NEM - Earnings call 3 2023 | Newmont Corporation

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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.

Tom Palmer

Thank you, operator. thank joining and Earnings Third everyone, Call. morning, you Newmont's for Quarter Good by team, to executive and I'm the my Today, joined leadership at end and all call. questions Karyn we'll including be your available answer the of Ovelmen, Atkinson Rob like who joined I'd executive to the this of Natascha the at team start introduce month. Newmont Viljoen, also officially leadership are experience Natascha very Newmont. commodities, technical, operational of than XX is years of her have a seasoned to range executive excited industry across leadership join leader and at diverse and we brings more team a and our

we statement can our Before begin, website. refer please on found cautionary note which and filings, our SEC our to be

During plan, third our we a on focused execute long-term underpinned strategy. the strategic continued very quarter, to by clear and

our the sustainable and leadership along and experience, portfolio global leveraging strength our for model collective to a with operating Newmont. and are build of future resilient We

for of producers Our significant gold a pending It event sustainable, for mining. the senior and gold industry. of top responsible copper two Newcrest acquisition to standard sector's our combines new set is the

I'd transaction transformational what's Is we safety an and our Newcrest very on exciting stakeholders. Newmont to like provide a for with review I think of the all this But and come, a before to start performance. time update of and our

proud a Newmont years. has on have significant a a are in been and company, X we that we safety not As very intentional journey, and fatality had

redesigned our could risks critical that we risk and and on fatality. control ensure in time, this focused standards a result system were During fatality management to verifications our behaviors

that be times the field interactions million the in X.X place fatalities. our that critical to than prevent in on all more leaders completed have We at were focused must controls by

and personal including really incentive rates reduction safety the our pre-start on We management. pre-task hazard lagging assessments on doing things the away move modified really, And well, in and few infield from a fatality focused to leading the risk traditional fatigue focused we verifications. program to metrics, injury annual deliberately meetings, targets

potential experienced a a at Each X here slide. Whether by safety where As least of the a and chronic do, is still these which every experience shift be X and performance, on of because to consequence is every every maintain we the see day. you every that an everything one of workforce our considered safety always safety learn and our must in days. significant every improvement area opportunity actions, of an health significant have event improve and are in you sense we evidenced this these from must hour, we metrics

Turning to our highlights. quarterly

the third generating quarter, increase billion of million of quarter, over $X.XX declared prior and During copper, of ounces cash tonnes per operations, $XXX million Newmont a our X.X established EBITDA and framework. over XX,XXX adjusted we the share a gold continuing and in dividend XX% $X of from produced from

the production few last at fully receiving in for Pamour new milestones in San the reaching number project months, key the we the Marcos mining of at Tanami Over upper of Negro production achieved full Cerro funds projects, and including at important shaft Australia, the Canada deposit section development in Porcupine Argentina. at our commercial approval a

local stakeholders. operation, bargaining values, in of up and we our in the and maintained held we also this issue, our communities ensuring agreement for the Peñasquito we polymetallic negotiations resolve we union teams our long-term X reached value all returning we to Tier mine. place at on had resolution Mexico. this with focused at that a steadfast collective safely work and operations month, now our Throughout to that this earlier the honoring mine are ramping position its Importantly, And to protected strong mining a workforce, and our the

significant the for of caused assets the quarter, our has integration And strike along operations, into we of safe the many with This ramp-up seamless focus Newcrest many, portfolio. people. are unnecessary our Newmont's on this hardship industry-leading global

Now Peñasquito, the updating are that remainder outlook year following resolution the the to for incorporate the we we of to our strike X have at a impacts.

is to early The reflect suspension of first Peñasquito the mid-October. at operations to June for

The a reflect than some Ahafo is to second is Viejo. will Gold provide and matters at lower third production reflect from the more Nevada on the the these both mill, moment. anticipated throughput Pueblo Rob And in to Mines details lower

now the So Newmont ounces produce X.X of $X,XXX gold cost an to portfolio, current of expect we a all-in million sustaining for from with ounce. XXXX, resulting

report year full that the our around incorporate November. Xth production with acquired will assets of transaction currently on Newcrest weeks February for next to track XXXX reminder, X late the from Monday, of a As in close on results X year will the

an I'll Rob. will update what and us important to the focus on you, of day transaction ahead and the now Newcrest turn to our and from Rob it provide work I'll Karyn the be to then integration deliver Over then results take quarterly a strong quarter, through efforts the fourth X. to

Robert Atkinson

and assets today, I'll Boddington. with starting my our high-margin discussion in good begin the morning, portfolio Thank you, Tom, around everyone. Tier X

planned quarter production to third well, the and quarter, fourth waste movement quarter. the and pits as North the the ramp in the mill and up are as with visit During Boddington South team in the maintenance solid third had spend they I and to in the opportunity the shutdown for Boddington expected. delivered Laybacks time prepare the continue planned progressing

say we trucks to XXXX X the gold quarter. And stripping fourth to successfully commissioning completed haul of the expected effective helped to improved I'm position to has Funds last third cornerstone reach in impact maintenance pleased in the and that in are mined to utilization The accelerate new in to increase have strong copper further year. and mill grades this Cat for autonomous has performance unusually a from higher compared this the fleet time Despite significantly offset wet whole XXXX. weather. the quarterly rainfall autonomous mine the quarter, heavy

to Turning Tanami.

record the during of quarter results. continues consistently extended strong the Territory in mine and year. deliver to We Tier the first in previous in record And Northern Our wet production fourth of the in to achieved this the the mill March August, record rates following the levels throughput reach we in year's expect the and weather quarter. we flooding to experienced continue X highest year. beating region set

very Tanami workforce. However, will to and monitoring and the as immediate of prioritize Territory, the closely in are continue, we the Northern health impact the status of we and always, of burning vicinity wildfires the in our the currently and safety the large

second during my Tanami, is see the making recent team progress at headway We our and encouraged to to visit. also expansion project continue I the was

that milestone is concrete significant our we the upper a far, size, achieved with of into as review we the done sections, this of conditions the the lining removing lower project We've the lower work current of has commence in And as been needing so taking aligning shaft, account X.X fully and mitigated in shaft. mid-shaft section the plan the ground projects the overbreak typical the and lining the will the of to kilometer be deep sections

February year. providing complete, our next strong Tanami, strengthening project we improvements, forward at in an further and to with update X at Tier guidance cost Once significant ounce of and our will operation margins the look already this deliver

Turning Ahafo. to

asset XX% quarter capacity, the around reduce at to by catastrophic large to full one team, made to management Tom to mentioned, and at To failure, hairline prevent impacted a by any Ahafo. bringing than of third for As deterioration identified to third throughput decision was quarter. routine mills grinding throughput operate mill fractures condition the our we further the monitoring the less

circuits milling We October our our Ahafo swapped is ensure have milling run in circuit tiers the X productive to at at XXX%. between most able to gut

of Ahafo conveyor allow Subika commissioned when parcels again and mine second of we below full budget. plant schedule accessed in land ore all we commence continues to quarter of to will services of install critical Ahafo brand-new processing ahead the facilities. The during replacement at until North project reached planned, the and rates the approximately and progress Ahafo processing higher-grade This to from the access will a Underground to we and successfully quarter, run Also, XX% XXXX as construction have of

mining on called and pit of equipment quarter mobilized, area are the of is assembled being fully commissioned, remain mining are heavy this to first fourth the the pre-stripping contractors Airports in commence we track ongoing, year. and

Turning to Peñasquito.

the As Tom agreement and mentioned received Court in with from his union approval on the definitive Mexican Labor opening remarks, reached we a XX. October

ramp-up We have the restarted and far. is safely progressing operations, well so

we crusher with productivity restarted have now the ore a are and We and waste X pit. Colorado in to X from return in stripping Peñasquito the the are the anticipating Chile feeding weeks, pit to next full

strongly focus on the importantly with also to are our We continuing workforce. engagement

XX,XXX in employer mines who employees, our and more significant the and workforce the than for in local suppliers of caused service largest national contractors. direct Zacatecas part is hardship of strike chain, customers. neighboring unnecessary people with communities This X,XXX another providers and contractors and of Peñasquito supply communities, a all are

As Peñasquito, commitments, we X collective and closely this for the of all of long-term with the profitable the future continue law our stakeholders honor bargaining polymetallic mine. ahead our to to we work and value Tier will work exciting and the look agreement to with protect

quarter. attributable joint ventures XXX,XXX Cortez XX% Newmont's in interest and in non-managed Tier contributed Newmont are Moving Turquoise joint the X to Through venture to production Ridge. core gold ventures. or assets third joint an The has our our of X and portfolio partnerships, ounces

mentioned, our expectations non-managed for ability performance and from below our targets for cost reported operations Tom production to year, been As achieve the our impacting has XXXX.

of fourth our second efforts forward On contributed produced joint solid the XXX,XXX our an year. and to and results ounces We from and production, the XXX,XXX Newmont compared to look Video of Mines X through projections more and rest of Tier quarter, of than venture Pueblo the both profitable our have these the joint gold remainder XXX,XXX from the of performance ounces approximately Nevada the ounces quarter for partners. an operations portfolio gold from increase we improved of adjusted ventures, top in anticipate Gold

milestones moment ounces at production a executing. our highlights This North, a across and that from X further the I San we Marcos second the of which like projects I to we coming achievements hand high-grade also this expansion. associated Ahafo to over Negro, expansion and will few at Tanami XXX,XXX Cerro On of with currently up commercial Cerro top be Karyn, we bodies Before noted our years. development opens it the key to Porcupine for XX gold, cover take at already Negro, mined exciting district a declared I'd ore achieved At are

year. start years, This been stopes quarter milestone expect of the for fourth in the to from realizing has the Porcupine, and time XX Board. by on this and approved coming gold to Porcupine further benefit opens we up life on budget, which the Pamour was and will XXXX. At extend these of delivered a the high-grade full helps be operational least ounces project funds at This over mined complex million X.X the

will team quarter XXXX. the in mining well commence tracking produce fourth are and to Our pre-stripping in

And project already the expectations. initial finally, we advanced it our are And that to to drilling results. that, pass feasibility stage, to from our to where cover delivered Karyn the financial with I'll results surface over beyond has underground our Akyem

Karyn Ovelmen

you, Thank Rob.

financial with started the get Let's highlights.

price higher third third gold lower $X,XXX $XXX gold quarter operating was year, realized last the XX% was from revenue EBITDA During million, driven was adjusted ounce, direct quarter, by and costs. the up per $X.X and at a prices billion of of

million net generated of of period into adjusted to a our to leverage free flow ratio a for of from cash EBITDA. of capital more and back operations business. $XXX million of And we position $XXX we is quarter, We net significant of with the billion cash spend than as billion $X.X continue the move closed also which X.Xx of debt reinvestment cash quarter in a through steady $X

in financial standpoint, healthy a best-in-class funding balance with outlook. pleased strength say delivering Fitch and our balance financial of first from value-accretive while to time sheet that A- From maintain And Newmont's projects is rating ongoing to a I'm recognition investment-grade a we sheet have flexibility, and stable a goal returns. received

at mentioned We margins despite also Rob non-management challenges quarter, solid our the third Ahafo the joint and Peñasquito, ventures. maintained in that

to plans operations other or pending costs acquisition tax million operations, investments, diluted $XXX Third unrealized losses at Newcrest included and net equity continuing related related former this on to Adjustments and from to per $X.XX quarter related remediation $X.XX mark-to-market our share. revisions related of was quarter to in $X.XX with adjustments associated $X.XX and income GAAP transaction $X.XX items. reclamation

account, third net diluted Taking of these we income into $X.XX share. per reported adjusted quarter

As depreciation reference our modeling a in $XXX those operating are quarterly to million included results Peñasquito. costs at in and

million share. on share in dividend our $X.XX $X,XXX price a payout annualized XXXX gold was with an $X.XX ounce our a per $X.XX declared and $X.XX or established we line share calibrated of quarter, of declared per This dividend basis. per framework per of This within to at range dividend

in the to over our our billion in demonstrating Newmont shareholders. commitment Goldcorp had paid $X dividends closing transaction since XXXX,

of On the company the year robust operations February global acquisition, provide quarter new fourth combined and expect Newmont year, outlook with next our of we full Newcrest XXXX into operating will our close the results. integrate model. X to for our

our Consistent with our XXXX which dividend dividend range, outlook process, we inform will framework. will within our payout calibrate our established

quarter approved portion and XXXX As alignment be dividend February environment. flows dividends Board with planning dividend our our of and a year, range in quarter. apply the to to reminder, the current of cycle, and macroeconomic payout will variable by projected fourth in reviewed declared annually we assess will each to the this Directors our be Similar our business cash

view approach combined of we apply will thoughtful guidance market to our and longer-term a a company. for setting portfolio, disciplined For the

to after we've June. and ground long-term our with which of expect typically following assets the We in had Board Directors, our place with provide annual time session our Newcrest takes strategy outlook some the on

stakeholders. the information We it update the current Newcrest pass to both look on opportunities an future exciting for for I'll Tom transaction. ahead on providing and with forward more on that, and to And

Tom Palmer

talent, this decades Newmont Karyn. Newmont shareholders votes in the shareholders assets to an proposition the uniquely and Thanks, create of industry's of votes Newcrest to portfolio generate of our Recognizing overwhelmingly XX% for Through industry's Tier returns favorable cast the Newcrest for most combination cast were and and an concentration X gold The come. platform, highest of stakeholders. exceptional strategic other featuring is jurisdictions, of value the transaction. Newmont in all to assets, superior the rationale best by strongest of unrivaled favor world-class shareholders XX% by and transformational positioned represents copper growing

approvals we new November, regulatory standard the and of on of gold close All copper across to now transaction the the mining the expect set Xth industry. secured, shareholder Monday, the for votes and and

of XX and Newmont of And our will than have transaction, mines. Following assets to to scale, deliver core portfolio of life, profile mine the will decades. top-tier X half the cost representing returns the the and more these for the assets, Tier close position stable strong world's be gold resilience several

benefiting X Columbia. our is in district model, our doubt world's Tier our model, we disciplined learnings from Leveraging Tier work, existing that comprehensive systems with will applying the well portfolio assets, emerging be of one assets portfolio, asset Cadia the allocation with copper best Newmont be the strength operating gold acquired X newly Brucejack Red and There process. and strategy Chris practices under our our no British umbrella, from as sustainability operating capital our Tier operating will along in Lihir current of operating and X and our the as people

through Papua of leaders subject to New North we dedicated bench business of From operating we start value. a our business Guinea, integrated Bernard supported and record by Newmont unit, the our Pretorius model, will head November, established led for a unit. big our model, experts Gous, managing Wessels led have Mia accountability global regional led up this delivering of units, director. unit one by by Alwyn business Every of this and operating Australian within American our experienced each track have global assume business will where newly returning Natascha to with assets by a matter And is X safely managed

and led Amoadu. our Caribbean Through our by and African unit Thornton, our Rogers, business Latin unit accountability business Rahman unit Mark Dave early by led have for Peruvian continue by led Rob will XXXX, business American to

in this We member driving the be Natascha are very work for gold closely delivering that operational our and pivotal our equity. the Rob will leaders together of months, integration continuing both will fortunate executive to results coming have in during leadership synergies a as particularly and demonstrate period. and Newcrest team, as benchmark Rob acquisition position important the

welcoming few I across to Newcrest And on our In days, extended team be day Newcrest on X, every colleagues site Newmont. my and just will be leadership we'll a location.

integration at As been team, on success to we systems work key the Newcrest that we'll have fundamental our be with Newmont. begin X our focused

management at The first companies is is the our kill our And fatality which very approach. safety great simply, program, risk core of do not put people.

and companies Second together is culture, values program, is Respect@Work our X in alignment workplaces. particular, these safe in from around and our benefit key inclusive bringing the a

companies are we other in industry, experienced allow We to learn with be mining there each racism, bullying we opportunity and the have many to Like issues sexism, both other have the in to the that place. harassment in discrimination, programs from our systemic workplaces. continue know

working is place workplace we'll to be These to a disrespectful welcome create take actions safe. have behaviors Newmont. And at no everyone together with and

is the to of commence to X is a key system synergy industry, the career Newmont Goldcorp program, led billion of is our which the over third and November commitments. support acquisition it the decade. sustainable most our The in delivery my in program rolling synergies XX-year both Full at have improvement the some years full Lihir $X Cadia out our I've with I will potential at that from in It program last over in ago. that delivering key was and worked Potential

savings much sharing participation, barriers Potential breaking delivers just sustains and than improvements. and organization. and collaboration productivity by across global improves and encouraging culture However, down active our cost learned It more Full our lessons

Full Potential. diligence supply identified in committed in categories: across million synergies $XXX May, and due back annual our and work to During chain we G&A, X

long-term transaction synergies delivery months, to bring combined both assets very XX creates This talent, look over capabilities, first we our are allocation and the will collection possible the of of technical sustainability copper ahead Tier and stakeholders process. As we by supported industry's the opportunities sets of closing gold to excited these in it and about the disciplined the of workforce. value best best the transaction capital the and the and all industry, X practices

grow increase our and of investor part we to on also from the We'll shareholders as an that outreach, listing look base Australia important then our establish shareholder welcoming form ASX. will our

around close a upon and will heritage our strengthening a this jurisdiction. be our We and this of of shared transaction, long be we revenues mining will the derived. have in presence in history key Australia, We're XX%

welcoming Newcrest and over talented on to the today to providing and integration business open with team forward first first to and it operator the thank for turn the our combined year. experienced I questions. of at looking your And that, update line time you for the We're the next quarter for

Operator

from The [Operator the America. line Winder question today Lawson Bank with of Instructions] first comes of

Lawson Winder

You've with combined company likelihood annually. the lower production combined assets have sell discussed a urgency X which is to reduce and intend ounces the all to improve portfolio? What combined for you overall the that the from noncore any to million than level

Tom Palmer

Lawson, question. the for Thanks,

as more resource, of a with terms that, about look work immediately it we'll review. call and it, a like taking to longer-term is talked after Markets We outlook almost XR Karyn through the do Day we terms team. share of to to us close reserve review In a will have our run time in we midyear then Capital what

and business upon and done, Newmont the and the we're those And Newmont-based to then with plans convert develop models. best operations resource into demonstrated of team have going based those. that review our establish at then and in reserve establish X to Newcrest performance iterate and plans, resource work that we'll resources to then and start each definition. and going have mine to start previous the reserve We then

across going deliver the time XXXX certainly they the those how of budget can for operations, work a we'll plans our and those we're but potential we reduce work understand together. combined really So that operations, to portfolio to portfolio, also and but those mine understand take understand to to projects ensure on

starting So year. of -- that's will early few over going be the diligently the first for to work do next November in months

them and into business Lawson, units When of was those within I years managed very an business Newmont's Wessels described up American operations model. portfolio some terms standing is X operations in as unit more Guinea. accommodate XX ago, capable the had of couple of New I've we operations business purposes Listen, X manage new our operations operations Papa from in operating operations, a can bolt-on to my a comfortably remarks, the those operating in full very unit. manage is then the model. is unit. global the and Australian X running Australian number our memory, business North X In I this in Bernard that and intensive

at his of to to Alwyn in is as work family business the back stand leaders been and And Newmont, that farm work mentioned, one retired Pretorius, very Newmont unit. I've coming I best up South on Africa, who go

very So our someone run successfully business business unit in who's American very and then unit. experienced having ago years Latin our Africa some

business. He Newmont he new world, understands really PNG understands and up developing to well that placed is he stand

will operations we might the run will where to our team be So look optimize his portfolio. those capably and opportunities XX at

commitment be the work We opportunity looking portfolio. of business billion combination first have but months. that project is to do, to the That of we'll part be we'll also where that a a of come will our planning XX rationalize resequencing, $X over

also include X, we looking our portfolio. might about have have through are structured very but be to a comfortable that be process portfolio. rationalize to run operations think in and able in a Tier the we at we number Tier a to in But to work X to and X business. a very XX how Tier our are those has we'll grow Several And we of Tier X, operations number that operations potential

Lawson Winder

just a on on initial Peñasquito exceed prepared synergies. in is closing the post remarks in I your synergy program that that Can final guidance? attention expectations which could NCM the materially way, comments the portfolio your question for side? up there might included if another follow the on Potential assets And NCM comment put could you and Full greatest one And in get

Tom Palmer

attributable X where see the and and our Lihir about think is Thanks, million, and million work the we time in $XXX $XXX Lawson of our basics portfolio, to work. Full $XXX coming out Potential of million focusing There the of of we improve Peñasquitos Newcrest we're around to attention are from Cadia. the the mining asset order we blast $XX management maintenance work. Lihir the and the opportunities million do as mine, That's

we're that next So the opportunities on have plant. the month best getting in presenting saw the ore consistently processing start really people to ground those due that We'll diligence. we in during and understanding

the very Tier cave I tell we block the to so very that tonnes story Newcrest crushing large we are the mine, grinding plan throughput in to roughly Lihir the see getting certainly and consistent then to plant. X Cadia, through we've underground The a recovery. and improve reliability, told we've portfolio. story a operation consistent plant, Big circuit at think the million processing mine. and Peñasquito. opportunities the out year availability, in in of the throughput the XX out work of And coming other to that We see opportunities similar service the bottlenecks processing both out the then got

big service. Again, Peñasquito worked plantation we've with and mill, where circuit with crushing grinding very to a multiple similar

present the to we led story the mill that very and story of to mine see and of Peñasquito a at in Peñasquito improvement Rob work So hungry similar out is the work significant Cadia analog the mill in to at or where deliver the then analogy and that team at working to on Boddington is terms Peñasquito. the very Cadia mine

Lawson Winder

Fantastic. look I to further updates congratulations. forward and

Tom Palmer

Thanks.

Operator

with Daniel The next question from comes Barrenjoey. Morgan

Daniel Morgan

issues how to led about the does that the that through this whether that much question can issues had just first some doesn't. But has How run Obviously, of downgrade is you've run Peñasquito and you My the year, production assets XXXX? today? into all some had into you XXXX? of much the of issues the follow

Tom Palmer

and good morning Daniel, to Thanks, you.

your you confident you now in, our we're the in staying running, listen and the expectations it for union that at we're in you I up thank been Peñasquito that of Australia today, think thank to Newmont reset is if with that and very there's them. coverage. the and a But up big for and workforce portfolio look assets

cost So about that to into very the go confident the productivity operation. and safely we ability 'XX at improvement

impact sequence. 'XX the is on The mine

we be sequence So where mine will we were would different happen what were suspended when thought the now. 'XX operations in in that the means

we're Chile is So Colorado on polymetallic the pit, mine, other so gold. which in the more and metals

So won't come that will in now different large be therefore, of metals we Peñasquito into equivalent the back gold to and swing will 'XX, Peñasquito ounces of it the be out that balance

we girth now will At Ahafo, be the mill. nursing gear that's on the

So about Ahafo. quarter, throughput on the start amount, big The girth SAG the is the the plant there's the the mill hairline on to small until girth end X/X and gear first mills of the quarter second cracks X of process the of throughput is the for at XXX%. that the X/X feed nurse at main year. now the gear We'll with next now and can run of

we very managed run So transition. through around that the processing at throughput plant of XX% XX%, as at get Ahafo will

There they in a our pressure expansion today. significant operations to see a on Tier the X oxidation Pueblo impacts we're to plants out 'XX. of At circuit. Newmont's the big like Viejo, X non-managed portfolio our we think very of commissioning are still probably about joint We XX% ventures,

work and that plants. you venture means So will exercise. about mines in information as Nevada that then through months with on are performance as next in that that and we'll then impacts understand latest the what those the built big on 'XX impacts in X 'XX we is for partners as some and mines from understood work other learn things reflect potentially 'XX And that commissioning couple of and 'XX, our there joint in plants

the some color from to impacts about 'XX into think gives that how you as hopefully, So Daniel, 'XX. we

issues I think this they be events those were the and of is of of have, And into of important thing a the all which time metal have is that timing is metal just just the year, impact metal process in present. any that that the and the that the reserves at converted all still ground. it's this of None can we we've had in terms at which sold.

Daniel Morgan

That's probably sometimes a good still gold there. forget on the the segue, is which get next issues fixated Tom, can into that my is market and short-term question,

is there share the in to share the does it soon to year-to-date, opportune if the as market pricing market price price that is at may in? some and not the to a look an that underperforms So be long-term to market communicate do point buyback the maybe in time has value it

Tom Palmer

Daniel. what say out than we're buying on there's transaction question, to parallel previous in in XXXX less plans we'll our at for stock through X continuing I process mentioning and terms be the we'll We'll the there X new the mine budget the was process our and we've through the business work longer-term certainly the of some planning to Newmont base assets got plans. work determining of to in develop work that work time. tremendous through. answer diligently looking a weeks' Daniel, close Thanks, to Newmont's in That's anyone about for portfolio today, and

a in and capital to allocation our appropriate ensure of we've strong our ensuring back we're life and we're to shareholders. reinvestment returns That cash process, balance levels us that ensuring is business then got maintaining directing inform sheet, towards which will growth available extend the the for

framework. dividend foremost as through Our strategy our first returns capital and been allocation

that to gold work business dividend So that think we other our year through the will about for we you our impacting and at when our our world planning of framework generated time. particularly how price, in events calibrate business we'll about look and XXXX flow some be the cash assumptions macroeconomic process,

order to allocation how in permission some That be returns and numbers there to seeking and have benefit to the any be cash we're and debate benefit will But we in those debate shareholders look that is have. a look that Board we business and would debate capital we'll will at whether as we the from whether it an element we we're establish program. there be seeing discussion of as second primary Board area will price, to present terms we a buyback the at our share continue and generating, our the

first part be framework. our is debate. shareholders But returns through to it'll dividend of So our the order the

Operator

comes line Scotiabank. question Jakusconek of the with next Tanya Our from

Tanya Jakusconek

Just That's adjustments from merger back and the Can talk review reserve of for go we you based you resources, took have you to is question. need those the category? XXXX adjusting your can just will we did be Newcrest's with first so, some you've that February year resources you about that reserves with the I that can of Goldcorp us shift. couple just a on. Newcrest When your pending. Tom, reserves and guidance if reserves in your the just and just see we to made report on my resources? clarity some inputs you the And resource may when over, like some mines and

Tom Palmer

Thanks, what Tanya. very to acquired something Yes, you similar when we place took can expect Goldcorp.

resource and November those team assessing and definition. December operations of we'll our have X the a each those assessing -- ground at So those across Newmont a against and through team the on operations technical reserves

be rules the also then as is will and standard at report very a under have under industry. and there in Newmont, standard high what reserve terms reserve So So is Newmont obviously Newcrest differences A resource a right? some we and we classified of report higher SEC a in

see will back forth. some and you So

separately about X because them made for announcements and a the we've X we you'll agreement, the those. binding announced since for resources, about see companies definitions various and different talk you'll there reserves report see couple of are us The instances us

with our resources update So we time towards reserves the and combined frame portfolio. to for February working are

I and required values as and to back a we access to And signaling, X and offer optimization. both for room important everybody had -- to it's a that sort in is data Since think judgments companies of of run weeks are assess that synergy in May and independent submit terms haven't and to we any make April to some time, about determine portfolio binding our to companies.

have an to that Newcrest for but any And so any we we integration, access have on team had had information time. not since working integration additional planning

work. we we to and can the Monday, that plans and of That's the start the reserves first the resources, Xth get to get time the mine keys on car access November.

front So of in time. a weeks' Tanya, it's in of couple us,

Tanya Jakusconek

Okay.

X think can between an think, just the that that the the there's the GAAP anything need or wondering for ounces this I'm where you think, those U.S. Newmont's thereabouts included, just given glaring I'm X from about I you be at X dam accountings, whether reserve in additional IFRS -- that So I point. million definition. the the, the there of, is to example. could like Lihir to reserves, and if isn't example, on Have resources is to you of category shift anything the some that just reserves layback from wall as reserves something stricter giving

Tom Palmer

to level expectation that granularity, the our experience. of is Goldcorp similar but is Nothing Tanya,

see specifics, into in -- reported going into Newcrest will you instances Newmont resources. reserves without will You move some reported

I for reporting as to many stockpiles our change. to sustaining the understand move You've people also interest -- other accounting, accounting GAAP things think fully we definitions and U.S. can seen from and for capital

some accounting will But don't There'll that be Tanya. which well. change. we around Our of byproduct have yet, moving coproduct, parts as that granularity all

Tanya Jakusconek

Okay.

and the guidance, meetings be then provided think that, that the -- So will long-term June. Board I on after strategy in just heard I

X-year be guidance for So outlook? midyear thinking we a should

Tom Palmer

to get Tanya. that together we're That's the session set a really looking order X-year, share Markets come the But what to over Capital we view, we the to through mine to be can we certainly to certainly and with this strength will with to work those really with months where up of planning And X- where good and of plans want and on show certainly to what with longer-term portfolio. of have next to story first wrap-up the Board the portfolio do, through working that our year then XX-year do want market. the Day view work look in few the

Tanya Jakusconek

costs in taken then more have QX? And any that going incurring been and/or just Or these in are maybe all QX? severance restructuring we be Okay. to on

Tom Palmer

in QX associated at voluntary costs with and severance reset taking The largely we've unrelated as work Yanacocha down happening some to this we're was there, redundancies. that got ramping down transaction folks the

flow in of probably next and year third the transaction-related this fourth of we will the quarter to quarter, into where larger fourth next then the the they'll severances in year So the first the of than quarter you'll see see start numbers be that will quarter flow year.

Tanya Jakusconek

Okay.

So more would cost in And QX is my of question and just like... come. QX last then I kind to

Tom Palmer

[Indiscernible]

Tanya Jakusconek

Yes.

Okay.

on you With stock, now see you the prices rebalancing hard index information of of is in what year-end? on then your Could share do view of movement the you yes. question your year-end. us all these all give overall qualitative in with have look terms from of last until rebalancing Too some quantitative the my all this just as in transaction, index what we is And of these sort just view at how occurring yes. or terms

Tom Palmer

Thanks, as in the happening happening well volatility Tanya. movements. that work parts certainly off rebalancing coming on terms gold Lots and all with process the of index the at the at as and the moving coming ASX listing price secondary moment, ASX Newcrest as that in of the of our

we of New and our it's performance -- ASX, out. there's X that -- our likely parts the Stock month Exchange stock out York the modeling look so moment. the at between for in secondary or in the a the settle head And side of thrown be other lots When we listing to the rebalancing affecting look at at the getting the stock moving to

New anticipate up describing we've of flow billion in and conversations liquidity things Exchange and some going certainly could We the Stock volatility there'll settle had in think to what to start XX that other. we in potentially of -- to with ASX. bit anticipate quite a before of shareholders movement happening out and terms we're York as be Australia So AUD

have to AUD the primary in alongside AUD anticipate where market point to the of billion sitting cap. XX XX will of that We that the secondary look listing. into ASX, XX% XX% cap representing listing, we'll then billion also starting and lean market order something our That our on

and Stock sort we will some be volatile liquid So a and down to -- sight and and we Board. may some Exchange between settles couple the York where before get it modeling it New fully ASX. of or scenarios and month as on months of get shows of line land that a for we that anticipate a that

Tanya Jakusconek

Okay.

rebalancing obviously listing. So a of that outflows what the year-end positive from then now in this on take then some and until settling I with side on all is and with Australian

Tom Palmer

think to big mining and very community the some I of out, very And a The as then cap investment our larger positive a -- I side funds you'll see things to community. then as super that there that savvy flow well. is you'll trends market of of from with positive the interest you're investment see some also settle and funds as sticky think go lots standpoint going see passive Australian with we listing with

there's able attract. what some but as going to this noisy, So very be to to portfolio good signs is

Operator

from Josh RBC. with Wolfson Our question next comes

Joshua Wolfson

of I average quarter, annualized discussing moving possible some we company going rate take the to it, would at even or on a AISC bit and of is fourth what goalposts call some When be of provide million a XXXX which look But costs understand just numbers, the the $X,XXX, for is the lot implied for here. looks guidance, let's portfolio X a was Newmont based indication parts for there's old at it the is, like to cost forward? the structure higher an to ounces, quite closer about the be which than least company, structure. under where looks

moving some portfolio on a anything but understand Newmont the I lot forward. costs going for So of or just parts, inflation

Tom Palmer

impacting next And cost we've to year. cost. is one for our direct that it's cost direct line year ounce been that steady. I But base, look into which this we with slowing year, through then what are of this managed, we on impact pretty because we're much has the expecting when very production. a really look tricky it's events in base as some Thanks, There of mean Josh. looking

very doing similar the levels looks the least So seen we year at direct stabilizing of year. that this it's of planning at we've base into the of cost as sort much very staying next is out and inflation work, a sort look

that assets be We'll those. about portfolio, be have the that Tier we'll about portfolio and would be us, this for our the And the and for how emerging our our non-managed different in those manage those plan. combined Nevada we portfolio of think Pueblo operations Tier Mines, X joint as about be -- be and So more thinking operations we a thinking chunks optimization. we're of profile think that in that through couple about X we X ounce assets then But Viejo we how will will X we'll will it and portfolio. working manage ventures be to What those Tier X thinking Tier doing Gold about part likely

cost So for emerging Tier we what's X our manage. base the think about that operations, portfolio Tier X we

our We around challenging at X cost will base. forward. manage And going we non-managed ventures then their our Tier how joint assets looking be we're

with cost strike the pretty manufacturing we fires had what and cost flooding, we'll got those and base. answer in a is having profile debates to So consistent for we'll business looking those plan But year, the that certainly be consistent some side those operations direct that of to high-level throwing we'll be base and question and this we're those out be that of working 'XX very build bush our at some in is being challenges our other ensure So consistent plans. pretty your with a we've that of with the for see we've

Joshua Wolfson

it. Got

you that then the another or performance views of you're going complexity of following I'm recent But the your integrating I'm that the of process? if for review can operating just Newcrest or manage how these maybe to or not maybe provide question, update, this affected sure And the Okay. some portfolio wondering on any has assets, strategy details this.

Tom Palmer

No, Josh, due our diligence. nothing's changed from

in advanced X, in how planning advanced operating how and on XXX in days. clear those integrate well we're day will and on into what and we manage crystal X, the will are We of well -- we operations first week do them X terms we'll model, month our

and more in nothing sort integrate on times the those view our about happened recent anything long-term changes assets there's of how the So that we

Operator

CIBC Anita Soni from question today comes with final World Our Markets.

Anita Soni

us portfolio So to could related a support you to you the reinvesting When dividend, have $X you be first you needed? used or on deliver think portfolio? for allocation. do uses capital one I billion that your in think of in an in that is idea can Or optimization, -- not was capital give whether the terms if

Tom Palmer

Anita. Thanks,

the So projects the will categories. portfolio combined One resequencing optimization be come portfolio. from the of will X

And that be portfolios have calibrating will you lead framework. informing cash development cash going so dividend -- our flow been the the will we decisions to reinvesting, that we're around towards match the projects free generating the and X and that together, would change, then that make

optimization will flow portfolio for free to lead that dividend. So support actually generating of the cash

portfolio optimization we the with divestments Then the proceeds that received from assets. of

experience have our look where at -- we view at question, trading, the make balance to on cash value. Goldcorp of price balance about our robust First Goldcorp, we And use is we sheet our on we strengthen -- how answer where we the the we did then to as sheet our our balance we we the would our to sheet. of that with and look and a and earlier bring where look to foremost, back certainly, judgments share

balance on with the there combined and sheet foremost, we cash organization. And shares, that to opportunity come be that to bolster our would to was used would and that and of so have some the thought Board. strengthen if a sheet But we some debate balance buy be back will the our first

Anita Soni

Okay.

Second little more more question, nitty-gritty. on just a the

Is Looking you is in throughput XXXX stripping be use continue you'll more waste this and become that into run what more, an that as quarter? grades happening? I Or doing and will of kind of go that with guess, terms stockpile rate in and Boddington, more at that exacerbated layback? appropriate

Tom Palmer

I waste to after high access North a getting to hands those the Certainly, sustaining to as get our we early, around the we ore. pit had are -- high-grade open up X and a movement start pit in bit in South -- getting really and was after trucks trucks on of X capital, to the think, to the Anita, the North

'XX through more also mine movement, move the 'XX some waste plant, ore to coming stockpile. supplement of and So some that into run but starting we'll into

in in you band lower that some and cycle and see that of and will a normal copper operates So that into into movement normal so moving some more Boddington through. stockpiles waste gold and

you into that get playing bit So in ore before dynamic see a out the will of 'XX, 'XX high-grade back

Anita Soni

back ask when had. you where you -- Okay. this Tanami regards with on the we've And wanted you review events And pared year the then some you unit just the basically had and question now? to for Or think particularly you where be update escalation revised because right about capital? citing the expansion I we the the numbers and or expecting I I Tanami, at an development you're projects cost update board, okay -- do haven't to that understand your capital should your rainfall guys projects, to across see an there? on those to number final is capital we seen a just think And capital so.

Tom Palmer

Anita. Thanks,

lower of milestone of the an So upper and we've of reached then mid-shaft at the the lining setting the now infrastructure the part of level that the mid-shaft Tanami, shaft. shaft and part important get the after we're at up where the

shaft the the learned you've shaft, That those to part happening now. So top important going learnings mining shaft the bottom the it's of bottom the to is now -- how of to the working going work right as what an half you're what run and for apply you pause half milestone the the the and of condition of from understand

pressure market, think is labor. the in in I Australian seeing projects capital the we're As key cost

just we so ensuring And understand labor. the

We and we of round lining. that processes crews go through as that our working favor for to planning second of have shaft part as we're there is set work full live as That a cost with part next guidance for an our February certainly expecting schedule XXXX provide our the year. would run update be and we be in doing that of would and something to latter that the get

the we're with the of -- February to at milestone it's So and nice 'XX up XX project update. lined

Anita Soni

Okay.

guidance provide then XXXX combined for that portfolio provide combined Is XXXX, the the -- that you June, you or for combined February And note, the sorry, portfolio. on versus just XXXX correct? midyear, portfolio will will for go provide -- you'll So X-year you only. just a can for

Tom Palmer

That's correct, Anita.

Anita Soni

year, And in lastly, on had well, dividends, what for February as would next Okay. you right? then that the it be said

Tom Palmer

XXXX we February in dividend be would the with that calibrated XXXX, XXXX. be would will dividend information and for be guidance our -- sharing

Operator

I over would the to closing like conference concludes turn This back Tom remarks. for Palmer the question-and-answer session. to

John Tumazos

taking and enjoy thank rest for Thanks, you the operator, your time all call to today, our you. and of day. the Thank please

Operator

now The today's attending concluded. Thank conference for has you presentation.

disconnect. now may You

Newmont (NEM) 26 Oct 232023 Q3 Earnings call transcript