Higher Production Volumes At Tanami And Ahafo

DENVER, CO - Newmont Corporation President and CEO, Tom Palmer, said, ”Since transforming Newmont's business four years ago, we continue to lead the gold sector in sustainability, profitable gold production and shareholder returns due to the strength of our team and the quality of our world-class portfolio. During the first quarter, we delivered on our expected results, generated nearly $1.0 billion in adjusted EBITDA and returned $318 million to shareholders through our industry-leading dividend framework. We remain on track to achieve our full year guidance ranges and build upon our track record of safely delivering long-term value to all of our stakeholders through sustainable and responsible mining."

In the first quarter production volumes came in line with our previously signaled expectations for the first quarter, with higher than signaled production at Tanami and Ahafo, partially offset by lower than planned production at our non-managed joint ventures. Compared to the fourth quarter, earnings were in-line despite lower sales volumes, which were partially offset by higher realized gold prices, including $17 million of favorable mark-to-market adjustments on provisionally-priced gold ounces. Gold CAS per ounce was higher than the fourth quarter due to lower sales volumes, partially offset by lower gross costs from easing inflation on commodities, materials and supplies. Advanced projects and exploration spend was lower than the fourth quarter, but is expected to be higher in the second quarter and the remainder of the year.

Attributable gold production decreased 5 percent to 1,273 thousand ounces from the prior year quarter primarily due to lower mill recovery and ore grade milled at Penasquito as a result of the planned mine sequencing, the impact of the mill shutdown at Tanami due to the rainfall event and lower production at Nevada Gold Mines. These decreases were partially offset by higher ore grade milled at Ahafo and higher mill throughput and ore grade milled at Éleonore. Attributable gold sales versus production was impacted by the timing of concentrate shipments at Penasquito. This concentrate has been sold and the revenue will be realized in the second quarter.