Investor Presentation
MAY 2026
Q1 2026 Performance
NEWMONT CORPORATION
INVESTOR PRESENTATION - MAY 2026 3
First Quarter 2026 Highlights On track to meet full year 2026 guidanceAttributable Gold Production1
1.3Moz
30kt of copper and 9Moz of silver from full portfolio
Robust Free Cash Flow2
$3.1B
Generated all-time record quarterly free cash flow
Returns to Shareholders3
$2.7B
Through quarterly dividends and ongoing share repurchases
Adjusted Net Income2
$2.90/share
All-time quarterly ANIPS record
Effectively executed safety procedures following
magnitude 4.5Mla earthquake near Cadia
Received ~$321M in after tax proceeds from
contingency payments and sale of equity investments
Repurchased $2.4B shares3 and announced new
$6.0B share repurchase authorization
Maintained 2026 all-in sustaining cost guidance,
mitigating geopolitical and macroeconomic impacts
(1) Represents attributable production for the total portfolio, including production from the Company's equity method investments in Pueblo Viejo and Lundin Gold. (2) Free cash flow and Adjusted Net Income are non-GAAP metrics; see reconciliations on slides 18 & 19. (3) Returns to shareholders include total share repurchases and dividends paid since February 19, 2026.
First Quarter Portfolio PerformanceAsia Pacific & Africa
Leveraging a strong foundation to advance near-term production growthStrong Q1 production driven by higher grade as a result of improved underground draw point availability
Expect to process lower grades in H2 on completion of stockpiles from Subika open pit which completed mining in 2025
Ahafo South
Lihir
Tanami
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▪
▪
Completed planned maintenance in Q1 to support strong H2 production, with higher grades expected in Q4
Work on Nearshore Barrier expected to commence in H2, unlocking access to over 5Moz beginning in 2028
▪
Lower production from planned mine sequencing; production to return to normal levels beginning in Q2
Second expansion progressing; primary crusher commissioned and handling system completion on track for end of Q2
Ahafo North
Boddington
Continuing to ramp up mill for first full year of production
Updated pit design to deliver higher gold grades beginning in Q4
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▪
Production to return to normal levels beginning in Q2 following the Dec. 2025 bushfires impact
Continue to advance waste stripping campaign in North and South pits with higher grade gold expected in H2
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Higher gold and co-product production driven by improved throughput
Last draw bell at PC2-3 fired in April, project on track to be completed in late 2026
Cadia
The Americas
Peñasquito
Cerro Negro
Delivering strong co-product production, with higher throughput expected in Q3 after planned maintenance in Q2
Continue to process stockpiles during transition from Phase 7 to 8, higher grades expected beginning in 2028
Expect to deliver higher production in H2 driven by increased mining rates and access to higher grade stopes
Continuing to advance mine life
extension activities
Merian
Yanacocha
Improved throughput and consistent recoveries expected to deliver stable production throughout 2026
Continue to advance exploration activities around this emerging asset
Continuing mining through 2026, adding incremental low-cost ounces beginning in 2027
Evaluating opportunities in surrounding regions of Peru to support future investment decisions
Red Chris
Delivering steady production as a result of mine sequence optimization and improved stope availability
Brucejack
Focused on advancing near-mine exploration opportunities
Production expected to decrease with stockpile processing during planned stripping campaign
Advancing Feasibility Study and
permitting work for block cave project
See endnotes re: forward looking statements.
First Quarter 2026 Financial Performance Operational excellence continues to drive strong financial resultsADJUSTED EBITDA
$5.2B
GAAP NET INCOME
$3.00 /sh.
ADJUSTED NET INCOME
$2.90 /sh.
AVERAGE REALIZED GOLD PRICE
$4,900 /oz
CASH FROM OPERATIONS
$3.8B
FREE CASH FLOW
$3.1B
CASH & CASH EQUIVALENTS
$8.8B
GOLD ALL-IN SUSTAINING COST1
$1,029/oz
Well-positioned to continue delivering robust free cash flow
Adjusted EBITDA, Adjusted Net Income, Free cash flow, and All-in Sustaining Costs are non-GAAP financial measures, see reconciliation endnotes in appendix for additional information. (1) On a by-product basis
Delivering on Enhanced Capital Allocation Framework1 Generating disciplined, sustainable returns through the commodity and investment cyclesQ1 2026 | TARGETS | |||
Constant through the cycle | Sustaining Capital | $381M | $1.95B Expected 2026 Spend (+/- 5%) | On track to meet full year guidance with spend expected to accelerate beginning in Q2 |
Total Cash Dividend | $282M | $1.1B Targeted Annual Payment | Quarterly dividend currently $0.26/share, subject to approval by Board of Directors2 | |
Flex through the cycle | Development Capital | $239M | $1.4B Expected 2026 Spend (+/- 5%) | Steady investment in organic projects in execution |
Net Cash/ (Net Debt) | $3.2B | $1.0B Net Cash Target (+/- $2.0B) | Cash balance may vary on a quarterly basis | |
Excess Cash3 | Share Repurchases | $2.4B Repurchased since Feb. 19, 20264 | $6.0B New Authorization | New $6.0B Board approved share repurchase authorization, following completion of previous programs |
(1) See endnotes re: forward-looking statements, non-GAAP metrics, dividends, share repurchases and capital allocation framework. (2) A dividend of $0.26/share has been declared payable on June 22, 2026, to holders of record of such common stock at the close of business on May 27, 2026. Future dividend remain subject to approval and declaration by the Board. (3) Excess Cash is defined as cash available from operations (including Exploration, G&A, etc.) after funding balance sheet obligations (including debt principal repayments and reclamation spend), capital expenditures, other investing activities, paying the dividend, and achieving the net cash target. (4) Represents total share repurchases since February 19, 2026 including $1.9B shares repurchased in the first quarter and $556M of shares repurchased in April 2026.
Executing with Discipline, Delivering ResultsUnrivaled portfolio of world-class assets and operational excellence, driving margin
expansion and capital returns
On Track to Achieve 2026 Guidance
Strong first quarter gold, silver and copper production, as well as diligent cost performance, supporting continued delivery of our commitments
World-Class Portfolio Driving Margin Expansion and Free Cash Flow Growth
Well-positioned to drive margin expansion and generate robust free cash flow, underpinned by an unrivaled portfolio of world-class operations and projects
Enhanced Capital Allocation Framework Delivering Results
Delivering predictable dividends and ongoing share repurchases, supported by an enhanced framework and new $6.0 billion share repurchase authorization
NEWMONT CORPORATION 8
INVESTOR PRESENTATION - MAY 2026
NEWMONT CORPORATION
8
World-Class Portfolio
NEWMONT CORPORATION
INVESTOR PRESENTATION - MAY 2026 9
World Class Portfolio in Leading Mining Jurisdictions
12 managed operationslocated in the world's most
favorable jurisdictions
Unmatched scale, longevity, and quality - built to deliver sustained performance for decadesNorth America
Brucejack Red Chris
Nevada Gold Mines JV
Asia Pacific
Lihir Boddington Cadia
Cadia Panel Caves
Tanami
Tanami Expansion 2
Latin America
Peñasquito Merian Cerro Negro Yanacocha
Pueblo Viejo JV
Fruta del Norte
Ghana
Ahafo North Ahafo South
Managed Operation Project in Execution Non-Managed JV Equity Investment
Leading the gold sector with 118Moz in reserves and 149Moz in resources1 2 major projects in execution with the industry's leading organic project pipeline
(1) Gold Resources consist of 88.1Moz Measured and Indicated and 60.6Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates.
Robust Reserves in Stable Jurisdictions Industry leading reserves and resources, supporting decades of productionGhana
7%
South America 20%
118Moz Reserves
149Moz Resources1
Australia 25%
North America 30%
Papua New Guinea 18%
Gold Reserves and Resources
South America 45%
13Mt Reserves
19Mt Resources1
Australia 27%
North America 9%
Papua New Guinea 19%
Copper Reserves and Resources
Increased reserve pricing to $2,000/oz, ~23% below the 3-year trailing average
Regional breakdown reflective of Reserves only. (1) Gold Resources consist of 88.1Moz Measured and Indicated and 60.6Moz Inferred Resources. Copper Resources consist of 13.1Mtonnes Measured and Indicated and 5.6Mtonnes Inferred Resources. See cautionary statement re: mineral reserve and resource estimates.
Projects Underway Advancing projects in execution and preparing Nearshore Barrier at Lihir to extend mine lifeTanami Expansion 2
1.5km deep production shaft, increasing productivity and improving efficiency
Cadia Panel Caves
Two caves to recover over 5.0Moz of gold reserves and 1.0Mtonnes copper reserves
Lihir Nearshore Barrier
Extends mine life beyond 2040, enabling production of over 5.0Moz of gold
2026 Capital Spend
~$335MSpend to date: ~$1.3B Projected total spend: $1.7-$1.8B
Scheduled Completion
H2 2027Progressing on track and in line with plan
2026 Capital Spend
~$370MSpend to date: ~$1.6B Projected total spend: ~$2.0-$2.4B
Scheduled Completion
2029PC2-3: Q4 2026
PC1-2: Cave completion in 2029
2026 Capital Spend
~$140MSpend to date: N/A Projected total spend: ~$500-$550M
Scheduled Completion
H2 2028Full funds approval received in February 2026
Completed production shaft concrete lining; shifting to shaft equipping and infrastructure build-out
Initiating equipment testing and commissioning; headframe construction and mechanical completion expected late 2026
Cave establishment progressing at PC2-3 with additional drawbells fired; project completion expected in late 2026
First PC1-2 drawbell fired in December 2025, initiating the next critical phase of cave development
Construction of a water seepage barrier through installation of an inground concrete wall
Unlocks additional mining of the Kapit ore body, allowing profitable production beyond 2040
Operating Sites
NEWMONT CORPORATION
INVESTOR PRESENTATION - MAY 2026 13
World Class Portfolio in Leading Mining Jurisdictions
Unmatched scale, longevity, and quality - built to deliver sustained performance for decadesManaged Operations
1 Lihir 11
12
2 Cadia
3 Tanami
Non-Managed JV's
1 Nevada Gold Mines
2 Pueblo Viejo
4 Boddington
5 Ahafo South
6 Ahafo North
7 Merian 1
8 Cerro Negro
9 Yanacocha
10 Peñasquito 3 2
11 Red Chris
12 Brucejack
4
2 1
1
10 2
6 5
1 7
9
Equity Ownership
1 Fruta del Norte
Projects in Execution
1 Cadia Panel Caves
2 Tanami Expansion 2 8
Lihir: Site Facts
World-class gold mine in Papua New GuineaLocation
Geothermally active extinct volcanic crater on Niolam Island, located 900km from Port Moresby in Papua New Guinea
Reserves & Resources1
2026 Outlook2
As of February 19, 2026
Operational Focus
Continuing to focus on enhancing long-term operational stability and improved asset reliability
Initiating work on Nearshore Barrier, unlocking access to over 5Moz and extending mine life beyond 2040
(1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 2.4Moz Measured and Indicated and 18.3Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates.
Cadia: Site Facts
One of the world's largest long-lived gold-copper minesLocation 25km from the city of Orange in New South Wales, Australia
Reserves & Resources1
2026 Outlook2
As of February 19, 2026
Operational
Focus
First drawbell fired at PC1-2; cave establishment for PC2-3 on track to be completed in late 2026
Advancing tailings improvements and investments to support cave development and extend mine life
(1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 9.7Moz Measured and Indicated and 1.3Moz Inferred Resources. Copper Resources consist of 2.6Mt Measured and Indicated and 0.3Mt Inferred Resources. Silver Resources consist of 20.2Moz Measured and Indicated and 2.3Moz Inferred Resources. Molybdenum Resources consist of 100kt Measured and Indicated and 0kt Inferred Resources. See cautionary statement re: mineral reserve and resource estimates.
Tanami: Site Facts
An underground mine in the Northern Territory of AustraliaLocation
In the remote Tanami Desert of Australia, 550 km northwest of Alice Springs in the Northern Territory of Australia
Reserves & Resources1
2026 Outlook2
As of February 19, 2026
Operational Focus
Progressing headframe construction and mechanical work for second expansion project
Expansion secures Tanami as a long-life, low-cost producer -
extending mine life to ~2040
(1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 2.9Moz Measured and Indicated and 2.7Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates.
Boddington: Site Facts
A cornerstone gold-copper mine in Western AustraliaLocation
16km from the rural farming town of Boddington and 130km from
Western Australia's capital city, Perth
Reserves & Resources1
2026 Outlook2
As of February 19, 2026
Operational Focus
Waste stripping campaign advanced in North and South pits; completion expected in 2026
Production expected to grow in 2027, driven by higher grades following stripping and higher throughput
(1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 4.3Moz Measured and Indicated and 0.1Moz Inferred Resources. Copper Resources consist of 300kt Measured and Indicated and 0kt Inferred Resources. See cautionary statement re: mineral reserve and resource estimates.
Ahafo South: Site Facts
Setting the benchmark for mine development and district expansion with Ahafo NorthLocation
Ahafo South is located approximately 290km northwest of Accra, the capital city of Ghana
Reserves & Resources1
- Moz Gold Reserves 7.4Moz Gold Resources
2026 Outlook2
As of February 19, 2026
Operational Focus
Completed mining in Subika open pit in 2025, as planned
Advanced study and exploration work underway to support underground growth beneath Subika and Apensu
Ahafo North: Site Facts
Commissioned in 2025, bringing new low-cost ounces into portfolioLocation
Ahafo North is located about 30km from the Ahafo South operation which is approximately 290km northwest of Accra, the capital city of Ghana
Reserves & Resources1
2026 Outlook2
As of February 19, 2026
Operational Focus
Achieved commercial production in October 2025, bringing new low-cost ounces into portfolio
Focused on mill ramp-up for first full year of production in 2026
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Newmont Corporation published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 12:19 UTC.
