepared remarks, we do have some unfavorable impact. So, you had to go to water treatment. And as you said, yes, spent 166 to-date. And you're right, it's about 400 to 450 to be spent in the second half of the year, with more of that weighted towards the fourth quarter than the third. Maybe just to - and then also just a reminder, the other kind of plan is the remaining stamp-duty, just about $30 million that will be expected to be paid in the third quarter. Natascha Viljoen: And in general, and from cost production, we will continue to mine as we know that there's a solution for the tailing stand and as we're working through those solutions. And then, we do have capacity in the plant to catch up to get that production through. And as we get that production through and declare the ounces, we will also declare our unit costs. Anita Soni: Okay. And then what was the other one that - I think there was another asset that had some working capital change. It was Lihir that should unwind in Q4, I guess, when you ramp up but perhaps draw down again in Q3? Karyn Ovelmen: The build-up in Q2 from Lihir, about a $75 million impact. So the average carrying cost per ounce of the stockpiles increasing from the initial low value that we had on the acquisition and a lot of that has to do with purchase price accounting adjustments. Anita Soni: Okay. If I can ask just one more question. You reiterated your target of $2 billion from asset sales. Would you include this $500 million or so million you realized from these noncore within that $2 billion? Or is that excluding the - is that excluding those two assets, Lundin and the Batu Hijau? Thomas Palmer: It's estimated that $2 billion that we're committed to excludes proceeds from Lundin and Batu Hijau. So we're committing to at least $2 billion from the divestment of the seven noncore assets. Anita Soni: Okay. Thank you very much. That's it for my questions. Thomas Palmer: Thanks Anita. Operator: Thank you. The next question is from Bob Brackett from Bernstein Research. The line is now open. Please go ahead. Bob Brackett: Yes. Good morning. Thanks for taking my question. A bit in the weeds around Lihir. I am trying to understand the cadence of the shutdown and the guidance. So there's roughly five months left in the year. The shutdown is four months, but we should think about volumes as being sort of evenly split first half and second half. Are all 4 other claims being shut down? Or is it in series or parallel? Or how do I think about that cadence? Thomas Palmer: Autoclave four is the largest of the four autoclaves, represents 40% of the throughput. So still at other three autoclaves running. You get some more recoveries running through those other three autoclaves. So the guidance for Lihir for the year respected that the largest of the autoclaves being down from 120 days shut. And then that you're obviously going to see that impact through predominantly the third quarter and into the start of the fourth. So we're certainly reflecting the impact of that shutdown for Lihir this year in sudden. I think Natascha said in her prepared remarks, the third quarter is similar to the second quarter, and then you'll see the fourth quarter higher as you get that autoclave up and running again with Lihir. It's not too slow of being 50-50 waiting for the year as a consequence of that. Bob Brackett: Okay, that's very clear. Thanks for the color. Thomas Palmer: Thanks Bob. Operator: Thank you. The next question is from Brian MacArthur from Raymond James. The line is now open. Please go ahead. Brian MacArthur: Good morning and thank you for taking my question. It has to do with reclamation. And obviously, there's some significant money going into Yanacocha. But as we think longer term and you talk about your $1.3 billion sustainable capital, are there other assets, I think out three to five years, that could have significant capital requirements, i.e., cash out the door as opposed to book accounting that I need to think about in my long-term cash flow analysis? Thomas Palmer: Good morning Brian, certainly, when we think about as some earlier on the on our capital allocation, whether it be development capital or sustaining capital, if you think about this portfolio going forward having a reliable, predictable spend on sustaining capital to manage our business going forward, tailings dams and the like. And in terms of your broader part of that question as it relates to reclamation, remediation and the like, Karyn can you pick that one up? Karyn Ovelmen: Yes. Just to clarify, that comes out of working capital. But those are actual payments for accruals that have already been recorded on the book. So the expense has already been taken for those. And so it's truly just cash outflow that has been for accruals that are already recorded on the balance sheet. The Yanacocha water treatment facility is the big one. No expectation of any significant changes to what we've been outlining as we go through. And as we've indicated, the spend will be approximately around 600 in total 2024, it goes up higher in '25, and that's above our historical outflow which was annually around $200 million to $300 million. So specific to the Yanacocha liability. We don't expect any other significant increases in that. If anything, we expect that to go back to historical levels beginning in '28-'29 time period. Thomas Palmer: And then, Brian -- thanks, Karyn. In terms of our portfolio, certainly our go-forward portfolio, Yanacocha is an order of magnitude larger in that reclamation liability than any other of operations. So the other big mines, the Penasquito, the Boddington, the Nevada Gold Mines complex, order of magnitude lower. So it's got quite -- Yanacocha make in that respect. Brian MacArthur: Great. That's what I thought, but I just figured I'd check. And the second part, I think you've been very careful you talk about when you're selling these assets, you want them to go to operators to maintain them going forward. Can I assume -- I'm going to assume that you're going to sell the reclamation liabilities to the buyers of this? And the second part of that, I guess, within those assets, the 1 that's highlighted in the 10-Q as maybe Porcupine has - potentially there are studies going on there about reclamation. And again, I'm just trying to -- I know you're very careful at this and reclamation is very important in the overall analysis. But I'm just trying to figure out how I should think about that. Thomas Palmer: Yes. Thanks, Brian. Yes, the expectation is that as we divest these assets, and particularly when you're a competitive environment, which is what we're seeing, is that, that reclamation liability passes on to the new owner. And I'd also look to our track record as we've sold and rationalized and optimized our portfolio over the last 10 years. So that - that has been part of how we've gone about it. So what you've seen in terms of KCGM or a Red Lake or a [Bahi], similar process going forward. Brian MacArthur: Great. Thanks very much. Thomas Palmer: Thanks Brian. Operator: Thank you. And the next question is from Mike Parkin from National Bank. The line is now open. Please go ahead. Michael Parkin: Hi, guys. Thanks for taking my questions. Just a couple of follow-ups. One, Natascha. Can you just give me an idea of when we should expect that fourth autoclave to go down and at a service for the reline? Natascha Viljoen: Mike, on the first of August, then its 120 days. Michael Parkin: Okay. Perfect. And then a couple of questions for Karyn. Depreciation once rates on the Newcrest assets. I'm assuming they're not quite stable yet? Or have you finalized your purchase price accounting? And is it fair to kind of use Q2 rates on a go-forward basis? Or should we still expect those to kind of bounce around a bit? Karyn Ovelmen: There'll be slight variability as we go through and adjust from a purchase price accounting perspective, but they should be, generally speaking, well set. I think we've had some -- there's some ups and downs in depreciation. They're higher a bit ounces mined at Penasquito, higher ounces mined and acid additions at Ahafo and increased as a result of the drawdown in either at Yanacocha. And all of that partially offset by the decrease that we -- as you report things as assets held for sale, you cease depreciation and amortization on those assets once you put that into that classification. So those will be the big variances as you go forward. But generally speaking, the Newcrest from a purchase price accounting perspective, it's been pretty settled. Michael Parkin: Okay. And then a question on taxes. Are you making payments in installments based off your budget gold price? Or given that we're sitting up closer to - it was 2,400 12 hours ago, a little lower now. But obviously, a much more robust metal price environment. Are you truing up your payments? Or should we - this metal price environment sustains, should we start to think about catch-up payments in Q1, Q2 of next year to make up for the difference between budget and realize? Karyn Ovelmen: Yes. It will start accruing in arrears as we go forward. Michael Parkin: Okay. Thank you. That's it from me. Thomas Palmer: Thanks Mike. Operator: Thank you. This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Thomas Palmer: Thank you, operator, and conscious, we're just at the top of the hour. So thank you all for your time for today, and have a good day, and we'll now look forward to catching up with you soon. Thanks, everyone. Operator: The conference has now concluded. Thank you for attending this presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont's First Quarter 2024 Earnings Call. [Operator Instructions] Please note, the event is being recorded. I'd now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Thank you, operator. Good morning, everyone, and thank you for joining our call. Today, I'm joined by my executive leadership team, including Natascha Viljoen and Karyn Overman and will all be available to answer your questions at the end of the call. Can I please ask you to note our cautionary statement and refer to our SEC filings, which can be found on our website. Before we begin today, I'd like to take a moment to remember the 3 colleagues who sadly lost their lives working for Newmont this year. Ike Cobbina Morrison or Cobe, as he was known to his friends and colleagues was a dedicated and hard-working member of our Ahafo North project team and a natural leader. Cobe was a son, a husband, a father, a dear friend to many and he'll be greatly missed. Rosana Ledesma was a daughter, a wife and a mother to a young daughter. Civil engineer Rosana was part of the original team that developed Cerro Negro 11 years ago and had aspirations to soon become a part time farmer in Argentina. And Daniel Ochoa. A son, a father to 2 young boys, a partner and a brother. He has been described by his colleagues as a strong team member with ambitions to further develop his career in mining. The investigations into these tragic incidents have been led by 2 of our managing directors from different business units. With the support of teams of subject matter experts, to ensure that we truly understand the cause of the incidents. Our response will include implementing both immediate measures from early observations from the investigations as well as taking a structured approach to reinvigorate our safety systems, tools and in-field leadership activities that will all have a heavy focus on the quality of application. Sadly, these recent incidents are a stark reminder of the need to maintain discipline and a relentless focus on safety fundamentals. The loss of Adam Kennedy, Cobe, Rosana and Daniel over the past 6 months has had a profound impact on the entire Newmont family, and it is with great humility and resolve that we will continue to challenge ourselves to ensure that everyone working in our business goes home safely to their loved ones. Turning to our quarterly results. We are firmly on track to deliver our 2024 guidance. We are pleased with our operational performance in the first quarter and remain focused on delivering consistent results as guided over the remainder of this year and beyond. I also want to reiterate the 4 key commitments that we have made to our shareholders. We continue to make progress on these commitments, and I'd like to provide a brief update on our first quarter achievements. Starting, we're strengthening Newmont's position as the gold industry's recognized sustainability leader. Last week, Newmont published their 20th Annual Sustainability Report along with our third annual taxes and royalties contribution report, both providing a detailed and transparent look at our values-driven approach to sustainability, and the economic contributions we made in the jurisdictions and communities that we operate in. With this sustainable foundation in place, we have created the industry's strongest portfolio of world-class gold and copper assets in the most favorable mining jurisdictions. And from this portfolio, we produced 1.7 million ounces of gold at an all-in sustaining cost of $1,439 an ounce in the first quarter. We continue to expect these unit costs to improve throughout the year driven by both higher production in the second half and the delivery of synergies. I'd also note that in the first quarter, our go-forward Tier 1 portfolio produced 1.4 million ounces of gold at $1,378 an ounce. Our Tier 1 portfolio also produced over 480,000 gold equivalent ounces from copper, silver, lead and zinc and included in this number is the 35,000 tonnes of copper that we produced and sold. We generated $776 million of cash flow from operating activities in Q1, including a $666 million reduction from working capital which Karyn will cover in a few minutes. And when we exclude the $291 million onetime stamp duty payment we made in February in connection with our acquisition of Newcrest free cash flow for the quarter would have been $217 million. Our second quarter production and costs are expected to remain relatively consistent with the first quarter. And we continue to expect that our gold production will be weighted to around 53% in the second half of the year, remaining firmly on track to achieve our full year guidance on both production and cost basis. In the first quarter, we also continued to progress the divestment of our 6 high-quality non-core assets this year. And this morning, we announced the sale of our Lundin Gold financing facilities, generating $330 million in cash proceeds and furthering our commitment to maximizing shareholder value by monetizing our non-core assets. We continue to maintain our exposure to Fruta del Norte through our equity interest in Lundin Gold. Underpinned by the industry's strongest portfolio of gold and copper assets, we remain committed to maintaining a disciplined and balanced approach to capital allocation. As part of this, we declared a first quarter dividend of $0.25 per share, demonstrating our ongoing commitment to returning capital to shareholders. We refinanced approximately $2 billion in debt related to the Newcrest acquisition. And we continue to advance our 4 key projects we have in execution, our second expansion at Tanami our new mine, Ahafo North and add 2 new block caves at Cadia. And finally, turning to synergies. We remain firmly on track to deliver on our commitments. In the first quarter, we achieved $56 million in synergies, bringing the total delivered to $105 million since we closed our acquisition of Newcrest in November last year and building solid momentum towards our commitment of delivering a $500 million synergy run rate by the first of January 2026. We have identified a series of initiatives, each with action plans and dedicated resources in place that have us on track to achieve a $335 million run rate by the end of this year, representing 2/3 of our $500 million synergy commitment and well ahead of the run rate we estimated when we announced this commitment in May of last year. Beginning with the core of this value delivery, we are seeing great opportunities emerging from our full potential work and we are just getting started. At Lihir, we recently completed the first phase of full potential from which we have identified initiatives that will deliver more than $150 million of value close to double the synergy target we allocated to this new Tier 1 operation in our portfolio. I've just returned from Lihir and the key to extracting this value will be simplification. Following a very similar approach to the 1 we used at Penasquito 5 years ago. We have key members of our Newmont technical team on the ground in P&G supporting the site team to work on simplifying operations by focusing on the areas that would genuinely move the needle and stopping the non-value activities that have historically played this operation. One example of this work is the work we are doing to debottleneck the materials handling and crushing circuits, which have been limited by Lihir's different oil properties, resulting in downtime from spillage, block shoots and block crushes. From this initiative alone, we expect to improve mill throughput and generate over $50 million in annual cash flow improvements and the future waves of opportunities already identified at Lihir we remain very excited about the untapped potential at this Q1 operation. We are also well into the first phase of our full potential work at Cadia, Red Chris and Brucejack and have already identified several high-value opportunities that we will progress in parallel with the initiatives now underway at Lihir. For our supply chain synergies we have already realized close to $30 million from negotiating more favorable terms and pricing for materials and equipment as well as first consolidating and then renegotiating service contracts. As we look ahead, we will continue to work closely with our key suppliers, leveraging our unmatched scale and global partnerships to seek improvements through negotiations and tenders over the course of the year. Then turning to G&A. We have already achieved over 80% of the synergies that we committed to and we expect to exceed our $100 million G&A commitment by the end of this year. Most of our G&A synergies are coming from employee and contractor rationalization as we expected and to a lesser extent, from reductions in insurance premiums and other administrative fees. We look forward to realizing the significant production and cost benefits from our synergy work and we will continue to provide you with updates on our progress each quarter. And with that, I'll now pass to Natascha and then Karyn for an update on our operational and financial performance for the quarter. Over to you, Natascha. Natascha Viljoen: Thank you, Tom, and good morning, everyone. After the loss of our colleagues at Ahafo North and Cerro Negro, Tom and I have spent time at these 2 sites. And with the project operational and investigations teams to get a firsthand understanding of the incidents to inform our global response to address our safety performance. In addition to Ahafo North and Cerro Negro, I had the privilege of visiting 5 of our 6 managed Tier 1 operations and spend time with our colleagues at Boddington, Penasquito, Akyem, Ahafo and Lihir as well as Yanacocha and Merian. Our operations delivered a strong first quarter performance in line with our business plan and outlook for the year. With full potential underway at many of our sites, we remain confident in our ability to deliver safe and efficient production keeping us on track to deliver on the commitments Tom just described. I will cover the first quarter performance and outlook for our Tier 1 operations, starting with Tanami. Tanami achieved planned production for the quarter and despite the heavy wet season in the Northern Territory that resulted in a 6-week closure of the Tanami track. In the first quarter, Tanami delivered higher tonnes mined from deeper underground and successfully completed its planned mold shutdown, positioning the site to deliver at least a 20% increase in gold production in the second quarter compared to the first. At Boddington, the stripping of the current laybacks in both the North and South pits, continued to ramp up in the first quarter an investment that will bring forward stronger gold and copper grades starting in 2026. Total material moved increased over the fourth quarter due to improved tonnes mined and higher shovel productivity through the introduction of double-sided loading for our autonomous truck fleet, representing a major milestone for this ore fleet as the performance of this technology continues to go from strength to strength. Penasquito delivered strong silver and lead production from the Chile Colorado set in the first quarter, as wide stripping continues to progress in the Penasco pit as previously indicated. As a result and as planned, we continue to expect gold production to be around 60% weighted towards the second half of the year at this world-class polymetallic mine. As we return to mining ore from the Penasco pit towards the end of the year, we will have access to these higher gold rate in the fourth quarter and into next year. At Ahafo, we continue to optimize the processing circuits in the first quarter achieving a 37% increase in mill throughput compared to the prior quarter. The newly fabricated girth gear for 1 of the 2 SAG mills has arrived on site and we remain on track to replace this gear in May of this year. Once the new girth is commissioned, we anticipate a 10- to 20-day ramp-up period to reach full processing rights resulting in even stronger production levels at Ahafo into the second half of the year. Cadia continued to deliver strong gold and copper grades from the Cadia block caves in the first quarter. However, as factored into our guidance, these growths are expected to gradually decline over the remainder of the year as we transition from mining this cave to Panel Cave 2 3. And the work we are doing on both tailings rectification and expansion at Cadia, as mentioned last quarter is progressing well. Tom and I visited a Lihir in early April, and we're impressed with the team's dedication and understanding and then implementing full potential work. As Tom said, this work will focus on simplifying the operation and being clear on the highest value option that will drive stability through the mining value chain. In addition, I want to flag that the largest of our 4 autoclave at Lihir will come down in quarter 3 for planned maintenance. This shutdown is included in our guidance. During the first quarter, we continued to progress the 4 key projects we currently have in execution. At Ahafo North, we are advancing the construction of the processing plant and mine service facilities, along with wide stripping activities to allow the mining of ore to commence towards the end of this year. We are diligently focused on progressing the project safely and efficiently and looking forward to delivering new low-cost ounces in the second half of 2025. At the second expansion of Tanami our focus is on safely lining the lowest section of the shaft. And as you can see in the photo, we also continued to progress the construction of the underground infrastructure, including pouring the concrete foundation for the crusher chamber during the first quarter. The 2 block caves at Cadia are both progressing well. We are advancing cave development to bring production online at Panel 2-3, and we are progressing underground development work for Panel Cave 1-2. With that, I'll turn it over to Karyn to cover our financial performance and capital allocation priorities for the remainder of the year. Karyn Ovelmen: Thank you Natascha. Let's get started with a review of the financial highlights for the quarter. Newmont delivered solid first quarter earnings, driven by strong production volumes and favorable metal prices. And as a reminder, results included only 2 months of our equity investment in Lundin Gold, which is accounted for 1 quarter in arrears. In the first quarter, Newmont delivered $4 billion in revenue, at an average realized gold price of $2,090 per ounce and copper price of $3.72 per pound. Adjusted EBITDA of $1.7 billion, and adjusted net income of $0.55 per diluted share. The most notable adjustment to net income for the quarter was a $0.43 add-back related to noncash impairments, non-core assets that were classified as held-for-sale as of March 31 under U.S. GAAP, assets that are classified as held-for-sale require a specific evaluation and need to be recorded at the lower of the carrying value or fair value less cost to sell. As a result of this evaluation, Newmont realized a noncash loss on assets held-for-sale, including the associated tax impact, of $485 million, primarily related to the Coffee project as opposed to assets that are currently operational. As I indicated on our previous call, we anticipated minimal free cash flow in the first quarter, primarily due to the timing of production and payments. We generated over $1.4 billion of cash flow from operations in the first quarter before a working capital reduction of $666 million. These changes in working capital included a one-time payment of $291 million related to stamp duty tax stemming from the acquisition of Newcrest, which was accrued for last year. The building stockpiles primarily at our newly acquired sites of $193 million. A build in accounts receivable of $84 million, largely due to the ramp-up of operations at Penasquito in the first quarter and the timing of concentrate sales, and $59 million of reclamation spend primarily related to the construction of the Yanacocha water treatment facilities. Yanacocha's ongoing closure advanced to the feasibility state at the end of last year and continues to address several complex closure issues, including water management, social impacts and tailings. This long-term water management solution will replace 5 existing water treatment facilities with 2. We commenced our construction of the Yanacocha water treatment plants as planned this quarter and expect spending to ramp up throughout the year and continue to adversely impact working capital. Historically, Newmont's stand-alone reclamation spend averaged around $200 million to $300 million per annum, but we expect to spend around $600 million in 2024 and peak around $700 million in 2025 before beginning to decline in 2026. As previously mentioned, the first half of the year traditionally tends to produce adverse working capital changes. And this normal trend is expected to continue into the second quarter but with a slightly lower impact due to the regular timing of cash tax and interest payments. And with production also weighted toward the second half of the year, we anticipate that the majority of our cash flow after working capital will be realized in the third and fourth quarter. positioning Newmont for a stronger second half of the year from both an earnings and cash flow perspective as we continue to focus on operational delivery. As Tom mentioned, we remain firmly on track to achieve our full year guidance for production, costs and capital spend. Production is expected to increase in the second half of the year. With the year's strongest performance anticipated in the fourth quarter, primarily driven by strong grades at Penasquito, and Tanami. And unit costs will be closely correlated to production with the added benefit of full potential improvements and additional synergies realized in the second half of the year. Capital discipline is a key focus area for us with our transformed portfolio. As mentioned on our last call, we continue to expect to invest an average of $1.3 billion per year of development capital in projects that will generate the highest returns, which we plan to provide more information about during our Capital Markets Day in the fourth quarter of 2024. During the first quarter, we continued to execute our balanced capital allocation strategy, which focuses on maintaining a strong balance sheet, steadily funding cash-generative capital projects and returning capital to shareholders. We maintained an investment-grade balance sheet and ended the quarter with $6.7 billion in total liquidity when including the cash reclassified to current assets held for sale. We reinvested $317 million of development capital as we continue to advance our highest return projects from our deep organic pipeline. And finally, we declared a fixed common first quarter dividend of $0.25 per share, in line with the dividend declared during the fourth quarter. Looking ahead, our capital allocation priorities have not changed and the cash flows generated from our operations and the proceeds from divestments will be allocated first, to have an approximate cash balance of $3 billion and then to reduce debt up to $8 billion over the next few years. Additionally, once we have line of sight on meeting our balance sheet targets, we intend to repurchase shares as we see value in buying back our shares. Maintaining a disciplined and structured approach to capital allocation throughout the year, will better position Newmont to deliver value to our shareholders. With that, I'll hand it to Tom for closing remarks. Back to you, Tom. Tom Palmer: Thanks, Karyn. In closing, and as we look ahead to our priorities for the year, I'd like to reiterate our focus areas and key commitments. First, we will reinvigorate our established safety program and continue to strengthen Newmont's position as the gold industry's recognized sustainability leaders. Second, we will continue operating the industry's strongest portfolio of world-class gold and copper assets in the most favorable mining jurisdictions. Third, over the next 2 years, we will deliver $500 million of annual synergies an additional $500 million in cost and productivity improvements and over $2 billion in cash from portfolio optimization. And finally, we will drive a disciplined, balanced approach to capital allocation, creating a resilient and returns-focused future for our organization and our shareholders. From our go-forward portfolio, focused on Tier 1 gold and copper operations, we are well positioned to deliver on these commitments and more routing an attractive value proposition to new and existing investors during this unique time in the gold industry. And with that, I'll thank you for your time today and turn it over to the operator to open the line for questions. Operator: [Operator Instructions] Our first question comes from Lawson Winder of Bank of America. Lawson Winder: Very nice quarterly results, and thanks for the update today. Can I start off by asking about asset sales. First of all, congratulations on realizing value from the sale of the lending stream and offtake. But with respect to that, first of all, when you receive that, when would you receive that cash, first of all? And then second of all, will it be applied entirely to debt repayment? And then just looking at the asset sales more broadly, we've seen public indications of interest, fairly substantial interest in a team in Telfer, how would you describe the interest in the other assets? And what is your time line currently on thinking to be able to announce some transactions on these assets. Tom Palmer: I'll pick up the second part of your question and get Karyn to pick up the first in terms of the use of the proceeds from the Lundin transaction. So 6 high-quality non-core assets that are now held for divestment. So we've moved into that accounting classification, as Karyn talked to. We have started a formal process on every 1 of those assets. So we're in Phase 1 in each of those -- each and every one of those assets. So we're in the price discovery phase. And there is a high level of interest across all of those processes, when we classify as assets held for sale, we are laying out a program as we've committed to, that we will work to divest those assets for fair value over the next 12 months. Our preference is on cash, and that's what we've been looking to optimize value and cash. But the process has started on all 6 of them, and there's a high degree of interest, clearly getting an asset out of a Newmont portfolio is attracting a lot of interest in the marketplace. Off to Karyn, in terms of your question around the use of the proceeds, they're coming to tranches Karyn then we process these. Karyn Ovelmen: Yes. In terms of the use of proceeds, so the first payment second quarter, the second payment in the third quarter. Our capital allocation priorities are consistent as I discussed in my prepared remarks. And as we've indicated through 2024, the beginning part of the year, we will be drawing that cash as we go through the year. And so the first proceeds would be used to kind of replenish those cash balances as we go forward. Operator: Our next question comes from Tanya Jakusconek of Scotiabank. Tanya Jakusconek: Natascha I wanted to ask you just on the year on the GEO side, you gave us the 47-53 on the gold front. Can you give us some guidance on the other metals, maybe just on the GEOs, how they progress at the year and particularly at Penasquito, please. Natascha Viljoen: Tanya, thank you for that question. I think starting off just broadly -- we will see -- we see higher contribution from Penasquito on GEO this year because we are with -- we are mining predominantly in the Chile Colorado pit that we know is higher in GEOs. If we look at our GEO production across the last 4 quarters, we will see that the GEO collection for silver would be around 9 million ounces a quarter in the order of about 28 million ounces or lead -- sorry, 29,000 tonnes and 58,000 tonnes of zinc across the 4 quarters. Tom Palmer: Just chipping in there, Tanya the -- getting the sort of coming out of Chile Colorado for the fourth quarter and the hit-back in Penasco, pretty flat on silver and lead, probably that's just a little bit more zinc maybe in the fourth quarter. Tanya Jakusconek: Okay. No that's helpful. Tom Palmer: Copper is pretty steady through the year. Copper is pretty steady, Tanya, sorry. Tanya Jakusconek: And could I ask just still on the operational side, Natascha, you mentioned Lihir maintenance in Q3. Are there any other big maintenance that we should be aware of in your portfolio, particularly Nevada Gold Mines, Pueblo Viejo, Cadia? Natascha Viljoen: The only other areas would be Ahafo South we will be replacing the girth here, as I mentioned in the prepared comments and that will happen now in the second quarter. And then after that, we should see a ramp up back to normal production levels for Ahafo. You might remember Tanya we did say that we've reduced production out of Ahafo to make sure that we see the 2 mill streams running, but that will then return to normal production rates after that shut. Tanya Jakusconek: Okay. That's very helpful. And then just finally on operations, and I'll leave it with someone else to ask. Just interested in as you -- the costs were quite good in Q1, even with the lower production level that you are going to expect better production going through the year. Anything on the inflationary front that you could flag for us any easing that you're seeing? Anything that you're seeing some benefits on? Natascha Viljoen: We've certainly seen some easing in 3 areas. We've seen it in contractor costs, diesel and explosives. But then we've also seen some increase in our scalable cost related to steel price and being also cyanide costs. The other x actor would probably energy in certain areas, we see a reduction in energy. That is, I think, quite surprising for us from 2023. Tom Palmer: And just a reminder [indiscernible] cost too. [indiscernible] cost is labor, and that's been pretty flat. Natascha Viljoen: Yes. Tanya Jakusconek: So just as I understood because it faded in and out, and I apologize for that. Just on where you're seeing reductions or easing is in contractor costs diesel and some consumables and energy? Is that a correct statement? Natascha Viljoen: Explosives specifically. And then the overall labor cost staying flat for own labor, that's about 50% of our cost makeup. Operator: Our next question comes from Josh Wolfson of RBC Capital Markets. Joshua Wolfson: The team has painted a fairly rosy picture here on what the prospects are for asset dispositions -- and then also what the free cash flow outlook will look like absent some of these working capital headwinds. In that context, I'm wondering how flexible is the company's buyback policy -- and I'm noticing the stock being a lot higher today than it was when the plans were announced for this at the fourth quarter results. Natascha Viljoen: Thanks, Josh. Yes. As we go through the divestitures and as I've indicated, as our free cash flow picks up in the second half of the year. First priority is to ensure that we've got that -- our cash replenished on our balance sheet. And then there will be flexibility in terms of -- as long as we have line of sight in terms of debt reduction over the next 24 months, we would -- at that point in time, if we were in a position to start to think about executing on share buybacks. Tom Palmer: As a reminder, Josh, we've got an approved $1 billion buyback program ready to go if and when that scenario, Karyn maps out takes place. Joshua Wolfson: Okay. And then just sort of to clarify, when I look at even what a flat quarter would look like at much higher gold prices today. And again, without some of the larger working capital challenges, even maybe 1 or 2 of these asset dispositions would put you in line of sight of that. So is it fair to say that the prospects for this buyback could happen sooner than maybe what the initial criteria were outlined for the balance sheet requirements? Natascha Viljoen: Yes. The expectations for the divestitures is that those will be executed within the next 12 months, hence, the conspiration on the balance sheet as assets held for sale. So expectation is through first quarter of 2025 that we will have executed or made decisions around the divestitures. And so the timing has continued upon that. Joshua Wolfson: Okay. And then sorry, just 1 question, if I can sneak in. I noticed the book value for the assets that are held for sale is $5.7 billion, which is quite a large number as compared to the $2 billion targeted. Any sort of comments there on how we should think about pricing or what the targets are effectively? Natascha Viljoen: No, not necessarily. I think from an accounting convention perspective and how they're reported from a GAAP perspective, will be obviously considered, I would assume by potential buyers, but in essence, the process of going through the commercial view of the assets and the value to the potential buyers that will produce something most likely different, whether it's up or down and associate versus what is recorded on our book from a GAAP perspective. Operator: Our next question comes from Jackie Przybylowski of BMO Capital Markets. Jackie Przybylowski: Maybe I'll ask the first question on the full potential program. So I had the privilege of visiting Penasquito in March and definitely the team did a great job of outlining how the full potential program has benefited there. . And I know you're working very hard on rolling that out in some of the newer acquired assets like Lihir. Can you talk a little bit about how that's going so far? And what you're seeing in terms of achievements or maybe potential for future achievements? Tom Palmer: Yes. Jackie. I'll kick off and Natascha you might want to build on that a little bit degearing in there as well, and I want to chip in as well. We're further -- most advanced at Lihir and Lihir was where we saw the most opportunity, which is why we jumped into the -- literally on day 1. 3 main productivity and cost opportunities at Lihir. The 1 I mentioned in the prepared remarks, it's really around consistent for the so that you can manage and address materials handling. So sure, you've got the right balance of different ores so that you've got managing conveyer belts and block shoots and block crushers just to allow a big plan to get a good consistency coming into it. It's a key value driver. Asset management and improving plant availability and other plant losses, a real opportunity at Lihir just the basics of wood quality work management reliability engineering with the strength of the team that we have to support Lihir. And then the third 1 is down into the pit improving mine efficiency and mine productivity. Just getting back to the basics of [ column ] blast, load haul through the mine. So very similar as we discussed at Penasquito in late February. Move across to -- maybe just a touch on Cadia and Red Chris in particular. There's an enabler at Cadia, really important enabler in terms of resolving the tailings constraint, so understanding the work to rectify the tailings at Cadia and then expand those tailings to ensure you've got the tonnage capacity to support productivity improvements from both the mine and the processing plant underground, it's unlocking panel development. We're clearly opening up PC 2-3, so progressing the opening up of the draw points over the next couple of years in PC 2-3, ensuring that you're bringing on the development work for PC 1-2. And then there's a fine balance between the mine and the processing plant. So ensuring that as we're doing that work, we're also unlocking our processing capability. We're still in that first phase of full potential, but we do identify some early quick wins. And I would argue that we are specialists in high-pressure grinding rolls at Boddington. Over the last years, we have worked with those HPGRs and we have a very efficient way of operating and maintaining those -- that important crushing circuit such that we have regular visits to Boddington to understand how we both operate and maintain those HPGRs. So the opportunity for us to quickly get across to the HPGRs at Cadia, understand the power draw, understand the process control logic and optimize those HPGRs, a really early quick wins that we're getting after even before we finished the diagnostic phase. And then I'll maybe touch on Red Chris, that processing plant is going to be there through the end of the open-pit mine and as we ultimately move into the block cave. So really focusing on the opportunities to stabilize mill operations. Again, the basics around reliability and having uptime of that facility with consistent feed. Then after you've stabilized and optimizing copper and gold recoveries and improving process controls so that you have a builders performing very well the remaining life of the open pit as you'd bring on the ore from the block cave in future years. Natascha, anything to add? Natascha Viljoen: No, I think that was a really comprehensive answer. Tom Palmer: Hopefully, Jackie, that gives you some sense of the excitement we have seen behind full potential and the confidence we have in that run rate through the end of this year, the run rate to the end of next year, why we've gone after the upside on top of that $500 million. Jackie Przybylowski: And that was a super-helpful answer. And maybe if I can ask a second question. Just going back to your divestment strategy, I know you have a number of assets that you're looking to sell in Canada specifically, but also, I guess, globally as well. Can you comment at all? Like do you have a preference of selling that that's in groups or bundles? Or are they all expected to be sold individually to different buyers? I don't know if you can make any comments on just how you're thinking about that? Tom Palmer: Thanks, Jackie. As I mentioned in an earlier question. The process has started in all 6 assets. So we have engaged banks and are starting to process on all 6 assets. and we're in the process of price discovery through Phase 1, so an active interest. So we are getting a good feel for the level of interest in these assets and the competitive environment that we're hoping to enjoy. And we're running 3 separate processes in terms of -- because they're in different locations. So there's a process for Telfer in the Australian context with a dedicated team looking after that. There's a process for a chin in the African organic context with a separate team looking after that. And there's a process for our North American assets, the 4 operations plus the Coffee project and the team getting after that. Fall being led by Peter Toth and Scott Langley, but up and running and very active, as I say, we're in Phase 1, but -- and quite excited about the level of interest and the competitive environment, which we're presenting these assets to prospective buyers. Operator: Our next question comes from Mike Parkin of National Bank. Michael Parkin: Just looking for a bit of additional color with Yanacocha and the water treatment plants. This might be a bit old, but -- just looking for what's the main driver there doing the 2 new plants versus the 5 existing one? Is it capacity or just the old ones don't have the technology kind of need to have been commented there. Tom Palmer: Mike, it is both capacity and technology. So just to paint a picture for you, we've been operating a mine in the oxide ore at Yanacocha for the better part of the last 30 years and disturbed at the top of the Andes an area that is equivalent of 3/4 of Manhattan to give you a sense of the scale of the disturbed land at the top of Andes, significant rainfall every year and a watershed right into both the Atlantic and the Pacific Oceans. So there is a very significant amount of disturbed land, very significant amount of water at the top of the Andes. But that water is acidic. So every drop water that touched that disturbed land, we need to capture, process, treat and then discharge to different qualities, so some instances the discharge needs to be to drinking water quality and some instances to agricultural standards as defined by the permits we have from the regulatory authorities in Peru. So as has been accrued for within our closure liability. We were moving -- we have been moving into the stage of closure for Yanacocha that involves the construction of 2 large water treatment plants over the next few years. That then will treat water in perpetuity for real. These plants are designed to be there processing water and discharge of water forever. So we're in the building of the plant phase now for a set of facilities that we operate for 3 decades out in front of us. Just to put this into perspective, size of those water treatment plants, we are treating -- we are designing and building these plants to treat 8,000 meters cubed per hour. That is a planned equivalent to treating the water required by a city the size of Seattle. So that's the size of the water treatment plants we're building up in Yanacocha. Michael Parkin: And the cost of those, I get -- that's all kind of flowing through this year and next year. Is that in your capital budget? Or is that running through the income statement? You normally have the... Tom Palmer: Sorry, Mike, I'll build on this. [indiscernible] capital or a sustaining capital. Natascha Viljoen: That's correct. It's accrued on our balance sheet as a liability. And you'll see that the $600 million that we expect to spend in 2024 is considered a current liability, but that you will not see that, as Tom indicated, flowing through sustaining or development capital. Michael Parkin: Okay. So is it more working capital changes as the current liability drops down? Natascha Viljoen: Yes. Consistent with the first quarter, you'll see that flow through working capital. Operator: Our next question comes from Anita Soni of CIBC. Anita Soni: Just a little bit of a follow-on to what Mike has just asked. So with Yanacocha, originally, you guys took the provision of $2 billion, and it was basically the cost of treating this water in perpetuity. So at least that's what I -- that's what we understood or that you previously talked about. So is this -- do we still have those costs as well? Or is this like once you've built this plant, you wouldn't have ongoing expenses in terms of the water treatment plant. Like I'm not quite sure if this is now additive to the original $2 billion. Tom Palmer: Soni, in terms of the provisions that we've had in our closure liabilities. That's all been there. So there's no new information there that's fully accounted for in terms of our closure liabilities for Yanacocha. And as part of that, there's always been the spend to build the water treatment plants, which takes place over '24, '25 to '26. And then we -- then the cost to operate those water treatment plants. So they're looking at around $40 million to $50 million a year to operate these water treatment plants in perpetuity. The cost to both operate those plants and to construct those plants are included in our closure liability. Anita Soni: So what's that total closure liability now then? Tom Palmer: For Yanacocha is sitting at -- just looking at my number, it is sitting at about $4.8 billion. But in the -- sorry, the liability pass across to Karyn to cover the liability rather than me trying to pedal the balance sheet. Karyn Ovelmen: Yes. It's just Thomas referred to, the total reclamation and remediation liabilities is around $6.6 billion. But for Yanacocha, it is the $1.7 billion that has been accrued for on our balance sheet. Anita Soni: Sorry. what are [indiscernible]... Tom Palmer: Yes, for the water treatment plant, Anita, so this Yanacocha has a bunch of other closure activities. You've got to reshape the reshape leach pads and waste dumps and tailings facilities. So water treatment is comparative to that, the total closure liability for Yanacocha it's $4.8 billion. Anita Soni: Okay. Got it. And then you mentioned it's taking place at over '24, '25 and then '26? Can you tell us what the number that we would see in working capital outflow in '26 would be. Karyn Ovelmen: Yes. So as I indicated in my prepared remarks, the $600 million in terms of '24, peaking at $700 million in 2025 and then starting to come down from there in 2026. Operator: Our final question comes from Daniel Major of UBS. Daniel Major: Sorry, I'll keep a quick on time. Two questions. One, just on following up on the working capital. and looking at your Slide 10 in the presentation, you've talked at length on the reclamation payments. But can you give us a sense of any other key moving parts we should expect in the coming quarters and where you would expect the net balance change year-on-year to be from a cash working capital perspective, including the stamp duty or excluding it whichever? Natascha Viljoen: Sure. So the only additional stamp duty we'll have is in the third quarter of approximately $30 million. You'll see some additional seasonal changes as we head into second quarter as it relates to cash taxes as well as interest from a cash perspective, those will flow through in the second quarter as well and you'll see higher the reclamation liabilities, the cash outflow associated with that as we go through 2024. And then in addition to that, you'll see the traditional timing as it relates to sales and inventory changes as we go through the year. Daniel Major: So if you stand now, what would you expect the net change to be over the full year, Bill, in terms of that net build in working capital? Natascha Viljoen: Yes. That really depends on the timing in terms of that as well as, of course, pricing as we go through 2024. Daniel Major: Okay. And then just second one, you talked -- detailed a lot of the progress you've made since the integration in Newcrest. And these kind of deals, I guess, there's always positives and negatives. What's the toughest part, what's been the most challenging or most difficult part of the integration so far? Tom Palmer: I'll pick that one up. The things by far away, Daniel, is the tragic loss of Adam Kennedy's life at Brucejack on the 20th of December last year. And as you reflect upon the integration, you reflect upon what things could we have done differently, what decisions could we have made differently that would have effect to Adam being killed that day at Brucejack. I think, as you've said in some of our remarks as well, I think it's stepping back from the loss of Adam and safety are the 2 areas that we're working through diligently tailing facilities, and we've talked about [indiscernible], talked about [indiscernible] and a little bit around Red Chris so just bringing those tailing facilities into the Newmont standard and ensuring that we have the appropriate rigor and discipline around those to manage them here and now and ensuring that we ship at those going forward that they have the appropriate standard. And then the third one would be bringing the ore body knowledge levels up to a Newmont standard so that we've got really robust orebody knowledge underpinning our mine plan. So that will be the 3 areas where there's been, I guess, the hard work. I think if I step back from that with the perspective of having lived through a similar integration and transaction 5 years ago. I think when I step back from those 3 areas, I think the integration has gone very well. And I think we had the benefit of being able to apply the lessons we learned from integrating the 5 Goldcorp assets back in 2019 to this exercise, and that's put us in good stead. Operator: We've had a follow-up question from Anita Soni of CIBC. Anita Soni: Yes. Sorry, I got cut off there before the end of the question. But I was hoping -- I'm assuming that the 2026 spend for Yanacocha water treatment would be $400 million. I think you said it was $1.7 billion just for the buildup of those plants. So you're doing $600 million and then $700 million, so the remainder would be $400 million. Is that correct? Natascha Viljoen: Yes. The expectation is that this will be commissioned in 2027, and there'll be obviously some continued as Tom said, continued approximately around $50 million a year associated with that going forward. Tom Palmer: So we certainly see the step up through those 3 years. And then back to -- as best you can predict that far in the future back to the sort of normal long-run levels for closure and reclamation activities. Anita Soni: Okay. I'm going to -- so the second question that I wanted to ask was about Cerro Negro. So definitely unfortunate that 2 people lost their lives. I did want to ask a little bit about -- does it have anything to do with long-term structural support there? I mean these guys were a gentleman and a lady were within the Mine Technical Services group. So not -- a little bit unexpected for that group for that to happen. So I was just trying to find out if you had any color on that? Tom Palmer: Thanks, Anita. I'd ask Natascha to comment. Natascha Viljoen: It's absolutely not structural. So from a geotechnical point of view and from a quality of asset point of view, very high quality and no material geo tech challenges for us this was procedural by nature. So definitely not linked to any long-term predictions. Tom Palmer: And as we close out our investigation, we will share those lessons widely with the industry so as we opportune, we will. Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Tom Palmer: Thank you, operator. Thank you all for your time, and please enjoy the rest of your day. Thanks, everyone. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont's Fourth Quarter 2023 Earnings and 2024 Guidance Call. [Operator Instructions]. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Thomas Palmer: Good morning, everyone, and thank you for joining our call today. Please note our cautionary statement and refer to our SEC filings, which can be found on our website. Today, I'm joined by my executive leadership team, including Natascha Viljoen and Karyn Ovelmen, and we'll all be available to answer your questions at the end of the call. I'd also like to take a moment to acknowledge our friend and colleague, Rob Atkinson, our Chief Operating Officer for the past 5 years, Rob will leave Newmont in early May, although his legacy will endure. Through his visible self-leadership, Rob has driven our fatality risk management program, achieving 5 years fatality-free performance. Throughout the pandemic, Rob navigated our operations through challenges, including periods of care and maintenance, order closures and vaccine implementation. Rob also represented the very best of our values when he guided Peñasquito through 2 major challenges: resolving a community blockade in 2019 and an unjustified strike last year. In both situations, Rob found sustainable solutions that protected a long-term value of Newmont. Over the last 5 months, Rob and Natascha have conducted a thorough handover of accountabilities and Rob will remain with us to support [indiscernible] before finishing up and heading back to the U.K. to spend more time with family. Before we get started, it is with great sadness that I share the tragic news regarding a fatal incident at our recently acquired Brucejack operation on December 20 last year. I'd like to take a moment to remember our colleague Adam Kennedy. Adam was only 44 years old. He was a partner, a son, a brother, and uncle, a best friend and a valued colleague. Our condolences go out to Adams loved ones during this difficult time, and we are again reminded how important it is to maintain a sense of chronic unease when it comes to the safety of everyone who works at Newmont. [indiscernible] fatality is totally unacceptable. We fully understand the fatality risk in our industry and the critical controls that need to be in place at all times to manage them. So we have been taking the time to conduct a safety reset across all Newmont sites, not just the 5 new Newmont operations with a laser focus on the implementation of our fatality risk management system. This reset work includes training delivered by our line leaders, our managing directors, our general managers and our senior health and safety leaders. Training on our fatality risk management standards, and our critical control verification process. We are also concluding our thorough investigation into this tragic incident which is being led by David Thornton, the Managing Director of our Africa business unit. We are applying the lessons learned from this investigation at all of our managed operations globally and we will share them widely with our mining industry peers. Nothing is more important that our commitment to the health and safety of our workforce, and we are determined to create an environment with every person working at Newmont across all locations return home safe and well to their families and loved ones at the end of each and every shift. Turning to our performance in 2023. Newmont finished the year with a solid fourth quarter, putting us in line with the revised stand-alone outlook that we issued following the resolution of the strike at Peñasquito. In summary, we produced 5.5 million ounces of gold at all-in sustaining costs of $1,444 an ounce. In addition to gold, we produced nearly 900,000 gold equivalent ounces from copper, silver, lead and zinc over the course of the year. This performance enabled us to deliver $4.2 billion in adjusted EBITDA returned the $1.4 million to shareholders and end the year with liquidity above $6 billion. In a few minutes Natascha and I will explain on how we expect to improve upon this performance in 2024 and beyond, with a focus of delivering meaningful value to our shareholders. But before we do that, I would like to describe how we're transforming our business into a unique collection of the world's best gold and copper operations and projects following last year's transaction. When we announced our binding agreement to acquire Newcrest in May last year, we outlined a powerful value proposition built around 4 key commitments. First, to set the new sustainability standard and strengthened Newmont's position as the gold sector recognize sustainability leader. Second, to create the industry's strongest portfolio of world-class gold and copper assets in the most favorable mining jurisdictions. Third, to deliver $500 million of annual synergies and realize over $2 billion in cash from portfolio optimization. And finally, to continue driving a disciplined, balanced approach to capital allocation. After closing the transaction on November 6 last year, the integration of the 5 new operations into our Newmont operating model has been progressing very well. And as we enter this critically important year of integration and transformation, I'll be holding myself and my executive leadership team accountable for delivering on these commitments and this will be our key focus in 2024. To support this work, earlier today, we announced 4 key actions that together will enhance our ability to deliver on our clear and consistent strategy. First, we plan to divest 6 high-quality but noncore assets this year. From this point forward, our world-class portfolio will consist entirely of Tier 1, an emerging Tier 1 operations and districts. And it will have a significant exposure to growth in copper and gold from our industry-leading organic project pipeline. Second, we provided our 2024 and 5-year outlook, getting a clear picture of the work we're doing today to expand margins and appropriately sequence our projects to deliver sustainable value. Third, with the clarity, simplicity and focus that our Tier 1 portfolio provides, we have committed to deliver a further $500 million in cost and productivity improvements across the entire portfolio. And these improvements are over and above our synergy commitment from the Newcrest acquisition. We expect to hit this $500 million annual run rate of improvement by the end of 2025. And finally, we announced a balanced shareholder return framework, consisting of $1 per share annualized base dividend and a new $1 billion share repurchase program. Our go-forward Newmont portfolio is focused on Tier 1, gold and copper, operations and projects located in the world's most favorable mining jurisdictions. And it has 4 key features. First, it contains 10 Tier 1 operations, representing all the half of the world Tier 1 guidelines in the Newmont portfolio. Second, it has 3 emerging Tier 1 operations that each has a clear path for growth. And we have the opportunity to create a Tier 1 district in British Columbia, a district in which Newmont will be operating for at least the next [indiscernible]. And third, it has an unmatched organic development pipeline with 6 large-scale top of gold projects. And fourth, underpinning our Tier 1 portfolio, is the industry's most robust foundation of reserves and resources. Going forward, Newmont has the industry's largest gold resource base and we also have the largest base of copper resources in the gold industry. To put these numbers into perspective, Newmont has an almost 30% large gold reserve resource base than our nearest peer. And we have a 40% larger copper reserve resource base than our nearest gold peer. No other gold producing in the world can offer the depth and quality that Newmont's Tier 1 portfolio can today. Later on, I'll provide a little bit more color about Newmont's longer-term outlook and the exciting gold, copper opportunities ahead of us. But first, I'd like to step back and give some insight into how we are framing the year ahead. 2023 brought with a number of unique challenges, which are now certainly behind us. The 120-day labor dispute at Peñasquito, asset integrity issues that were inherent in the original design of equipment at Ahafo and wildfires in Canada impacting Éléonore. Those 3 events, mean that our final production number did not reflect the full capability of our assets. As we emerge on the other side of these events, I am proud of the decisions that we took to protect the long-term interest of our company rather than looking to seek short-term experience solutions. However, I'm also not happy with the underlying level of our operating performance. We have the opportunity to improve our compliance to mine plants to improve our fixed and mobile equipment reliability and to improve our mill throughputs and recoveries. So our focus to '24 will be on safely integrating new teams, new operations in our Newmont operating model and culture, transforming our portfolio, underlying the groundwork for sustainable operating performance, margin expansion and strong returns. Finally, this morning, we also announced that we have extended the completion date and increased the project capital cost for our Tanami 2 expansion project. In the second half of last year, we completed the concrete lining of the top half or 700 meters of this 1.5 kilometer deep production shaft. This milestone gave us the opportunity to assess the condition of the known overbreak and ground conditions at the very bottom of the shaft as well as incorporate the lessons learned providing the top half of the shaft into the cost and schedule for the run home. We have critically assessed a number of options to safely address the line overbreak and line the lower section of the shaft. This work included key third-party reviews before we landed on a method. And it was this methodology and subsequent decision that an informed the cost and schedule update we provided today. Although I'm not happy with the extension of time and cost, I am confident that we have chosen a method that is safe and will ensure the shaft construction is of the quality necessary to rely with service Tanami prolific ore body for many, many years to come. So with that, I'll hand it over to Natascha to walk you through our operational priorities in 2024 and what we are doing to ensure that we deliver on our commitments this year. Over to you, Natascha. Natascha Viljoen: Thank you, Tom, and good morning. Since joining Newmont in October, I have visited 14 of Newmont's 17 managed operations. And I've been really impressed by the quality of the assets, the dedication of our people and the commitment from our operational leaders to drive safe and profitable production. Now before I begin, I'd like to provide a brief introduction to the operational team focused on integration and value delivery in 2024. As mentioned last quarter, within our global operating model, we have 6 regional business units, each headed up by a world-class experienced Newmont leader where you can see on this slide. This scalable integrated operating model enables alignment across our operating leadership team while also empowering our managing directors to apply the extensive local and technical knowledge and draw on the global functional expertise to lead each unique operation. To support our operations from the project execution side, we have a dedicated restructured project delivery team. This team of subject matter experts is working across the full spectrum of our organic pipeline, including studies, project development, construction and commissioning of projects. By strengthen our operating model with block driving capability and an understanding of industry-leading practices in project development. This year, we will have a laser focus on the performance of our 11 managed operations in our go-forward portfolio, while also guiding our 6 noncore assets through a safe and productive process for divestment. As we work to deliver efficiency and reliability from our global portfolio, we are committed to progressing our 4 key projects in execution and keeping them on track in 2024. As a result, we are entering the year with a strong focus on integration and the safe delivery of our targets. Our success in 2024 will be largely determined by the performance of our 6 managed Tier 1 operations, Boddington, Tanami, Penasquito, Ahafo, Lihir and Cadia, not underestimating the significant impact of the delivery from the full portfolio of operating assets. I will also separately touch on telephone and how we are ensuring [indiscernible] integrity at this new to Newmont operation. We're very clear on the key priorities to integrate and deliver 2024 and how this set up operations in the next 5 years. And I will touch on some of these in each of the Tier 1 managed operations. At Boddington, we are progressing the stripping of the current laybacks in the North and South pits as planned, with improved productivity from our fully autonomous [indiscernible] fleet. At our poly metallic mine Peñasquito, our focus is on delivering strong silver, lead and zinc from the Chile Colorado pit, and continuing wide stripping in the Peñasco pit to deliver higher gold grade in 2025. At Ahafo, we remain on track to replacement girth gear in the second quarter to maximize [indiscernible] rates. At Tanami, we are improving material movement through the decline as we progress deeper underground. [indiscernible] team will be focused on simplifying the mine plan and improving asset reliability. And at our other Newmont operation Cadia, we are commissioning the next block cave and progressing some important tailings rectification and expansion work to sync up for the next decade of all feed. We have full potential teams on the ground at coherent Cadia, actively working through our diagnosis phase and designing the initiatives to extract value and deliver the opportunities identified. So taking these key priorities into account, we anticipate that the production will be around 53% weighted towards the second half of the year as we return to full pricing rates at Ahafo, reach higher grades for the liberator ore body at Tanami and site integrated due to Newmont sites into the Newmont operating model. I'm touching briefly on Telfer, a noncore operation in Australia. We are focused on remediating [indiscernible] and fracs detected at the tailing storage facility in December, where we stopped the mill to complete the first phase of remediation work. In early February, we temporarily restarted the plant while evaluating options for further remediation of an [indiscernible] tailing facility and we'll provide an update on that work on our first quarter earnings call. And with a focus on fatality risk management, we expect that work and full potential implies, we remind fairly on track to deliver on our commitments this year. On top of delevering in 2024 operationally, we are working to bring forward new low-cost ounces from the 4 key projects we have in execution. These projects include the second expansion at Tanami, as Tom just covered. Our focus is on slightly aligning the lower section of the shaft and continuing to construct and crushing and combined infrastructure underground. Two block cave projects at Cadia to recover both gold and copper, where we have just let first ore as we ramp up the first of these caves. And our new mine, Ahafo North, where we are making good progress on the construction of the [indiscernible] and other supporting infrastructure, along with wire stripping to allow us to start accessing the ore for stockpiling. When this new and very exciting mine is combined with the underground potential of Subika, Apensu and Awonsu, we have a Tier 1 Ahafo district and we'll be capable of producing around 850,000 ounces of gold per year out to and beyond 2015, which would make it one of the world's top gold mining districts by any measure. Now bringing all of this together, as we focus on the integration and size delivering this year, we expect our Tier 1 portfolio to produce around 5.6 million ounces of gold and an all-in sustaining cost of $1,300 per ounce. Combined with the very significant 1.9 million gold equivalent ounces from copper, silver, lead, zinc and molybdenum. Our unit costs are expected to improve compared to 2023 due to steady production of net volumes and the delivery of synergies and full potential improvements with the lowest unit cost coming from Newmont's managed Tier 1 portfolio. Our capital reinvestments remains in line with the pre-acquisition spending levels as we continue to focus our disciplined delivery and a balanced approach to capital allocation. And with a stable reduction and structured reinvestment, we are strongly positioned to integrate and deliver on our commitments in 2024, setting the stage to future proof these world-class assets with benchmark performance and meaningful growth in 2025 and beyond. And with that, I'll turn it back to Tom. Thomas Palmer: Thanks, Natascha. Moving up to foundation we are establishing in 2024 that Natascha just covered. I'd now like to provide a bit of color around the opportunities that we are seeing from our go-forward portfolio. We will continue to optimize the performance of our mature Tier 1 operations and our new to Newmont assets. At Boddington, the stripping that we are doing today will bring forward strong gold and copper grades starting in 2026, all supported by the gold industry's only fully autonomous whole fleet. At Tanami, the completion of the second expansion will provide efficient access to ore at depth and open up this prolific underground ore body in 2027 and beyond. At Penasquito, the stripping that we are currently doing will bring forward a harder proportion of gold ounces from the Penasco pit, balancing with the strong production of silver, lead and zinc from the Chile Colorado pit. At Ahafo, we are building out district potential with new low-cost ounces from both underground and open pit at Ahafo South, and our new mine, Ahafo North coming online in 2025. At Cadia, we will commission our second block cave in this time frame bringing forward higher gold and copper grades whilst in parallel, leveraging our full potential program to improve their reliability and throughput. And finally, simplifying the [indiscernible] mine plan is expected to deliver a strong improvement in gold production as we reach higher grades from Phase 14a. As I mentioned earlier, with a clear line of sight into the Tier 1 managed operations in our portfolio, we have identified $500 million of additional cost and productivity improvements over and above our synergy commitments. So taking everything into account. Over the next 5 years, we expect to deliver growing gold production driven by the completion of the laybacks at both Boddington and Peñasquito, the new ounces from Ahafo North, the completion of the second expansion at Tanami and both block caves at Cadia and binding improvements combined with higher grades [indiscernible]. And on top of this improving gold production, Newmont will produce a significant amount of copper, along with silver, lead, zinc and molybdenum with our global diversified Tier 1 portfolio. Driven by this high metal production and with a focus on improving costs, we expect to deliver all-in sustaining costs bringing our go-forward portfolio down to $1,150 per ounce by 2027. For development capital, we are applying a pragmatic and methodical approach to our project work to ensure we are efficiently bringing forward opportunities that are aligned with our strategy, also remaining disciplined with our capital allocation priorities. We expect to spend an average of $1.3 billion per year on development capital, driving healthy competition for investment has been closed out all large projects we have in execution and bring forward the next wave of profitable production from our organic project pipeline. Newmont is supported by the deepest and best project pipeline in the gold industry and we will manage it with discipline and rigor to ensure that the most value-accretive opportunities are advanced at the right time and to the right order. We have 3 world-class copper, gold projects in our pipeline ramped up behind the 4 projects we have currently in execution. Moving underground with the block cave at Red Chris developing the [indiscernible] block cave and processing the sulfide ore at Yanacocha. And then when we look beyond those projects, we have 3 exciting long-term opportunities to further diversify into copper, Galore Creek, Pueblo Viejo and Norte Abierto. Over the next 10 years, the amount of copper is expected to increase significantly. And based on current copper production trends, the world can expect to experience around a 10 million tonne shortfall on this critical metal by 2035. Bridging this gap will require significantly more copper mines, copper recycling and enhanced copper hedging processes, creating an exciting opportunity to Newmont to help meet this demand with the organic copper exposure we have in our portfolio, whilst continuing to provide unparalleled exposure to gold and its enduring value. And with that, I'll hand it over to Karyn to talk through our balanced capital allocation strategy. Karyn Ovelmen: Thank you, Tom. Our capital allocation strategy is underpinned by 3 priorities: working in [indiscernible], these priorities maintain the financial flexibility necessary to reinvest in our business with the goal of generating long-term sustainable free cash flow, in turn, positioning us to return capital to shareholders through our balanced shareholder return framework. Beginning with financial flexibility, the first of our 3 priorities. We intend to maintain an investment-grade balance sheet with gross debt of up to $8 million and liquidity of $7 billion, including approximately $3 billion of cash. And by maintaining a strong balance sheet, we can ensure we have the ability to steadily fund cash-generative capital projects, all while returning capital to shareholders. As announced this morning, we have 6 assets currently classified as non-core. The anticipated proceeds from these divestments, along with free cash flow from operations, will cycle through our capital allocation priorities beginning with enhancing our financial strength and flexibility. Divestiture proceeds will first be allocated to maintaining our minimum cash balance of approximately $3 billion and will then be applied to reducing debt to $8 million or below. Our initial debt target of $8 billion is to achieve return -- we intend to return both free cash flow from operations and divestiture proceeds to our shareholders, which I will touch on in more detail in a minute. Moving to sustainable investments. As Tom and Natascha mentioned, over the next 5 years, we expect meaningful production growth from a volume wise, low-cost operations as we invest an average of $1.3 billion of development capital into projects that will generate the highest returns. The third priority of our capital allocation approach is a balanced shareholder return framework designed to return capital to shareholders through our base dividend and share repurchases. To be clear, we are not yet where we want to be in terms of generating free cash flow to return to our shareholders, but I believe we have the right framework in place to return an increasing amount of capital as our operational and financial performance improves. Our balanced shareholder return framework begins with an annualized base dividend of $1 per share, an amount that will remain fixed and currently equates to a quarterly dividend of $0.25 per share. We expect to be able to pay the base dividend from free cash flow over time. Our dividend is subject to approval from our Board of Directors on a quarterly basis. Historically, our free cash flow generation has been weighted towards the back end of the year, and we expect that will be the case in 2024 as our production profile and synergy realization is expected to be higher in the second half of the year than in the first half of the year. In addition, free cash flow generation in the first quarter of 2024 will be impacted by the payment of safe duty tax related to the acquisition of Newcrest. Stamp duty was accrued in the fourth quarter and paid in February. As necessary, we will use the flexibility of our balance sheet from the base dividend through the quarters with the annualized $1 per share dividend expected to be ultimately funded with free cash flow. Additionally, our Board has authorized $1 billion share repurchase program. As the liquidity and debt parameters I defined earlier are satisfied, we intend to repurchase shares in line with our free cash flow and asset sale proceeds. To reiterate, our free cash flow and proceeds from divestments will be prioritized as follows. The first dollar will be allocated to maintaining our minimum cash balance, the second will be applying to reducing debt to $8 billion, and the third will go towards share repurchases. Our goal portfolio positioned us to improve margins and performance over time, funding our capital allocation priorities and allowing us to reward our shareholders directly with returns of capital. And we believe reducing debt and returning capital to shareholders creates attractive value proposition for [indiscernible] existing investors while also improving the company's financial position over the long term. I'll now turn it back to Tom for closing remarks. Thomas Palmer: Thanks, Karyn. Newmont go forward Tier 1 portfolio sets the new standard for gold and copper mining and provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector, located in the most favorable mining jurisdictions, and with improving cost profile to maximize margins and generate strong free cash flow. The industry-leading growth optionality in copper and gold through disciplined reinvestment and project execution and a balanced shareholder return framework. As we look forward to this very important year of integration and transformation, I am very confident in the quality of our assets and the capability of our team to deliver on our commitments and justify our position as the benchmark gold equity. This year, we'll also be continuing to work on transforming our go-forward portfolio and importantly, building out the strategic and life-of-mine plans for each of our managed sections. And I look forward to updating you on the longer-term potential of this world-class portfolio at our Capital Market Days in the second half of this year. And with that, I'll turn it over to the operator to open the line for questions. Operator: [Operator Instructions]. Our first question today is from the line of Josh Wolfson of RBC. Joshua Wolfson: Thank you very much, operator. I guess I'll limit my questions to just the single one. On the Newcrest reserve front, it looks like the overall totals for gold declined by about 1/3. And I understand the differences were primarily due to reporting changes under SEC guidelines. I'm wondering how we should be thinking about the prior reserves that were there and whether the company would expect to incorporate these as part of their reserve base in the future or if this is something different than that? Thomas Palmer: Yes. Thanks, Josh, and good morning. As we did the work to bring the Newcrest reserves and resources into the Newmont standards. We obviously have a tighter set of rules in terms of what makes a Newmont reserve and a Newmont resource. As the numbers came together, once we have the full transparency in the reserves of resources that were very consistent to what we assumed when we did our due diligence back in April and May. There's a number of moving parts to it, Josh, and talking to the team over the last couple of days and reflecting back on what we did with Goldcorp 5 years ago. I think giving each of you the opportunity to sit down in a more detailed session where we can have our IR team, along with Don Doe, who governs that old process, we can take you through some of those detailed questions and ensure that we're able to adequately answer where you might be seeing most differences. But we -- the works starts, we've obviously debate that statement. So I'd certainly look for our Investor Relations team to set those meetings up and we can spend some quick time taking you through that if that's okay. Operator: Our next question is from the line of Lawson Winder of Bank of America. Lawson Winder: Thank you very much, operator. And thank you all for the update today. Could I ask about the capital return and how you thought about that? And essentially, what it looks like you've done to me is you shift the capital from dividends to share buybacks. So what drove that decision to make that transfer of capital return? Thomas Palmer: Thanks, Lawson. I'll kick off, and I get Karyn to build. When you look at we're transformed [indiscernible] with the acquisition of Newcrest. So as we shaped the Newmont go-forward portfolio. So that Tier 1 portfolio is very different from what Newmont was before. So once we determine that go-forward portfolio then we step back to look at the appropriate capital allocation approach or strategy in the context of a portfolio of Tier 1 assets with a very long life. We looked at our balance sheet in terms of the debt that we brought on board following the transaction. We looked at the number of shares that we issued to do this transaction, and they are important factors when you sit down and look at our capital allocation framework. So you step back from that, first and foremost, is ensuring that we are putting money on the balance sheet. We're getting the cash to the parameters that Karyn talked about, building that cash up in order to pay down debt, the targets we're going to really important step that we do need. We're really clear in terms of amount of money we'll put towards reinvestment in the business and seeing that average of $1.3 billion and a $1 per share based dividend is something that is fixed, and you put in the bank in terms of what you're going to expect from Newmont. So then it becomes what do we do with any dollar over and above having met those requirements with cash proceeds coming in and any net free cash flow that we generate in the context of us having reissued shares and a $1 billion share buyback gives us the vehicle to return any variable component or additional free cash flow. So it was very much in the context of looking at the portfolio that we have transformed to and where we want to take that, that portfolio too in terms of its capital allocation settings. Karyn, do you want to build on that? Karyn Ovelmen: Sure. Just a follow on to that. And then also, as we looked at this portfolio, it's linking the return of capital directly to our free cash flow realization. And then also just in terms of consistency, in terms of where we were with 2023 from the absolute dollar amount of the dividend, the base dividend that we paid at $1.60. It was around $1.4 billion. So our base dividend today going forward, [indiscernible] with a new share count is around 1.2 billion. We believe that's the right level for our free cash flow generation as we're going forward. As we couple that with a variable portion of the return now that will be a part of a share repurchase, which is consistent with the new equity that we just issued in terms of our ability to start to bring that down as well. Operator: Our next question today is from the line of Anita Soni of CIBC. Anita Soni: Tom, Karyn and Natascha. So my first question is with respect to the metallurgical changes at Peñasquito. Could you talk about that? And what exactly happened there? What years does it impact? And I noticed there was a reduction in reserves at Peñasquito on gold and silver. And I just wanted to seek more clarity on that. Thomas Palmer: I'll kick off and then Karyn also here with Natascha and Rob, if you want to chip in folks. I think probably a couple of factors there, Anita. I think we've drilled some 40 kilometers of infill drilling across Peñasquito over the last period of time and then looking at the impacts that may have in terms of reserves and resources. And there a layback in the Peñasco pit is cut back 10. It's scheduled out into the 2030s. But as we did that infill drilling, didn't see the level of metal that we issued this week as we got that great entity of drilling. And so you see that reflected in terms of reserve and resource numbers. It doesn't mean that we can't get that layback into the system. And our real focus of Peñasquito is curing that we roll up our leads tighten our focus and look to improve the operational efficiencies at that big mine. And I think there's still plenty of upside there. So I think about the time frame out in front of us and the opportunities to improve cost of productivity in Peñasquito, I could say pathways to bring those ounces back in again as we focus on that challenge with a good decade out in front of us. The second area, [indiscernible] as we looked at the block models and reconciliations over the last period of time, we'll see reconciliations for silver, lead, zinc sitting between 5% and 10% over, so 105% to 110%. Gold was coming in at around 90%, 95%. So as we've updated our mine plans, we incorporated the reconciliations that we've been seeing within our block model. So you're seeing some of that affect [indiscernible] as well. The governance of that block model we managed separately, it's governed separately from the development of the mine plans. So as we looked at those reconciliations, we may do private updates to the block models. Anita Soni: Okay. And then my other question is also on operational technical in nature. I'm not quite sure what underbreak and overbreak means. Can you just explain it in layman's terms? What's happening at Tanami? I mean, my understanding, I think it looks like it looks there was an issue with -- when you were drilling the shaft, and there was I guess, collapsed a little bit? Or is that a mistaken assumption, like what's going on at Tanami? Thomas Palmer: Yes. Thanks, Anita. So maybe with the Tanami production shaft in a little bit of perspective is 1.5 kilometers deep. And the overbreak, which is the predominant challenge we're working through is at the very bottom of that shaft. So it's at the bottom a couple of hundred meters. To throw out -- we throw out a 1.5 kilometer deep shaft is 3 [indiscernible] towers top-to-tail underground at middle to Northern [indiscernible]. So there's that very bottom of the shaft that we've seen the overbreak. As we raise board versus the shaft, it's a 6-meter diameter shaft as we've baseboard shaft and you're leaving that parent through rock sitting there, actually they come from the top and line down at the very bottom of the shaft within some broken ground. So you do get some raveling and some ground breaking off into the very bottom of the shaft. And as that relaxed that has broken out in areas to in some areas, double the diameter of that shaft at the very bottom. It's the nature of underground mining and shaft sinking that you'll hit pockets of ground that's got some poor conditions. And so we've seen that what we call overbreak, which means that with the shaft is wider, then you can safely reach out to do rock bolting, [indiscernible] creating and the like to be able to then put the lining on. So as we stepped through that 10 years ago, if you were doing that work, in the shaft sinking industry, there would have been some very unsafe practices to be able to fill in that area in order to be able to bring back into 6-meter diameter and then line that shaft. We're not prepared to do that. So we first understood the level of overbreak and then developed a range of different methodologies for how we could safely rectify that, had them assessed by third parties and then landed on the one that we believe we can send [indiscernible] down back depth to that location to do that work. So we have a methodology now that will involve safe rock bolting from a galloway, safe shaft creating from the galloway and then we'll fill that bottom section of the shaft. That's a couple of hundred meters with concrete and then we'll [indiscernible] that bottom section and then we'll come down and line that section alongside the rest of the shaft. And we will have a shaft that will be assembled safely to the appropriate quality to then run for decades to service the ore body at depth. So that's the process we've been through to determine how to appropriately fill the overbreak areas. So hopefully, that gives you some clarity. Anita Soni: It does. I -- that part is what I thought. That's typical when someone hears a word overbreak. It's the phrase underbreak that you also used, which -- that's what confused me. Yes. Could you explain that... Thomas Palmer: There's not a huge part of that shaft. There are certain areas where the [indiscernible] has moved past in hard rock or whatever it might be and you've got a bit of material protruding into the diameter of where you want to line the shaft. So it's really coming through and that being able to clean back break back to the 6-meter diameters. So you've got the appropriate dimension and tolerance about [indiscernible] poor concrete to perform the wall. So there are certain sense where you haven't been able to read out the full 6 [indiscernible] diameter. And so you have to do some rectification both... Operator: Our next question today is from the line of Daniel Major of UBS. Daniel Major: Questions around some of the Newcrest assets observing, I guess, from a distance company for quite a long time. Two things, the Lihir asset has been a perennial underperformer ever since Newcrest barter, why do you think you're going to be able to deliver better results and more consistent results at Lihir than the Newcrest were able to over the last 10 years or so? Thomas Palmer: Daniel, it's probably it is morning to you, I suspect. Lihir is a big asset developed by, [indiscernible] Mining and then Newcrest picked it up kind of a dozen years ago. A big mine like Lihir is best placed in a big Tier 1 portfolio, we were able to balance out the ebbs and flows of a large complex mine. So first and foremost, you can with Lihir in a balanced portfolio with 9 other Tier 1 operations, you can develop strategic life of mine plans to optimize the value and allow the ebb and flow of gold production that flows from that as you were through the mining cycle to be appropriately managed. That'd be my first observation. A second observation that [indiscernible] suffered from being a cash-generating asset in a small portfolio. Therefore, there haven't been the appropriate time and attention on equipment reliability, base fixed and mobile. We're getting after that this year. There's also complexity in that mine plan that we believe can be simplified as we think about how we present the different types of ore and [indiscernible] the materials handling that all through a complex processing plan [indiscernible]. And we see real opportunities there as well. And one data point, Daniel, that I'd put out there for you One [indiscernible] doesn't make a spring. But as we are in the 3 months that we've had Lihir in the Newmont portfolio, and we've worked with the team there, the dedication of our [indiscernible] or on the ground Managing Director to build a 2024 mine plan and budget that they can get after. The Lihir in the month of January, better plan for the first time in 4 years. And the cultural change and the moral that comes to be able to set a time to get after that feeds on itself, and we see a real opportunity to set the Lihir, so stretching the [indiscernible] targets for them to hit the marks and they get the confidence that they can do things because they set in Newmont portfolio and they were able to give it the support and attention that it deserves. And so hopefully that gives you some color for how we're thinking about the year. Daniel Major: That's great. And then the second question is slightly similar, again, for asset that some had lots of potential, but not move forward, particularly as Wafi-Golpu. How much money are you spending on at the moment? And where from a timing perspective, do you see it kind of fitting into the growth pipeline, particularly kind of referencing Slide 21 of your presentation where you've got your various longer-term growth options? Thomas Palmer: Thanks, Daniel. Wafi-Golpu is one of the great untapped copper resources in the world in a very prolific rig [indiscernible], it's a wonderful part of the world -- to be looking for and mining copper and gold. It's still the study phase. So there's not a significant amount of money being spent on that project. A lot of the focus is working with Harmony, our joint venture partners and the PNG government to work through the necessary negotiations to ensure that you ultimately have an investment regime that you can consider the level of investment over the time frame you [indiscernible] mine to be a secure financial framework. And so that's the main focus with what we're going through at the moment. It sits there alongside [indiscernible] the Red Chris and the ability to build up pressure oxidation circuit at Yanacocha process the sulfide ores has 3 great copper gold projects. It's a great problem to have. It's an embracement of riches in terms of the projects that line up to complete the capital behind the 4 projects we have in execution. So Wafi-Golpu is going to be a really, really important mine to contribute to the world's need for copper over the next several decades. So -- but you need to have the appropriate investment environment, you then will need to go back in and do the appropriate level of drilling and study work to understand ultimately what the cost of returns will be. Wafi-Golpu and Red Chris are both block cave mines. We've got that technology in our portfolio. We've got that capability in our portfolio. The block cave mines to invest all of the capital on front before you get a return. So its pretty important that you understand the ore body and you understand the development costs before you [indiscernible]. So that's going to be an important part of Red Chris and Wafi-Golpu for new mine as we make a decision about which projects follow Tanami 2, Ahafo North the 2 block caves at Cadia. Operator: Our next question today is from the line of Greg Barnes of TD Securities. Greg Barnes: Yes. Thank you. Just on the dividend, returning to that again, I understand, obviously, your base dividend and the share buyback program. But as you bring costs down and production up, do you see yourself transitioning to a dividend policy, there's more progressive, i.e. you raised the dividend year after year, which some of your peers who have been more success on this front, that's the approach they've taken. Is that where you see this going? Thomas Palmer: Greg, I think about how to model [indiscernible] returns. I'd put a fixed $1 a share dividend in the model and just run it forward. Any additional cash that we generate over and once we set the parameters on cash debt, were likely that variable component is likely to come through share buybacks. Just then through a major transaction, we have increased our share count and we would look to bring that share count back down again. So for the foreseeable future, bank on $1 share dividend and any variable components of share buyback. Operator: Our next question today is from the line of Carey MacRury of Canaccord. Carey MacRury: Just a question on the balance sheet, the $5 billion of net debt target. Are there debt metrics you're specifically targeting behind that? Karyn Ovelmen: Yes. Essentially, our goal is always to have a financial flexibility on balance sheet and to maintain our investment-grade rating that we currently have today. So that is absolute [indiscernible] yes, in terms of the main metric, looking at a 1x net debt EBITDA ratio as we go forward. Carey MacRury: That's helpful. And then maybe one other question, if I can. During the transaction, as you guys talked about the potential in the Golden Triangle area, no plan set out here, but can you talk a little bit about how you see that? How that region evolves over the next few years? Thomas Palmer: Yes. Thanks, Carey. Just a little bit so I'm pretty sure I heard to say how do we set the gold trial opening up over the next few years. That's just -- I actually have a couple of trips up there sadly over the last couple of months. Real potential at Brucejack to get a really solid understanding of that ore body in life and they have a contributing nice cash for quite some time to come from a nice ore body and exploration potential around that Valley of the Kings area. So a really nice, really nice gold opportunity there. As you then swing across Red Chris really important -- that spending some time in the call shot at Red Chris and again to appreciate the size and quality of that ore body. It is going to be an amazing block cave mine. So it's really going to be about ensuring that we work to understand how to build that mine to a high-quality, understand the cost, I understand the schedule, understand the various approvals to come with that and develop that line because that line will run for decades. The original can then the other opportunities around them. So that is going to be a real focus in terms of copper in that investment. And then we bridge off that up to the Galore Creek and the work we'll do with tech to go off. We increased [indiscernible] Creek and then ultimately develop Galore Creek as another great copper mines. So that it will be [indiscernible] potential the condition for both [indiscernible] underground that we really opened up the decades of Red Chris and then pivot off that into Galore Creek. Natascha, did you want to... Natascha Viljoen: No, I think that [indiscernible]. Operator: Our next question today is from the line of Tanya Jakusconek of Scotiabank. Tanya Jakusconek: Great. Just wanted to come back to just a lot of information has come out today, and I'm sort of looking out to what else is coming out above and beyond what you put out? It looks like at your Investor Day, you mentioned new life of mine plans. We've got some Cadia news, Block Cadia news coming out in the second half of the year. Am I to assume that all of the reserves, Tom, are now done to your standard on the Newcrest assets, the life of mine plans are just going to be based on these new reserves? And will we get more information than just the chart that you've put out on the 2 charts on the 5-year production and cost for your Tier 1 assets? What are we getting beyond the [indiscernible] at this Investor Day? Thomas Palmer: The reserves and resources are set to Newmont standard. I'm looking across the road [indiscernible] he's breathing aside relief because he saw a significant lift from November 6 to a few weeks ago to get that through our processes. So that's [indiscernible] new outstanding. And you're right, what we're doing now is doing the -- so [indiscernible], is great Head of our Mineral Resource Management Group is now running strategic mine plans and life of mine plans on top of those reserve resource statements to build out potential of that got forward portfolio on top of that 5-year outlook. We'll work that over the course -- over the months ahead. We've got an important strategy day with our Board in June. Our Annual Strategy Day is always in June and we'll spend some time with our Board looking at that longer-term potential, debating that and understanding that to then build towards an Investor Day in the second half. We will start to show you and share with you a picture beyond the 5 years what we see is the potential for this Newmont upgraded portfolio over the next 5, 10, 15, 20-plus years. We're still debating the time frame for that, but the current thinking is we refer to our normal time frame, which is typically leading around that November time frame that we have our Capital Markets Day and also talking about doing one in New York and one in Australia, so we pick up both sides of our markets. But that's the work in front of us this year is to really get after the strategic lifeline plan. So we give you that -- with confidence to give you that longer-term story for this portfolio. Tanya Jakusconek: Okay. So what I'm understanding from you is that we are going to get above and beyond just the 5 years that you've provided for us here, so we would have a visibility for maybe 10 years plus in your Investor Day? Thomas Palmer: That's correct, Tanya. Tanya Jakusconek: Okay. And then my second question, I just wanted to understand, I think, Tom, you mentioned that your certain that our 6 operating assets are going to be sold the noncore one in 2024. Does that mean that we are going to be seeing your financials going forward of having discontinued assets from Q1 onwards on all of these 6 assets? Unidentified Company Representative: Tanya, the expectation is at the end of the first quarter, 2024, that these 6 assets will be held as assets held for sale. Tanya Jakusconek: Okay. All right. So then you're reporting on your operating assets and the other ones will change a little bit as we look at what you're reporting on production costs, et cetera? Unidentified Company Representative: Correct. Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for some closing remarks. Thomas Palmer: Thanks, operator, and thank you all for your time, and I look forward to catching up with you soon. Thanks, everyone. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont's Third Quarter 2023 Earnings Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Thomas Palmer: Thank you, operator. Good morning, everyone, and thank you for joining Newmont's Third Quarter Earnings Call. Today, I'm joined by my executive leadership team, including Rob Atkinson and Karyn Ovelmen, and we'll all be available to answer your questions at the end of the call. I'd also like to introduce Natascha Viljoen, who officially joined the Newmont executive leadership team at the start of this month. Natascha is a seasoned industry leader and brings more than 30 years of technical, operational and executive leadership experience across a diverse range of commodities, and we are very excited to have her join our team at Newmont. Before we begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. During the third quarter, we continued to execute on our long-term strategic plan, underpinned by a very clear and focused strategy. We are leveraging our leadership and collective experience, along with the strength of our global portfolio and operating model to build a resilient and sustainable future for Newmont. Our pending acquisition of Newcrest is a significant event for our industry. It combines two of the sector's top senior gold producers to set the new standard for sustainable, responsible gold and copper mining. I think this Is a very exciting and transformational time for Newmont and all of our stakeholders. But before we provide an update on the Newcrest transaction and what's to come, I'd like to start with a review of our safety performance. As a company, we have been on a very intentional and significant safety journey, and we are proud that Newmont has not had a fatality in 5 years. During this time, we redesigned our fatality risk management system to ensure our standards and critical control verifications were focused on risks and behaviors that could result in a fatality. We have completed more than 1.6 million interactions by our leaders in the field that were focused on the critical controls that must be in place at all times to prevent fatalities. We modified the safety targets in our annual incentive program to deliberately move away from the traditional lagging personal injury rates to the leading metrics, focused on fatality risk reduction and fatigue management. And we focused on doing a few things really, really well, including pre-start meetings, pre-task hazard assessments and infield verifications. As a consequence of these actions, we have experienced a significant improvement in our safety performance, which is evidenced by the metrics you see here on this slide. Whether health and safety is an area where you must always maintain a sense of chronic we still experience at least 1 significant potential event every 8 days. Each and every one of these are an opportunity to learn from and improve because the safety of our workforce must be considered in everything that we do, every hour, every shift and every day. Turning to our quarterly highlights. During the third quarter, Newmont produced 1.3 million ounces of gold and 10,000 tonnes of copper, generating $933 million in adjusted EBITDA and over $1 billion of cash from continuing operations, a 53% increase over the prior quarter, and we declared a dividend of $0.40 per share from our established framework. Over the last few months, we achieved a number of important milestones at our key development projects, including fully mining the upper section of the new production shaft at Tanami in Australia, receiving full funds approval for the Pamour project Porcupine in Canada and reaching commercial production at the San Marcos deposit at Cerro Negro in Argentina. Importantly, earlier this month, we also reached a resolution with the union at our Peñasquito mine in Mexico. And we are now focused on safely returning our teams to work and ramping up operations at its Tier 1 polymetallic mine. Throughout the negotiations to resolve this issue, we maintained a strong position and held steadfast to our values, honoring the collective bargaining agreement that we had in place and ensuring that we protected the long-term value for this mining operation, our workforce, local communities and all of our stakeholders. This unnecessary strike has caused significant hardship for many, many people. And our focus this quarter, we are on the safe ramp-up of our operations, along with the seamless integration of the Newcrest assets into Newmont's global industry-leading portfolio. Now that we have a resolution to the strike at Peñasquito, we are updating our outlook for the remainder of the year to incorporate the following 3 impacts. The first is to reflect the suspension of operations at Peñasquito for early June to mid-October. The second is to reflect the lower than anticipated production from both Nevada Gold Mines Pueblo Viejo. And the third is to reflect lower throughput at the Ahafo mill, and Rob will provide some more details on these matters in a moment. So for 2023, we now expect to produce 5.3 million ounces of gold from the current Newmont portfolio, with a resulting all-in sustaining cost of $1,400 an ounce. As a reminder, our full year results for 2023 that will report in late February next year will incorporate around 7 weeks of production from the 5 acquired Newcrest assets with the transaction currently on track to close on Monday, the 6th of November. I'll now turn it to Rob and then Karyn to take us through the quarterly results and the important work ahead to deliver a strong fourth quarter, then I'll provide an update on the Newcrest transaction and what will be the focus of our integration efforts from day 1. Over to you, Rob. Robert Atkinson: Thank you, Tom, and good morning, everyone. I'll begin my discussion around the high-margin Tier 1 assets in our portfolio today, starting with Boddington. During the third quarter, I had the opportunity to visit Boddington and spend time with the team as they continue to ramp up the planned waste movement in the North and the South pits and prepare for the planned mill maintenance shutdown in the fourth quarter. Laybacks are progressing well, and Boddington delivered solid production in the third quarter as expected. The strong quarterly performance has helped to offset the impact from mill maintenance and unusually wet weather. Despite the heavy rainfall in the third quarter, effective utilization for the autonomous whole fleet has improved significantly compared to this time last year. Funds mined are expected to increase in the fourth quarter. And I'm pleased to say that we have successfully completed the commissioning of a further 5 new Cat autonomous haul trucks to accelerate stripping in 2024 and position this cornerstone gold copper mine to reach higher grades in 2025. Turning to Tanami. Our Tier 1 mine in the Northern Territory continues to deliver consistently strong results. following the record wet weather and extended flooding experienced in the region during the first quarter of the year. We achieved record mill throughput in August, beating the previous record we set in March of this year. And we continue to expect to reach the year's highest rates and production levels in the fourth quarter. However, we are closely monitoring the impact and the status of the very large wildfires currently burning in the immediate vicinity of Tanami and in the Northern Territory, and we will continue, as always, to prioritize the health and the safety of our workforce. We also continue to progress our second expansion project at Tanami, and I was encouraged to see the headway the team is making during my recent visit. We've achieved a significant milestone in the concrete lining of our 1.5 kilometer deep shaft, fully aligning the upper sections and removing the mid-shaft And as is typical with projects of this size, we will review the project plan as we commence the lining of the lower sections, taking into account the work that has been done so far, the current ground conditions and the overbreak needing to be mitigated in the lower section of the shaft. Once complete, this project will deliver significant ounce and cost improvements, further strengthening the already strong margins at our Tier 1 operation at Tanami, and we look forward to providing an update with our guidance in February of next year. Turning to Ahafo. As Tom mentioned, third quarter mill throughput was impacted by routine condition monitoring by our asset management team, identified hairline fractures to one of the large grinding mills at Ahafo. To reduce any further deterioration to the and to prevent a catastrophic failure, we made the decision to operate at less than full capacity, bringing throughput to around 60% for the third quarter. We have in October swapped the gut tiers between our 2 milling circuits at Ahafo to ensure our most productive milling circuit is able to run at 100%. This will allow Ahafo to run at approximately 80% of until we again reached full processing rates in the second quarter of 2024 when we will install a brand-new Also, during the quarter, Ahafo accessed higher-grade ore from Subika Underground and successfully commissioned the replacement conveyor ahead of schedule and below budget. The Ahafo North project continues to progress as planned, and we have access to all critical parcels of land to commence construction of the processing plant and mine services facilities. Airports are ongoing, heavy mining equipment is being assembled and commissioned, contractors are fully mobilized, and we remain on track to commence pre-stripping of the first mining area called the pit in the fourth quarter of this year. Turning to Peñasquito. As Tom mentioned in his opening remarks, we reached a definitive agreement with the union and received approval from the Mexican Labor Court on October 13. We have safely restarted operations, and the ramp-up is progressing well so far. We are anticipating a return to full productivity in the next 2 to 3 weeks, and we have restarted waste stripping in the Peñasquito pit and are now feeding the crusher with ore from the Chile Colorado pit. We are importantly also continuing to strongly focus on the engagement with our workforce. This unnecessary strike caused significant hardship for all of our employees, contractors communities, suppliers and customers. Peñasquito is the largest employer in Zacatecas with a direct workforce of more than 5,000 and another 28,000 people in neighboring communities who are part of the mines local and national supply chain, service providers and contractors. As we look ahead to the exciting and profitable future for Peñasquito, we will continue to honor our commitments, work closely with all of our stakeholders with the law and the collective bargaining agreement and work to protect the long-term value of this Tier 1 polymetallic mine. Moving to our non-managed joint ventures. Through our joint venture partnerships, Newmont has an interest in 4 Tier 1 assets Cortez and Turquoise Ridge. The joint ventures are core to Newmont's portfolio and contributed 352,000 ounces or 27% of attributable gold production in the third quarter. As Tom mentioned, reported performance from our non-managed operations has been below expectations for the year, impacting our ability to achieve our production and cost targets for 2023. We have adjusted our projections for both Pueblo Video and Nevada Gold Mines and look forward to an improved performance in the fourth quarter from our joint venture partners. On top of the 800,000 ounces of gold produced from our Tier 1 operations and joint ventures, the remainder of Newmont portfolio contributed approximately 500,000 ounces of profitable gold production, an increase of more than 100,000 ounces compared to the second quarter, and we anticipate solid results from these efforts through the rest of the year. Before I hand it to Karyn, I'd like to take a moment to cover a few highlights from our development projects we are currently executing. On top of the achievements that I already noted at our second expansion at Tanami and Ahafo North, we also achieved key milestones at Cerro Negro, Porcupine and At Cerro Negro, we declared commercial production for San Marcos across the 6 ore bodies associated with this exciting district expansion. This opens up a further 650,000 ounces of high-grade gold, which will be mined over the coming 10 years. This milestone was delivered on time and on budget, and we expect to start realizing the benefit from these high-grade stopes in the fourth quarter of this year. At Porcupine, the Pamour project has been approved for full funds by the Board. This opens up a further 2.1 million ounces of gold and will be mined over the coming 11 years, which helps extend the Porcupine complex operational life to at least 2035. Our mining team will commence pre-stripping in the fourth quarter and are tracking well to produce in 2024. And finally, we advanced our underground project to Akyem to the feasibility stage, where drilling from the surface has already delivered results that are beyond our initial expectations. And with that, I'll pass it over to Karyn to cover our financial results. Karyn Ovelmen: Thank you, Rob. Let's get started with the financial highlights. During the third quarter, revenue was $2.5 billion at a realized gold price of $1,920 per ounce, and adjusted EBITDA was $933 million, was up 10% from the third quarter of last year, driven by higher gold prices and lower direct operating costs. We also generated $1 billion of cash from operations and $397 million of free cash flow for the quarter, which is net of more than $600 million of capital spend as we continue to move through a period of significant reinvestment back into our business. And we closed the quarter with a steady cash position of $3.2 billion in a leverage ratio of 0.7x net debt to adjusted EBITDA. From a financial standpoint, our goal is to maintain a best-in-class investment-grade balance sheet while funding value-accretive projects and delivering healthy returns. And in recognition of Newmont's ongoing balance sheet strength and financial flexibility, I'm pleased to say that we have received a first time A- rating from Fitch with a stable outlook. We also maintained solid margins in the third quarter, despite the challenges that Rob mentioned at Peñasquito, Ahafo and our non-management joint ventures. Third quarter GAAP net income from continuing operations was $157 million or $0.20 per diluted share. Adjustments this quarter included $0.14 related to revisions in reclamation and remediation plans at former operations, $0.05 related to unrealized mark-to-market losses on equity investments, $0.02 related to transaction costs associated with our pending acquisition of Newcrest and $0.05 related to tax adjustments and other items. Taking these into account, we reported third quarter adjusted net income of $0.36 per diluted share. As a reference to those modeling included in our quarterly results are $131 million in operating costs and depreciation at Peñasquito. This quarter, we declared a dividend of $0.40 per share or $1.60 per share on an annualized basis. This dividend was declared within our established framework calibrated at a gold price of $1,700 million per ounce and in line with our 2023 dividend payout range of $1.40 to $1.80 per share. Newmont had paid over $5 billion in dividends since closing the Goldcorp transaction in 2019, demonstrating our commitment to our shareholders. On the close of the Newcrest acquisition, Newmont will integrate 5 new operations into our robust global operating model. February of next year, we expect to provide our 2024 outlook for the combined company with our fourth quarter and full year results. Consistent with our process, our outlook will inform our 2024 dividend payout range, which we will calibrate within our established dividend framework. As a reminder, we assess the variable portion of our dividends annually in alignment with the business planning cycle, projected cash flows and the current macroeconomic environment. Similar to this year, our 2024 dividend payout range will apply to our fourth quarter dividend to be declared in February and will be reviewed and approved by our Board of Directors each quarter. For a longer-term view of our portfolio, we will apply a disciplined and thoughtful approach to setting market guidance for the combined company. We expect to provide our long-term outlook after we've had some time on the ground with the Newcrest assets and following our annual strategy session with our Board of Directors, which typically takes place in June. We look forward to and providing more information on the exciting opportunities ahead for both current and future stakeholders. And with that, I'll pass it on to Tom for an update on the Newcrest transaction. Thomas Palmer: Thanks, Karyn. The combination of Newmont and Newcrest represents an exceptional value proposition for shareholders and all our other stakeholders. Through an unrivaled platform, featuring the industry's best talent, growing the highest concentration of Tier 1 assets in the most favorable jurisdictions, Newmont is uniquely positioned to generate superior returns for decades to come. Recognizing the strategic rationale to create the industry's strongest portfolio of world-class gold and copper assets, 96% of votes cast by Newmont shareholders and 93% of votes cast by Newcrest shareholders were overwhelmingly in favor of this transformational transaction. All of the regulatory approvals and shareholder votes now secured, we expect to close the transaction on Monday, the 6th of November, and set the new standard for gold and copper mining across the industry. Following the close of the transaction, the core of our portfolio will be 10 Tier 1 assets, representing more than half of the world's top-tier gold mines. And these assets will have the scale, mine life, cost profile and resilience to position Newmont to deliver strong and stable returns for several decades. Leveraging the learnings from operating our current Tier 1 assets, along with our comprehensive asset strategy work, we will be applying the strength of our operating model, our people and our systems with the newly acquired Tier 1 assets in Lihir and Cadia as well as Brucejack and Red Chris in our emerging Tier 1 district of British Columbia. There is no doubt that Newmont will be operating the world's best gold copper portfolio under one umbrella, benefiting from our existing portfolio, operating model, sustainability practices and disciplined capital allocation process. Every one of our assets is managed through our integrated global operating model, supported by a big bench of experienced leaders and subject matter experts with a track record of safely delivering value. And within this global operating model, we will have 6 regional business units, each led by a dedicated managing director. From the start of November, Natascha will assume accountability for our Australian business unit, led by Mia Gous, our North American business unit led by Bernard Wessels and Papua New Guinea, where we have Alwyn Pretorius returning to Newmont to head up this newly established business unit. Through early 2024, Rob will continue to have accountability for our African business unit led by Dave Thornton, our Latin American and Caribbean business unit led by Mark Rogers, and our Peruvian business unit led by Rahman Amoadu. We are very fortunate to have Rob as a continuing member of our executive leadership team, particularly during this important integration period. Natascha and Rob will work together closely in the coming months, and both leaders will be pivotal in delivering synergies for the Newcrest acquisition and driving operational results that demonstrate our position as the benchmark gold equity. In just a few days, we'll be welcoming our Newcrest colleagues to Newmont. And on day 1, my extended leadership team and I will be on site across every Newcrest location. As we begin our integration work with the Newcrest team, we'll be focused on 3 key systems that have been fundamental to our success at Newmont. The first is our fatality risk management program, which is at the very core of our safety approach. And put simply, great companies do not kill people. Second is our Respect@Work program, a key benefit from bringing these 2 companies together is the alignment in our values and culture, in particular, around safe and inclusive workplaces. We have the opportunity to learn from each other with the programs we both have in place. Like many other companies in the mining industry, we know there are systemic issues that allow sexism, racism, discrimination, harassment and bullying to continue to be experienced in our workplaces. These disrespectful behaviors have no place at Newmont. And we'll be working together to take actions to create a workplace with everyone is welcome and safe. The third key system is our full potential program, which will commence rolling out at both Lihir and Cadia in November to support the delivery of our synergy commitments. Full Potential is a program that I have led at the Newmont over the last decade. It is the most sustainable improvement program that I've worked with in my 35-year career in the industry, and it was key to delivering over $1 billion in synergies from our acquisition of Goldcorp some 4 years ago. However, Full Potential delivers much more than just cost savings and productivity improvements. It sustains and improves our culture by breaking down barriers and encouraging active participation, global collaboration and sharing lessons learned across our organization. During our due diligence work back in May, we identified and committed to $500 million in annual synergies across 3 categories: G&A, supply chain and Full Potential. As we look ahead to the closing of the transaction and the delivery of these synergies over the first 24 months, we are very excited about the long-term value and opportunities it will bring to both sets of stakeholders and our combined workforce. This transaction creates the best possible collection of Tier 1 gold and copper assets in the industry, all supported by the industry's best talent, technical capabilities, sustainability practices and disciplined capital allocation process. We'll also increase our investor outreach, welcoming shareholders from Australia that will form an important part of our shareholder base as we look to establish and then grow our listing on the ASX. We have a long history and a shared heritage in Australia, and we will be strengthening our presence in this key mining jurisdiction. We're upon the close of this transaction, around 30% of our revenues will be derived. We're looking forward to welcoming the experienced and talented team at Newcrest and providing our first integration update on the combined business for the first quarter of next year. And with that, I thank you for your time today and turn it over to the operator to open the line for questions. Operator: [Operator Instructions]. The first question today comes from the line of Lawson Winder with Bank of America. Lawson Winder: You've all discussed the likelihood for the combined company to have lower production than a combined 8 million ounces annually. What is the urgency with which you intend to sell any noncore assets to reduce from that level and improve the overall combined portfolio? Thomas Palmer: Thanks, Lawson, for the question. In terms of it, as Karyn talked about in terms of us taking time to work through the longer-term outlook with more like a midyear then we will run a Capital Markets Day to share that, what we'll look to do almost immediately after close is we have a reserve and resource, review team. We call it our 3R review. We have that team going in each of the 5 operations at Newcrest and establish the reserve and resources to the Newmont definition. And then with that reserve and resource review done, we're going to establish Newmont-based resource models. and then start to develop our mine plans based upon previous best demonstrated performance and then have those start to convert into business plans, and then we'll iterate and work those. So we'll certainly work to reduce a 2024 budget for the combined portfolio, but we're going to take our time to really understand and work those mine plans to understand the potential of those operations, ensure we can deliver on those operations, but also understand projects across that portfolio and how they together. So that's going to be work will do diligently over the -- starting in early November for the first few months of next year. In terms of the full portfolio of 17 managed operations, as I've described in my remarks, Lawson, we can very comfortably manage those operations within our global operating model. Listen, this is an intensive purposes is a bolt-on of 5 operations in the Newmont's operating model. 2 operations in the Australian business unit. When I was running the Australian business units some years ago, I had that number and a couple more from memory, 2 operations into North American business unit. Bernard Wessels is very capable to accommodate those 2 operations and manage them and then standing up our new business unit in Papa New Guinea. And as I mentioned, one of the very best leaders I've been work at Newmont, Alwyn Pretorius, who retired to go work on his family farm in South Africa, is coming back to Newmont and stand up that business unit. So someone who's very experienced having run very successfully our business unit in Africa some years ago and then our Latin American business unit. He understands developing world, he understands Newmont and he is really well placed to stand up that new PNG business. So we will capably run those 17 operations and his team will look at where the opportunities might be to optimize our portfolio. We have a commitment of $2 billion over the first 24 months. That will be a combination of project resequencing, come part of that business planning work that we'll do, but we'll also be looking to where the opportunity is to rationalize our portfolio. And we'll be looking at those operations that are Tier 2, and we have a number of Tier 2 operations in our portfolio. Several has a potential to grow to Tier 1, but we have a number that include in Tier 2 and work through a very structured process to think about how we might rationalize the portfolio. But we are very comfortable also to be able to run 17 operations in our business. Lawson Winder: And if I could follow up just one final question on your Full Potential comments in your prepared remarks and synergies. Can you comment on which assets might get the greatest attention for that program post closing on the NCM side? And put another way, is there a Peñasquito in the NCM portfolio that could materially exceed expectations included in the initial synergy guidance? Thomas Palmer: Thanks, Lawson $500 million, $200 million is attributable to our Full Potential work. There are 2 Peñasquitos in the Newcrest portfolio, Lihir and Cadia. That's where we're focusing our time and attention of the $200 million we see the order of $90 million coming out of Lihir as we think about the opportunities to improve the work we do around the mine, the basics of mining from and blast and maintenance asset management work. So we're presenting the best ore consistently the in that processing plant. We'll have people on the ground next month to start really getting in and understanding those opportunities that we saw during due diligence. I think we certainly plan to tell a story out of Lihir very similar to the story we've told out at Peñasquito. And then Cadia, the other very large Tier 1 operation in the Newcrest portfolio. We see opportunities in the processing plant. Big block cave mine, roughly 35 million tonnes a year coming out of that underground mine. The opportunities we see are to work the bottlenecks in the processing plant, the availability, the reliability, getting consistent throughput through the crushing and grinding circuit so that we've got consistent to the service and then improve both throughput and recovery. Again, very similar to where we've worked Peñasquito with a big mill, crushing and grinding circuit with multiple plantation service. So Peñasquito story and the Boddington story in terms of work in the mill is where we see the analogy or the analog to Cadia and then working on mine at Cadia is very similar to the work that Rob and the team led at Peñasquito to deliver significant improvement out of that mine to present a very hungry mill at Peñasquito. Lawson Winder: Fantastic. I look forward to further updates and congratulations. Thomas Palmer: Thanks. Operator: The next question comes from Daniel Morgan with Barrenjoey. Daniel Morgan: My first question is about the issues that you had this year, how much all of the issues you've had that has led to the production downgrade today? How much does that follow into 2024? Obviously, Peñasquito doesn't. But can you just run through some of the assets and whether some of the issues run into 2024? Thomas Palmer: Thanks, Daniel, and good morning to you. I think it and thank you for staying up in Australia to listen in, and thank you for your coverage. But if you look at the big assets in the Newmont portfolio today, Peñasquito is now that we're up and running, we're very confident that there's been a reset of expectations with our workforce and the union that them. So we go into '24 very confident about the ability to the cost and productivity improvement safely at that operation. The impact on '24 is the mine sequence. So where we were in the mine sequence when the operations were suspended means that what we thought would happen in '24 will be different now. So polymetallic mine, so we're in the Chile Colorado pit, which is more on the other metals and gold. So we won't swing back into Peñasquito now to therefore, it will be the balance of metals that come out of Peñasquito that will be different in '24, and the gold equivalent ounces large At Ahafo, we will be nursing the girth gear that's now on the mill. So there's 2 big SAG mills at Ahafo. The girth gear on the main feed to the process plant is 2/3 and the throughput for the mill is now and that can run at 100%. We'll now nurse the girth gear with the hairline cracks on the small amount, about 1/3 of the throughput until the end of the first quarter, start of the second quarter of next year. So the processing plant at Ahafo will run at around 70%, 80% of throughput as we get through that very managed transition. There are probably the 2 impacts on our big Tier 1 operations we think in the '24. We still to see plants out of our non-managed joint ventures, they like about 30% of Newmont's portfolio today. At Pueblo Viejo, we're commissioning a very significant expansion to a pressure oxidation circuit. So as that is understood and plants are built in '24, that will reflect the latest information from that commissioning exercise. And then 3 big mines in Nevada and as you work through '23 and then understand impacts on '23 performance and what that means for mines other things in '24 potentially some impacts there that we'll learn about in the next couple of months as we work with our joint venture partners on those plants. So hopefully, Daniel, that gives you some color as to how we think about the impacts from '23 into '24. I think the important thing is that were all of the events we've had this year, all of that metal is still in the ground. And this is just a process of the time at which that metal present. None of those issues have any impact in terms of the reserves that we have, and it's just the timing at which they can be converted into metal and sold. Daniel Morgan: That's probably a good segue, Tom, into my next question, which is the market can sometimes get fixated on short-term issues and forget that the gold is still there. So if the market does do that in the share price underperforms as it has year-to-date, is it an opportune time at some point soon to look to a buyback to maybe communicate to the market that there is long-term value in the share price and the market may not be pricing in? Thomas Palmer: Thanks, Daniel. That's certainly say for anyone looking at Newmont's stock today, there's some tremendous buying out there in terms of the transaction we're about to close and the portfolio that we'll be in less than 2 weeks' time. Daniel, the process we'll work through. We'll diligently work through our business planning for what I was mentioning in the answer to the previous question, we've got 5 new assets to develop Newmont base mine plans to and work through a process of determining our 2024 budget and continuing in parallel work on the longer-term plans. That will then inform our capital allocation process, which for us is ensuring we're maintaining a strong balance sheet, ensuring that we're directing appropriate levels of cash towards reinvestment back in the business to extend life and the growth and ensure we've got returns available to our shareholders. Our capital allocation strategy as returns first and foremost been through our dividend framework. So we'll work through our business planning process, particularly for 2024 year and look to how we calibrate our dividend framework when you think about assumptions about gold price, the cash flow we generated and some of the other macroeconomic events that will be impacting our business in our world at that time. That will be the primary debate and discussion we'll have. But as we have that debate and we present those numbers to our Board and we look at the cash we're generating, we look at our share price, it is an area that we will continue to debate as a second order capital allocation element returns to shareholders and whether there would be some benefit in terms of how we're seeing the business and whether there will be any benefit in seeking permission from the Board to establish a buyback program. So it'll be part of the debate. But our first order returns to our shareholders is through the dividend framework. Operator: Our next question comes from the line of Tanya Jakusconek with Scotiabank. Tanya Jakusconek: Just have a couple that I just need some clarity on. Tom, can we just go back to the Newcrest merger that is pending. Can we just talk about Newcrest's reserves and resources? When you report your guidance in February of 2024 for the year and your reserves and resources, will you be adjusting those reserves and resources based on your inputs just like you did with Goldcorp when you took over, you've made adjustments from the reserve to the resource category? And if so, can you review with us some of the mines that we may see some shift. That's my first question. Thomas Palmer: Thanks, Tanya. Yes, you can expect something very similar to what took place when we acquired Goldcorp. So we'll have a team -- a technical team on the ground across those 5 operations through November and December assessing the reserves and resource at each of those operations and assessing those against our Newmont definition. So we obviously report under SEC rules and Newcrest report under So there will be some differences in terms of what is classified as a reserve and resource and then we also have a very high standard at Newmont, right? A Newmont reserve is a higher standard in the industry. So you will see some back and forth. The various announcements we've made since we announced the binding agreement, you'll see us talk about a couple of instances about reserves and resources, and you'll see us report them separately for the 2 companies because there are 2 different definitions for those. So we are working towards with our February time frame to update reserves and resources for the combined portfolio. And in terms of any sort of signaling, we haven't -- and I think it's important that everybody is we had access to a data room for 4 weeks back in April and May to assess and to submit a binding offer and to determine our synergy values and to make some judgments about portfolio optimization. Since that time, both companies are required to run as independent companies. And so we have had an integration team working on planning for integration, but we have not had any access to any additional Newcrest information since that time. We get the keys to the car on Monday, the 6th of November. That's the first time we get access to reserves and resources, mine plans and the can start that work. So it's in front of us, Tanya, in a couple of weeks' time. Tanya Jakusconek: Okay. So there isn't anything that you can think of, for example, the Lihir where some of those reserves, I think, is about 3 million ounces or thereabouts in the reserve category that need the additional layback from the, I think, the dam wall to be included, whether something like that could shift from reserves to resources given Newmont's stricter definition. Have you -- I'm just giving that as an example. I'm just wondering if there's anything between the 2 accountings, the 2 IFRS and U.S. GAAP on the reserves just is glaring to you at this point. Thomas Palmer: Nothing is that level of granularity, Tanya, but our expectation is similar to the Goldcorp experience. You will see -- without going into specifics, you will Newcrest reported reserves in some instances move into Newmont reported resources. You've also seen -- I think many people fully understand as we move from interest reporting to accounting to U.S. GAAP accounting, our definitions for the stockpiles and for sustaining capital and other things can change. Our coproduct, byproduct accounting will which change. There'll be some moving parts around all of that as well. But we don't have that granularity yet, Tanya. Tanya Jakusconek: Okay. So -- and then just on the long-term guidance, I think I heard that, that will be provided after the Board strategy meetings in June. So should we be thinking midyear for a 5-year guidance outlook? Thomas Palmer: That's what we're planning to do, Tanya. And what do we want to get through that good working session with our Board and then really look to set up the Capital Markets Day where we can come together and work through that longer-term view, certainly the 5-year, and certainly with the portfolio on where will be looking to show the 5- to 10-year view of the strength of this portfolio. But we certainly want to work with those mine plans over the first few months of next year in order to really have a wrap-up story to share with the market. Tanya Jakusconek: Okay. And then just maybe on any more severance and/or restructuring costs that we are going to be incurring in Q4? Or have these all been taken in Q3? Thomas Palmer: The severance costs in Q3 largely unrelated to this transaction that was associated with the reset work happening down at Yanacocha as we're ramping down there, and we've got folks taking some voluntary redundancies. So we will start to see the transaction-related severances flow in the fourth quarter, and then they'll flow into the third quarter of next year where you'll see that probably the larger numbers will be in the first quarter of next year than the fourth quarter of this year. Tanya Jakusconek: Okay. So more cost in Q4 and Q1 to come. And then my last question is I just kind of would like... Thomas Palmer: [indiscernible] Tanya Jakusconek: Yes. Okay. With the transaction, yes. And then just my last question is just your view on sort of all of these index rebalancing from now until year-end. Could you give us some overall qualitative information in terms of what quantitative do you have in terms of how you see all of these index rebalancing occurring or what your view is on year-end? Too hard with all this movement in the share prices as we look at the stock, yes. Thomas Palmer: Thanks, Tanya. Lots of moving parts happening at the moment, certainly with the in that process at the index rebalancing as Newcrest coming off the ASX and our secondary listing coming on the ASX and all of that work happening as well as the volatility in terms of gold price movements. And so there's lots of moving parts affecting stock performance at the moment. When we look at the -- we look at our modeling getting thrown out the other side of the rebalancing between the -- our head stock in the New York Stock Exchange and the secondary listing in the ASX, it's likely to be a month or 2 for that to settle out. So we anticipate -- and certainly as we've had conversations with shareholders in Australia and describing what we're going to anticipate happening quite a bit of volatility in liquidity before things start to settle out in terms of New York Stock Exchange and ASX. We think there'll be some movement of potentially up to AUD 10 billion that could flow the other. We also anticipate that we'll have something in the order of AUD 10 billion to AUD 15 billion market cap sitting on the ASX, representing 20% to 30% of our market cap. That where the starting point will lean into and then look that secondary listing, alongside our primary listing. So we get some modeling that sort of shows some scenarios as to where we may land between New York Stock Exchange and ASX. and that -- and we fully anticipate that it will be volatile and liquid for a month or a couple of months before it settles down and get a line of sight on the Board. Tanya Jakusconek: Okay. So what I take on that is some outflows from now until year-end with all of this rebalancing and then settling in and then obviously on a positive side with the Australian listing. Thomas Palmer: The positive side of the Australian listing with a very savvy mining investment community and some very sticky funds with the big super funds there and lots of interest as we then go to that investment community. And then you'll also see -- I think you'll see positive trends is from a passive standpoint with our larger market cap as things settle out, I think you're going to see some of that flow as well. So noisy, but there's some very good signs as to what this portfolio is going to be able to attract. Operator: Our next question comes from Josh Wolfson with RBC. Joshua Wolfson: I understand there's a lot of moving parts here. But is it possible to provide some goalposts or some indication of what the cost structure looks like even just for the Newmont portfolio going forward? When we take a look at the numbers, fourth quarter, based on guidance, looks to be an annualized rate of 6 million ounces, which is, let's call it, average for the company, and the implied AISC is closer to about $1,350, which would be quite a bit higher than where the company was discussing costs at least for 2024 under the old structure. So I understand a lot of moving parts, but just anything on inflation or costs for some the Newmont portfolio going forward. Thomas Palmer: Thanks, Josh. I mean it's a tricky one this year because of some of the events we've managed, which are really impacting ounce production. There has been slowing impact on cost. But when we look through that to our direct cost base, it's very much in line with what we're expecting for this year. And then as we look into next year, that direct cost base is looking pretty steady. So it's sort of staying at the levels that we've seen and the sort of stabilizing out of inflation very much as we look into next year is doing a planning work, at least the direct cost base looks very similar this year. So for us, it will be working through the ounce profile for this combined portfolio. But thinking about -- we'll think about our portfolio in a couple of different chunks as we we're doing our plan. What will be the Tier 1 operations and the emerging Tier 1 operations that we manage and how we think about those. We'll be thinking about 3 non-managed joint ventures that will have in our portfolio, Nevada Gold Mines, Pueblo Viejo And then we'll be thinking about those Tier 2 assets and how we manage those Tier 2 assets and those that would be more likely to be part of that portfolio optimization. So we think about what's our cost base for the Tier 1 operations, emerging Tier 1 portfolio that we manage. We will be challenging our non-managed joint ventures around their cost base. And then we're looking at how we manage our Tier 2 assets going forward. So we'll be having those debates in and build our business plans. But the high-level answer to your question is our direct cost base is very consistent with what we see this year, and we'll be working to ensure that we've got some of those that we're throwing out the other side of some of those challenges that we've had with bush fires and flooding, a strike and manufacturing with So we'll certainly be looking at the plan for '24 being pretty consistent in that profile for those operations a pretty consistent cost base. Joshua Wolfson: Got it. Okay. And then another question, I'm not sure if you can provide any details or review of this. But following the Newcrest recent operating update, I'm just wondering the performance of these assets, has that affected your views on maybe some of the complexity or the strategy for integrating this portfolio or maybe how you're going to manage that process? Thomas Palmer: No, Josh, nothing's changed from our due diligence. We are crystal clear on how we will manage those operations and how we will integrate them into our operating model, and we're well advanced in -- well advanced in planning in terms of what we'll do on day 1, week 1, month 1 and the first 100 days. So there's nothing about anything happened in the sort of the more recent times that changes our long-term view on those assets and how we integrate Operator: Our final question today comes from Anita Soni with CIBC World Markets. Anita Soni: So the first one I think was -- is related to capital allocation. When you deliver on the $2 billion in portfolio optimization, can you give us an idea whether or not that could be used to support a dividend, if needed? Or do you think you have uses for that capital in terms of reinvesting in your portfolio? Thomas Palmer: Thanks, Anita. So the portfolio optimization will come from 2 categories. One will be resequencing the projects of the combined portfolio. And so the -- you match the 2 portfolios together, that would have been the cash going towards development projects and reinvesting, that will change, and that will then lead to free cash flow that we're generating be informing the decisions we make around calibrating our dividend framework. So that portfolio optimization will actually lead to generating free cash flow for support of the dividend. Then the portfolio optimization with the proceeds that we received from divestments of assets. First and foremost, we would bring that on to our balance sheet -- to strengthen our balance sheet and then make judgments about how we use the cash on our balance sheet. And certainly, as we did with the Goldcorp, we look back to our Goldcorp experience and we look at where our -- to the answer of the earlier question, we look at where our share price is trading, we have a robust view of where we value. And if we thought that there was some opportunity to buy back some shares, so that would be a debate we would have with our Board. But the first and foremost, that cash will come on to our balance sheet and be used to strengthen and bolster the balance sheet of the combined organization. Anita Soni: Okay. Second question, just more a little more on the nitty-gritty. Looking at Boddington, is that an appropriate run rate this quarter? Is that kind of what you'll be doing in terms of throughput in grades as you go into 2024 and continue with that layback? Or will that become more, I guess, exacerbated and more stockpile use and more waste stripping happening? Thomas Palmer: Certainly, as we -- a bit of a high sustaining capital, Anita, was around getting our hands on 5 trucks to get after the -- and we had access to those 5 trucks are getting in early, I think, after the waste movement in the North pit to really start to open up the North and South pit to the high-grade ore. So we'll move through '24 and '25 into some more waste movement, some run of mine ore coming into the plant, but also starting to supplement that stockpile. So you will see a movement into in that normal cycle of and moving into more waste and some stockpiles and so some lower gold and copper in that normal band that Boddington operates through. So you will see a bit of that dynamic playing out in '24, '25 before get back into the high-grade ore Anita Soni: Okay. And then the final question is with regards to the projects, particularly Tanami, where I think you pared back some -- revised your development capital number citing the rainfall events that you had. I just wanted to understand when you guys review the projects and the capital? And where you basically -- do you think you're okay on your capital at Tanami expansion to right now? Or should we be expecting to see an update there? And I ask this because we've seen unit cost escalation across the board, and we just haven't had an update on those capital numbers for about a year or so. Thomas Palmer: Thanks, Anita. So we've reached an important milestone at Tanami, where the mid-shaft the upper part of the of the shaft and now we're at that mid-shaft level setting up the infrastructure and then get after the lining of the lower part of the shaft. So it's an important milestone for you pause and understand the working -- what you've learned from mining the top part of the shaft, how you're going to apply those learnings to the bottom half of the shaft and what the condition of the bottom half of the shaft as now going to the run That work is happening right now. As we're seeing in the Australian market, I think the key cost pressure in capital projects is labor. And so just ensuring we understand the labor. We have a favor there and full crews as we get set to go for that second round of shaft lining. That work is live as we're working that through as part of our planning processes and doing our cost and schedule for the run that would certainly be something that we would be expecting to provide an update with our 2024 guidance in the latter part of February next year. So we're at the milestone of the project and it's nice to lined up with '24 -- February 24 update. Anita Soni: Okay. So just on that note, can you just go versus February 2024, you will provide guidance for the combined portfolio for 2024 -- sorry, for 2024 only. And then June, you will provide the combined portfolio -- or midyear, you'll provide a 5-year for the combined portfolio. Is that correct? Thomas Palmer: That's correct, Anita. Anita Soni: Okay. And then lastly, on the dividends, what you had said it for next year, that would be in February as well, right? Thomas Palmer: 2024 dividend would be -- the dividend would be calibrated for 2024, and we will be sharing that information with our guidance in February 2024. Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. John Tumazos: Thanks, operator, and thank you all for taking the time to our call today, and please enjoy the rest of your day. Thank you. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Good morning and welcome to Newmont's Second Quarter 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Thank you, operator. Good morning, everyone, and thank you for joining Newmont's second quarter earnings call. Today, I'm joined by my executive leadership team, including our Chief Operating Officer, Rob Atkinson, and we'll all be available to answer your questions at the end of the call. I'd also like to introduce our recently appointed Chief Financial Officer, Karyn Ovelmen. Karyn is a highly experienced financial professional who has held both CFO roles and Board seats in the resource and energy sectors. She brings a breadth of global experience, and we are very pleased that she has joined the Newmont team. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. Guided by a clear consistent strategy, our focus is on running a safe and sustainable mining business to generate long-term value. Our business is underpinned by a strong balance sheet and a global portfolio with the size and scale to make decisions that deliver on our strategy. And while I'm not happy with our ultimate financial results for the second quarter, I am very comfortable with the prudent decisions that we made during the quarter to safeguard our workforce, protect long-term value, and position Newmont to deliver strong performance in the second half of this year and beyond. During the second quarter, Newmont produced 1.2 million ounces of gold and 256,000 gold equivalent ounces from copper, silver, lead, and zinc, generating nearly $1 billion in adjusted EBITDA and more than $650 million in cash from our continuing operations. There were four important decisions that we made during the second quarter. First, we decided to suspend operations at Peñasquito to focus on finding an appropriate and sustainable resolution to the current dispute with the Union representing our workforce in Mexico. This dispute is associated with a profit-sharing agreement that we made with the Union leadership only 12 months ago. And in May, we paid our employees their profit-sharing bonus for the 2022 year, calculated in strict accordance with this agreement. The Union leadership are now demanding more than double the agreed amount and have taken strike action through the withdrawal of labor. At Newmont, Peñasquito sits within a strong, balanced global portfolio of operations, a portfolio that is supported by the industry's strongest balance sheet. During this important time for Peñasquito, we will remain firm in our resolve and continue to make decisions that protect the long-term value of the operation and benefit our employees, our contracting partners, our host communities, our customers, and all of our stakeholders. We strongly encourage the Union leadership up to and including Senator Napoleón Gómez to cease this strike action and return their members to work. The second decision we made during the quarter was associated with protecting our workforce at Éléonore from the unprecedented wildfires being experienced this summer in Canada, evacuating the mine and placing the operation on care and maintenance. Third, at Cerro Negro, we made the decision to pause mining for two weeks and complete important safety inspections to ensure that we had the appropriate control environment in place at this remote underground mine and to protect the health and safety of our mining teams working there. And finally, at Akyem, we made the decision to process lower grade stockpiles that were originally planned for the fourth quarter in order to optimize the mine plan, ensuring that we are in a position to safely extract the maximum amount of ore as we complete the current layback in the gen pit over the next few months. As planned, higher gold production is expected in the second half of the year, and will be driven by higher grades and tonnes mined from both Subika Underground and open pit at Ahafo. Higher grades and tonnes mined Cerro Negro is the first wave of our district expansion which comes online in the third quarter. Higher tonnes mined and processed at Tanami, where we will mine the highest grades for the year in the fourth quarter. Higher grade run-of-mine ore processed at Akyem as we return and complete the current layback. And when combined with the higher production that we expect from our two non-managed joint ventures, Nevada Gold Mines and Pueblo Viejo, we remain on track to deliver on our full year guidance. We ended the quarter with $6.2 billion in total liquidity and maintained an investment-grade balance sheet, preserving financial flexibility as we continue through a period of meaningful reinvestment and return a stable dividend to our shareholders. Consistent with our 2023 dividend payout range, we declared a second quarter dividend of $0.40 per share, demonstrating both our ongoing commitment to shareholder returns and our confidence in the long-term strength of our business. We remain on track to close on our acquisition of Newcrest in the fourth quarter and are leveraging the lessons we learned from the successful integration of Goldcorp four years ago as we build out our integration plans. We have also commenced the portfolio optimization work associated with this transaction, making the important decision in June to defer the Yanacocha Sulfides project. This is the first step in delivering significant value through portfolio optimization, and we will continue to evaluate opportunities to resequence project capital and rationalize the portfolio of the combined company over the next couple of years. At Newmont, we recognize that a strong, safety and sustainability culture is not only an indicator of a reliable well-run business. It is fundamental to delivering on our commitments to employees, contracted partners, host communities and all of our stakeholders. As we position ourselves to safely integrate Newcrest and enter this next chapter in Newmont's 102-year history, we made an important decision in the second quarter to further strengthen our commitment to responsible gold leadership and increase our focus on safety and sustainability. In June, we promoted Suzy Retallack for the role of Chief Safety and Sustainability Officer, reporting directly to me. Suzy is an industry leader with more than 20 years of experience in driving value-based decisions. Over the last five years, as our Senior Vice President, Health, Safety and Security, Suzy has been instrumental in leading the delivery of a step change in Newmont's safety performance, in particular, in the area of fatality risk management. Suzy will apply the lessons we have learned from our significant improvement in health, safety and security to further improve our performance in the areas of environment and social responsibility. In this new role, Suzy will also support me and my leadership team in the work we need to do as a company and as an industry to create workplaces that are free from harassment, assault, bullying and discrimination. I'll now turn it over to Rob and then to Karyn to take us through each of our operations and projects, along with a review of our quarterly financial highlights. Over to you, Rob. Rob Atkinson: Thank you, Tom, and good morning, everyone. Turning to the next slide, let's begin in Australia. Boddington delivered another strong performance in the second quarter increasing both gold and copper production from sustained grades and improved mill throughput. As part of our multi-decade life of asset strategy for Boddington, we have increased our autonomous haulage fleet with five additional trucks as we increased the planned waste movement in both the North and the South pits. This investment into the next layback at Boddington will support stable gold and copper production for many years to come. We remain clearly on target to hit our 2023 production guidance, and we are well positioned to deliver more than 1 million gold equivalent ounces from this cornerstone asset. Moving to Tanami, the site has recovered extremely well following the record wet weather and extensive flooding experienced in the Northern Territory during the first quarter. We doubled our quarterly gold production in the second quarter and remain firmly on track to land within our full year guidance ranges and will mine the year's highest grades in the fourth quarter. In addition, we continue to progress the second expansion at Tanami with nearly 50% of the concrete lining of our 1.5 kilometer deep shaft installed. The lining and the furnishing of the shaft continue to be on the critical path as our project team works to deliver significant ounce and cost improvements to our Tier 1 operation in Tanami. Moving up to Africa. In June, I visited both the Ahafo South and Akyem as well as our Ahafo North project in Ghana. At Akyem, I spent time with the team as we work through the decision Tom covered earlier to prioritize safety, optimize the mine plan and maximize the ore extracted as we close out the current layback in the coming months. As a consequence of this work, we expect grades to improve by 35% during the third quarter, positioning the site to deliver significantly higher production in the second half of the year and land within our 2023 guidance ranges. At Ahafo South, we delivered higher production as we access the third mining level and additional draw points in the Subika Underground ahead of plan. Fined with access to higher grades from the open pit, the Ahafo mill will process higher grade from both underground and surface in the second half. Ahafo is also on track to commission a replacement conveyor in the third quarter and it remains on target to hit guidance for the year. And finally, it was great to see firsthand the progress we are making on the Ahafo North project. The highway relocation in bulk airports continue to progress very well and with the new mining fleet in place, the project team is preparing to commence pre-stripping in the second half of the year. Moving across to North America. As Tom described, Canada has been impacted by unprecedented wildfires, with Quebec, particularly impacted during the second quarter. And in the second week of June, as the fire front approach the property, we made the swift and proactive decision to evacuate our workforce and place Éléonore on care and maintenance to protect our employees and contractors. During this time, our first priority was, and will always be, the safety and well-being of our workforce and local communities. We're now safely ramping up production activities as the forest fire threat continues to abate. And we will continue to monitor the situation in Quebec very closely as we work with the provincial government agencies to assess fire progress and air quality on a daily basis. Moving to Porcupine, we delivered another steady performance in the second quarter and remain well-positioned to deliver improved production in the second half of the year driven by higher grades from the Hollinger pit in Q3 and from Borden Underground in Q4. We continue to progress the Pamour project and are preparing for a full funds investment decision later this year. We will complete commissioning of a new water treatment plant in the coming weeks, which will accelerate dewatering of the premarket and allow us to commence pre-stripping during the fourth quarter with first ore expected in 2024. At Musselwhite, we delivered consistent gold production as we progress planned development activities that will increase scope availability in the second half of the year, including access to another double lift stope [ph]. As a consequence, we expect tonnes mined to increase by more than 30% and grades to increase by around 15%, supporting a strong third and fourth quarter. And finally, Cripple Creek and Victor delivered solid results due to higher grade and strong recoveries from our heap leach facilities. And now moving down to South America. Yanacocha delivered a strong second quarter as we begin to realize the benefits from applying our injection leaching technology. At Merian, we continued the planned stripping of the next layback in the Merian Pit and the site is on track to deliver 40% higher grade from the Maraba pit in the third quarter, putting Merian on target to hit full year guidance. Moving to Cerro Negro. In the third quarter, tonnes mined is expected to increase nearly 30% as the underground ramps up to full productivity following the safety pause that Tom referred to, and grade is expected to increase by 50% as we begin to access the higher-grade stopes from San Marcos, the first of six new deposits associated with the exciting underground district expansion at Cerro Negro. San Marcos will continue to ramp up throughout the year and is expected to reach commercial production in late 2023. Finally, as Tom discussed, we made the decision to suspend operations at Peñasquito on June 7, as we focus on finding a resolution to the dispute with the union leadership. We have and will continue to abide by the fair and equitable agreement that is currently in place and that was importantly, fully agreed to only a year ago with the union. We will continue to communicate directly with our employees and engage with the union leaders and government officials to find a fair, appropriate and sustainable resolution to this very disappointing dispute. You can expect that we will provide a fulsome update to the market once an agreement has been reached, and we look forward to returning our focus to safe and sustainable mining at Peñasquito. And now I'll wrap up on the next slide with our two non-managed joint ventures. Our share in Nevada Gold Mines and interest in Pueblo Viejo contributed 338,000 ounces of attributable gold production in the second quarter, and we look forward to both joint ventures delivering on their expected strong second half. And with that, I'll pass it over to Karyn to cover our financial results. Karyn Ovelmen: Thank you, Rob, and good morning, everyone. I'm happy to be joining the call today and look forward to presenting our second quarter financial results and answering any questions you might have. Before I get started, I wanted to talk briefly about what brought me to Newmont. When I was doing my due diligence on Newmont, I was excited to learn about the company's clear and consistent strategy, leading approach to safety and sustainability, its global diverse portfolio of assets and deep project pipeline to position Newmont for long-term success. Joining in May, I've had the pleasure to meet Newmont's senior leaders and the Board and spend time with my very talented finance team. And I can say that the strength of our people and capabilities have already far surpassed our initial expectations. Over the coming months, my team and I will be focused on building upon the strong foundation that we have today, partnering with the business to improve our overall financial performance and driving our disciplined capital allocation strategy, with a balance sheet that can support our strategic initiatives throughout the commodity cycle. Turning to the next slide. Let's get started with a look at the financial highlights. In the second quarter, Newmont delivered $2.7 billion in revenue at a realized gold price of $1,965 per ounce, adjusted EBITDA of $910 million, cash from operations of $656 million, which includes over $100 million of unfavorable working capital changes. Included in working capital changes were nearly $250 million in tax payments in the second quarter, partially offset by a draw on receivables. We would expect to draw on receivables to reverse in future quarters. The tax payments to decrease in the third and fourth quarter as they have in previous years. In total, we generated $40 million of free cash flow for the quarter, which is net of more than $600 million of capital spend as we continue to progress our most profitable near-term projects and position the portfolio for growth, both in ounces and margins in future years. We maintained a strong cash position with $3.2 billion and an attractive leverage ratio of 0.7 times net debt to adjusted EBITDA. We also maintained solid margins in the second quarter, driven by higher realized gold prices and steady direct costs. Second quarter GAAP net income from continuing operations was $155 million, or $0.19 per diluted share. Adjustments included $0.05 related to unrealized mark-to-market losses on equity investments, $0.03 related to transaction cost associated with our pending acquisition of Newcrest, and $0.06 related to tax adjustments and other items. Taking these into account, we reported second quarter adjusted net income of $0.33 per diluted share. And it is also important to note that this number has not been adjusted for the $46 million in operating costs and depreciation at Peñasquito since the strike commenced and at Éléonore, while the site was proactively shut down due to the wildfires. As Tom and Rob noted, Newmont remains well-positioned to deliver a strong performance in the second half of the year and achieve our full year guidance. Second quarter, we declared a dividend of $0.40 per share or $1.60 per share on an annualized basis, consistent with the last two quarters and calibrated within our 2023 dividend payout range of $1.40 to $1.80 per share. We have now maintained a dividend yield above 3% for 11 consecutive quarters, and this continues to be the highest dividend per share in the gold sector. With that, I'll turn it over to Tom for an update on the time line from today through to the close of our acquisition of Newcrest. Tom Palmer: Thanks, Karyn. Over the last two months since we announced the binding agreement to acquire Newcrest, my team and I have engaged with many of our important stakeholders, including employees, shareholders, local communities and government leaders. These conversations were aimed at listening to and answering questions, whilst also ensuring that the benefits of the transaction and Newmont's strategic rationale were well understood. Over the next couple of months, we will continue to progress the various regulatory approvals ahead of closing the transaction, primarily in Australia and Papua New Guinea. And I'm pleased to advise we've already received clearance from the Canadian government. Earlier this month, I visited Papua New Guinea for the second time, meeting with various government officials including Prime Minister, James Marape; Deputy Prime Minister, John Russo; and Mining Minister, Sir Ano Pala. As we continue this engagement, we remain excited for the opportunity to operate Lihir, and develop the world-class Waihi gold boom project. We are diligently working towards launching a scheme booklet and filing a proxy statement this quarter with shareholder votes expected in October. We then expect to close the transaction in November and begin the important work to safely integrate the Newcrest teams and operations into our portfolio. Then be in a position to provide 2024 guidance for the combined company in February of next year, along with our fourth quarter and 2023 results. With that, I'll thank you for your time today and turn it over to the operator to open the line for questions. Greg Barnes: Yeah. Thank you very much. Tom, I just wanted to ask about inflationary pressures and how you see them evolving into the second half of 2023 and 2024 ex any volume improvements you're going to get, which obviously will help on a gold per ounce basis? Tom Palmer: Yes. Thanks, Greg. Good morning. What we're seeing in our direct cost is largely consistent with what we expected as we guided this year, and I just step through that in a little bit more detail. About half our cost base is labor, about 50% is labor made up pretty evenly between employees and contractors. Employees largely stable and expect that to remain largely stable through the rest of this year and into next. Certainly, seeing some settling down in Australia, Canada, United States. Contracted services also have stabilized. So still at a higher cost that we saw with the inflation coming through last year, but largely stabilized, maybe a little bit of easing into the second half of this year, but certainly seeing the volatility come out of that, and that's at 50%, that's a pretty important driver. 30% materials and consumables. So it's the various reagents, particularly cyanide, explosive, steel for grinding media and the like. We're seeing those largely consistent with what we expected. Natural gas prices have come off, which is then flowing through to the prices that we're seeing for both cyanide and explosives. So a little bit of relief tailwinds with those consumables and would expect that to flow through the second half of this year. We'll see supply of natural gas may be tighten a bit, which may put a bit more tension on those prices, but certainly expecting to see that stable or a little bit of an improvement and still pretty much holding its own as we look at the grinding median to remove around the place. And then the next big category is fuel and energy 15% and that's driven by diesel. And we've certainly seen some relief in oil prices relative to what we've assumed. And we would expect to see that carry on through the second half of this year, but a volatile commodity and one that we'll continue to be conservative as we think about our assumptions for that. So a few tailwinds reg some stability and consistent with what we expected for 2023. Greg Barnes: Great. That's very helpful, Tom. And just a follow-on. In the presentation, you talked about the guidance you're going to provide in February. I'm just wondering how detailed do you expect to be in February around Newcrest and your expectations for how that's going to fold into the company in 2024? Tom Palmer: We're certainly working towards being in a position where we can give you a view of 2024 for the combined portfolio, which would include our view of the five Newcrest assets being folded into our operations. So if things continue to go to plan in terms of regulatory approvals, shareholder votes and close, integration planning busily being done. We'll receive the keys to the car so to speak in early November, I would hope, and that gives us time to work through those mine plans, apply the Newmont lens on those mine plans and the assumptions we make for some of the key input assumptions and certainly working towards being in a position to provide the 2024 guidance for the combined portfolio in the February timeframe. Greg Barnes: And what about the three to five-year guidance beyond that, will that wait? Tom Palmer: We will monitor that. And see how those numbers come together. We'll certainly be looking in the 2024 timeframe to provide as much information as we think appropriate, certainly for 2024 in that February timeframe and then -- and look for a logical time for a Capital Markets Day to share some more information on the combined portfolio and maybe even look to try and include some sort of site visit with that. So, that's still work in progress, Greg. But certainly, 2024 is in our side for the February timeframe. Greg Barnes: Great. Okay. Thank you, Tom. That’s it from me. Tom Palmer: Thanks Greg. Operator: Thank you. [Operator Instructions] And our next question goes to Anita Soni of CIBC Markets. Anita, please go ahead, your line is open. Anita Soni: Hi, good morning Tom and team. My first question with regards to the transaction, could you tell me, did the independent adviser or the independent expert for Newcrest reach that conclusion yet? Tom Palmer: Good morning Anita and thank you for dialing in. I think that might be a little vacation period for you. So, good to hear your voice, and hopefully, you can get off this call and back to some better years of time. They're still working through that process. So, that's their working -- it's in train working through, but not finished yet. So, it's -- but it's on schedule in terms of when we need that information in order to be able to proceed for the time line we had in the deck. Anita Soni: Okay. And then the second question, and then I'll go back into the queue. I'm just trying to get some of the grades that Rob quickly went through in terms of -- so let's start with Musselwhite. I think they said 30% improvement in tons mined and then grades by 40%. Is that a Q3 or Q4? If I do that in Q3, I get well above your guide. Tom Palmer: We're certainly starting to see a step-up in grade in both Q3 and Q4, pretty consistent across Q3 and Q4 for Musselwhite and it -- we're opening up with a nice double lift stope coming on, which is going to give us both some improvement in grade and volume. And then we've got some grades and some high-grade material also coming on as a result of the work in the first half. So, pretty consistent grade. Rob through the second half and certainly seeing a step-up in volume coming out. That will ramp up over the third and fourth quarter. So, the highest volume through the mill in the fourth quarter rate pretty consistent. Anita Soni: Okay. And then just in terms of -- I think at Ahafo where you were talking -- or maybe it was achieved a 35% uptick in grades in Q3. Is that correct? Tom Palmer: That's right, Anita. So, in Akyem, we stepped out into stockpiles, got the -- I mean, if those of you who know Akyem's a long, narrow pit and so is where as we're getting the last of the ore from the bottom of the pit and the current layback and wanting to bring down the next layback. We want to make sure that we maximize that also. We stepped out of the pit, made sure catch benches and the like rolling good shape. And swung into the stock -- the stockpiles we would have been in, in the fourth quarter. And now we're back in that ore. And so we basically got right of mine grade ore from the bottom of the pit coming through. You'll see most of that through the -- as now you see a good portion of that through the build through the third and fourth quarter now. It's the highest grades in the fourth quarter, building up through the third. Anita Soni: Okay. And then lastly, at Cerro Negro. I just want to make sure I heard you correctly. So 30% increase in tons mined and 50% increase in grade. But I don't think Rob said which quarter it was. Is that -- does that start in Q3, or is it Q4 weighted? Tom Palmer: We see the step-up in grade at Cerro Negro pretty consistent through the third and fourth quarter at Cerro Negro. And then you'll actually see -- you see quite a step-up in tons mined as we've got more ability to access ore, particularly as we start to extract ore from San Marcos for the first time. So pretty consistent second half across Q3 and Q4, in terms of material coming through the mill and the grades looking pretty consistent through those two quarters from correct to the back. Anita Soni: Okay. Thanks. I’ll leave it there. Thank you. Tom Palmer: Anita, probably one other on Ahafo. We've got the -- we've got the stars really lining up in terms of the real sweet spot in the Subika open pit as well as now having the third level of Subika underground open more than 20 draw points open. So we've got both the combination of high grades and tonnes coming out of open pit and underground at Ahafo. So it's another important one to be thinking about as you think about second half of the year. But that's certainly fourth quarter weighted as that comes through building through the third or the fourth quarter is a strong one at Ahafo with the stars lining up in both open and underground with mine sequences. Anita Soni: Okay. Thank you very much. Tom Palmer: Thanks, Anita. Operator: Thank you. The next question goes to Mike Parkin of National Bank. Mike, please go ahead. Your line is open. Mike Parkin: Yes, thanks. Can you just give a bit more color in terms of the background on pausing at Cerro Negro in mining? And does it have with what you've kind of investigated and decided on a go-forward basis, does it have any material impact on the cost structure of that asset going forward? Tom Palmer: Good morning, Mike, certainly, absolutely no impact on cost structure going forward. It was from time to time, certainly, my experience and Rob's experience you'll get an event, and we had a significant potential event in the underground mine and involved a loader that we weren't happy that we had the control environment in to be managing as the standard that we'd expect around -- basically, it was a piece of equipment involved in an incident. It's a remote mine. As you know, Cerro Negro is in a very remote part of Argentina and Patagonia. And we wanted to ensure that the standards that we expect, we're clear across the four crews that were there and that we went through the underground mine and did the appropriate inspections to make sure that equipment and conditions underground were well understood. You're obviously working underground in a remote location. So it's briefly important that we can be satisfied that the expectations are well understood and the conditions underground are well understood. We're also entering into a second half, which is a step-up in both grade and tons. So we're moving into a period of time where we're going to be asking the team to step up and be working more fronts. So we took the time to ensure that conditions were clear and expectations were set. There's nothing in terms of additional cost base. It's more about just ensuring that the leaders at all levels and their mining teams are understanding the standards that we expect and that we can confidently move forward with mining what will be a strong second half at Cerro Negro. Mike Parkin: Okay, great. So pretty much to sum up, it's more kind of ensuring operational best practices of Newmont being executed at that site? Tom Palmer: That's right, Mike. We will do that from time-to-time in my experience. There are times when you must always maintain a chronic unease with safety, and there will be events that come from time-to-time and part of maintaining solid safety performance is recognizing when you may need to just pause and ensure everyone's got their mind on the game, understand what's expected and then move forward with confidence. And so that's something we do from time-to-time. Certainly, Cerro Negro we cited that this needed a couple of weeks down. I'd expect as we do our integration planning for Newcrest and think about five new operations coming into our portfolio, think about the work we might do through November and December. That's certainly one of the debates we're having in terms of how do we ensure that the standards that we expect at Newmont are there in place in day one of those new crystal operations. So it's something that certainly both Rob and I have done in our careers from time-to-time when we see a need to reset expectations. Mike Parkin: Okay, excellent. And just one question on Peñasquito. With respect to the stream, is there any minimum delivery of silver that you're tied to, or are you fully free to shut down and not deliver sulphur when you're not producing? Tom Palmer: That's correct. That's my understanding, Mike, we'll get the team to just run that to ground. And it's different from that, we'll let you know, but that's our understanding. Mike Parkin: Okay. That’s it from me guys. Thanks so much. Tom Palmer: Thanks Michael. Operator: Thank you. The next question goes to Tanya Jakusconek of Scotiabank. Tanya, please go ahead. Your line is open. Tanya Jakusconek: Good morning, everyone. Thank you so much for taking my question. I wanted to ask about Peñasquito, just to get some clarification just from so many news articles that keep coming out. I'm just trying to understand with the union being on June 8th. I just want to make sure that I understood some of the articles that came out. Has the union gone to paying the workers? Because my understanding was the workers aren't being paid being on strike that the union has gone into pay the workers. Do we know if that's a correct statement from some of the papers I was reading? Tom Palmer: Tanya, that's correct. The members, the union members who are on strike are not being paid by the union that they're members of. And as part of our position at the negotiating table, we're not paying back pay. Tanya Jakusconek: Okay. So the union is not paying and you're not paying. So they haven't been paid since June 8th. TOM PALMER: That's right. So workforce of some 2,000 people aren’t being paid. You've got a much bigger contractor workforce that aren't being paid. You've got an extended community, there's some 28,000 people that rely upon those wages to receive some benefits. They're not being paid. We're the biggest taxpayer in the state of Zacatecas. They're not getting taxes. And our contributions are close to $2 billion a year to the Mexican government through both taxes and royalties are not currently being paid. So our message to the union leadership is we have a fair and equitable agreement. We paid in accordance with that, and we strongly encourage them to get their members back to work so that we can start paying wages again. Tanya Jakusconek: Okay. Yeah, it's just there was an article, Tom, that's saying that the union leader -- the union was taking money from their coffers and paying the workers. I just wanted to clarify that. And just how should we think about the cost of the -- on a monthly basis, being on care and maintenance as we go into July, how should I think, number one, what sort of cost should I be thinking about you incurring on care and maintenance? And number two, would that be coming through the operating costs, or would you take that out and put it under other? Thank you. Tom Palmer: Yeah. Thanks, Anita. So we -- you'll see -- and I'll get Daniel to catch up with you after the call, but we've got something in our earnings release. If you think about those costs through the month of June, at Peñasquito, we incurred $23 million of operating costs, another $15 million in depreciation due to the suspension of operations. So it's down for most of June. That's a pretty good indicator of what that's going to look like. Tanya Jakusconek: Okay. And I would run that through the cost. You're not going to take it out separately. Sometimes you've taken it out and included it out of operating costs into other items. Tom Palmer: No, we don't plan to do that, Tanya. So what you described is how best to model it. Tanya Jakusconek: Okay. Thank you for that. And then if I could just go back to Anita's question on just the second half performance with some of the mines that I think Cerro Negro would be evenly distributed Ahafo and Mussel are going to get higher Q4. Is there any other operation that going to have a higher Q4 because when I look at the numbers, you're looking at a production profile of Q4 being significantly stronger than Q3. Is that how I should think about it? Tom Palmer: That's right. Tanya, we're building towards a strong fourth quarter you've got -- you'll have across some of the parts of the world in which we operate, you tend to get a bit more wet weather in the third quarter. So you typically see us have those drier locations that really bring it home in the fourth quarter. Pueblo Viejo ramping up with 40% of Pueblo Viejo. That's an important part of H2, Nevada Gold Mines guiding to a strong second half. That's an important part of our H2. Tanami, we have got pretty consistent tons through the mill in the second half, but we move into our highest grade stopes in the fourth quarter. So that's an important story. And I think we probably covered the most of the Merian certainly got a stronger second pretty consistent across Q3 and Q4. So I think we've covered the sort of the key drivers of H1 versus H2 and where the higher fourth quarter would come from. Tanya Jakusconek: Okay. No, I appreciate that. It's just when you look at the production profile, excluding Peñasquito depending on what happens there, it is looking at the fourth quarter is the one that is going to carry quite a bit of weight for your -- in order to get your guidance. Tom Palmer: That's right, Tanya. And were -- Tanya Jakusconek: If I could just do one final question. Tom Palmer: Go ahead, Tanya. Tanya Jakusconek: Sorry. Just Tom Palmer: Go for it, Tanya. Tanya Jakusconek: Okay. Sorry, I cut you to say something else. Just another follow-up on Greg's questions on the inflationary release that you are seeing. I just wanted to confirm because some companies are not seeing exactly the same thing. Would be also fair to say that you are seeing cyanide pricing coming down relative to what you have? And I just kind of wonder in your agreement, do we restock your inventories on these lower level prices that are out there. Some contracts for some come up in three months, six months. I'm just wondering how -- when we are expecting you to renegotiate at these lower levels, so we can see when those would go through your cost structure? Tom Palmer: So, Tanya, we -- our supply chain strategy, particularly with our key commodities is to have strategic contracts that are long-term based upon the size of our portfolio, and we built into those rise in full calculations. So, we pretty much then become a price taker, but at a competitive price. And, then we -- and then we'll have flowed through the -- as you see prices go up and down, we have some relief in terms of the volatility about price increases or price decreases. And then with the inventories we have at sites, and it takes a little while for that to flow through. So, we are -- on the back of natural gas prices coming off, we are seeing ammonia prices down, caustic soda prices are also down, and we are seeing improvement in both cyanide cost and explosive costs. So, that is flowing through and it's linked to -- linked back to that key commodity price, and it's flowing through our contracts. It will wash through our inventories and we just continue to, through those contracts, take the prices as we have agreed in those contracts, and that then takes normally a month or two or three to flow through our inventories. Tanya Jakusconek: Okay. And so those you could see them coming in, in Q3 and into Q4? Tom Palmer: Yes, yes, we'll see some of that benefit in Q3 and Q4, absolutely. Tanya Jakusconek: Okay. Great. Thank you. I will get back in the queue. Thank you. Tom Palmer: Thanks Tanya. Operator: Thank you. The next question goes to Brian MacArthur of Raymond James. Brian, please go ahead, your line is open. Brian MacArthur: Good morning. Can I just follow up on Peñasquito. Tanya covered the ongoing cost, but where is the concentrate situation? Is there concentrate in transit that's off-site that's provisionally priced and you're going to have some sales in Q3 if nothing happens, or I was looking at your sales versus your production, and I know it varies quarter-by-quarter and lead versus zinc, where are we on that? Is there actually a cash inflow to you from concentrator? Is it all stuck at side, or where is that situation at the moment? Tom Palmer: Hey, good morning Brian. So, there's nothing left to put in all the sales being recognized in the second quarter. So, there's nothing in the supply chain from the mine site to the smelters that hasn't been sold and recognized. And then we have a small amount of concentrate stockpile on site, but not much. Sites been put into care and maintenance in very good neck and everything is safe and secure onsite. So, the expectation that common sense prevails and we've got a workforce back at work. We can ramp up very quickly with a lot of experience in being able to ramp up from the pandemic days. So, we know how to get that big mine back up and running and producing concentrate very quickly. So, it's pretty clean in terms of where we sit with the concentrates. Brian MacArthur: Great. Thanks very much, Tom. Tom Palmer: Thanks Brian. Operator: Thank you. We have a follow-up question from Anita Soni of CIBC Markets. Anita, please go ahead. Your line is open. Anita Soni: Sure. Thanks for taking my follow-up. So a few more questions in terms of the details. At Tanami, could you just go over what you're looking for in terms of grades and tonnes in the Q4, Q3? Tom Palmer: No problems, Tanya. The Q3… Anita Soni: Anita. Tom Palmer: Sorry, sorry. I live in the flow. Anita Soni: And you called Tanya, Anita. Tom Palmer: Daniel was writing me notes, Tanya, if you're still listening, my apologies, and I needed my apologies. Obviously, I need a holiday, sorry, how embarrassed. The high grades are in the fourth quarter. You'll actually see a little bit of a step up in the third quarter from what we were able to see in the second, and then we get into some nice high-grade stopes in the fourth quarter. So pretty consistent through the mill and a step-up in the in third and fourth quarter as they're free and clear of some of the disruption from the weather in the first half. So you see a step-up in volumes through the mill but the real grades flow in the fourth quarter. Nothing outrageous. Certainly, well within the grades that we've seen historically. Anita Soni: Okay. And then in terms of the project, I was noticing the spend at the different projects. And Tanami looks -- I mean, I don't really -- we don't really have sort of like the -- or maybe I've lost track of the amount of time that it's going to take to build out these projects, we are in the process like a percentage just from a time standpoint. But Ahafo North, it seems like the spend is not -- it's got the same start-up at Tanami expansion and I only see about 30% of the -- 3% of the spend and where Tanami's that has to spend. So could you just give us a little color on the time frame and the cadence of spending at both Tanami and Ahafo North? Tom Palmer: Sure. I'll start off Anita, and Rob might want to build on this. But Ahafo North has really been a first half or a quarter of just getting the work fronts opened up. So a lot of clearing of land, bringing equipment in. And so gearing up with positioning ourselves to really get stuck into doing the pre-strip work and then the civil works will then start constructing the processing plant and other infrastructure. So it's in a process of gearing up and then be able to accelerate up in terms of an open pit mine with a processing plant. Tanami, where is probably -- we're in that serious process of stepping through the shaft, doing those -- doing the concrete line and then bringing in the various facilities that get attached to that concrete wall. So that's in now starting to get a pretty steady state for that critical path item. The other thing that's largely the surface work in terms of most infrastructure is largely done. So clearly, there's a whole bunch of winding equipment to install at the appropriate time on surface and not completely done. But at Tanami, we've got the underground excavation, it's all done, but you're really in that process now mobilizing those construction crews underground to start building out the conveyors and the crushers and all the supporting infrastructure for that. So gearing up to get that work front really going ahead. So quite different projects in terms of infrastructure underground, shaft lining and then building an open pit mine and the associated infrastructure. Rob, anything you add on that? Rob Atkinson: Anita, I would just emphasize what Tom said, a number of fronts that we're actively working on at Tanami is far larger than Ahafo North. So every part of that project is getting worked on. And as Tom said, Ahafo North and seeing it just a month or so ago, the civil works is progressing very, very well. And in the coming months, that's when we will see significant spend, whether it be the contractors coming in. It's the steel getting erected. It's the hiring of cranes, it's the digging of tranches, et cetera, it's the construction of the tailings dams. So as the next few months passes, the number of fronts that we start working on at Ahafo North significantly increases. And as such, we'll see that increase in spend as well. Anita Soni: And then in terms of that work, how much has been sort of like, I guess, committed or how much of that work in the next -- in the back half of this year and early next year, do you have a visibility on the cost level? Rob Atkinson: In terms of, Anita... Anita Soni: I guess I'm just trying to understand that if you haven't – yes, what I was trying to understand is if you haven't really started getting into the guts of it, how certain are you that the CapEx guidance range is still good? Rob Atkinson: The key thing, which I'd certainly see, Anita, is that on the procurement side of things that we have basically secured just about all the supplies for both the projects. And I think that protects us enormously. The engineering that we've also done on both projects is at a significant level as well. So we've got a large degree of confidence. The biggest thing is always is with shaft building. We progressed down there. And at the moment, we're aligning that very well. We've got patches of overbreak, which we'll deal with. But at the moment, because of the engineering, the procurement, we're still very much on track. Anita Soni: Thank you. That’s all my questions. Tom Palmer: Thanks, Anita. Operator: Thank you. This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Tom Palmer: Thanks, operator. Just a quick one for Mike Parkin's question. Just confirm there's no minimum payment on the silver stream, Mike, if you're still listing on the call. Thank you all for making the time for the call this quarter, and please enjoy the rest of your day, and thank you for your time. Thanks, everyone. Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

Operator: Good morning, and welcome to Newmont's First Quarter 2023 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer : Thank you, operator. Good morning, everyone, and thank you for joining Newmont's first quarter earnings call. Today, I'm joined by Rob Atkinson and Brian Tabolt, along with other members of our executive leadership team and will all be available to answer questions at the end of the call. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. Newmont continues to lead the gold industry in safety, sustainability, profitable production and shareholder returns. Our solid first quarter performance is underpinned by our unmatched portfolio of world-class assets, our proven operating model, a balanced, disciplined approach to capital allocation and most importantly, our values-driven commitment to leading sustainability practices. With a strong outlook, combined with the strength of our team and the quality of our assets, we remain on track to continue safely delivering long-term value to all of our stakeholders. During the first quarter, Newmont produced 1.3 million ounces of gold and 288,000 gold equivalent ounces from copper, silver, lead and zinc, generating nearly $1 billion in adjusted EBITDA and all in line with the expectations we provided in February for Q1. We continue to expect the gold production for this year will be weighted 55% to the second half and we remain firmly on track to achieve our full year guidance ranges. With $6.5 billion in total liquidity, we continue to maintain an investment-grade balance sheet providing the financial strength to sustain our business throughout the price cycle as we continue to invest in our most profitable growth projects and return cash to our shareholders. Through our established dividend framework, we declared a first quarter dividend of $0.40 per share, demonstrating both our ongoing commitment to shareholder returns and the confidence that we have in our business. During the first quarter, we further rationalized Newmont's portfolio with the sale of our interest in Triple Flag, generating $179 million in cash proceeds. And we remain on track to deliver an incremental $440 million of full potential cost of productivity improvements this year. A key part of Newmont's continued efforts to deliver stable production and strong margins from the industry's best portfolio of world-class assets. Our core values are safety, sustainability, integrity, inclusion and responsibility. They have been developed and embedded over a long period of time and through multiple generations of leaders at Newmont. Together, they are fundamental to how we run our business, where we choose to operate and how we conduct ourselves on a daily basis. Last week, Newmont launched our 19th Annual Sustainability Report and our second Annual Taxes and Royalties Contribution Report providing a detailed and transparent look at our values-driven approach to sustainability and an overview of our tax strategy and economic contributions. And next month, we will issue our third annual climate report, outlining Newmont's climate risks and opportunities, our strategic planning around various climate change scenarios and the specific actions we are taking to reduce our carbon footprint. Each of these reports are part of a robust set to detail our company's management of the sustainability areas that matter most to our stakeholders and to our business. At the very core of Newmont's leading sustainability practices is our commitment to driving a fatality, injury and illness-free workplace. And this begins with a disciplined, laser focus on safety fundamentals. In the first quarter, we completed more than 172,000 interactions by leaders in the field that were focused on the critical controls that must be in place at all times to prevent fatalities. To highlight one of the direct consequences of this work compared to the same quarter last year, in Q1, we experienced a 56% reduction in potentially fatal incidents or what we call significant potential events. This improvement could not have been achieved without our dedicated workforce and the supporting systems that we have in place to maintain and improve our safety culture. Last month, we recognized several members of our team through our Annual CEO Safety Awards, acknowledging those teams and individuals that set the standard for high-quality build and safety practices. From a pool of over 50 nominees, we selected winners in three categories: safe lead up, safe team and partner in safety. We are really proud to be able to recognize the dedication demonstrated by our team members each and every day. We are also proud of our heritage as a values-driven organization with a clear purpose. We have learned that achieving our purpose requires strong governance and a commitment to accountability and transparency. As part of that commitment, Newmont has been disclosing our sustainability performance since 2004. Among the key highlights shown on this slide from our 2022 sustainability report is one of the most important focus areas for the mining industry today, creating a safe, healthy and equitable workplace, one that values our differences and ensures that everyone feels safe and is safe working at Newmont. Over the last 18 months, the mining industry has come under significant scrutiny following a West Australian Parliamentary inquiry into issues of sexism, racism, harassment and bullying in the workplace. I'm disappointed to acknowledge that Newmont is not immune to this unacceptable behavior that is taking place in workplaces across the world. And it is vital that its leaders, we make sustainable changes to address and eliminate these behaviors. To manage our response last year, I appointed a senior operational leader reporting directly to me and tasked with listening to our workforce to better understand what is being experienced so that we can make lasting and meaningful change. Over the last few months, more than 1,000 people have provided thoughtful feedback and personal experiences through 100 focus groups and more than 150 one-on-one interviews, assisting us in understanding the extent, nature and root cause of these behaviors in our organization. We will remain transparent in our acknowledgment of these behaviors. Andrew provided an overview of the emerging themes from these conversations in our annual sustainability report. This ask and listen process is helping us to identify the improvements required in our systems, the symbolic actions that we can take and our changes in our leadership behaviors that will drive a sustainable change in our workplaces. I'll now turn it over to Rob and then Brian to take us through each of our operations and key development projects, along with a review of our quarterly financial highlights. Then I'll wrap up with a brief update on our proposed acquisition of Newcrest. Over to you, Rob. Rob Atkinson : Thank you, John, and good morning, everyone. Since the start of the year, I visited three of our four regions at Newmont. I spent underground with the team at Tanami, reviewing the status of our expansion project to this world-class asset with Mia Gous, our Senior Vice President in Australia and our experienced leadership team. I traveled to Ghana to see firsthand progress at our Subika Underground mine and our Ahafo North project with Dave Thornton, our Senior Vice President in Africa. And I also traveled to each one of our sites in Canada, Éléonore, Musselwhite and Porcupine to review the productivity improvements we are achieving under the leadership of our North American Senior Vice President, Bernard Wessels. And as Tom just described, our site and regional leaders are very focused on safely delivering their plans, whilst continually working to create a safe and inclusive environment for each person working at our operations. So turning to the next slide. Let's begin with an update from South America. Peñasquito continues to deliver strong mill performance largely due to the implementation of our full potential program over the last four years and with the ongoing support from our operations support networks. With more than $300 million in annual synergies from processing, improvements alone, our team has been hard at work further debottlenecking Peñasquito's processing circuit, improving flotation and filtering capacity as well as optimizing maintenance schedules to increase mill availability. And as a direct result, Peñasquito processed 9.9 million tonnes in the first quarter, putting us on track to mill an impressive 37 million tonnes of ore in 2023. Mining continues in the Chile Colorado pit as planned. And whilst gold production was lower when compared to the fourth quarter, it was completely in line with the expectations that we had previously communicated due to mine sequence at this very large polymetallic mine. Linked to this sequence, coal production was strong this quarter, generating $266 million in revenue due to higher silver, lead and zinc grades being delivered from the Chile Colorado pit. And also, please note that 55,000 gold equivalent ounces in finished goods inventory at Peñasquito was built up at the end of the quarter as a result of planned timing on concentrate shipments. This concentrate has since been sold and the revenue will be realized in the second quarter. Also in Q2, we expect both gold and silver grades to decline by around 10% compared to Q1 due to the planned mining sequence with the full expectation that higher silver, zinc and lead grades in the second half and resulting gold equivalent ounces will offset the planned lower gold grades in 2023. We expect gold and coal production at Peñasquito to be weighted around 55% to the second half of this year. Turning to our leach-only operations in Peru. Yanacocha delivered steady results in the first quarter. Production is expected to increase by more than 20% beginning in the second quarter when we start to realize the benefits from our continued use of our injection leaching technology combined with our re-leaching programs. At Merian, our team has begun the planned stripping of the next layback in the Merian pit and as reflected in our guidance, this will result in higher waste tonnes being mined and lower ore tonnes in ore grade being processed this year. And finally, in Argentina, Cerro Negro delivered another solid quarter due to higher underground mining rates and mill throughput. Gold production is expected to steadily increase each quarter from a combination of sustained productivity improvements and the progression of the first wave of our district expansions at Cerro Negro. We anticipate production will be weighted around 56% to the second half of this year, with the site on track to add high-grade ounces from San Marcos beginning in the third quarter. Now turning to Australia. Boddington continued its momentum from the fourth quarter, delivering strong gold and copper production in the first quarter, whilst also completing a planned 7-day preventative maintenance shutdown of the processing plant. And as we look ahead, the site is expected to deliver improved results during the second quarter, supported by steady ore grades and strong mill performance. And as we ramp up waste stripping in the South pit in the second half of the year, we expect to increase total material amount to around 20 million tonnes per quarter helping to maintain steady gold and copper production despite planned lower ore grades being delivered to the mill. Now moving up to Tanami. And as previously discussed, the Northern territory in Australia experienced record wet weather and associated extensive flooding during late 2022 and the start of 2023, which resulted in the complete closure of the main route for supplies to Tanami from late December with the Tanami track only being fully unable to transport normal loads in late February. As described during our last earnings call, this road closure impacted our ability to move key consumables to site, resulting in the depletion of all of our wet weather stocks on site and the [cessation] of milling operations and gold production for 32 days during Q1. However, during this period, our team remained agile and responded to this event with mining operations continuing and ore being stockpiled in front of the mill. Scheduled maintenance was moved forward to reduce downtime in subsequent quarters. And in partnership with the Northern territory government and local contractors we successfully repaired and reopened the Tanami track. Due to these efforts, Tanami expects to recover most of the ounces from this event over the course of 2023 and is on track to more than double gold production in the second quarter. It's also important to note that all our key consumable stocks at site have returned to normal operating levels and we have continued to progress our second expansion at Tanami. The team has now completed more than 565 meters of the concrete shaft lining in addition to account expansion to accommodate our current and future workforce. And despite the temporary closure of the main access route during the quarter, the project remains on track to deliver significant ounce and cost improvements in the second half of 2025. And now moving to Africa. Akyem delivered lower ore grade in the first quarter as our team commenced stripping of the next layback in line with the expectations previously communicated. Strip ratios will remain high throughout the year as planned with stronger gold production expected in the second and third quarters due to higher grades coming through. At Ahafo, we delivered a solid quarter, a strong mining rates and plant throughput partially offset lower grades due to planned underground rehabilitation that impacted access to high-grade material at the Subika Underground. During Q1, the site experienced a conveyor failure that impacted one of the two conveyor systems transporting ore from the secondary crusher to the mills. However, the team was able to put a system in place to bypass conveyor and offset any impact to production. As a result, the hassle remains on track to achieve its annual guidance range with steady increases to production each quarter still expected as we open up additional draw points on the Subika Underground. We anticipate gold production at Ahafo will be weighted around 60% to the second half of this year due to higher mining rates and the delivery of more high-grade ore to the mill over the course of the year. Our Ahafo North project continues to progress well with approximately 85% of the total land area available for construction. And as you can see in the photo on this slide, we have transported a large portion of the necessary civil construction and mining equipment from Ahafo South to Ahafo North as we prepare to develop this next important phase of our Ahafo complex in Ghana. Now moving across to North America. As discussed during our last earnings call, our North American operations have made tremendous progress due to the guidance from our experienced team of leaders, the strength of our integrated operating model and the support from our proven full potential program. Starting with CC&V, our leach-only operation remains a solid contributor with slightly lower production compared to the previous quarter due to waste stripping in the Global Hill pit as planned. At Éléonore, the site delivered another strong quarter, driven by improved mining rates and mill performance compared to the fourth quarter. And these improvements, combined with the progress we have made in workforce stability, will enable Éléonore to continue generating daily production levels throughout the year, more than offsetting planned lower oral grid. Musselwhite delivered lower ore grade and mining rates compared to the fourth quarter as the team focused on backfill activities to expose higher grade stopes. And when combined with the efficiency improvements achieved through double lift stoping, Musselwhite is expected to deliver increased production each quarter in 2023 with nearly 56% of production anticipated in the second half of the year. And finally, Porcupine delivered higher ore grade and improved tonnes mine, largely offsetting the impact on planned mill maintenance during the first quarter. Pamour project continues to progress well as we prepare for an investment decision in late 2023. Collectively, our Canadian sites have improved production by 26% compared to the same quarter last year, primarily due to continued focus on closely managing labor vacancies and absenteeism, whilst improving productivity and reliability with greater access for our leadership and full potential teams post the Canadian border restrictions. Éléonore, Musselwhite and Porcupine each achieved the highest quarterly performance in terms of development meters. And for comparison, this is an overall improvement of 37% versus Q1 2022. And also as a direct consequence, tonnes mined improved 26% and ore tonnes processed also increased 7%. These very pleasing results are a true testament to the power of our operating model and its ability to replicate leading practices across our global operations. And these improvements will be on just the ounces delivered, we have also seen the significant potential event frequency rate in our four North American operations cut in half due to an increased focus on critical control verifications, proving once again that a strong safety culture is key to delivering on our commitments. Finally, to our two non-managed joint ventures, our 38.5% ownership of Nevada Gold Mines and 40% interest in Pueblo Viejo contributed 321,000 ounces of attributable gold production in the first quarter, representing 20% of our combined non-managed joint venture production guidance for the full year. As highlighted at our full year earnings presentation in February, a tragic workplace fatality occurred in our joint venture in Nevada Gold Mines. The fatality occurred at the Carlin Gold stream underground operation on the 23rd of January and a detailed investigation was carried out by our JV partners, which included one of Newmont's most senior safety leaders as a key member of the investigation team. And Newmont's executive leaders have also met to discuss and share safety strategies, interventions and tactics to help ensure tragedies of this nature do not occur again at NGM. Both of these joint ventures are core to the Newmont portfolio, and we look forward to continuing to work with our managing partner to help ensure a safe and productive future for Nevada Gold Mines and Pueblo Viejo. And with that, I'll pass it over to Brian to cover our financial results. Over to you, Brian. Brian Tabolt : Thanks, Rob, and good morning, everyone. Let's get started with the financial highlights. In the first quarter, Newmont delivered $2.7 billion in revenue at a realized gold price of $1,906 per ounce, driven from 21% of our anticipated full year production and including $376 million from our copper, silver, lead and zinc coproducts; adjusted EBITDA of $1 billion and cash from operations of $481 million, which includes $360 million of unfavorable working capital movements, partly due to the timing of concentrate shipments at Peñasquito. As stated previously, we are currently in a period of meaningful reinvestment with capital spend for the first quarter of $526 million as we continue to progress our near-term projects and position our portfolio to be profitable and resilient for decades to come. Additionally, through the continued rationalization of our portfolio, we sold our stake in Triple Flag, which generated $179 million of proceeds, contributing to Newmont's strong liquidity profile at the end of the quarter with $3.5 billion of cash on the balance sheet. This investment-grade balance sheet continues to be an integral part of our capital allocation strategy, maintaining financial strength and flexibility, while balancing sustainable reinvestment and meeting shareholder returns. First quarter GAAP net income from continuing operations was $339 million or $0.42 per diluted share. Adjustments included $0.05 related to a gain from the sale of our interest in Triple Flag as part of our ongoing portfolio optimization, $0.05 related to unrealized mark-to-market gains on equity investments and $0.08 related to tax adjustments. Taking these into account, we reported first quarter adjusted net income of $0.40 per diluted share, relatively in line with the previous quarter despite lower production as planned and previously communicated. These results also include the impact from higher average realized price, lower sales volumes, including the impact from the timing of concentrate sales at Peñasquito, as mentioned earlier, and lower total cost applicable to sales driven by lower overall production and higher oil prices. And as a reminder, this higher gold price environment results in both favorable inventory adjustments as well as higher royalties and production taxes. As the year progresses, we anticipate that unit costs will decline as production increases and inflationary pressures stabilized, improving margins and strengthening our financial position. As a reflection of the confidence in our business and our strong financial position, this morning, we declared a first quarter dividend of $0.40 per share or $1.60 per share on an annualized basis, set within our established framework and in line with our fourth quarter dividend. This continues to be the highest dividend per share in the gold sector and remains within the top 20% of large-cap dividend payers in S&P 500. With this dividend declared, Newmont will have returned $4.5 billion to shareholders through dividends since introducing our framework in October 2020. And we have now maintained a dividend yield above 3% for 10 consecutive quarters. And with that, I'll pass it back to Tom. Tom Palmer : Thanks, Brian. I'd now like to provide an update on our potential acquisition of Newcrest. To briefly recap the key events and milestones over the last three months, on February 5, Newmont confirmed that we had submitted a nonbinding proposal to acquire Newcrest. Then on February 15, Newcrest advised that they had rejected our proposal, but offered to provide us access to limited non-public information. After negotiating an appropriate nondisclosure agreement, we were provided access to this information. As part of this process, my executive leadership team and I, along with some of our key subject matter experts, held a face-to-face meeting with the Newcrest management team. After reviewing this additional information, we submitted a revised nonbinding proposal to the Board of Newcrest with the following terms: a proposal to acquire 100% of the issued share capital by way of an Australian scheme of arrangement under which Newcrest shareholders would receive 0.4 Newmont shares for each Newcrest share. Newcrest would have the right to fund and paid shareholders special dividend of up to US$1.10 per share to realize the value of franking credits and that the Newmont offer is best and final, subject only to no superior proposal emerging. On April 10, the Newcrest Board then agreed to grant Newmont access to confirmatory due diligence to enable us to put forward a binding proposal. Newmont has been provided exclusivity for a four-week due diligence period that ends at midnight on May 11. Our proposed acquisition would combine the assets and talent of two of the sectors of senior gold producers and set the new standard for safe, profitable and responsible gold mining. Newmont has a long history and a shared heritage with Newcrest, establishing our Australian subsidiary way back in 1966, a subsidiary that would become Newcrest some 25 years later. And as part of that share history, our companies also have shared commitments to a strong safety culture and leading sustainability practices, which is in addition to the complementary portfolios of world-class assets located in low-risk mining jurisdictions. Our proposed acquisition would strengthen our established position in Australia, creating efficiencies and value with a shared workforce, technical expertise and large-scale supply chain optimization and it would build upon the district potential in British Columbia's highly prospective golden triangle through a combination of operating mines and development projects that would deliver value through shared technology, mobile capabilities and ore body expense. With our scale and track record of successfully managing some of the world's top Tier 1 assets, this transaction would leverage Newmont's experience from the Goldcorp acquisition, where we have demonstrated over the last four years that we can generate meaningful improvements to performance, stability and profitability, especially at large open pit and underground operations. Since we closed the Goldcorp acquisition just over four years ago on April 18, 2019, we have delivered more than $1 billion in annual synergies, significantly exceeding our initial commitment of $365 million. More than 3/4 of this synergy value was generated by focusing on the fundamentals of mining and processing, and achieved for the disciplined application of our proven full potential program and leveraging our Newmont operating model with an experienced team of leaders and subject matter experts. Peñasquito, as the only Tier 1 asset in the Goldcorp acquisition, has been the main driver of this value, generating more than $700 million in annual synergies. At this very large open pit mine, we have increased the average payload on our fleet of 85 large 330-tonne haul trucks by 17 tonnes per load with scope for further improvement. This translates to an additional 12 million tonnes of material moved per year for next to zero cost. Combined with other load-and-hold improvements, we have increased the annual total material moved at Peñasquito by more than 20% compared to 2020 with no additional equipment. Then turning to the processing plant at Peñasquito, we have worked to understand and then address the bottlenecks in the crushing, grinding and flotation circuits of this complex polymetallic operation, delivering a 7% increase in annual throughput compared to 2020, which translates to around $300 million in free cash flow improvements each year from this operation. The Goldcorp acquisition involved the integration of five new operations, of which one Peñasquito was a Tier 1 asset. It also involved the entry into three new jurisdictions. By comparison, our proposed acquisition of Newcrest would also involve the integration of five new operations; but importantly, only one new jurisdiction. And notably, two of the operations, Cadia and Lihir are Tier 1 assets with Red Chris and Brucejack representing a Tier 1 district in the Golden Triangle of British Columbia. In the four years since April 2019, we have delivered on our value proposition and exceeded the commitments that we made. We have strengthened our position as the industry's recognized responsible gold leader. We have enhanced our portfolio through the successful integration of the former Goldcorp assets into our Newmont operating model delivering over $1 billion in annual synergies. We have optimized our portfolio, generating over $2 billion in proceeds from the divestments of Red Lake, our share of both KCGM and Continental Gold, along with the continued rationalization of our noncore equity portfolio. Notably, $1.5 billion of the proceeds from these divestments was delivered within the first 12 months of the acquisition closing, and we have led the industry on capital returns, returning more than $5.5 billion to shareholders over the last four years, while also completing over $1.5 billion in opportunistic share buybacks. Finally, our successful integration of the Goldcorp assets goes far beyond the synergies, assets investments and leading shareholder returns. We have led the alignment of the former Goldcorp organization with Newmont's purpose, values, experience and culture. We have fully implemented Newmont's safety systems and processes. We have integrated our sustainability goals and targets. Through our disciplined capital allocation process, the former Goldcorp assets have significantly benefited from the combined entity's free cash flow generation capability, and we have learned to operate in three new jurisdictions and forge lasting community and host country relationships. So in closing, I'm not able to provide any further details on the Newcrest proposal at this time as it is a live engagement. But I want to be clear with everyone on today's call that we will continue to be disciplined as we work through the due diligence process and determine synergies, and we will act in the best interest of our shareholders. Thank you for your time today. And with that, I now turn it over to the operator to open up the lines for questions. Operator: [Operator Instructions] The first question comes from Jackie Przybylowski from BMO Capital Markets. Jackie Przybylowski : Thanks very much for taking my question and I'm going to apologize because I acknowledge that you've just mentioned you don't want to give more information about the Newcrest transaction. But if I could ask on that anyway. Let's say, you finished the due diligence on the schedule where the exclusivity period is still intact and it's approved by all shareholders, can you talk a little bit about the time line for sort of when the earliest transaction closing would be and sort of what your thoughts would be for integration of the assets? Tom Palmer : Thanks, Jackie. I tend to answer that question as best I can, whilst respecting the need for that the ability -- the restrictions on being able to comment. We will certainly, in due diligence -- so first and foremost, we'll go through that due diligence process is exclusivity period for four weeks, but we remain disciplined in terms of understanding that information and assessing that and making our judgments and decisions. And it is a core capability of Newmont. We have a -- part of our operating model is the capability of our operating and technical teams. And so when it comes to due diligence, we have a very strong team who are very experienced in doing this work. So we're applying the full force of the Newmont organization on this due diligence exercise and we will work diligently through that process and then make our judgments, assuming that they will work well and -- sorry, Jackie. Jackie Przybylowski : Sorry, Sorry, sorry, go ahead. Go ahead. I'm sorry, I didn't mean to interrupt. Tom Palmer : Sorry, Jackie. Assuming that progresses well, and we were -- we reached a binding agreement, then there would be the regulatory approvals to work through. We've got the Australian, the Papua New Guinea, the United States and Canada. And so it really becomes an understanding of those approval pathways and ultimately, moving to close is dependent upon that. That's still a little bit into the future and work in progress. So that normally takes a few months to work through those steps. In terms of one of the real strengths of -- and the strategic rationale of this deal of which there are many, one of the real strengths is that we already have an operating model and an infrastructure in Australia and in Canada. So if you think about an integration exercise, we already have meals and a full business unit operating out of Australia. General managers report to me. We have a finance team, an HR team, a legal team, a sustainability and external relations team and technical team. So an integration in Australia involves two operations becoming part of Mia's team. She currently has Boddington and Tanami. When I was RSVP down in Australia, we had Boddington, Tanami, we had Waihi over in New Zealand, we had Jundee, we had KCGM. So we're scalable in terms of being able to accommodate additional operations, exactly the same circumstance plays out in Canada, where we already have Éléonore, Musselwhite, Porcupine, Cripple Creek and Victor reporting through to Bernard Wessels and his North American leadership team. So again, Brucejack and Red Chris can fit very comfortably into that scalable organization. For Lihir, Papua New Guinea is a new jurisdiction, very similar to when we're in Indonesia with Batu Hijau. I joined Newmont over nine years ago as the Senior Vice President for Indonesia, based in Jakarta, managing the external relations with Indonesia and the Batu Hijau operation. And I think there are some analogies between how I think about or how we think about Lihir and PNG and what we did very successfully for many, many years in Indonesia. So Jackie, hopefully, that gives you some flavor of how we think about integration. Jackie Przybylowski : No that's helpful. Tom, I mean, I think when you talked -- or when the media talked about this transaction initially, the thought was sort of a year-end or early '24 closing. But I would expect that as this process has gone on, that gets pushed back. Is that fair like you'd be kind of mid-2024 at the earliest third time frame? I'm just thinking from a modeling perspective. Tom Palmer : Yes, Jackie, I think that's too far into the future as best you can look into the crystal ball the work of those approval process. It's still -- we're in the hands of working through appropriate those approval processes, but I think it's a shorter time frame than what you just articulated. Jackie Przybylowski : Okay. Okay. That's helpful. And maybe just as a follow-up question or a related question. You mentioned maybe potential sanctioning decision or investment decision for Pamour in late '23. And I know previously, you've talked about Yanacocha Sulfides investment decision as well. Can you talk a little bit about like what your what you're going to be looking for either independently of this Newcrest transaction or potentially in light of this Newcrest transaction? What you're looking for in order to make a positive sanction decision on the projects that you've got in your portfolio today? Tom Palmer : Yes. Thanks, Jackie. Maybe I'll talk specifically to Pamour. I mean Pamour is a layback of an existing open pit. So it's really -- as we deplete the ore out of Hollinger in the middle of Timmins and we move across to Pamour, that we're already dewatering as part of the closure plans, then Pamour is really Hollinger's replacement in terms of the provision of the lower grade ore to supplement ore -- on -- it's a high grade underground ore through the mill of Porcupine. So it’s a very straightforward layback open pit replacement investment decision. We are just working through the diligent process of reaching -- working towards full fronts at the end of the year. We got some early long lead items coming in in terms of getting some fleet on the ground as the water comes out of that pit to able to get a good start at that. So that sort of sits there independent of anything else that maybe happening. It’s just natural progression of the veins in that mine and that decision -- assuming it continues to meet our hurdle rates, we will enable Porcupine to run for many more years to come profitably. Yanacocha Sulfides, we have got Dean Gehring, still dedicated to that, Chief Development Officer Peru, focused on understanding all options for the Yanacocha Sulfides through to and including, not presenting with the project and putting it into care or maintenance and Dean is still diligently working through that process with the team in Peru. And we have got a second half of '24 decision to be made there. So that is also independent of already a team that maybe happening externally, that is a process that Dean will continue to work through with that timeframe in mind. More generally, if we were to be successful in the acquisition, I would point you to our track record with Goldcorp where within the first 12 months we did work to rationalized the portfolio and to look to resequence projects so that we stayed true to our capital allocation strategy in terms of the strength of our balance sheet, a steady reinvestment in the business and leading returns to our shareholders. And that would be the same strategy that we would apply if we were in a situation where we were working through an integration of a combined portfolio. The mantra at Newmont which has been a key philosophy of how we approach our work for well over a decade is value over volume and value over volume would apply if this transaction would have been successful. Operator: We now have Tanya Jakusconek from Scotiabank. Tanya Jakusconek : Good morning, everybody. Thank you so much for taking my questions. I am just going to circle back Tom if I can just on the Newcrest potential acquisition. Just wanted to check with you, do we not require also Mexican approval for that as well or is that not needed? Tom Palmer : No, I don’t believe there Mexican approval is needed, Tanya. I think it’s the jurisdictions in which they are operating. So I am just looking to Peter, I don’t believe that… Peter Toth: I don’t believe too, Tom. Tom Palmer : Yes. Tanya Jakusconek : Okay. So it’s only other four that you mentioned. Okay. That’s helpful. Thanks. Just one last country to deal with. And then just on the shareholder vote, just to confirm that you need 66 and 2/3 votes of the Newcrest shareholders and 50 point, plus 1 for Newmont? Just want to make sure that I have those right. Tom Palmer : Tanya, just checking with the team, you break a little bit on this, Tanya. So we are just checking the percentage wise. So it’s 50 plus 1 for Newmont. We believe that is the case. And it’s 2/3 for Newcrest, we believe that’s the case. If that is incorrect, we will circle back and clarify that. Tanya Jakusconek : And just wanted, just talk about your coproduct guidance for the year. We were quite low -- sorry we are a bit too high I think on Q1 and so you came in a bit lower. Can you just kind of guide me through and I know Rob did this and I think I missed some of it. But just on the -- overall for Newmont how should I think about the coproducts going through the year? I know we talked about it at Peñasquito that I think we were supposed to have improvement second half weighted for the year. I just want to know 55% weighted for the year. But I just want to know Newmont for a whole, how should I be thinking of the coproduct? Tom Palmer : Certainly -- starting point in the coproduct will be certainly within guidance. There’s no changes there. Then in terms of the weighting, if I look across the Boddington and Peñasquito is where we have the coproducts Tanya, copper at Boddington, Boddington were in the high grades in the first half, maybe into lower grades, part of mine in the second. So copper production 52 first half, 48 second half copper production out of Boddington. And then when you look at Peñasquito we are weighted to the second half for silver, lead and zinc. Silver 44-56 first half to second half. Zinc, about 40-60 first half to second half. And lead about 45-55 first half to second half. The geo for the year certainly within the guidance ranges that we provided. Tanya Jakusconek : And then if I could just finally ask just maybe your thoughts about the Mexican law or changes thereof and what your thoughts and how you are reading into that please? And thank you. Tom Palmer : Yes, thanks, Tanya. Maybe for others on the call that might not be following Mexico as closely. Just in the last week or so the Congress in Mexico approved an amendment to a version an initiative that’s around the forming a legal framework for the mining industry. So it’s got through Congress and in a legislative process that now continues through and to the Senate for further debate discussions. So there's still some uncertainty around the scope of the reform. So it's difficult to speculate on what the impacts might be on the mining industry or specifically on Newmont. So as this is working its way through, we're certainly going through our process of doing our regular reviews of what's been proposed in that initiative and closely monitoring that process, but working also through the Mexican mining chamber, who has taken the lead with this matter on behalf of the mining industry in Mexico. It's an important legal reform. And so we would expect and hope that the Senate promotes some open and constructive dialogue with all parties that are involved. And that's just not the mining companies, that's the communities, the local and municipal governments and the lawmakers responsible for analyzing this initiative. So it's in that stage where we would hope and expect that there is a very active discussion and debate on this reform. There are some -- when you start to review mining frameworks that there is an opportunity to promote greater competition, to promote greater transparency in the sector, to work towards better safety and compliance standards provide more job opportunities and have benefits in terms of social and economic benefits. So I would hope that, that debate is conducted and with the full group of stakeholders involved and looking to improve circumstances in Mexico as a consequence. So early days, a long way to go. Our expectation and our hope is that there is a critical debate that takes place in Mexico. Tanya Jakusconek : And is your understanding that whatever claims you have in effect would be grandfathered for any changes on tenure, et cetera? Tom Palmer : That's our understanding, Tanya. As I say, we -- that's our understanding, but we're working through to make sure we fully understand that. It's more about -- it's more about future concessions as opposed to current. Operator: Our next question comes from Fahad Tariq of Credit Suisse. Fahad Tariq : Both related to the Canadian operations. Maybe first, Rob, you were talking a little bit about improvements in labor availability. Can you just give some more color as -- is that more or less resolved now? Do you have the right number of people on site across the Canadian operations? Rob Atkinson : Yes, we do that we're really focused in two areas, very strong recruitment and we've been able to do that very successfully across the three operations. And also just really making sure that our current workforce are turning up for work. So a very strong focus on absenteeism and lead management, and those are both paying off a very significant dividend. So the situation we had last year is vastly different this year. So we're in good shape. Fahad Tariq : Okay. Good. That's good to hear. And then as a follow-up on the Canadian operations, it sounds like the milling operations, mining operations, lots of productivity improvements year-over-year, but the ASIC remains elevated. Is there something that's part of the equation that maybe we're missing? Is it just higher sustaining CapEx this quarter? Rob Atkinson : I'll touch on the first issue that you mentioned is that, without a doubt, the performance in Canada has been very, very positive across the board in terms of the development meters and also the material movement, et cetera. So we're very, very pleased with the physical performance. And that also goes into the way in which the plant operates, our recovery, solution losses, et cetera, as well as the underground. So across the Board, we're very pleased with the productivities. But Brian's got some detailed answers in terms of the ASIC. Brian Tabolt : Yes. Thank you, Rob, and thanks for the question, Fahad. I think as it relates to Musselwhite, I think if you look at our earnings release, our ounces sold were lower and our sustaining capital is a bit higher for the quarter. And that's just largely in line with what we expected for Musselwhite for the period. So that's what drove the higher ASIC. Operator: You now have Anita Soni from CIBC Capital Markets. Anita Soni : I guess my first question is with respect broadly to strategy and the acquisition of Newcrest. So you were talking about how your operations are scalable and I was just trying to understand, are we to understand that when you -- if you were to acquire Newcrest, that your intention would be to basically run the 2 million ounces of assets that they have and add that to the 6 or so million ounces and you'd be a, I guess, 7 million-ounce producer or would there be some asset rationalization in there in your going forward plan? Tom Palmer : Anita, I think the two parts to answer that question. We have an operating model that is scalable to be able to integrate the existing 5 operations at Newcrest with our 12 managed operations and manage those operations safely and effectively. But our focus is on value over volume. We still got a lot of work to do in the context of Newcrest will be inappropriate to comment specifically on Newcrest given it's a live engagement. But we certainly look back at our playbook and our experience with Goldcorp where we divested KCGM, Red Lake, Continental Gold within the first 12 months and brought in the $1.5 billion in proceeds. So as we work through our due diligence on this live transaction and we think about portfolio rationalization, value over volume and synergies, we've got 4 years of experience on muscle memory capability within our team that we draw upon. And we look to that experience to then think about this potential opportunity. So I know I'm being a bit vague because it's a live engagement. But hopefully, you can see the playbook that we have followed over the last 4 years with value over volume being front and center. Anita Soni : Sure. Okay. Remind me of the divestitures that you did with the Goldcorp transaction. I think there were just two, right? Red Lake and... Tom Palmer : So as Red Lake, our 50% share in KCGM. And if you recall, we had an interesting Continental Gold in the Buriticá project in Colombia. So we completed those 3 divestments within the first 12 months. That was $1.5 billion. And then we spent the last 4 years cleaning up the noncore equity portfolio, which Triple Flag was the last -- one of the last pieces of that. And that's actually brought in over $700 million of proceeds over the last 4 years. Anita Soni : Okay. And then I guess my next question would be, I mean, it's been about 4 years since the last major transaction. If this deal were to close, do you think you'd be done for a while? Or would you be looking to do something else, I guess, I thought I'd ask. Tom Palmer : Thanks, Anita. I probably -- this is a live engagement. We will remain disciplined in terms of decisions we made as to whether it proceeds or not. And we know we have -- we know very, very well if we were successful, that's involved in integrating and delivering synergies. This is -- if this were to come off, it's a transformational transaction. And our focus would be on delivering on our commitments, and we have the experience of knowing what's involved in that. And we will be applying all of that experience for some time to deliver that value. Anita Soni : Okay. I just want to ask one more question. So the -- not with related to this transaction, but a little bit more on the operations. So I did notice that you mentioned in your ASIC commentary that costs were higher as a result of lower volumes and royalties on higher gold price. So that's the world is a good problem to have. But the comment about lower consumables and inputs, is that -- could we read into that, we're starting to see some input cost pressure is alleviating? Like how should we think about that over the course of the year from a unit cost perspective, not necessarily from the volume perspective? Rob Atkinson : Sure. Thanks, Anita. The lower consumables, primarily the fact that Tanami was down for 32 days with the weather impacts in the Northern territory. That's the main contributor to that Q1 explanation for consumables in terms of the cost base. As you said, the Q1 unit cost is driven by the 21% weighting in the first quarter. As we look at the end of March and then thinking about the remaining 9 months, the assumptions we made around inflation across our cost base, 50% of our cost base is labor, both employees and contracted services, next 30% is consumables, the next 15% is fuel and energy. The assumptions we have made after the 3 months of the year are holding true. So not seeing any alleviation on our assumptions yet. We're watching that very closely, but not seeing anything that's particularly different from what we've assumed. Anita Soni : Okay. So you're good for the ending up at [9.20] at the midpoint of the guidance range for the year at this point? Tom Palmer : Yes. Still on track for landing on that midpoint of our guidance, as you say. Operator: We now have Greg Barnes from TD Securities. Greg Barnes : Tom, I just wanted to ask about your views on the safety culture at NGM and what in your perspective, perhaps improvements that could happen there. Tom Palmer : Good morning, Greg, I'm going to kick off and Rob spends -- Rob will talk to Peter at NGM every couple of weeks. And so we -- there's a very close working relationship and often that is about less around ounces and costs and also around how we can work together on safety, improving safety performance. And there's probably a couple of comments I mean, Greg, is -- it's important. We always have a chronic unease around Sage performance, although we've had a period of time where we've been fatality-free as an organization, I've certainly in my 35 years in mining live through some tragic fatal accidents. And we still have, on average every 10 days, a significant potential event that could a bit vitality. So it's a sensor chronic ones and the things you need to be doing to understand your fatality risks and those critical controls that need to be in place. We don't spend a lot of time on the ground in the operations that we don't manage. So we don't have that in-depth knowledge of what may or may not be happening on the ground at an operation that we don't manage, but we do have a whole bunch of things that we do and we look to share. And I think that's the best thing that we can do, whether it be with NGM as a not joint venture, whether it be with a mining company that we've got no working relationship with, but we're in the same industry. But Robert, maybe give you a flavor of how we think about supporting whether it be NGM or anyone else when it comes to some of the things we try and do when it comes to improving safety performance. Rob Atkinson : Thanks very much, Tom. And just building on that, Greg, is that we certainly are very, very open to sharing that we've been on a journey, which has had an awful lot of lessons in the past. And those lessons have led to some of the systems that we've developed, and we're very open to sharing those. And we have shared those with our colleagues at NGM. There's certainly very good people at NGM who are working very hard and the tragedies have really shook them to the core, and they're really doing a lot of work in terms of the planning. And when I referred to the discussions that we had, it was about just bouncing off on another what we've done, what's worked for us and what they believe could work there. But they certainly had some challenges, major turnover, et cetera, a lot of new people at Nevada Gold Mines. And they are very committed to changing there. But we have shared our fatality risk management system. We have shared our methodology in terms of the importance of the prestarts, the importance of visible and felt and engage leadership. We have shared our views on very much a caring culture. And those are the things which I'm absolutely sure will be duly considered and taken on board. But the conversations we have performance. Greg Barnes : And Tom and Rob, perhaps your views on the safety culture at Newcrest, if you have any. I can talk about idea. Tom Palmer : Yes. Thanks, Greg. We -- it's something that is part of the -- when we think about the confirmatory due diligence, there's all the stuff you do going into data rooms and pouring through resource models and mine plans and the like, an important part of confirmation due diligence is getting on the ground. So whether it be Newcrest or any other potential acquisition we might be looking at, what's very important for us in making our judgment about whether it's a fair value and a transaction we proceed with is getting on the ground with our technical people, but also senior leaders. So as we think about due diligence and site visits, folks like Rob, Aaron Puna, Dean Gehring, all on my team with the Bernard Wessels, Mia Gous, the Francois Hardy, so all very senior operational leaders. As I say, whether it be in the context of a live engagement or any other due diligence we do, having senior leaders on the ground, spending -- you need to spend a day, but you learn a lot walking around an operation within a day in terms of the culture of that operation, in particularly the safety culture. And that is a very important part of our due diligence process and certainly part of a due diligence process that we would be doing in this live engagement. So I can't comment specifically on this particular engagement, but rather that -- it is an important part of our decision-making process, and we send our most senior people to site and safety and safety culture is a fundamental part of that due diligence process. Operator: We now have Mike Parkin of National Bank. Mike Parkin : All my questions have been answered. Congrats on the good quarter. Operator: We have a final question on the line from Anita Soni of CIB Capital -- CIBC World Markets. Anita Soni : So I just wanted to talk about the issues you talked about in Western Australia. I feel that it was important enough to make your conference call, we should probably delve into that a little bit more. And I do recall meeting the gentleman that you appointed, I can't recall his name, but to head up that initiative. But it's no secret that Newcrest has been at the center of some of these issues. So I'm just trying to understand how ultimately you propose to improve some of their operations, but also deal with the hot roll issues that Newcrest has around sexual harassment and -- in respect of work, they have a program in place called respect at work, which I'm not sure if it's yielded any results yet or not. But I just wanted to see how you guys were thinking about that and would approach that. Obviously, you acknowledged that you've had some issues yourself, but I just want to see how you're thinking about that in the context of a larger company that is now far more focused in Australia. Tom Palmer : Yes. Thanks, Anita. Really, really important question. And Alex Bates is the name of the person who you're remembering who was the Senior Vice President of our Australian operation and has been working directly for me over the last year, spending time on each of our sites in, as I say, those small focus groups in one-on-one discussions. These are issues that exist in society. So it's every workplace, whether in mining or every else and around the world. And I can say that with confidence now because we're in 8 countries around the world and Alex has completed his engagements at every one of our operations and the consistency and the stories and the personal experiences reflect that these issues exist in every society and certainly in the countries that we work in. So it exists in every workplace, including ours, and I'm confident to say every other mining company as a result. When we think about the work we need to do to change behaviors and improve workplace culture, very deliberately asked Alex to do the work, one, because he has the operational experience. He understands operations and what happens on Saturday nights on back shifts on night shifts and all the rest of it. He also is representative of the group of people whose behaving needs to change in order for us to change the culture and workplace. It's those people with power and privilege. It's people with power and privilege you need to change their behavior. And typically, in our mining industry, certainly in the Western world, it's a lot like Alex, they look a lot like their middle-aged white meat. And so it is about creating dissidence in terms of whose behavior needs to change, how do we change our behavior to create a more respectful workplace. When I think about any potential transaction and integration, whether it be Newcrest or any other company I would -- our approach would be to apply the same things that we're going to have to do within our own operations in terms of setting expectations for what is acceptable behavior to be equipping our leaders with the skills to understand what is inappropriate behavior and address it early on to ensure that we are creating safe work environments many mining operations have accommodation caps. How we're thinking about safe work environments and our accommodation camps, not only for the men and women who work in our mining operations, but importantly, for those people who cater and clean in those accommodation villages. How do we ensure that we have the person at the center of any event that occurs. And we're supporting the person as we work through any particular issue that may present in terms of billing harassment racism and the like. So the actions that we're looking to develop and take at Newmont if we were successful in acquiring Newcrest would be exactly the same actions that we would be applying at a set of Newcrest operations. So nothing specifically that we do. We have a lot of work to do. The industry has a lot of work to do, or frankly, society has a lot of work to do to improve the behavior that's in or places around the world. Anita Soni : Okay. Well, thank you for that work. There's a woman in mining and one who spent some time in the field. It's definitely important work for sure. Rob Atkinson : Thanks for the question, Anita. I think, operator, is that it for questions? Operator: Yes, I can confirm. This concludes the question-and-answer session. I'd like to turn the conference back over to Tom Palmer for some closing remarks. Tom Palmer : Thanks, operator, and thank you, everyone, for your time this morning, and please enjoy the rest of your day. Thanks all. Operator: Thank you all for joining. I can confirm that does conclude today's call. Please have a lovely day, and you may now disconnect your lines.

Operator: Good morning, and welcome to Newmont’s Fourth Quarter Results and 2023 Guidance Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Thank you, operator. Good morning, and thank you all for joining Newmont’s fourth quarter results and 2023 guidance call. Today, I’m joined by Rob Atkinson and Brian Tabolt, our Interim CFO along with other members of our executive team. And we will all be available to answer questions at the end of the call. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. We have quite a bit to cover this morning. So, I wanted to give you an overview of the topics we’ll be sharing. First, I’ll cover the highlights for ‘22 and our strong finish to the year. Then I’ll pass to Brian to take us through the financials. Next, Rob will walk us through our operational results for the fourth quarter and give a preview of what to expect this year from each of our operations and our two key projects. I’ll then summarize our 2023 and longer term outlook, along with our capital allocation strategy, and the expectations for our 2023 dividend. And finally, I’ll wrap up with some comments on our proposed combination with Newcrest. So, with that, let’s get started with our 2022 highlights. Newmont finished the year with a strong fourth quarter, leveraging our scale, our teams and our unmatched portfolio of world class assets to deliver industry-leading ESG, operational and financial results. We are well positioned to continue leading the sector, whilst remaining firmly grounded in our values and driven by our purpose to create value and improve lives through sustainable responsible mining. At Newmont, when we talk about being a values driven organization, we have at the very core of this work, the protection of the health and safety of our workforce. This simply must be at the heart of any sustainable and responsible mining business. And perhaps the most important thing to share with you today is that we have remained fatality free for over four years. We remain committed to continuously improve our disciplined and dedicated approach to safety, maintaining a clear focus on eliminating the risks that could lead to a fatality. We do this through the globally consistent management of the critical controls that must be in place at all times to prevent a fatality. Last year, we completed more than 620,000 interactions by our leaders in the field that were focused on these controls, a process that we call Critical Control Verifications. This was an increase of more than 30% over the previous year, demonstrating the importance that we place on visible felt leadership to maintain a safe environment at every one of our 12 managed operations, our major projects and our exploration sites around the world. We also continue to work to improve the effectiveness of our critical control verifications, through increased coaching and development of our frontline leaders. And last year, more than 50 Newmont leaders from across the world participated in field based fatality risk and culture reviews at sites that they do not typically work at. The purpose of these reviews is to identify any systemic issues or improvement opportunities at our managed operations. As a direct consequence of all of this work, in 2022 we experienced a 36% reduction in the number of significant potential events from the previous year. However, health and safety is an area where you must always maintain a sense of chronic unease. We still experience at least one significant potential event every 10 days, and each and every one of these are an opportunity to learn and improve. At Newmont, we recognize that a strong safety culture is not only an indicator of a reliable well run business, it is fundamental to sustainably delivering on our commitments to our employees, our contracted partners, our local communities, and all of our stakeholders. Newmont delivered a strong fourth quarter, safely meeting our commitments in ‘22 and finishing the year in a position of strength with momentum coming into ‘23. We met our original guidance for production set back in December ‘21, producing an industry leading 6 million ounces of gold and 1.3 million gold equivalent ounces from copper, silver, lead and zinc. We ended the year in line with our guidance ranges for unit costs, as we continued to manage our exposure to the global pressures on input prices and labor costs that have impacted the entire mining industry. These results generated $4.6 billion in adjusted EBITDA and $3.2 billion in cash from continuing operations, with $1.1 billion in free cash flow after reinvesting $2.7 billion into our business last year. As a key part of that reinvestment, exploration has always been and continues to be a core competency at Newmont. It is a critical component of our long-term strategy. This morning, we announced that our global reserve base now sits at 96 million ounces. And we have successfully replaced depletion for the year. In fact, in the almost four years since we acquired Goldcorp and established the joint venture in Nevada, we have replaced all of our depletion with strong reserve additions. As well as our robust base of gold reserves, we also reported nearly 600 million ounces of silver reserves and 16 billion pounds of copper reserves, providing natural exposure to a metal of growing importance, reducing carbon emissions. Throughout 2022, we maintained a strong, flexible, investment grade balance sheet, whilst continuing to reinvest in our future and providing shareholder returns of more than $1.7 billion through our established dividend framework. These results, along with our stable financial position and strong free cash flow from the world’s largest attributable gold production base has Newmont positioned to safely deliver on our commitments in 2023. And with that, I’ll hand it across to Brian to take us through our financial results for the fourth quarter. Brian Tabolt : Thanks, Tom, and good morning, everyone. Let’s start with the financial highlights for the quarter. Newmont had a strong finish to the year. In the fourth quarter, we delivered $3.2 billion in revenue driven by higher sales volumes and strong gold prices, adjusted EBITDA of nearly $1.2 billion and an impressive $4.6 billion for the full year, despite historically high and industry wide inflationary pressures, and strong free cash flow of $364 million. It is worth noting that fourth quarter free cash flow included nearly $650 million of capital spend, an increase of more than $200 million from the fourth quarter of last year, as we are now firmly in a period of meaningful reinvestment. This demonstrated commitment to reinvestment is a core component of Newmont’s clear strategy to progress the most profitable projects in our industry-leading organic pipeline, further strengthening Newmont’s portfolio for the long term. Compared to the third quarter, Newmont delivered strong top-line performance with a 16% increase in gold sales driven off the back of a strong fourth quarter production and an improved realized gold price of $1,758 per ounce. However, fourth quarter GAAP net loss from continuing operations was $1.5 million or $1.87 per share, driven by approximately $2 billion of non-cash accounting adjustments. These adjustments which are further detailed in our earnings release and 10-K include $700 million of non cash reclamation adjustments, primarily related to higher estimated closure costs at Yanacocha and Porcupine resulting from cost inflation, and increased water management costs at operating portions of the sites and $1.3 billion of non-cash impairments which were comprised of approximately $500 million of asset impairments at CC&V and $800 million of goodwill impairments that Cerro Negro and Porcupine. The site specific goodwill announced originated from the Goldcorp purchase price allocation four years ago, which was based on best estimates of each site’s value and country risk assumptions at that time. It should be noted that incrementally more value has been generated at Peñasquito that was originally allocated at the time, as Peñasquito alone has since delivered more than $700 million in annual synergies, far exceeding the value of these non-cash charges. Taking these adjustments into account along with other immaterial items, we reported the fourth quarter adjusted net income $348 million, or $0.44 per diluted share, which, despite slightly higher costs from inventory write-downs and royalties, represents an increase of $0.17 from the previous quarter. Delivered by our balanced global portfolio, these strong results demonstrate Newmont’s continued financial strength and stability, enabling us to be flexible and resilient as we continue to generate long-term value for our shareholders, heading into 2023. Now, I’ll hand it over to Rob for an update on our operational results for the fourth quarter and a preview of 2023. Rob Atkinson: Thanks, Brian, and good morning, everyone. As Tom mentioned, our team safely delivered an exceptional finish to the year, and we’re very proud of what our 30,000 strong Newmont team was able to achieve during 2022, despite the very-challenging and volatile operating environment that the whole mining industry was navigating. Today, I’ll cover the site level highlights for the fourth quarter, along with an overview of what to expect in 2023 from each of our operations and our two key development projects. So turning to the next slide, let’s get started with Peñasquito. When we acquired Goldcorp in 2019, we committed to delivering synergies of $365 million per year by applying the Newmont operating model to deliver value from G&A, supply chain, and most importantly, the implementation of our proven Full Potential continuous improvement program. Peñasquito alone has blown that target out of the water, delivering more than $700 million in annual synergies since we closed the acquisition nearly four years ago. Our core capability at Newmont is safely operating Tier 1 open pit and underground mines, and over 80% of this value is delivered from mining and processing improvements. And we have not stopped yet. Peñasquito delivered a strong fourth quarter, setting a new record in December for the tons we moved ex pit and exceeding our full year production guidance for the third consecutive year under the Newmont operating model. During the fourth quarter, mining was primarily from the Chile Colorado pit as planned, resulting in lower gold grades and higher levels of silver, lead and zinc contents. And as we progress this year, we expect this mining sequence and trend to continue at our two-pit polymetallic mine as previously communicated and in line with our long-term mine plans. In the first quarter, we expect gold grade to decline more than 20% compared to the fourth quarter due to this mine sequence. And for the year we expect gold production to be around 25% lower than 2022, whilst our gold equivalent ounces will be steady year-on-year. In South America, Yanacocha delivered slightly higher production during the fourth quarter compared to quarter three. With higher production expected in 2023 from higher leach recoveries due to the continued use of injection leaching, we continue to progress our review of the scope and the pace of the Sulfides project and expect to spend approximately $300 million to $350 million of development capital in 2023 and again in 2024. This spend is related to advanced engineering, procurement and completing camp construction. At Merian, the site delivered its highest quarterly production in two years due to record mill performance combined with higher grades mined from both the Maraba and Merian II pits. Merian is expected to deliver lower production and higher unit costs in 2023 as we begin stripping the next phase of the Merian pit, resulting in lower grades presenting to the mill as part of our planned mine sequence for the site. In particular, in the first quarter, we expect grades to decline more than 15% compared to quarter four as we enter the stripping campaign. And finally, at Cerro Negro, the site delivered another solid quarter due to higher grade and strong mill performance. Production from Cerro Negro is expected to steadily increase each quarter in 2023 due to sustained productivity improvements from our Newmont operating model. This will result in progressively higher tons mined and processed throughout the year. We continue to progress the first wave of district expansions at Cerro Negro, which will contribute to the higher production this year. And we just hit an important milestone with the first blast to commence development at the Silica Cap portal. In December, this project received approval for $200 million that will be spent over the next two years to develop Cerro Negro’s future through both the Marianas and Eastern Districts. And these funds will primarily be spent on underground development activities. This investment will extend mine life beyond 2030, and we expect to see annual production increase to above 350, 000 ounces beginning in 2024. Since we acquired Cerro Negro nearly four years ago, we’ve improved underground development rates by more than 50% and doubled the size of our land package to over 1,000 square kilometers, demonstrating both our operating capability and our confidence in the untapped growth potential from this highly prospective gold district in Argentina. In North America, our Canadian operations all delivered higher production in quarter four, a combined increase of 30,000 ounces compared to quarter three due to strong grades and improved productivity. At Éléonore, we finished 2022 with the strongest quarterly performance of the year. And importantly, key roles are all filled, and the team is ready to deliver higher ounces in 2023. This increase is largely driven by sustained productivity improvements as higher underground mining rates and strong mill performance will offset the lower grades coming through. At Musselwhite, we delivered our best quarterly performance in terms of gold production, development meters and total tons mined in more than five years. We anticipate production in 2023 to be weighted around 65% to the second half of the year, steadily increasing each quarter as mining continues in the PQ Deeps area. Porcupine delivered its strongest quarterly performance of the year and annual production is expected to slightly improve in 2023 due to higher tons mined and higher grade. We continue to progress the project to replace production from the Hollinger pit production with a layback of the Pamour pit. An investment decision is now expected in late ‘23 as we’ve been able to implement improvements to extend the life of the Hollinger pit. And at CC&V, we achieved our highest December production in over three years, resulting in a solid fourth quarter from higher tons mined and placed on our leach pads. Production in 2023 is expected to decrease slightly due to lower grades as we extend mine life through the stripping of a layback in the Globe Hill pit. In 2023, our four North American operations are expected to deliver nearly 1 million ounces of gold. This increase over 2022 will be safely delivered by a strong leadership team of experienced general managers who are in place, a stable workforce and without the challenges and constraints from COVID that we had to navigate through during the first half of last year. Boddington delivered an exceptionally strong quarter with 20% higher gold production and more than 50% higher copper production compared to quarter three. We set two important records in the fourth quarter, a new all-time monthly production record in December for both gold and copper on the back of higher grades and strong mill performance, and the best quarterly performance for our autonomous haul truck fleet for the tons moved per hour, a key metric for every open pit mine. Reaching these important milestones at a cornerstone operation like Boddington is a tremendous achievement, and we are proud of the hard work and dedication that our team has demonstrated in implementing leading technologies to promote both safety and productivity. The lessons we have learned will benefit not only Newmont but the gold industry as a whole, and we will look to leverage this technology and our experience at Boddington as we expand the use of autonomous solutions across our global business. In 2023, gold production is expected to remain steady compared to 2022, as continued strong mill performance and tons mined offset lower grade associated with further stripping in Boddington South pit. Tanami maintained strong production throughout the year and reliably delivered a solid fourth quarter from higher tons mined combined with higher grades despite an extreme weather event and record rainfall across Northwest Australia late in the quarter. Gold production is expected to be lower in 2023 and 2024 due to lower grades from the planned stope sequencing to allow for the underground construction of the crushing and conveying infrastructure associated with the Tanami Expansion project. Due to the extreme weather events and associated flooding, the main access route for supplies to Tanami and Tanami track has been closed from late December through mid-February. And although our fourth quarter was largely unaffected by this event, critical consumables such as cyanide, explosives and other reagents that can only come to site by road have not been able to be delivered over the last 6 to 8 weeks, and we have consumed the stocks that we maintained on site. As a consequence, we had to cease milling operations at Tanami over the last few weeks, and this will have an impact on gold production for the first quarter. However, the bottleneck at Tanami is the mining operation, not the milling plant, and mining has continued throughout this period with the ore being stockpiled in front of the mill. We restart the mill tomorrow and expect to recover the ounces that will be delayed from Q1, but that now means that we will have a production profile this year that will be strongly weighted to the second half. And with this impact, we expect only around 10% of Tanami’s 2023 gold production to be delivered during the first quarter. We also continue to progress the expansion at Tanami. Overall progress is now at 50% with engineering and procurement effectively complete, protecting the project from any new inflationary or supply chain challenges in the coming years. 373 meters of concrete lining has now been installed in the upper part of the 1,500 meter deep shaft, and this furnishing of the shaft continues to be the critical path work for the project. Underground development for the project has largely been completed with crusher and conveyor chambers, all fully excavated and ready for construction of infrastructure to commence. And as I signaled last July, following the completion of the four important project milestones of shaft reaming, head frame construction, underground development and the opening of state and international borders in Australia, we would assess project capital cost and schedule. We are expecting total capital costs of between $1.2 billion and $1.3 billion and the project completion in the second half of 2025. This is consistent with the direction we provided last July. Tanami Expansion 2 remains a key project in Newmont’s portfolio and underpins Tanami’s future as a long-life, low-cost producer well into the 2040. Turning to Africa. Our two operations in Ghana delivered this year’s strongest quarterly performance in Q4, increasing production by more than 45,000 ounces compared to Q3. In December, Akyem delivered its strongest monthly production in seven years on the back of higher tons mined, higher grades and strong mill performance. In 2023, Akyem is expected to deliver lower production as we progress stripping of the next layback in the pit. And as a consequence, 2023 gold production will be around 20% lower than last year as a result of lower grades. Ore grade is expected to decline by more than 40% in Q1 compared to Q4. Moving across Ahafo, the mill achieved record throughput during the fourth quarter, benefiting from higher grade and mining rates as Subika underground really starts to hit its stride. In 2023, gold production from Ahafo is expected to steadily increase each quarter as we open up more draw points in the Subika underground, lifting mining rates and resulting in the delivery of more higher grade ore to the mill over the course of the year. As a consequence, gold production will be strongly weighted to the second half of the year with around 15% of the year’s production to be delivered in the first quarter. And I’m pleased to announce that we are making great progress with our new mine in Ghana, Ahafo North, where we gained land access and have commenced construction and highway relocation activities. Ahafo North expands our existing footprint in the Ahafo complex, adding more than 3 million ounces of gold production over an initial 13-year mine life. And when combined with Ahafo South just 30 kilometers away, we expect to deliver an average of 850,000 -- I beg your pardon. 350,000 -- sorry. We expect to deliver an average of 850,000 gold ounces per year through until at least 2030 from our Ahafo complex. Leaning into one of Newmont’s core capabilities, we have conducted extensive regulatory and community engagements to ensure that from the very start of this project, we earn and maintain social acceptance. The process of engagement is critical work that cannot and must not be rushed. There’s an African proverb that we consistently apply at Newmont. “If you want to go fast, you go alone. If you want to go far, we go together.” And as I signaled last July, gaining land access and commencing construction activities was a key milestone for us to reach in order to assess project capital cost and schedule. We are expecting total capital costs of between $950 million and $1.05 billion in project completion in the second half of 2025. This is consistent with the direction we provided last July. We remain very excited about Ahafo North and look forward to bringing you updates as we develop this new mine over the next two years and create value from the best unmined gold deposit in West Africa. Finally, to our two non-managed joint ventures. Our 38.5% ownership of Nevada Gold Mines and 40% interest in Pueblo Viejo contributed 1.45 million ounces of attributable gold production in 2022. For Nevada Gold Mines, disappointingly, fourth quarter and full year production fell below the lower end of the guidance range and above the higher end for costs that were provided by Barrick in November 2022. However, most concerning was that these two non-managed joint ventures have experienced three tragic fatalities over the last 12 months. As for the 2023 guidance provided last week by Barrick, gold production is expected to increase by around 10% from both Nevada Gold Mines and Pueblo Viejo in 2023. Both of these joint ventures are core to the Newmont portfolio, and we look forward to our managing partners safely delivering on their 2023 commitment. And with that, I’ll hand it back to Tom. Tom Palmer: Thanks, Rob. So bringing everything that Rob just covered together, we finished ‘22 strongly, and we are bringing that momentum into this year. As we’ve been signaling for some time, in 2023, we are expecting to produce around 6 million ounces of gold at an all-in sustaining cost of around $1,200 an ounce. Sustaining capital lifts to around $1.1 billion. Exploration and advanced project spend will be around $500 million. And we will see our highest development capital spend in a generation at around $1.3 billion. At Newmont, we developed our business plans with discipline around the assumptions we make. In 2023, we anticipate that the current economic environment will continue to be volatile, and with this context believe that it is particularly important to understand the sensitivity of our free cash flow and all-in sustaining costs to the key assumptions we have made. We have taken a conservative view of gold price for 2023 and are assuming $1,700 an ounce. This table provides our sensitivities to other metal prices, oil as well as the Australian and Canadian exchange rates. For ‘23, we have assumed normalizing levels of inflation as we progress through the year with an assumption that the year-over-year escalation rate will be around 3%. And as we do each year, we expect that this escalation will be offset by our ongoing discipline in delivering on full potential improvements. This year, we are also including a guide on the sensitivity to our three main cost areas. 50% of our direct costs are labor, an area under continued pressure in our mining industry. We have assumed our labor costs will increase 4.5% compared to last year before returning to more historical levels, and we are keeping a close eye on contract labor, which tends to be much more volatile. Materials and consumables account for the next 30%. We are seeing input prices for cyanide and explosives beginning to normalize with improvements in global supply chain performance. In addition, the price of the steel we use for grinding media and spare parts is now in line with last year’s average prices. These two categories, along with fuel and energy, remain highly volatile and impacted by the many macroeconomic events the world is experiencing. High levels of inflation have a material impact on our unit costs, and we will continue to remain transparent with the market as we monitor the inflationary environment over the coming months. Turning now to seasonality on the next slide. We anticipate that gold production this year will be weighted 55% to the second half, driven by Ahafo, Tanami, Peñasquito and Cerro Negro, as Rob just explained. Q1 is expected to be our lowest gold production quarter with approximately 21% of annual production. However, we expect to have relatively steady spending for both, our sustaining and development capital throughout the year. We anticipate that production will increase and unit costs will decline each quarter as the year progresses. Turning to our five-year outlook on the next slide. Supported by the industry’s most robust, balanced and diverse portfolio of operations and projects, we expect to deliver strong gold production and improving unit costs over the next five years, bringing our all-in sustaining cost to around $1,000 to $1,100 per ounce by 2025. This cost improvement will be driven by strong production from our world-class assets, Boddington, Tanami, Ahafo and Peñasquito, combined with the delivery of new low-cost ounces from our investments in Ahafo North, Tanami Expansion 2 and the district expansions at Cerro Negro. Our near-term cost reductions are also supported by the delivery of full potential cost and productivity improvements across our 12 managed operations. This solid outlook, combined with the strength of our team and the quality of our assets, has the ability to generate substantial, attributable cash flows throughout the gold price cycle, allowing us to confidently execute on our capital allocation priorities and maintain our position as the world’s leading gold company. Our capital allocation priorities remain unchanged with a clear and balanced strategy, first and foremost, to maintain the industry’s strongest balance sheet with financial strength and flexibility; second, to reinvest in our business through exploration and organic growth; and finally, to return excess cash to shareholders through dividends. I’ll take a moment to step through each of these priorities, explaining their significance to Newmont and how they work together in order for us to deliver a long-term stable outlook. Starting with our first priority. Newmont has maintained an investment-grade balance sheet with financial strength and flexibility to ensure we have the right balance between resilience, returns and the ability to react. We have made deliberate efforts over the last few years to build the industry’s strongest balance sheet, growing our cash balances to $3.7 billion with total liquidity of $6.7 billion and no debt due until 2029. This robust platform has allowed Newmont to enter the current phase of the commodity cycle in a uniquely strong financial position, enabling us to be resilient and agile in times of market instability. Our second priority is to reinvest in our business through exploration and organic growth, ensuring that our current and future reserve and resource position can continue to support our industry-leading portfolio of operations and projects. Our long-term outlook assumes annual investment of around $1 billion to $1.2 billion in sustaining capital, around $400 million to $500 million in exploration and studies, and around $800 million to $1 billion in development capital. Combined, this is an average annual investment of around $2.5 billion, a critical component in Newmont strategy to sustain strong production levels and improve margins over the long-term. [Technical Difficulty] we are currently [Technical Difficulty] Due to the higher capital spend anticipated this year, Newmont expects to reinvest approximately $2.9 billion in 2023, which is around $400 million higher than our average annual investment. And it’s also important to note that these numbers exclude our equity method contributions to support the Pueblo Viejo expansion. [Technical Difficulty] to maintain our [Technical Difficulty] profile for the next 10, 20, 30 years. Our portfolio of operations and organic project pipeline will produce more than [Technical Difficulty] of attributable gold each year, through [Technical Difficulty] in our industry. This profile [Technical Difficulty] production of approximately 1 million gold equivalent ounces from copper, silver, lead and zinc. Importantly, the majority of this metal production comes from the most favorable mining jurisdictions, balanced across 12 managed operations two non-managed joint ventures in nine countries around the world. And it is this strength and scale that enables Newmont to confidently execute on a clear and consistent long-term strategy to deliver value to our workforce, our local communities and to our shareholders. Then our final capital allocation priority is to return excess cash to shareholders, which is primarily done through our industry-leading dividend framework. Recognizing the importance of shareholder returns, 2.5 years ago, Newmont was the first in the gold industry to introduce a structured dividend framework. This framework provides shareholders with a stable base dividend of $1 per share, centered at gold reserve price of $1,400 per ounce and a variable component based on incremental free cash flow above that base assumption. As we do each year, we have evaluated the 2023 dividend payout in conjunction with our annual business planning process. The expected range for dividends to be paid this year is $1.40 to $1.80 per share, and this range has been calibrated at a conservative $1,700 gold price. Anticipated incremental free cash flow in 2023 has been adjusted to incorporate the current input costs being experienced across the mining industry from unprecedented levels of global inflation, the $400 million of higher capital spend above our long-term average, and considering the strength of our balance sheet during this period of meaningful reinvestment. Taking all of these considerations into account, and in line with what we have been discussing since our last earnings call in October, this morning, we declared a fourth quarter dividend of $0.40 per share or $1.60 per share on an annualized basis. This continues to be the highest dividend per share in the gold sector and within the top 80% of large cap dividend payers in the S&P 500. With this dividend declared, Newmont will have returned over $4 billion to shareholders through dividends since introducing our framework in October 2020, maintaining a dividend yield above 3% for nine consecutive quarters. Our proven track record of returning cash to shareholders clearly demonstrates our ongoing commitment to shareholder returns and the balanced long-term approach that we apply to our capital allocation strategy, ensuring that Newmont is well positioned to create value for many decades to come. So, I’ve just taken you through the gold industry’s strongest business. Now from that solid foundation, let me walk you through the value proposition for our potential combination with Newcrest. Before I begin, please understand that other than these prepared remarks, I’m not able to provide any further details about the Newcrest proposal at this time as this is a live engagement. Our proposal would combine two of the sector’s top senior gold producers and set the standard for sustainable and responsible gold mining. Newmont has a long history and shared heritage with Newcrest, establishing our Australian subsidiary way back in 1966, a subsidiary that would become Newcrest some 25 years later. As part of that shared history, our companies also have shared commitments to a strong safety culture and leading ESG practices, which is in addition to the complementary portfolios of world-class assets located in low-risk mining jurisdictions. Our proposed combination would strengthen our established position in Australia, creating efficiencies and value with a shared workforce and large-scale supply chain optimization opportunities. And it would build upon the district potential in British Columbia’s highly prospective golden triangle through a combination of operating mines and development projects that would deliver value through shared technology, local capabilities and orebody experience. With our scale and track record of successfully managing some of the mining world’s top Tier 1 assets, this combination would leverage Newmont’s experience from the Goldcorp acquisition, which demonstrated that we can generate meaningful improvements to performance, stability and profitability, especially at large open pit and underground operations. We have delivered more than $1 billion in annual synergies from our Goldcorp acquisition in 2019, far surpassing our initial estimate of $365 million and improving the ongoing performance of the acquired assets through Newmont’s operating model. At Peñasquito alone, we have generated over $700 million of annual synergies by optimizing the processing plant and mining fleet while sustainably addressing community relations issues that have disrupted that site for over a decade. And as a reminder, upon completion of the Goldcorp acquisition, we focused on optimizing the combined portfolio, completing asset sales of more than $1.5 billion from that combined portfolio within the first 12 months. And given the challenges that the mining industry is currently facing from a volatile macroeconomic environment, there has never been a better time for Newmont and Newcrest to come together. We are disappointed that the Newcrest Board rejected our proposal, and we are currently engaging with the Newcrest team in relation to their offer to provide us access to more information. And if we can reach an agreement, this combination of industry-leading talent and decades of collective experience would create significant value across the global business with an ideal mix of gold and copper, strengthening Newmont’s overall position as the world’s leading gold company. As I indicated, I will not be able to make -- provide any further details on the Newcrest proposal at this time as this is a live engagement. But I want to be clear with everyone on today’s call that we will continue to be disciplined as we assess all of the options to move forward, and we will act in the best interest of our shareholders. Thank you. And with that, I’ll now turn it over to the operator to open the lines up for questions. Operator: Certainly. We will now begin the question-and-answer session. [Operator Instructions] The first question comes from the line of Emily Chieng of Goldman Sachs. Emily Chieng: My first question is just around the two expansion projects that you have going on, Tanami 2 and Ahafo North. I know you’re targeting first gold by the second half of 2025. But can you talk through what perhaps are the key constraints that you may face in achieving that timeline? Is it labor? Is it supply chain? I guess how much buffer is being built into that construction period there? Tom Palmer: Yes. Thanks, Emily, and good morning. Both those projects have hit, as Rob was describing, important milestones that allow us to assess both schedule and cost to complete. So for us, at Ahafo North, it was achieving land access, which we have achieved. So, that means we can now essentially pin our ears back and build a mine that we’ve built 3 times before. It’s the same mine is Ahafo. It’s the same mine as Akyem. It’s the same mine as Merian, and our EPCM contractor is like a podium who have been our key partner in Ghana for over 20 years. So, we know how to build Ahafo North very well. We’ve hit the key milestone in terms of land access. Our communication towers are going up, lands being cleared. We’ve got CAT gear on hard stands, temporary fuel facilities in place. And the schedule and the cost we provide, we are highly confident in delivering because we’ve hit that critical milestone. For Tanami 2, the critical milestone for us was completing the reaming of the shaft, completing the development underground. So, some massive chambers underground that our mining team has very successfully completed and safely completed. The installation of the head frame above that shaft and the mobilization of the key team, a very specialized team that will spend the next two years in a Galloway, heading down that shaft, forming concrete and then installing pipes, infrastructure and then a separate team that will get underground to install conveyors and crushers. So with that key milestone, we have confidence in both the schedule and the cost to run that project to complete. Engineering is done. Procurement is done. We’re 50% complete. So those -- we are at two important milestones, which is why we held back to now before we provided the update. So Emily, you should have a high degree of confidence in the Newmont team to deliver those projects within schedule and cost. Emily Chieng: Great. That’s very helpful. And just a follow-up around the cost outlook for the next couple of years there. I know you’ve mentioned we should expect to see costs come down by 2026 on some increased production. But, as we think about the 2024 and 2025 outlook, is the step down there from ‘23 through ‘26 also attributable to some production increases, or is there any sort of baked in expectation for the labor and consumable costs also coming down in that period as well? Tom Palmer: We’re certainly expecting costs and inflation levels for this year to be the same as ‘22. We do assume a little bit of easing in ‘24, ‘25, ‘265. So that is partly a driver. In ‘24, there’s also the work we’re doing on productivity improvement and the additional ounces that you see coming through in that production profile. I think a big mine there is -- that contributes to that is Peñasquito. It’s a polymetallic mine. The gold equivalent ounces stay pretty stable. But depending on which pit we’re in, the gold ounces change quite significantly year-on-year, as you’re seeing ‘22 to ‘23. So, if you have a year of high gold ounces, that obviously helps your all-in sustaining costs for gold. So, there’s some easing of inflation in ‘24, productivity improvements in ‘24, some more ounces from lower-cost operations coming through. ‘25, ‘26, ‘27 is really driven by the low cost ounces coming in from the investments we’re making, Cerro Negro, Tanami, Ahafo North and from our non-managed joint ventures. We’ll see some low cost ounces coming through from the Pueblo Viejo expansion. So, there’s a number of factors there. Operator: The next question comes from Jackie Przybylowski with BMO Capital Markets. Jackie Przybylowski: Thanks very much, and congratulations on the quarter. The first question I want to ask is regarding a press release you came out with a little while ago. I’m sorry, I’m going to mess this up. But you announced that Natascha Viljoen, I think it is, is going to be joining you at some point, maybe in about a year or so as your COO. Can you talk a little bit about what she’s going to bring to Newmont? And maybe what Rob Atkinson is going to be doing in his new role? Thanks. Tom Palmer: Good morning, Jackie. And it’s Natascha Viljoen, and maybe the operator feels better try to pronounce his name. We’re part of a well-governed company. I think part of a hallmark of Newmont for many, many years is the work we do to ensure that we continue to develop our internal talent. We continue to strengthen our team by looking for opportunities to bring in external talent. And as I do the work with our Board and with my executive team, we’re constantly challenging ourselves to where can we continue to strengthen what is already a strong team, ensure that we are positioned to address the -- both the risks and opportunities out in front of us. So over the course of these last 12 months, we have strengthened our general manager team. Across our 12 managed operations, we have the strongest set of general managers in my decade with Newmont. And there’s a mixture there of internal promotions and bringing in some external talent. We have strengthened our -- our 4 -- 5 Senior Vice President team. So David Fry coming in to run our projects, one of the best in the industry for project delivery and a future leader of Newmont joined us last year. Four Senior Vice Presidents have come in, all internal appointments and promotions within our organization. And I would argue, we have our strongest operational team in my 10 years at Newmont. We’ve brought in Aaron Puna joining us from Anglo American, who was running Anglo’s copper business in Chile, strengthening the leadership of our technical team, to be able to take us to our next chapter in Newmont’s journey. And Natascha’s appointment is a continuation of looking to continue to build on what is already a strong team. The nature of these sorts of appointments is very long term. You’re looking to understand how you strengthen this business over the long term. So, as you saw in the announcement, Natascha could be up to 12 months before she joins us. And there will be a very orderly transition at that time with Rob. And then Rob, after more than four years in the COO role, will then turn his mind to working with me on the next opportunities that we have within our portfolio. So, this is about looking at where we want to place our organization strategically, ensuring we’re looking to continually build a strong team and ensuring that we’ve got a well-governed stable team for the long term. Jackie Przybylowski: And if I could ask a second question. Your dividend sits at around $1,700 gold price. I know you’ve noted that it looks fairly conservative today, although these things are obviously very volatile. Can you talk a little bit about how you plan to either smooth that dividend, or if there’s any upside if full price stays over around current levels through the year. Could we see that dividend range that you mentioned earlier maybe go up or be exceeded by year-end? Tom Palmer: Yes. Thanks, Jackie. I think we’ve -- we take a conservative view to gold price, as I said, and setting it at $1,700. We are in a volatile world. There’s a lot of experience that we bring in to our consideration of ‘23 based upon how ‘22 played out and even a couple of years before that. So, there are certainly lots of upside risk on gold price as you look into 2023. Equally, there are a lot of factors that present downside risk to gold price as we look into 2023. You only have to go back to late October to see the gold price was sitting down at $16.50. We’re enjoying it sitting above $1,800 at the moment. But when we sit here in February, we maintained a fairly sober view as to how 2023 might play out, both in terms of gold price and in terms of inflation. And we’re ensuring that we are positioning Newmont to be strong and resilient through what I anticipate will be a volatile year. We’ve set up our range at $1,700 gold price at $1.40 to $1.80. And the dividend we declared this morning is set at $1.60. So that gives us some opportunity within that range to assess how the year plays out, and I’m confident that every quarter, we’ll have some good robust debates with our Board around what the appropriate debt payout is. But we certainly built a range that allows for some potential upside in gold price to play out through the year. But we’d want to see that play out rather than attempt to predict what gold may do or inflation may do in a, what I anticipate to be a very volatile year. Jackie Przybylowski: Am I allowed to sneak in one more question? Tom Palmer: Go for it, Jackie. Jackie Przybylowski: Thank you. So, we had dinner together in December in New York, and you talked about growth and meaningful growth at that point and talking about how that would help your relevance or maybe introduce you to some new shareholders or new funds on the generalist side. And so, this Newcrest proposal seems like it’s very consistent with that. If for whatever reason the combination of Newmont and Newcrest doesn’t end up working out, do you look to another growth vehicle, another M&A transaction to achieve that growth, or what would be your -- what would be your response to your plan going forward if this transaction does not happen? Tom Palmer: Thank you, Jackie. Let me attempt to answer this question by staying away from the comments I made. As we spent most of the call covering, we have the best gold business in the industry by a long shot. We are very comfortable with the foundation that we have, and we will continue to act with discipline, both in assessing any opportunities and ensuring that we’re running -- safely running our business to deliver on our commitments. As part of your first question, when we think about how we continue to strengthen a strong team, we do think about our strategy. We have -- Peter Toth’s been with us now for 6 or 9 months, supporting me and the Board and my executive team and thinking about our strategy. And as part of that work, we have a very clear eyed understanding of our capabilities as an organization today in 2023. I think we’re an ESG leader. And we believe that we run very large open pit and underground mines very well. We understand our capabilities. We then look at what are the megatrends impacting the world, and our company, and those mega trends are coming from society and investors, they’re coming from technology, and they’re coming from geopolitical events around the world as we’re seeing playing out. So, we understand and assess those megatrends and determine what set of capabilities and what sort of organization we need to be 10 years from now, 15 years from now, 20 years from now. And we can do that because we transformed our business back in 2019 with the acquisition of Goldcorp and the establishment of the Nevada Gold Mines joint venture. From that knowledge and that understanding, we then look to what it means to continue to be the responsible gold leader. We then look for what it means in terms of our gold industry that’s subject to those same megatrends that has to consolidate. And then, we look to what it means in terms of diversification, particularly as you think about copper. And we have, as I said in my opening remarks, 16 billion pounds of copper in our organic project pipeline. If we do nothing else, we are diversifying in the copper as we shepherd that project pipeline through. So Jackie, that’s the lens with which we look at our organization. That’s the lens with which we look to try and bring in talent to ensure we’ve got a team that can lead this organization for the next 10, 15, 20 years. And that’s how we assess our business today, and that’s how we assess any external opportunities that may present. Operator: The next question comes from Carey MacRury of Canaccord Genuity. Carey MacRury: Just in your comments on capital allocation, you didn’t mention share buybacks. So I’m just wondering is that something you still consider as an option, or is the focus really on the dividend going forward. Tom Palmer: Yes. Thanks, Carey, and good morning. Our primary vehicle for returns to shareholders has always been, since we introduced that dividend framework back in October 2020, to return cash through dividends. That’s a primary vehicle. We don’t have an approved buyback program at the moment. If you look back at the majority of the share buybacks that we have done over the last two or three years, it’s been linked to asset sales. So, when we sold KCGM, Red Lake and our share in Continental and the Buriticá project in Colombia, those proceeds were primarily the vehicles that we used for share buybacks. And that’s typically what we do, otherwise, dividends is our primary vehicle. Carey MacRury: Got it. And then, without trying to ask about Newcrest, just wondering if you can just share more broadly how you think about Papua New Guinea. I know you were in Indonesia quite a few years back. Just any thoughts on Papua New Guinea as a mining jurisdiction? Tom Palmer: Again, Carey, I’ll avoid the direct question, but maybe answer more broadly. When we think about a balanced, diverse portfolio, think about our capabilities, we have demonstrated. If I look at Peñasquito in Mexico, look at what Newmont have done going into Peñasquito in that first year in 2019 to be able to work with government communities to address a decade-long issue and then deliver sensational performance out of that operation, beating guidance in three consecutive years since we’ve had that operation. We have a core capability that’s running very large open pit and underground mines. We also have a core capability around social responsibility and being able to engage with communities. And in a balanced portfolio that has as a foundation top-tier jurisdictions, we can afford to balance some other jurisdictions that wouldn’t fit the top-tier category. We, today -- our portfolio today has us in Ghana, has us in Suriname. We’re down in Argentina. We’re in Peru. We’re exploring in French Guiana. So for us, it’s about understanding your core capabilities, understand the foundation of your business and then ensure you’ve got a balanced diverse portfolio that allows you to take some managed risk. Operator: The next question comes from Anita Soni of CIBC World Markets. Anita Soni: I had a lot to ask about the deal, but I guess I won’t be able to, particularly since I cover Newcrest. But, let me focus in on the dividend and ask, given the seasonality that you have that you mentioned this year about the development CapEx and sustaining capital are relatively flat, could we see that dividend sort of change over the course of the year quarter-to-quarter, like maybe hitting the bottom end at the $1.40 and then perhaps the top -- closer to the higher end at $1.80 as you progress through the year? Or would you be more inclined to smooth it out? And I guess I’m just trying to understand how you would -- what gets you to the $1.40, what gets you to the $1.80? Tom Palmer: Thanks. Good morning, Anita. And apologies, I can’t cover your questions you want to cover. Maybe one day. The dividend is -- our dividend is about being stable and predictable over long term, and it is about using the strong balance sheet and the cash that we’ve generated from higher gold prices over time that now sits at our strong balance sheet. So, as we have those discussions and debates around the free cash flow that you might generate there in any given quarter or the level of investment in any given quarter, we don’t look to have our dividend whipsaw quarter-to-quarter. We look to give our shareholders some ability of confidence sand stability in our dividend as we move forward and not have it jumping up and down quarter-to-quarter, so. And we’ll use -- we will use our balance sheet to support that stability and predictability. Anita Soni: Okay. So then, I guess, the second part of that question was basically then like in what instance would you be inclined to use the $1.40 rather than the $1.80? Tom Palmer: So thanks, Anita. If you think about the world we’re living in and the volatility around gold price and inflation. As best we look at this year, conservatively, we think our unit cost is going to be $1,200 and $1,700 gold price. And we have picked the dividend for the first quarter at $0.40 or $1.60. Now I preface this by saying our Board have the authority to approve every quarter. So, I would then point to those key assumptions, point to our sensitivities that we’ve provided. And so there is a circumstance here where the world could jump to $1,600, costs can go to $1,300. That would be a circumstance where we would then look at do we need to think about the lower end of our range? Equally, there’s circumstances where costs could be a little bit better than $1,200, and gold could sit stubbornly above $1,800. That would give cause for us to have a discussion with our Board around what we might do over the course of this year. And we’re making decisions around that range for the 2023 year. We’ll come back and revisit it for 2024 much later in this year. Anita Soni: So, the $0.40 you declared for Q4 is probably a good guide post borrowings, borrowing changes, right, to what we’re looking at. Is that fair to say? Tom Palmer: Yes. I think we’ve put a marker out there for you in terms of as we sit here in mid-February, $400 gold, $1,700-- $1,200 unit costs, $1,700 gold price, $0.40 per share dividend is a good marker for you. Anita Soni: I’m going to ask this question. It relates to the deal, but -- or the bid on the table or the indication. But how -- I mean, how does the dividend change and evolve given that Newcrest, and I happen to cover Newcrest, is a negative free cash flow more -- vary dramatically. The best way -- they’re in a very heavy capital reinvestment cycle. And how does that impact your -- how stable is the dividend post this year if this -- given the offers that are on the table right now? Tom Palmer: Nice try, Anita. I’m sorry. But let me maybe come back and answer. I’ll try to answer your question. We spent a lot of time talking about our capital allocation hierarchy. And the tension between balance sheet strength, reinvesting in our business at the right level of spend, and that’s -- the cash you’re going to afford to do, but also your ability for execution and ensure that you can have a successful project. And we understand the importance of industry-leading returns to shareholders. So, for us, in whatever scenario we’re in, it’s that triangle of tension between balance sheet strength, reinvestment, leading shareholder returns. And that doesn’t change. That’s part of what Newmont is. Anita Soni: Okay. And then one last one, in terms of the capital outlook, you’ve noted that it doesn’t include Yanacocha Sulfides in the out years. Just trying to get an understanding. The development capital, we have a conversation every year. But development capital, I mean, when you look at the development capital in 2026 and 2027, it’s probably going to come up to the level of 2025 and 2024. You mentioned 2023 is a little higher than normal, but it probably should come up like we should be using the 2024, 2025 levels as the out years as well. Tom Palmer: Yes. I’ll just clarify that for you. What we’re trying to -- be very, very disciplined with what the guidance we provide on development capital, but I’d point you to that long run average. $800 million to $1 billion is what I’d encourage you to use if you’re modeling out into the future. And this year and next year, some of the biggest reinvestment we’ve done since we’ve built that back in the early 2000s. So this is an extraordinary period of reinvestment. The long-term average is much more like it. Operator: Next question comes from Cleve Rueckert with UBS. Cleve Rueckert: Tom, well done on managing all the information, I feel like we could spend the next year discussing the slides and everything that’s been presented. So, I have just a couple of follow-ups. Previously, just on the guidance, you had provided kind of two sets of guidance, one at your base case kind of explaining the assumptions behind that, and then another one with mostly different cost assumptions at kind of the spot scenario. And then, that framework was obviously incorporated into the dividend and cascaded down the line. Is the costs -- I mean, the cost structure that you’ve presented today, is that the base case, or is sort of that base $1 dividend at $1,400 an ounce gold, assuming slightly lower cost basis? Tom Palmer: Certainly, we’ve tried to simplify what we provide in terms of our guiding information. And it’s taken the lessons we’ve learned from the volatility that we’ve all experienced over the last couple of years. And really just saying as best you can predict this year at $1,700gold, and here are numbers for this year. You look -- as you look forward into the out years, we are building mine plans on a $1,400 reserve price. And then, we will make assumptions around what the gold price will be for revenue and therefore, what that means in terms of taxes and royalties and those sorts of things. And linked to that is what do we assume for costs of producing that. So, that’s all flowing through more on an environment of what we predict the world to be. And we look to consensus numbers to drive that rather than have some sort of arbitrary gold revenue price number. But we build our mine plans on $1,400. And we expect to have -- you should expect from Newmont a $1 share base dividend year in, year out. It’s the variable component that will move year in, year out, depending on what’s happening in the gold price, what’s happening to input costs. And we’ll take consideration in terms of what the best we’ve got in the business. But $1 a share-based dividend, put it in the bank. That’s what Newmont would deliver at a $1,400 gold price. Cleve Rueckert: All right. Just to clarify, I mean you’ve got the sensitivities on the guidance. Is that $1 base case dividend? Is that assuming kind of like $900 cash cost, $850 to $900 cash costs, or is it a lower level? Tom Palmer: It’s -- the numbers, all the sensitivities you see there are linked to my $1,700 gold price assumption of moving around that. Our -- one, if gold went to -- if the price of gold went to $1,400, as a revenue Newmont would pay $1 a share dividend is what the base dividend is. Cleve Rueckert: Yes, yes. All right. Okay. That makes sense. And then, I just wanted to follow-up. Emily asked the question earlier, but I just wanted to clarify on the declining costs, the costs decline specifically from ‘24 to ‘25. And I appreciate that you’ve got some volume growth built into the plan and that helps with the cost, but there isn’t any volume growth really at the midpoint from ‘24 to ‘25. So, is that mix -- you trading sort of higher cost volumes for lower cost volumes in the plan between those years? Tom Palmer: That’s right. That’s where you’re starting to see lower cost ounces coming -- the more lower cost ounces coming into that profile from the investments that -- the investments we’re making in start to see ounces coming in from Tanami, ounces coming in from Ahafo North, ounces coming in from Pueblo Viejo, ounces coming in from Cerro Negro. So, it’s lower cost ounces coming into that production profile. Cleve Rueckert: Yes. Okay. I just wanted to make sure that was clear. And then, just one last quick one for me. I just wanted to ask an operational question about Boddington. It had a good quarter. There’s been some volatility there around weather and around the autonomous fleet and obviously some learnings with the deployment of that fleet. I guess, are there any risks that you see around the autonomous fleet that you’re still monitoring? Or what’s the level of comfort there that you’ve kind of been able to iron out some of the -- I guess, some of the growing pains and really around the weather and some of the variables that the autonomous fleet might be a little bit more susceptible to? Tom Palmer: Yes. Thanks, Cleve. Bulletproof, 100% confident in autonomous haulage, is reliable. I implemented the first autonomous haul fleet in 2011. This is proven technology. It’s just new in the gold industry. This is bulletproof proven technology in the future of mining. And it’s safer, fundamentally safer and you do risk -- in a major cost area. So there was some fine tuning last year, some -- it’s some tight areas of the pit you’re mining in but that conventional trucks would have had similar issues with. So, let me just spell any myth about autonomous haulage. It is proven technology bullet proof at Boddington. And you can expect to see more autonomous fleets open pit and underground across the Newmont business going forward. Operator: Thank you. The next question comes from the line of Fahad Tariq of Credit Suisse. Fahad Tariq: There is a sentence in the press release that talks about Yanacocha Sulfide and the different options up to and including transitioning Yanacocha operations into full closure. Can you just provide more color on what that would look like and what specifically that would mean for CapEx? Thanks. Tom Palmer: So certainly, since we made the decision to defer the full funds approval by two years out to the second half of ‘24 and appointed Dean Gehring to Chief Development Officer focused on Peru and Yanacocha, Dean’s scope is to look at every option around Yanacocha Sulfides, including not proceeding with the project and putting the operation into care and maintenance. And that -- as we’ve talked about before, that is about making sure you go to the edge and understand the art of what might be possible in terms of a profitable project for Yanacocha Sulfides, because Yanacocha is one of the great gold and copper districts of the world. It is a huge sulfide deposit with both gold and copper, and it’s right next door to Conga, which is one of the great copper deposits. So strategically, long term, copper and gold will be produced from this part of the world. But part of Dean’s scope is to look at the full spectrum, and that could include us making a decision to move the existing operation into closure. The spend you see in our guidance is reflecting the spend that we would make this year and next year to get to full funds decision. We continue to -- the procurement of long lead time items and engineering and the construction of the camp. That camp will be necessary for closure, and it will be necessary for closure activities, in particular, the construction of a water treatment plant. So, those funds will be essential anyway. So, if we were to have a scenario that Yanacocha moved into closure, then you would see us building, which we would be doing in any event, water treatment plants to process the mine-affected water that contains acid and to treat that water to neutralize it and discharge it into surrounding systems. And that would be a lot at Yanacocha forever. We are at Yanacocha forever. Our closure liability estimates 50 years of water treatment. And that’s appropriately accounted for in our balance sheet, and we would steward that operation in the closure, if that was the decision that we recommended to our Board. Fahad Tariq: That’s very clear. Thank you. Tom Palmer: Thanks, Fahad. And look, we’re here until we’ve answered all questions. So we’ll just keep working through everybody. If you’re able to stay with us, we’ll -- people in the queue and we’ll answer everybody. Operator: The next question comes from Lawson Winder of Bank of America. Lawson Winder: Thank you, operator, and good morning, Tom and Rob. Nice quarterly result. And thank you for remaining on the call to fit in these additional questions. I’d like to ask about your thinking around potential noncore assets. And so, in the context of when you acquired Goldcorp, you highlighted a few of the assets as potentially noncore. That would need to prove their worth to remain in the portfolio. So, in light of some of the impairments, I wanted to get your thoughts on whether any of these assets might now be under consideration for monetization. Tom Palmer: Maybe just a quick bit of color over some of the impairments, which I think you’re seeing flow through the mining industry in general, just the -- when you’ve got the macroeconomic environments and country discount rates are playing into that. We’ve got some redistribution what we assumed for synergy value add of the Goldcorp acquisition where it came from, as Brian talked about, it’s a bit different. So, you’ve got some of that activity going on as we balance some of that out. And we strategically chose to move CC&V to a leach-only operation, and there’s some adjustments associated with the strategic decision around CC&V. Any well-run organization should have a very clear-eyed view on the assets that they manage, where the opportunities are to run them, where the opportunities might be to transform them, where the opportunities might be to grow them and ultimately, where there might be a time where those assets are better in someone else’s hands. And any well governed organization should have a clear view of each of their operating assets and their portfolio as a whole and ensuring that they are then taking decisions that are in the best interest of the shareholders of that organization. We do that work. That doesn’t mean that we have a whole list of assets set up for divestment. But similar to the answer I was just giving to Fahad around Yanacocha sulfides, it is essential as part of an exercise to go to the edge and say what would the world look like if that asset were divested? And what would we do if that was -- what would happen if that was in someone else’s hands? And what does that then mean for us in terms of what we could do with that operation in terms of improving its performance? So, we are constantly working through that process, challenging and debating. And with that set of 12 managed operations we have today, we have a very clear idea of the improvement opportunities that we want to get after. In Canada, the border has really only opened up 6 or 7 months ago. As Rob said, we have got three very experienced general managers now in place across those operations. And Rob and I are focused on delivering the value from those operations that we haven’t had a full license to do because of not being able to get across the border into Canada, having the operations shut down at different times, having covered protocols in place, ‘23 is the year where we start to demonstrate what those assets can do. So clear eyed view, Lawson, about our portfolio. But in terms of ‘23, we are very much focused on delivering value from our 12 managed operations. Lawson Winder: Okay, fantastic. I’d like to also ask about Ghana sort of as a jurisdiction. So, two of your African-based peers have had some sort of minor tax disputes. But from a Newmont point of view, outside of the requirement to sell gold to the government in [indiscernible], I mean I’ve seen nothing similar, perhaps a reflection of your excellent local relationships there. Do you see any signs of fiscal regulatory environment changing in Ghana at all? Thanks. Tom Palmer: Yes. Thanks, Lawson. We’ve obviously been in Ghana for 20 years. I think we’re the largest taxpayer in Ghana, and we pay our taxes in U.S. dollars. So, we’re a pretty important player in the Ghanaian context. And we have long-term robust relationships with all stakeholders in Ghana, including the government. You’ve only got to look at the coordinated process that we have been going through to get full land access to Ahafo North, involving the traditional leaders, youth and traditional leaders at the -- around the mine site, working with the [indiscernible] working with several levels of government to productively and sustainably work through that process. Those relationships also apply to when you sit down and talk about how we can support the government to pay fair taxes, but also to support investment in the country and to help manage through that process. So, we are very confident of our position in Ghana, the relationships and our standing to be able to navigate through some of the noise that you read about at the moment. Lawson Winder: Excellent. And if I could maybe ask a very similar question just on Argentina. So, thinking about Cerro Negro and the somewhat difficult financial regulatory environment there. Is Newmont currently successful extracting profits from that operation? And that’s it for me. Thank you. Tom Palmer: Yes. Thanks, Lawson. The phase of -- that we’re in at Cerro Negro is actually reinvesting back in the business. So, as we’re generating a profit from a mine, as Rob said, it’s getting more and more profitable, we’re sinking that money back in to some pretty significant expansion at Cerro Negro with several underground mines being developed. That will, in future years, increase production with lower cost ounces. So, at this point in time, we’re in a position where that profit we’re generating, we’re putting back into that Cerro Negro business. Operator: The next question comes from Tanya Jakusconek of Scotiabank. Tanya Jakusconek: Great. Good afternoon, everyone. Thank you for operator for getting my name right. That’s great. Just wanted to ask in a different way, it is about the Newcrest offer. I just wanted to confirm, Tom, that you did say that you are in negotiations with Newcrest right now. You’ve taken their proposal on providing you with the nonpublic information or a nonexclusive basis. And obviously, they wanted a signature, a non-compete on that. I just wanted to confirm that that’s what you said. Tom Palmer: Thanks, Tanya. We haven’t been going that long. I think it’s still morning in Toronto somewhere... Tanya Jakusconek: Well, I’ve been up very early. Tom Palmer: It’s lunch time. Look, Tanya, the best thing I can do is just repeat what I said, which is we are disappointed that the Newcrest Board rejected our proposal, and we are currently engaging with the Newcrest team in relation to their offer to provide access to more information. And I better leave it at that in terms of repeating that statement. Tanya Jakusconek: Okay. From a bigger picture then, you talked about Newmont taking pride in their ESG record and ESG focus. So, I guess, I have a question that does pertain to this deal, but just how do you think about submarine tailings disposals? Is that something that meets your filter for ESG on how you look at that? Tom Palmer: Thank you, Tanya. And again, I’ll attempt to answer this question without straying into those specifics. Newmont are actually experts in submarine tailings. We use that technology at Minahasa in Indonesia and at Batu Hijau, very successfully. And I was -- if you remember, I was the Senior Vice President for Indonesia and accountable for Batu Hijau when it was in Newmont, and I kept that accountability as I became Senior Vice President for Asia Pacific and then the Chief Operating Officer. So within the Newmont organization, there is a lot of knowledge and capability around submarine tails. So, if I then answer your question more broadly, as I’ve said many times before, our radar is turned on. And if we see opportunities to pick up a Tier 1 asset that we believe is a core capability, whether they be open pit or underground, we will look at that that opportunity irrespective of where it is in the world is a first instance. And if an asset had submarine tailings or some other aspect, one of the questions we would ask is we then step through those filters, is is that asset better in the Newmont portfolio or someone else’s, and can a sustainable performance be delivered by the Newmont operating model and the Newmont capability? Now with discipline, many times, we might say, no, not prepared to do that. But we wouldn’t -- not have our filter trip because it had some aspect such as submarine tails or some other aspect that may be an environmental or social aspect. Again, if I bring it back to Peñasquito, we’ve got to look at Peñasquito and say, goodness me. I don’t think anyone can resolve the community blockades. That’s a big risk for Newmont. We backed ourselves and our capability to go on their and resolve that social issue sustainably. So, we wouldn’t stop us looking at a particular opportunity because of a particular social, environmental issue, but we would we will reflect upon our capabilities and whether that asset is better in Newmont’s portfolio or not. Tanya Jakusconek: Now that’s a fair answer. And then, just maybe finally for -- because I do also cover Newcrest. Just maybe on the -- any dealings with Australia usually takes a lot in terms of closing a transaction. So hypothetically, if the deal was to occur, could you just review and walk through us what is needed, obviously, shareholder approvals, and then obviously, what [Technical Difficulty] would be? Tom Palmer: Sorry, Tanya. I’m not able to get into that detail because of where we sit. I’d just say Australia is a jurisdiction. We’ve been basically in Australia by a few years in the ‘90s for almost 60 years. We’re a taxpayer in Australia. We’ve got two big gold mines in Australia. We’re exploring in Australia. It’s our backyard. So, I can’t talk about your particular question, but Australia is literally our backyard. Operator: And our final question comes from the line of Greg Barnes of TD Securities. Greg Barnes: Hi Tom, sorry to drag this on. On the variable portion of the dividend on the old framework you paid out 40% to 60% of free cash flow with it. I don’t see mention of that this time around. Is the variable really just at your discretion, or is there a formula behind that? Tom Palmer: Thanks, Greg, and good morning. We can certainly get Daniel take you through that in detail. But it does -- the numbers do add up. So, for every $100 increase in gold price above that $1,400, we generate $400 million of free cash flow out of our portfolio on average over the -- as you look at that portfolio going forward. So, to do a notch up from 1,400 to 1,700 is $1.2 billion. But for ‘23, we’ve got to take off $400 million of that because of the reinvestment this year. That gives you $800 million. And we’re returning between 40% and 80% of that amount through that dividend range we provided. So that ratio still holds with the map, and we can certainly jump into the detail with you offline, if you want. Greg Barnes: No. That’s fine. That works. Thanks, Tom. Tom Palmer: Thanks, Greg. Is that it for questions, operator? Operator: Yes. This actually concludes the question -- oh, go ahead. Tom Palmer: Sorry to jump across you. Thank you, everyone, for staying on to answer all the questions. And please have a good day. And look forward to -- for those investors on the call, look forward to seeing some of you next week. Okay. Thank you, everyone. Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont's Third Quarter 2022 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I'd now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Thank you, Operator. Good morning, and thank you for joining Newmont’s third quarter 2022 earnings call. Today, I'm joined by Rob Atkinson and Nancy Buese, along with other members of our executive team. And we will be available to answer questions at the end of the call. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. Newmont delivered a solid third quarter, and we remain well-positioned to respond to the challenging market environment that our industry faces today. As we have done for more than 100 years, Newmont continues to leverage our leadership, collective experience and the strength of our global portfolio with the size and scale to build a resilient and sustainable future. Supported by our clear long-term strategy, we continue to focus on doing what we do best, delivering stable production from our responsibly managed portfolio of world-class assets, while investing in our future and creating value for all of our stakeholders. During the third quarter, Newmont produced 1.5 million ounces of gold and nearly 300,000 gold equivalent ounces from copper, silver, lead and zinc, as improved productivity and higher grades helped to offset the typical wet season impacts we experience every third quarter at our operations in the Southern Hemisphere. We remain on track to achieve our full year guidance ranges as we build momentum for strong production in the fourth quarter. We continue to reinvest into our business, advancing our near-term projects, including the construction of the production shaft at Tanami and the development of our new mine, Ahafo North, along with the layback of the Porcupine and the first wave of District expansions at Cerro Negro. With $6.7 billion in total liquidity, we have maintained an investment-grade balance sheet with the financial flexibility to balance steady investment into our most profitable growth projects with strong shareholder returns. Last week, we declared a third quarter dividend of $0.55, set within our established dividend framework, which is calibrated at an $1,800 gold price. This dividend demonstrates our confidence in our diverse global portfolio and our commitment to providing leading returns to shareholders. During the third quarter, we published our inaugural Tax and Royalty Contribution report, providing an overview of our tax strategy and economic contributions. As the world's leading gold company, we have a responsibility to generate shared value through our contributions in taxes and royalties, as well as job creation and economic development in the host communities and countries where we operate. And we believe that transparency is a prerequisite for building and maintaining trust with all of our stakeholders. You can find this report on our website along with several others that provide details around our non-financial reporting and leading approach to environmental, social, and governance matters. In early 2020, Newmont made a symbolic change around how we manage our safety performance. Stepping away from the mining industry's traditional use of a lagging personal injury rate in our bonus programs to measures that are focused on managing the critical controls that must be in place at all times to prevent fatalities. During the third quarter, we completed more than 160,000 interactions by our leaders in the field that were focused on these controls. This is a process we call critical control verifications. Since we made this change more than two years ago, our leaders have now completed over 1 million critical control verifications, proactively identifying and managing the risks that could lead to a fatality, and helping to ensure that our workforce returns home safely to their families and friends after each and every shift. At Newmont, we have a diverse global portfolio of operations that we are managing to safely and responsibly deliver steady production over the long-term. This year, we again expect to produce 6 million ounces of gold and 1.3 million gold equivalent ounces from copper, silver, lead, and zinc. Consistent with our full year outlook, and the most of any company in our industry. This year is very similar to last year with higher production expected in the fourth quarter to bring home a strong finish to the year. This production will be driven by higher grades at both Boddington and Merian, in addition to improved mining rates and mill performance, increased production from Subika Underground at Ahafo as mining rates improve with access to additional drill points, which, in turn, would deliver higher grade ore to the mill, improved productivity at our Canadian operations, where each site is positioned to deliver higher grade during the fourth quarter, and higher production expected from Nevada Gold Mines, driven by both higher grade and higher tons mined from open pits at Carlin and Cortez, along with improved auto claim performance at Turquoise Ridge. In addition to higher production volumes, we also expect to have lower unit costs in the fourth quarter, as we continue to take action to reduce or offset our exposure to elevated input prices and labor costs. We are working on improving productivity through increasing and optimizing truck payloads in both our open pit and underground haul truck fleets, improving underground development rates through increased equipment effectiveness, and the implementation of jumbo bolting and operations where this machine has not been used before. And leveraging our asset management operation support network, which is now remotely monitoring 3,500 fixed and mobile assets on a continuous basis. Through this work, we have seen full truck lives increase by 85% and truck engine lives increase by 40%. We're also working to reduce our consumption of high-cost input materials through the use of new technology and alternatives. For example, we are on track to achieve a 25% reduction in grinding media consumption through the use of high chrome specialty forge falls which have a much lower wear rate than the traditional steel bowl. We are also reducing our consumption of cyanide through the use of best practice process control logic across our 12 operations. Importantly, we are continuing to drive to lock in best-in-class prices, reduce volatility in our long-term contracts, and manage our supply chains to ensure that we have key materials and consumables in sufficient quantities, across all of our operations. The impact from these cost and productivity measures, coupled with higher production volumes, have us on track to deliver lower unit costs in the fourth quarter, giving us the confidence in our ability to achieve our full year guidance for 2022. I'll now turn it over to Rob for a more detailed look at our performance during the third quarter, and what we can expect this quarter from our 12 managed operations and near-term projects. Over to you, Rob. Rob Atkinson: Thanks, Tom, and good morning, everyone. During the third quarter, between Tom and I, we had the opportunity to visit 6 of our 12 managed operations, including Penasquito, Tanami, Merian, Porcupine, Cerro Negro and Cripple Creek & Victor. It's been very impressive to see firsthand the resilience and the dedication that our people continue to demonstrate each and every day. Last month, I was also able to spend some time in Nevada meeting with the new leader of NGM, Peter Richardson, and his extended team. It was a good opportunity to review the important work NGM is doing to further strengthen our culture and continue to improve operating performance. And as Tom just described, across our global business, we are putting a significant focus on and the effort into improving safety, cost and productivity. So turning to the next slide, let's get into my update, starting with our operations in Africa. Akyem remained a solid contributor in the third quarter, with higher tonnes mined, steady grade and sustained mill performance. In the fourth quarter, we expect to see an 8% increase in grade and a 30% increase in ore tonnes mined as we re-sequence our mining resources from the current layback due to being significantly ahead of our planned phase positions. As a result, Akyem is on track to deliver its strongest production performance of the year in the fourth quarter. Moving Ahafo South. Grade and mining rates continued to improve through the third quarter, increasing gold production by 20,000 ounces compared to the second quarter. We expect production at Ahafo to increase yet again in the fourth quarter on the back of higher grades from the Subika open pit, combined with an increase of high-grade ore tonnes from Subika Underground. We now have up to 20 draw points available in the Subika Underground and with similar numbers expected in Q4, we are in a strong position to deliver on the increase in ore tonnes. We also continue to ramp-up development work in Subika Underground, achieving record production drill meters, while continuing to advance the development of the third production level in the mine. An additional underground production drill arrives in November, further assisting the delivery of the planned development for the fourth quarter and the resulting ore tonnes in 2023. And finally, we continue to progress the development of our new greenfield mined Ahafo North. Engineering is more than 90% complete and procurement sits at 70%, with the first wave of heavy mining equipment having been delivered and assembled on site and is now ready to commence work. We are continuing to progress towards gaining full land access with approximately 75% of all the required activities now complete, including crop and land compensation and resettlement negotiations. Important stakeholder engagement work with local communities, traditional leaders and regulators continue, and we remain on track to gain full land access for this important project in early 2023. And now turning to our operations in South America. Cerro Negro delivered another solid performance in the third quarter, as lower ore grade was largely offset by strong mill performance compared to the second quarter. Productivity from this remote site continues to improve in particular, development meters, which have allowed us to access higher grades from the Amelia deposit. And I'm also pleased to announce that Cerro Negro is the first mine in Argentina to implement the automine technology, a tele-remote operating system for underground loading and hauling. The implementation of this technology has eliminated safety risks associated with operator exposure underground, has allowed for the recovery of more ore from each of the stopes, has reduced equipment damage, and really importantly in the Argentinian context, increased underground working time. We've had tremendous success with tele-remote operations at our Australian and Canadian underground mines, and this is yet another example of the value-added through the rapid replication of leading practices across our global operations. Turning to Merian. We delivered slightly lower production compared to the second quarter due to very heavy rain in the third quarter and a mill maintenance shutdown. Merian is well-positioned to deliver a strong finish to the year as we sequence into approximately 5% higher grades in the Maraba pit and delivered improved mill performance versus Q3, as a result of improved availability from the maintenance work that was performed. And finally, Yanacocha continued to deliver solid results. We saw improved recoveries from the use of a richer leaching solution helping to offset lower tons mined and placed on the leach pads. And now over to our operations in North America. Penasquito delivered another very strong performance in the third quarter, increasing gold production by more than 50% due to higher grade from the Penasco pit, whilst maintaining steady levels of silver, lead and zinc production. It is important to note that 60,000 gold equivalent ounces and finished goods inventory at Penasquito was built up at the end of the quarter, as a shipment of gold bearing lead concentrate that was produced at the end of September was not sold until the fourth quarter, partly due to impacts on shipping logistics from earthquakes and heavy rain in Western Mexico. Looking ahead, and it is important to note, gold production from Penasquito is expected to decline in the fourth quarter as we mine around 35% lower gold grade ore from the Chile Colorado pit, which is part of our planned mine sequence in this large polymetallic mine. Moving to CC&V. We delivered steady production from higher tons mined in the third quarter. We expect production to remain consistent into the fourth quarter, as we continue to optimize ore placement and reduce unit costs at this leach-only operation. And turning to Canada. Eleonore, Musselwhite and Porcupine all delivered improved production in the third quarter, a combined increase of more than 20,000 ounces compared to Q2. At Eleonore, we continued to increase staffing levels, especially those associated with critical roles and improved productivity amid a very competitive labor market, delivering improved production from higher ore grade in the third quarter. In Q4, we will see an increase in the number of available stopes ready for ore extraction, improving our mining flexibility with four stopes available at all times. And we continue to increase our staffing levels. And importantly, we expect to be back to full complement by the end of this year. At Musselwhite, we delivered higher grade ore from the PQ deeps area in Q3 and expect an improvement in grade in the fourth quarter as we mine our first double lift stope in PQ Deeps. And finally, at Porcupine, we mined higher grades from both the Hoyle Pond and board and underground mines in the third quarter. In the fourth quarter, Hoyle Pond has a strong pipeline of stopes available, which will contribute towards a 10% higher grade compared to Q3. And in addition, as a result of the optimization of our maintenance plans, work on the primary crusher of Porcupine has been moved into 2023, allowing for higher mill availability during the fourth quarter. And we continue to progress work on the Pamour project, a layback with the ability to extend mine life at Porcupine through to 2035. The work to dewater Pamour has commenced, with the interim water pumping and treatment plant successfully starting up after receiving all of the necessary permits. And now turning to our two operations in Australia. Boddington delivered lower gold and copper production compared to the second quarter, as the site was impacted by very significant rainfall associated with some extreme winter weather in Australia Southwest, some network outages, which impacted the autonomous haul truck fleet, and lower mill throughput due to crusher and conveyor maintenance in August were also contributors to Boddington's third quarter performance. Boddington is well positioned to finish the year strongly, as we sequence into a section of [indiscernible] with higher gold grades, approximately 12% higher than those in Q3. We have also resolved the network issues and Southwest Australia is now moving into the typical hot, dry summer weather pattern. And turning to Tanami, we delivered solid production results compared to the second quarter due to sustained ore grades, tons mined and mill performance, and we expect production to remain relatively consistent in the fourth quarter. We continue to progress the second expansion project at Tanami, and we have now reached an important project milestone, completing the reaming of the 1.5 kilometer deep production shaft and the installation of the head frame and hoisting infrastructure. Lining of the shaft has commenced. And in the photo, you can see it being lowered into the shaft, what is called the stage or a Galloway. And that will be used to conduct this specialized work. Shaft lining will take around two years to complete and will be conducted in parallel with the installation of the major underground infrastructure such as crushers, conveyors, orbans [ph] and pumping stations. The underground development work is largely completed, and we are now commencing the associated civil and structural works and we look forward to providing further details on this important project during our 2023 guidance webcast. And with that, I'll turn it over to Nancy on the next slide. Nancy Buese: Thank you, Rob, and good morning, everyone. Let's start with a look at the financial highlights. In the third quarter, Newmont delivered $2.6 billion in revenue at a realized gold price of $1,691 per ounce, and adjusted EBITDA of $850 million, with our free cash flow being impacted by unfavorable working capital movements of more than $300 million in the third quarter. These items included a $95 million payment associated with the previously communicated Penasquito profit-sharing agreement reached during the second quarter. An $83 million payment of accrued severance related to the planned Canadian employment model change, and $80 million of sales value from the buildup of inventory at Penasquito, as Rob has mentioned. In the third quarter, we invested nearly $700 million through capital, exploration and advanced project spend as we continue to progress our near-term projects, make progress toward achieving our climate targets and orient the portfolio for the future of Newmont. Last week, we declared a regular quarterly dividend of $0.55 per share for the eighth consecutive quarter, in alignment with our dividend framework and calibrated at an $1,800 gold price. Compared to the second quarter, adjusted net income declined $0.19 despite relatively consistent production and direct costs. This was due to lower metal prices for copper, gold, silver and zinc, as average realized gold prices decreased nearly $150 per ounce in the third quarter. In addition to lower metal prices, we also experienced lower sales volumes during the third quarter, driven by the timing of concentrate sales at Penasquito. These impacts, along with other material items resulted in third quarter adjusted net income of $212 million or $0.27 per diluted share. Underpinned by the largest production base in the sector, Newmont has established a healthy liquidity position to allow for balance sheet strength and flexibility in light of the current global economic conditions. During my tenure at Newmont, we have intentionally worked to provide clarity around our discipline and capital allocation, and a set of principles for how we reinvest in our business and provide returns to shareholders, grew our cash balances of $3.7 billion with total liquidity of $6.7 billion, while returning more than $6 billion to shareholders in dividends and share buybacks since 2019, responsibly managed our long-term debt through refinancing at historically low coupon rates and in alignment with our ESG targets and achieve a net debt-to-EBITDA ratio of 0.5 times., below our target of 1.0 times. With an investment-grade balance sheet and no debt due until 2029, Newmont's financial position provides a platform on which to support the next decade of production performance and reinvestment into the business. As I reflect on the last six years I've spent at Newmont, I am so proud of the work that we have accomplished to build financial strength and flexibility as well as the framework for our capital priorities. And as I move to my next opportunity, I remain confident that Newmont will continue to prioritize long-term value to its shareholders. And with that, I'll turn it back to Tom. Tom Palmer: Thank you, Nancy. And building on your comments, we have maintained a disciplined and balanced approach to capital allocation, a key component in sustainably managing and mining business through the commodity cycles. Our capital allocation priorities remain unchanged and follow a clear hierarchy. First and foremost, to maintain an investment-grade balance sheet with financial strength and flexibility. Second, to reinvest in our business through exploration and organic growth. And finally, to return excess cash to shareholders through dividends and opportunistic share buybacks. From the robust foundation of our balance sheet that Nancy just described, our next capital allocation priority is to sustainably reinvest in value-accretive projects from our industry-leading organic pipeline. Our long-term outlook assumes an annual investment of around $1 billion in sustaining capital, $800 million in development capital, and $400 million in exploration and studies. Combined, this is an average annual investment of more than $2 billion every year, a critical component in Newmont's strategy to sustain strong production levels and improved margins over the long-term. We have entered a period of meaningful reinvestment, as we continue to advance our near-term projects, including the expansion of Tanami in Australia, the Ahafo North in Ghana, and Yanacocha Sulfides in Peru. In September, we announced that we had made a disciplined decision to delay the full funds approval of our Yanacocha Sulfides project in order to manage project execution risk, move out of a period of significant inflation, and to balance our development capital cash flows. To support this decision, I've also taken one of our best leaders in Dean Gehring to rigorously review the scope and pace of this project. As part of this work, Dean is stepping back and reviewing the Sulfides project in total, which will include assessing a range of scope and scheduled scenarios through to and including the impacts of not proceeding at all. And as Dean progresses his work over the coming months, we will continue to keep you updated. So, on the back of a strong balance sheet and reinvesting into our business, our final capital allocation priority is to return excess cash to our shareholders. Two years ago, Newmont was the first in the gold industry to announce a clear dividend framework, providing our shareholders with a base dividend calibrated at our reserve price assumption of $1,200 per ounce. In addition, our shareholders have the potential to receive between 40% to 60% of the incremental free cash flow we generate at gold prices above our base assumption. Now, as we do at this time every year, we are currently working through our annual business planning process. As part of this exercise, there are two key inputs to our dividend framework that we are critically reviewing. The first, as I've been discussing for some time now, is the long-term gold price and the assumption we use for both reserve pricing and project approvals. This assumption is a key input for determining the payout level of our base dividend. The second key input is the free cash flow we expect to generate above this base level, and this is impacted by the current global economic environment that we are all operating in. Over the next month, we will finalize and our Board will approve our business plan. We will then provide a comprehensive update on these inputs and associated outputs with our long-term outlook during our 2023 guidance webcast. However, I can assure you that we clearly understand the importance of returning cash to our shareholders, and we have a proven track record of doing so. With our third quarter dividend declared, we will return nearly $4 billion through dividends since we introduced our framework two years ago. We will continue to take a long-term view to determine the appropriate level of current dividend payouts, and we remain committed to a clear dividend framework. Before I wrap up, I'd like to take a moment to thank Nancy Buese for her exemplary leadership and sound guidance during this transformative period in Newmont's history. Nancy has built a very capable and dedicated team that will continue to strengthen our financial position and support our capital priorities for a long time to come. And we wish Nancy all the very best for her next opportunity with Baker Hughes. And with that, I'll turn it over to the operator, open the line for questions. Operator: We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Jackie Przybylowski of BMO Capital Markets. Jackie Przybylowski: Thanks very much and thanks for the update everyone. I guess, I wanted to dig in a little bit on the dividend framework. In the past, it's a percentage of free cash flows above that $1,200 gold price. And it's apparent in the last couple of quarters, I mean, you've kept the dividend stable, but that free cash flow number has maybe gone down, so the percent is outside of your stated range. When you finalize your new dividend framework, whatever that's going to look like, do you have any thoughts to maybe making that a little bit more flexible or calling it maybe a guideline instead of a hard rule to reflect the reality of how you're using the dividend framework anyway? So can you give a little bit of color into your thoughts around the structure or how structured it will be going forward? Thanks. Rob Atkinson: Thanks, Jackie. Good morning. What you can expect to see with our framework is something that's consistent with what is out there today. So we're committed to that framework, but we will update it in terms of an assumption that we will update our reserve pricing. So that inevitably will lead to a higher base dividend from the $1,200 and then everything will shunt across. So for argument sake, if we went to a reserve price of $1,300, then we would continue to move in $300 increments to $1,600 and $1,900 and then determine our payout at those levels. So you're going to see a framework that looks very similar to the one that we're operating under today. We will continue to take a long-term view to determine the appropriate level of dividend payouts and we'll do so through that framework that's going to look very similar to what you see today. And that long-term view will take into account both the historical gold price and our forward-looking view on gold price over the long term, so over a year or longer. And we'll include in that our expected free cash generation that's going to come from the longer-term outlook that we'll update you with our 2023 guidance webcast. So we look at the long term, Jackie, both gold price backwards and forward and our assumptions for it going forward, our long-term view going forward, and then we'll make some judgments about the free cash flow we generate and the rate of dividend that we pay out. We'll do that rather than look at a stand-alone period, whether it’d be a quarter or a six-month period. So we're going to maintain a framework that's going to look very similar to what it is today, and we're going to maintain a long-term view, both backward looking on gold price and forward-looking on gold price and the free cash flow that we expect to generate from our long-term outlook. Jackie Przybylowski: Okay. Thank you. That's clear. I know this question was asked at Denver, but maybe thought it would be worth asking again, if there's any changes. You've got a lot of moving parts in your framework, including how much ore is classified as ore versus waste and everything, just given the change to the -- potentially the change to the gold price that you might use. Is it fair to say that if you raise the gold price in your framework, in your business plan and your reserve and resource calculation, is it fair to say that the dividend is most likely to go down? Do you have -- have you done enough work on that yet to make that determination? Tom Palmer: Jackie, we're still in the middle of our business planning process. So that's still in flight. In terms of the cash flow generated at our new -- we assume we go to a new reserve price, the cash we generated at that new reserve price and then our leverage to higher gold prices off the back of our plan. An important factor that we still don't have, which comes every year during November, is the updated plan details from our two non-managed joint ventures, so Nevada Gold Mines and Pueblo Viejo make up a pretty significant part of our portfolio. So we need to include and understand those inputs before we can make a final determination. So it's still premature to be flagging one way or the other. It's still very much a process that's in train. Jackie Przybylowski: Appreciate that. Thanks. Thanks very much, Tom. That’s it for me. Tom Palmer: Thanks, Jackie. Operator: Our next question is from the line of Lawson Winder of BofA. Lawson, your line is open. Lawson Winder: Hi. Good morning, Tom, Nancy and Rob, thank you for the update today. I wanted to ask actually on that exact point you just brought up, which is, you are waiting on the sort of gold price assumption from PV and Nevada Gold Mines. And what I was wondering is, I mean, will that help you determine what gold price you use for the other assets, or could we have a situation where you use one for Nevada Gold Mines and Pablo Viejo, and another for the 100% owned Newmont assets? Thanks very much. Tom Palmer: Yes. Thanks, Lawson and good morning. When we think about reserve pricing, we'll use the reserve price number that the manager of both those assets use for determining their reserves. So, again, theoretically, if we chose a $1,400 reserve price and Barrick chose a $1,300 reserve price, we would declare our reserves on those two different prices. So we wouldn't try and have everything consistent. We would use the operator's reserve pricing, and we would make that very clear in our reserve and resource declarations. Lawson Winder: Okay, great. Thanks for pointing that. Tom Palmer: It won't be material, given the margins you see on both those operations, it's that sort of movement between reserve pricing is unlikely to me material. Lawson Winder: Okay. Thanks very much. I also wanted to ask about the Ahafo North land access. So I mean, obviously, there's been several delays. But I mean for good reason, I understand that you guys are making sure you negotiate a very fair and long-lasting agreement. I just wanted to kind of better understand what steps are left? And then what factors kind of give you confidence that you think early 2023 is the time line for ultimately getting that access agreement? Tom Palmer: Yes. Thanks, Lawson. I'll kick off and maybe get Rob to add a bit more color. But what's really important in this process is patience. There's an old African proverb, and we're right in the middle of Africa in Ghana, that if you want to go fast, you go alone. If you want to go far, we go together. And if ever that's playing out, it's playing out at the Ahafo North, where it is absolutely essential that we bring all of the stakeholders along in the journey, so that when we have full unfitted access to that land, we have the support of all of those stakeholders and then we can get after that project to deliver value for the next couple of decades out of that mine as opposed to going fast and alone. And I would predict a project that would be disrupted over the course of its life. And we have learnt some hard lessons over 100 years in terms of the importance of bringing all your stakeholders along. So it's a very important principle that we apply. The gold isn't going anywhere. That project is going to be a terrific mine in the Newmont portfolio from about 2025, 2026 onwards and deliver great grade ounces at pretty good operating costs for a long time to come. But Rob, maybe if you to talk to the sorts of things that we see that give us confidence that we're in the pretty much in the home straight as we moved through November and December to early in the year getting full land access? Rob Atkinson: Okay. Thanks, Tom, and thanks for the question, Lawson. Just building on what Tom said that we are making very significant progress. As I mentioned, we're up to 75%, and that includes demolishing removing structures, demolishing and removing fish ponds, et cetera. And that's certainly some of the most topical work that we've had to do. We continue to enjoy very, very strong support from the regional and also the national government. And we meet on a task force on a very, very regular basis, and that continues to progress well. So that gives us an enormous amount of confidence. We're not just talking about these things that you can see demonstrable progress on the ground itself. And I think the last part that I would just add is that Ghana is certainly in a challenging time financially. This project is very well supported by the government. It will bring significant employment, significant revenue, et cetera. So there's -- we're very confident that we are very much targeted for that land clearance being completed very early in the New Year. Lawson Winder: Okay. Fantastic. And if I might, I'm not sure if Dean is on the line, but the language around the expected annual production at Yanacocha, I think before, it was like 500,000 to 525,000 GEO. That was removed. So would it be fair to interpret that, I mean, given the scope of this project is under review. So I mean it could be more or less sort of annual production if it does ultimately go ahead? Tom Palmer: Thanks, Lawson. I might kick off and Dean is sitting alongside me and I'll get him to build on it as well. The flow sheet for Yanacocha Sulfides is largely set. You've got a – a copper concentrator that then provides a concentrate feed into the autoclave and you've got high-grade ore from the Chaquicocha underground also provides setting the autoclave. Autoclave is sized. In fact, the autoclave is sitting in a factory in Turkey fabricated. And that really determines your throughput on those gold equivalent ounces that you'll get from gold, copper and silver. So really, these were -- the central case is to move through to a full funds approval in two years' time. But Dean is looking at testing a bunch of scenarios. Is it a schedule driven approach, is it a cost driven project, are there other ways that we can build some of the infrastructure smarter, are there some lessons we can learn from other projects around the world. So it's really going back -- stepping back and having a critical review of that project more about where you can bring capital cost down within the constraints of a flow sheet that's going to give you pretty similar gold equivalent ounces. But Dean, why don't you share your view on that? Dean Gehring: Yeah, Tom. The one thing I would add to that is that as we continue to interrogate the scope of the project and the costs. We're also looking at the existing operations. And so as we continue to make improvements there, that provides a potential opportunity to extend oxide production, which is something we're also looking. Rob Atkinson: So a key part of that, Lawson, is we're taking some technology that we developed at Cripple Creek and Victor, it's called injection leaching into the leach pads. And Yanacocha has got deep leach pads that we've been building and operating there for 30 years. And so there is an opportunity to take some of that technology and adapt it at Yanacocha and to extract more gold from the ore that we've already mined and placed on the heap leach pad. So how can we extend oxide production and also look at reducing costs at that on-site operation, which will then in turn support the economics of our sulfide project. Lawson Winder: Thank you very, very much. And Nancy, best of luck in your next role. Nancy Buese: Thank you. Tom Palmer: Thanks Lawson. Operator: Thank you. Our next question is from the line of Fahad Tariq of Credit Suisse. Fahad Tariq: Hi. Thanks for taking my two questions. Maybe first on the shipping logistics issues in Mexico. Can you just provide some more detail on what exactly happened? I haven't heard of your peers having similar issues within the country. And then also, has it been resolved now? Tom Palmer: Good morning Fahad, I'll kick off and then pass to Daniel, who -- one of the hats Daniel wears, he is sales and marketing. So it's actually his area of accountability and he can give you some color in terms of what played out late in September. But as it turned out, we had a really nice shipment of good high-grade concentrate that we're looking to get off to market at the end of September. It was produced, in the trucks, heading down the port. And I'll pass to you, Daniel, to give some color to Fahad in terms of how that played out in terms of that shipment not being able to get to market before the end of September. Daniel Horton: Yeah, definitely. Thanks, Fahad. Thanks for the question Fahad. Thanks Tom and thanks for the question Fahad. It's nothing unusual. I'd say it's really just a timing impact on the shipping logistics. There was a hurricane that came through the last week of the month. In September, there were a number of earthquakes that actually shut down for a couple of days. And just based on those impacts, it impacted our timing to be able to get the concentrate under the ships. Like Tom mentioned, there was some high gold grade that went into Yukon at the end of the month that was -- we hope to get out and interested, but your second question has been resolved. There is no issues with customers or shipping at this point, and we're moving forward. So that will be recognized in the fourth quarter, we should see a nice sales pickup from that. Tom Palmer: And just building on that, Daniel, it's sold. So we're able to sell it very early in the fourth quarter, and there's not any systemic issue there Fahad. There's not something that's going to play out every quarter. It was an unusual combination of natural events of hurricane and number of earthquakes in quick succession was quite disturbing for that -- in that isolated part of Mexico, but very much a one-off a bit. Fahad Tariq: Okay, that's clear. And then maybe just 1 more on Yanacocha and maybe Rob can weigh in on this. I noticed the cash cost came up quite substantially quarter-over-quarter, up about 34%. And then the presentation mentioned focusing on identifying opportunities to enhance performance. Maybe just touch a bit on the underlying kind of cost performance there, and if there's anything of note other than just lower production quarter-over-quarter that led to the higher cost? Thanks. Tom Palmer: Thanks Fahad. I'll pick up the -- in terms of the opportunity, it was a similar or linked to what we're just talking about with Lawson, is that an opportunity to look where we can extract more gold from the heap leach pads that we have sitting there at Yanacocha. It's really the opportunity to apply the -- what's called injection leaching really drilling holes, getting drill rigs on top of those high pads and drilling holes and then the out-of-pump solution that into those holes to be able to extract more gold and looking quite interesting in terms of where we might be able to extract some additional gold and be able to do so relatively low cost. And Daniel, just -- I'll try to you in terms of Fahad's question around the cash cost at Yanacocha. I don't remember any extending out in my quarterly reviews. Daniel Horton: Yes. No, a looking at the numbers as well. Nothing that I can notice either. So, let's -- maybe we take that off-line and we'll follow-up. Fahad Tariq: Yes, no problem. Sounds good. Thank you. Tom Palmer: Thanks Fahad. Operator: Our next question is from the line of Tanya Jakusconek of Scotia Bank. Tanya Jakusconek: Great. Good morning every one. Can you hear me? Tom Palmer: Good morning Tanya. Yes, we can. Tanya Jakusconek: Okay, great. Thank you. Nancy, congrats on our new role and best of luck. I have a couple of questions. I wanted to start off just on inflationary pressures. I'm just trying to understand if, number one, you're seeing any relief inflationary pressures in your cost structure. I know on the Q2 call, I asked the question how much inflation are you seeing? And I think Tom and Rob, you mentioned about 12%. Is that what you saw also in Q3? And then looking out, have you seen any relief in consumables, a bit in fuel for sure, that labor at all at -- in your portfolio? So, that's my first question. Tom Palmer: Thanks Tanya. What we saw through the third quarter was direct operating costs almost in line with the second quarter. And that similar percentage that we talked about. So, it's that inflation of around about that 12%. So, we didn't see it through the third quarter. But we are starting to see some relief across energy and consumable costs coming into the fourth quarter and then seeing that play out into 2023. I mean a couple of things I'd call out within that. One is that we'll have a bit of a lag in that fully starting to flow through, where we see some of that relief. We're building rise and fall adjustment mechanisms into a lot of our long-term contracts that protect against the volatility, but also mean that some of that relief takes a little longer to unwind. We're also running with greater inventory in some of those key consumables and so you've got that higher cost inventory, which is really about predicting production that has to flow through as well. So across diesel, steel, ammonia and cyanide, chemicals and reagents and grinding media. We are -- they make up about 45% of our cost base, and we are seeing some relief in those flowing into the fourth quarter, and we're anticipating that, that will flow into 2023. However, the world is still very volatile. And as we think about doing our business plans and making judgments about 2023, we're keeping a wary eye in terms of the level of volatility in the world. On labor costs, they are proving to be a bit stickier. Our -- about 60% of our labor cost. The labor cost makes up half of our direct costs. About 60% of that is employees, and that's pretty stable across the countries in which we operate in. We're seeing about a 4% increase on average across wages. So that's pretty robust. And as Rob was talking about, we're starting to build back up to full complement as we come out the other side of some of the COVID impacts in the second half of this year, starting to see some voluntary attrition numbers returned to more long-run levels. So seeing some stability starting to get back into our business and not seen tremendous escalation in our employee cost base. However, we're still seeing high levels of cost inflation on our contracted services. So the label we use, the shutdowns and out of jobs around the world. We’re still seeing in the order of 10% in our cost base over what we're seeing this time last year. We see that as sticky, and so we're starting to step back and say what do we need to do to think about doing our work differently in order to mitigate some of those cost impacts. And there's a number of levers that we're looking to pull to manage our costs. We're not sitting idly accepting costs coming at us. We're pulling a number of levers to improve our cost and productivity. And on the contractor side, we are actively looking at where we can bring contractors into our businesses, namely employees rather than contracted services, very much looking at doing that across some of our Canadian operations and looking to do that in Ghana at both Ahafo and Akyem. So not accepting that we pay those higher costs and look at what actions we can take to reduce that cost base. Tanya Jakusconek: Thanks for that. That was another thing I just wanted to know, was the percentage of contractors you had and how can you kind of buffer that 10% cost. So that's good to hear. I appreciate the insights into that. My second question would be on Ahafo North, and I know we have done 75% of what you need to do. I think that's what Rob's number that he gave, yes, of all activities has been completed. Can I just understand from 75%, so we've got another 25% to do from now until early next year? Can I just try and understand what are the critical, like, examples of what needs to be done from now until early next year, that 25%? Tom Palmer: Yes. Thanks, Tanya. I'll get Rob to provide a little bit of color on that. It's going to be more of the same. We're basically following a project plan that's got the work we've got -- well, we have been doing to get to 75%. It's continuing on that pathway to get the final 25% done. Rob Atkinson: That's correct and good morning, Tanya. The two critical elements are just that to complete the demolition of all the structures and we're expecting that to be done in the next five, six weeks. And then it's finalizing the remainder of the payment, which is the end of the year. And again, that's just working very, very closely with the impacted farmers and other people like that. So it really boils down to those two key elements. And as Rob indicated, it is some remarks during the presentation, tenure, the -- the first of the heavy mobile fleet is on the ground assembled. So as soon as we pass that milestone, we're able to mobilize equipment pretty readily to start clearing rig ground in the initial mining area, starting the civil works around the processing facility. Tanya Jakusconek: Okay. That's good. Thank you for that. And then my final question is just coming back to Yanacocha and this injection leaching that you are now doing in the old leach pads. A couple of questions on this. Number one, are you then expecting the oxide production from the existing operations to be longer i.e., you're expecting more years of this than you had originally anticipated in your previous life of mine plans, which means that you have a bit more of time to make a decision on Yanacocha sulfides. Is that how I should think about it? Rob Atkinson: Tanya, I'll kick off and get Dean provide some more color. Well, certainly, when we provide our updated guidance, we'll incorporate the additional ounces that we expect to come from just the work we've done to date on this. The oxide mine at Yanacocha will move into closure. I mean Sulfides is really just a pimple on the disturbed area at the Yanacocha. I mean it's -- Yanacocha disturbed 75% – an area that's equivalent to 75% of the island of Manhattan. Sulfides is a small footprint for a processing facility, a small underground mine and a small layback at one of the open pits. So we will continue to extract as much oxide gold as we can from existing heap leach pads. And then that facility will move into closure as we exhaust the oxide ore that we're mining. But Dean, do you want to build on that at all? Dean Gehring: Yes. The only thing I'd add to that is that we will be doing water treatment activities for a number of years there. So we'll continue to look for any opportunity we can to – to produce gold through injection leaching or other small heap leaches that we can put into operation. So it could potentially extend a couple of years, but that's work can we see in front of us. And as Tom said, that will be put forward in guidance to come. Tanya Jakusconek: Okay. And just as a bigger picture, maybe for you, Tom. As you look at the Yanacocha Sulfides in, I think in your comments, you said maybe this isn't built it off and that's the decision made. How do we look at M&A now for you? Is M&A moved up higher in your profile in terms of you've got your Tanami Phase 2 coming on, you've got Ahafo north. This gets pushed out. Does M&A play a role now? Thank you. Tom Palmer: Thanks, Tanya. I would a couple a review of sulfides to doing something differently on the inorganic front. I would -- two things I'd say. One is Dean's work is very important that you bring someone like Dean in to look at a project like Sulfides, you do get back and go to the edge to say, what would it look like if we didn't proceed with this project because that can often lead you to some pathways that have a more value-accretive project that we could develop. Bearing in mind that we're sitting on a fabulous -- this is a copper project. So we're sitting on a fabulous copper deposit with multiple lives once that processing plant is built and you've got the Congo copper deposits beyond that. So there's a strategic element around Yanacocha. But we must step back and look at all options and go to the precipice because I think we'll learn a few things by doing that. We would then -- if there was a scenario where we decided to put sulfides on the shelf for a period of time; then next step for us would be to go back into our organic project pipeline and say what else is in there that stacks up in terms of projects we may report. We've got the Coffee project up in the Yukon. We've got opportunities around Ahafo, further opportunities around Tanami. So we would examine other projects in organic project pipeline as alternatives to a different scenario around Yanacocha. Inorganically, I see that as a separate exercise. We have a set of operations and organic project pipeline that can comfortably sustain 16 ounces of gold for at least the next decade. With that, we've shared that with the market before, and we'll continue to share that with the market. For us, on the inorganic side, it's having the radar turned on. And if we see projects or assets or companies out there that we believe underneath the Newmont operating model, we could add more value from. We would -- and they came on to our radar passed through our filters, we would have a good hard look at that. But I would certainly see that separate to the work we do with our current set of operations and our organic project pipeline. Tanya Jakusconek: Okay. Thank you. But I noticed that you didn't mention Nueva Union and Norte Abierto, would those be lower priority down versus what you mentioned coffee, Ahafo, Tanami, et cetera, would that be lower priority for you? Tom Palmer: No, I wouldn't assume or infer that, because I didn't mention that, that would be a lower priority. You've got Galore Creek, Nueva Union, Norte Abierto. They absolutely would be part of that assessment. That's added complexity with those three projects because they're all joint ventures. But absolutely, as you look at our organic project pipeline and the gold and copper content in those projects and where we see the world inevitably going in terms of the demand for copper, they would be very much in that equation as we assess our internal organic options. Tanya Jakusconek: Thank you so much. I’ll leave it to someone else ask question. Appreciate the insights. Tom Palmer: Thanks Tanya. And operator, we'll continue through the top of the hour and continue to take questions until we've exhausted the list. Operator: Great. Our next question is from the line of Anita Soni of CIBC. Anita, please go ahead. Anita Soni: Hi. Good morning, everyone and congratulations, Nancy, on your new role at Baker Hughes and best of luck. So firstly, I guess I wanted to dig a little bit more on the cost going into the second, I guess, the Q4 and then also into 2023. So we've seen like a $30 per ounce incremental quarter-over-quarter over the last three quarters. Could you give us an idea as we go into Q4, like you've given us on asset level, but just an overall ballpark increase in production that you're seeing like in the order of 10%, 15%, 20%, just to get an idea of like what cost relief we could see going into Q4? Tom Palmer: Good morning Anita. I'll kick off and I might get Rob and Daniel to chip in as well. When you look at our unit costs for the fourth quarter, we're certainly looking at our strongest production quarter. So we're going to get the benefit of the additional ounces sold, improving our unit costs. And we'll also have the benefit of those that concentrate sale that did get away in the third quarter, sitting in our fourth quarter. So that will play on the denominator side of the unit cost for the direct costs. we're certainly starting to see some relief through the fourth quarter, but that's got to actually wash out in terms of some of the flow-through on rise and fall in our contracts and inventory that we're carrying. So, I would expect that the direct costs for the fourth quarter are going to be reasonably flat compared to the third quarter because of that flow through. And then if we continue to see that relief, it's more likely to be what we might see presenting in the -- into 2023. And as I said with an answer to the earlier question, with a caveat that we're still in a very volatile world and what may or may not play out around the world geopolitically and the impact that has on cost is something that is -- we need to be very careful about. Rob or Daniel, anything you'd add in terms of additional color on that? Rob Atkinson: Not for me, Tom. The only thing I'd certainly say it is that there is an enormous amount of focus on the cost. And whether it's the quotes that we're getting for sustaining capital, whether it's as I mentioned at a team that prioritizing what we're actually doing based on the mining phases, et cetera, to make sure that we're managing costs just as closely as we're managing production. But aside from what Tom added, I don't have much more to say. Daniel? Daniel Horton: Yes. Anita, I think the only thing to mention is, obviously, our royalties and taxes would come down in the fourth quarter with the lower gold, right? So, that -- we have those sensitivities out there in those materials. But aside from that direct cost seem to be consistent with the third quarter. Anita Soni: Okay. And then I guess, moving into 2023, a couple of questions. You said on the last Q2 conference call that you were sort of looking at a $900 per ounce and 6 million-ounce outlook for the next couple of years in 2023-2024. Is there any change to that? And I guess what I'm trying to drive at is, it seems like the costs are a little bit higher even with this inventory release that you're talking about, a little bit higher than that number that you were previously talking about at $900. And the second part of that question is, is there anything we should be thinking about in terms of production versus when you're talking about labor. Like is there development issues? You mentioned at Eleonore, you're getting back to full staffing levels. But is that something we should be thinking about in terms of when we look at the production gearing towards 6 million ounces? Big question. I know, sorry. Tom Palmer: Thanks Anita. So, still very much seeing 2023 playing out, as I indicated on the last call, in round numbers, it's looking like around the 6 million ounces again and around about that $1,200 per ounce cost. We will see some relief-- Anita Soni: $900. Sorry, did you say $1,200 or $900? Rob Atkinson: Yes. So, $900 would be that [indiscernible] Anita Soni: Okay, all right. Tom Palmer: Same number. So, no change, Anita. The we're still washing through to understand some of this relief in those direct costs coming through. And the other caveat is a significant percentage of our base is our non-managed joint ventures. And so we're still to see Nevada Gold Mines and Pueblo Viejo come in. Everything I've seen today would point to 6 million ounces for 2023 and around about that $900. 2024 is where we are starting to see some relief come through, both in terms of what we're seeing come through on some of the input costs, whether it be energy, some of our key consumables. But also, we're not sitting idly as Rob and I were talking about and the work we're doing on bringing costs down and improving productivity. We're actively working those. We're looking for those to shore up and to support 2023, but certainly delivering improved cost performance into 2024. So I'm not sitting on my hand saying 2024 is going to look exactly the same at 2023. I'm working on 2024, have an improved position on 2023, because then we get into 2025, when we do start to get the benefit of the lower cost ounces from both Tanami 2 and Ahafo North. So we then will see some increase in production and improvement in cost on the back of those investments that we're making. So 2023, we're looking pretty similar. 2024, we were working hard to have an improvement in costs at steady production. And anything that we can bring into 2023 will aim to do as upside. Anita Soni: Okay. And then just one last question, if I may. You mentioned that the last -- I think the last thing you said was that, on Yanacocha Sulfide that you were also assessing the impact of not moving forward at all with that. Could you just remind us what your current assessment of the liability, close liability would be on Yanacocha Sulfides? Tom Palmer: The couple of important things to note there, the closure liability sits at around just over $3 billion. But it's important that the Yanacocha -- the oxide operation at Yanacocha moves into closure, regardless of Sulfides. Sulfides is Yanacocha underground mine, a small layback on the Yanacocha Verde open pit and the construction of the processing facility for that ore. The rest of that operation, all of the waste dumps, all of the old open pits, all the heap leach dumps, move into closure, irrespective of any decisions we make or their timing around Yanacocha Sulfide. Anita Soni: Okay. So how would we think about that -- the spend on that $3 billion over the course of, I guess, the next five to 10 years? Tom Palmer: Yes. So if you think about the money we'll spend at Yanacocha, the big-ticket item are the water treatment plants. So there are two large asset water treatment plants that we are constructing. We're actually doing the study work just to gear up to build and then will build through 2023, 2024 and 2025 will commission around 2026. And that's to take all the mine impacted water, so it's got asset in it. Treat that water so we can discharge that to the environment. These are very large water treatment plants. So there's an expenditure on those plants. And I think we've indicated to the market that we'll spend $350 million through 2023 and 2024 on those water treatment plants. That's the big closure spend. Then there's the work you do on rehabilitation and some moving some old infrastructure. And then you've got the ongoing cost of processing water in perpetuity at Yanacocha, which is what closure is. It's collecting that water, processing and discharging it. So once you get through the other side of that investment in water treatment plants over the next four or five years, then you've got a long run spend on running water treatment plants for imperpetuity and that closure liability assumes that cost for the next 50 years. About 75% of that cost is the cost of water treatment over the next 50 years. Anita Soni: Got it. Okay. All right. And then last one, sorry, if I may, because it reminded me that you were doing some work on tailings rehabilitation in terms of -- I guess, trying to get an assessment on costs, I guess, the Denver Gold Forum. On the tailings dam that you had highlighted that didn't meet the international standards. Have you -- could you provide a little bit more color on what we should expect there in terms of the cost to remediate Borden and Tanami and -- I think it's Porcupine and Musselwhite as well. Tom Palmer: Yes. Thanks, Anita. It's an important one to clarify that every mining company that is a member. So the 26 companies that are members of the International Council of Mines and Metals, so ICMM, have committed to implementing the global industry standard on tailings management. That's the standard that we developed in conjunction with the United Nations and the Church of England post the tragedy of Brumadinho. And so, that standard has some requirements that every one of those mining companies to ensure that they are addressing their extreme or very high consequence specified tailings dams by August 2023 and then all others by August 2025. So there's some clear commitments made by ICMM members. So we are assessing the work that we need to do around our facilities. So as you pointed out, there are facilities at Porcupine, at Penasquito, Ahafo, Yanacocha and Akyem. And the work involves additional buttressing at different locations, as you assess those current constructions against that global standard. And in some instances, it may be that the next lift we do is to a different design standard. So rather than be an upstream lift or a modified centreline has to be a full downstream lift, so that every mining company will be assessing their tailings facilities. And my expectation is that every mining company will be identifying additional costs to comply to this standard to improve our management of tailings facilities as an industry. What we’re seeing -- Anita Soni: Sorry, is the requirement to go to all downstream facilities. Is that what the requirement is or you said -- Tom Palmer: No, it's a requirement to make an assessment for that dam in its circumstances and that may mean that where someone has been able to do a particular type of lift, you've got to go to a more robust lift. That would be my expectation. We're certainly seeing areas where we're putting additional buttressing in as a consequence of our assessment work and at different times, we'll use a different technique for lifting for the next lift on a dam. And we're not Robinson Crusoe, we're not unusual. And I would anticipate that other mining companies will be going through exactly that same exercise. 25% of our sustaining capital budget of our $1 billion is on tailings. Anita Soni: Yes. Tom Palmer: Tailings and water. When we look at our sustaining capital budgets going forward, we typically, for a business of our size, spend about $1 billion, I would anticipate that's probably got to go more like $1.1 billion to $1.2 billion going forward, and a good proportion of that will be associated with the additional work we're doing on tailings and some of it will be linked to energy and decarbonization projects as well. So, as I'm looking at our long-term view, $1 billion for a company of Newmont's size is probably going to be $1.1 billion or $1.2 billion going forward. Tailings is an important component of that. Rob, did you want to jump in? Anita Soni: Okay. Rob Atkinson: Yes. Just a couple of other things, Anita, is that, about the upstream, if there are companies that do choose the upstream method obviously, the level of scrutiny that's going to be required for those is going to be very, very significant. But given I was just recently in Nevada, and we were overlooking Carlin, I know that Nevada Gold Mining team are planning and putting buttressing in at the tailings dam there, and that will flow through in their budgets. And also one of the very significant considerations at PV is around how that new tailings dam is going to meet the requirements of this standard. So it's certainly, as Tom said, we're not Robinson Crusoe. And my comments at Denver Gold were encouraging and challenging investment community to ask the questions of the mining companies about what they're doing to comply with this standard, because we -- it should be more transparent, and we should be being held to account as a mining industry, and we should be getting asked more questions than we are today. Anita Soni: I’ll leave at that. Thanks. Rob Atkinson: Thanks Anita. Anita Soni: That’s helpful. Operator: Thank you. Our next question is from the line of Mike Parkin of National Bank. Mike Parkin: Hi, guys thanks for taking my question. Just really one left. Can you comment in terms of your new neighbors in [indiscernible] partnering on San Nicolas. Was that something that interested you or the fact that it's primarily a base metal project, it was not of interest to you. Tom Palmer: It was something that we were aware of, Mike, but it probably didn't hit our radar in terms of what we already had in our organic pipeline. It was probably a little bit on the small side for us as we thought about -- and for us, it's about how do we look at that opportunity and challenged you in terms of further diversification, but we've got a polymetallic mine at Penasquito, but it's more about -- if we're going to put management bandwidth into Mexico, then I would prefer us to have a single-minded focus on our exploration program to find the elephants that we believe sit under cover in and around Penasquito. There is no way that the Penasco and Chile Colorado deposits are the only deposits that are sitting there, they will discover because they're outcropping. And I'd rather have our team laser focused on the exploration program on our existing leases rather than be distracted by something that's a smaller show next door. I think it's a great combination, though, they can’t take two companies that we're partners with in different projects. And I think it's a great partnership, and hopefully they can do something with them. Mike Parkin: And just on that regional exploration at Penasquito, it was a while ago that we were down at Penasquito, just pretty much on the onset of COVID. And you were talking about implementation of your proprietary technology for like deep cover discovery. Can you just give us a bit of an update in terms of where things are, where we could expect an update on that? Tom Palmer: Thanks, Mike. We -- I remember that trip well, because the world was closing around us as we were all trying to fly home from Penasquito. But I'll get Rob to maybe give a bit of color on that, it's called Deep Sensing Geochemistry where we've got some proprietary technology for seeing trace elements in soil samples to direct our exploration efforts. Rob Atkinson: Thanks for the question, Mike. And certainly, going back to what Tom said before, we are applying significant effort and significant resources down at Penasquito to not only do that type of sampling work, but also in terms of really chasing down our target areas. We've done substantial drilling in and around Cedros. You may remember that when we visited, we just struck an agreement with the local community to allow us access. So, that drilling is proceeding well. And we've also been doing some diamond drilling further afield. In terms of the DGS, what we are having to do on those kind of wide open plains, there's a lot of contamination as some of the material has been washed down from the ridges. So, we're just having to punch in fairly short hauls about 30 meters down to the rock, so that we can then do the sampling there that typically we do on the surface. So, it is proceeding well. We've got access in a number of the areas that we need to be in. And certainly, in terms of our budget next year, we're going to have six, seven rigs working down there at any point in time. But we are using every possible source of information, whether it's a DGS technique, whether it's the typical drilling, whether it's prior knowledge or whether it's other radiometric surveying, et cetera. So, again, it's something which we'll be able to provide updates as we pull that information together as we do more and more drilling. But the one thing I'd certainly reassure you is that there is a huge amount of effort going on down there. Mike Parkin: Look forward to further updates. Thanks very much guys. That’s it for me. Tom Palmer: Thanks Michael. Operator: Thank you. And our last question for today comes from John Tumazos of Very Independent Research. John Tumazos: Thank you for your patience. With cost of sales up about $229 from the fourth quarter 2020, should we assume other things held constant, like exploration results that you need to raise your gold price from $1, 200 to $1,400 to stay even? First question. And second, with the Panjin gold prices to the mid-$1,600s, does that undermine the basis for raising the gold price from $1,200 for reserves in which case you raise our cutoff grades or take a few reserves out? Tom Palmer: Thanks John, and good morning. We're certainly seeing -- in answering Anita's question, seeing our costs increase as we look into next year up to the $1,200 mark. I don't accept that they are all structural, some will be. And I think we are working hard on cost and productivity improvements to get on top of some of those costs. So, I think there's work for us to wash through some of that and to have a little less volatility in the world. So, ultimately, what that cost base runs out at, it's going to be higher than where we have been, but maybe not as high as where we're seeing now. When we debate and look at reserve pricing, it's less around the cost base that our business is at and more around looking at the macroeconomics of gold and where do we see a floor in the gold price over the long run. And as we have triangulated a whole bunch of different analysis, that's where the $1,300 or $1,400 is falling out. And we find it difficult to see a world where it would -- gold price would go much below that. So, we -- that's what's more driving that discussion debate internally around, do we lift our reserve pricing. Now those higher costs that we're seeing at the moment, and we're working to manage, and that led to reserve pricing, we may well find that our reserves and resources are pretty much a wash as we come out the other side. So that is a little bit of insight into how we work through that process. So less about what the costs are doing more about what we see the long-run gold price is doing. And then we work bloody hard on – on understanding managing our costs and controlling what we can control and look to bring them down, make investments back in our business, so that we are always having a base business that has a solid margin to not only our reserve pricing, but where the gold price might be at any point in time. John Tumazos: Thank you. Tom Palmer: Thanks, John. I think, operator, looks like it might be the last of the questions. Operator: This concludes the question-and-answer session. I would now like to turn the conference back over to Tom Palmer for closing remarks. End of Q&A: Tom Palmer: Thank you, operator, and thank you, everyone, for your time. And please enjoy the rest of your day and week. Thanks, everyone. Operator: The conference has not concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont’s Second Quarter 2022 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Tom, please go ahead. Tom Palmer: Thank you, Operator. Good morning, and thank you all for joining Newmont’s second quarter 2022 earnings call. Today, I'm joined by Rob Atkinson and Nancy Buese, along with other members of our executive team. And we will be available to answer questions at the end of the call. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. Newmont delivered a solid second quarter as we continue to differentiate ourselves through our leading portfolio of assets and projects, our proven integrated operating model, and our balanced and disciplined approach to capital allocation. And most importantly, our values driven commitment to our purpose of creating value and improving lives through sustainable and responsible mining. Underpinned by these key differentiators and guided by our clear and consistent strategy, Newmont remain well positioned to safely manage through the evolving and unprecedented challenges that our industry and the world at large face. During the second quarter, Newmont produced 1.5 million ounces of gold, an increase of over 150,000 ounces from the first quarter and as expected. In addition, we produced more than 330,000 gold equivalent ounces from copper, silver, lead and zinc, bringing us to well over 1.8 million gold equivalent ounces for the quarter from our balanced global portfolio. We generated significant operating cash flow of $1 billion and free cash flow of $514 million, an improvement of more than $260 million from the first quarter. With $7.3 billion in total liquidity, we have maintained an investment grade balance sheet with a net debt to EBITDA ratio of three times. Preserving our financial flexibility, whilst we continue to invest in our most profitable organic project and return cash to shareholders. In June, we completed the acquisition of Sumitomo’s interest in Yanacocha, bringing Newmont's ownership in this operation and the exciting sulfides project to 100%. And last week, we declared a second quarter dividend of $0.55, maintaining an attractive dividend yield of between 3% and 4% for the last seven consecutive quarters. Set within our established industry leading framework and calibrated at $1,800 gold price, our second quarter dividend demonstrates our confidence in the strength of both our portfolio and our operating model to deliver sustainable long term value. In May, we published our second annual climate report, part of the suite of reports and our company's non-financial performance. To address climate change and make a real impact, we will need to leverage Newmont’s leading ESG practices, our integrating operating model and the scale and mine life of our global portfolio. These are all important components not only for creating long-term value, but also for addressing the critical issues that our industry must solve, none more important than the elimination of fatalities. Safety is a core company value, and it is at the very heart of operating any sustainable business. I expect it to be the first consideration before anyone begins work at any Newmont location, ensuring that our workforce returns home safely after each and every shift. We have continued our discipline and dedicated approach to safety, maintaining a clear focus on managing the critical controls that must be in place at all times to prevent fatalities. During the second quarter, we completed 155,000 conversations by leaders in the field that were focused on these critical controls. Two years ago, we commissioned mobile technology to gather consistent data globally around these important discussions, which we call critical control verifications. And I'm pleased to say that since then, our leaders have now completed more than 800,000 of these conversations. Over the last three years, Newmont has continued to evolve our approach to safety across our global business, improving our fatality risk management program to ensure it is as effective and as insightful as possible. By combining our learnings from significant potential events and critical control verification data, we are now able to gain a deep understanding of the fatality risks of each operation and importantly, what is needed to be done to reduce these risks. At Newmont, we have created a robust and diverse portfolio of operations, along with a pipeline of more than 20 organic projects with the scale and mine life to deliver strong long-term results. Newmont will produce more than 6 million ounces of gold each year and almost 2 million gold equivalent ounces from copper, silver lead and zinc. Combined, that is nearly 8 million gold equivalent ounces every year for at least the next decade, the most of any company in our industry. Among our 12 operating mines and two joint ventures, nearly 9% of our attributable gold production comes from top tier jurisdictions. Because we firmly believe that where we choose to invest and operate matters. And underpinning our portfolio is a robust foundation of reserves and resources, which combined with the gold industry's best organic project pipeline, provides the pathway to steady production and cash flow well into the 2040s. We are in a period of meaningful reinvestment as we continue to advance our near term projects, including the second expansion at Tanami in Australia's Northern Territory, the development of a Ahafo North in Ghana and the Yanacocha Sulfides project, the next exciting chapter in Newmont’s long and profitable journey in Peru. And in addition to our three near term projects, Newmont has a deep pipeline of longer term projects that represent growth opportunities for later in this decade and beyond. These projects and operations are managed through a proven, integrated operating model with a strong track record of delivering long-term value to all of our stakeholders. Newmont's operating model is built upon the fundamental principle that the whole is worth more than the sum of the individual parts. And it is strongly supported by our full potential continuous improvement program, a program that has been in place for over eight years and is more important today than it has ever been. Our team is taking the lessons learned during the pandemic to address the challenges that our industry faces today, including tight labor markets, inflation and supply chain disruptions. As the world is reacting to these pressures we are actively deploying strategies to reduce our exposure. Our global supply chain team is leveraging our scale and the strong partnerships we have developed over many years with our key suppliers and equipment manufacturers. As the industry leader, we have best in class pricing as well as sophisticated rise and fall formulas built into our long term contracts to reduce both volatility and mitigate logistical constraints in order to prevent disruption in our operations. And whilst we can't talk about specific contracts, several of our major equipment and parts suppliers have recently issued comprehensive price increases for the industry that range from 15% to 30%. However, through the efforts of our global supply chain team, we have negotiated lower price increases, in some cases of only 3% to 5% for the coming year. In addition to this, we are challenging the gold industry by implementing new technology to improve productivity and reduce labor risk, such as our transition last year to a fully autonomous whole truck fleet at Boddington. We are leveraging our full potential program, which has been instrumental in delivering value during these unprecedented times, helping to offset the impacts from current market conditions. And we are utilizing real time data and our global team has subject matter experts to share knowledge and talent across our global portfolio, providing critical insights and driving improved performance that our operating teams simply cannot achieve on their own. It's one of the most tangible examples of this. We have designed and implemented three operational support networks covering our core areas of mining, processing and asset management. These global networks bring together our technical experts from around the world providing 24 hour monitoring, coaching and support through a consistent platform. In the mining industry, we traditionally expect our frontline leaders to obtain their own data and insights as they manage everything involved in safely leading a team of people at the start, during and end of a shift. Through our support networks, we help our leaders by monitoring operational performance and providing insights into the areas that need their attention: saving time; improving focus; and removing the need for so many people at our mind sites. And by offering a more flexible work environment, Newman is able to attract the best talent from within and beyond our industry, creating a more diverse, motivated, and highly skilled team to coach and support not one, but all of our operations. In addition to our dedicated and disciplined approach to cost management, you can also expect that we will remain transparent about what we are experiencing today and what we are anticipating in the future from this unprecedented environment. Over the last eight months, we have observed cost pressures, including the impact from Russia's invasion of Ukraine and increasingly competitive labor market, and the highest global inflation rates our world has seen in nearly 40 years. As a consequence, we are anticipating an additional 7% of cost escalation this year. That is on top of the 5% we had already included in our full-year outlook we established last December. Around 1/3 of this increase is related to labor costs. We are seeing contracted services rates that are more than 10% higher than December last year, driven primarily by strong competition for specialized labor, higher levels of post pandemic accretion resulting in higher demand and the pass-through of higher commodity prices and transportation costs. The next 1/3 of the impact comes from an increase in prices for global commodities and raw materials. We're observing escalation in the range of 20% to 30% for certain items such as cyanide and explosives, which is being driven by the increase in the price of natural gas and the availability of ammonia. As well as an increase in the price of steel that is being used in our grinding media and spare parts. And the final third of the impact is coming from higher fuel and energy costs. As an example, diesel prices have increased by more than $50 per barrel, adding approximately $20 per ounce to our all-in sustaining costs compared to our original guidance. I'll now turn it over to Rob and then Nancy for a more detailed look at our operational and financial performance, and they will discuss how our second quarter results have been impacted by the current environment. I will then wrap up with an overview of our outlook for the remainder of this year, as we remain focused on implementing productivity improvements, and offsetting the impacts of these challenging market conditions. Over to you, Rob. Rob Atkinson: Thank you, Tom, and good morning, everyone. Turning to the next slide. Let's dive into our operations and projects starting with Africa. Our team delivered a solid performance in the second quarter due to higher ore grade and tonnes mined in addition to strong mill performance, and the team is working to complete an open pit layback, and we expect stripping to decrease in the third quarter as we begin to reach the ore, and create future optionality for both underground and open pit growth. Ahafo South delivered a strong second quarter performance increasing gold production by more than 25% compared to the first quarter due to improved ore grades, higher underground and open pit ore tonnes mined and steady mill performance. And despite the challenges experienced during the first quarter from supply chain disruptions and global border closures, as a result of COVID, the team continues to successfully ramp up mining rates in the Subika underground, which Tom will discuss later on. We anticipate production at Ahafo to be weighted around 60% to the second half of this year as we continue to increase underground tons through increased development and reach higher grades, positioning Ahafo for a strong finish to the year. And finally, the team continues to progress engineering and procurement for the Ahafo North project. All of the permitting has been completed, and we are encouraged by our recent discussions as we continue the important stakeholder engagement work with local communities, traditional leaders, and regulators to ensure full land access, that it is properly cleared of all structures and quarters. As I have mentioned in previous updates, this will be an important milestone, which will give us the opportunity to update the remaining costs and schedule to develop this prolific ore body, ensuring that we can properly incorporate the impacts from this land access delay. As a consequence of working through this important activity, preliminary capital costs are expected to be approximately 15% higher than our original estimate. And we are anticipating a shift in commercial production from 2024 to mid 2025. We look forward to providing additional detail later this year, as we worked to add profitable production from the best unmined goal deposit in West Africa. And now turning to South America, Cerro Negro delivered another strong performance in the second quarter as a result of steady grade and ongoing improvements to mining rates and mill performance. The team continues to advance the first wave of expansions at Cerro Negro, including the expansion of the Marianas district and the development of the Eastern district to extend existing operations beyond 2030. The development of the San Marcos decline is progressing and we have successfully completed the first blast in the Eastern district in May of this year, an exciting accomplishment as we continue to explore and develop the district potential in Argentina. At Marion, the team delivered a steady performance despite very heavy rainfall in the second quarter, impacting mined sequencing and resulting in lower ore tonnes mined and milled in addition to lower grades. We anticipate higher production in the third and fourth quarter, as the rainy season comes to an end, improving mill performance and reaching higher ore grades in the second half of the year. And finally, Yanacocha continued to deliver solid production during the second quarter accelerating ounces from the re-leaching program and improving recoveries from the use of a richer leaching solution. We anticipate production at Yanacocha to be weighted around 55% to the first half of this year, as a site decreases Orton's mined and placed on the leach pads while we work to develop the first phase of the Sulfide project. Engineering is nearly 60% complete and procurement is around 45% complete with approximately one third of the local contracts already awarded. And as you can see in the picture here, the team is progressing the camp construction and early earth works as planned, ensuring we have in place proper accommodations for our construction workforce and for future mine operations. The project team is preparing for an investment decision in late 2022, and we currently expect capital spend to be around $2.5 billion from the full funds approval date with commercial production in mid-2026. We look forward to providing an update towards the end of the year, and we remain very excited about the opportunity to develop the Sulfide potential at Yanacocha. And now over to North America. Penasquito delivered another solid quarter as higher gold and silver grades helped to offset the impact from planned mill maintenance and higher costs associated with the workforce negotiation announced earlier this month. As part of the newly established profit-sharing agreement, Newmont Penasquito has agreed to pay an uncapped profit sharing bonus up to 10% of profits from the operation, with an expense of $70 million related to 2021 results, adding more than $65 per ounce to North America's second quarter all-in sustaining costs for gold and over $180 per ounce for coal product gold equivalent ounces. For 2022, we expect the profit sharing bonus to add additional costs of around $15 million at an $1,800 gold price, adding approximately $4 per ounce to North America's all-in sustaining costs for gold and $10 per ounce for coal product gold equivalent ounces. We reached this agreement with the workforce of Penasquito without interruption to the site, and we continue to build an aligned and valued relationship with union leadership to support the safe and viable operation of the mine well into the future. Looking ahead, costs are expected to stabilize as gold production from this large polymetallic mine increases in the third quarter due to higher grades delivered from the Penasco pit, whilst coal product grades from silver, lead and zinc begin to decline in the second half of the year as planned due to mine sequencing. Moving to Canada. Productivity and costs continued to be impacted by ongoing challenges stemming from a very competitive labor market. In addition to these challenges, Eleonore experienced COVID-related absenteeism during the second quarter as flight capacity restrictions and strict protocols remained in place to protect the health of our First Nation communities and workforce. Musselwhite and Porcupine both delivered an improved performance compared to the first quarter, increasing ore tonnes mined and processed with Musselwhite delivering its best monthly performance in over 3 years. Productivity and ore grades at both sites are expected to continue improving in the second half of the year as mining in Musselwhite progresses to the north in the PQ deeps area, and Porcupine reaches higher grades from Hoyle and Borden beginning in the third quarter. And finally, at CC&V, the site delivered improved production compared to the first quarter due to higher ore tonnes mined and processed at our leach facilities. And as Tom will discuss later on, the mine is now operating as a leach facility with steady production from optimized work placement and declining per unit costs for the remainder of the year. And now turning to Australia. As mentioned during the first quarter earnings call, the Western Australian border was reopened in early March, resulting in significantly higher case counts, ongoing testing requirements and strict close contact protocols throughout the state. Approximately 1/3 of the Boddington workforce and half of the Tanami workforce tested positive for COVID in the second quarter and high levels of absenteeism from positive cases close contact isolation protocols continues to challenge productivity at both sites. In addition, Australia is experiencing a tightening of the labor market as the competition for skilled workers and contracted services has intensified in recent months. Yet despite these challenges, Boddington delivered a strong second quarter performance. The team reported an increase in gold and copper production of more than 25% compared to the first quarter as higher mill throughput and grade more than offset lower tonnes mined due to inclement weather. Performance from Boddington's fleet of fully autonomous haul trucks continues to improve each quarter. And for the remainder of the year, Boddington will focus on achieving record mill throughput rates and increasing tonnes mined from this cornerstone asset. At Tanami, the site also delivered improved production with an increase of more than 25% compared to the first quarter due to higher ore grades, an increase in tonnes mined and improved mill performance, helping to offset the impacts from higher contracted services costs in a very competitive labor market. With the ongoing challenges of securing specialized labor and contracted services, the team continues to successfully progress the second expansion at Tanami, a project that will extend mine life beyond 2040. Nearly 90% of the project engineering and procurement has been completed protecting the project from a number of inflationary pressures. During the third quarter, the team will complete the reaming of the 1.5 kilometer deep, 5.5-meter wide shaft and the installation of the head frame and hoisting infrastructure, which, as you can see here, is nearly 95% complete. And as I have mentioned in previous updates on this project, this will be an important milestone as we evaluate the remaining schedule and cost to complete the project with the key work remaining involving the concrete lining of this production shaft. This process will also ensure that we properly incorporate the significant impacts from COVID-related restrictions and protocols and the current market conditions for labor and materials. We continue to operate in a very competitive labor market in the Northern Territory with significant demand from mining competitors and infrastructure initiatives throughout Australia. Based on our preliminary view, we expect capital costs to be approximately 25% higher than our prior estimate and a shift in commercial production from 2024 into early 2025. We look forward to providing additional detail later this year, and we remain excited to deliver significant pounds, cost and efficiency improvements at this world-class asset. And with that, I'll turn it over to Nancy on the next slide. Nancy Buese: Thanks, Rob. Let's start with a look at the financial highlights. Newmont delivered a solid performance in the second quarter with $3.1 billion in revenue at a realized gold price of $1,836 per ounce, adjusted EBITDA of $1.1 billion and solid free cash flow of $514 million. Our strong cash flow generation allows Newmont to provide superior shareholder returns, largely to our industry-leading dividend framework. Last week, we declared a regular quarterly dividend of $0.55 per share, calibrated at $1,800 per ounce, demonstrating our confidence in our future outlook and our commitment to leading returns. And as Tom mentioned earlier, we're in a period of meaningful reinvestment, an essential component in growing production, improving margins and extending mine life. In the second quarter, we invested more than $600 million through capital, exploration and advanced project spend as we continue to progress our near-term projects and invest in our future. In July, we paid $34 million in advanced project spend, part of our initial $100 million commitment to Caterpillar, as we work to develop autonomous battery electric haul trucks for our open pit CC&V and our underground mine at Tanami. Compared to the first quarter, adjusted net income declined more than $0.20 on due to the macroeconomic factors that Tom mentioned earlier, in addition to lower realized metal prices for gold, copper, silver, lead and zinc. We sold 46% of our metal in the month of June at an average gold price of $1,834 per ounce, substantially decreasing our average realized gold price for the quarter compared to the LBMA gold price of $1,871 per ounce. Average realized metal prices were also impacted by $105 million of unfavorable mark-to-market adjustments on provisionally priced sales due to a sharp decline in metal prices on June 30. These impacts alone resulted in a reduction to net income of approximately $0.19 per share compared to the first quarter, largely offsetting a 12% increase in gold sales volumes due to higher production from our operations in Australia and Africa. In addition, we experienced an increase of approximately $80 million from higher labor and materials costs and nearly $50 million from higher diesel and energy prices compared to the first quarter. And as Rob mentioned, we incurred a $70 million expense in the second quarter related to the Penasquito profit-sharing agreement. These impacts, along with smaller, less meaningful items, resulted in second quarter adjusted net income of $362 million or $0.46 per diluted share. Despite the current market environment, our capital allocation priorities remain unchanged with a clear strategy: to reinvest in our business through exploration and organic growth projects; to maintain financial strength and flexibility in our balance sheet and to continue to provide industry-leading returns to shareholders. In the first half of this year, we delivered on each of these priorities by progressing our profitable reinvestment into the business with the advancement of our near-term projects and an ongoing commitment to our robust exploration strategy, enhancing our ownership of world-class assets and proven mining jurisdictions through the acquisition of the remaining interest in Yanacocha and the Sulfides project. Maintaining our industry-leading dividend of $2.20 per share on an annualized basis and sustaining a strong balance sheet with $7.3 billion in liquidity and a net debt-to-EBITDA ratio of 0.3x, preserving Newmont's financial flexibility with no debt due until 2029. As we look towards the second half of the year, we remain confident in our ability to continue delivering strong results and free cash flow to maintain our disciplined approach to capital allocation and creating long-term value for the business and all of our stakeholders. With that, I'll hand it back to Tom to talk about what to expect for the remainder of 2022. Tom Palmer: Thanks, Nancy. And turning to the next slide. During our first quarter earnings call in late April, we provided an update on the impacts to our managed operations as a consequence of safely managing through the Omicron surge over the first 4 months of this year. We also discussed the emerging impacts from Russia's invasion of Ukraine, combined with the ongoing impacts from the global pandemic on labor markets and global supply chains, and as a consequence, input costs. We advised that we are closely monitoring these matters during the second quarter and would provide an update with our Q2 earnings in July. As a consequence of this work, we have decided to update our full year guidance to incorporate the following items. First, as we discussed in our earnings call in April, ramp-up mining rates at our new Subika underground mine at Ahafo South have been impacted by supply chain disruptions that have delayed the delivery of the required production drills and global border closures that have impacted labor availability of the key talent necessary to develop this new mine and train our operators. As also discussed in April, I can now confirm that we are advancing the development of a third production level at Subika, which will add optionality for this mine and minimize future disruptions. We expect first ore from this new third level around the middle of next year. Second, as we discussed in April, with the pending conclusion of our contracts to supply concentrate from Cripple Creek & Victor to Nevada Gold Mines, we stepped back to assess our operating strategy at Cripple Creek & Victor to determine if there was the potential for a simpler, higher-value, longer life, leach-only operation that does not carry the complexity and cost of running a mill to process a relatively small amount of the ore mine. This work has now been completed, and we have made the decision to put the mill into care and maintenance and move to a heap leach-only operation reducing production levels into the second half of this year and beyond as a consequence. Third, as Rob discussed, we continue to be impacted by the ongoing challenges associated with safely managing through the global pandemic. These challenges are particularly pronounced in Canada and Australia where we continue to adhere to strict close contact isolation protocols and test requirements impacting productivity and increasing costs. And finally, as I discussed earlier, the impact on our input costs from escalation in the 3 key areas of labor, material and consumables and fuel and energy. These impacts to our managed; operations have been built into our second half forecast as we work to address the critical global issues we face today and deliver on our updated guidance. So for 2022, we now expect to produce 6 million ounces of gold, which is within our original guidance range, but now incorporates the following changes from the impacts I just described. 80,000 ounces at our Ahafo South operation, 50,000 ounces across our Canadian operations, 40,000 ounces at Cripple Creek & Victor and 30,000 ounces across our Australian operations. The impact from these lower production volumes, coupled with higher input prices from inflationary pressures, has also increased our gold all-in sustaining cost for this year for $1,150 per ounce. We remain within guidance for sustaining capital. However, we anticipate our spend to be weighted around 55% to the second half of this year due to global supply chain delays in the first half and higher input costs. The unprecedented and evolving market environment has also impacted our expectations for development capital since we established our guidance in December last year. As a consequence, we have reduced our estimate for development capital for this year to $1.1 billion, incorporating delays in spending primarily associated with Ahafo and Yanacocha sulfides. In addition, over the next few months, we will pass through the land access milestone for Ahafo North and the completion of Shaft Remy milestone for the Tanami expansion and be in a position to clearly evaluate the remaining cost in schedule to complete both these important projects. Building on the trends that Rob just described, we'll be in a position to provide additional detail on both these projects later this year. As we look ahead, we expect that inflationary pressures and the impacts from a competitive labor market will persist into 2023, resulting in production levels and unit costs that will be similar to this year. We are actively working on our 2023 business plan and look forward to providing you additional detail on our long-term outlook when we deliver our annual guidance in early December. We will continue to be transparent regarding the challenges we are managing as a mining industry, and we remain firmly committed to advancing the initiatives that are most important to our business, including climate change. In May, we published our second annual climate report, providing stakeholders with a more comprehensive understanding of how we manage the impacts of climate change at our operations and projects. We believe that climate change is one of the greatest existential threats to our way of life. And this report outlines Newmont's climate-related risks and opportunities, our strategic planning around various climate change scenarios and the specific actions we are taking to reduce our carbon footprint. In addition to our climate report and our annual sustainability report published in April, we will launch Newmont's inaugural tax transparency report during the third quarter, which will provide an overview of the taxes we paid as part of the value we create in the countries where we operate. In closing, we have a tremendous opportunity to address the challenges of our dynamic and changing world from inflationary pressures and global supply chain disruptions to climate change and reducing fatalities in the mining industry. Guided by our clear and consistent strategy, we believe that Newmont has the size, scale, leadership and experience to navigate these challenges as we continue into our next 100 years of sustainable and responsible mining. And we are both ready and excited for what is ahead. And with that, I'll turn it over to the operator to open the line for questions. Thank you, operator. Operator: Thank you. [Operator Instructions] Our first question comes from Mr. Lawson Winder from Bank of America. Lawson Winder: I wanted to start on the dividend. In light of everything that's happening in terms of cost inflation and as well as your comments and plans to spend quite a bit on capital projects in 2022, '3, '4 and perhaps even beyond during this period of meaningful investment when free cash flow could be sort of pressured by these 2 factors, I mean is the current dividend sustainable? And then secondly, you've commented, Nancy, in the past that the dividend payout levels are assessed each quarter. And I'm curious, when you think about that assessment and you go through that process, is it the yield that you're focusing on or is it the payout ratio? Tom Palmer: Thanks, Lawson. I'll pick up and Nancy, if you want to chip in, I'll pass across to you. Lawson, the key aspect of our dividend framework is gold price, and we look back at gold price over an extended period of time, not necessarily any volatility you may see in a particular quarter and look at the gold price over an extended period of time and we sit down and have that discussion with our Board to ultimately decide the dividend that we pay and determine the cash that we've generated and our capacity to pay a dividend. If you look back over a 6-month, 9-month, 12-month period, gold price is averaging around between $1,850 an ounce over that period of time. So it's the gold price, which drives our dividend framework. And then we look at our capacity to pay in terms of a percentage of the free cash flow we're generating based upon that gold price. Nancy, you might want to comment on yields more gold price in Newmont. Nancy Buese: Yes. It's certainly around gold price and margins much more. We're not solving for a particular deal. I would also indicate, too, we've been on the more conservative side with the 40% payout at 1,800 as we were entering this period of reinvestment. And the other piece I would note was when we put the framework in place several years ago, we started and have continued to enjoy quite high cash balances. And we indicated at that time that, that gives us quite a glide path if prices were to change. So we have a great deal of conservatism built into the framework and the ability to continue to consider and evaluate based on those cash balances and our ongoing outlook. Tom Palmer: Thanks, Nancy. To build on that, we also recognize that as a long-term business that we'll reinvest from time to time, you'll have periods of greater reinvestment and lower reinvestment over year-on-year or over a period of time. So we take that long-term view into consideration as we look at the spend profile of development capital. Lawson Winder: Maybe I would ask it, just one follow-up along the lines of the dividend, which is when you speak of your capital allocation framework, which is reinvest in the business and maintain the balance sheet and then 3 was industry-leading returns. Should we think of it as being 1, 2, 3? So reinvesting first, strong balance sheet second and then sort of if there's capital left over, that then goes into the dividend? Or is there a bit of give and take there, for example, could you sort of delay some of these projects in order to maintain a sort of more competitive dividend? Nancy Buese: Yes. So the gold that we have is a long-term stability of the business, and that absolutely requires reinvestment in these significant capital projects. So that will continue to be a very high priority for us. And certainly, our investment-grade ratings and our balance sheet stability are also important. So we will endeavor to maintain our margins, so we can deliver on all 3 of those priorities. But certainly, the long-term value of the business is very important to us. So we'll continue to calibrate and balance across all 3 of those imperatives, but I would say reinvestment is certainly quite critical. Lawson Winder: And then just maybe sort of a conceptual maybe a bit of a longer-term question. But I mean, when you look at the cost pressures that you're facing and particularly the labor difficulties, I mean, does this create an imperative to accelerate your automation program and do what you did at Boddington with a greater number of mines? And to what extent can you accelerate that? Tom Palmer: Yes. Thanks, Lawson. Good question. I think technology is clearly part of the lever you have as a mining company to improve productivity and optimally reduce costs. And Rob, you might want to comment. I think we have significantly benefited from having autonomous haulage in place at Boddington, probably less so from the cost pressure at this point in time, a [loss] (ph) and more directly as opposed to the productivity, given what West Australia has seen in terms of the introduction of the virus to that state over the course of the second quarter. But Rob, I think if we had -- still had conventional people operating trucks at Boddington, they would have been quite a significant impact through the second quarter. I think some mining companies who have conventional fleets in Western Australia will have experienced through the second quarter of this year. Rob Atkinson: Without a doubt, Tom, and the unpredictability of the virus not knowing who's going to turn up each day would have really impacted to have 36 trucks guaranteed running day in, day out has really delivered [Indiscernible] certainty but continued productivity. So it's been a good news to us. Tom Palmer: And Lawson -- thanks, Robert. Lawson, we actually moved -- we have that's a control room that oversees these fleet of autonomous trucks in the latter part of last year, knowing that borders would eventually open up in Western Australia. We actually built a fall back control room. So on the village on the Boddington mine side, we had several rooms set up from within which you could control the mine of Boddington so that if we did end up with a case of some of the key operators testing positive, they could continue to isolate and manage the mine from the comfort of their room in the village. And so we're well positioned to use technology in this particular instance. But I think it will be a key driver in the mining industry when we think about how we can manage some of the cost and inflationary pressures that we're experiencing in certain jurisdictions. Lawson Winder: I'm going to ask 1 more. I apologize to my colleagues if I've asked too many questions here, but I just wanted to get your thoughts on buy versus build. Just given the CapEx inflationary pressures here, is there an incentive here to perhaps look at additional M&A opportunities and particularly larger, more meaningful M&A opportunities? And I'll leave it there. Tom Palmer: Thanks, Lawson. And for those waiting in line, we'll stay on the call until with the amount of information we've shared this quarter. We'll stay on the call and work through everyone's question. Lawson, our strategy doesn't change. We are very much focused on running our business and investing back in our business. The best investments you can make here back within the projects that you know very, very well. So that is our main focus, delivering value from that well-managed operations and bringing on and developing our organic project pipeline. But that doesn't mean that our radar isn't turned on. And if an opportunity presented where we could pick up an asset or a portfolio that met Newmont's criteria around size, scale, cost profile and jurisdiction, then we would run the ruler over that. If we felt that we could add more value with that asset or portfolio sitting within our operation. But to be frank, 99% of the people who work at Newmont are focused on delivering value from the portfolio that we are managing today. Operator: Our second question comes from Fahad Tariq from Credit Suisse. Fahad Tariq: First, on the labor shortage that you're seeing, particularly in Australia and Canada. Can you just touch on the steps you are taking to address that shortage going forward? Tom Palmer: Thanks. I'll kick off, and Rob, you might want to build on both of those countries. So if you think about labor, it's the -- our workforce, the people who are Newmont employees is relatively stable. We're seeing turnover or voluntary attrition that is at higher levels than we've maybe seen in the past towards the high level but still within manageable levels of what we've seen in the past. So the inflationary pressure is really coming from the contracted services or the particular technical expertise that we see. So the labor you need to bring in to do large shutdowns or to repair specialized equipment or to do particular contracted services work. And there's the additional costs that we're starting to see as people bid for work, for the work that we send that way, that is an area that we're watching very carefully. But the area that equally is important to me, if not more important to me, is actually having the people you need to do the work. So we have a scope of work we need to do for our shutdown of a mill that you might take down, say, a couple of times a year. And if we can't get all of the people that you need and how are we thinking about the scope of work to ensure that when we button that mill up and recommission it that we can run reliably until its next shutdown. So there's the cost pressure. But probably more important for me is that ensuring that we get the right people working on the equipment to ensure that it's maintained at the right level. Rob, do you want to build on that in Australia and Canada? Rob Atkinson: Yes. I'll just give 1 example, Fahad, at the last Bollington shut, we were 260 contracts to shore and literally, we had some companies defaulting on entire packages of work. So that really means that we -- we're spending a lot more time with our contractors and our business partners to make sure that we're aligned with those ones, not only for the short term, but also for the long term and continuing to deepen those relationships. And I think just going back to what Tom said about our own employees is that the value proposition that Newmont offers with the safety aspect or environmental credentials as well as the leadership and the working conditions, that is very, very attractive to many people, both inside our company and outside. So it really is around our contracting partners where we're spending most time and most work to deepen those relationships. Tom Palmer: Just to build a little more on that, Fahad, in my remarks, I talked about 1 of the measures we've got in place to mitigate some of these inflationary pressures are our operational support networks, one of those is in asset management, which is obviously around how we do our maintenance work. And through that asset management program, we are now looking at our maintenance shutdowns across our 12 managed operations around the globe. And looking at how we can smooth out the timing of those shutdowns and when we do the different scopes of work. So as there are particular specialist skills that are rare around the world, we're ensuring that we're able to balance their use across our various operations to ensure that we mitigate that risk of not having that critical resource available to do important maintenance work. Fahad Tariq: And just my second question, switching gears to Yanacocha Sulfide. I noticed the CapEx estimate didn't change in this press release. Just curious if that is going to -- if a CapEx review is done quarterly or monthly or if we should expect something as part of the investment decision? And if the CapEx review was done and the estimate wasn't changed, what's different about the dynamic improved versus other parts of the world where you're seeing labor and materials inflation? Tom Palmer: Yes. Thanks, Fahad. So where we're at with the Sulfides project is, we’re past through the 50% engineering mark, and which means that’s pretty -- a project of this size – any mining project that’s a significant amount of engineering completed at this stage of a project. We are dropping out the quantities right as we speak through this quarter as we build towards investment decisions and using those quantities to determine both the definitive schedule and the definitive estimate. The key amount of work that -- or material that's still to come with sulfides, if you recall, we've actually ordered a number of long lead time items. So the autoclave shells themselves, specialized steel involved with that, oxygen plants, key electric mill miners and the like. So we have derisked that project because both about cost and schedule by ordering some of those critical components and managing their lead times. So looking forward, there are 2 key components. It's all the -- what we call the bulks or stick still to build a plant and all the steel involved in fabricating the tanks and pipes that you have around this processing facility. So there's the cost of steel by specialists steel and standard steel for that work and labor. Now in the Peruvian context, we'll direct higher labor is something that we've got a lot of control to be able to manage, and it will be a very much a local workforce. So the risk is in the escalations that the world is seeing around the cost of steel. So in giving an indication in this update of $2.5 billion from the point of full funds approval, we are incorporating an early look into some of the escalation we're seeing in steel for that go-forward number from full fund. So there is some consideration for that Fahad as we're right in the middle of doing our definitive estimate and schedule as we speak. Operator: Our next question comes from Jackie Przybylowski from BMO Capital Markets. Tom Palmer: Jackie, are you there? Operator: Jackie, unfortunately, we are not receiving any audio from you. Can you please make sure that you are unmuted locally. Tom Palmer: Operator, we'll take the next question. We have Jackie to see where to get that line connected. So let's go to the next caller, and we'll pick Jackie up again. Operator: Of course. Our next question comes from Josh Wolfson from RBC Capital Markets. Josh Wolfson: Back to the topic of capital allocation, Tom and Nancy. On the theme of the dividend, the existing policy in place, I think, had talked about $300 gold price increments being the key factor determining what the payout was going to be. And Nancy, I believe you mentioned that there had been some conservatism incorporated in there. We're seeing in the current environment, gold prices come off and still cost inflation be meaningful. So does the current policy still maintain its relevance? Or is there some sort of additional thoughts that we should sort of be thinking about rather than strictly that $300 increment determining payout? Tom Palmer: Yes. Thanks, Josh. I might pick up that to the start and Nancy you build on it. I think -- we don't -- our dividend policy is deliberately set up to be stable and robust over the longer term. So although we're seeing some volatility in gold price during the last few weeks, we need to see how that plays out going forward. And I mean there's lots of condoscent authorities that us views on what gold price may do or not do. So we will continue to follow that framework, look back at the gold price over an extended period of time, the cash we've generated and are generating and make judgments within our framework. I think the area that as we look forward in terms of the dividend framework is the debate we're having around what the floor is in the gold price. And then ultimately, what gold price we used for doing our mine planning and for determining our reserves and resources and picking up the conversation we had on last earning calls and conversations we have had since then. So if we were -- we're still midstream in that debate, looking at all of those things. But if we were to lift out the gold price that we use for mine planning and for reserve setting then we would step back and look at our dividend framework and the construct around that floor and the gold price, which will have moved. So I think, Nancy, that's probably the most material thing, Josh, in terms of your question, but you want to build on that? Nancy Buese: Yes, that's exactly right, Tom. So if you remember back to our framework, we had indicated a dollar-based dividend at $1,200 gold price and through the inflationary pressures and what we are seeing, as Tom indicated, around reserve pricing and everything else, the question becomes what is that floor today. And so what you may end up seeing, and we've still got quite a lot of work to do with a slight shift in the framework, but certainly, we have the ability and we'll retain the ability to pay a dividend into the future. Josh Wolfson: And then also on the share buyback, I noticed there hasn't been much activity year-to-date and obviously look at the move today. But even before that, prices were pretty much below where the stock was trading throughout 2021 when there was meaningful activity. What's the current thought process on how cash is allocated towards the buyback? Nancy Buese: Yes. Thanks for the question, and it's one where we continue to evaluate. As we've indicated previously, it's a very opportunistic tool, and so we will use that at certain times. As we've been doing the work over the past quarter to evaluate the impact on inflationary pressures with our capital projects, in particular, we have made the decision to think about where we want to spend our dollars and that's really what's resulted in us holding for the moment. We will continue to evaluate our share price and the use of our cash. But yes, I would consider that to be an opportunistic tool that we will certainly use from time to time. And we do have just a bit under $0.5 billion remaining on the existing program. Operator: Our next question comes from Tanya Jakusconek from Scotiabank. Tanya Jakusconek: Can you hear me? Tom Palmer: Loud and clear. Thank you, Tanya. Tanya Jakusconek: I have a couple. I'm going to start the first one maybe to Rob. I don't want to figure out what's happening at Tanami Phase 2 because I was quite surprised at the increase in capital to that extent of 25%. That's mainly new projects that are coming in. And so 25% was quite a big number for me and also the slippage of over a year was quite a slippage for me. So I'm trying to understand what exactly is happening there to have that amount of capital increase and slippage when we were quite advanced in that project? Tom Palmer: Thanks, Tanya, I'll pick that up and then pass for Rob for more color. The key milestone with the seeking a production shaft of that deep, so 1.5 kilometers a mile deep and 5.5 miles wide as you get to this point where we now have a hole essentially within weeks away from being open at that width and depth to be able to move down and survey the conditions of the wall all the way down to understand, therefore, the work you have to do in lighting that shaft to do whatever bolting and shop creating have to do and then to come down and do the establishment of the formwork and the installation on the concrete lighting. So we -- it was -- we're always building to this point in time where we will be able to survey the shaft and understand the time and materials required to complete the job. To put it in perspective for everybody on the call, if you've ever seen a skyscraper being built and the lift well going up with normally the branding of where it was building the building, you'll see the lift well going up in sort of a few meters once a week or every few days as they're putting the form work together and lifting that structure up to establish that well for the heart of that building. And you'll notice that, that takes many months to do that. We are about to start that process upside down for this shaft and it's a depth that's equivalent to 3 Empire State buildings that we're heading underground to put the formwork in place but each and every day, we're establishing formwork, pouring concrete, heading it set, moving forward, unpacking moving forward and other steps are into that serious task, and we have stepped back. Now that we have the shaft almost finished, we've done an initial survey. We've got to do the final survey, and then we can sit down with our contracting partners with absolute clarity on the condition of that shaft and the time of materials required over the next 18 to 24 months to line that shaft with concrete and the other supporting infrastructure all the way down. We haven't provided an update on Tanami 2 in terms of cost or schedule since the beginning of last year. So what you're seeing us update or give you a trend, whilst we do that remaining work is an indication now of the time and materials to complete that work with a clearer understanding of what the shaft looks like and a clear understanding of what the inflationary conditions are in the Australian market. So it is today's pricing and therefore, cost and schedule based upon a hole we now have largely open the ground that goes 1.5 kilometers down. So that sorts of increases aren't dissimilar to the escalations that we have seen as an industry, particularly in Australia over that 18-month period. But Rob, did you want to provide any color on top of that? Rob Atkinson: Yes. Thanks, Tanya. And I'll just build off a couple of things that Tom said. In general terms, aside from being at the moment in time where we can really get the specific quantities of what's going to take to line that shaft, the way in which I'd look at the increase is at -- about 60% of that is also due to COVID is -- some of the key factors in that is that half of our project team was based in WA, so actually getting them there. We had that 2 weeks where we had a COVID case at Tanami, where we had to shut down the whole operation, which ended up delaying the project by at least 6 weeks. And then with the absenteeism, labor shortages and logistics as well, that has also caused a significant delay as well as the cost. And I think the final point just to really echo what Tom said is that at the early part of the project, we obviously have engineering that we assume. But it's only now that we've actually done the work you can actually see the geology, the overbreak, the actual specifics. And those engineering amounts or the engineering maturity have changed quite markedly. So whilst to say about 60% of the capital increase is due to COVID, about 25% is really due to the engineering maturity amongst other things. But the last thing I'd certainly see, Tanya, is that, hopefully, you can see in the picture, there is significant work that has been accomplished. It's been done safely during a COVID pandemic. We're very, very proud of what we've achieved. But as Tom said, this is a point in time we're able to assess what have the last 18 months really meant to that project and this is the outcome. Tom Palmer: Thanks, Rob. And Tanya still an absolutely terrific project. This production shaft, the crusher chamber underneath opens up 1 of the great gold resources in the world. So still incredibly excited about this project as we reached this milestone and have a greater clarity on the cost and schedule to bring it home. Tanya Jakusconek: And maybe just on the other projects, and I know -- I think it was Josh asked about the CapEx at Yanacocha Sulfides. I'm just wondering, you mentioned that you've done the costing as of now, but you still are working on some steel and others. So as we get to December, when you have to make an investment decision on that one, we -- I just want to clarify, we are expecting potentially a further update on that one, including maybe Cerro Negro and Pamour? Tom Palmer: Why don't I pick up sulfides again, and Rob, just cover off where we're seeing Cerro Negro and Pamour sitting. We have -- as we've looked at some of the inflationary or escalation pressures on steel, in particular, and in providing that sulfides number, the go-forward number of $2.5 billion from full funds is starting to incorporate some early views and trending views as to what that number looks like. We still have to do the definitive estimate, which will actually give us some quoted numbers. But we are starting to incorporate in that number, some of those things in terms of the update this quarter. And Robert, do you want to cover Cerro Negro and Pamour? Rob Atkinson: Yes, I'll kick off with Pamour, Tanya, is that certainly good work is progressing there at the moment, that as you may remember, a large part of the more project is really about dewatering the current pit. So we're well on track for having all the dewatering installed and mechanically complete by the end of this year. So we actually take it forward to the investment committee in the latter part of this year for the actual layback. And we'll be able to provide the assumptions and the estimate there post that. But the good thing about Pamour is it's certainly progressing well. And certainly, in Cerro Negro, there's a lot of work going on there at the moment. We've got 3 portals, which we're working on and have established. So that's growing great guidance. I mentioned about the first blast as well. So we are working along there quite nicely and certainly, again, from the end of the year, we'll provide updates, but it's really going to be more about progress and perhaps an update in terms of development. We're still looking at $300 million development CapEx for Cerro Negro in total. But again, the key thing I just want to make across is the very good progress that we're making at Cerro Negro, in particular around productivities. Tanya Jakusconek: Okay. And then lastly, just another technical question. How should we think about CC&V going forward from an operational standpoint? I know you gave us guidance of reduction for this year, but I'm just keen on understanding this asset just longer term, how we should be thinking about it? Tom Palmer: Thanks, Tanya. I'm going to pick that up again, Rob will build on it. CC&V,moving to focus on open pit mining and heap-leach only. We will be working to have CC&V running as simply as it possibly can as efficiently as it possibly can because it's got a single-minded focus on mining efficiently and stacking on the heap-leach efficiently. And with that focus, we expect that we'll have a mine that's very long life because of that simplicity and that efficiency. Rob, do you want to add? Rob Atkinson: I think that's the key. For me, Tanya, it’s about how do we strip as much cost out of that operation, in particular, the operating support networks, how do we leverage off that, the proximity to Denver and obviously, the technology that we're working on with Caterpillar. But the key to this is the simple mining, leaching operation and which we are really expecting to give us significantly longer life -- a long-life asset that's an important part of the Newmont portfolio. Tanya Jakusconek: Is this going to be a 100,000 ounce producer? Is that how I should think about it? Tom Palmer: No, more than that, Tanya. I think it'd be pushing to get to 200,000, but between 150,000 and 200,000 run as efficiently as it can leading into, as Rob said, that that proximity to the demo is how we're approaching it as opposed to trying to have something that's maybe creating between 200,000 and 250,000 with all of the complexity of trying to produce concentrate and all the bandwidth that gets taken from running a mill for a relatively small part of the value of the operation. Operator: Our next question comes from Anita Soni from CIBC. Anita Soni: I'm just going to ask 1 more question about the dividend and then move down to Yanacocha Sulfides. But on the dividend, Nancy, you mentioned 40% of the -- you're using a 40% and being conservative currently. I'm calculating it nearly like 80%, 90% of your free cash flow for the past few quarters. So I just want to understand when you're -- are we talking about the same basis of where you guys are using your free cash flow for the dividend? Nancy Buese: Yes. Thanks, Anita. And so how we think about it is we look at our plan period and our forecasting, and we calibrate over the cash, we believe we will generate during our -- for us, it's a 5-year planning period and certainly over the much longer term. And so we -- yes, in terms of our forecasting and our modeling, our view is that we are around still the 40% payout calibration at the $1,800 gold price. Anita Soni: Okay. So you're factoring in perhaps better outlook rather than what's near term and happening currently? Nancy Buese: Well, I think you're seeing that. We're investing in our business and investing in our future, and those are the indicated returns from these capital projects from the cash flow they will generate when complete. Anita Soni: Okay. And then the second question was Yanacocha Sulfides. Just to be clear, how much do you plan on spending this year and that would not be included in the $2.5 billion -- current $2.5 billion estimate, correct? Tom Palmer: We're thinking -- we're looking at about $300 million to $400 million this year, Tanya, on the project, building up to full funds approval. So there's money we're spending on key critical path items that we're procuring. There's money that we're spending on using local contractors to do some of the early earthworks, which is a critically important part of ensuring that there is meaningful work for the communities in and around Cajamarca and Yanacocha. We are building the construction camp, 4,000 beds, and you still saw that in the photo, how advanced that was. My experience in these mega projects is that they often fall behind in the very early days because they don't have the camp accommodation for your workforce. So derisking the project with the construction of that camp this year. And the fourth key area for that spend is the engineering work that we're doing with Bechtel and Hatch that enables us to derisk the project because of the level of engineering that we have that allows us to then be comprehensive with our definitive estimate and our definitive schedule as we move towards full funds. So those are the 4 key areas that, that $300 million to $400 million is being directed to. And just if you picked it up, we actually, as we thought -- as we've looked through our development capital spend, we have adjusted our overall debt cap for this year down to $1.1 billion. Anita Soni: Okay. And then my last question is with the outlook in 2024. So I appreciate giving you guys -- giving us this 2023 similar numbers. So I assume that means the $6 million at about $900 cash costs. If we look into 2024, I mean, I think the original with Yanacocha with that -- the half -- the Tanami expansion, that's where you would have seen perhaps an uptick in production, would you expect at this stage 2024 to be similar to 2023 and 2022? Or are there any other areas where you could probably potentially see improvement into 2024 outside of the 2 projects? Rob Atkinson: Yes. Thanks, Anita. Yes, as inevitably, these projects are impacted and affected by experiences over the last couple of years and that timing is pushing out, we'll start to see those ounces come on in '25 rather than '24. So if you look beyond '23 to '24, you're going to see a relatively flat production profile year-on-year as those ounces then kick in in '25 and into '26 and then you've got Yanacocha Sulfides coming beyond that. So 2024 looking pretty consistent through 6 GOs, it's going to be the 7, 7.5 million ounces gold and around about the 6%. And that's really what we're aiming to do is to be a steady producer of gold at or around the 6 to 6.5 million ounces of gold, 7.5 million to 8 million ounces of gold equivalents, all up and '24 being pretty stable, '25 will start to kick up from Tanami, 2.5 and on. Operator: Our next question comes from Brian MacArthur from Raymond James. Brian MacArthur: Most of them asked, but I just want to follow up a little bit on the provisional pricing. And again, I guess when I comment on this, you realized price to zinc say for $1.08. Given where it closed, it seems awfully low. Did you have a lot of open pounds quarter-over-quarter to just -- you said 46% were settled in June, but even the June price was a lot higher than that. So there seems to be a big back half weighting. So can you just go through how that works again specifically at Penasquito. And the second part of your question then is as towns open now. And where I'm going with this is how much of this is cash versus accounting because all these questions we're writing a bit of cash flow over the last couple of quarters, there seems to be a pretty big base metal influence here that's sort of varying quarter-to-quarter. Tom Palmer: Yes. Thanks, Brian. And I think it's an important area to unpack in terms of how the quarter played out, but I'll pass across to Nancy and I’ve got Senior Officer available, so I’ve got Daniel Horton, who leads our commercial team and does a lot of those sales. But maybe with you Nancy an answer and then Daniel is available, too. Nancy Buese: Great to have you chime in, too. So we did have a big change from March to June. And so that's one way to think of it. And then really, our concentrate sales take 3 to 6 months to finalize. So that had a pretty significant impact, and then also our ounces outstanding at the end of Q2. So our mark-to-market adjustments were about $40 million for zinc and $23 million for copper, gold was about $21 million and silver at $15 million. So that was the largest component. But that's really what drove some of those provisional pricing adjustments. Daniel, anything else you'd add? Daniel Horton : Yes, that's right. And Brian, maybe the only thing else I'd add is the average price in June was around $18.30 per ounce. So it was significantly lower than what you thought for the average for the quarter. And then the other point I'd make too is where gold price is trending right now. Obviously, we could expect another similar adjustment if prices continue to decline in the third quarter. Brian MacArthur: Sure. And what's -- I mean, you got a lot of sites, but I mean some of those aren't delaying 3 to 6 months What's your general timing lag on that normally for the gold side? Like the base metal side, I can see it can be 3 to 6 months. But what's the general gold rule, too? Daniel Horton : Yes, Brian. The majority of our gold production comes in the form of dore and that really settles in the near term. So that's not where we're seeing the biggest impact, slight impact to the Peñasquito and Boddington. The new schedule on the concentrate shipments are about 3 to 6 months on settlements. And so they are a longer time frame and Boddington is more on that 3-month time frame. So that's, call it, 20% to 30% of our total production of a concentrate does have a pretty significant impact on the realized price when prices are dropping like we've seen in the recent months. Brian MacArthur: Makes sense. Now the other thing then, so all this discussion about how you said that, I know everybody focused on the gold price for your gold dividend and you are a gold company. But how do you start to think about this? I mean just this quarter, as you said, you had like $90 million in adjustments from byproducts or whatever. How is that generally thought into your long-term thinking for setting that dividend as well? And over time, you might grow other parts of the business as well. Nancy Buese: Yes. Thanks, Brian. And we do look at the longer term as we consider it, and as we put the framework in place 2 years ago. So we certainly think about those puts and takes, and we have our long-term economic guidelines that we use, and we do quite a lot of work on a regular basis to look at that forward curve, where is consensus headed and then the impact on our plan. So all of that is baked in, and we do see some pretty significant disconnects from time to time. But I would say, over the long term, the trend line stay very much in alignment with our economic guidelines. So this is -- I would say this was a bit of an unusual quarter in terms of just the way the timing and the pricing aligned. But over the long term, we do sort of see those peaks and valleys flatten out. Operator: Our next question comes from Greg Barnes from TD Securities. Greg Barnes: Just a question around the inflationary pressures that you're seeing. Are they peaking now? Or do you sense that what we've seen in the first half of this year is going to continue in the second half of the year? Tom Palmer: Thanks, Greg. Good question to ask. Everything we're seeing is that at a commodity level, they have peaked and are flattening out. So as we look forward, we're seeing that $20 an ounce that builds into that increase to our all-in sustaining cost that that's pretty flat. Labor, I'd say, is the difficult one, so that's specialized labor. I think there is -- I think globally, the world's been shifted on its axis in terms of what availability of labor and decisions people are making about things. The -- so there's -- give you by way of example, in the Australian context. There's something like $200 billion to $250 billion of infrastructure projects that are on the slate in Australia, typically in around major cities. Look at that specialized labor, by going to fly and fly out for mine site to work on a shutdown or to work on a project or am I going to go and work on this bridge or this freeway extension, I think you're seeing that play out across the world in different places. So I think still a question mark over labor. We've got $20 an ounce built in. I think we -- as best we can predict the year going forward, it's a pretty good estimate. And in fuel and energy, obviously, you got the global impacts on fuel in particular, diesel price. So some instances, I'd say probably commodity is probably best predicted. There's still some volatility and that's where we're going to be leaning into controlling those things that we can control. So the work we're putting into those, as I've described before, our operational support networks to ensure that we are leaning into our global supply chain that we are ensuring that we've got inventories where they need to be, that we're maintaining those inventories. We have moved more to local or regional supply than trying to navigate a global supply network. So there are a number of things we're doing to mitigate the work we've done with suppliers, leading into the relationship we’ve spent years building to ensure that we have got one supply and two price protection. So focusing on those things that we can control in still a volatile world. So it's probably not the most satisfactory answer, but there are some levels of stability, but still some levels of volatility. Greg Barnes: Okay. Brian MacArthur: Maybe there is a technical question for Nancy, but I mean we are not alone in this. Why the gold sales always get heavily weighted towards the end of the quarter? Nancy Buese: I think it's that way with most of the miners, but typically, we will have a gold core scheduled for the last week of the quarter, and we ensure that those get shipped and sold at market. And I think that's very common. We do the same thing at the end of every month. And so that's a very normal cycle for us. But the gold pours are scheduled to really align with closing everything out at the end of the month and ensuring we have time to check -- get sales accomplished and those kinds of things, but that's a very common cycle for us in terms of sales. Greg Barnes: Yes. And everybody else -- just seems 46% in June alone does seem like a lot? Nancy Buese: That's quite normal. And also sometimes it has to do with transportation contracts and there have been disruptions in those as well. And so simply just getting the dore to market can be a challenge from time to time. So in this particular quarter, I do also think that had an impact on a bit of the back portion weighting. Operator: Our next question comes from Adam Josephson from KeyBanc. Adam Josephson: Tom, forgive me if you've addressed this in various parts of the call, but you talked about your expectation that gold cost will be flattish next year. And on the one hand, I think you said you've entered into some contracts that embed some degree of inflation next year. On the other, you have the onetime costs in 2Q at Penasquito that won't repeat. And I think others have referenced the fact that many global commodity prices have fallen quite considerably in recent weeks because of expectations about an imminent global recession. How are all those factors weighing into your preliminary thinking that gold cost will be flattish? And how much upside or downside risks do you think there is to that flattish cost next year? Tom Palmer: Thanks, Adam. I think the starting point for us is how we see -- I mean, production is a key driver of our costs. And so seeing that production level year-on-year being at or about the same, maybe a tat better as we see improvement come through. So that's -- that becomes the #1 driver in terms of costs that we see that pretty consistent production. Then we're right in the middle of our business planning process at the moment where we're then looking and debating and discussing what we're seeing in terms of our input costs and how we're seeing the various contracts that we've got playing out in terms of whether it be contracted services label, whether it be our own workforce, whether it be the assumptions you make around diesel in the next year, the assumptions we make around spare parts, the assumptions we make around explosives and cyanide and the contracts that we've got in place with those suppliers. So we've got what's happening in the world in terms of inflation. And then we've got one other things that go to our cost base what have we got -- what are we seeing in terms of those costs in those locations based upon the contracts that we have. And we put all that into our melting part and start to do our planning work, and we're seeing unit cost for next year on a very similar production profile come out at or around the same levels that we're seeing for this year. So in terms of trying to give you some indication as to how '23 is looking compared to '22, where we sit here in July, early on in our planning process with that melting pot that's looking at or around the same number. Nancy, do you want to go on that? Nancy Buese: Yes. We also have, in the past, continued -- and we'll continue to do so, provide great sensitivity around some of our most critical input costs. So when you think about the free cash flow generated from our operations, you'll be able to really indicate in there if we have another $10 change in diesel price, what impact is that going to have on free cash flow as well as other inputs. So we will continue to provide that transparency and all of that will be a part of our guidance in December once that's updated for 2023. To Tom's point, at this point, it looks quite similar, but we haven't finished all of that work. Adam Josephson: Just 1 follow-up to that, Tom, before I ask one other question, which is on the labor piece, how sticky do you think that inflation is likely to be? I know you mentioned, Tom, there's some global infrastructure projects happening, which is taking some labor away from you arguably. On the other, there's a school of thought that if the global economy goes into recession, some of those folks who would -- who had stopped flying in and out to mines will perhaps have little choice but to go back to their previous jobs. Tom Palmer: Thanks. It's -- I think we see it most pronounced across United States, Canada and Australia. And if I look at Canada and Australia, there's some big projects and demand for labor and a diminishing pool for labor into the mining industry. So I would predict that, that would be reasonably sticky at least into 2023 when I look at the markets in which we are operating in those countries. So Rob, and I've got Dean sitting alongside me, who run our supply chain. Rob and Dean, anything you'd add to that? Unidentified Company Representative : I'd just echo what you said, Tom. I think in those countries, in particular, the sales coming into mining are not flowing as much as in the past that we are relying on the established skill base. And with that increased competition, it would be highly unlikely that those wages, et cetera, would go down. So I completely agree. Rob Atkinson: And I think saying -- Thanks, Adam. Adam Josephson: Yes. Okay. Sorry to interrupt, Tom. Just on the production you're expecting flattish gold production this year and next year and it sounds like into '24 as well. And obviously, your peers are experiencing similar bottlenecks in terms of their ability to grow production, just myriad supply chain, labor, COVID difficulties. What do you think -- it's as if no matter how high the gold price is and it's still relatively high by historical standards. The industry just doesn't have the ability to increase production, and that doesn't seem like it's going to change anytime soon. Agree, disagree, any thoughts along those lines? Tom Palmer: Yes. Thanks, Adam. Certainly, from a Newmont perspective, as we transformed our business 3 years ago, the strategy is to be able to maintain 6 to 6.5 million ounces of gold each and every year and another 1.5 to 2 million gold equivalent ounces from copper, silver, lead and zinc. Although we might have some years, we have some -- as you move to the upper end of that band and other years at the lower end of that band, our strategy is around that consistent delivery of metal over the long term and our focus on reinvesting back in the business is to bring on lower-cost gold ounces and the other metals, but to extend mine life. So when we think about growth, it is much about growth in margins as it is about growth in mine life as opposed to focusing on trying to have growth in ounces. It's margin and mine life. So these projects Tanami, Ahafo North sulfides will bring on lower-cost ounces that will help strengthen our cost base, but they -- more importantly, they extend our mine life and our narrative of being a very reliable, long-life producer of gold at those levels is maintained. Adam Josephson: Tom, and just one last one for me, Tom, along those lines. In terms of the jurisdictional risks that you and others are dealing with, I mean, there's growing social unrest throughout the world, not just in mining, heavy countries. How is that affecting your thinking about just long-term production planning and your ability to grow production in the future, given the specter of higher taxes, increasing disruptions, et cetera? Tom Palmer: Yes. Thanks, Adam. I mean a very important part of our strategy is, as I talked about, it's scale, its cost base, it's mine life and the other key component is where we choose to operate matters. So we pay a lot of time and attention in terms of understanding the jurisdictions that we're in, maintaining and developing relationships with the jurisdictions that we're in, we’ve been in all those jurisdictions for a very long period of time. And if we were to choose to go into a new jurisdiction, we will spend a lot of time and attention on that to ensure that we could operate in those locations for the long term. So every location that we're operating in, we're very comfortable with the relationships that we have and the relationship we can maintain to support our business going forward. And we believe it is a differentiator for Newmont in the gold industry today, our very clear focus on where we choose to operate matters. Operator: Our next question comes from Mike Parkin from National Bank. Mike Parkin: You kind of answered my question there on where you're seeing the contractor service labor competition that seems to be largely kind of government-related infrastructure builds. My other question was in terms of concentrate processing, are you seeing any pressures there in terms of that group's ability -- smelters group's ability to process con or the cost process con escalating due to, as you've kind of alluded to, input commodity costs rising? Are you seeing anything on your smelter relationships showing pressures in terms of processing the con? Tom Palmer: Yes. Thanks, Mike. Just before I pass across that, Daniel is probably best placed to give you some color on that question. But on your -- but on your comment on the first one, certainly, there's government-related infrastructure, which I think will continue to see in some of those jurisdictions even in a recessionary environment. But some of those jurisdictions also have pretty significant demand for mining projects -- mining works and mining projects. So I think there's a couple of dynamics playing out there. Daniel, do you want to talk about the concentrate? Daniel Horton : Yes, definitely. Thanks, Michael, for the question. I think the strategy we use in terms of our customers is long-term in nature. And so while we may see periodic disruptions in our smelting and the smelting costs, the relationships are very strong and very long term. Many of these partners have been with us for decades at our different sites. So not seeing anything that we would flag at this point, and our concentrates, especially for Penasquito are pretty unique material that the smelters are in high demand for. So nothing notable at this point. Operator: The next question comes from Bob Brackett from Bernstein Research. Bob Brackett : In terms of the Ahafo North delayed land access, do you have a sense of where those local stakeholder concerns are and how intractable or tractable they are and how maybe slow or how quick they will be to address? Tom Palmer: Bob, we have very robust relationships with all of the key stakeholders in that process. So there are -- the government plays a key role in all of the various important arms of the government, whether it be the Regional Minister, the EPA, the Mining Minister. It's very, very good relationships with those key stakeholders. The traditional leaders, the Asantehene, the King of the Ashanti is a very important stakeholder in that process, very good relationships with the Asantehene. And then the communities in and around Ahafo North are 5. 5 communities, 5 chiefs of those communities, and we are working very closely with them to work through to a resolution of all of outstanding matters so that we can clear crops and structures and start work. So this process is one of ensuring, and I think it's one of the hallmarks of Newmont and our ESG practices. It's ensuring that we work together with all stakeholders and ensure that we are always aligned together before we move forward. So we don't want to barrel in and start building a mine if we haven't got everybody working together on this project because with 100 years of experience, we know if you don't do that well, you will pay the piper for that in the years ahead. So we don't want to start work until we've got everyone aligned. And I think the work we're doing is progressing very, very well, very pleased with how it's coming together, but we want to make sure that every one of those stakeholders is supportive of this project as we start to break through it. But Rob, do you want to build up on that? Rob Atkinson: I think the only other thing I'd add, Bob, is that in Ghana, this type of development is critical for economically sustaining the area, the providing jobs and training as well as the other benefits that come to community. So certainly, the vast majority of people absolutely see that, absolutely want it. But the key thing for us is just making sure we've got that full alignment for this last part of gaining access before we actually turn the first saw on the ground. But the support for the economic development is very, very strong in Ghana as well. Operator: Our next question comes from John Tumazos from Very Independent Research. John Tumazos: Thanks to the Newmont team for the service and keeping the results this good in a tough time. Is it right to sort of interpret that in terms of the background macros, you're not reacting to the July 25 coefficients, specifically that your expectation of the long run likely normal. And since the balance sheet is so great that if you borrow a little bit for CapEx or to fund the dividend or share buybacks, that's okay with a 0.3 debt-to-EBITDA ratio. And I'm specifically thinking about how difficult it is right now with the gold price falling and the costs having risen 12% and the spot gold market having a bad climate for jewelry demand with disposable incomes and Central Bank purchases or less and the ETFs are selling. And for all we know the euro goes to 50% because a lot of these European governments are broke and the dollar’s inadvertently strong. So you're looking through these things because who knows maybe the Ukraine war ends. And by the way, the dividend is tagged to price, but costs are going the wrong way. And I'm not sure that there's a natural ceiling or floor in the gold market because we don't know what the natural ceiling or floor is for inflation, interest rates, the euro exchange rates, all that stuff, please? Tom Palmer: Thank you, John. I think you characterized how we think about our business over the long term very nicely. And it's one why we put a lot of time and attention to maintaining a very strong balance sheet that gives us the strength when there's some volatility. But we do take a long-term view and the long-term view, our view on gold price is still robust over the long term. But you characterized our approach quite nicely. Nancy, do you want to build on that? Nancy Buese: Yes. Thanks, Tom. I would also add, we know that the gold price is cyclical over time. And so our goal is to ensure we're preserving margins at times of high gold price and adding cash to our balance sheet, which is exactly what we've done during this last cycle of rising gold prices, who knows where it's headed today, but that's why we wanted to be in the position that we're in. Very strong production profile for decades to come as well as a lot of cash on hand. So we'll continue to evaluate all those factors, but we truly have engineered the business to navigate through all parts of the cycle. John Tumazos: So following up the various capital projects to strengthen the company for 5, 10, 20 years from now are paramount? Tom Palmer: Exactly, John, and I think the strength of our company over the last several years has been a result of the capital investments that we made over the previous 5 years through the cycle. I mean we're investing in Merian at Suriname at the bottom of the cycle back in 2014, '15. So it's taking a long-term view, working through the cycle, ensuring you've always got a robust base and reinvestment in the business so that you can be strong for a very long period of time. John Tumazos: And congratulations on weathering things as well as you have. Tom Palmer: Thanks, John. And I think operator, is that it in terms of people? Operator: Yes, that is correct. Ladies and gentlemen, this concludes the question-and-answer session. I would like to turn the conference call back over to Tom Palmer for any closing remarks. Tom, please go ahead. Tom Palmer: Thank you, operator, and thank you, everyone, for your questions today and for taking the time to sit through our summary of the second quarter, a discussion on where we sit for the remainder part of this year, and please enjoy the rest of your week. Thank you, everyone. Operator: Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation. You may disconnect your lines now.

Operator: Good morning, and welcome to Newmont’s First Quarter 2022 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Good morning, and thank you for joining Newmont’s first quarter 2022 earnings call. Today, I'm joined by Rob Atkinson and Nancy Buese, along with other members of our executive team. And we will be available to answer questions at the end of the call. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. Newmont delivered on a challenging first quarter, as our operations and the mining industry as a whole, safely managed through the Omicron surge over the first three months of this year. As we emerge on the other side of this wave, Newmont remains well positioned to deliver solid performance in 2022, leveraging our scale and proven operating model to deliver long-term value from the world's best mining jurisdictions. The strength of our people and stability of our global portfolio, not only allows us to endure our short-term disruptions, it is the foundation of Newmont’s clear and consistent strategy to create value and improve lives through sustainable and responsible mining. Turning to our quarterly results, let's take a look at the highlights. During the first quarter, Newmont produced 1.3 million ounces of gold and 350,000 gold equivalent ounces from copper, silver, lead and zinc. And despite challenges from the Omicron surge and the knock-on impacts from this global pandemic, we remain on track to achieve our full year guidance ranges as we build momentum for a strong second half. I recently visited Ahafo and Akyem in Ghana as well as the Boddington mine in Australia, where I saw firsthand the significant efforts our teams are taking to protect the health and safety of our workforce while continuing to move critical projects forward. With $7.3 billion in total liquidity, we have a net debt to EBITDA ratio 0.3 times, preserving Newmont's financial strength and flexibility to sustain and grow the business. We also continue to invest in and develop our most profitable near-term projects, including Ahafo mill, the second inspection at Tanami and Yanacocha Sulfides. Just last week, we announced the acquisition of Sumitomo’s interest in Yanacocha, which will bring Newmont’s ownership in this operation and the exciting sulfides project to 100%. And yesterday, we declared a first quarter dividend of $0.55 per share set within our established dividend framework and consistent with our last five quarters. Newmont’s core values of safety, sustainability, integrity, inclusion and responsibility are essential to creating long-term value for our investors, most governments, communities and employees. Last week, Newmont launched its 18th annual sustainability report, providing a transparent look at our ESG performance and the issues and metrics that matter most to our stakeholders. And in March, we committed $5 million to provide relief and medical supplies to the millions of people affected by the war in Ukraine. We take pride in being a value-driven organization and our core values are fundamental to how we run our business and where we choose to operate. In line with the geopolitical events and the Omicron surge that have impacted so many around the world, our commitment to sustainable and responsible mining is more relevant today than ever before. During our fourth quarter earnings call in late February, we've provided an update on how the Omicron surge and the lingering effects of the pandemic were affecting our operations and the impacts that our stakeholders could expect in the first quarter. As you can see here on the slide, over the first three months of this year, we saw the largest spike in positive COVID cases at Newmont since the start of pandemic. And this graph only shows positive cases and does not include absenteeism from adhering to close contact isolation protocols. As a rule of thumb, for every positive case identified at site approximately two coworkers were sent home to isolate for a minimum of seven days. In addition, many of our team also needed to take time off to care for sick children and family members, as COVID cases spiked in surrounding communities. Fortunately, due to our very high vaccination status, the severity of any positive cases has remained low. As of today, eight of our 12 managed operations have a fully vaccinated workforce of employee and contractors, positioning us to emerge strongly on the other side of this wave and others that may come. However, as a consequence of managing through the Omicron surge, our operations have been impacted during the first quarter by lower productivity from close contact isolation protocols, supply capacity constraints and various other safety measures. We've also experienced pandemic-related supply chain disruptions and the impacts from various state and national border restrictions. This has affected both labor availability and the delivery of equipment and critical spares. And although, our operations were not directly impacted by the Russian invasion of Ukraine, it has resulted in new and developing complexities, global supply chains and the input costs. As we described in our guidance webcast last December, we assured that escalation factor in 2022, when we developed our business plan to account for higher inflation expected during this year. During the first quarter, we remain in line with our inflation assumptions, but we are closely monitoring critical commodities and materials such as natural gas and the ammonia used for the production of explosives and cyanide. Although, difficult to predict at this stage, the cost pressures from these new supply chain disruptions may increase our unit cost by another 3% to 5% and toward the high end of our guidance range. We will be closely monitoring [Indiscernible] the second quarter and we'll provide you with an update during our Q2 earnings call in July. On the production front, we are well positioned to land within our guidance, now tracking to land 100,000 ounces below our mid-point for gold. We continue to expect both production and unit cost to improve through the second half with approximately 53% of our production weighted to the back half of the year, driven by Tanami, Ahafo, Cerro Negro and our Canadian operations. And as we have demonstrated since the start of the pandemic, we will continue to be transparent as we can with our updates to the market as we leverage our proven operating model and balanced global portfolio to overcome these mid-term uncontrollable disruptions and deliver on our long-term commitments. At Newmont, we have created a robust and diverse portfolio of operations along with a pipeline of more than 20 organic projects with the scale and mine life to deliver long-term results. Newmont will produce more than 6 million ounces of gold each year and almost 2 million gold equivalent ounces from copper, silver, lead and zinc, combined that is nearly 8 million gold equivalent ounces per year for at least the next decade, the most of any company in our industry. And it is important to note that this is attributable production, among our 12 operating mines and two joint ventures, nearly 90% of this attributable gold production comes from top tier jurisdictions. And with the acquisition of the remaining 5% ownership in Yanacocha is 11 of our 12 managed operations will be 100% owned, ensuring that our stakeholders receive the full benefit from Newmont's clear strategic focus and superior execution. We firmly believe that where we choose to invest and operate matters. We have a disciplined geopolitical risk program that ensures we routinely assess our jurisdictions and our risk tolerance to deliver long-term results from established mining jurisdictions. Underpinning our portfolio is a robust foundation of reserves and resources, which combined with the gold industry's best organic project pipeline provides the pathway to steady production and cash flow well into the 2040s. We are entering a period of meaningful reinvestments as we continue to advance our near-term projects, including the second expansion at Tanami in Australia's Northern Territory, the development of Ahafo mill in Ghana and the Yanacocha Sulfides project, and next exciting chapter in Newmont’s long and profitable history in Peru. And with that, I'll turn it over to Rob and then Nancy for a more detailed look at our first quarter performance. Over to you, Rob. Rob Atkinson: Thank you, Tom, and good morning, everyone. Turning to the next slide. Let's dive into the operations and projects starting with Africa. Tom and I had the opportunity to separately visit Ghana recently and we were impressed with the progress of both operations as they continued to advance important growth opportunities in this proven mining industry, including sublevel shrinkage at Subika underground, the Akyem Mine and of course, Ahafo North as indicated during our fourth quarter earnings call, Ahafo South saw the challenging start of the year. Besides first quarter performance was impacted by supply chain disruptions and global border closures, impacting labor availability and the delivery of new equipment and critical spares. As an example, last year, the site ordered four new drills for the underground and open pit operations. And we only received the first drill in March this year with delivery of the remaining drills expected sometime in the third quarter, much later in an originally planned. In addition to delay of replacement parts for existing drills, as compounding the situation, creating availability challenges with the equipment that we have on hand today, improve no performance has helped to offset these delays but the impacts from the pandemic have affected our ability to ramp up mining rates in the Subika underground. And as a consequence, we are evaluating rates to improve our mining rates, which may include adding a third production level to access higher rates in late 2022 and into 2023. And we expect to have an update with our quarter two earnings in July. Our team delivered a solid performance in the first quarter due to sustained throughput and strong recoveries. The team continues to progress stripping of the next lay back in the open pit, which will extend mine life by an additional four years and provide future optionality for both underground and open pit growth. And finally, we continue the development of the Ahafo North project, engineering is nearly 90% complete and procurement is 60% complete as we continue to work together with local communities, traditional leaders and regulators to give full land access and convince construction. And just in the last few weeks, Tom and I met separately with key stakeholders and received strong support for this important project. And last week, we also achieved an important milestone with the cabinet in Ghana, formally approving the divestiture of the highway that currently passes through a section of the new mine site. When operations begin, Ahafo North is expected to add approximately 300,000 ounces of gold per year while creating lasting value for host communities through enhanced local sourcing and hiring as we develop this political body. And now turning into Australia, at Boddington and Tanami, we experienced the impact from the Omicron surge in the first quarter as labor availability and close contact isolation protocols impacted the region. In addition, the West Australian border was reopened in early March, leading to an increase in on-site cases, but also allowing our teams, contractors and business partners to move more freely through the country and to Tanami for the first time in many months. At Boddington, we reported lower production compared to the fourth quarter due to plant maintenance and COVID-related absenteeism as we saw our first COVID cases on the site. These impacts were partially offset by improved grades and higher ore tonnes mining from Boddington’s fleet at fully autonomous trucks. The team is diligently working multiple face positions in the circuit to access higher grade ore and we expect tonnes mined in grade to remain strong throughout the year. As we continue to optimize consistency, efficiency and productivity from our autonomous truck fleet, a key component to delivering a strong finish to the year. At Tanami the site delivered a strong performance despite the impacts from the Omicron surge in the first quarter and a very competitive labor market in Australia. The site also delivered lower ore grade than the fourth quarter due to mine sequencing and unplanned maintenance at processing facilities. The team continues to progress the second expansion at Tanami, a project with potential to extend mine life beyond 2040. As you can see here in the photo, the assembly of the head frame is nearing completion, which is an important milestone as we transition from the reaming of the shaft to commencing the shaft lining activities. Nearly 85% of the project engineering and procurement has been completed. And over the coming months, the site will focus on the completion of the head frame installation and commencement of the shaft lining, bringing Tanami that much closer to delivering significant ounce, cost and efficiency improvements. And now over to North America, Peñasquito delivered another solid quarter, a strong mill performance that delivered higher co-product production from lead and zinc offset lower gold production. Stripping has continued in both Peñasquito and Chile Colorado pit with lower gold grade and higher ore coming from Chile Colorado in the first quarter. And looking ahead, due to efficient sequencing gold production from this large polymetallic mine is expected to decrease in the second quarter, but increase in the third quarter due to higher grade delivered from the Peñasquito mine. Moving to Canada, our operations in the country as a whole continued to be impacted by ongoing challenges, standing from the global pandemic and a very competitive labor market. As indicated a couple of months ago, the Omicron surge reintroduced flight capacity constraints, testing requirements, and strict close contact isolation protocols. And working closely with the First Nations, we have maintained our stringent protocols and testing regimes, even as restrictions have relaxed. Due to the remote locations, these impacts were particularly pronounced at Musselwhite and Éléonore where both sites delivered lower tonnes mined and process compared to the fourth quarter. As an example, we saw absenteeism rates as high as 15% to 20% during the peak of the Omicron surge in our Canadian operations. And at Musselwhite, we decided to place the site and care maintenance for seven days in February to reduce the spread of the virus and protect the health of our workforce and communities. At Porcupine, our ore grade was offset by lower tonnes processed as a result of COVID-related labor absenteeism and mill maintenance. In addition to challenging ground conditions and some ventilation constraints at Hoyle Pond, the site continues to progress the Pamour layback, a project that will extend mining at Porcupine through 2035. Construction for water treatment plant is well underway. The team prepares to dewater the pit in advance towards full funds approval in the second half of this year. And finally, at CC&V a mine required a mill shutdown from a conveyor fire that occurred during the first quarter. With the pending conclusion of our contract to supply concentrate from CC&V to Nevada Gold Mines, we are stepping back to assess our operating strategy at the site to determine if there is the potential for a simpler, higher value, longer life rich only operation that does not carry the complexity and cost of running a mill to process a relatively small amount of ore mine. This work is underway and we expect to have an update with our quarter two earnings in July. Coming to South America. Merian delivered a solid performance despite a very heavy rain and mill maintenance during the first quarter, as the site continues to utilize an ore binding strategy to balance steady grade and strong mill performance. In Yanacocha, record rains resulted in a federal emergency declaration of Peru impacting the site as it continues to deliver leach only production, while we’ve worked to develop the first phase of the Sulfides project, which continues to advance towards an investment decision in late 2022. Engineering is approximately 50% complete and the early earthworks and construction activities continue to progress at site. And once finished the camp will allow the construction workforce to begin ramping up in 2023. And finally, Cerro Negro delivered a strong performance in the first quarter as a result of higher grade mine from Marianas North and Marianas Central and ongoing improvements for productivity, despite disruptions from the Omicron surge. During the first quarter, the team successfully completed the tailings storage facility expansion project, and they continued to progress the first wave of expansions at Cerro Negro, including the development of the Marianas and Eastern districts to extend existing operations beyond 2030. The team is advancing the development of the San Marcos decline. And as you can see in the quarter, the construction of the roads, infrastructure platforms and portal access are all well underway in the Eastern district. And with that, I’ll turn it over to Nancy on the next slide. Nancy Buese: Thanks, Rob. Let’s start with a look at the financial highlights. In the first quarter, Newmont delivered $3 billion in revenue at a real life gold price of $1,892 per ounce, adjusted net income of $546 million or $0.69 per diluted share. Adjusted EBITDA of $1.4 billion and solid free cash flow of $252 million, which includes unfavorable working capital movements of $465 million in the first quarter, primarily driven by timing of cash collections and over $420 million of tax payments, largely attributable to 2021. Free cash flow was also impacted by higher capital spend, as Newmont enters a period of significant reinvestment and essential component in growing production, improving margins and extending mine life. First quarter GAAP net income from continuing operation was $432 million or $0.54 per share. Adjustments included $0.16 related to a non-cash loss on a pension annuitization settlement, $0.04 primarily related to a loss from the sale of La Zanja as part of the transaction to increase our ownership at Yanacocha. $0.05 related to the unrealized mark to market gains on equity investments, $0.04 related to tax adjustments and evaluation allowance, and $0.04 of other charges. Taking these adjustments into account, we reported first quarter adjusted net income of $0.69 per diluted share. In our balanced global portfolio combined with our discipline provides significant leverage to higher gold prices from the largest production base in the world. For every $100 increase in gold prices above our base assumption, Newmont delivers $400 million of incremental attributable free cash flow per year. And Newmont is the only company in the gold mining industry with the ability to generate these levels of attributable free cash flow, allowing us to confidently execute our capital allocation priorities and build from our position as the world’s leading gold company. A year and a half ago, Newmont was the first in the gold industry to announce a clear dividend framework with a decisive strategy to provide stable and predictable returns. Yesterday, we declared first quarter dividend of $0.55 per share, or $2.20 per share on an annualized basis, calibrated at an $1,800 gold price assumption and a conservative 40% distribution at incremental free cash. We continue to review our dividend each quarter with our board assessing gold price perform along with our operational and financial outlook over the long-term to determine the payout levels within our dividend framework. Since its introduction 18 months ago, Newmont has returned $2.5 billion to shareholders from dividends, demonstrating our confidence in the long-term value of our business and our ability to maintain financial flexibility, while steadily reinvesting in our future. Our capital allocation priorities remain unchanged with a clear strategy to reinvest in our business through exploration and organic growth projects, to maintain financial strength and flexibility on our balance sheets and to continue to provide industry leading returns to shareholders. In the first quarter, we delivered on each of these priorities by progressing our profitable reinvestment into the business with the advancement of our near-term projects and an ongoing commitment to our robust exploration strategies, enhancing our ownership of world class asset and improving mining jurisdictions through the acquisition of the remaining interest in Yanacocha and the Sulfides project, maintaining our industry leading dividend of $2.20 per share on an annualized basis and sustaining a strong balance sheet with $7.3 billion in liquidity and a net debt to EBITDA ratio of 0.3x, preserving Newmont’s financial flexibility across price cycles. As we look ahead, we are confident in our ability to deliver on our disciplined capital allocation priorities, creating long-term value for the business and maintaining our position as the world’s leading gold company. With that, I’ll hand it back to Tom on Slide 20. Tom Palmer: Thanks, Nancy. Newmont have a long history of leading change in our approach to ESG and these practices have been embedded in our culture and strategy and are woven into the very fabric of our company. Last week, Newmont launched its 2021 annual sustainability report. Part of the suite of reports and our company’s ESG practices in the key areas that matter most to our stakeholders, including health, safety and security, human rights, the environment, social acceptance, governance and inclusion and diversity. Some of the highlights from this year’s report include zero work-related fatalities for a third year in a row with our focus on verifying the critical controls that prevent fatalities and coaching frontline leaders to provide visible self leadership. Continuing to put the health, safety and wellbeing of our workforce and host communities at the heart of every decision we made and continue to make during this pandemic. A key part of this was adopting the requirement for all of our workforce to be fully vaccinated. With contributions to our Global Community Support Fund, we supported COVID testing facilities, vaccine awareness campaigns and vaccine rollouts in areas near our operations. We established the industry first sustainability linked bond, a bond that holds Newmont to account for meeting our 2030 initial reduction targets, and also to reach gender equality and see leadership bonds by 2030. By linking the interest rate paid to our ESG performance, this represents the next important step in aligning our financial performance with our sustainability performance. And finally, Newmont played an important role in creating economic value, contributing $10.8 billion to our workforce, host communities and jurisdictions through wages of benefits, operating costs, capital spend, royalties and taxes. Next month, we will launch our second annual climate report, which will outline Newmont’s climate related risks and opportunities, our strategic planning and the pathways we are taking to achieve our climate targets. We’ve been disclosing a non-financial performance since 2004, regularly ranking is one of the most transparent companies in the S&P 500 and positioning Newmont as the gold sectors recognized sustainability leader. We understand the strong ESG performance is an indicator of a world run organization, and we will only be successful if we forge and maintain strong partnerships with local communities and demonstrate our ability to mine and matter that protects the environment and creates opportunities for people. In order to address the critical global issues we face today, the mining industry will need leaders to scale mine life, superior cash flow generation, and an unwavering commitment for leading ESG practices. And we believe that Newmont is one of those leaders. We will continue to differentiate ourselves through our clear strategic focus and discipline our unmatched global portfolio of operations and projects and an integrated operating model with a deep edge of experienced leaders. As we continue in our next 100 years of sustainable and responsible mining. And with that, I’ll turn it over to the operator to open the line for questions. Operator: Thank you. [Operator Instructions] Our first question comes from Jackie Przybylowski with BMO Capital Markets. Jackie, your line is now open. Jackie Przybylowski: Thanks very much. I think I want to ask a question about your cash flow statement. It looks like you had a pretty high working capital spend in the quarter, and I was wondering if you could give us some color on the reasons for that and what you’re doing with working capital? Thank you. Tom Palmer: Thanks, Jackie. Good morning. Nancy, do you want to pick up this. Just passing across to Nancy to pick that question up for you, Jackie. Nancy Buese: So in working capital really, that was related – sorry, that was related to – working capital changes were related to tax payments made in Q1 that were relatively tied to the income and revenue received in Q4 of 2021. So that was the biggest. We also had some inventory that had not yet been sold as of the end of the quarter. So those were the key drivers. Jackie Przybylowski: Thanks, Nancy. And maybe just one other question. Looks like in some of your regions, your CapEx spending, I guess, specifically your development CapEx spending is a little bit below the run rate for the full year guidance. And I guess specifically that is South America and Africa, which makes sense because the major projects there haven’t been green lit yet. But can you give us some color because I’m thinking at least on Yanacocha Sulfides the full fund decision isn’t due until December and I’m thinking it’s probably the same in Africa. Can you give us some color in terms of like what the spending will look like? Do you expect to have pickup and spending before full funds decision is reached? Or should we really expect to see those sort of fourth quarter weighted in terms of the spending? Tom Palmer: Thanks, Jackie. I’ll pick up Yanacocha first. You will see spending pick up ahead of the full funds decision. So the first quarter was certainly the largest in terms of spend that builds up quite considerably. We’ll more than double that spend as we move into the remaining three quarters. So you’ll build through the second quarter the half to half waiting 42% spend in the first half versus 58% spend in the second. So we will be building that spend towards full fund approval at the end of the year for Yanacocha. And you are right, a similar story with Ahafo North. We are spending the money now on engineering and procurement and doing the important work with the regulators and the traditional leaders around getting the areas of land cleared of structures and farms and the like to be able to do the highway diversion, which has just been approved by Cabinet and for us to come in and really start to break ground, which will – which we are expecting will be moving through this quarter to get all that in place. And so as you get – as you really start to build up a workforce and get people on the ground doing the earthworks, you’ll see that spend build for Ahafo North in the second half. So I’d be seeing a similar weighting for Ahafo North in the second half. So if you’re modeling, I’d look at something more like 45%, 55% for H1 versus H2. Jackie Przybylowski: That’s perfect. That’s all my questions. Thanks very much Tom and Nancy. Tom Palmer: Okay. Thanks, Jackie. Operator: Thank you, Jackie. Our next question comes from Josh Wolfson with RBC Capital Markets. Josh, your line is now open. Josh Wolfson: Great. Thank you very much. Thank you for the additional color on the costs versus, I guess, what the guidance expectations were. I’m wondering that 3% to 5% upside that could take you towards the high end of the guidance range, what does that incorporate? Is that assuming current spot prices continue for the duration of the year or are there other sort of factors at play? Tom Palmer: Yes. Thanks Josh. I might just talk you through another level of detail in terms of what makes up our operating costs has us looking towards that top end of guidance. And if you are modeling off the back of that, if you think about our unit cost on a gold basis, it’s probably closer to 5% than the 3% as we look across our portfolio on the total metal, it’s somewhere between 3% and 5%. But if you look at the drivers of it, 50% of our spend is labor and that’s contracted labor as well as employees. So what we are seeing starting to come through with contracted services, whether it be specialized labor services or the general labor that you bring in for large maintenance shuts, if we are starting to see both shortage of supply of labor, as well as wage premiums coming into the prices that were being quoted for specialized services or shutdown. Also, for instance, Boddington did one of their major shuts through the first quarter. And we had to actually reduce scope for that shut because you simply couldn’t get the arms and legs to the mine site combination of labor availability in Western Australia and a time of the COVID being released into that community. So you are seeing, if you think about that 3% to 5%, 50% of the operating costs, a lot of it is being driven by what we are starting to see come through for some of that contracted services around our operations globally. And given that the quantity of that money then that 5% is sort of indicative of what we’re seeing flow through. But we want to watch it because it is a moving [feast] (ph). We want to really see how that plays out through the second quarter. And Josh, that will play through to exploration, and that will also flow through to some of the contracts contracted services we’ll bring in for – be bringing in for some of our capital projects. So, we’re watching that carefully. The next 30% is materials and consumables. The real driver in that space is ammonia, which we obviously use for explosives and cyanide. And to an extent, grinding media due to the rising steel prices. We’re seeing increasing pricing, probably, increases of 20% to 30% for our landed cost per cyanide. That’s flowing through to really representing a small proportion of our operating cost, probably less than 3% of our operating costs when you see that impact flow through. What we’re monitoring more carefully on the materials and consumables is what’s happening in the global supply chain. And there’s obviously a higher freight cost, but it’s also monitoring carefully to ensure that we’re getting that cyanide and explosives to our mine sites and actually have those consumables that we need to keep our operations running. So our focus is keeping a wary eye on cost, but more about actively monitoring our supply level for some of those critical materials and consumables. And then the last one, [15%] (ph) is energy and the driver of that’s diesel. We’re [assured] (ph) $6 a barrel, and we’re obviously see prices over $100 a barrel. So that’s flowing through in terms of the operating cost. But Josh, I think what’s going to drive that number will be labor, as we look at our business through the remaining part of the year. Josh Wolfson: Great. Thank you for that. Maybe, one more question on the topic. There were some disclosures there about supply chain challenges as well as, I guess, earlier comments all provided on some of the challenges in Ghana. Wondering maybe, I had some [Indiscernible] from 2008, 2009 of these years as well. But is this a jurisdiction or kind of localized item on the supply chain for specific areas? Or is it specific components? Or is it across the board? Tom Palmer: Yes, it’s more specific components, Josh. In the Africa example, it’s getting drills in, but we need both the open pit and underground to the opening up development fronts. And it’s the equipment suppliers. I guess [indiscernible]. You can get a lot of components together, but there are some components that are filled up, which means there are a delay in that equipment coming through. So the African example, it’s drills, which will be impacting the mining industry globally. It’s just particularly a beaker underground, needs drills at a critical time in opening up sublevel shrinkage. So that’s the specific type of equipment and supply chain issues. And then the boarders or the global boarder closures were specifically Western Australia and some of the key resource people that come out of Western Australia to operate some of that key equipment. And so we’ve had some challenges navigating back and forth through some of those border restrictions that are now open. And so we’ve got that flowing. So that is less of an issue, but we’re still seeing those supply chain constraints getting some critical pieces of equipment in order to do the work that we plan to do in our mining operations. Robert, do you want to build on that? Rob Atkinson: Yes. Thanks, Tom. And just to add a little bit more color. As Tom said, it was Ghana really was specifically drilled for the Ahafo North project, we’re receiving our haul trucks, our graders, our water trucks, those are coming through. But as Tom rightly says, it is specific types of gears, specific types of parts. It isn’t everything. Josh Wolfson: Great. And is there anything else that you can think of beyond on equipment that had that level of tightness? Or is that really kind of number one item that would stand out? Tom Palmer: I think the type – on the equipment side, that’s the one that’s been a particular issue for us, Josh. I think the area that’s going to be tight, but for supply and costs that we need to monitor, as I indicated earlier, is going to be labor. I think that’s going to be a key driver. And obviously, some of the consumables, just ensuring that we’re managing our – we lead into our global supply chain, those long-term relationships, and we’re monitoring that very, very, very closely. It’s also linked to decisions we’re making to derisk some of our operations. Knowing that this issue is potentially going to be weak, the world and the mining industry for some time, that decision we’re looking at around the deeper underground to drop down and open up a third level and have more headings from which to be able to take ore, is derisking that operation stepping back making investment now to the recent operation to better manage some of this volatility and disruptions coming ahead. So, we’re starting to make decisions that help us manage some of these issues going forward. Josh Wolfson: Thank you, very much. Tom Palmer: Thanks, Josh. Operator: Thank you, Josh. Our next question comes from Tanya Jakusconek with Scotiabank. Tanya, your line is now open. Tanya Jakusconek: Great. Good morning everyone and thank you for taking my questions. So many, but I’ll keep it just to three, if I could. Just wanted to just come back to the guidance that you provided and thank you for that. I just want to make sure I heard it correctly because there was a little bit of static on the phone. Tom, did you say that we’re looking at 100,000 ounces below 6.2 million for this year? Tom Palmer: Yes. Good morning, Tanya. Yes, that’s correct. And if I give you a little bit more color on that, about 70 – so it’s 100,000 ounces below the 6.2 million midpoint that we’re starting to see open up. It’s managed operations that I’m referring to that are around about 100,000 ounces. 70% of that will come from Subika Underground and the work we do to step back, drop down, open up that third level and really, I was just commenting with Josh to really derisk that operation as we move forward. I think about 20% will come from Cripple Creek and Victor. As we, again, look to move to that simpler operation, just mining and heap leach and incorporate some of the delays that we’ve seen through both the impact of the Omicron surge through the latter part of last year and the start of this year, plus the very important decision we took to go to fully vaccinated at that site. So, we’ve got some work to do now to get ahead of some of the waste more to open up the ore to get them onto heap-leach pads. And I think the move to a simpler longer life operation will contribute about 20%. And then the remaining 10%, we’ve made up across the three Canadian operations that have been pretty significantly disrupted through the first quarter. So Tanya, around about 100,000 ounces. 70% will be underground 20%, CC&V, about 10% Canadian operations. Tanya Jakusconek: Okay. And does your guidance – you mentioned the 53 second half and obviously, first half is going to be weaker. Does all of the asset breakdown that you provided in your Q4 numbers still stand? The only one I noticed that was a bit different was Peñasquito. I think guidance had been equally weighted, but I think you mentioned Q2 is going to be weaker. Just wanted to make sure I understood that correctly. Tom Palmer: That’s correct. You’ll see when you look at gold production, with where we’re mining and kind of see that, you’re going to see a bit of a seesaw through the course of the year. So you’ll see – on gold, you’ll see it dropped in the second quarter. We will then climb again in the third, and it will drop again in the fourth, but it’s about evenly weighted across the two halves with a bit of that seesaw effect. So you’re just seeing the different the different metals come through as we’re mining through the different phases of both mines tenant. Tanya Jakusconek: Okay. And just my last question on the guidance. I just wanted to see, how have your April performance been in with respect to Omicron like in these jurisdictions? Have you seen an improve in productivity and performance? Tom Palmer: Certainly coming out the other side, I might just quickly work through the four regions, Tanya. Coming out the other side, certainly in Canada, except for, I’d say, Éléonore, where we are still very strict with our protocols of testing and isolating because of our close connections with the First Nation communities around that mine. So, we have kept some pretty stringent controls in place at early on. But in general, certainly see Canada and in the U.S. Cripple Creek and Victor open up. Ghana is common as in its progressing well. Australia is where – I think Australia, in general, is a wash with the virus at the moment. So April is still being impacted through Tanami and Boddington, but starting to come out the other side of that is the you’re really getting to mill in the communities in around Australia. Peñasquito is solid and pretty solid through Merian [ph], Yanacocha and Cerro Negro in terms of being the other side of the [indiscernible]. Tanya Jakusconek: Okay. So it looks like you’re coming through it, which is good. And then I’ll leave it to one more question, just if I could. You mentioned that you’re closely monitoring labor and obviously, your consumables. Can I ask about your labor? Do you have any contracts, unit contracts or other that come up for renewal this year that could put more pressure on your costs above and beyond? Tom Palmer: We’ve got contract negotiations in process currently in Ghana. Mexico scheduled for July, Peru is in process and then Surinam, it’s been delayed, and then we’ve got a number of sites that aren’t covered by collective agreements. So they’re active, but there’s nothing that we’re seeing unusual in terms of how those negotiations are proceeding. Tanya Jakusconek: Okay. So that’s within your guidance range you’ve assumed. Whatever wage inflation is assumed in your guidance for these contracts. Tom Palmer: That’s correct, Tanya. Tanya Jakusconek: And what about your supply – your global supply chain? Do you have any renewals on cyanide and/or other that’s coming through? Rob Atkinson: No, there’s nothing coming through in the medium term on that front, Tanya. So for that one, it’s more managing the landed cost from the input cost of gas and the logistics costs of getting it to where it needs to go. Tanya Jakusconek: Okay. And nothing else within the supply chain that has to be renegotiated? Rob Atkinson: Nothing material, Tanya. Tanya Jakusconek: Okay, perfect. Thank you so much. I’ll let someone else ask. Rob Atkinson: Thanks, Tanya. Operator: Thank you, Tanya. Our next question comes from Lawson Winder with Bank of America. Lawson your line is now open. Lawson Winder: Thank you, operator. Good morning, Tom, Nancy and Rob as well. Thanks for the update today. If I could maybe just go back to the cost guidance, just one more time and sort of get some very specific clarity on the exposure to fuel. And just to verify that if we were to mark-to-market WTI at $100 per barrel versus your $60 per barrel, and all else sort of stayed within the assumption ranges that you still believe you’d be able to stay within your guidance. Is that correct? Rob Atkinson: Good morning. Good morning, Lawson, and congratulations on your new role. Yes, when we’re talking about that guidance range, staying within our guidance range but certainly seeing us push towards the top 5%. That is making assumptions around current fuel levels and incorporating that in our costs. And probably, the other piece of information to have at hand, but looking at the Newmont portfolio due to that every $10 per barrel change in oil price, our free cash flow is impacted by $15 million per year. But for every $100 increase in gold price, we generate an additional $400 million of free cash flow. So the revenue side is certainly compensating for the additional cost of diesel or oil. But the assumptions we’re making around current oil prices and as we’re thinking about what oil’s going to do going forward this year, that is being incorporated into that indication we’re giving around the move to the top end of our guidance. But obviously, we want to understand that this world a bit more through this quarter. And as I indicated in our remarks, but we’ll provide a further update with the Q2 earnings. Lawson Winder: Okay. That’s excellent color. And then on the cyanide costs, typically, cyanide pricing is very regional. So, I’d be curious to know if you’re seeing inflation across all regions? Or are there particular regions where you’re seeing that inflation more than others? And particularly, in reference to the 20% to 30% increases in those prices that you’re seeing? Tom Palmer: We’re pretty much seeing that across the board, and it’s been driven by what’s happening with the price of natural gas across the board. So it’s a little bit different driver than, I guess, normal because of the circumstances. Lawson Winder: Okay. That’s great. And then also, if I could follow up on the working capital build. Nancy, you mentioned that the – part of that is inventory build. I’d be curious to what extent might that inventory build be sort of structural or supply chain related? And in that same vein, to what extent might that build unwind through the rest of the year? Nancy Buese: Yes. That was truly just a quarter-end convention that happens from time to time. So that will release all of those sales that have already taken place into April. And then sometimes, we have a little bit of a buildup at the end of the quarter and sometimes, we don’t. But yes, I wouldn’t think of that as a consistent variable for modeling throughout the year. Lawson Winder: And so you would expect a typical unwinding? Nancy Buese: Yes, absolutely. Lawson Winder: Great. Okay. And then just one final question then. Maybe, just to get your latest thoughts on the buyback. Obviously, I understand you intend to be opportunistic with that. What are the indicators that tell you that it’s a good time to repurchase your shares? Nancy Buese: Yes. We always look at a myriad of factors, including current valuation, our own forecast, trading amongst our peers and some of those kinds of things. So, we’ll always think about what’s proper value and when is a good time to get out and buy shares. So in the volatility we’re seeing today, we’re certainly just evaluating as we always do. We do continue to use that as a tool at opportunistic times and appreciate that we still have some runway left on that current program. Lawson Winder: Okay. Excellent. Thank you all very much. Tom Palmer: Thanks, Lawson. Operator: Thank you, Lawson. Our next question comes from Greg Barnes with TD Securities. Greg, your line is now open. Greg Barnes: Thank you. Tom and Rob, I want to talk about supply chain issues and cost pressures across the board. Are you seeing impacts on your capital projects timing and CapEx-wise? Tom Palmer: Good morning, Greg, I’ll pick that up and maybe, Rob, I’ll throw to you for a little bit more color. So the key capital projects – so maybe, just talk through the three of them, Greg, the three key ones that really drive that development capital spend. Tanami 2, we are certainly seeing impacts on that specialized labor that we will need to line that shaft. And we are now in a matter of a month or two away from having completed the reading of the 1.5 kilometers, the air frame is nearing completion as well. And we set up then for the next couple of years to line that shaft in order to complete it. So getting that specialized labor to site set, ready to go for what is a very specialized job in line in that shaft is key. We have an important milestone as we finish the reaming and that shaft to the pause and understand that program of work, both schedule and cost to fit that out. So I would say in the third quarter in a good position to say, this is what the run to home looks like. There will be some impacts but we’ll have a pretty good view of that within a matter of a couple of months. But it’s more going to be on the specialized labor that we need to get there. That’s going to drive Tanami 2. Greg, I’ll pause on each one. Rob, did you want to build any color on Tanami 2? Rob Atkinson: I think the only other color Greg is that, we have done 85% in engineering and the procurement, so that just highlights the good planning work and the good supply work that we’ve done. But as Tom said, it really is around that labor availability in particular in Australia. We’re pleased that the borders are open that helps that these are very specialist skills and the rates that we are seeing being creeping up a third of that. Tom Palmer: And then Ahafo North engineering is 90% complete and procurement 60% [ph] completeness as Rob indicated earlier answer to a question. We’ve got a lot of the key heavy mobile equipment landed in Ghana now. So we are really getting into that, getting the land access. We’re getting into the serious business of breaking ground and starting to do the civil works. And then start to build them, open up the mind build a processing facility. So again for that one getting that clear date where we have unfettered access to that land, which will happen through the second quarter, that’s the important milestone for us to then step back and understand what that schedule looks like to have that equipment that’s there. The engineering gives us more definitive pricing to then have a clear view of that project by schedule and cost. So probably similar timing to Tanami 2 during the third quarter, I think we’ll be in a good position to give an update based upon those two key milestones. Rob, getting there anything you add on Ahafo. Rob Atkinson: I think the only other one, Greg, that is just a significant milestone that mentioned in my preamble about the road that’s a road that goes through the lease. We’ve got full cabinet approval to move that. So again, in terms of schedule that was a very positive step. Tom Palmer: And then the third one is Yanacocha Sulfides, I think given what we’re seeing in the world fortuitously the decisions we made that were driven by the pandemic to pause the or to delay the full funds approval, but to continue with committing to – we committed to move forward with 23 major equipment packages and we’ve locked in factory slots and a lot of instances pricing for key pieces of equipment, oxygen plants, mills, electric motors, the autoclave, the core part of the pressure oxidation circuit. The autoclave vessel will actually be on the ground Yanacocha by the end of this year. So we’ve been able to derisk a number of elements of that project by making the decision to commit to some of those packages of work. Engineering is around 50% complete. We’ve got camp construction well advanced. So there’s a bunch of stuff we’re doing to de-risk that project whilst we move towards full funds. And we are working very closely with Bechtel to understand the inflationary pressures around the other things that come with that project as we gear up with both a labor, a construction workforce, and then all of the other pieces that you need to build that facility as we take that engineering, that detailed engineering and work out detailed costs. So that’s important input to the full front decision later this year. Rob, anything add for that? Rob Atkinson: You covered the majority of it. Well, Tom, I think the only other thing, Greg, this is where you update the construction of the camp continues to go along really well. And obviously that’s key to allow the workforce to come in and start the major construction of the autoclave and the rest of the process plant facilities but that is proceeding very well. Tom Palmer: Greg, does that give you the sort of color you’re looking for? Greg Barnes: Yes, that’s exactly it. And so on Yanacocha Sulfides, do you think we’re going to get a Q3 update on what that project looks like as well? Or will that be a more in Q4 early 2023 event? Tom Palmer: More Q4, Greg, we’ll flick as the engineer say, we’ll flick the line on the engineering in the next month or so drop out, drop out all those detailed schedules. And then you've got quite an extensive piece of work to do basically cost and schedule estimate to build towards the full funds decision. So that’ll consume the third quarter, so it’ll be end of the fourth quarter before you have all of that come together, but certainly the other two projects in the third quarter. Greg Barnes: Okay. And just to finish off others, the appears talked about CapEx inflation in range of 15% to 20%, is that what you’re seeing or do you think you’ve avoided the worst of that at least on Tanami and Ahafo North? Tom Palmer: There's certainly elements that the mining industry are talking about in terms of that cost escalation we've been able to avoid because of the procurement we’ve got underway and the engineering that we’ve done and the like. However, so the issue for us is more that the pandemic has impacted the pace at which you can do the work. And so for us, it’s going to be as we actually, as we pause at those milestones and understand the work going forward you – and you look at what the schedule is against what we assumed it to be. For us it’s probably going to be more an issue of the indirect costs that you carry for potentially a longer period of time than you’d assume. So that’s going to be a factor for us and we’ll see elements, I think we’ll see elements for aligning of a shaft and that specialized labor that we’ll have some cost escalation. So sort of jumping around it a bit, Greg, I think there’ll be an element of it. And there’s an element that’s pandemic related, given we were into those projects. I don’t know if Rob, whether you wanted to. Rob Atkinson: I would just reinforce Greg that the biggest issue, obviously, the cost of labor goes into capital is where all that’s the biggest risk that we’ve got is, I think we’ve been very good with our pre-planning and the decision making around the long lead time items and the advancement of the engineering. But it’s the cost of labor, which is going to provide that risk to the upside. And we’re – as Tom mentioned before, we’re seeing it in particular in Australia, and there’s no doubt that’s something that we’re managing closely and going to have to keep an eye on. Greg Barnes: I don’t want to believe this, but in terms of the specialized labor costs, can you give an idea of how much it’s going up percentage wise? This is what perhaps you expected, or is it too early to say it? Tom Palmer: You – Greg, I think given the capital projects we hit those milestones and have those definitive schedules and then costs I think probably better to wait and give you the definitive numbers as they apply to those two projects rather than sort of just throw out a number that’s a bit more generic. Greg Barnes: Okay. Fair enough. Thanks Tom. Tom Palmer: Thanks, Greg. Operator: Thank you, Greg. Our next question comes from – go ahead. Tom Palmer: Just before you move on, we’ll stay on the line until we’re exhausted until everyone’s question, so more than welcome to stay on. But we’ll stay here until everyone’s asked their question. Sorry operator. Operator: Understood. Thank you. Our next question comes from Fahad Tariq of Credit Suisse. Fahad, your line is now open. Fahad Tariq: Hi. Thanks. My questions have been answered. Thank you. Tom Palmer: Thanks, Fahad. Operator: Our next question comes from Anita Soni with CIBC World Markets. Anita, your line is now open. Anita Soni: Hi, good morning, Tom, Nancy and Rob. So, I just wanted to follow up on Greg’s question, related to CapEx. So like I was looking back through the transcript and previously you guys had said in Q4 that it would be a 55:45 split on capital this year. So what I’m sort of understanding, and what I assumed was that if the spending’s not happening, you only came in at 18%. It’s kind of – it’s moved into the second half of the year now, because that’s the rate of spend. And is it safe to assume that, next because of the rate of spend, because you can’t get the labor or whatever delays that you have that next year and perhaps a year after you might see the budgets go up a little, but because the work has been moved out and as we think about Yanacocha Sulfides, like reasonably, if you’re saying that the timelines might be impacted by this, should we be thinking about perhaps a delay in the startup of Yanacocha Sulfides? Tom Palmer: Good morning, Anita. Yes, I think, you’re – in terms of that spend profile, I think you’re describing it. Well, I think you’re still going to see that similar weighting first or second half, the nature of these projects that spend will just flow into the following year and the following year, we’ll flow forward into the year after that. So I think it’ll be an element of maybe a bit more spend next year. But I think you’ll also see that it’ll move into 2024 as well. So it’s just that felt like moving forward. Still progressing towards the end of the year, full funds decision for sulfides. And once that full funds decision is taken, camp will be complete. So it’ll have beds for 4,000 people, Bechtel are gearing up. And we basically Bechtel higher the workforce directly for a lot of that work. And so with the assumption we get a full funds decision at the end of the year, we will gear up and start to ramp up into 2023. So I wouldn’t see a delay in us starting to break ground seriously on sulfides [ph]. Anita Soni: Okay. And then the second question is a bit big pictures. I look through all of the assets and operations. For the most part, the grades, like I would’ve thought it was more of an impact on tonnage with Omicron, but there are some assets where grades came in substantially below. And I was just wondering if that, do you expect that to rebound closer to reserve grade, most of the operations, like I name Eleonore as one of them, definitely a team in Ahafo, kind of the recovery rates were actually quite low versus the prior quarter, but that may be a grade weighted decision. And then the last one CC&V that heat bleach, that grade is really low compared to what you had in the prior quarter. So if you could give a little bit of color about grades at some of these operations, that’d be great? Tom Palmer: Thanks Anita. What I might do is give you a bit of a general overview on that note to get Rob, just to give a bit of a color on some of those operations. But I think it’s we talk about the direct impacts from the pandemic, the Omicron surge in terms of labor availability in a particular quarter and costs and the like. But you’re also seeing what I’d call the indirect impacts where this pandemic has been chronic. And so your mine sequences are different from what they would’ve otherwise been if you were just have unfettered access to run your business as normal. So some of that grade discrepancies is the mine sequence and where you are in a particular month or quarter compared to where you assumed you would be, where certainly as we get the stronger second half of this year, part of that is linked to moving into higher grades. And Rob I don’t know if you wanted to pick up Peñasquito, Cripple Creek & Victor and or indeed more than happy to go offline with you and stick through some of that detail for you as well. Rob Atkinson: Yes. I think, Tom, you covered the key things I need to just to reinforce what Tom said. We’re not seeing any major great challenges. It truly is the timing that with the challenges through COVID some of our developments go behind. We haven’t had the availability and the stops. And as Tom right said, we’re able to sequence, in particular, those underground mines in Canada that you mentioned. If Peñasquito, there’s nothing major or nothing different that’s happened there. And you’ll certainly see that rebound quite quickly in the coming months. And in CC&V in terms of the heat bleach – the heat bleaches is lower at the moment, but again, as we uncover the fresh or we’ll see that people, each grade raise. So it is around the timing. It is around the sequence. And we can underplay, especially in those underground mining sites that were affected by the Omicron, just the lack of development has impacted, getting to some of the stops at the time we expected, but no major issues. The grade is certainly still in the ground and you’ll see that rebound later in the year. Anita Soni: Okay. And so, as we look at these assets, if we were trying to compare where you would be, it’s basically the two years culmination of, slightly getting behind on development work on some of these things, so, right. Tom Palmer: Yes. Up to two years, there’s other operations which have been relatively unaffected, but the worst is up to two years. There’s so much may only be six months. Anita Soni: All right. Thank you very much. Tom Palmer: Thanks, Anita. Operator: Thank you, Anita. Our next question comes from Adam Josephson with KeyBanc. Adam, your line is now open. Adam Josephson: Good morning, everyone. Thanks for taking my questions. Tom, couple of questions for you on cost, if you don’t mind. So if your gold has ends up being call it 850, 860 this year. Just given the general stickiness of inflation that you and many others are experiencing, how if at all, does that affect your thinking about your gold guidance for next year, which would imply quite a healthy decline and cost per ounce, just amid this highly inflationary environment. Tom Palmer: Yes. Good morning, Adam. When you look at our yearly cost guidance, we don’t assume any inflation in those numbers. They’re unescalated. So if it was a standard year that we were seeing before this pandemic, we would typically have 2% to 3% escalation with them to get built into that number as we built towards guiding for next year. What we are seeing is unprecedented in terms of what’s playing out in the world with the combination of the pandemic and the war in Ukraine. So in terms of what look like next year, I think we’ve got to see more of how a few key events play out this year. What’s going to happen with the pandemic, other supply chains going to settle down is what’s going to play out in Ukraine? And as we start our work actually next week with our key leaders around the business starting to map out our business plan and we build towards in October Board Meeting to approve the plan and then regarding in December. So the coming months are ones in which we will step back, look at what’s happening on a macroeconomic sense. What’s structural, what’s cyclical, what is 2023 looking like? And therefore what are our unit costs going to look like next year? So that’s how and we look at… Adam Josephson: I appreciate that. Yes. And just relatedly, then you said, you – as you said, this is unprecedented. No one, none of us have seen inflation like this, just drawing on past cycles that you’ve been through. How long would you expect this inflationary cycle to last for, or just, or is there no way to answer that question? Because we’re seeing things that we’ve never seen and consequently drawing on past cycles is almost meaningless in this environment? Tom Palmer: I think we are in unchartered territories, Adam, and it's – I think you've seen throughout the – in terms of what I'm observing in the mining industry as folks are out reporting a very, very similar commentary, so an unchartered territory. I still, as we look at macroeconomics and after the debate, still see it as more cyclical and a long cycle than structural. But we are in unchartered territories, so I would say that there's some caution. Adam Josephson: And what have, how long – what has the duration been of those previous inflationary cycles just for you, just roughly speaking? Tom Palmer: Roughly speaking, a couple of years inflationary cycles, but I'm really drawing on straw here. Adam Josephson: Yes. No... Tom Palmer: It's just a circumstance that is unprecedented in modern history. Adam Josephson: Yes. No, understood. Thank you very much, Tom. Tom Palmer: Sorry, can’t help you, Adam. Adam Josephson: No, thank you. Operator: Thank you, Adam. Our next question comes from Mike Parkin with National Bank. Mike, your line is now open. Mike Parkin: Thanks guys for taking my question. Most have been asked. Just one, on the follow-up in terms of delays and challenges with sourcing equipment. Can you just speak to; is it a function of delays in manufacturing the equipment? Or is it more of a function of securing containers and getting it shipped to site? Can you just get a bit more color in terms of where the underlying delay is situated? Tom Palmer: Yes. Good morning Mike, the delay for some of that key equipment that drills that have been particularly problematic for us is that is manufacturing. So it's actually getting the drill in the queue and manufacture. So it's the labor availability within those shops, and then having the materials you need to – aggregate those drills and then have them come out the door. So what has Rob is indicating, we've got all of the heavy mobile equipment for a Ahafo North on the ground in Ghana. So although there are challenges with logistics and freight, we can get, from a manufacturer's warehouse to our facilities, albeit with some delays. But the key issue is within the manufacturing shop. Robert, do you want to build on that? Rob Atkinson: I'd just add a couple of points there, Mike. And I think it's very similar to what you hear in the automobile industry that – we know that the significant delays for new cars, whether the microchips, whether it's capacitors, et cetera. And each one of the equipment manufacturers, they can get some things, but not all things. And they're managing their supply chains very, very carefully. So it's nothing different to what the car manufacturers are seeing. And again, one of the advantages in Newmont is that we are – we have got a global supply chain. We've got excellent relationships with our equipment manufacturers, but it's just staying abreast of their challenges, whether they're from – in China, whether it's from India, et cetera, and those key electrical components, as well as those ones which are manufactured elsewhere. Mike Parkin: Great. Thanks guys. Really appreciate the color. Tom Palmer: Thanks Mike. Operator: Thank you, Mike. Our next question comes from Cleve Rueckert with UBS. Cleve, your line is now open. Cleve Rueckert: Great. Thanks, and thanks everybody for staying on the line. We appreciate your generosity with the time. I have a couple of questions, and hopefully we can work through pretty quickly. I want to just first ask the inflation question a little bit differently. At what point would you reevaluate the gold price assumed for budgeting? When could you possibly move from $1,200 an ounce? Tom Palmer: Good morning, Cleve and a very good question. We are actively debating that now. I think it is – we are now seeing, I think, in the same way that we're working our way through the inflation piece as you indicated and as Adam was trying to explore and understand, that inflationary piece is driving gold price. We're now seeing gold price at current levels and as we start to get in amongst our macroeconomics and start to have our internal debate starts to do our business planning work. Where is gold price heading and what does the flow look like for gold price is the debate that is active with us now, and we'll be having that debate over the coming months as we think about whether we're getting into the zone, where it's time to look at resetting the floor for gold price. Cleve Rueckert: So I guess, just in terms of timing, that sort of – it sounds like it would be a year-end budgeting decision? Tom Palmer: It's certainly something we are actively debating around, whether it's something we incorporate into our planning processes this year. As you unpack the macroeconomics around gold, you are seeing some fundamental shifts. Cleve Rueckert: Right. Okay. And then, just following up on the CapEx. Tom, I think you said that Bechtel is doing the Yanacocha work for you. I don't know if you can give us any color. Are those engineering and construction projects being done on a fixed price basis at all? Or is it cost plus? I mean, is there any shared risk on the cost side with your subcontractors? Tom Palmer: Yes. It's a bit – I might just pass across to Rob who manages the very close relationships with those key EPCM contractors, but – It's a bit variable across the projects, so to speak. It is clear, depending on what we're doing, there's some things that you lock in without a doubt. And we much prefer making sure that we've got things – we've got that confidence in clarity. But we've got other areas such as we've explained before, where the labor costs have gone up, the materials are capped, the manufacturing is capped, but it's the labor costs, which are flexible. So we typically like to have full confidence and full knowledge of what we're planning, but it's a little bit bearable, and depending on the work that we're doing. Rob Atkinson: The big project, Cleve Yanacocha – our supply chain team and the Bechtel supply chain team are working hand in glove as we understand, obviously, those 2023 key work packages that are out there now. But as we look at all the steel or the application of that steel and the other things to assemble a processing plan working hand in glove in terms of understanding that all those elements, what around the world, what's the status of those workshops and their capacity to take work packages. So there are elements of, as promises variable, but their elements where you actually want to be working hand in glove with that contractor to get the best outcome to deliver the project on time and on budget and deliver the value that you're expecting from it, so – for causes. Cleve Rueckert: Got it. That's pretty clear. And then just finally, again a little bit unrelated, but I'm just wondering if you're able to kind of adapt your COVID protocols to, I guess, the changing circumstances of the virus. I mean, Tommy, I think you said at the very beginning of the call that the severity of Omicron that you saw in your sites was much lower than the previous variants. I'm just wondering if you're able to adapt the protocols that you use, the protocols that you have in place to varying severity. Tom Palmer: Thanks. Clearly, a very important decision we took and I think very few other companies have taken, but I'm so glad we took the decision, is to require every person who works at Newmont to be fully vaccinated. We lost 25 colleagues to this virus over the last two and half years. And through the Omicron surge, we had one person hospitalized with an underlying health condition. And you saw the spike in those positive cases and us having made that decision has saved lives. And that is going to put us in good stead going forward for future waves, because we have a workforce that is now highly resilient. So that is going to put us in a good position. Rob, did you want to maybe talk about how we think about managing the ability to open up or tighten up our protocols. And obviously, underlying workforce as fully vaccinated gives us a lot of confidence in decisions we made? Rob Atkinson: Certainly, Cleve. And it's a great question. We have a COVID committee, which we meet on a regular basis for exactly that. And it's to respond to make sure that as things open up, that we open up the measures that we have. And just as an example, when I was in Ghana a couple of weeks ago. For the last two years, everybody has been wearing masks. Everybody has been sitting separately at lunch. There's no longer the need for masks, there's no longer the need for people to sit separately at dinner and launch, et cetera. And the same is at CC&V. And at Peñasquito, we've got a clear plan in terms of how do we start relaxing those metrics. In Canada as well. We've relaxed at Porcupine. But then, similarly, at the likes of Éléonore because of the First Nation that Tom spoke about, we are making sure that additional precautions are taken to protect those first nations. But similarly, we are constantly monitoring through our health partners, the different variants which are coming up. So we are very able to quickly ramp up those protocols as and when needed. But as – because of the vaccination, it has allowed us to utilize less vehicles because get more people in the vehicles. We can get back to more people in planes. We can get people back on to the buses, et cetera. So we're really responding to where the virus is at. But at all times, we can quickly go back if need be, and it's something that we assess on a very regular basis. Cleve Rueckert: Very clear. Thanks again for taking the questions. Really appreciated. Tom Palmer: Thanks, Cleve. Operator: Thank you, Cleve. Our next question comes from Michael Dudas with Vertical Research. Michael, your line is now open. Michael Dudas: Hi, good morning gentlemen and Nancy and you guys have done a perfect job this morning of sharing your thoughts and being very frankly on what's going on in the industry. So my questions are all done and best of luck and we'll talk to you next quarter. Tom Palmer: Thanks, Michael. Operator: Thank you, Michael. Our next question comes from Brian MacArthur with Raymond James. Brian, your line is now open. Brian MacArthur: Good morning and again thank you for taking all the time today. Most of my questions have been answered on this cost thing, and I think we've been sort off a lot, but can I just be check one thing. We're talking – when you're saying 3% to 5%, if I put it this way, is gross dollars up on the cost base. And where I'm going with this, maybe I guess it's the only silver lining in any of this, when you did your guidance, I mean you used $1.15 for zinc and $3.25 for copper. So we're talking – we're not talking on a per GEO basis or anything here, because you should get a pretty big credit if zinc prices stay where we are and copper prices stay where we are. I mean, is there not a – I mean on a margin basis, at least the $200 million plus offset all of this, still? You're not factoring that in your guidance when you talk 3% to 5% up? Tom Palmer: Yes. Thanks Brian. You are honing in quite nicely. It is predominantly cost-driven. And if you were to model on all-in sustaining cost per gold ounce, I'd probably use 5%. And I think we will get some benefit as we then come back to our total metal profile with a good another 1.5 million ounces of gold equivalent ounces of how those metal prices play out in terms of how you calculate a GEO that will give you some benefit in the unit costs. And maybe a bit lighter than the 5% as you are quite rightly pointing out. Brian MacArthur: Great. Thanks very much. Tom Palmer: Thanks, Brian. Operator: Thank you, Brian. Our next question comes from Tanya Jakusconek with Scotiabank. Tanya, your line is now open. Tanya Jakusconek: Thank you so much for taking my – another question from me. I'm just thinking, as I listen to all of this on costs and – I know at the beginning of the year, when you gave guidance, Tom, in December, you were thinking an embedded 5% within the cost structure. Now, we're looking more at 8% to 10% in the structure. And I'm just kind of thinking, a lot of that what we saw in Q1, we didn't really see the full impacts of the oil price come through the cost structure, I think for most of the companies. And I know that ours is quite low. You've given guidance on $60 a barrel, and it's only a $2 per ounce move or a $10 per barrel move. I'm kind of just wondering, at what point do we get through that $2, like, when are we going to get to actual spot pricing? And when we do, am I looking more at a sensitivity of $6 per ounce or a $10 barrel move? I'm just trying to see, as we work through the hedges and get to full exposure, so I can kind of look into my 2023 numbers. Thank you. Tom Palmer: Thanks, Tanya. You're certainly seeing – what we saw play out in the first quarter was escalation or inflation at the levels that we'd assumed. So it's really, as we sell more of a production story related to the Omicron surge that is around Q1. And we now pivot into more of a cost story and additional inflation as we move into the remaining three quarters of the year. So you're starting to see in this quarter, those higher diesel prices flow through. And just to clarify, we don't hedge any of our oil. So it's spot price that you’ll see flow through in our cost base. So you're certainly seeing that oil price in our costs as we're into the second quarter moving forward. Tanya Jakusconek: Okay. So that $2 per ounce is a good number to use going forward? Tom Palmer: Yes. That sounds great. Tanya Jakusconek: Okay, great. Thank you so much. Tom Palmer: Thanks, Tanya. Operator: Thank you, Tanya. There are currently no further questions in queue. [Operator Instructions] Tom Palmer: I think we might be good to finish up, operator by the looks of it. Operator: Let's see. Okay. If you would like to close out the Q&A session, we can do that, one moment. This concludes the Q&A answer session. I would now like to turn the conference back over to Tom Palmer for closing remarks. Tom Palmer: Thank you, operator and thank you everyone for taking the extra time to work through our call with us today, and please have a lovely weekend. And I look forward to catching up with you on our analyst roundtable in a couple of week’s time. Thanks, everyone. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont's Full Year and Fourth Quarter 2021 Earnings Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Good morning, and thank you for joining Newmont's Full Year and Fourth Quarter 2021 Earnings Call. Today, I'm joined by Rob Atkinson and Nancy Buese, along with other members of our executive team. And we will be available to answer questions at the end of the call. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. Newmont delivered a strong finish to the year and has maintained its position as the world's leading gold company with our unmatched portfolio of operations and projects in the most favorable mining jurisdictions. As we move into our next 100 years of sustainable and responsible mining, Newmont will continue to create long-term value for all of our stakeholders, and differentiate ourselves through our clear strategic focus, superior operational performance and an unwavering commitment to leading ESG practices. Turning to our highlights for 2021. Newmont continued to operate from a position of strength in 2021, leveraging our scale and mine life to deliver strong ESG operational and financial performance. First and foremost, our focus has remained on protecting the health and well-being of our workforce and local communities as the world continues to grapple with the pandemic. We continue to be recognized for our leading ESG performance, building new pathways to decarbonization and publishing our first climate strategy report. And during the fourth quarter, we safely commissioned the gold industry's first autonomous haulage fleet at Boddington and formed an industry-leading strategic alliance with Caterpillar to achieve zero emissions mining and support Newmont's climate initiatives. We finished the year strongly, meeting our updated full year guidance and producing 6 million ounces of gold at all-in sustaining costs of $1,062 per ounce. And in addition, produced 1.3 million gold equivalent ounces from copper, silver, lead and zinc. These results generated $4.3 billion in cash from continuing operations and $2.6 billion in free cash flow. More than 99% of which is attributable to Newmont and available to execute on our balanced and disciplined capital allocation priorities. We refinanced near-term debt with the mining industry's first sustainability-linked bond, preserving Newmont's financial strength and flexibility as we further align our financing strategy with our ESG commitments. In 2021, we returned $1.8 billion through our clear dividend framework and completed $525 million of share repurchases, leading the gold sector in shareholder returns. We also completed the acquisition of GT Gold, continue to advance our most profitable near-term projects. And 2 weeks ago, we announced the acquisition of Buenaventura's interest in Yanacocha, increasing Newmont's ownership in one of the largest and most productive gold mines in South America. We have successfully operated in Peru for more than 30 years, and we have a deep knowledge of Yanacocha and the value that it brings to Newmont's stakeholders. Since 1993, Yanacocha has produced nearly 40 million ounces of gold. And similar to our acquisition of GT Gold in British Columbia's Golden Triangle, this transaction is in line with Newmont's strategy of district consolidation, enhancing our ownership of world-class assets in proven mining jurisdictions. Increasing our ownership in Yanacocha also means that Newmont is increasing our stake in the sulfides project, which is the next exciting chapter in Yanacocha's long and profitable history. With a multi-decade mine life from just the first phase, this project will generate profitable production of more than 500,000 gold equivalent ounces per year at attractive all-in sustaining costs. Importantly, the metal producing sulfides be approximately 45% gold, 45% copper and 10% silver, substantially increasing Newmont's copper position as the world transitions to a green economy. And looking ahead, we are already evaluating the second and third phases of the sulfides project, which has the potential to both increase production and extend mine life well beyond 2040. We are very fortunate to have had a strong partnership with Buenaventura over several decades and look forward to continuing to work with the people of the Cajamarca region and local agencies to sustainably and responsibly develop the next phases of Yanacocha's long life. Turning now to the strategic value that differentiates our portfolio. Each year, Newmont's portfolio of operations will produce more than 60 ounces of gold, along with nearly 2 million gold equivalent ounces from copper, silver, lead and zinc. Combined, that is nearly 8 million gold equivalent ounces per year for at least the next decade, the most of any company in our industry. At Newmont, we have created a robust and diverse portfolio of operations and projects around the globe with the scale and mine life to deliver strong long-term results. Among our 12 operating mines and 2 joint ventures, over 90% of our attributable gold production comes from top-tier jurisdictions. And with the opportunity to acquire the outstanding 5% ownership in Yanacocha, 11 of our 12 managed operations will be 100% owned, ensuring that our stakeholders receive the full benefit from Newmont's clear strategic focus and superior execution. Underpinning our portfolio is a robust foundation of reserves and resources. Including our recent acquisition of an increased interest in Yanacocha, Newmont's reserve base now sits at 96 million ounces of gold and 68 million gold equivalent ounces from other metals, predominantly copper. We also offer substantial upside through a resource base of over 112 million ounces of gold, and a further 112 million gold equivalent ounces from other metals, which includes almost 30 billion pounds of copper. Through our industry-leading organic project pipeline, we have multiple opportunities to increase copper production through the development of Yanacocha Sulfides, Saddle North, Norte Abierto, Nueva Union and Galore Creek, providing natural exposure to a metal of growing importance for reducing carbon emissions and facilitating ongoing transition to a new energy economy. Reserve replacement is a long-term process. And as Newmont has done for many years, we develop and implement plans that target replacing our annual depletion on average over time. In 2021, we replaced more than 80% of reserve depletion despite the challenges created by the pandemic. And it is important to note that this does not include the 3 million ounces of gold reserves we just acquired through our purchase of Buenaventura interest in Yanacocha. At Newmont, we firmly believe that the COVID-19 vaccine is critical in combating the spread of the virus and preventing severe illness and death. As you can see in this slide, the vaccination rates at our managed operations exceed national rates in all of the jurisdictions in which we operate. Last September, we took the important step of deliberately moving towards a position where all of our global workforce will be required to be vaccinated. To support this, Newmont continues to deliver vaccination awareness programs, while also working with local communities and governments to both provide and improve access to the vaccines. And one of the most meaningful contributions that our leaders have made in the fight against COVID-19 is the time that they have spent with their teams, holding individual meetings, answering difficult questions, coordinating facilitated sessions with health professionals and guiding our workforce as they make the important decision to protect themselves and their loved ones. We are very proud of the work we have done and we will continue to be a values-driven organization that makes decisions that prioritize the health and safety of our workforce and local communities above all else. Over the first 2 months of this year, the Omicron surge has impacted our operations and the mining industry as a whole. Fortunately, due to our high vaccination status, the severity of any positive cases has been low. Our workforce remains healthy, and we are well positioned as we emerge on the other side of this current search. However, as a consequence of safely managing through this surge, we expect that our production results in the first quarter of 2022 could be impacted by as much as 150,000 ounces. Around 1/3 of that impact is coming from our Canadian operations and Cripple Creek & Victor. It's flight capacity constraints at our fly in, fly out operations and close contact isolation protocols have impacted productivity. Another 1/3 comes from Africa, where we are experiencing COVID-related supply chain disruptions and global border closures, which are impacting the availability of skilled workers from Australia, and the delivery of critical spares and equipment. And the final third comes from our operations in Australia, but we are seeing the impacts of productivity and labor availability as we adhere to interstate border closures and close contact isolation protocols. We are closely monitoring the reopening of the Western Australian border, which is currently planned for March 5. And this may lead to a surge of cases impacting the mining industry in that state. However, the reopening of this border will also allow 1/3 of our team at Tanami who live in Western Australia, to now move freely between work and home for the first time in months. As we near the end of February, we are encouraged to see declining case counts and have reported only 1 hospitalization associated with the Omicron surge. Despite the challenges presented by managing the Omicron surge, we remain on track to end the year within our guidance ranges. We expect the production and unit costs will substantially improve each quarter with approximately 53% of our production weighted to the back half of this year, driven by Boddington, Ahafo, Cerro Negro and our Canadian operations. And with that, I'll turn it over to Rob and then Nancy for a more detailed look at our fourth quarter performance. Over to you, Rob. Rob Atkinson : Thank you, Tom, and good morning, everyone. To echo what Tom said, the pandemic continues to present challenges across our operations and the mining industry as a whole. I'm very proud of the resilience of our people and our systems and I'd like to recognize the very significant efforts that continue to be applied at all of our operations in order to keep our teams safe and healthy. Turning to the next slide. Let's take a deeper look, starting with Australia. Tanami delivered another strong performance in the fourth quarter as higher rates and strong mill performance more than offset impacts to productivity from COVID. And despite a tightening labor market and heightened protocols, the team that added more than 800,000 ounces in reserve additions through drilling. We expect Tanami to remain a solid contributor throughout the year due to steady production and higher grade as we progress our investment in the second expansion at Tanami, a project with the potential to extend mine life beyond 2040. The team continues to advance the construction of the headframe. 80% of the nearly 1 mile deep shaft has now been reamed and more than 80% of the project engineering procurement has been completed, an important step in locking in long lead time materials and limiting exposure to rising costs. At Boddington, we delivered the site's best quarterly performance of 2021. Overcoming challenges encountered during the third quarter and reporting improved production and lower costs as the team reached higher gold and copper grades in the South pit. We expect tonnes mined and grade to further improve starting in the second quarter with 52% of production expected in the second half of the year. And I'm very pleased to announce that the gold industry's first autonomous haulage fleet at Boddington has reached full productivity, increasing ore tonnes mined in the fourth quarter and positioning Boddington to deliver a strong performance this year. Early in 2020, our Newmont team came together with our partners at Caterpillar to plan, construct, test and deploy the gold sector's first fully autonomous haul truck fleet. And despite facing some challenges while fine-tuning this new technology to operate in a deep open pit mine for the first time, the Boddington AHS project was completed on budget and in record time, a major accomplishment for Newmont and the industry as a whole. Today, our autonomous trucks are operating at parity with a conventional haul truck. And we have a deep pipeline of optimization projects aimed at improving consistency, efficiency and productivity throughout the year. The introduction of this technology allowed the site to replace 41 conventional trucks with 36 autonomous vehicles, resulting in important safety improvements and substantial cost savings over the long term. Already, our AHS fleet has moved over 45 million tonnes of material, and these trucks have traveled more than 1 million kilometers, generating tremendous results so far. Vehicle damage has declined nearly 50% in 2021 compared to 2020 and tire damage decreased 93% from more controlled and efficient haulage. But more importantly, we've reported zero injuries in the mines since going live in October last year. In addition to improving productivity, and autonomous haul fleet is fundamentally safer, removing the exposure to potential vehicle interactions and the risks associated with fatigue. In November, we took another step forward in the use of technology to improve mining, announcing our revolutionary strategic alliance with Caterpillar to deliver first-of-a-kind battery electric autonomous vehicles at Tanami and CC&V as we make progress towards achieving zero emissions mining. We will look to leverage our team of experts within both Newmont and Caterpillar, along with the lessons that we've learned at Boddington as we continue to implement important improvements to safety and productivity throughout our portfolio, while also building pathways to decarbonization. Shifting to North America. Peñasquito delivered another strong quarter with sustained mill performance and higher gold grade. The site is expected to deliver lower gold production and steady coal product production this year due to the planned sequencing at the Peñasco and the Chile Colorado pit, combined with lower grade and harder ore coming from the Chile Colorado pit. Stripping in the Peñasco pit will continue through 2022, and the site will also begin stripping the next phase of the Chile Colorado pit in the second half of the year. And in the first half of this year, Peñasquito will increase capital spend as the site expands camp facilities, ensuring that our team members have the appropriate privacy and accommodation to get proper rest, as well as improving our ability to manage the spread of any future surges of COVID variants. Turning to our Canadian operations. Éléonore delivered solid fourth quarter results due to improved ore tonnes mined and milled. In addition, the site added more than 800,000 ounces in reserves from drilling and favorable revisions. Musselwhite generated the year's strongest quarterly performance from high-grade mine and improved mill performance in the fourth quarter. And Porcupine delivered consistent fourth quarter results as higher throughput and recovery rates helped to offset less high-grade ore being mined from oil pond. In addition, the site continues to advance the Pamour project, just 10 kilometers from our existing plant infrastructure. This project involves a significant layback of the Pamour pit and will extend mining at Porcupine through 2035. The Pamour pit will need to be dewatered as part of this project and the concrete foundations for the associated water treatment plant have been completed. Study work is progressing as the project prepares for full funds approval in the second half of this year. And finally, at CC&V, the mine continued to experience lower grades and recoveries in the fourth quarter, in addition to lower labor availability due to COVID. Turning to Africa. Akyem delivered another solid performance in the fourth quarter from higher grade, sustained throughput and strong recoveries. Akyem has begun stripping the next layback, extending mine life and providing future optionality as we continue to evaluate underground and open pit growth opportunities. Ahafo delivered a strong finish to the year, adding more than 400,000 ounces in reserve additions from drilling and generating a 19% production improvement over the prior quarter due to higher tonnes mined from the Subika open pit, coupled with strong mill performance, which more than offset challenges with labor and equipment availability at our Subika underground operation. These challenges were driven by COVID-related supply chain disruptions and international border closures at a time that we are ramping up sublevel shrinkage at Subika Underground. Consequently, we are expecting production at half or to be weighted around 60% to the second half of this year as we increase underground tonnes and reach higher grade. And finally, in Africa, we continue to advance our Ahafo North project. In the fourth quarter, we received a tailings storage facility and water infrastructure permits from the EPA and we expect to gain full land access later this year as we work together with local communities and regulators to develop this prolific ore body. Now turning to South America. Merian remains a strong performer, delivering higher throughput and steady grade in the fourth quarter, while adding nearly 400,000 ounces in reserve additions primarily from drilling at the Maraba open pit. Production is expected to slightly increase this year as ore grade continues to improve through the first half and the site continues to utilize our ore blending strategy to maintain strong mill performance. Yanacocha continues to deliver leach-only production while we developed the first phase of the sulfides project. Early stage engineering continues to progress as the pandemic allows and accommodation facilities for the construction and full-time workforce are expected to be completed in the first half of the year as the site prepares for an investment decision in late 2022. And finally, productivity and performance continues to improve at Cerro Negro as higher ore tonnes mined were partially offset by lower grade in the fourth quarter. We expect production this year to remain in line with 2021, with around 55% weighted toward the second half of the year. Our team continues to advance the San Marcos decline and the first wave of district expansions, which includes the development of the Marianas and Eastern Districts to extend operations beyond 2030 and provide a platform for further exploration and future waves of expansion. The drilling and airport contracts have been put in place, and Cerro Negro added more than 1.1 million ounces to reserves from drilling in the Eastern District, more than offsetting revisions and reinforcing the growth potential in this highly prospective and underexplored gold district. We look forward to bringing you further updates about our progress at Cerro Negro as we bring this project for full funds approval next year. And with that, I'll turn it over to Nancy on the next slide. Nancy Buese : Thanks, Rob. Through discrete portfolio and proven operating model, Newmont is able to generate the highest levels of attributable free cash flow in the gold sector. And our disciplined approach to capital allocation allows us to maintain financial strength and flexibility, while balancing steady reinvestment into our future and industry-leading returns to our shareholders. In 2021, we continue to strengthen our balance sheet, ensuring that we are well positioned to sustain our business and continue leading the industry for decades to come. Let's start with a look at the financial highlights. As you can see, Newmont delivered a strong finish to the year. In the fourth quarter, Newmont achieved a record $3.4 billion in revenue, driven by higher sales volumes and strong gold prices; adjusted net income of $624 million or $0.78 per diluted share; adjusted EBITDA of nearly $1.6 billion for the quarter and a record $6 billion for the full year; and strong free cash flow of nearly $900 million for the quarter, an amount entirely attributable to Newmont. Our unmatched cash flow generation enables Newmont to provide superior shareholder returns, largely through our clear and stable dividend framework. This week, we again declared a regular quarterly dividend of $0.55 per share, resulting in a dividend yield of approximately 3.5% and positioning Newmont among the top 10% in the S&P 500. In addition to our dividend, we continue to execute on our second $1 billion opportunistic share repurchase program, a separate and independent tool that does not impact our dividend payouts. Since December 2019, Newmont has repurchased over $1.5 billion in share buybacks at an average price of less than $49 per share, contributing significant value to shareholders. With an additional $475 million left on the current program, we will look to execute on opportunities over the next 10 months to repurchase our shares. Fourth quarter GAAP net loss from continuing operations was $61 million or $0.08 per share. Adjustments included $1.10 primarily related to noncash reclamation adjustments at non-operating sections of the Yanacocha site. Based on our ongoing studies of water management and closure activities, the liability was increased by $1.6 billion, of which approximately 1/3 relates to the estimated cost to construct 2 additional water treatment plans over the next 5 years, and the remainder of the increase relates to ongoing closure operating costs, which we estimate include over a period of 50 years. Adjustments also include $0.21 related to the sale of the KCGM Power business and the South Arturo asset exchange with Nevada Gold Mines, $0.05 related to unrealized mark-to-market gains on equity investments and $0.02 of other charges. Taking these adjustments into account, we reported fourth quarter adjusted net income of $0.78 per diluted share. Our balanced global portfolio, combined with our discipline and integrated-operating model, provides significant leverage to higher gold prices from the largest production base in the world. And for every $100 increase in gold prices, above our base assumption, Newmont delivers $400 million of incremental attributable free cash flow per year. Nearly 18 months ago, we led the gold industry by announcing our dividend framework, differentiating ourselves with a clear and decisive strategy to provide stable and predictable returns to our shareholders. This framework provides a stable base dividend and returns 40% to 60% of the incremental attributable free cash flow generated above a $1,200 gold price. The fourth quarter dividend declared was consistent with the last 4 quarters, calibrated at an $1,800 gold price assumption and a 40% distribution of incremental free cash flow. Since introducing our framework, Newmont has returned more than $2 billion through dividends alone, demonstrating our confidence in the long-term value of our business and our commitment to leading returns. Our capital allocation priorities remain unchanged with a clear strategy to reinvest in our business through exploration and organic growth projects, to maintain financial strength and optionality in our balance sheet, and to continue to provide industry-leading returns to shareholders. Throughout the year, we delivered on each of these priorities by progressing our profitable reinvestment into the business with the advancement of our near-term projects and an ongoing commitment to our robust exploration strategy. Delivering the first autonomous haulage fleet in the gold mining industry, improving safety and productivity at Boddington, advancing district consolidations with the GT Gold transaction and increasing our ownership in Yanacocha, returning $2.3 billion to shareholders through dividends and opportunistic share buybacks, issuing the industry's first sustainability linked bond, efficiently refinancing near-term maturities and resulting in no debt due until 2029, and maintaining a strong balance sheet with $8 billion in liquidity and a net debt-to-EBITDA ratio of 0.2x, preserving Newmont's financial strength and flexibility to sustain the business across price cycles. As we look ahead, we are confident in our ability to deliver on our disciplined capital allocation priorities, creating long-term value for the business and all of our stakeholders. With that, I'll hand it back to Tom to wrap up. Tom Palmer: Thanks, Nancy. Over the last year, as we celebrated our 100th anniversary, it has been an important milestone to pause and reflect on our company, our industry and the lessons we have learned. Our clear strategy lays the groundwork to truly differentiate Newmont as we position ourselves to continue leading the gold industry today and well into the future. And as we begin a new year, I am confident that our clear strategic focus, proven operating model, superior execution and leading ESG practices will enable Newmont to deliver long-term value to all of our stakeholders through sustainable and responsible mining. With that, I'll turn it over to the operator to open the line for questions. Operator: [Operator Instructions]. And our first question will come from Fahad Tariq of Credit Suisse. Fahad Tariq : Thanks for taking my 2 questions. First, Tom, you made a comment about 150,000 fewer ounces in Q1. How should we be thinking about the rest of the year? Will those ounces be made up? Or should we be thinking that this is a net negative to the midpoint guidance for the year? Tom Palmer : Thanks, Fahad. We still expect to be within guidance. So we see opportunities to work to recover some or all of those ounces. Clearly, we're only at the coming to the latter end of February. So plenty of opportunity in front of us. We're going to be weighted to the second half of the year with a couple of our big assets, Ahafo and Boddington in particular. So it's how those have the sequence of those mines shape up and how we move through and the grades it presents. But we certainly see ourselves firmly within guidance for production costs. So 10 months in front of us, plenty of opportunity to work through from the Omicron surge. Fahad Tariq : Okay. That's clear. And then my second question, we haven't heard much on full potential improvements in 2022. Could you maybe give an overview of any targets or guidance for the year? And whether or not the cash cost guidance that has been provided already incorporates that? Tom Palmer : Thanks, Fahad. So the cash cost guidance does provide for about just under $300 million of full potential improvements, $290 million, across the board. And just to give you a highlight of some of our top initiatives. One of the biggest drivers will be Musselwhite, where we're looking at getting early entry back into the mine after a blast and then increasing the underground shift length. So really basic operational things. We're seeing opportunities around drilling and the rate at which we do the slot raises at Éléonore, that's another significant one. Again Peñasquito is a -- features firmly, looking at just use of availability, use of available time on equipment. You're looking at recoveries within the sulfide plant. You're looking at the augmented feed circuit particularly as we move, that's the front end of the mill, particularly as you move into some of the harder ores coming out of the Chile Colorado pit. So there are some of the top initiatives. We've also just coming out of a refresh at Boddington. And this may represent an example of upside to some of the full potential work that's built into the plan. Boddington was the first site that we implemented full potential back in 2014. So it's been through multiple refreshes over the last 8 years and continues to identify value. The real opportunities as we look into this year and next from Boddington is around the fact that we've now got an autonomous haul fleet. So with the predictability and the controllability of an autonomous haul fleet, there's 2 key areas that we're looking to leverage. One is the speed and the delays around AHS. So it's all about keeping those trucks running and maximizing optimizing their speed. And because they present every time to a shovel at exactly the location you ask it to spot up to, there's a real opportunity and significant value around the queue and hang times at shovels. So some real opportunities going forward at Boddington from a recent refresh that's not included in the outlook that we provided back in December. Operator: Our next question comes from Tanya Jakusconek of Scotiabank. PAUSE Tanya Jakusconek : Thank you for taking my questions and congrats on ending a strong year and great reserve base. I have a couple of questions. Just if I could start Tom or Rob, on just on the quarterly guidance, so I understand correctly, 53% weighted to the second half. You've given us Boddington half of Cerro Negro, how about the Canadian asset distribution? And how should I think about Peñasquito, another one of your big assets? Tom Palmer : Thanks, Tanya, and good morning. I might start with Peñasquito, I'll then work backwards. So Peñasquito on a gold basis is about 50-50. So pretty consistent through the year when you look at gold. In the Canadian assets, Musselwhite is 60-40 split, very much seeing as a fly-in-fly-out operation at Musselwhite in this first quarter with the Omicron surge you've seen those impacts are weighted to the second half 40-60. The other 2 Canadian sites are around 45-55. If you move into South America, Cerra Negros about 45%, 55%. Boddington in Australia is following the portfolio, 47%, 53%. And Ahafo, and it's particularly driven by 2 things, both Subika related both open pit and underground, we're moving to higher grades in the Subika open pit as we move through that layback and as we start to get equipment and people back moving into the underground and start to get more access to broken stocks, you'll see more material move through from the underground mine. So Ahafo is 40-60. The portfolio at 47-53. Tanya Jakusconek : Okay. And then the only other one I think you mentioned was Cripple Creek, which is second half weighted? Tom Palmer : That's right. Cripple Creek is 43-57. So weighted 60-40 through the second half. And that's linked to recoveries coming off the heap leach, so the timing of the grades of gold you place in the recoveries coming through in the second half. Tanya Jakusconek : That's very, very helpful. And I don't know if Nancy could chime in on the capital distribution, if there's anything we should be aware of on the capital going through the year. Tom Palmer : I've got it here. So development capital, as we look through the year is sitting at about weighted to the first half, 55-45. So slightly weighted to the first half. And if I look at our sustaining capital, it's about the same, 55-45. So that's a development capital weighted slightly to the first half, Tanya. Tanya Jakusconek : All right. So we should see obviously better free cash flow coming out in the second half of the year as we get through the capital and better performance from the assets. That's -- and maybe just going on to some other question. I just wanted to ask about -- I mean, traded about Yanacocha Phase 2 and 3. I don't know from a high level. Tom, if you can kind of give us some concepts of how you're seeing those 2 phases? Tom Palmer : Yes. Thanks, Tanya. So the Yanacocha sulfides project is -- the bulk of the money is to put in place a concentrator in a lava pressure oxidation facility, which really allows us to open up and be able to process the sulfide ore. And to pay for that investment, we've got the layback in the Yanacocha Verde open pit, which is a lag grade ore we'll put through the concentrator in our first underground mine at Yanacocha Chaquicocha. So it's -- we're punching in off the wall. We already have punching off the high wall of that that pit to start to develop the underground mine. And that mixes with the concentrate and you've got -- you're going to produce, obviously, copper gold and silver coming out of that. 30 years of mining at Yanacocha, we've mined 30 years, 40 million ounces of oxide ore. Just like we saw in Nevada generation ago, sulfide all sits underneath all that oxide ore. So all of those various deposits that we've mined or the vast majority of those various deposits that we mined have sulfide ore underneath the oxides. And so we're -- our drilling programs and our study work is looking at which of those deposits come next in line to feed that processing facility. So that processing facility will process sulfide ore within the existing footprint of Yanacocha for literally decades, like we've seen in Nevada with the roaster at Mill 6. So which of those deposits come through, we're working through, but we have a second phase of deposits, and then we've got a third phase of deposits that we are actively exploring. And we see, as you see with many base metal projects that the opportunity once you've got your facility up and running, and I'm sure we'll see some more ounces come from both the Yanacocha open pit and Chaquicocha underground. That will extend life at existing rates. But then the Phase 2 deposits, there will be opportunity for us to increase throughput as we optimize the processing facility and are able to present ore in different grades and extend life further. So I certainly see the opportunity as we commission this processing facility, second half of this decade, start to see where there's opportunity to creep up in terms of ounces and pounds produced, extending life and then additional deposits coming in to further increase throughput and extend life well into the 2040s and beyond. So hopefully, that gives you some color. Tanya Jakusconek : Yes. And then is the third phase, the phase that you think about Conga and Caliche or. No? Tom Palmer : No. The third phase is still existing sulfide deposits in the existing footprint of Yanacocha. So when we think strategically, it's about that foundation of long-term operation, all the things you can then do with the workforce and the communities in and around that operation, then allows you to look very long term as to when does that Conga then come in and when is the Caliche then come in over that long-term time frame. So it's a -- they are upside on top of Phases 2 and 3. Tanya Jakusconek : Phase 4 then? All right. It’s another phase for you to work on. If I could just 2 other quick ones. I just wanted to understand on the reclamation obligation, understand the one that Yanacocha had a lot to do with water, but may be think about just your overall portfolio in the industry in general. Tom or Rob, should I be thinking that these reclamation obligations, we will start to see some bigger numbers come out of other assets within your portfolio given all of the new legislations going through? Like can you give us any color on what you're seeing in terms of reclamation obligations? Tom Palmer : Sure. Tanya, it's reclamation obligations dominated by Yanacocha. And it's -- you've got a disturbed area of the 75% the size of the Island of Manhattan. And significant volumes of water with the rain for you have up there. And by the way, the sulfides project doesn't add any additional reclamation. We are essentially working within that existing footprint. That dominates the same discipline we apply at Yanacocha, we apply across our business. So we apply 50 years to our reclamation obligation. So if you've got to treat water as we do at Yanacocha, then we are assuming we're treating that water for 50 years in our assumptions, and we apply today's technology to those assumptions for 50 years. So the opportunity to have a long life operation such as Yanacocha and look for where there's technology to better manage, control and process water represents upside to those numbers. But that -- that is -- that methodology, that discipline is consistent across our portfolio. So -- and it's -- Yanacocha dominates. The next big operation is Peñasquito, which is a significant step down from the Yanacocha obligation and then you're into the Cripple Creek and Victor and the Porcupines and the Boddington. So -- but it's Yanacocha and then daylight Peñasquito and then daylight to those other operations in terms of the closure obligations. Tanya Jakusconek : We're not seeing anything, Tom, right now, legislation that will make you change anything in your approach for additional money? Tom Palmer : No. I mean we -- and often, it's about -- it's early the rehabilitation you're doing or it's capturing and treating mine-affected water. And in terms of what we're doing and either the regulation requires that or Newmont requires that, we are treating the water to either drinking water standard or agricultural standard depending on the catchment area for that water that we're discharging. Operator: The next question comes from Jackie Przybylowski of BMO Capital Markets. Jackie Przybylowski : Just so I want to go back to Yanacocha project just for a moment. On the change to your partnership structure or the acquisition of Buenaventura's stake, now that you own nearly the entire project, does it change your approach at all whether that's timing or anything else? Does it remove any limitations that you may have had with the partnership like maybe one of matures funding capability or anything like that? Or -- just how are you approaching this similarly or differently now versus before you purchase the stake? Tom Palmer : Thanks, Jackie, and no change to the timetable working to -- it's a late '22 approval. It's pretty dominated by ensuring that we can clearly see that the pandemic will allow us to mobilize a workforce. We continue to do early work works. We continue to do the long lead time procurement. We'll have the autoclave vessel on the construction site location by the end of the year as we seek full funds. So that will significantly derisk the project. The other critical path or key item we're working on, which is important for these very large multibillion-dollar projects is to get the engineering to a level where you can have an accurate cost estimate to seek full funds and then derisk the execution of the project. And best practice in mining and oil and gas, the multibillion-dollar project is to get a high level of engineering done. And a lot of our spend this year is on that engineering work with both Bechtel and Hatch. So we'll make sure that we have the pandemic allowing us to mobilize the workforce of 3,000 plus people, the engineering pillar level that allows us to have accurate cost estimates, continue the procurement and late 2022 is the optimum time frame for us to move forward and seek full funds. Jackie Przybylowski : And you didn't mention anything about the government. There's nothing that you need to see or get assurances on the government side to make a full funds decision. I think I heard you say earlier, you're pretty comfortable, but is there anything on that side that you're waiting for? Tom Palmer : Nothing we're waiting for, Jackie. If anything, I mean, the government is having a few changes, but the bureaucracy is still working well as it always has in Peru. The government has certainly made signals that if there are any tax changes, if there are any, they would be modest. But we -- and certainly, the way the Congress is playing out, the opportunity for there to be change is diminished. So we look at -- as I was talking through with Tanya, we look at this as a multi-decade investment and we're confident that we can navigate through the current administration to seek full funds approval. So nothing we're waiting for on that front. Jackie Przybylowski : One other question just on a change of subject, I guess, on the share buyback, I know you pushed back the expiry of your share buyback program. But you've now done over half of $1 billion. Is there any thought to expanding the program to raising the total buyback size, I guess, as you get closer to that $1 billion. Can you maybe just talk about how you think about how much of that you're planning to execute this year and if there is an opportunity to raise that? Tom Palmer : Thanks, Jackie. We certainly look at share buybacks as we have done over the last, as Nancy was talking about in the prepared words. It's our second program, and we've bought back $1.5 billion at less than $49 a share in today's prices, that's a very significant return on investment. So we see it as a tool that is independent to our dividend framework. We believe in talking with our Board that the remaining roughly $500 million in the next 10 months of this year is adequate for us to be able to execute on that aspect of our capital allocation priority, and we will have the discipline as we've demonstrated to only go back in and buy our stock where we see that, that makes good sense. And as we near the end of the year and sit down and talk with our board, we'll see a debate whether it makes sense to think about having another program as we move into 2023. So that will be part of an ongoing discussion with our Board as we look at our different capital allocation priorities. But to answer your question, we think there's ample opportunity with what we've got available to us over the next 10 months to do what we need to do. And we have the cash available to execute on both our dividend framework and on our share buyback. Operator: Next question comes from Cleve Rueckert of UBS. Cleve Rueckert : Tom and maybe Rob, I just wanted to come back to the autonomous haulage fleet. I think that Slide 12 that you have laid out there has got some pretty impressive statistics. Maybe you could just tell us, given what you've learned since that's -- that's been ramped up. Are you finding other opportunities to make similar investments across the portfolio? Maybe you can give us a sense of like how much savings it's actually generating in terms of reducing the wear and fewer operators and things like that? Tom Palmer : Thanks, Cleve. I think that's a terrific question for Rob and he will certainly make sure that he talks about our alliance with Caterpillar and Cripple Creek and Victor and Tanami as well as other things. Over to you, Rob. Rob Atkinson : Thanks, Tom and thanks, Cleve. If I start off with Boddington, certainly, the performance is very, very pleasing. And as I mentioned in the script, we're now performing at the traditional level of the trucks, which is terrific to see in such a short period of time. We have still got an abundance of opportunities, whether it be around the speed, whether it be around the sequencing to the shovels about reducing the hang time, further improving hot seating, further improving refueling, et cetera. So we are continuing to focus on that haul fleet of Boddington to really make sure that it doesn't just match conventional hauling that exceeds it by a long, long way. And with the analytics that we've got, and this is one of the key parts of the partnership with Caterpillar is that we are sharing data like never been shared before, and we're doing that in death analytics. And autonomous haulage is all about improving second by second. And that's the opportunity we've got at Boddington. So I think we're really at the start of a long process, and it's going to be exciting. I look forward to talking about improvements as we go on. In terms of other opportunities, as Tom mentioned, the partnership and the strategic alliance with Caterpillar is incredibly exciting. And the first cab off the rank is going to be at CC&V, and to make that automated. And certainly, we believe that the cost benefits of that will really enhance that operation. Now when we look at autonomous elsewhere, we're obviously looking at Tanami in the underground space, which is going to be key. But also, as we look further ahead, the Pamour project, sublevel shrinkage at Subika. We've spoken about that before. And then at Yanacocha in the underground mines there. So we've got a number of great opportunities to use this absolute proven technology. But again, the key between our relationship is one thing putting in the technology is how you use it and in particular, the data. And that's where the exciting part is, and I think we've still got a long way -- sorry, not a long way to go, but a lot of improvements to come. Cleve Rueckert : Yes, that's very clear. Just 1 other question I wanted to follow up on the dividend and capital allocation. It's nice to see, I think it was a pretty positive outcome at Yanacocha after, I think, sort of a year, maybe 1.5 years, a little bit of uncertainty. But it does take up Newmont's CapEx obligation at the mine. So I was wondering if that changes at all kind of where you fall in the 40% to 60% band of incremental free cash flow returns. I think, Nancy, you said in your prepared remarks, you're sort of -- you're at the bottom at the 40% at $1,800 gold. I guess does that change at all with more CapEx this year and next year? And then I guess just to finish it out. In terms of your use of cash, would you be comfortable consuming cash to continue buying back stock? I think the cash balance declined very slightly for the year in 2021. But I mean, I guess, ultimately, how are you thinking about the cash balance as it stands? Would you use more cash to buy back stock? Or do you anticipate being flat at the end of the year? Tom Palmer: Thanks, Cleve. Our dividend framework is predicated on the fact that at our base dividend of $1 a share, we pay for our reinvestment back in the business over the long term. So those projects are profitable and returning assuming gold is at [$1,200] and Yanacocha sulfide has got other metals associated with it. So our dividend framework reinvestment back in the business comes first, and we pay a base dividend of $1 a share. If every $100 increase above that, we're generating that $400 million of free cash flow every year, of which we're returning 40%. So it is robust and independent of the decisions we have made to reinvest back in the business. Nancy, do you want to pick up in terms of our cash balances and how we think about dividends and share buybacks. Nancy Buese : Yes, exactly, as Tom said, is we can create opportunities on all fronts in terms of reinvestment in the business, the dividend structure and the share buyback. And as we ended the year with over $5 billion in cash on hand and $8 billion of liquidity, we do have the ability to do all of that. And so that's what you'll see us focus on is that reinvestment in the Yanacocha consolidation does not impact those numbers or limit us in any way. And you'll see us continue to work with our Board and evaluate opportunities for the dividend over time. So yes, we are pegged at the $1,800 and 40% right now, we'll always look at opportunities to consider raising that if appropriate. Cleve Rueckert: Okay. I guess, Nancy, just quickly, does the higher CapEx at Yanacocha change where you are relative to the 40%? Or is it relatively? Tom Palmer: Cleve, no. Absolutely, no. Cleve Rueckert: Yes, okay, okay. Very clear. Thank you, guys. Tom Palmer : Thanks, Cleve. Operator, I'm conscious that folks on this call will want to get to another call at the top of the hour. So if you maybe just take 1 more and we'll make sure we've got you free and clear at the top of the hour. Operator: The next question comes from Adam Josephson of KeyBanc. Adam Josephson : Congratulations on a really good finish to our year. Tom or Nancy, just on your cost outlook for this year, you mentioned 150,000 ounce production impact you're expecting in the first quarter. Obviously, Brent crude today is at $104 a barrel because of Russia-Ukraine. Are you thinking any differently about your gold CAS or ASIC guidance than you were 2, 3 months ago? And within that, are you thinking about any of the components differently, energy, transport, labor, et cetera? Tom Palmer: Thanks, Adam. I'll pick that one up. In terms of both -- particularly -- there's probably 2 factors associated with what's happening in the Ukraine at the moment. We're certainly seeing oil prices go up. It's a diesel price for us. And natural gas prices are going up and natural gas is used to make ammonia, which is then used to make our explosive ammonium nitrate. Both our energy costs make up around 15% of our operating costs. So operating costs are much more dominated by labor at 50% and materials and consumables, it's about 30%. So it's only 15% of our cost base. And as we looked into this year, understanding the volatility that was ahead of us, the uncertainty around COVID, we had factored in on an aggregated basis, escalation into our guidance. And so some of the things that we're seeing now, we've already accommodated in terms of how we thought about our cost guidance. So as we sit here today, we don't see that -- either the impact of the Omicron surge or some of these near-term events impacting our ability to land within our guided number for all-in sustaining cost per ounce. To give you an idea of sensitivity. For every $100 increase in gold price, we generate $400 million of free cash flow. So you're seeing with the current events gold price well over $1,900, and we guided at an $1,800 gold price. Every $10 increase in the barrel of oil represents only $15 million of free cash flow. So it's a significant difference. And again, if I use the same words I was using with Tanya, there's daylight between the sensitivity to gold price and the sensitivity to a barrel of oil. Adam Josephson : Thank you for that, Tom. And then just 1 last 1 on the sequencing of costs, you mentioned that cost per ounce will decline for obvious reasons as the year progresses. But would you care to give us any more context in terms of the degree of change by quarter, just in the event that we're perhaps underestimating the 1Q impact of the production loss or any other sequencing that you would have us be mindful of in terms of our cost modeling? Tom Palmer: The cost will follow closely with those production numbers. So it's very much cost is being driven by production as we look at those trends. So the trends we talk through at a portfolio level and the different assets that we -- we've talked through over the course of the last few minutes, costs will follow that trend. So as production is increasing, the cost will decrease at similar percentages. Adam Josephson : Thanks very much. Tom Palmer : Thanks, Adam. I think that's probably it, operator. Operator: This concludes our question-and-answer session. I'd like to turn the conference back over to Tom Palmer for any closing remarks. Tom Palmer : Thank you, operator, and thank you, everyone, for making the time to the call today, and please look after yourselves and continue to stay safe and healthy. But thank you, everyone, for your time. Operator: Conference has now concluded. Thank you for attending today's presentation and you may now disconnect.

Operator: Good morning, and welcome to Newmont's Third Quarter 2021 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Tom Palmer: Good morning, and thank you for joining Newmont's Third Quarter 2021 Earnings Call. Today, I'm joined by Rob Atkinson and Nancy Buese, along with other members of our executive team, and we will be available to answer questions at the end of the call. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website. Newmont delivered on a challenging third quarter, generating strong free cash flow, continuing to provide industry-leading shareholder returns, and investing in profitable projects, including our latest Ahafo North, which was approved by our board in July. This quarterly performance was achieved even as we continue to manage through the evolving complexities of the global pandemic, and we remain committed to protecting the health and well-being of our workforce and local communities. Throughout the mining sector, we are continuing to see the non-health-related challenges caused by the pandemic, including labor shortages, rising input costs, and supply chain disruptions. As an industry leader, Newmont is well-positioned to respond to these challenges by leveraging our proven operating model and balanced global portfolio to deliver long-term value from our responsibly managed assets. Turning to our quarterly results, let's take a look at the highlights. During the third quarter, Newmont produced 1.4 million ounces of gold and 315,000 gold equivalent ounces from copper, silver, lead, and zinc. We generated operating cash flow of $1.1 billion and strong free cash flow of $735 million, of which $715 million is attributable to Newmont. Supported by our clear strategic focus, we continue to apply a disciplined and balanced approach to a capital allocation priorities. With $7.6 billion in total liquidity, we have sustained a net debt-to-EBITDA ratio of 0.2 times, maintaining our financial flexibility, whilst we continue to reinvent in our business and return cash to our shareholders. Earlier this month, we announced the transition to a fully autonomous haulage fleet at Boddington, an important milestone for both Newmont and the gold industry as a whole. Our fleet of 36 trucks, with improved safety and productivity at this cornerstone asset. We also continue to invest in and develop our most profitable near-term projects, including Tanami Expansion 2, Ahafo North, the change to a more productive underground mining method at Ahafo South and Yanacocha Sulfides. This quarter, we completed nearly $100 million of opportunistic share repurchases at an average price under $56 per share, and we declared a third quarter dividend of $0.55 per share, resulting in a dividend yield of over 4%. Twelve months ago, we announced that our industry-leading dividend framework, establishing a clear pathway for stable and predictable returns. Over the last four quarters, Newmont has returned more than $2 billion to shareholders through dividends and share buybacks, demonstrating our confidence in the long-term value of our business and our ability to maintain financial flexibility while steadily reinvesting in our operations. At Newmont, we have created a robust and diverse portfolio of operations and projects around the globe, and we believe that we rechoose to operate matters. Among our 12 operating mines and 2 joint ventures, over 90% of our attributable gold production is from top tier jurisdictions, which we define as countries classified in the A&B ratings ranges by each of Moody's, S&P, and Fitch. Underpinning our asset base is the gold industry's best organic project pipeline of both greenfield and brownfield opportunities, managed through our integrated operating model with a proven track record of delivering value to all of our stakeholders. Newmont has maintained an unmatched and industry-leading project pipeline, laying the pathway to steady production and cash flow well into the 2040s. Every one of our operations has near mine exploration opportunities that can leverage our existing infrastructure and extend mine life. With the stability and depth of our brownfield portfolio, we are able to explore in some of the most prospective greenfield districts in the world in a disciplined and deliberate way. This quarter, we've continued to advance our near-term projects, including the second expansion at Tanami in Australia's Northern Territory. Through the development of a 1.6-kilometer deep production shaft and supporting infrastructure, this project supports the site's future as a long life and low-cost producer while providing a platform to further explore a prolific mineral endowment in the Tanami district. The development of Ahafo North, approved in July, this project expands our existing footprint in Ghana, adding more than 3 million ounces of gold production over on an initial 13-year mine life, and the Yanacocha Sulfides project, which will extend mine life at this cornerstone asset for decades to come. Newmont remains committed to the Yanacocha Sulfides project and will be investing at least $0.5 billion through 2022 to advance critical path activities, including detailed engineering, long lead procurement, earthworks, and the installation of accommodation facilities for the construction workforce. As previously announced, given the current status of the pandemic in Peru and the potential for more contagious variants, we have extended our full funds decision for the sulfides project to the second half of 2022 and will progress the project as the pandemic allows. Two weeks ago, I had the opportunity to visit Peru and engage with government leaders and other key stakeholders to talk about a safe and mutually beneficial path forward. I'm encouraged by these interactions and look forward to this next chapter, and let Yanacocha's long and profitable history. The global pandemic has and will continue to challenge all of us for some time to come. I'd like to take this opportunity to recognize the very significant efforts that are being applied at all of our operations to keep our workforce and local communities safe and healthy. As you can see in this photo, Rob had the opportunity to be at Ghana last quarter and experience firsthand the important work our team is doing to manage through the COVID pandemic with agility and resolve. In 2020 and 2021, Newmont has invested more $2.7 million for COVID relief and local support in Ghana, and $1.4 million in health screening and security measures to protect our people and their families. Through our partnership with Ghana Health and Education Services, these investments helped to: establish wide-ranging protocols and controls at both Ahafo and Akyem; distribute medical equipment and PPE at our mines, regional health facilities, and other regional institutions; to purchase PCR machines for effective testing and research; to donate cold storage units for temperature monitoring and vaccine storage; to raise awareness and share important health and safety messages through the local radio programs; and fundraiser programs that provide essential lesson plans for students during school closures. We're also focused on supporting the vaccination effort in Ghana and are working with the American Chamber of Commerce in Ghana and Ghana Health Services to secure and deploy nearly 100,000 vaccines in the area. At Newmont, we firmly believe that the COVID-19 vaccines are critical in combating the spread of a virus, and until global vaccination rates substantially improve, our people and operations will continue to be affected. We are now deliberately moving toward a position where ultimately, all of our global workforce will be fully vaccinated, and we are closely monitoring and adhering the national vaccination mandates already in place. We are taking this important step because we fundamentally believe that the vaccine is a critical part of supporting the recovery from a pandemic around the world. Since March of last year, our focus has been on operating responsibly and efficiently while protecting the health and safety of our workforce and local communities from this virus. Since the government imposed restrictions on movement and the ongoing application of COVID-related protocols, in addition to competitive labor markets in Canada and Australia, we continue to experience productivity impacts at many of our sites. Due to these impacts and some unexpected equipment reliability and weather-related challenges, we have decided to update our full year 2021 guidance. We now expect to produce approximately 6 million ounces of gold just below our original guidance range, and we are reaffirming our original guidance of 1.3 million gold equivalent ounces from copper, silver, lead, and zinc. Combined, 7.3 million gold equivalent ounces. The most of any Company in our industry and an improvement of almost 400,000 ounces compared to last year. Updates from our original gold production outlook are largely due to challenges at Boddington, Including unusually severe weather and heavy rainfall, shovel reliability, and operational delays associated with managing bench hygiene as mining moves into deeper sections of the pit. This was combined with the continued ramp-up of the autonomous haulage fleet as the site fine tunes this technology for operation in a deep open pit mine for the first time in the mining industry. As a result, Boddington delivered lower tonnes than expected, impacting our ability to reach high grades and reducing Boddington's full year gold production estimate by approximately 140,000 ounces. As Rob will discuss later, we remain very confident that the overall efficiencies delivered by autonomous haulage will more than offset any short-term impacts on production at Boddington this year. Also at Nevada Gold Mines, we are experiencing the consequences of the challenges noted by our operating partners in their release last week. Carlin and Cortez are expected to be at the low end of their annual guidance ranges, largely due to the impact of the breakdown and repairs to the mill at Carlin's Goldstrike roaster, and Turquoise Ridge is now expected to be below its annual guidance range. As a consequence, annual gold production from Nevada Gold Mines is expected to be at the low end of our annual guidance range. In addition to this, as I commented earlier, the global pandemic continues to evolve and impact all of operations. Tanami was placed into care and maintenance in late June and early July, and we are continuing to experience lower productivity as a result of COVID-related absenteeism and the tightening of the labor market in Canada. The impact from lower production volumes, coupled with higher mill prices, has also increased costs for the year. For 2021, gold cost applicable to sales are expected to be $790 per ounce, and all-in sustaining costs are expected to be a $1050 per ounce. It's important to note that our regional guidance was established using a $1200 gold price assumption, and we continue to use this assumption for our long-term mine planning and reserve modeling to ensure that we would maintain discipline across all of our operations. However, due to the sustained high gold process throughout this year and in response to feedback from the investor community, we are providing our updated full year cost outlook using an $1800 gold price assumption. We expect these gold process to continue through the fourth quarter, adding approximately $50 per ounce to our all-in sustaining costs from inflation, higher royalties, and production taxes. Finally, we are decreasing our development capital estimate from $850 million to $700 million, with a portion of our spending associated with the second expansion at Tanami moving into 2022, but not impacting project schedule. We're currently working to finalize our business plan for 2022, and today, we have a much better understanding of the impacts from the global pandemic than we need at this time last year. Looking ahead to 2022, we anticipate the production costs at an $1800 gold price assumption will be similar to this year. Gold production is expected to improve by around 5% compared to 2021 as we continue to manage the impacts from pandemic related labor shortages on productivity across our operations. CAS and AISC per ounce are expected to be largely in line with 2021, as we're building increased cost from inflation, high metal prices, and ongoing COVID-related safety protocols into our assumptions going forward. Capital in 2022 remains unchanged from our original outlook as we enter a period of significant reinvestment, an important component in growing production, improving margins, and extending mine life. These reinvestment back into our business will enable Newmont to steadily increase production and improve costs over time from our portfolio of world-class long-life operations. We look forward to providing you additional detail on our long-term outlook in our annual guidance webcast in early December. With that, I'll turn it over to Rob for a more detailed look at our global projects and operations. Over to you, Rob. Rob Atkinson: Thank you, Tom, and good morning. As Tom mentioned, the pandemic continues to present challenges across our operations and joint ventures, and I am proud of our people who continues to safely deliver day in, day out. While COVID infection rates are declining and vaccination rates are improving near our operations, the knock-on effect from supply chain disruptions and tightening labor markets is creating new complexities to manage. There is increased pressure on input commodity prices such as steel and diesel in addition to unpredictable freight costs and timing of deliveries. As an example, digital costs have increased significantly in recent months, adding $7 per ounce to our all-in sustaining costs compared to the previous quarter and over $15 per ounce compared to the previous year. We are also keeping a close eye and working hard to reduce voluntary attrition rates across our global business and halt labor markets, particularly in Canada and Australia, by creating an unprecedented labor shortage impacting productivity. These inflation trends may show up in future contract renewals and we expect that we could start seeing additional impacts as early as the fourth quarter, and while it is difficult to predict whether these trends will persist for the long term, I am confident that our scale, strong partnerships, and proven operating model positions Newmont to secure the most competitive supply contracts and limit the impacts on productivity and costs. Turning to our regional updates, starting with South America. Merian remains a strong performer in the South American region and is celebrating the 5th anniversary since declaring commercial production in October 2016. The site continues to utilize an ore blending strategy to optimize mill performance, helping to offset unplanned mill maintenance and minor delays from heavy rain at the start of the quarter. Additionally, Merian delivered higher tonnes mined and grade processed, and we expect this trend to continue for the remainder of the year and into 2022. Cerro Negro continues to improve productivity and performance, significantly increasing tonnes mined and processed in each quarter. The site team is managing the impacts from the pandemic as well as possible, and I am proud of the mitigation efforts, shift change optimization, and overall efficiency improvements delivered to help offset disruptions from earlier in the year. Given the effects of the pandemic, the site has delivered lower development rates in 2021, limiting access to higher grade ore and reducing production in the fourth quarter and into 2022. Yet, despite challenges from the virus, the site continues to progress future organic growth projects, including the development of San Marcos and the expansion in the Eastern District, which have the potential to extend mine life beyond 2030. Yanacocha has also experienced continued challenges from the pandemic impacting productivity, mainly due to reduced labor availability. To offset these challenges, the sites implemented mine sequencing changes, focusing on higher grades, efficient haul truck routes, and optimal ore placement on the leach pads. As a result, Yanacocha delivered high grade of ore and improved recovery from the leach pads. As discussed in our third quarter 10-Q, we continue to progress detailed study work to further define water management requirements, along with other closure activities, and we will provide an update on this with the fourth quarter result. As Tom mentioned, we're progressing the Yanacocha Sulfides. A project with the potential to extend mine life at this cornerstone asset well beyond 2040. Turning to our North American region. At our Canadian operations, Musselwhite, Eleonore, and Porcupine, we continue to be impacted by COVID absenteeism and a tightening of the Canadian labor market, and we expect these sites to be at the low end or below our annual production guidance ranges. We expect these labor trends to continue into 2022, with the effects having been particularly impactful at Musselwhite and Eleonore as labor shortages and access to specialized services has resulted in lower tonnes mined and processed and planned. Porcupine delivered higher tonnes mined from the Hollinger open pit, helping to balance the impact of higher than expected levels of graphite in the oil plant underground, which resulted in drilling delays, and as a consequence, resulted in less high grade ore being mined from the underground. I visited our Canadian operations last month, and I'm pleased to report that we are making a lot of positive inroads at Musselwhite, Eleonore, and Porcupine to increase development rates through the use of jumbos and tele-remote loaders in driving productivity hard through the execution of the suite of our full potential initiatives. With the full support of our subject matter experts deployed to these sites, these initiatives will improve efficiency and production. Moving to CC&V, the mine experienced lower grades and recovery in the third quarter. However, higher tonnes mined and changes to mine sequencing during the third quarter are expected to increase leach pad production in the fourth quarter and into 2022. Finally, Penasquito delivered another strong performance in the third quarter due to higher tonnes mined and processed, in addition to strong recovery rates from a number of full potential improvements. Since acquisition, Penasquito has delivered over $375 million in free cash flow improvements, with more than 80% of this value delivered from mining and processing improvements, which continued to generate value today and will do so well into the future. Shifting to Australia. Tanami delivered solid performance in the third quarter as higher grades helped to offset lower tonnes mined and processed as a consequence of the COVID-related care maintenance period in late June and early July. Although this period has reduced the site's full year production by approximately 40,000 ounces, Tanami is fully operational, performing very well, and is fully expected to deliver a strong finish to the year. In addition, the team further advanced Tanami Expansion II, and during the third quarter, we progressed the construction of the head frame and have now completed nearly 70% of the reaming of the nearly 1-mile deep shaft, remaining on track to deliver significant ounce, cost, and efficiency improvements in the first half of 2024. As Tom mentioned, Boddington experienced heavy rainfall in the third quarter, impacting the ramp-up of autonomous haulage and reducing tonnes mined. I'm pleased to share that Boddington continues to achieve superior mill performance, reaching nearly 11 million tonnes processed during the third quarter. We are also proud to deliver the gold industry's first autonomous haul truck fleet, the first of its kind in our sector. I'd like to thank our team and our partners at Caterpillar for their ongoing partnership, dedication, and drive as Boddington continues to ramp up the truck fleet to full productivity and to fine-tune the technology for a very productive operation in a deep open pit mine. Delivering this project on time and on budget during a global pandemic is an enormous accomplishment, leveraging Newmont's scale, technical expertise, and partnerships to manufacture, deliver, assemble, commission, and operate a fleet of 36 autonomous trucks in less than 18 months. As we look ahead, we expect to reach improved grades and achieve higher tonnes mined, due in part to the efficiencies from autonomous haulage, increasing production in the fourth quarter and into 2022. Finally, turning to Africa. A team delivered another consistent performance despite very heavy rainfall in the third quarter, as higher throughput and strong recoveries helped to offset unplanned mill and equipment maintenance. The site is well-positioned to reach higher grades and deliver its highest production of the year during the fourth quarter. Ahafo delivered a very strong third quarter. This higher tonnage mine for the Subika open pit and improved mill performance helped to offset challenges with haul truck availability at our underground operation. At Subika, we continue to progress the development of our new underground mining method, sublevel shrinkage, and we expect to reach full production by year-end as planned, improving grade and underground tonnes mined. In addition, the team continues to advance Ahafo North. We have begun mobilizing key personnel, and I'm pleased to say that engineering is approximately 80% complete. We continue to engage with local communities and regulators to ensure a mutually beneficial path forward as we develop this prolific orebody and create the next generation of mining in Ghana. With that, I'll turn it over to Nancy on the next slide. Nancy Buese: Thanks, Rob. Through the strength of our assets and integrated operating model, Newmont is in the best financial position in its 100-year history, building long-term value with the most disciplined and balanced approach to capital allocation in the industry. Let's take a look at the financial highlights. In the third quarter, Newmont delivered $2.9 billion in revenue at an average realized gold price of $1,778 per ounce. Adjusted Net Income of $483 million or $0.60 per diluted share. Adjusted EBITDA of over $1.3 billion, a decrease from the prior year's quarter due to lower gold prices, lower sales volumes, and cost pressures stemming from the global pandemic, and strong free cash flow of $735 million of which 97% is attributable to Newmont. Although quarterly free cash flow is lower than our record performance last year, we achieved a 27% improvement compared to the second quarter. Our unmatched cash flow generation allows Newmont to provide superior shareholder return, largely through our industry-leading dividend framework. This week, we declared a regular quarterly dividend of $0.55 per share, an increase of 38% over the prior year and consistent with our last three quarters. With a yield of approximately 4%, our regular dividend is the highest in the gold industry, placing Newmont among the top 10% of the S&P's large-cap dividend payers. Third quarter GAAP net loss from continuing operations was $8 million or $0.01 per share. Adjustments included $0.46 related to a loss recognized on the pending sale of the Conga mill assets, currently in care and maintenance in Peru, The sale of these assets reduce the storage costs while we maintain long-term optionality around the future development of the project. Adjustments also include $0.12 related to unrealized mark-to-market losses on equity investments, $0.10 related to reclamation and remediation adjustments at historical mining sites, $0.08 related to tax adjustments and valuation allowance, and $0.01 of other charges. Taking these adjustments into account, we reported third quarter adjusted net income of $0.60 per diluted shares. As a reminder, due to our status as a U.S. GAAP filer, our adjustments to net income do not include $23 million of incremental costs incurred this quarter as a result of the COVID pandemic. Adjusting for these costs would have resulted in approximately $0.03 of additional net income per share, and we expect these costs to continue throughout the year as we prioritize the health and safety of our workforce and local community. Newmont's dividend framework is based on our unmatched ability to generate attributable free cash flow. For every $100 increase in gold prices above our base assumption of $1200, Newmont delivers $400 million of incremental attributable free cash flow per year. Newmont is the only Company in the gold mining industry with the ability to generate these levels of attributable free cash flow. As Tom mentioned, we announced our dividend framework one year ago, providing shareholders with a stable base annualized dividend of $1 per share and the potential to receive between 40% and 60% of the incremental attributable free cash flow generated above the $1200 gold price. This framework provides stable and predictable industry-leading returns for our shareholders and demonstrates our confidence in our long-term outlook and our ability to maintain capital discipline. The third quarter dividend declared was consistent with our second quarter, calibrated at $1,800 gold price assumption, and 40% distribution, and incremental free cash flow. We continue to review our dividend on a quarterly basis with our Board, evaluating our operational and financial performance and outlook over a long period of time. Our capital allocation priorities remain clear. To reinvest in our business through exploration in organic growth projects, to maintain financial strength and optionality on our balance sheet, and to provide industry-leading returns to shareholders. Throughout the year, we delivered on each of these priorities by progressing our profitable reinvestment in the business, particularly with the advancement of the Tanami expansion, Ahafo North, and Yanacocha Sulfides. Delivering the first autonomous haulage fleet in the gold mining industry, improving safety and productivity at Boddington, completing the GT Gold transaction in May of this year, returning more than $1.3 billion to shareholders per dividends and nearly $250 million through opportunistic share buybacks, and maintaining a strong balance sheet with $7.6 billion in liquidity and a net debt-to-EBITDA ratio of 0.2 times, preserving Newmont's financial strength and flexibility to sustain the business across price [Indiscernible] with one of the industry's lowest weighted average cost of debt at 4.3%. As we look ahead, we are confident in our ability to deliver on our disciplined capital allocation priorities, creating long-term value for the business, and maintaining our position as the world's leading gold Company. With that, I'll hand it back to Tom to wrap up. Tom Palmer: Thanks, Nancy. Newmont has an unmatched portfolio of world-class long-life operations and an organic project pipeline that is the best in the industry. While we and, the broader mining industry continue to face a range of challenges brought forth by this global pandemic, I am confident that our key strategic focus, proven operating model, superior execution, and leading ESG practices has positioned Newmont to remain the world's leading gold Company and continue to deliver long-term value to all of our stakeholders. With that, I'll turn it over to the operator to open the line for questions. Operator: We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Fahad Tariq of Credit Suisse. Please go ahead. Fahad Tariq: Hi. Good morning. Thanks for taking my question. Maybe, first on Slide 11 on the North American operations. Can you talk a little bit about what steps are being taken to address the absenteeism at Musselwhite and Eleonore? As far as I can tell, some of your Canadian competitors aren't facing similar issues. I'm just curious, what exactly is happening there and what steps are being taken? Thanks. Tom Palmer: Thanks, Fahad, and good morning. I'll pass the question across to Rob. We're seeing a combination of two things that I think Rob can expand on in terms of actions we're taking. Voluntary attrition, particularly at the Company, on the fly in, fly out site. So still at levels that you typically expect in a FIFO site, the low teens, 12%, 13%. What we're seeing on top of that is the compounding absenteeism associated with COVID. So you can get 10% to 15% absenteeism. On top of that where people are unable to attend work because of COVID-related absences. But that sits behind the number, two of our three sites are FIFO sites, and I'll let Rob to talk to some of the actions we're taking to mitigate and control that trend. Rob Atkinson: Thanks Tom, and Fahad, the other thing I'd just mention to build on what Tom said, to certainly [Indiscernible] there were points in the third quarter were some of the highest infection rates of COVID in Canada as well, and in particular, at Musselwhite, we were up to 15% absenteeism because of what Tom spoke about. We've taken the basic steps where every person who's absent is being case-managed, very high profile in terms of who's at work, who's not, the reasons why, and the follow-up and the necessary management there. There's also in terms of recruitment, we've got a very focused team, dedicated team just on the Canadian sign market to make sure that we are something around employment as quickly as possible, try and bring new employees and onboarding them very, very quickly. But certainly, it boils into the basics as the vaccination rates go up, as the controls enter and really doing the basics of managing well. If there are people that we're seeing regularly off, they're being managed very, very closely. But, there's nothing, no rocket science, it's really just doing the basics very, very well. Fahad Tariq: Okay, great, and then maybe just switching gears to Ahafo. I don't think the guidance changed for the full year, so it implies a really high production rate in Q4. Rob, maybe if you could just speak to that. Is that the expectation? Tom Palmer: Fahad, I'll pick that up and again throw across to Rob. But we are certainly is going to see a strong fourth quarter out of Ahafo compared to the first three quarters, which were pretty consistent. Rob will continue to talk to the drivers behind that strong fourth quarter. Rob Atkinson: Certainly, that underground continues to come along very well and we did our first firing earlier in the year for the sublevel shrinkage, so we are seeing higher grade come through there, and the performance of Ahafo in generally in the open pit and in the middle has been very positive. I think, it's, again, just the factors of the decision we made around the underground, really starting to bear fruit as well as good productivity elsewhere in the operation. Fahad Tariq: Okay, great. That's it for me. Thank you. Tom Palmer: Thanks, Fahad. Operator: The next question comes from Michael Glick of JPMorgan. Please go ahead. Michael Glick: Hi. On costs, could you walk us through what you're currently seeing down to specific items such as consumables and other raw materials? How you're working to mitigate inflation from the CapEx and OpEx perspective going forward? Then kind of based on what you're seeing in 4Q, how should the cost trajectory look into 2022? Tom Palmer: Thanks, Michael. I'll kick-off, get Rob to provide some color. I'll also ask Dean Gehring, who is our Chief Technology Officer and is accountable for our global supply chain to make some comments on trends as well. We've been flagging at the end of last quarter that we're seeing cost inflation trends are starting to see some of those flow through now, and it's part of our fourth quarter story, and we're certainly seeing those flowing into at least 2022, and that was part of our comments about how we're starting to see 2022 shape up. So 2022 is, I think, going to be for the mining industry, a cost escalation story. We've got pretty consistent, little, on improvement on production. So there's certainly a cost escalation story. We're seeing it still upwards of around 5% when you aggregate it all together across materials, energy, and labor. But we are seeing some pretty significant movements within that aggregated number. In fact, in some instances, we're seeing some improved costs, adversely in Australia, CAT parts, Caterpillar parts are coming in cheaper as a consequence of exchange rates and the like. But we are seeing some significant trends, as I say, at this stage, aggregated at around the 5% mark. Rob, if you want to add any color to that? Then, Dean, if you can build on them. Rob Atkinson: Thanks, Tom, and I may just talk about what Michael asked in terms of what are we doing to offset it and before handing over to Dean around the prices and the inflation that, Michael, very much the full potential is what we're focused on is at all operations. They've got a suite of projects, which not only assist productivity, but it's also about cost reduction, and the big movers that we're focused on is things at Penasquito, including the recovery, which we're seeing significant benefits as a result of that. In the Canadian sites, we've moved across to jumbo rigs instead of McClean bolters and tele-remote loaders, which is improving our productivity significantly, and even doing more of the basics at Cerro Negro, where we've just reduced further equipment, we took a further 15 pieces of HME dealers in the third quarter to make sure that we're running that fleets as efficiently as possible and as such, just managing the consumables that we do need. But the full potential is the way in which we're managing. But Dean, do you want to talk inflation? Dean Gehring: Yes. Thanks, Rob. One of the big areas where we see probably the largest variability is actually in freight, but we do unpack that a bit, freight makes up about 2.5% to 5% of all of our landed costs for major consumables. So you need to keep that in perspective. But one of the things we're doing to mitigate that as we're looking for opportunities, using the ability of our global supply chain, looking at our operations in a global sense, seeing what we can do to maximize the amount of freight we put on either ships or containers, so we get the best pricing possible. The other thing that we do is along the lines of mitigation is we actually put in place pricing mechanism that are transparent, and they're really based largely on the input pricing of a lot of the commodities that we have, and so that helps to actually soften the impact of inflation that we see. Michael Glick: Then could you talk about your view on industry consolidation? Just all the things you just mentioned would seem to point to more scale as the more effective way to operate in this environment. Tom Palmer: Thanks, Michael. Certainly, I see in our industry with the number of publicly listed companies in the gold space is order of magnitude more than any other commodity. That in itself says there's an opportunity for consolidation in terms of the additional [Indiscernible] that you have. The elevated gold prices, I think, probably hold off a lot of that consolidation. I think I don't believe that it will be necessarily some of these near to medium-term cost escalation that will drive consolidation. I believe that the issue around the work that needs to take place for all mining companies to achieve 2030 carbon reduction targets, greenhouse gas reduction targets, and ambitions to achieve net zero by 2050, which we're clearly seeing many governments around the world sign up to in order to achieve those targets, you will need scale and you will need life, and over the course of this decade, we will see consolidation driven by that imperative. So I predict climate change will be the driver rather than some near-term COVID related escalation. Michael Glick: Understood. Thank you very much. Rob Atkinson: Thanks, Michael. Operator: The next question comes from Greg Barnes of TD Securities. Please go ahead. Greg Barnes: Thank you. Tom, I just want to understand the deployment of the autonomous truck fleet at Boddington. I know you did it on time on budget, but you seem to be having some challenges to get it working the way you want it to work. What are those challenges and what are you doing to address it? Tom Palmer: Thanks, Greg, and good morning. The key challenge behind commissioning the autonomous fleet, and I'll get Rob to provide some more color, was associated with the significant whether that you had in that mine at the time you're trying to commission the trucks. We're through and now got the truck's commission and some of those tuning issues in place. As I said, I'll pass across the Rob to give you some color on how that fleet is performing now that we've had about a month under our belt of fully autonomous operation in that mine, which is one of the factors when you can actually move to fully autonomous and you're not managing the interaction with vehicles that have people inside of them. As Rob provides you some detail, it's in the context of whether it's continued in Southwestern Australia. In fact, October, not even the end of the month, is already the wettest month since records began in that part of the world. So in that context, I'll get Rob to give you some color on how autonomous haulage is performing. Rob Atkinson: Thanks, Tom, and thanks for the question, Greg. Certainly, with every passing week, the autonomous haulage is getting more and more productive, and just to tell a little bit of the story is that, since we initiated zero injuries, we've now done over 600,000 kilometers. Were up about 21 million tonnes, and we've connected all the machines. So there's an awful lot of good work, which is going on. At the start of September, we were around about 53% EU, which is one of the critical metrics of making sure that the trucks are utilized as much as possible. We're now up above the 61% over the last week, and we've actually hit shift by shift up around the 68%, 69% a year. Now, we've got to achieve that on a consistent basis. But one of the critical things, particularly important for next year is that next year's tonnage is roughly averaging about a 135,000 tonnes out of the pit. We've already achieved 160,000 [Indiscernible] . So while we've still got things, just a high note and to fine tune, as Tom said, whether it be some road widths, whether it's the road conditions as a result of the wet weather, etc. We are very pleased about how things are progressing. We've got terrific support from Caterpillar. We've got a number of people from Caterpillar dedicated on the site. So certainly, we think things are progressing well, but the rain plays havoc. I'll be honest. But in term of commissioning, we've still got to remember, it's been the quickest commissioning of any EHS system that's being achieved to date, and so far, that every passing week, as I said, things get better. Tom Palmer: Greg, those expect tonnes are presenting to the mill, the mill is running exceptionally well, and it's running at record rates. So we are confident around the fourth quarter, particularly as we enter into the next year for that truck fleet to deliver would expect tonnes in our mills are performing well. Greg Barnes: I'm not sure what 68% EU means, Rob. Rob Atkinson: Sorry, Greg. Basically, it's essentially seeing how often is your truck running, doing productive work, and typically, one of the key reasons that we went to autonomous is that if you've got humans operating them, typically, you got lunch delays, you get toilet breaks, you get things like that, and the EU is one of the key metrics. Tom Palmer: The EU is effective utilization, Greg. Greg Barnes: Okay, so what's the targeted EU for the autonomous fleet versus a human fleet, I guess? Rob Atkinson: The target that we justify it on is 68%, and certainly, where we will be planning is certainly trying to achieve a lot higher than that. Greg Barnes: So you already achieved the targeted rate then? Rob Atkinson: No. We've achieved that intra-shift kind of levels, where we have just been running the average is around about that 60%, 61%. So as I said, with each passing shift, we're getting further insights, further improvements. I'm very, very confident we'll be up there and hitting those targets day-in, day-out next year. Greg Barnes: Okay, great. Thank you. Tom Palmer: Thanks, Greg. Operator: The next question comes from Josh Wolfson of RBC Capital Markets. Please go ahead. Josh Wolfson: Thank you very much for taking my questions. I appreciate the disclosure for the 2022 preview on the expectations. Looking at the existing 5 year guidance, there was some expectation for cost reduction into 2022. There's a big step down there previously, and then some reduction expected thereafter in future years 2023 and '24 as well. When you look at the trends that we're seeing in the sector, should we still expect that kind of trajectory longer term? Or is there a potential that some of the operating improvements are going to be offset by these trends just to mean they continue? Tom Palmer: Thanks, Josh, and good morning. You're certainly going to see costs at Newmont and in the industry all about it because of these escalation pressures that we've been talking about, the inflation pressures. But the cost improvement is still coming at Newmont. Because it's associated with the reinvestment we're making back in our business. So we'll continue to see improvements out of Boddington with autonomous haulage as it's now being commissioned, as Rob was just talking about how you can tune a very predictable autonomous system because of the automation now of the fleet. We'll see improvements from the commissioning of the shaft at Tanami. We can bring ore at surface much more efficiently. The underground mining method at Subika, the near-mine Ahafo North, and Yanacocha Sulfides are all investments that we're making that will deliver improved costs over the guidance for five-plus year period. So those investments being made, so improvement in costs will come to those investments because we'll be delivering and producing ounces at much better margins. What we're seeing as a consequence of COVID is those three key development projects, Tanami 2, Ahafo North, and Yanacocha Sulfides have been delayed and sitting on top of each other some more. So we will see through '22 and '23 a significant development capital spend. In fact, it will be a development capital spend that we haven't executed at Newmont in a generation, so it's a significant reinvestment in our business, and we really start to see the benefit from that investment later part of '23, into '24, '25, '26, and '27 with some of those projects. A slight delay in terms of when we see those better margin ounces coming through and some stacking up of that development capital as a consequence of managing around COVID. Josh Wolfson: Okay, thank you, and then on the capital numbers. Similarly, there's been a number of changes for some of the existing projects and sequencing, obviously, with Yanacocha Sulfides, how should we be thinking about that? It sounds like the baseline sustaining capital numbers maybe should be higher longer term? Is that reasonable to assume? Tom Palmer: Josh, sustaining capital for a portfolio of our size is really about $1 billion. It might be $951 million a year, $1.50 billion another year. As I look at our business plan, it's a pretty steady spend for a portfolio of our size around the even $1 billion. For the development capital, Mike and Rob just can provide a little bit more color. But for both Tanami Expansion 2 and Ahafo North, some of the factors that impact cost wave got locked in. I'll get Rob to cover those two. So Yanacocha Sulfides, obviously, we delayed the full time due to COVID through the second half of next year. We're continuing to do all the detailed engineering. We're continuing to do the critical path to procurement, which is locking in factory slots for oxygen plants and specialized steel, for the clothes and the likes. So we are de-risking Yanacocha Sulfides in this environment. Then Rob made some color on Tanami 2 and Ahafo North in terms of cost. Rob Atkinson: Thanks so much, Tom. In terms of Tanami 2, the engineering is progressing very well, and it's at that high level where you've got a high degree of confidence around what you need to do. The vast majority of the cost at Tanami is around the reaming and the outfitting of the shafts. So we're certainly confident at this point in time that that work is contained. The biggest challenge we've got is just around the labor rates, and again, the post-COVID world in Australia in terms of orders, how that's managed. But that's where the majority of costs are, and we've got a good partner in [Indiscernible] , and as I said, the engineering being so well progressed is so key. At Ahafo North, we pre-ordered all the equipment and so that equipment is making its way over or being manufactured as we speak. The engineering again was at a very high level, and we've got a little bit of contingency there, but we're not seeing anything at the moment that's overly worrying us. They are apart from what Dean said in terms of potential delays and the offset nature of the three business. But all in all, because the engineering is so well progressed, I think we've got a high degree of confidence. Josh Wolfson: Thank you very much. Tom Palmer: Thanks, Josh. Operator: The next question comes from Tanya Jakusconek of Scotiabank. Please go ahead. Tanya Jakusconek: Good morning, everyone. Thank you so much for taking my questions. Rob, can I just keep you on, again, just to clarify on Boddington, and Greg asked it, and I didn't know what that EU was either, but wanted to just make sure I understood that with the rain hopefully behind us, keeping the roads clear and clean, these automated trucks are performing as you expect, because they keep stopping. So I'm just wondering if we've taken out the issues than just stopping like we've cleaned it out with Caterpillar? Rob Atkinson: Yes, Tanya, in terms of the communication, those are things which we have found out, there's going to be time to time where you do get a communication issue for very general reasons and the system is built, but if there is a communication issue, things stop. We've certainly manage to do that very well, especially the deep mine, that there's some new techniques being done compared to the program. But in terms of the roads, the feedback that I have had from the Boddington team, that the roads are in better shape than they've ever been, and certainly, these trucks are able to pick up an awful lot of detail, whether it be rusting, whether it'd be rocks coming into the road, whether it be wash-outs from burns, etc. So there is a huge amount of attention there and when I talk about road widths, the team has done an enormous amounts of work. But all in all, Tanya, that certainly, we are in good shape, the roads are in good shape, the technology is in good shape. The only thing that it still see is it's still raining, and that's something we'll continue to manage. But on the plus side, the experience we're getting here sets us up very well for wet seasons in the future. Tom Palmer: So just building on that, Tanya, the fleet is performing at record levels or required levels, even during a wet October at Boddington. We're about to enter into summer in Western Australia, and you don't see a cloud in the sky from about November through to March, April, so the system is tuned and well set up to have a very solid run over the next six months and beyond. Tanya Jakusconek: We're getting better grades on top of that, right? Tom Palmer: Yes, we're sitting right on top of the higher grades in the South [Indiscernible] at Boddington. Tanya Jakusconek: Maybe just still in Australia. Rob, on Tanami expansion, like you mentioned, that deferral of $150 million in capital and it has not impacted the timeline. Can you just share with us or more details on what exactly is being deferred? Should I take that $150 million and add it to the 2020 capital? Which I think Tom mentioned was going to be similar, like no change to CapEx for 2022. So maybe just some clarity there. Rob Atkinson: In terms of the CapEx, Tanya, it's going to be spread over '22 and '23. It's not all going to come in '22, and in terms of the key work, it really is around completing the reaming and starting to outfit the shafts. So in terms of the schedule of that work, it's still very much on track. That capital will be spread over the next couple of years rather than just next year. Tom Palmer: Tanya, to this broader question, our development capital spend will be similar levels to what we're currently guiding to '22 and '23, and what you'll see into '24 is a little bit of that, a little bit more capital in '24 as a consequence of the three key projects sitting on top of each other, there's a delay in Yanacocha Sulfides. So similar spend levels, a little bit more in 24. Tanya Jakusconek: Okay. Great, that's helpful, and then, Tom, I'll have you on, just two questions for you. You mentioned supply chain disruptions. I'd like to get better clarity on what you're seeing, and that's the first question. The second question is, as we are seeing these inflationary pressures come through the cost structures, are we looking at you adjusting gold prices for your reserves and resources next year? Also, given the higher gold price, can we see you have a higher gold price for guidance for cost for next year? Tom Palmer: Thanks Tanya. We will continue to try and do a long-term mine planning reserve and resources at $1200. That maintains a discipline in our strategic mine planning and ensuring that we're then making very conscious decisions if we want to try and cut off grades to bring certain [Indiscernible] . Strategic mine planning and acquisition of reserves or resources now change to the $1200, and yes, we will provide you cost guidance next year, at the $1800 gold price assumption, and as in the script, our all-in sustaining costs next year, assuming gold is at $1,800 is going to be pretty much the same number that you're seeing for this year as we start to pull together our plan. There's still a few moving parts. Nevada Gold Mines due to come in, but everything is direction according to similar levels to this year at $1,800 gold price. Drivers become more cost than production drivers as they have been for this year. Our gold production is sitting up around 5% more than this year. So if you want to put a pin on that number, it's probably going to be around 6.2 million ounces for next year. We will continue to provide a view of all-in sustaining cost at $1,200 gold revenue price. So we'll continue to provide that as a reference point in our guidance, but we will give you the $1,800, we'll assume $1,800 flat for the five years that we guide to and show you that cost profile. Dean or Mike, if you just to talk to Tanya's first part of the question around supply chain disruption and what we're seeing there. Dean Gehring: Sure, Tom, thanks. Tanya, the main place that we're seeing this supply chain disruption is really on the logistics, the freight or shipping and what's driving that is availability on inland shipping and freight, it's just the availability of truck drivers. We're seeing that the manufacturers, the factories just kind of work their way through COVID. They're getting back up to production. But the market consensus is that we're still going to see this persistent pressure through the end of the year, largely driven by the availability of people to move the products around. Tanya Jakusconek: Okay. Thank you for that. Thanks, Tom, I just wanted to make sure those costs were at $1,800 and not at $1,200, and then I have to adjust upwards. So thanks for the clarity. Tom Palmer: Thanks, Tanya. Operator, for the people on the call, we'll keep going and take everyone's questions. If we've got the time available, we'll stay on the call as long as need be to answer questions. So operator, we're ready for the next one. Operator: The next question comes from Anita Soni of CIBC World Markets. Please go ahead. Anita Soni: Hi. So a couple of questions still remain. You said that the cash costs around $790 million and your prior guidance was $650 million to $750 million, right? Now you're saying, 6.2% as the production number. So you're kind of at the low end of your original guidance range on production. So I just want to build back that 5% escalation and how much additionally on the price change? Then just seeing it that gets you to that $790 million. So could you tell me how much the royalties would impact the terms in the gold price first? Tom Palmer: So, Anita, just to make sure I've understood your question. So you're talking about 2022? Anita Soni: Yes. I'm talking about 2022, and I'm just saying, I'm basically looking at the fact that you're talking about 5% escalation. I mean, that's what you keep coming on the cost side. But the midpoint of the old range, would have said, that's about $35 an ounce. So I guess we're not at the midpoint because we're not on midpoint on production. So I'd be at the higher end on that, and then just trying to build back the difference to try to get to the $790 million if there's some missing components that I don't have in getting to $790 million? Tom Palmer: So you've got production impact, you've got an inflation impact of about 5%, and then you've got your taxes, production taxes and royalties. The combination of those three will bridge the gap between our $1,200 to our $1,800 number in 2022. Anita Soni: Is the royalty impact about $15 to $20 per ounce? Tom Palmer: No, more. At least 30. Anita Soni: Okay. $30 per ounce, and then the $115 million Tanami deferral, you maintain the $2 to $2.2 million for 2022. I would've expected that, I guess, to go up if you're deferring to Tanami CapEx? Or is it just a matter that the net is being pushed out consistently, so the 2022 spend related to Tanami is being pushed into 2023 and perhaps some into 2024. Is that the way it works or is there some offset? Tom Palmer: No, it's essentially that wave moving for Tanami from '21 into '22 and what's in '22 moving to '23, and then if you look at our overall development capital number, there's some Ahafo North numbers that we assumed in '21 but move into '22 and then pushes out into '23 and '24. Then Yanacocha Sulfides has a similar [Indiscernible] , it's a combination of the three with that spend moving around that ends up with some more issues when we guided, you'll see some more development capital in '24, but similar rates for the Newmont portfolio in '22 and '23. Anita Soni: The new guide in December, it will continue to not include the Yanacocha Sulfides spend, because it hasn't really gotten full funds decision? Tom Palmer: So the Yanacocha Sulfides spend is included in our current guidance. Yanacocha Sulfides spend with a delay in full funds approval to the second half of the year will be in our updated guidance in early December. The nature of the timing of that project is that when you look at a five-year view of our production, you're only going to see a very small number of the gold and copper coming into our production profile. We really get the benefit of that gold and copper at good prices in '27, '28, and beyond. So we're going to see the spend, but we're not going to see the benefit in our five-year guidance. Anita Soni: So just to reiterate, the intense capital spend that you have in the next two years include Yanacocha Sulfides spend, the $2 billion number for the next few years? Tom Palmer: Yes. Yes, it does. Anita Soni: Okay. All right. Thank you. Sorry, and actually, probably to the point, the fall off in 2024, that also includes Yanacocha Sulfides spend? Tom Palmer: Yes, that's right. So what you are seeing in our development capital spend over the five years in our current guidance includes the big ticket items of Tanami 2, Ahafo North, and Yanacocha Sulfides. Anita Soni: Okay. Thank you. Tom Palmer: Thanks, Anita. Operator: The next question comes from Brian MacArthur of Raymond James. Please go ahead. Brian MacArthur: Hi, good morning. I think you just answered my question there, but one other thing I just wanted to follow-up on is Conga. So I have three questions. What triggered this to do this now where there's anything to do with changing government or anything? Second, total book value of $570 million for $68 million, and you talked about equipment and assets. So I assume $68 million is equipment and assets is something else. But any clarity on this? I'm just trying to figure out what's in there. Then three, there's still $900 million on the books. Is there stuff there that you can use in Yanacocha Sulfides, other equipment, or stuff? I'm just trying to figure out exactly what that transaction is. Tom Palmer: Thanks, Brian, and I'll take your first and third, and I'll ask Nancy to talk to the book value. So the $900 million that's there is the deposit, it's the reserves, value of that, and then we constructed a quite significant dam. So that infrastructure is still there and valued. Of course, we had a mine there once upon a time, so we know the orebody. We're going to build a mine there once upon a time to know the orebody very well. [Indiscernible] for care and maintenance to keep the mill and all its bits and pieces in good condition. It's a very large mill. In fact, at the time, it was the largest mill in the world, and so it's quite unique in terms of who would buy that piece of equipment and use it. So when we had an approach from somebody to buy that equipment because they had a place to sell it, then, you take the opportunity to sell that mill. So the timing really came from someone coming to knock on our door to say, we're interested in taking that mill off your hands. We saved the care and maintenance costs and in any future development of Conga, which is still some time off. The flow sheet will be very, very different. It wouldn't involve a flow sheet with a very large mill. So the trigger was an approach by somebody who's prepared to take quite a unique piece of equipment and for us to get some money for it. Nancy, do you want to talk to the book value question? Nancy Buese: Yes. The carrying value really just represents what was on the book minus depreciation over the period of time that we've held it, and so the loss just triggered by the actual sale, but truly nothing more than that. It's been there for quite some time. Brian MacArthur: Great. Thank you very much. Tom Palmer: Thanks, Brian. Operator: The next question comes from Danielle Chigumira of Bernstein. Please go ahead. Danielle Chigumira: Good morning, and thanks for taking my question. Another follow-up on the Tanami expansion. I just wanted to get some clarity on the fact that we've delayed $150 million of CapEx, but kept the overall CapEx budget flat versus the previous guidance. So what gives you confidence that the overall budget won't inflate, given the tightness that we're seeing in the labor markets and so on? That's the first question. Tom Palmer: Thanks, Danielle, and I'll kick off and pass across to Rob. The nature of where we're at with the Tanami expansion project having largely well about 70% sunk the shaft now, you're really in a very serial process with a dedicated contractor to then line that shaft. So I'd say it's just a serious process that takes quite a number of months to concrete line the wall of the shaft and put the various supporting infrastructure around it. So we're very clear, given the amount of progress we've made on the pathway in front of us, and we've got the best contractor in the business mobilized to site to do that work, and because we've got that clarity in terms of your contracted clarity in terms of the amount of work we've done on the schedule in front of us, we have confidence around both our schedule and spend. But Rob, do you want to put a little bit of color on that? Rob Atkinson: In this building a little bit more on that, Danielle, Tanami 2, you will see in the presentation the picture of a head frame and that's come along well. The refrigeration has progressed well. We finished the crusher chamber on the ground. The power station extension has continued, the box cuts have been done. So as Tom said, we haven't got anything to start, and really, it is making sure that we maintain and keep hold of the expertise that we need to do the reaming and to do that shaft lining. Those are the key thing. Tom Palmer: Danielle, the risk then with that nature of work in front of you is being able to get people to the mine site to do the work, and as vaccination rates in Australia are now up in the mid-70% and very much on a trajectory to earlier the new year to be 90+% across the whole of the country. Some of the challenges of being able to move people around the country through the state boarders will drop away in the first quarter, and we'll have a clear run through to be able to have basically the [Indiscernible] on-site to do the work. Danielle Chigumira: Thank you. That's very useful, and on a completely different track. For Penasquito, have you seen any impact of the new labor law introduced in September in terms of limiting use of contractors, does that impact you at all? Tom Palmer: None whatsoever, Danielle, and we fully comply with those legal requirements, but no impact, in fact, Penasquito is running superb. It's really hitting its strengths. Danielle Chigumira: Thank you. That's useful. Tom Palmer: Thanks, Danielle. Operator: The next question comes from Adam Josephson of KeyBanc. Please go ahead. Adam Josephson: Good morning, everyone. Thanks very much for taking my questions. I appreciate you doing so. Tom, on your production comments for next year, given what you've experienced this year, what gives you confidence in that 5% growth forecast for next year, and along somewhat similar lines, how do you feel about the 2023 outlook that you gave last December in light of what you've seen thus far this year? Tom Palmer: Thanks, Adam. Very confident in the number that we're looking at for next year. I look at that number and we have a number of world-class assets that make up that production number. So in Australia, Boddington and Tanami are important contributors. Australia is just about through the worst of all the constraints they've had around COVID restrictions, hot label market, so it's more cost issue, a autonomous haul had just in running at Boddington, which is the largest area for labor at Boddington. If you didn't have autonomous all trucks, we've just mitigated that area with that fleet. So that production number underpinned by those two big assets in Australia, very confident. Ahafo South in Ghana, underground mining method coming on stream as we speak. It's set up for a very solid year, very much rolling out the vaccines now in Ghana, as I mentioned in my comments, 100,000 vaccines that we're looking to distribute not only to our workforce, but their families and the communities in which we live and work. Penasquito, as I just mentioned into Danielle's question, it is really hitting its straps and running well. That is the engine room of Newmont, and then Nevada Gold Mines, Carlin, Cortez and Turquoise Ridge, fully expect that those three big world-class assets, along with Pueblo Viejo, will continue to deliver on their commitments. A little color on Pueblo Viejo. We had a few of our team down there in the last couple of weeks. Their vaccination rates are essentially 100%. So the ability for that operation, the Dominican Republic to continue to run and run well. So Newmont will deliver on its production outlook. If those assets that I mentioned deliver on their commitments, and I'm confident that those assets will. In terms to 2023, you will have an impact. COVID is going to be with us for awhile. So you will have an impact where we've had a couple of years where you haven't been able to do the development rates that you would have ideally liked to as you're managing health and safety and all the other controls. So that will have a flow on impact through 2022 and 2023, as well as some of the delays on our development capital spend, and we need to get some of the ounces flowing through from those projects. So I think you'll see a COVID-related impact on '22 and '23. So it's fairly flat, and then you'll get some benefits coming more in the '24 and '25. So a little bit of delay as a result of both COVID. COVID impacts both operating and what you're doing to develop in your mines, as well as your development in key growth capital spend. Adam Josephson: I appreciate that. On the inflation topic, you said, I think on the last call that you expected that the inflation of the 5-ish percent to run through at least the end of next year. I'm just wondering, based on your experience in previous cycles, how long have these inflation cycles typically lasted? What do you expect? I mean, at what point consequently would you expect this inflation is start to abate? Is it just a situation of high prices of a cure for high prices and eventually, these high prices are going to choke off some economic growth? Or how are you thinking along those lines? Tom Palmer: Thanks, Adam. I think the world is in uncharted territory in terms of these inflation. So I don't believe it's structural. I believe it will be cyclical, but I think it will be a longer cycle than normal, and COVID is going to dictate that cycle. So certainly seeing all the indicators or so we're going to have elevated pricing, and that's going to be with us through 2022. I'd say too early to predict to see whether that cycle then comes down again in '23 or stays there. We'll put a lot of attention into our 2022 cost guidance to include inflation, and then typically, we don't tend to try and predict that far out into the future with our cost numbers. So we would talk to our '23 and beyond numbers and not fully having accommodated inflation, we'll just do it the next year. It's very hard to predict that. Adam Josephson: I really appreciate that, Tom. Thank you. Tom Palmer: Thanks, Adam. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Tom Palmer: Thank you, operator, and thank you, everyone, for joining us, and please, as the world is starting to open up, please take care of your health and safety and the safety of your loved ones, particularly as we enter into the winter months in the Northern Hemisphere. But thank you for your time, everyone. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: Good morning, and welcome to Newmont's Second Quarter 2021 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Eric Colby, Vice President of Investor Relations and Communications. Please go ahead. Eric Colby: Good morning, and thank you for joining Newmont’s second quarter 2021 earnings call. Today, we have Tom Palmer, Rob Atkinson, and Nancy Buese. They will be available to answer questions at the end of the call, along with other members of our executive team. Please note our cautionary statement on Slide 2 and refer to our SEC filings, which can be found on our website. I’ll now turn it over to Tom on Slide 3. Tom Palmer: Thanks, Eric. Good morning, and thank you all for joining our call. In May, Newmont celebrated its 100th birthday, marking a major milestone in our company's long history of creating value and improving lives through sustainable and responsible mining. And while our organization has certainly evolved our strategy remains clear. We are focused on delivering value to all of our stakeholders from our world-class portfolio of long life responsibly managed assets located in the best gold mining jurisdictions. Turning to Slide 4 for a summary of our quarterly performance. During the second quarter, Newmont produced 1.45 million ounces of gold and over 300,000 gold equivalent ounces from copper, silver, lead and zinc as we build momentum for a strong second half of the year. We generated operating cash flow of nearly $1 billion and free cash flow of $578 million, of which 97% is attributable to Newmont. In May, we completed the acquisition of GT Gold, consolidating our position in the highly perspective Golden Triangle District of British Columbia. And last week, we announced the approval of Ahafo North project, expanding our existing footprint in Ghana and adding more than 3 million ounces of gold production over a 13-year mine life. This project is expected to deliver an internal rate of return of over 30% at current gold prices and offers exciting exploration opportunities throughout the land package. Supported by our leading portfolio of operations and projects, we continue to apply a disciplined approach to our capital allocation priorities. Even after the redemption of our 2021 senior notes in April and the completion of the GT Gold acquisition, we have $7.6 billion in total liquidity. We have sustained a net debt-to-EBITDA ratio of 0.2 times, maintaining our financial flexibility whilst we continue to reinvest in our business and return cash to our shareholders. Yesterday, we declared a second quarter dividend of $0.55, maintaining an industry-leading dividend yield of over 3.5%. Set within our established framework, our second quarter dividend demonstrates our confidence in the strength of both our portfolio and our operating model to generate sustainable long-term value. In June, we published two important ESG focused reports that touch every part of our business and operations. The first was our 17th Annual Sustainability Report, which continues to provide a transparent and detailed look at our ESG performance, focusing on the issues and metrics that matter most to our stakeholders. The second was our first climate strategy report, which focuses on our approach to achieving our science-based climate targets and aligns with reporting guidelines from the task force on climate-related financial disclosures. These reports outline the key sustainability strategies that are embedded in our business and our culture at Newmont. Turning to Slide 5. Newmont is broadly recognized for our robust and disciplined practices when it comes to sustainability reporting, both within our sector and among all corporate reporters. And our long history of taking a leading approach to environmental, social and governance practices has positioned us as the gold sectors recognized sustainability leader. Newmont's strong ESG performance creates long-term value for our stakeholders and drives superior business results through delivering safer, more efficient and reliable operations, greater productivity from well managed resources, the ability to operate effectively in a broad range of jurisdictions, a proactive approach to managing risks and emerging issues and most importantly a reputation built on trust-based relationships and a track record of delivering on our commitments. Earlier this month, we hosted a webcast to provide an overview of our ESG journey. What we have done well, where we have learned lessons and our plans for continued improvement. If you weren’t able to join us, I would invite you to listen to the replay, which is posted on our website. Turning now to Slide 6. Newmont is the world's leading gold producer, with an unmatched portfolio of world-class long-life operations. Among our 12 operating mines and two joint ventures, we have nine world-class assets, each of which delivers more than 500,000 gold equivalent ounces per year at all-in sustaining costs of less than $900 per ounce and with a mine life exceeding 10 years. And we believe that way we choose to operate matters. It is important to note that all of our world-class assets are located in top-tier jurisdictions that we define as countries classified in the A and B rankings ranges, but each of Moody's, S&P and Fitch. Newmont has the best portfolio of assets located in the most favorable gold mining jurisdictions. That, when coupled with the quality of our people and our integrated operating model, positions us to generate sustainable returns for decades to come. Turning to Slide 7. Our portfolio produced steady gold production of more than 6 million ounces per year through until at least 2030, balanced across each of our four regions. This profile is further enhanced by the production of more than 1 million gold equivalent ounces from silver, lead and zinc at Penasquito and copper at Boddington and Yanacocha. Combined, we will deliver nearly 8 million gold equivalent ounces per year for the next decade, the most of any company in our industry. Moving to Slide 8. Our project pipeline is unmatched in the gold industry and is one of the best in the mining industry. There is significant value to unlock as we optimize and advance our longer-term projects and lay the pathway to the steady production and cash flow well into the 2040s. We continued to advance our mid-term project, including Yanacocha Sulfides, where we’re preparing for a full funds approval in December of this year with a multi-decade mine life that provides exposure to gold, copper and silver. The sulfides project generates profitable production and offers additional upside to extend mine life at this cornerstone asset. We are also executing the second expansion project at Tanami through the development of a 1.6-kilometer deep production shaft and supporting infrastructure. This project supports the site's future at a long life and low-cost production and it also provides a platform for us to further explore a prolific mineral endowment in the Tanami district. And as mentioned previously we are pleased to announce that funding for the development of Ahafo North has been approved and this project has now advanced into the execution phase. Turning to the next slide for some details, earlier this month our Board of Directors approved full funding for the Ahafo North project. Expanding our existing footprint in Ghana and adding more than 3 million ounces of gold production over an initial 13-year mine life. Located approximately 30 kilometers north of our existing Ahafo South operations, the Ahafo North project will include four open pit mines and the construction of a standalone mill to produce approximately 300,000 ounces per year at very attractive all-in sustaining costs. The project is expected to deliver an internal rate of return of over 30% at current gold prices. Ahafo North is a significant gold mine by any measure. We have conducted extensive regulatory and community engagements including meetings with traditional leaders and local government agencies and public forums to ensure that we earn and maintain social acceptance throughout Ahafo North lifecycle. We will work to correct lasting value for host communities through enhanced local sourcing and hiring. One key aspect of Ahafo North is our workforce planning, which includes a target to achieve gender parity in the workforce when operations begin. We are very excited about progressing Ahafo North and look forward to bringing you updates as we develop this new mine over the next two years. Turning to Slide 10. The global pandemic has and will continue to challenge all of us for some time to come. And our commitment to protect the health and safety of their workforce and host communities remains our top priority. We believe that the COVID-19 vaccine is critical in combating the spread of the virus. We are encouraging our workforce to get vaccinated as soon as they become eligible and we are working with our local communities and host governments to improve availability and deployment at all of our managed operations. These efforts are supported by our Global Community Support Fund, which is seeking to help with vaccine rollout, vaccine education and awareness campaigns. We are seeing some of the highest vaccination rates in the United States and Canada largely due to the widespread and early availability in these countries. But until the vaccine is available to everyone around the world, our people and operations will continue to be affected by this virus. And recent outbreaks have shown just how difficult this pandemic continues to be, testing our protocols and the resilience of our people and systems. The impacts of the pandemic are also driving cost inflation around the globe. We are now expecting cost escalation of around 3% to 5% for materials, energy and labor. And we expect these pressures to continue through until at least the end of next year. We are currently working on our 2022 business plan, ensuring that the high cost of inflation and the application of a wide ranging controls and safety protocols are built into our assumptions going forward. However despite the impacts from COVID, we remain in line with our guidance ranges. As a reminder, our guidance ranges a plus or minus 5% percent from the midpoints we published in December 2020. We are on track to achieve the midpoint to low end for production and the midpoint to high input costs. Production remains back half weighted for the year with approximately 53% expected in the second half of the year. As a reminder, our cost guidance achieved a $1,200 gold price. At today's gold prices, you can expect an additional $20 to $30 per ounce for production taxes and royalties. As we look ahead towards the second half of this year, we will remain diligent in supporting the vaccination efforts that are so urgently needed around the world. And we encourage everyone to get their vaccine as soon as they are eligible, ensuring that we are all doing our part to end this global pandemic. And with that, I'll turn it over to Rob Atkinson for a more detailed look at our global projects and operations. Over to you, Rob. Rob Atkinson: Thanks Tom. Turning to Slide 12, I'll give an update on our regional performance starting with Africa, Akyem delivered another strong performance during the second quarter as higher ore grades from changes in sequencing largely offset lower tons mined due to challenges with shovel availability. The state is well-positioned to deliver solid production throughout the year expecting to reach its highest production during the fourth quarter. Ahafo continues to be a solid contributor delivering higher grade material from our underground operations to offset unplanned mail maintenance and power outages. At Subika we continued to progress the development of our new underground mining method, sublevel shrinkage and we expect to see steady increases in grade and underground ore tons mined in the second half of the year. In addition we expect to reach higher ore grades from the open pit operations in quarter three and four positioning Ahafo to deliver a strong finish to 2021. And after finalizing the permitting process with the Canadian EPA our board of directors approved full funding of the Ahafo North project earlier this month. Spending will ramp up in the second half of the year an all critical path equipment orders have been placed in support of initial construction activities to ensure a timely execution of the project. The development of this prolific ore body will leverage our proven operating model with the project and resulting Maine receiving functional and technical support from our existing world-class Ahafo sales operation as we create the next generation of mining in Ghana. Turning to Slide 13 Tanami delivered solid results in the second quarter as higher ore grades more than offset unplanned mill maintenance and longer haul distances from the bottom of the mine. In late June, we detected our first positive COVID case at Tanami. Working closely with government representatives and other key stakeholders, we rapidly made the decision to place the site and care and maintenance beginning on June the 26 to reduce the spread of the virus and protect the health of our workforce and communities right across Australia. I'd like to thank our team in Australia for the rapid response and courageous decision this, during such an extraordinary and dynamic set of circumstances. And I'm proud of the resilience and strength of our workforce as we continue to learn from and manage the impacts and consequences of this virus. Although our second quarter was largely unaffected, we are forecasting a 40,000 to 50,000 homes impact for the remainder of the year as a result of the care and maintenance period. We began ramping up out of care maintenance on July the 13th. And today Tanami mine is now operating at 90%. And despite the impacts from COVID, we continue to advance Tanami mine expansion too. During the second quarter, we progressed the hoist structure and our work on the mine shaft, remaining on track to deliver significant ounce, cost and efficiency improvements in the first half of 2024. Boddington achieved near record quarterly mill performance, reaching nearly 11 million tons process during the second quarter. And we continue to expand the use of the gold industry's first autonomous haul fleet. And today, we are operating 20 trucks in the south pit and we remain on track to deploy the entire fleet of 36 trucks by the end of quarter three. The efficiencies from autonomous haulage coupled with improved performance from the mill will continue to drive performance at Boddington. The improved mill performance helped to offset lower tons mined from ongoing shovel reliability and geotechnical challenges in the South Pit which has the potential to impact our ability to reach as much of the higher grades as we have planned in the second half of the year. Turning to Slide 14. Peñasquito delivered another consistent quarter as we continued to execute on our plan full potential enhancements, and the most recent improvements in metal recovery rates will continue to support planned delivery into the future. The work we've done to optimize Peñasquito since we acquired the site in 2019 demonstrates our ability to successfully operate and enhance value at large complex open pit mines. The site is well positioned to remain a strong performer throughout 2021 as we continued to realize higher than planned tons mined and improve recoveries from the pyrite leach plant. CC&V delivered lower tons mined due to unplanned fleet maintenance and the site continued to experience geochemistry challenges during the second quarter resulting in lower grades and recovery. Mill performance was offset by higher leach pad recoveries and grade improvements are expected during the second half of the year helping to partially overcome some of the challenges experienced in the first and second quarter. At Porcupine Mill an ongoing equipment maintenance has resulted in lower tons mined and processed during the quarter. As we look towards the second half of the year we expect underground development and grades will improve. And last month our full potential program identified 20 initiatives at Porcupine which will deliver efficiency improvements in the coming months. As mentioned previously we continue to closely monitor the impacts from COVID at Musselwhite. In April, we made the decision to temporarily suspend operations for five days to reduce the spread of the virus resulting in mill stoppages, reduced underground development and more personnel at site in late April and the early May. We expect that these challenges will persist in the second half of the year. And we are continuing our full potential work at Musselwhite focused on increasing development rates and driving productivity. Éléonore delivered another strong quarter as development rates and mill throughput continued to improve over the prior quarter and prior year, offsetting the impact of law personnel that say due to COVID. In addition the site continues to increase the use of teleremote mucking equipment which have helped to increase tons mined and drive important improvements to safety and efficiency. Éléonore will continue to be a solid contributor during 2021 as we expect to sustain consistent production from stable tons mined and process throughout the year. Turning to Slide 15. Despite heavy rainfall in the second quarter, Merian remains a strong performer in the South American region. The site continues to utilize an ore blending strategy to optimize mill performance. And during the second quarter, Merian delivered lower throughput as a site focused on processing harder, higher grade ore. In the second half of the year, Merian will continue to transition from softer satellite to harder raw resulting in higher production from improved grades and steady throughput. Cerro Negro continues to improve productivity and performance as the site continues to manage through the evolving pandemic. During the second quarter, Cerro Negro delivered higher ore grades and During the second quarter Cerro Negro delivered higher ore grades and despite reduced personnel from COVID the site continues to increase or tons mined and processed each quarter. Due to the pandemic Cerro Negro has delivered low development rates over the past year limiting access to higher grade ore in the late 2021 and into 2022. However the site is progressing future growth projects such as the development of San Marcos and the exploration in the Eastern District. Yanacocha has also experienced significant challenges due to the pandemic impacting productivity through the year. Yet despite the challenges from the virus Yanacocha delivered higher grades and recovery from the leach pads in addition to an increase in grade and Quecher Main golden pit. As we look towards the second half of the year Yanacocha will focus on optimal ore placement on the leach pads as the site just transition to which reach only operations ahead of the development of Yanacocha Sulfides. The Yanacocha Sulfides project has the potential to extend Yanacocha’s world-class operations well beyond 2040 adding profitable production from one of the largest and most prolific gold districts in South America for decades to come. And despite potential impacts from the elections in Peru and the impacts of COVID the project is progressing well. The team is focused on critical path activities such as advanced engineering and procurement as we prepare for full funds approval in December of this year. And with that I'll hand it over to Nancy on Slide 16. Nancy Buese: Thanks Rob. Turning to Slide 17 for the financial highlights Newmont delivered strong performance in the second quarter with over $3 billion in revenue an increase of $700 million with over $3 billion in revenue an increase of $700 million from the prior year quarter driven by higher sales volumes in metal prices. Adjusted net income of $670 million or $0.83 per diluted share. Adjusted EBITDA of nearly $1.6 billion, an increase of over 60% from the prior year quarter and strong free cash flow of $578 million, also an increase of about 50% from Q2 of 2020. Yesterday we declared a regular quarterly dividend of $0.55 per share, an increase of $0.30 or a 120% over the prior year quarter. With a yield of over 3.5% at our current share price Newmont is among the top 10% of the S&P’s large cap dividend payers. Turning to Slide 18 to review of our adjusted earnings per share in more detail. Second quarter GAAP net income from continuing operations was $640 million or $0.80 per share. Adjustments included $0.03 related to the unrealized mark-to-market gains on equity investments, $0.02 related to reclamation and remediation adjustments at historical mining sites, $0.02 related to tax adjustments and valuation allowance and $0.02 of other charges. Taking these adjustments into account we've reported second quarter adjusted net income of $0.83 per diluted share an increase of almost a 160% or $0.51 over the prior year quarter. As a reminder due to our status as a US GAAP filer our adjustments to net income do not include $19 million of incremental costs incurred this quarter as a result of the COVID pandemic. Adjusting for these costs would have resulted an approximately $0.02 of additional net income per share in the second quarter and we expect these costs to continue throughout the year as we prioritize the health and safety of our workforce and local communities. Turning now to Slide 19, under our conservative $1,200 gold price assumption Newmont expects to generate $3.5 billion of attributable free cash flow over a five year period. In addition, for every $100 increase in gold prices above our base assumption Newmont delivers $400 million of incremental attributable free cash flow per year. Newmont is the only company in the gold mining industry with the ability to generate these levels of attributable free cash flow, allowing us to balance steady reinvestment in the business, continued to strengthen our balance sheet and also provide superior shareholder returns to our industry leading dividend framework and opportunistic share buybacks. Turning to Slide 20 for more about our dividend. Our dividend framework provides shareholders with a stable base annualized dividend of $1 per share at a $1,200 gold price along with the potential to receive 40% to 60% of the incremental attributable free cash flow generated at gold prices above our plan. We will continue to review our dividend each quarter with management and our board evaluating our operational and financial performance and outlook semiannually to give us maximum flexibility in determining our dividend within the framework. The dividend declared yesterday was consistent with our first quarter dividend calibrated at an $1,800 gold price assumption and a 40% distribution of incremental free cash flow. Our second quarter dividend demonstrates our confidence in our future outlook and our ability to maintain capital discipline. Turning to Slide 21. We continue to drive the business with our clear capital allocation priorities which include reinvesting in our business through disciplined investments in exploration and organic growth projects, maintaining our financial strength and flexibility and returning cash to shareholders. During the second quarter, we delivered on each of these priorities by progressing our profitable reinvestment in the business particularly with the execution of the Tanami Expansion, the approval of Ahafo North and the advancement of Yanacocha Sulfides, investing in exploration with 55 drill rigs working around the globe, completing the GT Gold transaction in May of this year, maintaining our industry-leading dividend established within our framework to provide stable and predictable returns, repurchasing 2.4 million shares translating to approximately $150 million of $1 billion share buyback program and maintaining a strong balance sheet with a net-debt-to-EBITDA ratio of 0.2 times, giving us the flexibility to reduce our debt outstanding by $550 million with available cash and still maintain cash balances of $4.6 billion at the end of the quarter. We are confident in our ability to continue delivering strong results and free cash flow to maintain our disciplined approach to capital allocation. The progress we made in the first and second quarter enabled Newmont to return over $1 billion to shareholders in the first half of this year while we continue to reinvest in our business and support our operations with a strong and flexible balance sheet. With that, I'll hand it back to Tom on Slide 22. Tom Palmer: Thanks, Nancy and I'll wrap it up on Slide 23. I'm privileged to lead an organization with a proven track record and a long history of value creation. Capitalizing on the strength of our people, assets and integrated operating model Newmont is well positioned to lead the industry with our commitment to create value and improve lives through sustainable and responsible mining. As our company moves into its next 100 years, we remain focused on delivering value to all of our stakeholders from our world-class portfolio of long-life responsibly managed assets, located in top tier jurisdictions. With that, I'll turn it over to the operator to open the line for questions. Operator: We will now begin the question-and-answer session. [Operator Instructions] And our first question comes from Tyler Langton of JPMorgan. Please go ahead. Tyler Langton: Yeah, thanks. And good morning sort of Tom, Robin, Nancy. Just I guess I had a question on COVID and I know it's probably tough to calculate, but do you have a sense sort of the impact from COVID restrictions on production in Q2? And then just as you look out to the second half, I mean, Rob, you mentioned the impact at Tanami. But are there any other sort of operations just as sort of the Delta variant spreads that you're kind of sort of particularly sort of watching for risks to production? Tom Palmer: Yes. Thanks, Tyler. I’ll pass it across to Rob that we are certainly continuing to manage the virus across just about every one of our locations. But Rob, maybe you give a bit of color as you flip around the globe. Rob Atkinson: Yes. Thanks, Tyler. And if I kind of start off in Australia that obviously the Tanami mine that we had that first positive case and you get two weeks completely shut down. And it takes a little while to ramp up. And Tanami mine has no backup but about 90%. So, it's two weeks plus a few days. But the biggest worry we've got in Australia is that each one of the states and territories have got different rules and regulations and they're not necessarily allowing free travel between the states and the quarantining. And we've obviously got people that work at the different states. So that's a risk moving forward that we're carefully watching and carefully managing in Australia. But really in terms of the biggest area, which we're still worried about to South America is that by far and away that's where we've had the biggest impacts certainly set in agro. We've had several key outbreaks and we've had to shut down several times in the second quarter. But vaccines are starting to get through there and building up in similar Yanacocha that vaccines are coming through. But it's the absenteeism, Tyler, which is the biggest unpredictable thing that you can sometimes have shovel operators away, you can have mill operators away and that causes the biggest challenge. But certainly, with the vaccines in that part of the world that's certainly very positive for us. In terms of Canada, I mentioned about muscle weight that we had that week in April and May where we had to go into care and maintenance, so that that had a significant impact. But again, as each one of the Canadian stays, their level of absenteeism has sometimes been three or four times higher than what we’ve typically had. And that really impacts the development, et cetera. And the key thing that I want to get across is it that the saints are actually managing the situation very, very well. But it is the unpredictability of the virus. And that's the challenge we've got. But with the vaccines coming on, we're certainly very hopeful that will reduce. But it's a very difficult question to actually put your finger on. Tom Palmer: Tyler, if I build upon that, we will continue to make decisions that put the health and safety of our workforce and local communities front and center. And that kind of my example, it was midnight on a Friday night that positive case came through within two hours that team had made the decision to put their operation in the care and maintenance, have 750 people back in their rooms quarantined and everything safely buttoned up at the mine site and had notified 900 people who had flown home in the previous 48 hours to ensure that they were going into home quarantine and doing the appropriate testing. And we will continue to make those decisions and courageous decisions to ensure health and safety about all else. As we look around how we're managing these impacts with a portfolio of our size with the strength we have of a balanced portfolio around the globe, we believe that we can continue to accommodate these pandemic impacts within the guidance that we provided. Tyler Langton: All right. That's very helpful. And then just switching to Ahafo North and I know there was just a slight increase in the CapEx with the full funds decision versus the previous guidance. And I’m just trying to get a sense that the current CapEx guide is sort of what level of input cost does that assume? Is it sort of more recent prices for things like user materials and energy? And I guess the same question also for the cost or are you assuming kind of more sort of average prices over the past several years just trying to get a sense sort of the impact that sort of current inflationary trends could potentially have on the CapEx and operating cost here? Tom Palmer: Yes. Thanks, Tyler. We certainly and that the slight bump in the capital cost from what we've been guarding previously was looking at current prices and looking at COVID impacts. And we've already placed orders on a number of critical path items, which is really locking up pricing and schedule. And we're doing some of that the Yanacocha Sulfides as well to ensure that we can manage by schedule and cost. So there’s COVID impacts, but also we've already done some work to locking contracts and pricing. So it takes into account on a capital cost of the considerations around current inflation pressures in COVID. And from an operating sense to a couple of years out before that operation comes online, we do expect these inflationary pressures to be cyclical and may well be thrown out the other side of that cycle by the time Ahafo North is up and running and producing. Tyler Langton: Great. That makes sense. That’s it for me. Thanks so much. Tom Palmer: Thanks, Tyler. Operator: The next question comes from Fahad Tariq of Credit Suisse. Please go ahead. Fahad Tariq: Hi, good morning. Just building on the last question about the COVID impacts. Maybe just remind us where some of the production offsets are coming in the second half of the year? By that I mean, which operations are expected to kind of make up for some of these COVID issues predominantly in South America and Australia? Thanks. Tom Palmer: Thanks, Fahad, and good morning. The - it’s our needle moving sites really drive here our portfolio movements on a hockey-to-hockey basis. So Peñasquito is pretty flat, it’s having a very solid year, but it's pretty consistent half-on-half, quarter-on-quarter. Boddington, we are - and I was down at Boddington about three weeks ago, watching autonomous haulage in action and spending some time in the south pit and so if I lay back just looking at our work to move down into the high-grade ore. So we are moving into the high-grade ore in the latter part of this year. And Rob talked a bit about the importance of managing some of the geotechnical challenges and some of the equipment reliability challenges are really important. We had that discipline and focus to get to that high-grade ore. So Boddington is a great contributor. Tanami has got some high grade in the latter part of the year. And so I’m very pleased that we're able to navigate through that positive case back up and running very smoothly. And we'll enter into some high grade starts at Tanami in the latter part of the year. And the other one is Ahafo. We've got a stronger second half in Ahafo as we get – certainly, it’s the underground, Subika underground sublevel shrinkage comes on, but also as we get into some high grade ore out of the open pit. So flat for Peñasquito, stronger second half for Boddington and Ahafo and they are the operations that moved the needle. Fahad Tariq: Okay, that's really clear. Thanks. And my only other question just on the Yanacocha Sulfides as you work towards the full funds decision if there was a situation where your joint venture partner was unable to contribute as much to the funding because of balance sheet issues, et cetera. Would there be appetite from Newmont to maybe consider buying out a larger stake of the project? Thanks. Tom Palmer: We're very excited about Yanacocha Sulfides, we're very excited about the long life potential of sulfide so sulfide project is built off and the economics have built off the first wave, what we call the first wave which is another live at Yanacocha and third a pit chucky culture underground but there is a second wave and the third wave and the fourth wave of sulfides ore that come after you've installed that processing infrastructure. It's a story that will play out like Carlin did for Newmont from the early to mid-90s and over the last 25, 30 years. So we're very excited about the potential of Yanacocha. We see Yanacocha as a cornerstone asset and a key district that we want to be in for a very long time and its gold and copper which we're very excited about. So we see opportunity when we think about M&A activity we look at where we can consolidate in districts like we did with GT Gold in the Golden Triangle over the earlier part of this year. And certainly if we could consolidate our position at an upgrading asset in a prolific district in around Yanacocha that opportunity presented and we could pick up more of that asset forfeiture value we would be interested. Operator: The next question comes from Josh Wolfson of RBC. Please go ahead. Tom Palmer: Josh we can't hear you. You must be on mute or something. Operator it looks like we might have a connection issue with Josh. Operator: Yes, we will move on to Greg Barnes of TD Securities. Please go ahead. Greg Barnes: Tom I'm just trying to understand the Boddington commentary because Rob seemed to imply it you wouldn't get to get as this much high-grade in the second half as you just perhaps expected but you still expect production to be up strongly in the year and after the year. Trying to reconcile those two comments? Tom Palmer: Thanks Greg. So we're moving down into the higher grades in the south pit. So as you move into those higher grades you progressively start to build into higher, higher grades that are coming out of the south pit and obviously feeding into the middle. So you are going to see - we will see a trend of higher production in the second half as you do that. It's really going to be that mind sequence at how much of that high-grade you get by December 31 and how much tips over into January as we move through. So it's going to be a stronger second half because we're entering the high-grade area it's about how many weeks in the six months we get that high-grade material and how much is coming off a medium grade stockpile into a mill that is absolutely humming. So it’s - it will progressively increase and it's just how much that high-grade we can creep into 2021 versus tipping into 2022. And that's what we're very focused on in terms of making sure we stepped down those benches manage the bench hygiene to ensure that we're looking after geotechnical issues. And then we've had some reliability issues with a very large hydraulic shovel both engine issues and very large hydraulic oil pump issues that you wouldn't typically see in these machines. So working with the - and working very closely with the supplier that machine to make sure we get that reliability and maximize the amount of high-grade ore we get did in the second half. Greg Barnes: Okay. So there's going to be a little less production from Boddington in the second half of the year perhaps as you were previously expecting as well that's what I think I'm hearing? Tom Palmer: Potentially there's a risk that some tips into the early part of 2021. Greg Barnes: Yes. Tom Palmer: But we're - we’ve - we’re still at six months in front of us Greg so we're still very much focused on Newmont and making sure we manage that page turn over very, very carefully, you know that said, I was down there for a period of time about three weeks ago spending, I’ve spent a fair bit of time calming over that shovel. And in that pit with a mining team just understanding how they're working their way through that. Greg Barnes: And some of your comments about inflationary pressures in the second half of the year into 2022, I think that's a bit of a change from perhaps what you were saying at the beginning of the year where I don't think you're seeing much impact from those cost pressures, but now it does appear to be coming through. Where is it coming through from? Tom Palmer: Thanks, Greg. It is as we, as we sit, as we've been sitting there right in the middle of our business planning process now. So as we, as a global supply chain team then starts to look at some of those, those trends, we are seeing across, I mean 50% of our case is labor. And we are seeing both in Canada and Australia quite hot labor markets for mining. And so we are seeing that has been an uptick certainly, certainly in both those countries over the course of this year. And we expect to see that flow through at least all of next year. And then materials and energy make up the next 40% to 45%, so across labor materials and energy, you’ve got, you've got our cost base. And we are saying in terms of steel and fuel and oils as we pull together out, our plans work with us various suppliers that uptick and it bundled all together, aggregate it all together, we're seeing the order of about that 5%, or 5%. We're seeing it not structural. We are seeing it is cyclical. So what we are seeing that buying through and considering that that will play our, for at least all of 2022 and starting to factor that into our planning process. We've got our continuous improvement program full potential which is very mature but we are leaning in too hard to look for we can offset some of those headwinds. But we certainly are seeing that inflation trend. And of course it does set us up nicely for some pretty positive gold profit outlook as we're seeing that. But we're pulling together the detailed analysis for our business plan that we are seeing as trends flow through. Greg Barnes: Okay. So likely upward pressure on 2022 to cost guidance? Tom Palmer: That’s right, Greg. And as we see the midstream in our planning process, looking at about that around about that 5% aggregated number. Operator: The next question comes from Jackie Przybylowski of BMO Capital Markets. Please go ahead. Jackie Przybylowski: I guess I'll just to follow on Greg's question on inflation. So you’re kind of warning that you're expecting to see inflation on the operating cost side. And it sounds like maybe on the capital cost side too where things like steel. But your guidance is more or less unchanged I guess. It looks like there's a few areas at least in 2021 on both development and sustaining CapEx expense or we've actually seen it go down by a little bit. And it looks like also maybe in 2023 with development CapEx, so how should we be thinking about the guidance? Is this something that I mean did you have several wiggle room built into it that the inflation is just sort of filling in? Or is there any risk that we might see either your CapEx or your OpEx guidance go up by subsequent quarters by year-end? Thanks. Tom Palmer: Thanks, Jackie. So for 2021, we’re certainly seeing on the cost side somewhere between midpoint in the high-end so that high-end is plus-5%. So we’re high-end plus 5%. So, we're going to track some way within it, so we as we stated I am looking at some of those inflationary pressures, so that we can and will accommodate our costs this year. Within that, certainly as we look at 2022 and now and update our long-term guidance in December, we're certainly saying that cost pressure I was just talking with Greg about. And on the development capital side, we have built with the Tanami and we've built into the Ahafo North. Our understanding of where cost is and that's accommodated within the outlook we've given for both of those projects. We are continuing to de-risk Yanacocha Sulfides, where we're on critical path. We are getting - surely we get factory slots and prices for some different critical path items for instance oxygen plants and the like. So, we're making sure we're managing that process ahead of a full funds decision, so that when they come out with a hopefully full funds decision in December that what we've gone to is accommodating some of those capital cost inflationary pressures. And then on the development capital side as we guide outside left the inflationary pressures more the sequence of those projects as you've got a different COVID impacts. How is the spend profile looking for a half a north and Yanacocha Sulfides then a Tanami is more going to be the influence of our development capital number in 2022 versus 2023 versus 2024. Jackie Przybylowski: All right. That makes a lot of sense. Thank you. Thank you for clarifying that. Maybe I'll just follow-up with the point on Yanacocha Sulfides and Tom I know you've been asked this 100 times probably already, but with the changes improve, with the recent election and it looks like the formal signing into Castillo. Is there anything that you could see between now and December that would make you pause on sanctioning Yanacocha Sulfides or independent of the project itself? I'm talking more about the political or regulatory environment. Is there anything that would worry you or are you fairly confident that you'd be able to manage that in whatever environment you're in? Tom Palmer: Yes. Thanks, Jackie. It's certainly I think a very important step in the declaration of President, Castillo. Next step for us will be to see how he assembles his cabinet and then make - we know who we can engage with and understand that we're about to embark upon a couple of billion dollar investment in their country. I think it’s clear that they acknowledge the importance of mining to Peru's economy and a country that's probably the worst hit from the pandemic around the world. And so the opportunity to have an investment into the mining industry that's going to help the Peruvian economy, I'm optimistic that discussion will be well-received as we can start engaging with the new cabinet. We've been in Peru for 30 years. Yanacocha Sulfides will position us to be in Peru for at least another 30 or 40 years. So we are taking a very long-term view on this decision, but pleased to see that we've got our decision in the election, which will allow us then to start engaging over the next six months with some of those key leaders in government. Operator: The next question comes from Tanya Jakusconek of Scotiabank. Please go ahead. Tanya Jakusconek: Good morning, everyone, and thank you for taking my questions. Just maybe coming up to Rob or Tom, I just wanted to follow back on just wanted to follow back on to this inflation question, appreciate the 3% to 5% and you mentioned labor in Canada and Australia, I just want to dig deeper if there is any aspects of labor that you’re seeing a much higher I mean inflationary pressures on this underground miners, I’m just trying to understand if there is pockets of that that’s occurring that you’re seeing? Tom Palmer: Yes and good morning, Tanya. Thank you for the question. We are certainly seeing in Canada high demand for creek technical staff. A number of projects around the country and then say you starting to see that mobility of folks moving on to different opportunities. And we're seeing that that impact in terms of operators and maintainers for the mine, again in particularly when you got the fly in and fly out operations that that ease being able to switch from one plant to another. So we are seeing those pressures in a heating up market in Canada and very similar in Western Australia where you've got a very significant boom happening on the back of record iron ore prices, so very high demand both in the construction of the expansions to or as the expansions those iron ore mines to maintain throughput high demand for operators, maintainers and technical people. So professionals in an environment that Rob was talking about earlier where the state governments the provincial governments in Australia are constantly opening closing borders. And so there's a real push on to the employing out of the state, so that you've got that reliability you stop being within state. And we’re likely to have in Australia those interstate pressures or still some time to come given their slow take up of the vaccination, which is certainly they're paying the price full now with the delta strain of the virus. One of the things that we’re doing which is going to significantly offset the pressure on operators in particular is the implementation of autonomous haulage at Boddington. If you think about our fleet of 36 trucks across four ships and then the additional numbers of people you have to cover a ship breaks manually and those sorts of things. You're talking of the order of the 180 people that are no longer needed to drive trucks because they're running autonomously, and that takes some pressure out of the system in terms of labor pressure for operators and maintainers. But it's lots of projects in both of those countries and limited supply and by professionals and operators in maintenance. Robert do you have anything you could add? Rob Atkinson: I think the only thing that I would add Tom is Tanya that it also applies to contractors where maintenance shuts that there is such demand competing priorities. And as Tom said if you're trying to do a major shift in Western Australia and you're limited to contractors there sometimes you can't do all the work you need to. And as such you've got to do the fair work et cetera. And similar to what Tom said in Canada we've also seen exploration contractors also lift their prices as well. So those are definitely the two toughest in the autos markets. Tanya Jakusconek: And then maybe if I can get a bit of clarity on material energy. I understand but just some material are you just seeing it in steel is it cement is it cyanide? Maybe just a little bit more clarity exactly in the materials side? Tom Palmer: Yes it predominantly is steel that we're seeing it come through on the materials side. And what we'd also tuck-in underneath materials and when we think about that element of our so as particularly as we’ve got concentrate we're moving out of Peñasquito and Boddington. We are seeing freight costs increase so that will be the two materials areas that we're seeing that pressure. Tanya Jakusconek: And then just on two other assets that we didn't touch on or maybe well Boddington we did a little bit. Can you just remind me of what exactly the geo technical issue is in the pit? Tom Palmer: Rob do you want to pick that one up as we bring our benches down. Rob Atkinson: Yes. Tanya it's quite a seasonal issue there as well is with Australia. And that part of the world tends to get quite heavy rain. And when you've got heavy rain, there's always the risk to the walls where we stand off a little bit further. And that's something which we've been managing very, very carefully. So it's things as practical as that. And just for a piece of information this month of July has been some of the record rainfalls in Australia. So we've just had to stand off the walls a little bit further. And that causes a slight slowdown in the charts. Tom Palmer: And just making sure you're keeping a catch benches clear which is stepping down. So we’re starting to see because of some of that that weather I mean if you remember in that Boddington pit Tanya when you were there a few years ago, it’s quite a fractious material. So it's making sure you've got those places clean, you keeping your catch benches clean and making sure you've got that hygiene which is stepping down, so you’re not creating problems for yourself into the future because you're not looking after you've bench hygiene. Tanya Jakusconek: And then just on the Goldstrike Roaster. I don't know if Rob can share with us the impact of that roaster, portion of the roaster being down for Q3? What that would be as an impact to you like you gave us for Tanami? Tom Palmer: Sure. And Rob’s in regular, Rob and Greg would talk every week, for every couple of weeks. So it's the mill feeding the roster and it's the slippery on the mill that's had the fire and is being replaced. And Rob, you might give a bit of color and my understanding of the impact from an NGM perspective. Rob Atkinson: Yes. Certainly, Tanya. It’s obviously, it has been a major failure when down end of May. We're expecting it to come up sometime in September. What the team at NGM has been able to do is run a different type of feed there whether it's the high carbon materials to make sure that there's still material that were going through that particular mill. But in terms of the impact when we look at the roster and also some of the challenges that are occurring at Turquoise Ridge we're looking at for Newmont about 40,000 ounce impact. Tanya Jakusconek: Okay. That's helpful. Tom Palmer: Sorry Tanya. Tanya Jakusconek: That and Q3 for your share. Tom Palmer: For the second half - for rest of the year. Rob Atkinson: For the rest of the year. Tanya Jakusconek: Rest of the year. Okay and... Tom Palmer: Rob and I are also hitting up to across to Alcoa on Sunday's for our quarterly board meeting. So we'll get a chance to have a bit of a look-see as well. Tanya Jakusconek: And if I could just squeeze one more and just on the status of the illegal miners that are going on in Ghana maybe what's happening there? Tom Palmer: Yes, Rob or Steve. We’ve got Steve Gottesfeld here as well. So Rob or Steve why don't you take that one? Rob Atkinson: Okay. I'll kick off, Steve. And Tanya, one of the key things to see is it’s year-to-date, there has actually been quite a remarkable turnaround there in terms of actually onsite. The presence of the illegal miners on the site has been managed particularly well that the Guinean authorities are working closely with us to make sure that we're not only targeting the illegal miners, but also where the gold is getting processed is also getting sold. And the response from the Guinean authorities has been first class. At the same time, we've increased our intelligence, our monitoring, our response et cetera. So in many ways, the way in which we are managing, what we can manage on site is actually going quite well with a clear partnership with the Guinean authorities. There has obviously been some issues offsite and perhaps Steve if you want to just talk about that. Stephen Gottesfeld: Sure. So, I guess I would just add that as Rob is saying we obviously rely on the government authority to provide security as well as having our own security. As you know, we're committed to the voluntary principles on security and human rights. Those trainings are always ongoing. In this particular case, there were several dozen individuals who clearly were intent on conducting illegal mining activities and the government needed to engage in protective action. We have a robust ASM program. We focus on maximizing local hiring, local procurement and alternative livelihood work. We'll continue to do that, partner as closely as we can with the government and also the local stakeholders and traditional authorities who after all are the owners of the land. And we believe that the steps been taken will calm the situation now. But we're watching it very carefully. Operator: The next question comes from Anita Soni of CIBC World Markets. Please go ahead. Anita Soni: So, the question I guess is a, just a little bit more on the input cost or the inflationary pressures that you're seeing. So as I look at the guidance you said you would be midpoint to top end of the guidance range in the plus or minus 5% so far year-to-date you've hit the middle of that range. So is that could say the second half of the year could be on the plus 5% or higher from second half cost this year? Tom Palmer: Yes, one of the things to monitor without cost guidance as we guided $1,200 gold price. And so when you see our year-to-date actual costs they include production taxes and royalties of some $20 to $30 an ounce because we've been up at around $1,800. So it's factoring - it's factoring in that $20 to $30 assuming gold price stays at current levels will continue to flow through and our actual costs going forward. Anita Soni: Okay. I'm not sure if that made it better or worse. But let me think about that. The second question I guess would be around the moving to the second half of the year oh sorry moving into 2022 thinking about the guidance will be given on costs. So if I'm going to summarize all the commentary? I think you're basically saying development costs are encapsulated already in the two guides you've given for the two projects as they stand for Ahafo North and Tanami. And then secondly sustaining costs and operating costs you're seeing a 3% to 5% increase and that includes I guess all kinds of input and labor escalation. Does it include COVID impacts as well? Rob Atkinson: Yes, yes so we are - and we are building our plants now [native] but we are incorporating. We do expect those COVID protocols and costs to continue into next year. So we are building assumptions around those into our cost as we build our plant and that when I talk that 3% to 5% that's including any provisions we might for them. Anita Soni: Okay. And then as you mentioned then at $1,200 gold so, is there any thought to increasing that, that number for next year so that when we - look at this chart next year with those royalties that are captured with a higher gold price? Tom Palmer: We certainly, we’re certainly maintaining our discipline internally with our business plan to build at that $1,200 assumption to ensure we've got the robustness and that discipline in our culture. And we're debating at the moment how we think about providing our cost guidance and actually whether we maintain an assumption on a $1,200 revenue gold price or whether we were to, try to do some other numbers. So, we're considering that as we, as we pull together our numbers. Nancy, did you want to make a comment? Nancy Buese: Yes, Anita I would also add, we will continue to provide you with sensitivities around all the important drivers. So, even at a $1,200 gold price, you'll be able to articulate and make good assumptions about different gold prices and output. So, for example, the comment that Tom made on the taxes and royalties about that price is higher than $1,200. We will continue to guide clarity around those so you can get a better picture even at the $1,200 level. Operator: The next question comes from Mike Parkin of National Bank. Please go ahead. Mike Parkin: Thanks for taking my questions. I think Peru, there certainly seems to be a fair bit of issue not specific to Yanacocha, but to just the mining industry in general about kind of a lack of investment and flow of moneys earned back into local communities? Can you give us some color in terms of what your stakeholder engagement has been like with your local communities that are impacted by Yanacocha and what if anything you're kind of planning to do differently if you do go ahead with the full funds decision on the sulphide project? Tom Palmer: Thanks Mike, great question and I’ll pass it across to Steve Gottesfeld to give you some color in terms of some of the aspects of the work we're doing there. Stephen Gottesfeld: Thanks Tom, and thank you Mike for the question. Yes I think, as you know mining is a pillar and a core really a cornerstone for the Peruvian economy. And we've been there for well over three decades now. And our relationship with [Cajamarca] has really improved over the years. Obviously - Yanacocha is a huge presence in Cajamarca and our community has grown substantially over time. There have been challenges for sure with regard to delivery of value coming from the Central Government in the form of taxes as to where that money gets distributed. And over time they've with different administrations, you've seen more or less funds come back into the region. Obviously we value through extensive employment local hiring, local content. And I would say honestly that as hard hit as Peru and Cajamarca have been in this COVID pandemic environment our relationship has really strengthened during this period of time. In fact, we just had a vaccination clinic open up in our offices in Cajamarca and I believe it's the only mining company that's been able to do that in Peru to date. So our intention certainly is and has been to focus on the value provided to our stakeholders in Cajamarca our relationship not only with the many communities around our operation, but also with the regional government continues to strengthen. Our intention would be throughout this process to continue to work with them to find ways especially as we look at moving forward with sulfides in maximizing our value. Certainly we'd want to partner with the central government on determining how to best provide a return of those dollars back into the community and I'd also encourage you to take a look at our sustainability report on the programs that we have more broadly in Cajamarca and the efforts we've made in the economic contribution that's occurring. Mike Parkin: All right no thanks for that. And one other one just mentioning how freight is weighing on the inflation can you - are you seeing any major challenges with access to securing container availability. Reading a few reports out there saying that's becoming quite a challenge. Is that something that's impacting either the movement of concentrate or for supplies into sites or whatever color you can kind of provide would be appreciated? Tom Palmer: Thanks Mike. We're not seeing any impact on that perspective around freight. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks. Tom Palmer: Thank you, operator, and thank you all for joining us today. And please as this virus continues to play out stay safe and healthy and look after your families. Thanks everyone. Operator: The conference is now concluded. Thank you for attending today's presentation. And you may now disconnect.

Operator: Good morning, and welcome to Newmont's First Quarter 2021 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask question. Please note this event is being recorded. I would now like to turn the conference over to Eric Colby, Vice President of Investor Relations. Please go ahead. Eric Colby: Thank you, and good morning. Welcome to Newmont's First Quarter 2021 Earnings Call. Today on the call today we have Tom Palmer, President and Chief Executive Officer; Rob Atkinson, Chief Operating Officer; Nancy Buese, Chief Financial Officer. They will be available to answer questions at the end of the call along with other members of the executive team. Turning to Slide 2. Please take a moment to review the cautionary statement shown here and refer to our SEC filings, which can be found on our website. I'll turn it over to Tom on Slide 3. Tom Palmer: Thanks, Eric. Good morning, and thank you all for joining our call. Before we begin, I'd like to take a moment to acknowledge the 12 colleagues that we've lost to the COVID pandemic over this last year. For each death, we've mobilized investigation team and utilized the same methodology we do for other employee, who contract to fatalities. The intent of each investigation was to understand if any of that COVID controls require change and ensuring that we learn and share our findings globally. These losses have had a profound impact on the entire Newmont family. And it is with great humility that we're reminded that the safety and wellbeing of our workforce and health communities must come above all else. Turning to Slide 4, for a summary of our quarterly performance. The safety and sustainability framework is at the core of how we manage our business and I'm proud that Newmont continues to lead the industry with our ESG practices. In March, we delivered first for gold industry with production coming from an autonomous haul fleet. Our investment in autonomous haul trucks not only improves safety and productivity at Boddington. But also serves as a best case for replication at other operations and projects across the Newmont portfolio. We also entered into a $3 billion sustainability-linked revolving credit facility one of the first in the mining industry. By aligning our financial strategies and ESG performance we're holding ourselves accountable and demonstrating Newmont's unwavering commitment to leading the ESG practices. During the first quarter, our world class portfolio produced 1.5 million ounces of gold and 317,000 gold equivalent ounces from copper, silver, lead and zinc. In line with our full year outlook and positioning Newmont to deliver a stronger performance as expected in the second half of the year. We generated significant operating cash flow of $841 million and free cash flow of $442 million of which $438 million is attributable to Newmont. And in March, we announced the acquisition of GT Gold expanding our industry leading project pipeline to include the Tatogga project located in the highly sought after Golden Triangle district of British Columbia. We continue to apply a disciplined approach to our capital allocation priorities and deliver on our commitments. Yesterday, we declared first quarter dividend of $0.55 per share set within our established dividend framework and consistent with our fourth quarter dividend. Our first quarter dividend demonstrates our confidence in the strength of our business and continued commitment to predictable, stable and sustainable shareholder returns. We maintained a net debt to EBITDA ratio of 0.2 times and completed the redemption of our 2021 senior notes in April, reducing our debt outstanding by $550 million with available cash. We also continued to invest in and develop our most profitable near-term projects including Tanami Expansion 2, Ahafo North, the mining method change at Subika Underground and Yanacocha Sulfides. Shifting now to safety and our continued focus on fatality prevention on Slide 5. More than a year ago, Newmont made a symbolic change stepping away from our industry's traditional use of lagging personal injury rate in our bonus programs to measures that are focused on managing the critical controls that must be in place at all times to prevent fatalities. During the first quarter, we completed 65,000 conversations by leaders in the field that were focused on these critical controls. So actively identifying and managing potential risks that could lead to a fatality. This is an increase of nearly 60% since last quarter and demonstrates our commitment to the preventative measures we're implementing at Newmont. As another example, fatigue has been identified as a critical risk and is frequently a factor in our investigations into potentially fatal events. Fatigue has not been a traditional focus in our industry. Typically, it has been managed through administrative control such as training and checklist. Well companies have looked to technology as a silver bullet to address the issue. But in an organization level, we knew we needed to do more. We needed to make fundamental changes to our rosters, staff times and accommodation to reduce this significant risk exposure. We've recently completed the construction of new camp facilities as part of our Tanami 2 Expansion. These facilities were designed to provide the opportunity for quality sleep and to greatly reduce commute times for our team members. We have also completed upgrades to camp facility at Yanacocha, Peñasquito, Cerro Negro and Merian ensuring that our team members have the appropriate facility and accommodation to get proper sleep. As a result of these investments in our camp facilities along with our well-being programs around our global portfolio. We have seen an 80% reduction in fatigue related incidents at Newmont since 2019. We will continue to make these changes to ensure that our team members can return home safely to their families at the end of their shift at work. Turning now to our portfolio on Slide 6, 12 operating mines and two joint ventures. We have nine world class assets each of which delivers more than 500,000 gold equivalent ounces per year and all-in sustaining cost of less than $900 per ounce and with a mine life exceeding 10 years. Importantly all allocated in top-tier jurisdictions. But redefined as countries classified in the IMD [ph] rating range by each of Moody's, S&P and Fitch. Underpinning our asset base, are the industry's largest gold reserves including 94 million ounces of gold and 65 million equivalent ounces from other metals. Our portfolio is also enhanced by the gold industry's best exploration pipeline of both greenfield and brownfield opportunities, managed through our proven integrated operating model. One of the benefits of this integration is that we do not reinvent the wheel and duplicate ever. For example, with the majority of our exploration activities occurring near existing operations. We have similarity not only with the geology and terrain. But also the permitting, regulatory and community relationships surrounding each of our operations. We firmly believe that we have the best portfolio to generate sustainable returns from our world class responsibly managed assets located in the best gold mining jurisdictions. Turning to Slide 7, our portfolio will produce steady gold production of more than 6 million ounces per year through at least 2030 balanced across each of our four regions. This profile has been further enhanced by the production of more than $1 million equivalent ounces from silver, lead and zinc at Peñasquito and copper at Boddington and Yanacocha. Combined we will deliver nearly 8 million gold equivalent ounces per year for the next decade. The most of any company in our industry. Moving to Slide 8, for a look at our project pipeline. Our project pipeline is unmatched in the gold industry and is one of the best in the mining industry. There is significant value to unlock as we optimize and advance our longer-term projects at later pathways to steady production and cash flow well into the 2040s. as you can see, in addition to our highly perspective gold projects we have significant organic exposure to gold, copper [indiscernible] including Norte Abierto, Nueva Unión and Galore Creek. In fact, if you assume that just one of these three mega projects have been to our production profile at the back end of this decade Newmont's total production would be around 15% to 20% copper providing us a natural exposure to a metal of growing importance for reducing carbon emissions and facilitating the ongoing transition to a new energy economy. It's also important to note that this pipeline does not include the various laybacks that will also extend mine life at our current open pit operations including a NGM, CC&V and Porcupine. You will also see that we've added Tatogga to our project pipeline another exciting gold copper asset that I'll cover in more detail on Slide 9. In March, we announced the acquisition of GT Gold. The consolidation of this asset is a demonstration of Newmont's clear focus on our long-term strategy to build a portfolio of world class assets located in the world's best mining jurisdictions. Our initial equity investment in GT Gold in 2019 was a stepping stone that enabled us to perform due diligence in the area and gain considerable insight into the potential of the Saddle North deposit and Tatogga property. We're committed to continue building a constructive and respectful relationship with the Tahltan Nation including the community at Iskut. We understand and acknowledge the Tahltan consent is necessary for advancing the Tatogga project and we will partner with the Tahltan Nation at all levels and with the Government of British Columbia to ensure a shared path forward. The deposit will be developed as an underground mine with a block cave mining method and in addition access from the belly floor that you can see in this picture will also enable us to reach the ore body relatively quickly. A very important feature of this project is at the combination of an underground mine and the ability to leverage the hybrid power infrastructure that's in place today will result in a low carbon intensity operation, supporting our industry leading greenhouse gas reduction targets. The Tatogga project including the primary Saddle North deposit has the potential to contribute significant gold and copper annual production at attractive all-in sustaining cost over a long mine life. In addition to the known deposits of Saddle North, there are further exploration opportunities throughout the land package. The acquisition of Tatogga adds to Newmont's existing interest in this area and build on a 50% ownership in the Galore Creek project. The transaction is expected to close in the second quarter and we look forward to providing updates on this highly perspective project in the future. With that, I'll hand it over to Rob to discuss our operational performance on Slide 10. Rob Atkinson: Before I start, I'd like to recognize the very significant efforts that continue to be applying at all of our operations in order to manage COVID and to keep our team safe and healthy. It is important to realize that this pandemic has some way to run and these efforts will need to continue from many months to come. Turning to Slide 11, I'll give an update on Africa's performance. Our assets in Africa delivered another strong performance in the first quarter and team maintained its momentum from quarter four delivering a strong first quarter from higher grade and improvements to the middle. We increased mill efficiency and overall planned performance during the first quarter, improving throughput by 3% whilst also reducing energy consumption by 4%. These improvements are driven by full potential projects and are an example of how we continue to find elevated solutions even at our matured operations. The site is well positioned to deliver solid production throughout the year, expecting to reach its highest production and lowest cost during the fourth quarter. Ahafo delivered higher stoppage tons due to mine sequencing improvements that resulted in an extra bench being mined at Awonsu, helping to offset lower grade during the first quarter. We continue to progress the development of our new mining method at Subika, sub-level shrinkage which will increase tonnage improved productivities and reduce mining cost. The team has commenced stopping ahead of schedule and we completed our first two ore blast this month a major milestone for the project. As the sub-level shrinkage project progresses during 2021, we expect to see improvements in grade throughout the year and a 50% increase in ore tones, mining by the fourth quarter. In addition, we expect to reach higher ore grades from the open pit operations in the second half of the year positioning Ahafo to deliver a very strong finish to 2021. Finally, at Ahafo North we continue to advance the permitting process with EPA. I'm pleased to announced that we've completed the environment's impact study and paid the invoice for the impairment this month. Putting us on track for full month's decision in July of this year after the receipt of the [indiscernible]. All other aspects of this project are proceeding well. Turning to South America on Slide 12, South America has been the region most impacted by the virus and we continue to see the more significant impacts in Argentina and Peru. We remain focused on the safety protocols to protect the health and well-being of our workforce and communities as we continue to mitigate the impacts of travel restrictions caused by the virus. We do expect to impact due to COVID to continue for some time until vaccinations are available and being administered in large quantities. Merian was the best performing asset in South America despite heavy rainfall during the first quarter which impacted productivity in the mine. The team continued to utilize ore blending strategy to optimize mill performance resulting in an increased tons process whilst maintaining stable grades. As the year progresses, Merian will transition from softer saprolite to harder ore, which will result in higher production through improved grades. But will be partially offset by lower mill throughput. And Cerro Negro will continue to work closely with government representatives and other key stakeholders as we manage our operations through the evolving pandemic. As we reviewed the number of COVID cases in the country and the increasing case numbers at our old site. We made a decision to temper hours, suspend operations for five days in January and seven days in March to reduce the spread of the virus. While these decisions impact first quarter production the health and safety of our workforce remains our first priority and despite stoppages during the quarter, we've been able to resume development at San Marcos and make good progress on the tailings storage to facilities expansion. Cerro Negro continues to focus on safely ramping up site activities, increasing camp capacity and appointing a new dedicated team to optimize the important and complex shift changes. Yanacocha has also experienced significant challenges due to COVID and due to the pandemic productivity will likely be impacted throughout the year. Despite the challenges from the virus, Yanacocha delivered higher grade material mine from Yanacocha maine [indiscernible] pits. These tons replaced on leach-plants during quarter which we expect to result in higher production in future quarters. In February, we decommissioned the old site mill and completed our transition to leach-only operations as planned ahead of the developments of Yanacocha Sulfides which will extend Yanacocha's operations well beyond 2040 [ph]. We continue to advance the sulfides project. I can't be walking through our internal peer review process in preparation for full funds approval later in the second half of 2021. Yanacocha is a world class asset in Newmont's portfolio with significant product prospectivity [ph] and we look forward to bringing you this next chapter in Yanacocha's long history of profitable production. Coming to North America, Slide 13. Peñasquito delivered another strong performance and achieved record core product sales of nearly 300,000 gold equivalent ounces in the first quarter due to higher grades and recoveries. The site also set a new monthly record for concentrate transport and shipping, rolling and selling over 125,000 tons in March. Full potential continues to deliver improvements to our mining and no performance at Peñasquito. And as an example, we've increased the average payroll for our whole trucks by 17 tons per load. This translates to an additional 12 million tons moved per year for next to zero cost, an increase of over 6%. The site is well positioned to remain a strong performer throughout 2021 and is also currently exploring our extensive line package of Q2 development opportunities. CC&V delivered lower grade and experienced geochemistry challenges during the first quarter and as a result, ore that was planned to be milled was redirected to the leach pads. Drilling improvements are expected during the second half of the year helping the offset the challenges experienced this quarter. At Musselwhite, we continue to closely monitor the impacts from COVID in Ontario and have made a decision to temporarily suspend operations for five days in April to reduce the spread of the virus. Despite the impacts from COVID which draw changes to the plan mining sequence, grade and ore tons mining continued to improve over the prior quarter. We're also continuing our full potential at Musselwhite with the largest focus on increasing development base and driving productivity as the year progresses. At Porcupine, ongoing ground control rehabilitation in the Hoyle and underground mining coupled with mill and equipment maintenance has resulted in more tons mined and processed during the quarter. We have begun the implementation of our full potential program at Porcupine which will deliver efficiency improvements in the second half of the year. Éléonore continues to make strong improvements to performance and productivity increasing underground development rates to an average of 40 meters per day by the end of the first quarter. This is an improvement of 25% from 2020. In addition the safest way, tele-remote mucking equipment for the first time, increasing tons mine, efficiencies and safety of our workforce. Éléonore will continue to be a stable contributor during 2021 as we expected to deliver steady production increases from higher tons mine and process through the year. It's also important to note, that the site is making good progress in the fight against COVID. I'm pleased to report that 70% of Éléonore workforce has been vaccinated so far. Turning to Australia on Slide 14. Tanami delivered a consistent performance despite heavy rainfall increasing ore tons mined during the quarter. For the rest of 2021, we will continue to monitor impacts of COVID on the Northern territory due to the potential closure state and territory borders. But we expect that production will steadily increase grades improves throughout the year. In addition, the team continues to advance Tanami Expansion 2 supporting the sites future as a long life, low cost and very efficient producer. We recently completed construction of the camp facilities and the excavation of the upper section of the production shaft putting us on track to deliver significant ounces, cost and efficiency improvement in the first half of 2024. At Boddington, we delivered a solid quarter in line with our expectations and full year guidance. Mine maintenance was completed during the first quarter ensuring the plant continues to perform at high levels. As we get into the second half of the year, as highlighted in our previous guidance. We expect to achieve higher grades, improved throughput and increased ore tons made due to efficiency from Autonomous Haulage and improved mill processing. As you can see in the picture, we are well in our way to operating the world's first open pit gold mine with an Autonomous truckload and I will provide more details in the project on Slide 15. I'm pleased to announce that the first Boddington AHS haul trucks went live in the March of this year and we've successfully started the first phase of our transition to fully autonomous haulage fleet which will improve safety and extend mine line as one of our core assets. Today, we're operating four trucks hauling ore from stockpiles to the crusher and four additional trucks completing the final testing. We expect to expand the use of autonomous units in the pit during the second quarter, deploying the entire fleet 36 trucks by the end of September. As a reminder, the AHS project was approved in February of 2020 meaning the project was planned, constructed and be able to achieve first production in just over a year. Being on track to deliver this project on time and on budget will be a huge accomplishment especially during the global pandemic and I'd like to thank our team at Boddington and our partners at Caterpillar including their dealership WesTrac. All the overgrowing dedication and drive during such an unprecedented time. We've received very strong support from Caterpillar through the project and we look forward to working together on future endeavors. In addition to the exceptional delivery at this project, we have already seen strong performance over the last month from these machines and the operating team. The fleet has been running non-stop since going live in March to eliminating stoppages from shift changes, meal and toilet brakes, tea breaks which increases its productivity and already the new vehicles have the first major milestone moving over 1 million tons in less than six weeks. It's also worth noting the significant productivity improvements that we'll achieve with this fleet will also translate to lower fuel cost and consumption. Reducing our carbon emissions at Boddington and supporting Newmont's climate initiatives. But most importantly, the use of these Autonomous trucks reduces the exposure that our workforce has to potential vehicle interaction, helping us to further reduce fatality risk and to ensure that our team members return home safely at the end of the shift at work. The implementation at the industry's first autonomous haulage fleet will be a major milestone from Newmont and the gold industry as a whole. We will look to replicate this technology, training and experience at other sites around the globe leveraging our team of experts and lessons around Boddington and we will also look to integrate further autonomous solutions both at future open pit and underground mine, as we plan and develop the assets in our project pipeline, ensuring that these important improvements to safety and productivity are applied across the global business. And with that, I'll hand it over to Nancy on Slide 16. Nancy Buese: Thanks Rob. Turning to Slide 17 for the financial highlights. During the first quarter, Newmont delivered solid results with $2.9 billion in revenue an increase of nearly $300 million from the prior year quarter, driven by higher metal prices. Adjusted net income of $594 million or $0.74 per diluted share. Adjusted EBITDA of nearly $1.5 billion an increase of 30% from the prior year quarter. A strong free cash flow of $442 million which includes unfavorable working capital changes of over $325 million in the first quarter primarily driven by nearly $400 million of tax payments attributable to 2020. We declared a first quarter dividend of $0.55 per share or $2.20 per share on an annual basis. Demonstrating our continued commitment to sustainable returns and consistent with our fourth quarter dividend. Our dividend puts Newmont in the top quartile of the S&P large cap dividend payers and provides the yields of approximately 3.5% on our current share price. Turning to Slide 18 for review of our adjusted earnings per share in more detail. First quarter GAAP net income from continuing operations was $538 million or $0.67 per share. Adjustments included $0.14 related to the unrealized mark-to-market losses on equity investments measured as of March 31st. $0.05 primarily related to our sale of interest, our interest in TIMAC, which closed in January of this year. $0.01 related to reclamation, remediation adjustments at historical mining sites. And $0.03 related to tax adjustments and valuation allowance. Taking these adjustments into account we recorded first quarter adjusted net income of $0.74 per diluted, an increase of $0.34 over the prior year quarter. One difference from 2020 that we would like to point out is that adjustments to net income do not include $21 million of incremental COVID costs. Adjusting for these costs would have resulted in $0.02 of additional net income in the first quarter and we expect these costs to continue throughout the year as we protect against the impact of the pandemic at our operational sites. Turning now to Slide 19, using our conservative $1,200 gold price assumption Newmont expects to generate $3.5 billion of free cash flow over five-year period. In addition, for every $100 increase in gold prices about our base assumption. Newmont delivers $400 million of incremental attributable free cash flow per year. Newmont is the only company in the gold mining industry with the ability to generate these levels of attributable free cash flow. Enabling us to maintain flexibility in our balance sheet for debt repayments and opportunistic M&A. in addition to providing industry leading shareholder return. Turning to Slide 20 for more details about our dividend. Our dividend framework provides shareholders with stable base annualized dividend of $1 per share at a $1,200 gold price. Along with the potential to receive 40% to 60% of the incremental attributable free cash flow generated at gold prices above our plan. This range provides Newmont with the flexibility to maintain a stable and consistent dividend payout even when there is fluctuation in gold price. We will continue to review our dividend each quarter with management and our board evaluating gold prices in Newmont projected performance semi-annually to give us maximum flexibility in determining our dividend within the framework. The first quarter dividend declared yesterday was consistent with our fourth quarter dividend, calibrated at an $1,800 gold price assumption and a conservative 40% distribution of incremental free cash flow. Our dividend framework continues to be our primary vehicle for returning cash to our investors and Newmont continues to lead the industry with shareholder return, delivering $4.50 per share through dividends and share buybacks since 2019. Turning to Slide 21. We continue to drive the business with our clear capital allocation priorities which include reinvesting in our business through disciplined investments in exploration and organic growth projects. Returning cash to shareholders and maintaining our financial strength and flexibility. During the first quarter we delivered on each of these priorities with our investments in the first Autonomous Haulage fleet in the gold mining industry and improving safety and productivity at Boddington. Progressing our profitable reinvestments in the business at the Tanami Expansion and advancing Ahafo North and Yanacocha Sulfides. Announcing the acquisition of GT Gold, maintaining our industry leading dividend of $2.20 per share on an annualized basis and announcing a new $1 billion share buyback program. We chose not to repurchase shares during the first quarter and continue to monitor for opportunities. Maintaining a net debt to EBITDA ratio of 1.2 times [ph] and completing the redemption of our 2021 senior notes in April. Reducing our debt outstanding by $550 million with available cash and maintaining financial flexibility with the completion of the $3 billion sustainability-linked revolving credit facility. One of the first in our industry and a demonstration of our commitment to leading ESG practices. Under the new facility the company will incur pricing adjustments on drawn balances based on sustainability performance criteria measured through ratings published by MSCI and S&P Global. Aligning our financial strategies and our ESG performance. As we look ahead to the second quarter, we are confident in our ability to continue delivering strong results and free cash flow to maintain our disciplined approach to capital allocation. With that, I'll hand it back to Tom on Slide 22. Tom Palmer: Thanks Nancy and turning to Slide 23. Newmont continues to be the world's leading gold company. And I'm confident that our world class portfolio and robust project pipeline have positioned Newmont to deliver on our commitment of creating value and improving lives through sustainable and responsible mining. With that, I'll turn it over to the operator and open the line for questions. Operator: [Operator Instructions] and your first question will come from Fahad Tariq of Credit Suisse. Please go ahead. Fahad Tariq: First it sounds like across the portfolio consistent theme is second half weighted production. But I'm trying to figure out how much of that is sequencing and grade improvement and how much of it is some of the South American COVID issue that you mentioned and also the Musselwhite COVID issue that you mentioned. So any color there would be helpful, grades versus kind of COVID impacting the first half. Tom Palmer: Thanks Fahad. Good morning. The little moments in our portfolios are Ahafo, Boddington and Peñasquito. Peñasquito on gold production is pretty flat through the 12 months roughly 50-50 first half and second half. But it's going to really move the dial in the second half, this mine sequencing and grade at both Boddington and Ahafo. So Boddington we're being lying back for the fifth buyback of the south pit in Boddington, Ahafo, three and half years in the second half. We get access to the high grade gold and copper and the benefit of the top most haulage which should be fully implemented by the second half. So to see that flow through I think in the second half a significant high grade. And at Ahafo, the combination of the new underground mining method coupled with shrinkage will bring through more volume and improved grade and then you've got improved grade from the Subika open pit as well. So it's largely mine sequence and grade driven and it's those three operations that really will deliver on that second half performance. Fahad Tariq: Okay, great. That's clear and just my second question. There was a media article this talking about the GT Gold at Tatogga project and the local indigenous groups perhaps are not really being open to the project. Maybe talk about your approach there more specifics and like historically what levers has Newmont used to kind of get that buy in. thanks. Tom Palmer: Thanks Fahad. So our relationship with the Tahltan actually started several years ago with our acquisition 50% of Galore Creek project in that part of British Columbia. So we have established relationships that we look to grow, build on with the whole representatives of the Tahltan Nation and when you look back at our long history of social responsibility it is very much founded on building those relationships, understanding issues of concerns of how we can work together. So we fully understand, we fully acknowledge that we'll need Tahltan consent to advance that project and we'll be endeavoring to work with them respectfully and engage with the relationship of those various communities to find their shared pathway forward and that is very much the approach the Newmont takes with everywhere we're working in the North. Fahad Tariq: Okay, thank you. Operator: Your next question comes from Tyler Langton of JP Morgan. Please go ahead. Tyler Langton: Just start with sort of through and again, of course I guess there seems potentially some sort of increasing political risk there. I guess you obviously have some time before full funds demission but I guess do those developments kind of give you any positive. Can you also just remind us - stability agreements when it comes to taxes and royalties or other rights? Tom Palmer: Thanks Tyler, good morning. We've been operating in Peru for 30 years. We're basically in Peru, before democracy was in place, is how we've linked and worked through what has been a color democracy in Peru's modern history. And this is another chapter in that journey. So we'll monitor the Presidential Elections carefully and have the Congress and hopefully the new President work together. We have been a very successful 30 years in Peru. When we think about making investments like Yanacocha Sulfides. We think about making investments which for project like Sulfides if you literally for big ice with the quality of the Sulfide deposit around the Yanacocha property, so little bit we're looking to understand these are coming in the next month or two. That will factor into our process of internal discussions with our board and our joint venture partner and then ultimately, I look forward to being able to make a full fast decision and the rest Sulfides and they have that delivering great returns for Newmont shareholders and the community around car [ph] market for a long, long time to go. Tyler Langton: Okay, that's helpful and then just switching to Peñasquito, sort of production kind of did quite well in the quarter and both use of cash cost and all-in sustaining cost decent amount below guide, can you just kind of remind us your explanations for that mine for the year and what to kind of expect in the following quarters? Tom Palmer: I'll get Rob to provide some color on it. It's pretty steady performance and we certainly look at, it's a polymetallic mine, so we certainly look at developing that mine and managing on the basis of the form at it's sort of producing. But if you see, pretty steady performance through the year. Rob, if you want to provide a bit more color to Tyler. Rob Atkinson: Thanks Tyler. I'd really just back up what Tom said is that, the best way to describe Peñasquito is steady performance, where we get good gold one quarter. Where we go into other elements, another quarter. The key thing about Peñasquito is that the mill is performing well. The mine is performing well. The team is performing well and managing COVID as well as possible in a country which has suffered huge impact due to the pandemic. But it really is going to be a very steady. But a successful year, in Peñasquito. Tyler Langton: Okay, perfect. Thanks so much. Operator: Your next question comes from Josh Wolfson of RBC. Please go ahead. Josh Wolfson: So for the 2021 outlook the comment I guess is that, there's the assumption of no major COVID interruptions. The commentary on the call earlier was such that there's obviously a higher degree of interruptions in South America and then at brief stop I guess at Musselwhite. How would sort of those interruptions compared to some of the caveats with the new guidance? Tom Palmer: Thanks Josh. Good morning. I think we're certainly seeing a number of impacts at both the Yanacocha and Cerro Negro. It's a real arching scene across our portfolio at countries where we're seeing greatest impact from COVID. We get better and better at managing our product goals both mentioned at Cerro Negro and not a dedicated theme managing shift changes which is a very, very complex process in Argentina and how you're doing all your grading and monitoring and ensuring and everything up with workforce in for the shift that - clear of the virus and quarantine, if we do ever close. So it's really monitoring those two operations. Mexico as a country is still struggling with the virus. But we've got very, very good protocols in place throughout that country. Well in the United States fortunately it's starting to really turn the tide. You've seen the recent events in Ontario, confident that the Canadian government will increase those through Australia and Ghana we've seen the pandemic managed through very well. I think we're still going to need to be have a chronic analyze and the continuing demand time and discipline around our protocols as vaccines become available encouraging our workforce to take the vaccines, supporting the governments where they came all that outside of it. We can have an improving trend overtime. So I believe they got the protocols and the discipline in place to manage COVID and maintain everyone through the course of this year. Josh Wolfson: Great, thank you and then just maybe a question on some of the trends we're seeing. We've seen commentary at least from maybe not as much the gold sector but other resource companies about labor tightness and sort of regions and obviously with higher commodity prices globally. Is there any commentary you can provide on what trends you're seeing across the portfolio on labor and cost? Tom Palmer: Thanks Josh. Monitoring that closely, labor cost back up about 6% of their cost base that include contracted services. We employed an assumption for later exploration in our budgets and then we flow that through to our guidance. So we've got some provision for that. The key leading indicator I look for in seeing what we maybe seeing some wage pressure is voluntary attrition. It's pretty healthy across our business. In some ways our response to the pandemic and the fact that we chose and we continue to choose to manage the health and safety of our workforce and local communities about everything else is, that served us really in terms of support that we have from our workforce. But the areas that I've been monitoring more closely on the risk of labor escalation - Australia, it's pretty high in all markets as you see, buying oil prices, heat in and all-time high. I wish Australian government that is locking borders and encouraging the workforce to come from within that state which put pressure on the supply of labor. We're very fortunate, we've got very robust workplaces at both Boddington and Tanami. Good leadership. Healthy levels of attrition and projects like tonnage haulage just mitigate that very significantly where your truck fleet and a labor force, truck fleet is one of the greatest sources of labors. So monitoring closely. But the voluntary efficient numbers are leading indicators took results across our business. Josh Wolfson: Great. Thank you very much. Operator: Our next question comes from Greg Barnes of TD Securities. Please go ahead. Greg Barnes: Tom, I guess this is a higher-level question. But when I look at your portfolio maybe on projects since you called in earlier on. It's pretty striking how much copper is there and you said, you could see yourself get into 20% copper exposure overtime. Is that a conscious decision? Over the longer term to diversify the production base or not? Or is that function of the projects that are available to you - look attractive to you think you're adding for like Tatogga? Tom Palmer: Yes, thanks Greg. It's still very much clear focus on gold as the core of our business. But organically the way I've seen, that as you look for the best gold projects they come with particularly when you look at our world class initiative and look for those long-life projects and you look for those projects in the jurisdictions, we're prepared to work in. they come with copper. So it's more of an organic benefit from that. We focus on the right size projects in the right jurisdiction. The Tatogga project has some nice copper. The Yanacocha has some copper with it. And several of those mega projects particularly Galore Creek bring with them some nice copper. So it's more of an added benefit as we say it's going to come out of nice time with a world [indiscernible] their energy transition. Greg Barnes: And just Tatogga, when I look at the acquisition price and if I assume you assumed $1,200 long-term goal that would have implied a pretty healthy long-term copper price. How did you approach the acquisition price to GT? Tom Palmer: I've got Eric sitting opposite me. He's shepherd that one through, so why don't I get Eric to just give you a little bit color on that Greg. Eric Colby: Greg, we obviously will look at multiple price scenarios. Since $1,200 would have been one of our base copper price at the time. I think it was 275 obviously that copper price and the outlook is quite strong. So we didn't have any single case that we looked at is, as you pointed out there's a fair bit of copper, there's a fair bit of gold. So it's really the interplay of the two metals across different scenarios. As we've - I think highlighted, we see potential for Tatogga to be a world class asset for us and that means a long life, pretty significant production, at good cost. Tom pointed out on the call, the geometry is pretty attractive to an efficient block cave and so all of that was attractive to us when making the acquisition. Greg Barnes: Okay, great. Thank you. Operator: Your next question comes from Tanya Jakusconek of Scotiabank. Please go ahead. Tanya Jakusconek: Congratulations on those trucks at Boddington. I love the color. Hope to see them one day. Just wanted to have a few questions if I could. Wanted to follow-up on Josh's question on inflation. You talked about the workforce, Tom in terms of watching movement there. Can you talk a little bit about if you're seeing any inflation in your capital `or cost some steel and or other materials, please? Thank you. Tom Palmer: Thanks Tanya. Good morning. So materials and energy, labor makes up 50%, materials and energy makes 30% to 40%. And again we leverage our global portfolio enter into long-term contracts and strategic relationships with suppliers, so that goes a long way to mitigating the impacts of near-term inflation where we've got rise and fall both into that contracts and stability. So it's a very important part of the Newmont story and the strength of our portfolio and how we look to run our business. We are seeing some pressure on steel generally around writing media that's watching carefully and some pressure on frac particularly with as you see the amount of concentrate that we move out of at Peñasquito. So we're watching those carefully. In terms of capital projects, we've already accounted for a lot of that in terms of the Tanami Expansion and the move to Australian steel so that's been taken up in previous updates to guide us. As move into Ahafo North, a lot of the work for the once we get the full funds approval for the next 12 to 18 months of efforts and the civil works before we start to bringing in steel. We're confident what the estimates that we've got, what we've look forward is for full funds. It's got to account for any escalation around steel and similarly as we start to button up Yanacocha Sulfides, both around [indiscernible] reviews and bring that forward full funds. We're including in our estimates and contingencies, estimates for way still make moves. So we do anticipate there'll be some pressure on steel for the capital projects and making sure we're calculating in the budgets that we look forward for full funds approval. Tanya Jakusconek: Okay and nothing on cyanide at all. You're not seeing any inflation pressures there? Tom Palmer: No, Tanya. Tanya Jakusconek: Okay, great. Thanks for that and I guess just a continuation on the themes I keep asking, maybe just an update on any changes or royalties, taxation and any jurisdictions that you operate in, that you're hearing of in including the US? Tom Palmer: No, it's all - I mean again it's pretty picture of our strategies where we choose to have our operations that brings with it, a lot of stability around our investment agreements whether in place or royalty budget. So we're not seeing any pressure on that front across that jurisdictions. Tanya Jakusconek: Okay and then just last question before I hand it over to someone else's. Just wanted to make sure that the guidance that you provided with your Q4 release which was production was going to be 47%, 48% expected in the first half and 52%, 53% in the second half still is intact? Tom Palmer: It is, I'd say. I'd look more 47% in the first half and 53% in the second half and it's going to be dominated by Ahafo and Boddington reaching the greater buying and higher grades. As you move through the third quarter into the fourth and the second half. So I'd sort of factor in 47%, 53%. Tanya Jakusconek: And if I could squeeze just one more in, within treat about vaccinations 70% at Éléonore. Just maybe if you could share, any other mines that you have, where you have your vaccination for COVID is actually very well? I didn't hear anything about Africa, just wondered if you could share just a bit more color on that. Tom Palmer: Sure, Tanya. We're certainly encouraging the rollout in Ontario and I'm sure you're living 10 experience right now, so doing what we can to support the rollout for our Musselwhite port operations. Cripple Creek and Victor certainly see the rollout Colorado, we've been setting up clinics for our workforce and their families and continue to do that and provide access to vaccines and lots of education encouragement around the efficacy of these vaccines. Through Peru, Argentina and Mexico, Suriname, a much longer road to home. So we must maintain those protocols. Vaccines will come and we'll support. But we work on the expectations that's still many months of. Australia to get the vaccine together and get the vaccines rolled out. We look forward to that increasing overtime. So that one we can top those, you just stay forward for - that are impacting on mining operations and then open up international borders rollout allowing to come and go up again. And in Ghana, I think we're starting to see some rollout of vaccines. So I'm pleased already [indiscernible] in Ghana. We've been looking to work with the Ghanaian Government for the rollout. It's going to be a long process. Tanya, I think before the world is fully vaccinated. So I think we're going to be living with [indiscernible] mask for a long time to come in operations. Tanya Jakusconek: Okay, thank you so much. Operator: Your next question comes from Mike Jalonen of Bank of America. Please go ahead. Mike Jalonen: Tom, - workout Éléonore to get vaccinated and here in Canada. But just following along going's question with your three big copper, gold projects. I'm seeing a number of juniors with gold, big gold, copper projects, and got mark caps of billion plus. Just wondering how does Newmont service value in these projects? I don't know much of what the union [indiscernible] Galore Creek or much in your share price, stop me if I'm wrong. Just wondering what steps you could take? Thanks. Tom Palmer: Thanks Mike and good morning. We're working in same way that we hit an exploration webcast early this year and we'll certainly look to do an ESG webcast on the back of our new sustainability report in the coming months. We're working on providing some more details and maybe doing so through another webcast. We can have a little bit more time to provide some detail and cover our most projects as well as some of the other projects that are sitting or going project pipeline. So we can link the level of understanding and the appreciation that we have all those projects and how we can sequence the need and why we're so confident about our business over the next several decades. I hope someday we turn 100. And we've got through our gain project pipeline and ability to see early around next century. So we're excited about it and I think there's an opportunity for us to provide the investment community with some more details in that. Mike Jalonen: Okay, thanks and Happy Birthday. Tom Palmer: I'll blow out a candle for you. Operator: Your next question comes from Anita Soni of CIBC. Please go ahead. Anita Soni: So first I want to commend you guys on your initiative to reduce risk around the teams I know that is actually a real risk. So what made me leave engineering about 18 years ago and sadly after I left someone died [indiscernible] because of work back-to-back shift. I commend you on that. But related to that question, could you give us an idea of - if there's any kind of cost that we should expect associated with those kinds of initiatives? Tom Palmer: Thanks Anita and good morning. I mean we're seeing an incorporated our guidance around sustaining capital and some Tanami Expansion 2 it's in the development capital. But as part of those plans to build additional camp facilities. Yanacocha so far will have included in a [indiscernible] effective probably similarly lead time items additional camp facilities so they'll be able to have, they have their own room and their own bed. So it's accommodated within millions dollars of year of sustaining capital and $600 million to $800 million in average development capital. It's not big money in overall scheme of things. It's about having the intent and the will to do something in this space. In terms of productivity improvements around staff, finish time and ensuring their fatigue breaks. The length of shifts, number of consecutives shift, the length of time some can work. In my experience you have that tie back in dividends many times over, by getting the right level of rest amongst your workforce so they're working productively when they're at work. So the things we're doing around roster start times and alike. Will improve their productivity overtime is my expectation rather than the cost of the business. Anita Soni: Second question a little bit more in the detail on Cerro Negro. The grades went down a little bit. I'm just wondering, how we can expect that to play out over the course of the year and what was the reason. I mean are you using stockpiles right now and then you'll return once you can get, I guess the mining rates up from direct access, is my guess. I just don't know - I don't have a color on that. Tom Palmer: Thanks, Anita. I'll get Rob to take that question. Rob Atkinson: Hi, Anita. Fairly straight forward that's because of COVID because of the absences, the production from our higher-grade stopes at Merian's north and Eureka were bore and limited because of the lack of development. So it's purely a sequencing due to lack of employees. But those are the areas that we're most focused and the workforce is back working and we're nearly through rates. So hopefully in coming months, we'll see that turn around. But it was just a timing issue due to lack of employees. Anita Soni: Okay and then lastly, more of a big picture question perhaps on for Nancy. Just looking at your dividend payout ratio in that where you know just currently sitting slightly below. But you do have a good on gold price. But you do have a good cash balance. Can you give us an idea if we're thinking about downside risk on gold price? How do you like sort of play with the cash balance that you have? I noticed that it's prior to the gold prices it was sort of sitting around $3 billion as the cash balance you wanted. Would you think about you mentioned of reducing that cash balance as needed? If gold price dips, first sustained period. Nancy Buese: Thanks for the question, Anita. Yes, we said in prior times that at a $1,200 gold price, we would like to keep around $2.3 billion to $3 billion cash balance. We're certainly carrying significantly more than that today. But I do think that's a testament to couple things, one is our ability to be very nimble with the dividend and we provided a very clear framework and a lot of transparency about the optionality between that 40% and 60%. So there's some great points about that and then the other piece. As we're still in a time of very much uncertainty around COVID and we also have a lot of development capital. So I think carrying considerably higher balances and not at today's gold price is a great strategy for us. But certainly a lot of optionality and flexibility around those balances, which is what we've consistently stated. Tom Palmer: And Anita, I need to build on that. We look with our board back over a long period of time at gold prices and the cash would actually generate it. And that factored into a decision to stay up and calibrated I think $100 mark and on return 40% of that cash. So at the stability and sustainability of our dividend is very robust. So we didn't make that decision to go to the $1,800 mark lightly and our expectation would be, when we look forward in portfolio and our performance that we can sustain those levels for some time. Anita Soni: And just lastly, I know it does and your disclosure already include your free cash flow projections include Ahafo North and Yanacocha Sulfides and just wanted to confirm that any lumpiness in those spends. But also being included within that $1,800 40% to 60% and those projects. Tom Palmer: Absolutely. Anita Soni: Thanks. Tom Palmer: [Indiscernible]. Anita Soni: Okay, thank you very much. Tom Palmer: Thanks Anita and I think that's the end of the questions and we can certainly queue on conscious. We've gone half top of the hour. So thank you all for your time. And our number if you are on Toronto [indiscernible] at the moment and [indiscernible] on state. Stay safe and well and we look forward to seeing and speaking to you soon. Thanks everyone. Operator: The conference is now concluded. Thank you for attending today's presentation and you may now disconnect.