\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAttributable Production (Koz)\n<\/p>\n<\/td>\n | | \n\n \n6,500\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,200 – 6,700\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,200 – 6,700\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,500 – 7,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,500 -7,000\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAS ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n750\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n650 – 750\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n625 – 725\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n600 – 700\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n600 – 700\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll-in Sustaining Costs ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n970\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n850 – 950\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n825 – 925\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n800 – 900\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n800 – 900\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAttributable gold production is expected to be stable at 6.2 to 7.0 million ounces across the five-year period. The 2021 outlook of 6.5 million ounces increases from 2020 with a full year of production at the five operations that were placed into care and maintenance in 2020 due to Covid-related precautions. Production is expected to remain between 6.2 and 6.7 million ounces per year in 2022 and 2023, respectively. This is supported by a steady base from Boddington, Tanami, Ahafo, Pe\u00f1asquito and the Company\u2019s equity ownership interest in the Nevada Gold Mines joint venture. Production is further enhanced by the Company\u2019s eight other operating mines and its equity ownership in Pueblo Viejo. Production is expected to increase to between 6.5 and 7.0 million ounces due to the inclusion of profitable production from Ahafo North and Yanacocha Sulfides and reaching higher grade in North America.\n<\/p>\n \nCosts are expected to improve throughout the five-year period with continuing Full Potential improvements and ongoing investment in profitable projects. 2021 CAS is expected to be $750 per ounce with a full year of production at the five operations that were placed into care and maintenance as noted above. CAS is expected to be between $650 and $750 per ounce for 2022 and $625 to $725 per ounce for 2023, improving to between $600 and $700 per ounce in 2024 and 2025. AISC is expected to be $970 per ounce in 2021 driven by CAS. AISC is expected to improve to be between $850 and $950 per ounce in 2022 and $825 to $925 per ounce for 2023. Longer-term through 2025, AISC is expected to improve to between $800 and $900 per ounce.\n<\/p>\n Newmont Co-Product Production and Cost Outlook:<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAttributable Co-product GEOs (K)\n<\/p>\n<\/td>\n | | \n\n \n1,300\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,200 – 1,400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,400 – 1,600\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,400 – 1,600\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,400 – 1,600\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAS ($\/GEO)\n<\/p>\n<\/td>\n | | \n\n \n600\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n600 – 700\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n550 – 650\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n550 – 650\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n450 – 550\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll-in Sustaining Costs ($\/GEO)\n<\/p>\n<\/td>\n | | \n\n \n880\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n800 – 900\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n800 – 900\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n700 – 800\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2021<\/b>: Pe\u00f1asquito benefits from a full year of production and Boddington reaches higher copper grade, which improves production and unit costs.\n<\/p>\n 2022<\/b>: Boddington increases production with higher copper grade and Pe\u00f1asquito begins stripping from mining in the Chile Colorado pit.\n<\/p>\n 2023-2025<\/b>: Steady co-product production from Pe\u00f1asquito after completing the stripping campaign of the Chile Colorado pit and slight decreases from Boddington due to mine sequencing are offset by first copper production from Yanacocha Sulfides in 2025.\n<\/p>\n Regional Production and Cost Outlook: <\/b><\/p>\n Australia<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAttributable Production (Koz)\n<\/p>\n<\/td>\n | | \n\n \n1,330\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,400 – 1,500\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,400 – 1,500\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAS ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n650\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n550 – 650\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n500 – 600\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll-in Sustaining Costs ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n860\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n650 – 750\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n650 – 750\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2021<\/b>: Production benefits from Full Potential improvements at Boddington that sustain mill throughput at greater than 40 million tonnes per annum while the site also benefits from higher grade in the South Pit. Tanami continues to deliver solid performance with 500,000 ounces of production while advancing the Tanami Expansion 2 project.\n<\/p>\n \nCAS benefits from higher grade at Boddington and stable costs at Tanami.\n<\/p>\n \nAISC includes sustaining capital spend at Boddington to advance Autonomous Haulage, which is expected to reach commercial production in 2021.\n<\/p>\n 2022-2023<\/b>: Production at Boddington benefits from higher grade and improved efficiency from Autonomous Haulage beginning in 2022 before transitioning to stripping the next layback in 2023. Tanami will partially offset Boddington\u2019s lower production in 2023 as Tanami Expansion 2 begins to ramp up.\n<\/p>\n \nUnit costs improve with higher grade and efficiency at Boddington and improved underground efficiencies at Tanami as the second expansion comes online.\n<\/p>\n Africa<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAttributable Production (Koz)\n<\/p>\n<\/td>\n | | \n\n \n915\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,000 – 1,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,100 – 1,200\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAS ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n715\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n700 – 800\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n600 – 700\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll-in Sustaining Costs ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n900\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n800 – 900\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2021<\/b>: Production in Africa improves with Subika Underground delivering higher tonnes at Ahafo while Akyem benefits from higher grade.\n<\/p>\n \nCAS per ounce remains steady with higher grade at Akyem, offset by slightly higher costs at Ahafo due to stockpile processing and stripping from the Subika open pit.\n<\/p>\n \nAISC is slightly higher from sustaining capital for underground development at Ahafo and for the tailings storage facility at Akyem.\n<\/p>\n 2022-2023<\/b>: Subika Underground continues to deliver higher tonnes and Subika open pit reaches higher grade, partially offset by mine sequencing at Akyem.\n<\/p>\n \nCAS improves from higher production at Ahafo with increased ore tonnes from Subika Underground and the end of stripping in the Subika open pit.\n<\/p>\n \nAISC increases in 2022 with sustaining capital spend for the tailings storage facility at Ahafo. Ahafo North begins to ramp up in 2023, contributing to the higher production and improving unit costs.\n<\/p>\n North America<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAttributable Production (Koz)\n<\/p>\n<\/td>\n | | \n\n \n1,760\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,450 – 1,550\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,300 – 1,400\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAS ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n730\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n700 – 800\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n750 – 850\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll-in Sustaining Costs ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n915\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,000 – 1,100\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2021<\/b>: A full year of operations at Pe\u00f1asquito, \u00c9l\u00e9onore and Musselwhite increases production. Pe\u00f1asquito reaches slightly higher grade and sustains Full Potential improvements in the mill. Porcupine benefits from higher underground and open pit tonnes mined, partially offset by lower leach pad production at Cripple Creek and Victor (CC&V).\n<\/p>\n \nUnit costs improve with higher production from a full year of operations at Pe\u00f1asquito, \u00c9l\u00e9onore and Musselwhite.\n<\/p>\n 2022-2023<\/b>: \u00c9l\u00e9onore, Musselwhite and CC&V deliver steady production while Porcupine benefits from higher grades in the Borden underground and the Hollinger open pit mines in 2022 before Hollinger begins to ramp down in 2023. Pe\u00f1asquito is mining lower grade, harder ore from the Chile Colorado pit while stripping the next phases of the Pe\u00f1asco pit from 2022 to 2024.\n<\/p>\n \nUnit costs impacted by mine sequencing at Pe\u00f1asquito, \u00c9l\u00e9onore, CC&V and Porcupine which are partially offset by improved productivity and efficiencies at Musselwhite with the completion of the new conveyor system and lower mine material handling system.\n<\/p>\n South America<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAttributable Production (Koz)*\n<\/p>\n<\/td>\n | | \n\n \n1,075\n<\/p>\n<\/td>\n | | \n\n \n1,050 – 1,150\n<\/p>\n<\/td>\n | | \n\n \n1,000 – 1,100\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAS ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n850\n<\/p>\n<\/td>\n | | \n\n \n700 – 800\n<\/p>\n<\/td>\n | | \n\n \n700 – 800\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll-in Sustaining Costs ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n1,035\n<\/p>\n<\/td>\n | | \n\n \n900 – 1,000\n<\/p>\n<\/td>\n | | \n\n \n950 – 1,050\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n *Includes Pueblo Viejo interest with ~325Koz in 2021, ~335Koz in 2022 and ~375Koz in 2023<\/i><\/p>\n 2021<\/b>: A full year of production from Cerro Negro is partially offset by Merian transitioning to harder rock and Yanacocha transitioning to a primarily leach operation in 2021 while developing the first phase of the sulfide resources.\n<\/p>\n \nUnit costs remain steady with higher production and improved productivity at Cerro Negro, offset by lower production at Yanacocha.\n<\/p>\n 2022-2023<\/b>: Production improving with higher ore tonnes mined from Full Potential productivity improvements and mining from five to six ore sources at Cerro Negro. Yanacocha and Merian impacted by slightly lower production due to mine sequencing.\n<\/p>\n \nUnit costs remain stable with slight impacts from mine sequencing at Yanacocha and Merian.\n<\/p>\n Nevada Gold Mines (NGM)<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAttributable Production (Koz)\n<\/p>\n<\/td>\n | | \n\n \n1,370\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,200 – 1,300\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,300 – 1,400\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAS ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n760\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n700 – 800\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n700 – 800\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll-in Sustaining Costs ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n960\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n850 – 950\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nProduction, CAS and AISC for the Company\u2019s 38.5 percent ownership interest in NGM as provided by Barrick Gold Corporation. 2021 and 2022 are years of investment in the future of NGM.\n<\/p>\n Newmont Capital Outlook<\/b><\/p>\n\n\n| \n ($M)<\/i><\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal Consolidated Capital\n<\/p>\n<\/td>\n | | \n\n \n1,900\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,300 – 2,500\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,200 – 2,400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,400 – 1,600\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,100 – 1,300\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConsolidated Sustaining Capital\n<\/p>\n<\/td>\n | | \n\n \n1,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConsolidated Development Capital\n<\/p>\n<\/td>\n | | \n\n \n900\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,300 – 1,500\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,200 – 1,400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n400 – 600\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n100 – 300\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Attributable Capital\n<\/p>\n<\/td>\n | | \n\n \n1,800\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,000 – 2,200\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,900 – 2,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,200 – 1,400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,100 – 1,300\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAttributable Sustaining Capital\n<\/p>\n<\/td>\n | | \n\n \n950\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAttributable Development Capital\n<\/p>\n<\/td>\n | | \n\n \n850\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,000 – 1,200\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900 – 1,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n200 – 400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n100 – 300\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nSustaining capital remains steady, covering infrastructure, equipment and ongoing mine development.\n<\/p>\n \nDevelopment capital includes spend for Tanami Expansion 2 in Australia, Subika Underground and Ahafo North in Ghana, Cerro Negro in Argentina, Yanacocha Sulfides in Peru, and expenditures to progress studies for future projects as well as development capital related to the Company\u2019s ownership interest in Nevada Gold Mines including Goldrush Declines and Turquoise Ridge Shaft. Yearly decreases reflect the Company\u2019s approach to only including development projects that have reached execution stage or are expected to reach execution in the next 12 months.\n<\/p>\n Consolidated Expense Outlook<\/b><\/p>\n \nInterest expense improves to $275 million in 2021 due to the maturity and expected pay off of the 2021 Notes and refinancing of $1 billion Senior Notes in March 2020 at a 2.25% coupon rate. Investment in exploration and advanced projects is expected to be $390 million in 2021 with a full year of production at the five operations that were placed into care and maintenance in 2020 due to Covid-related precautions. The 2021 outlook for general and administrative costs remain flat at $260 million. Depreciation and amortization is expected to be $2,500 million with a full year of production from the five operations that were placed into care and maintenance in 2020 due to Covid-related precautions.\n<\/p>\n Assumptions and Sensitivities<\/b><\/p>\n \nNewmont\u2019s outlook assumes a $1,200 per ounce gold price, $22 per ounce silver price, $2.75 per pound copper price, $1.05 per pound zinc price, $0.90 per pound lead price, $0.75 USD\/AUD exchange rate, $0.77 USD\/CAD exchange rate and $50 per barrel WTI oil price.\n<\/p>\n \nAssuming a 35% incremental tax rate, a $100 per ounce increase in gold price would deliver an expected $400 million improvement in attributable free cash flow. Included within the attributable free cash flow sensitivity is a royalty impact of approximately $20 million (or $3 per ounce) for every $100 per ounce change in gold price.\n<\/p>\n Projects Update<\/b><\/p>\n \nNewmont\u2019s capital-efficient project pipeline supports stable production with improving margins and mine life. Funding for the current development capital project Tanami Expansion 2 has been approved and the project is in execution stage. The Company has included the Ahafo North and Yanacocha Sulfides projects in its outlook as the development projects are expected to reach execution stage in 2021, but have not yet been approved for full funding. Additional projects not listed below represent incremental improvements to the Company’s outlook.\n<\/p>\n \n- Tanami Expansion 2<\/span> (Australia) secures Tanami\u2019s future as a long-life, low-cost producer with potential to extend mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to achieve 3.5 million tonnes per year of production and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years and is expected to reduce operating costs by approximately 10 percent.\n<\/li>\n
- Ahafo North<\/span> (Africa) expands our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company\u2019s Ahafo South operations. An investment decision is expected in the first half of 2021 and the project is expected to add 300,000 ounces per year with all-in sustaining costs between $600 to $700 per ounce for the first five full years of production (2024-2028), with estimated capital costs of between $700 and $800 million. Ahafo North is the best unmined gold deposit in West Africa with approximately 3.5 million ounces of Reserves and more than 1 million ounces of Indicated and Inferred Resource and significant upside potential to extend Ahafo North\u2019s current 13-year mine life.\n<\/li>\n
- Yanacocha Sulfides<\/span> (South America)* will develop the first phase of sulfide deposits and an integrated processing circuit, including an autoclave to process gold, copper and silver feedstock. The project is expected to add 500,000 gold equivalent ounces per year with all-in sustaining costs between $700 to $800 per ounce for the first five full years of production (2026-2030). An investment decision is expected in 2021 with a three year development period and estimated capital costs of approximately $2 billion. The first phase focuses on developing the Yanacocha Verde and Chaquicocha deposits to extend Yanacocha\u2019s operations beyond 2040 with second and third phases having the potential to extend life for multiple decades.\n<\/li>\n<\/ul>\n
*Consolidated basis<\/i><\/p>\n 2021 Regional Outlook<\/b>a<\/b><\/sup><\/p>\n\n\n| \n 2021 Outlook (+\/-5%)<\/b><\/p>\n<\/td>\n | | \n\n Consolidated
\n
Production
\n<\/b>
(Koz, GEOs Koz)<\/b><\/p>\n<\/td>\n | | \n\n Attributable
\n
Production
\n<\/b>
(Koz, GEOs Koz)<\/b><\/p>\n<\/td>\n | | \n | \n\n Consolidated
\n
CAS ($\/oz)<\/b><\/p>\n<\/td>\n | | \n\n Consolidated
\n<\/b>
All-In
\n<\/b>
Sustaining
\n
Costs b<\/sup> ($\/oz)<\/b><\/p>\n<\/td>\n | \n\n Consolidated
\n<\/b>
Sustaining
\n<\/b>
Capital
\n<\/b>
Expenditures
\n
($M)<\/b><\/p>\n<\/td>\n | | \n | \n\n Consolidated
\n<\/b>
Development
\n
Capital
\n
Expenditures
\n
($M)<\/b><\/p>\n<\/td>\n | | \n | \n | \n\n Attributable
\n<\/b>
Sustaining
\n<\/b>
Capital
\n<\/b>
Expenditures
\n<\/b>
($M)<\/b><\/p>\n<\/td>\n | | \n | \n\n Attributable
\n<\/b>
Development
\n
Capital
\n
Expenditures
\n<\/b>
($M)<\/b><\/p>\n<\/td>\n | | \n | <\/tr>\n\n| \n North America<\/b><\/p>\n<\/td>\n | | \n\n \n1,760\n<\/p>\n<\/td>\n | | \n\n \n1,760\n<\/p>\n<\/td>\n | | \n | \n\n \n730\n<\/p>\n<\/td>\n | | \n\n \n915\n<\/p>\n<\/td>\n | | \n\n \n300\n<\/p>\n<\/td>\n | | \n | \n\n \n25\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n300\n<\/p>\n<\/td>\n | | \n | \n\n \n25\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n South America<\/b><\/p>\n<\/td>\n | | \n\n \n1,000\n<\/p>\n<\/td>\n | | \n\n \n1,075\n<\/p>\n<\/td>\n | | \n | \n\n \n850\n<\/p>\n<\/td>\n | | \n\n \n1,035\n<\/p>\n<\/td>\n | | \n\n \n125\n<\/p>\n<\/td>\n | | \n | \n\n \n200\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | | \n | \n\n \n150\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Australia<\/b><\/p>\n<\/td>\n | | \n\n \n1,330\n<\/p>\n<\/td>\n | | \n\n \n1,330\n<\/p>\n<\/td>\n | | \n | \n\n \n650\n<\/p>\n<\/td>\n | | \n\n \n860\n<\/p>\n<\/td>\n | | \n\n \n235\n<\/p>\n<\/td>\n | | \n | \n\n \n400\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n235\n<\/p>\n<\/td>\n | | \n | \n\n \n400\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Africa<\/b><\/p>\n<\/td>\n | | \n\n \n915\n<\/p>\n<\/td>\n | | \n\n \n915\n<\/p>\n<\/td>\n | | \n | \n\n \n715\n<\/p>\n<\/td>\n | | \n\n \n900\n<\/p>\n<\/td>\n | | \n\n \n115\n<\/p>\n<\/td>\n | | \n | \n\n \n160\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n115\n<\/p>\n<\/td>\n | | \n | \n\n \n160\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Nevada Gold Minesc<\/sup><\/b><\/p>\n<\/td>\n | \n\n \n1,370\n<\/p>\n<\/td>\n | | \n\n \n1,370\n<\/p>\n<\/td>\n | | \n | \n\n \n760\n<\/p>\n<\/td>\n | | \n\n \n960\n<\/p>\n<\/td>\n | | \n\n \n210\n<\/p>\n<\/td>\n | | \n | \n\n \n130\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n210\n<\/p>\n<\/td>\n | | \n | \n\n \n130\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Gold<\/b><\/p>\n<\/td>\n | | \n\n 6,400 <\/b><\/p>\n<\/td>\n | | \n\n 6,500<\/b><\/p>\n<\/td>\n | \n d<\/sup><\/b><\/p>\n<\/td>\n | \n\n 750 <\/b><\/p>\n<\/td>\n | | \n\n 970 <\/b><\/p>\n<\/td>\n | | \n\n 1,000<\/b><\/p>\n<\/td>\n | \n e<\/sup><\/b><\/p>\n<\/td>\n | \n\n 900 <\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 950<\/b><\/p>\n<\/td>\n | \n e<\/b><\/sup><\/p>\n<\/td>\n | \n\n 850 <\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n \n| \n Total Co-productsf<\/sup><\/b><\/p>\n<\/td>\n | \n\n 1,300 <\/b><\/p>\n<\/td>\n | | \n\n 1,300 <\/b><\/p>\n<\/td>\n | | \n | \n\n 600 <\/b><\/p>\n<\/td>\n | | \n\n 880 <\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n<\/table>\n\n\n| \n 2021 Consolidated Expense Outlook ($M) (+\/-5%)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGeneral & Administrative\n<\/p>\n<\/td>\n | | \n\n \n260\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest Expense\n<\/p>\n<\/td>\n | | \n\n \n275\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and Amortization\n<\/p>\n<\/td>\n | | \n\n \n2,500\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExploration & Advanced Projects\n<\/p>\n<\/td>\n | | \n\n \n390\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted Tax Rate g,h<\/sup><\/p>\n<\/td>\n | \n\n \n34%-38%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFederal Tax Rate h<\/sup><\/p>\n<\/td>\n | \n\n \n27%-30%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMining Tax Rate h<\/sup><\/p>\n<\/td>\n | \n\n \n6%-9%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2021 Site Outlook<\/b>a<\/b><\/sup> as of December 8, 2020<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n Consolidated
\n<\/b>
Production (Koz)<\/b><\/p>\n<\/td>\n | | \n\n Attributable
\n
Production (Koz)<\/b><\/p>\n<\/td>\n | | \n\n Consolidated CAS
\n<\/b>
($\/oz)<\/b><\/p>\n<\/td>\n | | \n\n Consolidated All-In
\n<\/b>
Sustaining Costs b
\n
<\/sup>($\/oz)<\/b><\/p>\n<\/td>\n | \n\n Consolidated
\n<\/b>
Sustaining Capital
\n<\/b>
Expenditures ($M)<\/b><\/p>\n<\/td>\n | | \n\n Consolidated
\n<\/b>
Development
\n<\/b>
Capital<\/b><\/p>\n Expenditures ($M)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCC&V\n<\/p>\n<\/td>\n | | \n\n \n260\n<\/p>\n<\/td>\n | | \n\n \n260\n<\/p>\n<\/td>\n | | \n\n \n865\n<\/p>\n<\/td>\n | | \n\n \n1,000\n<\/p>\n<\/td>\n | | \n\n \n25\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00c9l\u00e9onore\n<\/p>\n<\/td>\n | | \n\n \n270\n<\/p>\n<\/td>\n | | \n\n \n270\n<\/p>\n<\/td>\n | | \n\n \n825\n<\/p>\n<\/td>\n | | \n\n \n1,040\n<\/p>\n<\/td>\n | | \n\n \n45\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPe\u00f1asquito\n<\/p>\n<\/td>\n | | \n\n \n660\n<\/p>\n<\/td>\n | | \n\n \n660\n<\/p>\n<\/td>\n | | \n\n \n575\n<\/p>\n<\/td>\n | | \n\n \n750\n<\/p>\n<\/td>\n | | \n\n \n155\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPorcupine\n<\/p>\n<\/td>\n | | \n\n \n360\n<\/p>\n<\/td>\n | | \n\n \n360\n<\/p>\n<\/td>\n | | \n\n \n785\n<\/p>\n<\/td>\n | | \n\n \n940\n<\/p>\n<\/td>\n | | \n\n \n35\n<\/p>\n<\/td>\n | | \n\n \n25\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMusselwhite\n<\/p>\n<\/td>\n | | \n\n \n200\n<\/p>\n<\/td>\n | | \n\n \n200\n<\/p>\n<\/td>\n | | \n\n \n855\n<\/p>\n<\/td>\n | | \n\n \n1,100\n<\/p>\n<\/td>\n | | \n\n \n40\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther North America\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCerro Negro\n<\/p>\n<\/td>\n | | \n\n \n270\n<\/p>\n<\/td>\n | | \n\n \n270\n<\/p>\n<\/td>\n | | \n\n \n775\n<\/p>\n<\/td>\n | | \n\n \n975\n<\/p>\n<\/td>\n | | \n\n \n50\n<\/p>\n<\/td>\n | | \n\n \n75\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nYanacochai <\/sup><\/p>\n<\/td>\n | \n\n \n315\n<\/p>\n<\/td>\n | | \n\n \n160\n<\/p>\n<\/td>\n | | \n\n \n1,050\n<\/p>\n<\/td>\n | | \n\n \n1,350\n<\/p>\n<\/td>\n | | \n\n \n25\n<\/p>\n<\/td>\n | | \n\n \n125\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMeriani<\/sup><\/p>\n<\/td>\n | \n\n \n425\n<\/p>\n<\/td>\n | | \n\n \n320\n<\/p>\n<\/td>\n | | \n\n \n725\n<\/p>\n<\/td>\n | | \n\n \n855\n<\/p>\n<\/td>\n | | \n\n \n50\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPueblo Viejo\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n325\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther South America\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBoddington\n<\/p>\n<\/td>\n | | \n\n \n830\n<\/p>\n<\/td>\n | | \n\n \n830\n<\/p>\n<\/td>\n | | \n\n \n735\n<\/p>\n<\/td>\n | | \n\n \n915\n<\/p>\n<\/td>\n | | \n\n \n145\n<\/p>\n<\/td>\n | | \n\n \n50\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTanami\n<\/p>\n<\/td>\n | | \n\n \n500\n<\/p>\n<\/td>\n | | \n\n \n500\n<\/p>\n<\/td>\n | | \n\n \n515\n<\/p>\n<\/td>\n | | \n\n \n725\n<\/p>\n<\/td>\n | | \n\n \n85\n<\/p>\n<\/td>\n | | \n\n \n350\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Australia\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n5\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAhafo\n<\/p>\n<\/td>\n | | \n\n \n515\n<\/p>\n<\/td>\n | | \n\n \n515\n<\/p>\n<\/td>\n | | \n\n \n800\n<\/p>\n<\/td>\n | | \n\n \n990\n<\/p>\n<\/td>\n | | \n\n \n80\n<\/p>\n<\/td>\n | | \n\n \n40\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAkyem\n<\/p>\n<\/td>\n | | \n\n \n400\n<\/p>\n<\/td>\n | | \n\n \n400\n<\/p>\n<\/td>\n | | \n\n \n600\n<\/p>\n<\/td>\n | | \n\n \n765\n<\/p>\n<\/td>\n | | \n\n \n35\n<\/p>\n<\/td>\n | | \n\n \n10\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAhafo North\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n115\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Africa\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNevada Gold Minesc<\/sup><\/p>\n<\/td>\n | \n\n \n1,370\n<\/p>\n<\/td>\n | | \n\n \n1,370\n<\/p>\n<\/td>\n | | \n\n \n760\n<\/p>\n<\/td>\n | | \n\n \n960\n<\/p>\n<\/td>\n | | \n\n \n210\n<\/p>\n<\/td>\n | | \n\n \n130\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate\/Other\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n | | \n\n \n20\n<\/p>\n<\/td>\n | | \n\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPe\u00f1asquito – Co-products (GEO)f<\/sup><\/p>\n<\/td>\n | \n\n \n1,120\n<\/p>\n<\/td>\n | | \n\n \n1,120\n<\/p>\n<\/td>\n | | \n\n \n575\n<\/p>\n<\/td>\n | | \n\n \n825\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBoddington – Co-products (GEO)f<\/sup><\/p>\n<\/td>\n | \n\n \n180\n<\/p>\n<\/td>\n | | \n\n \n180\n<\/p>\n<\/td>\n | | \n\n \n765\n<\/p>\n<\/td>\n | | \n\n \n990\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPe\u00f1asquito – Zinc (Mlbs)\n<\/p>\n<\/td>\n | | \n\n \n475\n<\/p>\n<\/td>\n | | \n\n \n475\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPe\u00f1asquito – Lead (Mlbs)\n<\/p>\n<\/td>\n | | \n\n \n190\n<\/p>\n<\/td>\n | | \n\n \n190\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPe\u00f1asquito – Silver (Moz)\n<\/p>\n<\/td>\n | | \n\n \n30\n<\/p>\n<\/td>\n | | \n\n \n30\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBoddington – Copper (Mlbs)\n<\/p>\n<\/td>\n | | \n\n \n80\n<\/p>\n<\/td>\n | | \n\n \n80\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n a<\/sup> 2021 outlook projections used in this presentation are considered forward-looking statements and represent management\u2019s good faith estimates or expectations of future production results as of December 8, 2020. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2021 Outlook assumes $1,200\/oz Au, $22\/oz Ag, $2.75\/lb Cu, $1.05\/lb Zn, $0.90\/lb Pb, $0.75 USD\/AUD exchange rate, $0.77 USD\/CAD exchange rate and $50\/barrel WTI; AISC and CAS estimates do not include inflation, for the remainder of the year. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved, except for Ahafo North and Yanacocha Sulfides which are included in Outlook as the development projects are expected to reach execution stage in 2021. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +\/-5% range. Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary at the end of this release.\n<\/p>\nb <\/sup>All-in sustaining costs or AISC as used in the Company\u2019s Outlook is a non-GAAP metric; see below for further information and reconciliation to consolidated 2021 CAS outlook.\n<\/p>\nc <\/sup>Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM.\n<\/p>\nd <\/sup>Attributable gold production outlook includes the Company\u2019s equity investment (40%) in Pueblo Viejo with ~325Koz in 2021; does not include the Company\u2019s other equity investments.\n<\/p>\ne <\/sup>Total sustaining capital includes ~$20 million of corporate and other spend.\n<\/p>\nf <\/sup>Gold equivalent ounces (GEO) is calculated as pounds or ounces produced multiplied by the ratio of the other metal\u2019s price to the gold price, using Gold ($1,200\/oz.), Copper ($2.75\/lb.), Silver ($22\/oz.), Lead ($0.90\/lb.), and Zinc ($1.05\/lb.) pricing.\n<\/p>\ng <\/sup>The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.\n<\/p>\nh <\/sup>Assuming average prices of $1,500 per ounce for gold, $22 per ounce for silver, $2.75 per pound for copper, $0.90 per pound for lead, and $1.05 per pound for zinc and achievement of current production and sales volumes and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2020 will be between 34%-38%.\n<\/p>\ni <\/sup>Consolidated production for Yanacocha and Merian is presented on a total production basis for the mine site; attributable production represents a 51.35% interest for Yanacocha and a 75% interest for Merian.\n<\/p>\nFive Year Cost and Production Outlook (+\/- 5%)<\/b><\/p>\n\n\n| \n \nGuidance metric\n<\/p>\n<\/td>\n | | \n\n 2021E<\/b><\/p>\n<\/td>\n | | \n\n 2022E<\/b><\/p>\n<\/td>\n | | \n\n 2023E<\/b><\/p>\n<\/td>\n | | \n\n 2024E<\/b><\/p>\n<\/td>\n | | \n\n 2025E<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGold Production* (Moz)\n<\/p>\n<\/td>\n | | \n\n \n6.5\n<\/p>\n<\/td>\n | | \n\n \n6.2 – 6.7\n<\/p>\n<\/td>\n | | \n\n \n6.2 – 6.7\n<\/p>\n<\/td>\n | | \n\n \n6.5 – 7.0\n<\/p>\n<\/td>\n | | \n\n \n6.5 – 7.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Metal Production** (Mozs)\n<\/p>\n<\/td>\n | | \n\n \n1.3\n<\/p>\n<\/td>\n | | \n\n \n1.2 – 1.4\n<\/p>\n<\/td>\n | | \n\n \n1.4 – 1.6\n<\/p>\n<\/td>\n | | \n\n \n1.4 – 1.6\n<\/p>\n<\/td>\n | | \n\n \n1.4 – 1.6\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal GEO Production (Mozs)\n<\/p>\n<\/td>\n | | \n\n \n7.8\n<\/p>\n<\/td>\n | | \n\n \n7.5 – 8.0\n<\/p>\n<\/td>\n | | \n\n \n7.7 – 8.2\n<\/p>\n<\/td>\n | | \n\n \n8.0 – 8.5\n<\/p>\n<\/td>\n | | \n\n \n8.0 – 8.5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAS*** ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n$750\n<\/p>\n<\/td>\n | | \n\n \n$650 – $750\n<\/p>\n<\/td>\n | | \n\n \n$625 – $725\n<\/p>\n<\/td>\n | | \n\n \n$600 – $700\n<\/p>\n<\/td>\n | | \n\n \n$600 – $700\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll-in Sustaining Costs*** ($\/oz)\n<\/p>\n<\/td>\n | | \n\n \n$970\n<\/p>\n<\/td>\n | | \n\n \n$850 – $950\n<\/p>\n<\/td>\n | | \n\n \n$825 – $925\n<\/p>\n<\/td>\n | | \n\n \n$800 – $900\n<\/p>\n<\/td>\n | | \n\n \n$800 – $900\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSustaining Capital* ($M)\n<\/p>\n<\/td>\n | | \n\n \n$950\n<\/p>\n<\/td>\n | | \n\n \n$900 – $1,100\n<\/p>\n<\/td>\n | | \n\n \n$900 – $1,100\n<\/p>\n<\/td>\n | | \n\n \n$900 – $1,100\n<\/p>\n<\/td>\n | | \n\n \n$900 – $1,100\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDevelopment Capital* ($M)\n<\/p>\n<\/td>\n | | \n\n \n$850\n<\/p>\n<\/td>\n | | \n\n \n$1,000 – $1,200\n<\/p>\n<\/td>\n | | \n\n \n$900 – $1,100\n<\/p>\n<\/td>\n | | \n\n \n$200 – $400\n<\/p>\n<\/td>\n | | \n\n \n$100 – $300\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Capital* ($M)\n<\/p>\n<\/td>\n | | \n\n \n$1,800\n<\/p>\n<\/td>\n | | \n\n \n$2,000 – $2,200\n<\/p>\n<\/td>\n | | \n\n \n$1,900 – $2,100\n<\/p>\n<\/td>\n | | \n\n \n$1,200 – $1,400\n<\/p>\n<\/td>\n | | \n\n \n$1,100 – $1,300\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n *Attributable basis; **Attributable co-product gold equivalent ounces; includes copper, zinc, silver and lead; ***Consolidated basis for gold<\/i><\/p>\n Non-GAAP Financial Measures <\/b><\/p>\n \nNon-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (\u201cGAAP\u201d). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.\n<\/p>\n Costs applicable to sales per ounce\/gold equivalent ounce <\/i><\/b><\/p>\n \nCosts applicable to sales per ounce\/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. Costs applicable to sales per ounce\/gold equivalent ounce statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.\n<\/p>\n All-In Sustaining Costs <\/i><\/b><\/p>\n \nNewmont has developed a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations.\n<\/p>\n \nCurrent GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production.\n<\/p>\n \nAll-in sustaining cost (\u201cAISC\u201d) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards (\u201cIFRS\u201d), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company\u2019s internal policies.\n<\/p>\n \nThe following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:\n<\/p>\n Costs applicable to sales<\/i>. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sale<\/i>s (\u201cCAS\u201d), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation<\/i>, which is consistent with our presentation of CAS on the Condensed Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company\u2019s Condensed Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals at our Pe\u00f1asquito and Boddington mines. The other metals CAS at those mine sites is disclosed in Note 4 to the Condensed Consolidated Financial Statements. The allocation of CAS between gold and other metals at the Pe\u00f1asquito and Boddington mines is based upon the relative sales value of gold and other metals produced during the period.\n<\/p>\n Reclamation costs<\/i>. Includes accretion expense related to reclamation liabilities and the amortization of the related Asset Retirement Cost (\u201cARC\u201d) for the Company\u2019s operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Pe\u00f1asquito and Boddington mines.\n<\/p>\n Advanced projects, research and development and exploration<\/i>. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration<\/i> amounts presented in the Condensed Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Pe\u00f1asquito and Boddington mines.\n<\/p>\n General and administrative<\/i>. Includes costs related to administrative tasks not directly related to current production, but rather related to support our corporate structure and fulfill our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis.\n<\/p>\n Other expense, net<\/i>. We exclude certain exceptional or unusual expenses from Other expense, net<\/i>, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net<\/i> is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders<\/i> as disclosed in the Company\u2019s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Pe\u00f1asquito and Boddington mines.\n<\/p>\n Treatment and refining costs<\/i>. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on our Condensed Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Pe\u00f1asquito and Boddington mines.\n<\/p>\n Sustaining capital and finance lease payments<\/i>. We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC. The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company\u2019s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Pe\u00f1asquito and Boddington mines.\n<\/p>\n \nA reconciliation of the 2021 Gold AISC outlook to the 2021 Gold CAS outlook, 2021 Co-product AISC outlook to the 2021 Co-product CAS outlook are provided below. The estimates in the table below are considered \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.\n<\/p>\n \n\n| \n 2021 Outlook – Gold (7)(8)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in millions, except ounces and per ounce)<\/b><\/p>\n<\/td>\n | | \n\n Outlook Estimate<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCost Applicable to Sales (1)(2)<\/sup><\/p>\n<\/td>\n | \n\n \n$\n<\/p>\n<\/td>\n | \n \n4,750\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReclamation Costs (3)<\/sup><\/p>\n<\/td>\n | \n\n \n150\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdvanced Projects and Exploration (4)<\/sup><\/p>\n<\/td>\n | \n\n \n150\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and Administrative (5)<\/sup><\/p>\n<\/td>\n | \n\n \n230\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |