NEM · Newmont

528 filings

NEM SEC Filings

Newmont - 528 total filings

Filing record · 2016–202610-K1210-Q338-K155

Showing 1–50 of 528 filings

Newmont 8-K Report, Financial Results (Oct 22, 2026)

Newmont Corporation reported its third-quarter 2026 results, demonstrating strong operational execution and positioning to meet full-year guidance. The company produced approximately 1.3 million attributable gold ounces and generated $1.9 billion in free cash flow. Newmont continues to prioritize shareholder returns, having returned $1.9 billion to shareholders through dividends and share repurchases since its last earnings call, resulting in a notable reduction in its total share count. The company also announced an improved full-year cost outlook, with Gold by-product Costs Applicable to Sales (CAS) and All-In Sustaining Costs (AISC) showing positive trends. Key project developments include progress on the Red Chris Block Cave project and completion of shaft construction at Tanami Expansion 2, both advancing according to or ahead of schedule. Financially, Newmont reported a Net Income of $2.5 billion and an Adjusted Net Income of $2.3 billion ($2.20 per diluted share), with Adjusted EBITDA at $4.0 billion. The balance sheet remains robust, ending the quarter with $8.8 billion in cash and $12.8 billion in total liquidity, maintaining a net cash position of $3.2 billion. The company also amended its Nevada Gold Mines Joint Venture agreement and continues to advance its capital allocation framework, emphasizing sustaining capital investment, a sustainable dividend, disciplined development capital, and an optimized capital structure.

Oct 22, 2026 10-Q

Newmont Quarterly Report for Q3 Ended Sep 30, 2026

Newmont Corporation reported a significant increase in sales and net income for the nine months ended September 30, 2026, compared to the same period in 2025. Sales grew by approximately 25% to $19.79 billion, driven primarily by higher average realized prices for gold and silver. Net income attributable to Newmont stockholders more than doubled, reaching $7.94 billion, reflecting strong operational performance and strategic asset management. The company also demonstrated robust cash flow generation, with net cash provided by operating activities increasing substantially. Key financial highlights include a strong rise in diluted earnings per share to $7.43 from $5.20 in the prior year. The company maintained a solid liquidity position with substantial cash and cash equivalents and undrawn credit facilities. Despite inflationary pressures and geopolitical uncertainties mentioned, Newmont's proactive management and diversified asset base have enabled it to deliver impressive financial results, positioning it well for continued value creation.

Oct 22, 2026 8-K

Newmont 8-K Report, Executive Changes (Aug 20, 2026)

Newmont Corporation (NEM) announced a significant addition to its Board of Directors with the appointment of Peter David Beaven as an independent director, effective September 1, 2026. Mr. Beaven brings a wealth of global mining and finance expertise, having previously served as Group Chief Financial Officer of BHP. His extensive experience in strategy, mergers, acquisitions, divestments, and financial functions, including investor relations, is expected to be a valuable asset to Newmont's board. Furthermore, Mr. Beaven will be joining the Audit Committee, a crucial role given his background. His current involvements include serving as Chair and interim CEO of Renewable Metals Pty Ltd., and as a Senior Adviser to Global Infrastructure Partners, indicating his continued engagement in the resources and investment sectors. This appointment signals a strategic strengthening of the Board's oversight and financial acumen.

Aug 20, 2026 8-K

Newmont 8-K Report, Material Agreement (Aug 13, 2026)

On August 10, 2026, Newmont and Barrick entered into a Second Amended and Restated LLC Agreement for the Nevada Gold Mines (NGM) joint venture, filed under Item 1.01 and disclosed in this 8-K dated August 13, 2026. Under the agreement, Barrick's Fourmile project and Newmont's Fiberline and Mike projects (the "Projects") will be contributed to NGM. Newmont will pay Barrick $1.95 billion in cash within 30 days after the Fourmile contribution, and NGM will assume all liabilities associated with the Projects. The filing also reflects capital contribution accounting of $1.95 billion for Newmont and approximately $3.11 billion for Barrick. Concurrently, the parties signed a confidential Settlement Agreement resolving all outstanding disputes related to NGM. The agreement also modifies the valuation of future development and exploration contributions, the dilution mechanics for a non-contributing member, and certain governance approval rights over NGM senior leadership. Newmont has consented to Barrick's proposed North American IPO of its gold assets, which the press release states follows from the dispute resolution and property contributions. For investors, the key takeaways are the removal of a long-running source of joint venture friction, a defined $1.95 billion cash outlay by Newmont, and clearer governance and capital-call mechanics for NGM. The filing does not disclose the timing of closing, the financial impact on Newmont's earnings, or the terms of the confidential settlement, so these remain open questions for investors.

Aug 13, 2026 10-Q

Newmont Quarterly Report for Q2 Ended Jun 30, 2026

Newmont Corporation (NEM) reported strong financial performance for the six months ended June 30, 2026, with net income attributable to Newmont stockholders reaching $5.46 billion, a significant increase from $3.95 billion in the prior year period. This growth was driven by robust sales, up to $13.42 billion from $10.33 billion, largely due to higher average realized prices for gold and silver, despite a decrease in gold sales volumes. The company's operating cash flow also saw a substantial rise to $6.71 billion from $4.42 billion, indicating efficient operations. Newmont also actively managed its capital structure, repurchasing a significant amount of its common stock, demonstrating a commitment to shareholder returns. The company's liquidity remains strong, with substantial cash and cash equivalents and available borrowing capacity. Key operational highlights include the achievement of commercial production at the Ahafo North project in Ghana and continued investments in development projects. However, the company faced temporary operational impacts, notably at its Cadia operations in Australia due to seismic activity, which affected production and increased costs for the quarter. Despite these challenges, Newmont's diversified operations and strategic financial management position it well to navigate market dynamics and deliver shareholder value.

Jul 23, 2026 8-K

Newmont 8-K Report, Financial Results (Jul 23, 2026)

Newmont reported a strong second quarter 2026, with attributable gold production of 1.29 million ounces, record second-quarter free cash flow of $2.2 billion, and net income attributable to stockholders of $2.2 billion ($2.06 per diluted share). Adjusted net income was $2.2 billion ($2.10 per diluted share) and Adjusted EBITDA was $3.8 billion. Results were down sequentially from Q1 2026 on lower realized gold prices ($4,414/oz versus $4,900/oz) and a Cadia seismic event that halted operations in April. Gold by-product all-in sustaining costs (AISC) rose to $1,621/oz from $1,029/oz, although management said year-to-date costs remain well below full-year guidance. Management reaffirmed its 2026 guidance of 5.3 million attributable gold ounces and said it remains on track. It declared a quarterly dividend of $0.26 per share (an indicated annualized $1.04), payable September 28, 2026. Since the last earnings call, Newmont has repurchased $1.7 billion of stock, with $4.3 billion left under the $6.0 billion authorization. Cash stood at $9.0 billion and net cash at $3.4 billion. Management also expects third-quarter gold production to be broadly in line with Q2, with unit costs rising on higher sustaining capital spend. The filing is a furnished (not filed) Item 2.02 8-K attaching the earnings release. Because the release is furnished, it is not subject to Section 18 liability, and the forward-looking statements and non-GAAP reconciliations are presented as management's own disclosures.

Jul 23, 2026 8-K

Newmont 8-K Report, Executive Changes (Jun 15, 2026)

Newmont (NYSE: NEM) filed an 8-K on June 15, 2026 announcing a broad executive leadership reshuffle effective July 1, 2026, under President and CEO Natascha Viljoen. Brian Tabolt, currently Senior Vice President, Global Finance and Chief Accounting Officer, will become Executive Vice President and Chief Financial Officer, succeeding interim CFO Peter Wexler, who returns to his role as Chief Legal Officer. Joshua Cage, Global Controller, will take over as Chief Accounting Officer and Controller. Mark Rodgers (currently Managing Director, Africa Asia Pacific) becomes Chief Operating Officer, and David Thornton (currently Managing Director, Americas) becomes Chief Technical Officer. David Fry is promoted to Executive Vice President, Project Development. Erin Workman, the interim CTO, moves to Senior Vice President and Group Head, Health, Safety, Security and Environment. From an investor standpoint, the filing signals a deliberate bench-strengthening exercise rather than a response to a crisis: all named successors are internal promotions with long Newmont or industry tenure, and the company's own release frames the changes as reflecting depth of talent. The principal financial-relevant items are compensation terms. Rodgers receives a $800,000 base salary with a 105% short-term incentive target, and Thornton a $630,000 base with 85%. Tabolt's base is $685,000 with a 100% STI target. Each receives one-time, three-year RSU make-whole awards tied to the difference between prior and new target incentive levels ($650,000, $250,000 and $680,000 respectively), and Wexler receives a $500,000 three-year RSU award for his interim CFO service. These are modest relative to a company of Newmont's scale. The key watch items are execution continuity and the CFO transition. Tabolt's appointment keeps finance leadership within the company, which reduces transition risk, and the filing notes that his prior external experience includes Molson Coors and Deloitte. Investors may also monitor whether the new operations and technical leadership sharpen performance at Newmont's 12 operating sites and its project pipeline, since the release emphasizes cost discipline and project execution. No financial results, guidance, or operational metrics were disclosed in this filing.

Jun 15, 2026 8-K

Newmont 8-K Report, Shareholder Vote Results (May 13, 2026)

Newmont Corporation's 8-K filing dated May 13, 2026, reports the outcomes of its 2026 Annual Meeting of Stockholders held on May 12, 2026. The key takeaway for investors is that all matters presented to shareholders were overwhelmingly approved, indicating strong support for the company's current direction and governance. This includes the election of all nominated directors, the advisory resolution on executive compensation, and the ratification of Ernst & Young LLP as the independent registered public accounting firm for 2026. The high percentage of "Votes For" across all proposals suggests a stable and confident shareholder base. The overwhelming approval for director elections and the auditor ratification further reinforce trust in Newmont's leadership and financial oversight. The strong endorsement of the executive compensation plan, while advisory, signals shareholder satisfaction with the company's pay-for-performance philosophy.

May 13, 2026 8-K

Newmont 8-K Report, Executive Changes (Apr 28, 2026)

This 8-K filing announces a significant leadership change within Newmont Corporation, detailing the retirement of Executive Vice President and Chief Technical Officer, Mr. Francois Hardy, effective June 30, 2026. Mr. Hardy's departure is amicable and not due to any disagreements, and he will not receive severance. His retirement marks the end of a 24-year tenure with the company, during which he made impactful contributions. The company has initiated a process to identify a successor, emphasizing its robust succession planning. In the interim, Ms. Erin Workman will assume the role of acting Chief Technical Officer starting May 2026. Ms. Workman brings extensive experience in exploration and geosciences, having held various leadership positions within Newmont since 2019, as well as prior experience with other prominent mining companies. Her appointment underscores Newmont's focus on leveraging internal talent for critical leadership roles during transitions.

Apr 28, 2026 8-K

Newmont 8-K Report, Financial Results (Apr 23, 2026)

Newmont reported first quarter 2026 results on April 23, 2026, highlighting record quarterly free cash flow of $3.1 billion (up 12% quarter over quarter, and up from $1.2 billion a year earlier) and net income attributable to stockholders of $3.3 billion, or $3.00 per diluted share. Adjusted net income was $3.2 billion, or $2.90 per diluted share, and Adjusted EBITDA was $5.2 billion. Attributable gold production was 1.3 million ounces, in line with the 5.3 million ounce full-year guidance, and gold by-product AISC fell 21% sequentially to $1,029 per ounce. The average realized gold price was $4,900 per ounce, which drove much of the earnings improvement. Management also said the company remains on track against its 2026 guidance. The main capital allocation news is a new $6.0 billion share repurchase authorization, which doubles the size of the program after the prior $6.0 billion authorization was fully executed. Newmont has repurchased $2.4 billion of shares since the last earnings call and $6.0 billion cumulatively through the filing date. The Board also declared a $0.26 per share quarterly dividend, payable June 22, 2026, which implies an annualized rate of $1.04 per share. Management framed the dividend as a $1.1 billion annual commitment, with per share growth expected as buybacks reduce the share count. The company ended the quarter with $8.8 billion in cash, $12.8 billion in total liquidity, and a net cash position of $3.2 billion. Gross debt was reduced modestly. Investors should weigh several offsetting risks. Sustaining capital spend is expected to rise through the rest of 2026, and the Yanacocha water treatment program is consuming reclamation cash, with about $550 million planned for 2026. Ghana's revised royalty and levy regime is estimated to add roughly $25 per ounce to total company AISC, although it is not included in guidance. Cadia experienced a magnitude 4.5 earthquake on April 14, 2026, and second quarter production there is expected to be lower. Management guided second quarter production to be slightly below Q1 and unit costs to be notably higher. Several capital allocation statements, including the dividend framework and buybacks, are explicitly non-binding forward-looking statements.

Apr 23, 2026 10-Q

Newmont Quarterly Report for Q1 Ended Mar 31, 2026

Newmont Corporation (NEM) reported a strong first quarter for 2026, with significant increases in sales and net income compared to the prior year. Sales surged by 46% to $7,307 million, driven by substantial growth in gold and silver prices, alongside higher sales volumes for silver. Net income attributable to Newmont stockholders more than doubled to $3,262 million ($3.00 per diluted share) from $1,891 million ($1.68 per diluted share) in the first quarter of 2025. The company demonstrated robust operational performance, with substantial improvements in cash flow from operations, which rose to $3,785 million. Free cash flow also saw a significant increase, reaching $3,144 million. This strong financial performance was supported by higher commodity prices and the successful integration of recent divestitures, contributing to improved profitability and a strengthened balance sheet. Newmont's strategic focus on value creation and operational efficiency appears to be yielding positive results for shareholders.

Apr 23, 2026 10-K

Newmont Annual Report, Year Ended Dec 31, 2025

Newmont Corporation (NEM) reported a significant year-over-year increase in net income for the year ended December 31, 2025, driven by higher sales primarily attributed to increased average realized gold prices, partially offset by the impact of divestitures and higher tax expenses. The company successfully completed a series of divestitures of non-core assets throughout 2024 and 2025, streamlining its portfolio following the acquisition of Newcrest Mining Limited in late 2023. This strategic portfolio optimization, coupled with strong operational performance across its key mining sites, has positioned Newmont for continued value creation. Financially, the company reported robust free cash flow generation, reflecting improved operational efficiency and favorable commodity prices. Newmont also maintained a strong liquidity position, with substantial cash and cash equivalents and an undrawn revolving credit facility, providing flexibility for ongoing investments in growth projects and shareholder returns. The company continues to emphasize ESG principles, integrating sustainability into its business strategy and operations, including targets for greenhouse gas emissions reduction.

Feb 19, 2026 8-K

Newmont 8-K Report, Financial Results (Feb 19, 2026)

Newmont's Q4 and full-year 2025 results (8-K Item 2.02, Exhibit 99.1) were strong on cash generation and balance-sheet repair. The company reported a record $7.3 billion in full-year free cash flow, including a record $2.8 billion in Q4. Full-year Adjusted Net Income was $7.6 billion, or $6.89 per diluted share, and Adjusted EBITDA was $13.5 billion. Newmont reduced debt by $3.4 billion and ended the year in a net cash position of $2.1 billion, with $7.6 billion in cash and $11.6 billion in total liquidity. Reported net income attributable to stockholders was $7.1 billion, which included a $779 million impairment tied to the indefinite deferral of the Yanacocha Sulfides project and $384 million plus $165 million of additional taxes on undistributed foreign earnings in Papua New Guinea and Ghana. Management also announced an enhanced capital allocation framework and raised the quarterly dividend to $0.26 per share, an indicated annual rate of $1.04. The framework targets a sustainable cash dividend of about $1.1 billion per year, with per-share growth driven by buybacks. It also sets a $1 billion net cash target with a plus or minus $2 billion band, and a $5 billion minimum cash balance through the cycle. Roughly $2.4 billion remains under the $6.0 billion buyback authorization. The framework is explicitly non-binding and illustrative. The 2026 guidance points to a year of higher spending and lower output. Attributable production is guided to about 5.26 million gold ounces, down from 5.9 million in 2025. Gold by-product AISC is guided to $1,680 per ounce, versus $1,358 in 2025, assuming a $4,500 per ounce gold price. Sustaining capital is about $1.95 billion, elevated by tailings work at Cadia and Boddington, and development capital is about $1.4 billion. Investors should also note the Ghana stability agreement expiry, which raises the tax burden, and the possible sliding-scale royalty, which is not in guidance.

Feb 19, 2026 8-K

Newmont 8-K Report, Financial Results (Oct 23, 2025)

Newmont reported third-quarter 2025 results on October 23, 2025, highlighting a robust operating and cash-generation quarter. The company produced about 1.42 million attributable gold ounces and posted a third-quarter record free cash flow of $1.6 billion, its fourth consecutive quarter above $1 billion. Net income attributable to stockholders was $1.83 billion ($1.67 per diluted share), while Adjusted Net Income was $1.88 billion ($1.71 per diluted share) and Adjusted EBITDA reached $3.3 billion. Average realized gold price rose to $3,539/oz, though gold co-product AISC of $1,566/oz was only slightly lower than the prior quarter as higher royalties and profit-sharing costs offset cost savings. Balance sheet strength was a major theme. Newmont reduced debt by $2.0 billion through a debt tender, ending the quarter with a near-zero net debt position of $12 million, $5.6 billion of cash and $9.6 billion of total liquidity. Moody's upgraded the company to A3 with a stable outlook. Divestitures are essentially complete: the Coffee project sale closed October 17, and all held-for-sale assets have been divested. Nearly $640 million of net proceeds came from asset and equity sales in the quarter, including the Orla Mining stake. Share repurchases of $3.3 billion have been executed to date against a $6.0 billion program, with $2.7 billion remaining. Operationally, management improved 2025 guidance for G&A, exploration, reclamation accretion, interest expense and capital spending, while keeping production and unit cost guidance unchanged. The company expects to declare commercial production at Ahafo North. Management also announced that CEO Tom Palmer will retire at year-end, with Natascha Viljoen assuming the CEO role in 2026. Near-term watch items include elevated reclamation spend at Yanacocha, planned severance payments in Q4, and 2026 production guided to the lower end of the 2025 range.

Oct 23, 2025 10-Q

Newmont Quarterly Report for Q3 Ended Sep 30, 2025

Newmont Corporation reported robust financial results for the third quarter of 2025, demonstrating significant year-over-year growth in sales and net income. The company's strategic divestitures of non-core assets are progressing, contributing to a stronger financial position and improved operational focus. Higher average realized gold prices were a key driver for the increase in sales, which more than offset the impact of divestitures. Despite inflationary pressures impacting production costs, Newmont managed to control expenses effectively, leading to substantial improvements in profitability and cash flow. The company's balance sheet reflects a strengthened financial position, with a significant increase in cash and cash equivalents and a substantial reduction in debt. This improved liquidity provides flexibility for future investments, strategic initiatives, and shareholder returns. Newmont continues to prioritize capital discipline and operational efficiency, positioning itself for sustained value creation in the evolving global mining landscape.

Oct 23, 2025 8-K

Newmont 8-K Report, Executive Changes (Sep 29, 2025)

Newmont Corporation (NYSE: NEM) disclosed on September 29, 2025 that CEO Tom Palmer will retire from his role as Chief Executive Officer and from the Board effective December 31, 2025. The Board has appointed Natascha Viljoen, currently President and Chief Operating Officer, to succeed him as President and CEO effective January 1, 2026, and she will join the Board as a non-independent director on the same date. The transition is orderly and planned: Viljoen was promoted to President and COO in May 2025 with expanded authority over global operations, projects, and health, safety, security and environmental functions, so she has already been working closely with Palmer on strategy. For investors, the key takeaways are continuity and a defined compensation package. Viljoen's base salary is $1.2 million, with a short-term incentive target of 150% of base salary and long-term equity incentives targeted at $7 million (two-thirds PSUs, one-third RSUs). Palmer will serve as a strategic advisor through March 31, 2026, and his transition agreement preserves continued vesting of his 2024 PSU award without proration, based on actual performance, in exchange for a twelve-month non-compete. He is not eligible for severance, though he will receive retirement benefits. The Company's stated priorities under Viljoen include operational excellence, cost discipline, judicious capital allocation, and unlocking shareholder value across its gold and copper portfolio. The filing does not disclose any change to financial guidance or operating results, so the announcement should be viewed primarily as a leadership succession event rather than a fundamental change to Newmont's financial outlook. Investors will likely watch for Viljoen's first strategic priorities and capital allocation decisions after she assumes the role in January 2026.

Sep 29, 2025 8-K

Newmont 8-K Report, Financial Results (Jul 24, 2025)

Newmont Corporation (NYSE: NEM) reported second quarter 2025 results that were strong on cash generation and balance-sheet strength, with the company stating it remains on track to meet its 2025 guidance. Attributable gold production was 1.478 million ounces, down 4% sequentially as expected following the closing of non-core asset sales, while the average realized gold price rose to $3,320/oz. Gold co-product All-In Sustaining Costs (AISC) fell 4% sequentially to $1,593/oz, and the company generated a record quarterly free cash flow of $1.7 billion. Adjusted net income was $1.6 billion, or $1.43 per diluted share, and Adjusted EBITDA reached $3.0 billion. GAAP net income of $2.1 billion was inflated by a $699 million gain on asset sales and a $151 million gain on investments, which the company excludes from its adjusted figures. Capital returns and balance-sheet actions were significant. The Board authorized an additional $3.0 billion share repurchase program at management's discretion, and the company declared a $0.25 quarterly dividend payable September 29, 2025. Newmont ended the quarter with $6.2 billion in cash, $10.2 billion in total liquidity, and net debt of $1.4 billion (0.1x Adjusted EBITDA), down from $5.3 billion at year-end 2024. Debt was reduced by $372 million since the last earnings call, and the company expects more than $3.0 billion in after-tax divestiture proceeds in 2025, including about $470 million from share sales in Greatland Resources and Discovery Silver. The main watch items for investors are the sustaining capital step-up expected in the second half, the rising Yanacocha water treatment spend (about $800 million of total 2025 reclamation spend, including $600 million for Yanacocha), and the expected lower third-quarter free cash flow due to higher capital spend and cash taxes. Production is also weighted toward the second half, with the company guiding to roughly 50% of Core Portfolio output in each half. Management noted the Coffee development project remains held for sale with no agreement reached as of the release date.

Jul 24, 2025 10-Q

Newmont Quarterly Report for Q2 Ended Jun 30, 2025

Newmont Corporation reported a strong second quarter of 2025, with net income from continuing operations attributable to stockholders reaching $2.061 billion, a significant increase from $838 million in the prior year's quarter. This surge was driven primarily by higher average realized gold prices and substantial gains from the divestiture of non-core assets. Sales increased by 21% year-over-year to $5.317 billion. The company also benefited from favorable changes in the fair value of investments. Costs applicable to sales decreased overall due to the impact of divestitures, though excluding these impacts, costs saw an increase driven by higher contracted services, royalties, and labor costs, reflecting inflationary pressures. Financially, Newmont strengthened its balance sheet, with cash and cash equivalents increasing to $6.185 billion and net debt significantly decreasing to $1.422 billion. The company generated strong operating cash flow of $4.415 billion for the six months ended June 30, 2025. The company also continued its commitment to returning capital to shareholders through share repurchases and dividends. The successful completion of several divestitures, as part of its portfolio optimization strategy, contributed positively to the financial results, with the Coffee development project being the last remaining asset held for sale. Looking ahead, Newmont continues to focus on profitable growth and operational efficiency.

Jul 24, 2025 8-K

Newmont 8-K Report, Executive Changes (Jul 14, 2025)

Newmont Corporation (NEM) has announced a significant change in its financial leadership. Effective July 11, 2025, Executive Vice President and Chief Financial Officer, Ms. Karyn F. Ovelmen, has resigned from her position. The company has stated that Ms. Ovelmen's departure was amicable and not due to any disagreements regarding the company's operations, financial statements, or accounting practices. Newmont has initiated a search for a permanent CFO. In the interim, Mr. Peter Wexler, who joined Newmont in March 2024 as Executive Vice President and Chief Legal Officer, will assume the role of interim Chief Financial Officer. Mr. Wexler brings extensive executive experience, including over three decades of international corporate leadership and 15 years as Chief Legal Officer at Schneider Electric. He will be supported by Newmont's established global finance team, including the Chief Accounting Officer and Head of Investor Relations. Ms. Ovelmen will receive six months of base salary and medical coverage as part of her separation agreement.

Jul 14, 2025 8-K

Newmont 8-K Report, Executive Changes (May 2, 2025)

On May 2, 2025, Newmont Corporation (NYSE: NEM) disclosed that Natascha Viljoen has been promoted to President and Chief Operating Officer, effective May 1, 2025, continuing to report to CEO Tom Palmer. She will oversee global operations, projects and studies, and health, safety, security and environment. Her compensation package includes a $1,000,000 base salary, a short-term incentive target of 115% of base, PSUs at a $2.57 million target, RSUs at a $1.28 million target, and a one-time $635,000 RSU grant recognizing the expanded role. The promotion follows her tenure as COO since October 2023 and is framed by management as a step to improve costs and productivity now that the Newcrest portfolio rationalization is complete. The filing also covers the approval of the 2025 Section 16 Officer Short-Term Incentive Plan by the Leadership Development and Compensation Committee on April 29, 2025. Its terms are substantially similar to the 2024 plan, but it adds a "Focusing on Our Culture" metric alongside financial and sustainability measures. Non-employee directors continue to receive $180,000 annually in common stock or deferred stock units. At the April 30, 2025 Annual Meeting, all director nominees were elected, though several received notable withheld votes, most prominently Gregory Boyce (12.31% withheld) and Bruce Brook (5.00%). The advisory say-on-pay proposal passed with 87.24% support, a meaningful decline in approval that investors may watch closely. Ernst & Young was ratified as auditor with 97.85% of votes cast.

May 2, 2025 10-Q

Newmont Quarterly Report for Q1 Ended Mar 31, 2025

Newmont Corporation (NEM) reported a significant increase in net income from continuing operations attributable to stockholders for the first quarter of 2025, reaching $1.89 billion, or $1.68 per diluted share, compared to $166 million, or $0.15 per diluted share, in the prior year's quarter. This strong performance was primarily driven by a substantial rise in sales, largely due to higher average realized gold prices, and a net gain from the sale of assets held for sale, contrasting with a loss recognized in the previous year. The company also saw a significant increase in operating cash flow to $2.03 billion. Operationally, Newmont continues to execute its portfolio optimization strategy, completing the sale of several non-core assets in the first quarter of 2025, including CC&V, Musselwhite, and Éléonore. Further divestitures of Akyem and Porcupine were completed in April 2025. These divestitures, alongside higher commodity prices, contributed to improved financial results. The company maintained its quarterly dividend of $0.25 per share and demonstrated robust liquidity with total liquidity of $8.77 billion at the end of the quarter.

Apr 24, 2025 8-K

Newmont 8-K Report, Financial Results (Apr 23, 2025)

Newmont Corporation (NYSE: NEM) reported first quarter 2025 results on April 23, 2025, with net income attributable to stockholders of $1.9 billion ($1.68 per diluted share) and adjusted net income of $1.4 billion ($1.25 per diluted share), down from $1.6 billion ($1.40) in Q4 2024. The headline figures were lifted by non-operating items: a $291 million fair value gain on investments and options and a $276 million gain on asset sales. Adjusted EBITDA was $2.6 billion, down 14% quarter over quarter, and the company reported a record first-quarter free cash flow of $1.2 billion. Attributable gold production fell 19% to 1.54 million ounces as expected, reflecting the divestment of non-core mines, while gold all-in sustaining costs (AISC) rose 13% to $1,651 per ounce. The quarter was dominated by the completion of Newmont's non-core divestiture program. Musselwhite, Éléonore and CC&V closed in February 2025, and Porcupine and Akyem closed in April 2025. Management says total gross proceeds could reach up to $4.3 billion, with over $2.5 billion of after-tax cash received in 2025 so far. Net debt fell to $3.2 billion, or 0.3x Adjusted EBITDA, and cash stood at $4.7 billion. Newmont also returned $1.0 billion to shareholders year to date through buybacks and dividends, and declared a $0.25 quarterly dividend. Management reiterated its 2025 guidance, including 5.9 million attributable gold ounces and total Tier 1 gold AISC of $1,620 per ounce. Production is weighted 48% to the first half, and second-quarter free cash flow is expected to be pressured by divestiture-related taxes, higher development capital at Ahafo North and Cadia, and reclamation spending at Yanacocha. Investors should note that the headline earnings include substantial non-recurring gains, and that the Coffee development project remains held for sale with no agreement reached.

Apr 23, 2025 10-K

Newmont Annual Report, Year Ended Dec 31, 2024

Newmont Corporation reported strong financial results for the year ended December 31, 2024, with Net Income from continuing operations attributable to Newmont stockholders of $3,280 million, or $2.86 per diluted share, a significant increase from the prior year, largely driven by the acquisition of Newcrest and higher average realized prices for all metals. The company also reported robust Adjusted EBITDA of $8,675 million and net cash provided by operating activities of $6,318 million, underscoring improved operational performance and effective financial management. Newmont continued its portfolio optimization, completing the sale of its Telfer segment and announcing agreements to divest five other non-core assets, which is expected to streamline operations and enhance focus on core Tier 1 assets. The company also highlighted progress on key development projects like Ahafo North and Tanami Expansion 2, positioning it for stable future production and value creation. Despite a strong financial showing, investors should note the ongoing risks related to metal price volatility, operational costs, and the complexities of managing a global portfolio with exposure to diverse regulatory and political environments. The company's commitment to ESG principles remains evident, with continued investment in sustainability initiatives. However, investors should remain aware of potential headwinds from geopolitical factors, inflationary pressures, and evolving climate-related regulations, which could impact future costs and operations.

Feb 21, 2025 8-K

Newmont 8-K Report, Financial Results (Feb 20, 2025)

Newmont Corporation (NYSE: NEM) reported fourth quarter and full-year 2024 results on February 20, 2025, describing 2024 as a transformational year centered on integrating the Newcrest acquisition, divesting non-core assets, and establishing a stable operating platform. Full-year net income attributable to Newmont stockholders was $3.4 billion, with Adjusted Net Income of $3.48 per diluted share and Adjusted EBITDA of $8.7 billion. Operating cash flow was $6.3 billion and Free Cash Flow was $2.9 billion, including a record $1.6 billion in the fourth quarter. Attributable gold production was 6.8 million ounces, and net debt to Adjusted EBITDA fell to 0.6x, with $3.6 billion in cash and $7.7 billion in total liquidity. The company announced agreements to divest six non-core assets (Akyem, CC&V, Éléonore, Musselwhite, Porcupine and Telfer) plus its Havieron interest, with potential total proceeds of up to $4.3 billion. Telfer and Havieron closed in December 2024, and up to $2.5 billion in cash is expected in the first half of 2025. Newmont also repurchased $1.2 billion of shares in 2024 under a $3.0 billion program and declared a $0.25 quarterly dividend. For 2025, guidance calls for approximately 5.6 million attributable ounces from the Total Tier 1 Portfolio at an AISC of $1,620 per ounce, with total attributable production of 5.9 million ounces including first-quarter output from non-core assets. Investors should note that guidance assumes a $2,500 per ounce gold price, that production is weighted toward the second half (52%), and that first-quarter costs will be notably elevated. Management also flagged heavy 2025 development and sustaining capital (about $1.3 billion and $1.8 billion for the Tier 1 Portfolio), elevated Cadia gold output decline of roughly 40%, and roughly $600 million annual spending on Yanacocha water treatment.

Feb 20, 2025 8-K

Newmont 8-K Report, Executive Changes (Nov 18, 2024)

Newmont Corporation (NEM) announced a key executive change in its finance department via an 8-K filing on November 18, 2024. Effective December 1, 2024, Brian Tabolt will assume the role of Chief Accounting Officer and Group Head, Finance. Mr. Tabolt brings extensive experience, having most recently served as Group Head, Financial Planning and Analysis and previously as Interim Chief Financial Officer and Vice President, Controller and Chief Accounting Officer at Newmont. His background also includes significant tenure at Molson Coors Beverage Company and a start in public accounting with Deloitte. This appointment is accompanied by a divisional realignment within the finance team, with Joshua Cage transitioning from Chief Accounting Officer to Global Controller and Head, Operations Accounting, also effective December 1, 2024. Mr. Cage will report to the newly appointed Chief Accounting Officer. Both appointments appear to be internal promotions and transitions, with no indication of significant strategic shifts or financial distress mentioned in this filing.

Nov 18, 2024 10-Q

Newmont Quarterly Report for Q3 Ended Sep 30, 2024

Newmont Corporation reported a significant increase in its third-quarter and year-to-date financial performance for 2024, largely driven by the successful integration of assets acquired from the Newcrest transaction. Sales for the quarter surged by 85% year-over-year, reaching $4.6 billion, with a substantial contribution from gold and copper. Net income from continuing operations attributable to Newmont stockholders saw a dramatic rise to $873 million ($0.76 per diluted share) from $157 million ($0.20 per diluted share) in the prior year's quarter, reflecting improved operational performance and higher realized commodity prices. The company also demonstrated strong cash flow generation, with net cash provided by operating activities of continuing operations increasing to $3.8 billion for the nine months ended September 30, 2024. Newmont continues to advance its portfolio optimization strategy by divesting non-core assets, with agreements in place for the sale of Telfer and Akyem expected to close in Q4 2024. Financially, Newmont strengthened its balance sheet, with a focus on debt management and returning capital to shareholders. The company repaid a significant portion of its outstanding debt, enhanced its revolving credit facility capacity, and continued its share repurchase program. The strong operational and financial results for the quarter underscore Newmont's successful integration of Newcrest and its strategic positioning in the current commodity market environment. Investors will likely monitor the successful completion of asset divestitures and the ongoing execution of development projects as key performance indicators moving forward.

Oct 24, 2024 8-K

Newmont 8-K Report, Financial Results (Oct 23, 2024)

Newmont reported third-quarter 2024 results on October 23, 2024, with 1.67 million attributable gold ounces produced (up 4% sequentially), Adjusted Net Income of $936 million ($0.81 per diluted share), Adjusted EBITDA of $2.0 billion, and Free Cash Flow of $760 million (up 28% from Q2). Net income attributable to Newmont stockholders was $922 million, or $0.80 per diluted share. Gold AISC rose 3% sequentially to $1,611 per ounce, driven by higher costs at Lihir from planned autoclave maintenance and higher contract services costs across the portfolio. The quarter also included a $115 million loss on assets held for sale, mainly tied to Telfer and Havieron. The key strategic development is the non-core divestment program. Newmont agreed to sell the Akyem mine in Ghana for up to $1 billion in cash to Zijin, and to divest Telfer and a 70% interest in Havieron for up to $475 million in gross proceeds. Management still expects at least $2 billion in gross divestiture proceeds in total. Capital returns also expanded: Newmont repurchased $500 million of stock year-to-date, and the Board authorized an additional $2 billion buyback over 24 months. Debt reduction continued, with $233 million of nominal debt retired since the last earnings release. Net debt to Adjusted EBITDA stood at 0.9x, and the company reported $3.0 billion of consolidated cash and about $7.1 billion of total liquidity. Looking ahead, Q4 2024 guidance calls for 1.8 million attributable gold ounces at an AISC of $1,475 per ounce, assuming a $2,500 per ounce gold price. The company is positioned to meet its full-year 2024 production guidance. Investors should note that the Akyem and Telfer/Havieron closings remain subject to regulatory and other conditions, that the $1 billion Akyem consideration includes $100 million deferred until several Ghanaian lease and anniversary milestones, and that the Cadia PC1-2 project is under review with an update expected in 2025.

Oct 23, 2024 8-K

Newmont 8-K Report, Corporate Update (Jul 26, 2024)

Newmont's July 26, 2024 Form 8-K is an informational filing. It supplies unaudited pro forma condensed combined statement of operations for fiscal 2023 (Exhibit 99.1), as if the November 6, 2023 acquisition of Newcrest Mining had occurred on January 1, 2023. It does not report a new transaction or a new financial result. The acquisition was an all-stock deal valued at $13,549 million, with Newmont issuing about 357.7 million shares at $37.88 per share. The filing presents no pro forma balance sheet because the deal was already reflected in Newmont's year-end 2023 balance sheet. On a pro forma basis, 2023 sales would have been $15,432 million, versus $11,812 million reported by Newmont historically, an increase of roughly 31%. Pro forma net loss from continuing operations attributable to Newmont stockholders was $(2,012) million, compared with a historical loss of $(2,521) million. The pro forma loss per share is shown as $(1.74) on the statement of operations, based on about 1,158 million weighted average shares. Note 5(f) reports $(2.00), which does not reconcile with the statement and should be verified against the source. The pro forma results include Newmont's $1,891 million of historical impairment charges and $464 million of Newcrest transaction and integration costs, and they exclude any expected synergies or integration costs. Investors should treat these figures as illustrative. The purchase price allocation is preliminary, and the measurement period runs up to one year from the acquisition date, so fair value adjustments to inventories, property, plant and mine development, goodwill, reclamation liabilities, and deferred taxes may still change. The adjustments also reflect the conversion of Newcrest's IFRS results to U.S. GAAP, including by-product versus co-product revenue treatment, mine development and stripping costs, and lease accounting. Those conversions shift revenue and cost lines between categories, which affects comparability.

Jul 26, 2024 10-Q

Newmont Quarterly Report for Q2 Ended Jun 30, 2024

Newmont Corporation reported a significant increase in net income attributable to stockholders for the second quarter of 2024, reaching $838 million ($0.73 per diluted share) compared to $153 million ($0.19 per diluted share) in the prior year. This strong performance was driven by higher realized prices across all metals and increased sales volumes, largely attributed to the integration of assets acquired through the Newcrest transaction. The company also generated substantial operating cash flow, contributing to positive free cash flow of $520 million for the first six months of the year. Despite the robust financial results, Newmont is navigating a portfolio optimization program, having classified six non-core assets and a development project as held for sale, which resulted in a $731 million loss on assets held for sale in the first half of the year. The company continues to manage its balance sheet effectively, with debt levels managed through refinancing and partial redemptions. Investors should monitor the progress of these divestitures and the impact of ongoing operational efficiency initiatives.

Jul 25, 2024 8-K

Newmont 8-K Report, Financial Results (Jul 24, 2024)

Newmont Corporation (NYSE: NEM) reported second quarter 2024 results on July 24, 2024, furnished under Item 2.02 via Exhibit 99.1. The quarter produced 1.6 million attributable gold ounces (down 4% sequentially) and 477 thousand gold equivalent ounces from other metals. Gold AISC rose 9% to $1,562 per ounce and gold CAS rose 9% to $1,152 per ounce, reflecting lower sales volumes and higher royalties. Operational disruptions included the Cerro Negro suspension after two fatalities, the Telfer suspension, and Lihir rainfall impacts. Management reaffirmed 2024 guidance and expects a second-half-weighted production ramp, with the largest increase in Q4. Financially, the quarter was strong. Realized gold prices averaged $2,347 per ounce, Adjusted EBITDA reached $1.97 billion, Net income was $857 million, and Adjusted net income was $0.72 per diluted share. Free cash flow was $594 million, versus negative $74 million in Q1. Net debt to pro forma Adjusted EBITDA stood at 1.0x. Management returned $539 million to shareholders in the quarter, repurchased $250 million of stock year-to-date, repaid $250 million of nominal debt, and declared a $0.25 quarterly dividend. Portfolio optimization continued. Newmont agreed to sell the Batu Hijau deferred payment rights for $153 million, with closing expected by September 30, 2024. It has announced $527 million in divestiture proceeds year-to-date and targets at least $2 billion in gross divestiture proceeds. Newcrest synergies reached $205 million to date, with a $500 million annual run-rate target by end-2025. Investors should note that the company's Q2 results remained subject to completion of its 10-Q, and the Telfer tailings facility and Yanacocha water treatment spending (about $600 million in 2024) remain material watch items.

Jul 24, 2024 8-K

Newmont 8-K Report, Executive Changes (Jun 28, 2024)

Newmont Corporation announced a significant addition to its Board of Directors, appointing Harry M. (Red) Conger IV as an independent director effective June 28, 2024. Mr. Conger brings a wealth of experience in executive and operational mining, having previously held senior leadership roles at major industry players such as Teck Resources and Freeport-McMoRan Inc. His appointment is expected to bolster the company's strategic oversight and operational expertise, particularly given his extensive background in copper mining and his involvement with industry associations. Mr. Conger's appointment to the Board will also include a position on the Safety and Sustainability Committee, underscoring Newmont's commitment to these critical areas. He will be compensated in line with the company's standard non-employee director compensation program. This move signals Newmont's ongoing efforts to strengthen its governance and leverage seasoned industry leadership to navigate the complexities of the global mining sector.

Jun 28, 2024 10-Q

Newmont Quarterly Report for Q1 Ended Mar 31, 2024

Newmont Corporation (NEM) reported its first quarter 2024 financial results, showcasing a significant increase in sales driven by the recent acquisition of Newcrest Mining Limited and higher gold prices. Sales for the quarter surged to $4,023 million from $2,679 million in the prior year. However, net income from continuing operations attributable to Newmont stockholders decreased to $166 million ($0.15 per diluted share) from $339 million ($0.42 per diluted share) in Q1 2023. This decline was primarily due to a substantial $485 million loss recognized on assets held for sale, which were part of a portfolio optimization strategy to divest six non-core assets and a development project. The company also saw an increase in costs applicable to sales and depreciation and amortization, largely attributable to the Newcrest acquisition. Despite the lower net income, the company maintained a strong liquidity position with $6,678 million in total liquidity at the end of the quarter, and it reaffirmed its commitment to returning capital to shareholders through dividends and a new $1 billion share repurchase program. Operationally, Newmont produced 1,619 thousand gold ounces, a notable increase from 1,233 thousand in Q1 2023, reflecting the integration of Newcrest's assets and improved production at sites like Tanami. The average realized gold price rose to $2,090 per ounce from $1,906 per ounce. The company is actively managing its portfolio, with the sale of non-core assets expected to be completed within 12 months. Management highlighted the successful integration of Newcrest and the ongoing focus on operational efficiency and responsible mining practices.

Apr 29, 2024 8-K

Newmont 8-K Report, Shareholder Vote Results (Apr 26, 2024)

Newmont Corporation (NEM) filed an 8-K on April 25, 2024, detailing the outcomes of its 2024 Annual Meeting of Stockholders held on April 24, 2024. The report indicates that all matters put to a vote were approved by the company's shareholders. This includes the election of directors, the advisory resolution on executive compensation, and the ratification of Ernst & Young LLP as the independent registered public accounting firm for 2024. Notably, all director nominees received overwhelming support, with 'Votes For' ranging from approximately 97.5% to 99.6% of the votes cast. Similarly, the advisory resolution on executive compensation passed with a strong 'Votes For' count of 92.61%. The ratification of the independent auditor also garnered significant approval, with 98.80% of the votes cast in favor. These results suggest broad shareholder confidence in the company's leadership and governance.

Apr 26, 2024 8-K

Newmont 8-K Report, Financial Results (Apr 25, 2024)

Newmont's first quarter 2024 results (8-K Item 2.02, Exhibit 99.1) show an operationally solid quarter with a sharp financial turn following the Newcrest integration. Attributable gold production was 1.675 million ounces, roughly flat with Q4 2023 and at the low end of the expected run-rate, with 489 thousand GEOs from other metals. Average realized gold price rose to $2,090/oz, lifting Adjusted EBITDA 23% sequentially to $1.69 billion and Adjusted Net Income to $630 million ($0.55 per diluted share, versus $0.46 in Q4). Gold CAS was $1,057/oz and AISC was $1,439/oz, both in line with the prior quarter. Management reiterated full-year 2024 guidance and said production is expected to be second-half weighted. Cash generation was weaker than the earnings suggest. Net cash from operating activities was $776 million, but working capital absorbed $666 million, including a $291 million Newcrest stamp duty payment. Free cash flow was negative at $(74) million, or $217 million excluding the stamp duty. Net debt rose to $6.8 billion, though net debt to pro forma Adjusted EBITDA was 1.2x. The company recorded a $485 million non-cash loss on six non-core assets and one project classified as held for sale, including the Akyem and Telfer assets. Reported net income attributable to stockholders was $170 million, or $0.15 per diluted share. The release also flags operational and portfolio developments. Operations at Cerro Negro were suspended after two worker fatalities on April 9, 2024, and Telfer was temporarily suspended to remediate its tailings facility. Newmont announced the sale of its Lundin Gold financing facilities for $330 million, partially monetizing non-core exposure while keeping its equity stake in Fruta del Norte. The company has about $500 million of Newcrest synergies targeted by year-end 2025, of which $105 million has been realized so far. Management also declared a $0.25 per share Q1 dividend, payable June 27, 2024.

Apr 25, 2024 8-K

Newmont 8-K Report, Financial Obligation (Mar 8, 2024)

Newmont Corporation (NEM) announced the successful closing of a private offering for $2.0 billion in aggregate principal amount of senior unsecured notes. This offering includes $1.0 billion of 5.30% notes due 2026 and $1.0 billion of 5.35% notes due 2034. The net proceeds of approximately $1.98 billion will be used primarily to repay outstanding borrowings under Newmont's revolving credit facility, which were utilized to finance a portion of the Newcrest Mining Limited acquisition. This move signals Newmont's proactive approach to refinancing acquisition-related debt and managing its capital structure post-acquisition. The issuance of these notes, guaranteed by a Newmont subsidiary, is a significant event in Newmont's capital management strategy. While the notes are unsecured, they rank equally with existing senior unsecured debt. The company has also entered into a registration rights agreement, committing to file a registration statement for an exchange offer within a year, which will allow for the registration of these notes with the SEC and remove transfer restrictions for subsequent resale. Investors should note the specific maturity dates, interest rates, and the company's option for early redemption under certain conditions, including change of control triggers that could lead to a repurchase offer.

Mar 8, 2024 8-K

Newmont 8-K Report, Corporate Update (Mar 5, 2024)

On March 4, 2024, Newmont Corporation (NYSE/TSX/ASX: NEM) priced a $2.0 billion private offering of senior unsecured notes in two tranches: $1 billion of 5.300% notes due 2026 and $1 billion of 5.350% notes due 2034. The notes are issued by Newmont and its wholly owned subsidiary Newcrest Finance Pty Limited, and are guaranteed on a senior unsecured basis by Newmont USA Limited. The offering is expected to close on March 7, 2024, subject to customary conditions. The notes are sold only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, so they are unregistered. Newmont has agreed to use commercially reasonable efforts to file an exchange offer registration statement or, in certain cases, a resale registration. The company stated that it will use part of the net proceeds to repay all outstanding borrowings under its revolving credit facility, with the remainder going to general corporate purposes. Those revolver borrowings were previously used, together with cash on hand, to repay approximately $1.9 billion of bilateral credit debt assumed in the Newcrest Mining acquisition. The transaction therefore appears primarily to refinance short-term, floating-rate-style bank debt with longer-dated fixed-rate bonds and to extend the maturity profile, rather than to fund new growth. For investors, the key points are the debt refinancing, the fixed coupons, and the 2026 and 2034 maturities. The filing does not disclose the revolver's size, its remaining availability, the company's total leverage after the transaction, or the expected pro forma interest savings. Those items would need to be checked against Newmont's 10-K for FY2023 and subsequent filings. The 8-K's exhibit descriptions also label Exhibit 99.1 as the pricing release and Exhibit 99.2 as the launch release, while the exhibit text itself uses "priced" in 99.1 and "commenced" in 99.2, so the sequencing of the two releases should be confirmed against the source documents.

Mar 5, 2024 10-K

Newmont Annual Report, Year Ended Dec 31, 2023

Newmont Corporation reported a net loss of $2.52 billion, or $3.00 per diluted share, for the year ended December 31, 2023. This loss was primarily driven by a significant increase in reclamation and remediation expenses, impairment charges, costs associated with the acquisition and integration of Newcrest Mining Limited, a labor strike at Peñasquito, and lower production at the Akyem mine. Despite these challenges, the company benefited from higher average realized prices for gold, silver, and copper. The company also highlighted its strong financial position, ending the year with $3.0 billion in cash and approximately $6.1 billion in liquidity. Newmont also announced plans to divest six non-core assets and one development project, signaling a strategic focus on optimizing its portfolio. The successful integration of Newcrest is a key focus for management, aimed at realizing anticipated synergies and cost savings, while managing the inherent risks and complexities of integrating such a large acquisition.

Feb 29, 2024 8-K

Newmont 8-K/A Report, Executive Changes (Feb 22, 2024)

This 8-K/A filing from Newmont Corporation (NEM) serves as an amendment to a previous 8-K filing, clarifying the departure of Executive Vice President and Chief Operating Officer, Rob Atkinson. The company announces that Mr. Atkinson will be departing Newmont effective May 2, 2024. This follows a planned transition where Ms. Natascha Viljoen, who joined as EVP and COO in October 2023, has progressively assumed full operational responsibilities. Initially, Ms. Viljoen oversaw specific business units and integration efforts related to Newcrest Mining Limited, while Mr. Atkinson continued to lead other units. As of March 1, 2024, Ms. Viljoen will assume full accountability for all business units, marking the completion of this transition. Mr. Atkinson will receive severance benefits consistent with the company's Executive Severance Plan.

Feb 22, 2024 8-K

Newmont 8-K Report, Financial Results (Feb 22, 2024)

Newmont's Q4 and full-year 2023 results, released February 22, 2024, were dominated by the close of the Newcrest acquisition on November 6, 2023, which made Newmont the world's largest gold producer with copper optionality. Reported results were weak on a GAAP basis: FY2023 net loss attributable to Newmont was $(2.5) billion, driven by $1.9 billion of impairments (mainly $1.2 billion of goodwill at Peñasquito), $1.5 billion of reclamation charges (largely at Yanacocha), and $464 million of Newcrest transaction and integration costs, including a $316 million stamp duty accrual. Adjusted net income was $1.61 per share versus $1.85 in 2022, and Adjusted EBITDA fell 7% to $4.2 billion. Operationally, attributable gold production fell 7% to 5.5 Moz, and gold AISC rose 19% to $1,444/oz, reflecting the Peñasquito strike and higher sustaining capital. Cash generation weakened sharply. Operating cash flow from continuing operations fell 14% to $2.8 billion, and free cash flow dropped to $88 million from $1.1 billion, pressured by $513 million of working capital outflows and $2.7 billion of total capital spend. Dividends paid of $1.4 billion exceeded free cash flow in 2023. Balance sheet metrics remain manageable: $3.0 billion of cash, about $6.1 billion of total liquidity, and net debt to pro forma Adjusted EBITDA of 1.1x, though gross debt rose to $8.9 billion after the Newcrest deal. The 2024 outlook centers on a go-forward Tier 1 portfolio. Management guides to 6.9 Moz of attributable gold production, of which 5.6 Moz comes from Tier 1 assets, with consolidated gold AISC of $1,400/oz and CAS of $1,050/oz. Sustaining capital is about $1.8 billion and development capital about $1.3 billion. The company plans to divest six non-core assets (Akyem, CC&V, Éléonore, Porcupine, Musselwhite, Telfer) and targets $500 million of Newcrest synergies by end-2025. Investors will watch execution on the divestitures, the Tanami Expansion 2 cost overrun (now $1.7–1.8 billion with commercial production pushed to 2H 2027), and whether free cash flow recovers toward the higher 2024 gold-price assumptions.

Feb 22, 2024 8-K

Newmont 8-K Report, Material Agreement (Feb 22, 2024)

Newmont Corporation (NEM) has filed an 8-K detailing amendments to its credit agreement, effective February 15, 2024. The key changes involve extending the maturity date of its revolving credit facility from March 30, 2026, to February 15, 2029, and increasing the total available revolving credit commitments from $3.0 billion to $4.0 billion. These modifications enhance the company's financial flexibility and liquidity. Further, the agreement introduces the possibility of a sustainability pricing adjustment, allowing interest rates to be adjusted based on ESG performance metrics, reflecting a growing trend in corporate finance. The company has already utilized the amended facility, borrowing $1.5 billion on February 20, 2024, to repay outstanding bilateral bank debt from its subsidiary, Newcrest Finance Pty Limited, effectively consolidating and refinancing its short-term debt.

Feb 22, 2024 8-K

Newmont 8-K Report, Financial Obligation (Dec 29, 2023)

On December 28, 2023, Newmont Corporation and its wholly owned subsidiary Newcrest Finance Pty Limited settled exchange offers for three series of senior unsecured notes originally issued by Newcrest Finance. The offers were made in connection with Newmont's acquisition of Newcrest Mining Limited, which closed on November 6, 2023. Holders tendered existing Newcrest notes and received new Newmont notes plus cash. The new notes were issued in aggregate principal amounts of about $624.6 million due 2030 (3.250%), $459.9 million due 2041 (5.75%), and $486.1 million due 2050 (4.200%), for roughly $1.57 billion in total. The cash consideration was not quantified in this filing. The exchange shifts Newcrest-legacy debt onto Newmont's own balance sheet. The new notes are senior unsecured obligations of Newmont and Newcrest Finance, guaranteed by Newmont USA Limited. This structure simplifies the capital structure and places the debt under the parent's credit. Roughly $79 million of the existing Newcrest notes remains outstanding: $25.2 million of the 2030s, $40.0 million of the 2041s, and $13.8 million of the 2050s. These remaining notes stay senior unsecured obligations of Newcrest Finance and are guaranteed by Newcrest and certain subsidiaries. The new notes were not registered under the Securities Act. Under a registration rights agreement with dealer managers BMO Capital Markets and Goldman Sachs, Newmont agreed to use commercially reasonable efforts to file an exchange offer registration statement and to complete the registered exchange by December 28, 2024. For investors, the filing is primarily a debt-management event rather than an operating update. The key items to track are the completed registered exchange, the cash cost of the exchange, and the small residual stub of legacy Newcrest notes.

Dec 29, 2023 8-K

Newmont 8-K Report, Regulation FD Disclosure (Nov 27, 2023)

On November 27, 2023, Newmont Corporation (NYSE: NEM) announced the commencement of exchange offers and consent solicitations tied to its pending acquisition of Newcrest Mining Limited. Newmont and its subsidiary Newcrest Finance Pty Limited are offering to exchange any and all of three series of outstanding Newcrest notes, totaling $1.65 billion in principal, for new Newmont notes and cash. The exchange is structured so that holders who tender by the early tender date of December 8, 2023 receive $1,000 principal amount of new notes plus $1.00 cash per $1,000 of existing notes, while later tenders by the December 26, 2023 expiration date receive $950 of new notes and $1.00 cash, with no early tender premium. The transaction is a balance sheet and liability management step that accompanies the Newcrest acquisition. By exchanging assumed Newcrest debt for Newmont-issued obligations guaranteed by Newmont USA Limited, Newmont consolidates its debt stack under its own credit and removes the restrictive covenants in the Newcrest indentures through the proposed consent amendments. Holders who do not participate would be left with notes stripped of those protections, which is a key lever Newmont is using to drive participation. Investors should note that the new notes are unregistered, and Newmont has agreed to use commercially reasonable efforts to file an exchange offer registration statement if the exchanges are completed. From an investor perspective, the filing is primarily a financing and integration update rather than an operating or earnings event. The key variables to monitor are the participation rate in the exchanges, which will determine how much of the Newcrest debt is refinanced into Newmont paper versus settled in cash, and the final terms of the new notes. The filing contains forward-looking statements tied to the Newcrest transaction, including risks around integration, synergy realization, and pending legal proceedings related to the scheme implementation deed dated May 15, 2023.

Nov 27, 2023 8-K

Newmont 8-K/A Report, Exhibit Filing (Nov 20, 2023)

Newmont Corporation (NEM) filed this Form 8-K to furnish the financial information tied to its completed acquisition of Newcrest Mining Limited, which closed on November 6, 2023 (the Implementation Date) via an Australian court-approved scheme of arrangement. The filing incorporates Newcrest's audited FY2023 and FY2022 financial statements by reference (from the proxy statement Annex B), includes an Ernst & Young consent, and provides unaudited pro forma condensed combined financial statements as of September 30, 2023 and for FY2022 and the nine months ended September 30, 2023. The pro forma figures are illustrative only, prepared under Regulation S-X Article 11, and exclude integration costs and expected synergies. On the pro forma numbers, the combined company would have generated roughly $16.4 billion in sales for FY2022 and about $11.2 billion for the nine months ended September 30, 2023. Pro forma net income attributable to Newmont stockholders was a loss of $121 million for FY2022 (driven largely by a $1.3 billion impairment at Newmont standalone and a $482 million transaction-related charge) and income of $1,253 million for the nine months of 2023, or $1.09 per share on about 1,153 million pro forma shares. The purchase price was approximately $13.5 billion, paid in 357.7 million Newmont shares valued at $37.88 each, and the preliminary allocation yields goodwill of about $1.9 billion. Pro forma total assets of $58.5 billion and total debt of roughly $8.7 billion (current plus noncurrent) reflect the enlarged balance sheet. Investors should treat these figures with caution. The purchase price allocation is explicitly preliminary, the IFRS-to-U.S. GAAP conversion is incomplete, and Newmont notes it has not identified all necessary adjustments. The filing also flags that roughly $2.1 billion of Newcrest's assumed revolver and corporate bond debt triggers change-of-control provisions, with potential revolver repayment within 90 days unless a bank waiver is obtained. Final fair values could differ materially from these estimates, so the pro forma results should be read as a directional indication of scale rather than a forecast of reported performance.

Nov 20, 2023 8-K

Newmont 8-K Report, Acquisition Completed (Nov 6, 2023)

On November 6, 2023, Newmont Corporation (NYSE/TSX/ASX: NEM) completed its acquisition of Newcrest Mining Limited through a court-approved Australian scheme of arrangement, creating what management describes as the world's leading gold company with robust copper production. Newcrest shareholders received 0.400 Newmont shares (or CDI/PDI equivalents) per Newcrest share. Newmont issued 357,691,627 shares of common stock in connection with the deal, and its authorized common stock was increased from 1.28 billion to 2.55 billion shares to accommodate the issuance. The share issuance was made under Section 3(a)(10) of the Securities Act, which exempts it from registration. For investors, the most important points are the scale of the combination and the financial commitments it brings. Management estimates annual pre-tax synergies of $500 million, expected within 24 months, plus at least $2 billion in cash improvements from portfolio optimization over the first two years. Newcrest's senior guaranteed notes (approximately $1.65 billion outstanding across 2030, 2041 and 2050 maturities) remain obligations of Newcrest, now an indirect Newmont subsidiary. Newcrest's $2 billion of bilateral revolving credit facilities, which were fully drawn except for $77 million under a NAB facility, are subject to a change-of-control option that lenders may exercise, allowing prepayment and commitment cancellation. This creates potential near-term refinancing or liquidity considerations. The filing also notes that Newmont has not yet filed the required Newcrest historical financial statements and pro forma financial information. Those will be submitted by amendment within 71 calendar days, so investors should expect detailed financial impact analysis later. Management's synergy and portfolio optimization figures are non-GAAP management estimates and are explicitly described as forward-looking and subject to significant risk, including integration execution, gold and copper price volatility, and political and operational risks.

Nov 6, 2023 10-Q

Newmont Quarterly Report for Q3 Ended Sep 30, 2023

Newmont Corporation reported a decrease in net income attributable to stockholders for the three months ended September 30, 2023, compared to the same period in 2022, primarily driven by the work stoppage at its Peñasquito mine due to a labor strike. This strike significantly impacted sales volumes for all metals. While average realized prices for gold and copper saw an increase, this was offset by higher reclamation and remediation expenses. For the nine-month period, the net income decrease was also attributed to lower sales volumes across most metals, impacted by the Peñasquito strike, operational adjustments at Akyem, and weather-related disruptions at Tanami. Despite these challenges, the company's cash position remains strong, and it is progressing towards the expected completion of the Newcrest acquisition in November 2023, which is anticipated to enhance its global portfolio and financial flexibility.

Oct 26, 2023 8-K

Newmont 8-K Report, Financial Results (Oct 26, 2023)

Newmont's third quarter 2023 results show a operationally mixed but financially stable quarter. Attributable gold production was 1.29 million ounces, up from Q2 but down 13% year over year, as the Peñasquito strike suspended operations for the full quarter and Ahafo, Akyem and Pueblo Viejo underperformed. Gold all-in sustaining costs (AISC) rose 12% year over year to $1,426 per ounce, while realized gold prices rose 14% to $1,920 per ounce, and net income attributable to stockholders was $158 million ($0.20 per diluted share). Adjusted net income was $286 million ($0.36 per share) and Adjusted EBITDA was $933 million. Cash flow from continuing operations was $1.0 billion and free cash flow was $397 million, helped largely by working capital timing, so investors should view the quarter's cash generation as partly non-recurring. The company reported that the Peñasquito labor dispute was resolved on October 13, 2023, with full operating capacity expected by year-end. It revised its 2023 standalone outlook to 5.3 million attributable ounces, CAS of about $1,000 per ounce and AISC of $1,400 per ounce, reflecting the strike, weaker joint-venture output and Ahafo's throughput constraints. Capital allocation remained focused on projects, and the board declared a $0.40 quarterly dividend within a 2023 annualized payout framework of $1.40 to $1.80 per share, which is explicitly non-binding. Balance sheet strength was maintained, with $3.2 billion in cash, $6.2 billion in liquidity and net debt to Adjusted EBITDA of 0.7x. The pending Newcrest acquisition is slated to close on November 6, 2023, and it is the main event shaping the company's future profile.

Oct 26, 2023 8-K

Newmont 8-K Report, Corporate Update (Oct 19, 2023)

Newmont Corporation (NYSE: NEM) disclosed in this Form 8-K, filed October 18–19, 2023, that the court-approved scheme of arrangement under Australian law for its acquisition of Newcrest Mining Limited became legally effective. The scheme took effect after the Federal Court of Australia orders were lodged with the Australian Securities and Investments Commission, following Newcrest shareholder approval at a meeting held October 13, 2023. Management states that all regulatory, shareholder, and legal approvals have been secured and expects the transaction to close in early November 2023, subject to customary closing conditions. From an investor perspective, the key milestone is the removal of the principal approval risk ahead of closing. The deal, first announced May 14, 2023, is positioned by management as creating a gold and copper producer with 10 large, long-life, low-cost Tier 1 operations concentrated in low-risk mining jurisdictions, with increased annual copper output, primarily from Australia and Canada. Management estimates annual pre-tax synergies of $500 million, expected within 24 months, and targets at least $2 billion in cash improvements through portfolio optimization over the first two years after closing. These are management estimates that are not GAAP or non-GAAP measures and carry substantial uncertainty. Remaining risks include the integration of two large operating businesses, the realization of projected synergies, the timing of closing, gold and metals price volatility, currency movements, and operational and jurisdictional risks. The filing also references possible legal proceedings related to the scheme implementation deed, which investors should monitor. Investors should review Newmont's Form 10-K for 2022 and its September 2023 proxy statement for detailed risk factors.

Oct 19, 2023 8-K

Newmont 8-K Report, Shareholder Vote Results (Oct 12, 2023)

On October 11, 2023, Newmont Corporation (NYSE: NEM) stockholders approved the two proposals required to complete its acquisition of Newcrest Mining Limited: the issuance of Newmont common stock to Newcrest shareholders under the court-approved scheme of arrangement, and an increase in Newmont's authorized common shares from 1.28 billion to 2.55 billion, subject to the transaction. The share issuance proposal received 88.07% of votes present and represented, with over 96% of votes cast in favor, and the amendment proposal received 77.30% of outstanding shares, with over 97% of votes cast in favor. A quorum was present with 79.24% of eligible shares voting. The adjournment proposal was also approved, though an adjournment was not needed. The filing states that all government regulatory approvals necessary for the transaction have been secured. Newmont and Newcrest anticipate closing in early November 2023, subject to customary closing conditions. Newcrest's own shareholder vote is scheduled for October 13, 2023, so that remains the next material gating event for investors to watch. Management expects the combined company to generate about $500 million in annual pre-tax synergies within 24 months, and to target at least $2 billion in cash improvements through portfolio optimization over the first two years after closing. These are management estimates, not GAAP or non-GAAP measures, and the filing cautions that they are forward-looking and may not be achieved. The main risks flagged include the timing of closing, Newcrest's shareholder approval, potential litigation, and integration execution.

Oct 12, 2023 8-K

Newmont 8-K Report, Corporate Update (Oct 4, 2023)

On October 4, 2023, Newmont Corporation (NYSE/TSX: NEM) disclosed via Form 8-K and Exhibit 99.1 press release that all government regulatory approvals needed for its proposed acquisition of Newcrest Mining Limited have now been secured. The Philippine Competition Commission had indicated approval the prior week, and the Securities Commission of Papua New Guinea granted the required exemptions and confirmations under PNG capital markets law that week. This removes a significant regulatory hurdle, though the Transaction is not yet complete. The Transaction remains subject to remaining conditions precedent, most notably approval by Newcrest shareholders (vote scheduled for October 13, 2023) and approval by Newmont stockholders of the issuance of Newmont common stock as consideration (vote scheduled for October 11, 2023). Both companies anticipate closing in the fourth quarter of 2023. The deal is structured as a scheme of arrangement under a scheme implementation deed dated May 15, 2023, as amended September 4, 2023. The press release reiterates the strategic rationale: management projects roughly $500 million in annual pre-tax synergies within 24 months and at least $2 billion in cash improvements through portfolio optimization over two years post-closing. Newmont also plans to establish a Papua New Guinea business unit, led by Alwyn Pretorius, and a secondary listing of its depositary interests on the PNGX at closing. Investors should note that the synergy and cash-improvement figures are management estimates subject to significant forward-looking risks, including integration execution, shareholder approvals, and gold price volatility.

Oct 4, 2023 8-K

Newmont 8-K Report, Corporate Update (Oct 4, 2023)

Newmont Corporation (NEM) filed an 8-K on October 4, 2023, primarily to supplement its definitive proxy statement regarding the proposed acquisition of Newcrest Mining Limited. The filing addresses ongoing transaction litigation, stating that Newmont believes the allegations are without merit but is providing supplemental disclosures to avoid delays and litigation costs. These disclosures clarify details regarding the board of directors following the transaction, confirming that no Newcrest executive officers are expected to become executive officers of Newmont, and that Newmont has not yet decided which two Newcrest directors will be invited to join its board. Additionally, the 8-K provides updated financial advisor analyses from BofA Securities, Centerview, and Lazard, detailing their valuation methodologies and findings for both Newmont and Newcrest on a standalone basis. It also includes updated financial projections for Newmont, Newcrest, and the combined entity, outlining expected revenue, EBITDA, capital expenditures, and unlevered free cash flow. The report reiterates that these supplemental disclosures are not an admission of liability but a strategic move to facilitate the transaction's progression.

Oct 4, 2023