DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced key actions that together will deliver on its clear and consistent strategy.

"Newmont's go-forward portfolio is the new standard for gold and copper mining," said Tom Palmer, Newmont's President and Chief Executive Officer. "This portfolio provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector, each with the scale and mine life to generate strong free cash flows, and all located in the world's most favorable mining jurisdictions. It is from this platform that Newmont has established a balanced shareholder return framework, designed to return capital to shareholders through a stable base dividend and share repurchase program. As we look forward to this very important year of integration and transformation, I am confident in the quality of our assets and the capability of our team to deliver on our commitments, return capital to shareholders and justify our position as the benchmark gold equity."

Announced a Focused Tier 1 Portfolio*

Intend to divest six non-core assets including Éléonore, Musselwhite, Porcupine, CC&V, Akyem and Telfer, as well as two non-core projects including Havieron and Coffee
Focusing management efforts on portfolio of Tier 1 assets and emerging Tier 1 assets
Sequencing development projects to focus on enhancing project development capabilities to bring forward the gold industry's best pipeline of gold and copper projects
Identified an additional $500 million of cost and productivity improvements over and above initial synergy commitments**
Provided Long-Term Outlook for the Tier 1 Portfolio**

6.7 million ounces of gold production targeted by 2028; gold equivalent ounce (GEO) production of 8.3 million by 2028
Average annual sustaining capital spend of $1.5 billion expected over the next five years to support key tailings management, water and infrastructure projects, as well as fixed and mobile equipment reliability
Average annual development capital spend of $1.3 billion expected over the next five years focused on advancing the most value-accretive opportunities at the right time and in the right order
Established Balanced Capital Allocation Strategy and Return of Capital Framework***

Commitment to an investment grade balance sheet, targeting approximately $7 billion in available liquidity, including $3 billion of cash with an increased $4-billion five-year corporate revolving credit facility
Near-term debt reduction of $1 billion to approximately $8 billion through free cash flow and divestment proceeds from sale of non-core assets
Disciplined development capital spend of approximately $1.3 billion per annum with a focus on safely and efficiently bringing forward opportunities that are aligned with the Company's strategy
Continued focus on return of capital to shareholders through a fixed dividend of $1.00 per share annualized*** and a $1 billion share repurchase program to be executed over the next 24 months with excess free cash flow and proceeds from asset divestitures**
Declared a dividend of $0.25 per share of common stock for the fourth quarter of 2023 payable on March 28, 2024 to holders of record at the close of business on March 5, 2024
_______________________________________
* Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes attributable production from the Company’s equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines Joint Venture.
** See discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements.Expectations regarding productivity improvements, synergies, asset divestitures and return of capital are also forward-looking statements.
*** Expectations regarding 2024 dividend levels, annualized dividend and share repurchasesare forward-looking statements. The declaration and payment of future quarterly dividends remains at the discretion of the Board of Directors and will depend on the Company’s financial results, cash flow and cash requirements, future prospects, and other factors deemed relevant by the Board. See cautionary statement at the end of this release.

Tier 1 Portfolio Outlook Focuses on Growing Margins and Disciplined Reinvestment

Production from Newmont’s optimized portfolio is expected to increase over the next five years while benefiting from cost reductions on a per unit basis. The growth necessary to meet the Company’s production targets is expected to be driven by Newmont's ten Tier 1 operations.

2025+ OUTLOOK

Tier 1 Portfolio gold production is expected to improve to 6.7 million ounces by 2028 with the completion of the Ahafo North project in Ghana, the expansion at Tanami and the completion of two block caves at Cadia in Australia. Boddington will emerge from the stripping campaign at the North and South Pits in 2026 with improved gold and copper grades. Lihir is expected to improve production in 2025 with higher grades from Phase 14a with operating improvements to mine and mill performance benefiting production. Peñasquito will deliver higher production in 2025 with the stripping campaign completed at Peñasco Pit.

Non-managed operations will also improve production levels through 2028 mainly driven by Nevada Gold Mines.

CAS and AISC per ounce are also expected to improve through 2028 with higher production volumes and productivity improvements gained from delivering on synergy commitments.