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DATE

Thursday, April 23, 2026 at 5:30 p.m. ET

CALL PARTICIPANTS

  • President and Chief Executive Officer — Natascha Viljoen
  • Interim Chief Financial Officer — Peter Wexler

TAKEAWAYS

  • Gold Production -- 1.3 million ounces, supported by increased output at Cadia, Merian, and Ahafo South, as well as improvements at Yanacocha and Peñasquito.
  • Copper and Silver Output -- 50,000 tonnes of copper and 9 million ounces of silver, reinforcing Newmont Corporation (NEM 0.64%)’s status as the world’s third-largest silver producer.
  • Cash Flow from Operations -- $3.8 billion after working capital, including inflows from noncore asset sales.
  • Free Cash Flow -- $3.1 billion, representing an all-time quarterly record even after $1.3 billion in cash tax payments.
  • Adjusted EBITDA -- $5.2 billion, reflecting benefits from higher commodity prices and operational performance.
  • Adjusted Net Income -- $2.90 per diluted share for the quarter.
  • Gold All-in Sustaining Costs (AISC) -- $1,029 per ounce byproduct basis, below full-year guidance, with management continuing to maintain cost guidance.
  • Shareholder Returns -- $2.7 billion returned in dividends and share repurchases, exhausting the previous authorization; a new $6 billion share repurchase program has been approved.
  • Net Debt Reduction -- Debt reduced by $42 million since the last earnings call.
  • Divestiture Proceeds -- $321 million received in after-tax proceeds this quarter from noncore asset sales, contributing to $4.6 billion raised since inception of the asset sale program.
  • Cadia Seismic Event Response -- No injuries reported; underground systems restored and rehabilitation expected to finish in five weeks, returning operations to 80% capacity and full recovery by end of Q2; second-quarter gold production will be lower, with normalization expected in Q3.
  • Sustaining Capital Expenditures -- $381 million invested during the quarter; sustaining capital is expected to rise in Q2 due to site ramp-ups and equipment deliveries.
  • Development Capital Expenditures -- $239 million allocated in the quarter, with full-year guidance of $1.4 billion remaining weighted to the second half.
  • Dividend Declaration -- $0.26 per share, consistent with the last quarter.
  • Production Guidance -- Full-year gold production guidance maintained at 5.3 million ounces; management expects slightly lower output in Q2 before volumes improve in Q3.
  • Share Repurchase Impact -- Interim CFO Wexler stated, "on a per share basis, our free cash flow is already 6% higher than it would have been prior to initiating our share repurchase program."
  • Cost Sensitivity to Oil -- For every $10 per barrel change in oil prices, costs are impacted by approximately $60 million, or about $12 per ounce on AISC.
  • Ghana Royalty Headwind -- Newly introduced Ghana sliding scale royalty creates an incremental cost headwind of about $25 per ounce in 2026.
  • Supply Chain Availability -- No current disruptions to fuel or materials supply, with active contingency planning in place across operations.
  • M&A Approach -- Management focus remains on internal assets and brownfield opportunities, with any acquisitions required to compete for capital in the broader portfolio.

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RISKS

  • Second-quarter gold production expected to be lower due to temporary Cadia downtime, as management anticipates a "short gap in mill feed," with "operations returning to normal levels beginning in the third quarter."
  • New Ghana mining royalty regime is projected to increase costs by approximately $25 per ounce in 2026, introducing a new structural headwind.
  • Oil price volatility presents potential for increased costs; for every $10 per barrel rise, all-in sustaining costs may be impacted by about $12 per ounce, as noted by Peter Wexler.

SUMMARY

Newmont Corporation reported record free cash flow and strong operational delivery, driven by robust gold, copper, and silver production alongside favorable price environments. Management confirmed that ongoing Cadia rehabilitation following the seismic event is proceeding on schedule, with production normalization set for the third quarter. The company is maintaining its 2026 cost and production guidance, despite oil price and royalty cost headwinds cited for upcoming periods.

  • The enhanced capital allocation framework enabled the board to authorize a new $6 billion share repurchase, directly linking ongoing repurchases to future per share dividend growth.
  • Asset-specific operational gains in sites such as Merian, Ahafo North, and Peñasquito offset weather and event impacts that disrupted output at Boddington, Brucejack, and Tanami earlier in the year.
  • Management reiterated ongoing collaboration and iterative process with its Nevada Gold Mines joint venture partner regarding a previously issued notice of default, with no defined resolution timeline disclosed.
  • Engagements with Ghanaian authorities on proposed shifts to local mining contractors remain ongoing, and management acknowledged mixed feasibility depending on mining complexity and local capacity.
  • No current or anticipated availability issues in supply chain for critical materials and fuel were disclosed, with contingency planning highlighted at the enterprise level.

INDUSTRY GLOSSARY

  • All-in Sustaining Costs (AISC): Comprehensive per-ounce production cost metric that includes direct operating costs, sustaining capital, and other necessary expenses to maintain ongoing operations.
  • Panel Cave: A block caving mining method involving extraction of ore from an underground panel, commonly used in large, low-grade deposits such as Cadia.
  • Brownfields: Expansion or enhancement projects at sites where mining or exploration is already established, as opposed to developing new “greenfields” properties.
  • Sliding Scale Royalty: A royalty rate structure where payments to governments fluctuate based on commodity price benchmarks.

Full Conference Call Transcript

Natascha Viljoen: Thank you, Neil, and hello, everyone. Newmont Corporation's focus on operational excellence continues to deliver consistent and predictable performance, with our first quarter results demonstrating that we are on track to achieve our 2026 guidance. Importantly, this consistency is reflected in our compelling financial results. Our unrivaled portfolio of high-quality operations and projects, combined with our focus on cost discipline and productivity, positions us to capture the benefits of higher commodity prices even amid the operational headwinds we experienced in the first quarter, delivering margin expansion and robust free cash flow generation.

The benefits of record free cash flow generation are flowing through our enhanced capital allocation framework, resulting in continuous reinvestment in our business, a predictable quarterly dividend, and ongoing share repurchases, supplemented by a new $6 billion share repurchase authorization. Before we review our quarterly results in more detail, I want to begin with an update on Cadia following the magnitude April event. As mentioned in our released statements, our immediate priority was the safety of our people.

Our safety protocols operated as designed, and within minutes of the event, all personnel working underground were moved to safe locations before being brought to surface in the subsequent hours following the event, and I am pleased to share that there were no injuries. Based on our initial findings, the damage appears limited, reflecting the strength of our ground control systems. I am pleased to report that the underground power and dewatering systems have been restored and we received approval from the regulator earlier this week to begin repairs. Importantly, all surface infrastructure was inspected immediately following the event and sustained no damage. This includes our tailings facilities.

From an operational standpoint, we are currently processing surface stockpiles and expect underground rehabilitation to be completed in the next five weeks, enabling return to 80% operating capacity, with full recovery expected by the end of the second quarter. As a result, second quarter production is expected to be lower due to this short gap in mill feed, with operations returning to normal levels beginning in the third quarter. I want to recognize and personally thank the team at Cadia. We responded quickly and effectively, implementing established emergency procedures to ensure the safety of all personnel and positioning the operation for the best possible recovery.

Turning now to our operational performance, in the first quarter, we produced 1.3 million ounces of gold, 50 thousand tonnes of copper, and 9 million ounces of silver, with both copper and silver volumes supporting a favorable byproduct cost profile for the quarter. As the third-largest silver producer in the world, we also benefited from a favorable silver price environment, further supporting our free cash flow generation and unit cost management. Performance translated into strong financial results, including $3.8 billion in cash flow from operations after working capital and $3.1 billion in free cash flow, marking another all-time quarterly record, which is especially notable given the seasonal working capital headwinds typically experienced in the first quarter of each year.

During the quarter, we also received approximately $321 million in after-tax proceeds from the sale of equity investments in SolGold and Greatland Resources, along with contingent payments related to the divestments of Musselwhite and Cripple Creek & Victor last year, bringing total after-tax proceeds received from our noncore divestiture program to over $4.6 billion. Touching briefly on cost performance, which Peter will cover in a little more detail shortly, over the last few weeks, the world has experienced a notable increase in energy prices and impacts to global supply chain dynamics as a result of the ongoing conflict in the Middle East.

We continue to monitor the geopolitical environment and its potential impact on cost closely, but remain encouraged by our demonstrated ability to effectively manage cost and improve productivity, and are therefore maintaining our full-year cost guidance at this time. Taking our strong first quarter operational and financial performance into account, we expect to remain well positioned to continue executing on the enhanced capital allocation framework that we announced in February. Since our last earnings call, we have reduced debt by an additional $42 million and are pleased to share that we have returned $2.7 billion to shareholders through both regular dividends and ongoing share repurchases, fully exhausting our previous repurchase authorization.

In line with our established approach, our board has approved another $6 billion share repurchase program, reinforcing our enhanced capital allocation framework and disciplined approach to returning excess cash to shareholders. This framework is designed to systematically reduce Newmont Corporation's share count and, in doing so, drive sustainable per share dividend growth and improvement across other key per share metrics. Building on our strong first quarter performance and looking ahead to the rest of the year, we remain on track to achieve our 2026 guidance, continue generating robust free cash flow from our world-class portfolio, and return capital to shareholders in a consistent manner.

Operationally, we delivered a stronger-than-expected quarter, especially considering challenging conditions faced by several of our sites, including the bushfires at Boddington, where we have since made a full recovery with full throughput capacity back to normal levels for the second quarter. We have had extreme snowfall at Brucejack and record levels of rainfall at Tanami. This performance underscores the strength and resilience of our world-class portfolio, built around high-quality, long-life assets that are intentionally diversified both operationally and jurisdictionally to deliver consistent performance across a range of operating conditions, not only withstanding volatility as it arises, but also capturing value from it. Given this strong start to the year, we believe it is appropriate to maintain our existing production weighting.

Our first quarter outperformance provides prudent flexibility to absorb any impact from temporary Cadia downtime in the second quarter as we progress recovery efforts following the earthquake. First quarter production was driven by several key factors. At Cadia, we saw a step up in gold and copper production compared to the fourth quarter, supported by improved throughput and favorable grades from the current panel cave. At Merian, production also increased compared to the fourth quarter as we began to access higher grades from the Merian 2 pit as planned. At Ahafo South, production increased due to higher mining rates and improved underground drawpoint availability.

At Yanacocha, we delivered stronger leach production performance from high grades out of [inaudible], and as we discussed last quarter, we have begun executing on a highly capital-efficient plan to continue mining through 2026 and into 2027, adding low-cost ounces that are expected to benefit our production profile in 2027, with further potential upside. Peñasquito delivered strong co-product production in the quarter, particularly silver and zinc, as we continue to process stockpiles during the transition phase between Phase 7 and Phase 8. Finally, the ramp-up at Ahafo North continues to progress very well and in line with plan in its first full year of commercial production. We also achieved several notable milestones in our projects in execution during the quarter.

At our Tanami Expansion 2 project, work has now fully resumed following the temporary pause earlier in the quarter, the underground primary crusher is now commissioned, and the materials handling system is on track for completion by the end of the second quarter. We have also completed the investigation into the fatality that occurred at Tanami earlier this year and are committed to ensuring the learnings are shared across our organization and with the broader industry. At Cadia, both PC23 and PC12 are progressing well and are tracking to plan as they move through key phases of development.

Newmont Corporation's first quarter performance continues to highlight the strength and resilience of our portfolio, as well as the progress we have made to stabilize and improve our operations, positioning us to deliver consistent performance and achieve our full-year commitments. I will now turn the call over to Peter to walk through our financial results for the quarter. Peter? Thank you, Natascha.

Peter Wexler: Thank you, Natascha, and hello, everyone. Newmont Corporation delivered outstanding financial results in the first quarter driven by strong operational performance that Natascha just outlined and a supportive metal price environment. Our continued focus on disciplined execution resulted in adjusted EBITDA of $5.2 billion and adjusted net income of $2.90 per diluted share for the quarter. Most notably, Newmont Corporation generated $3.8 billion in cash flow from operations after working capital and a record $3.1 billion of free cash flow, even after making approximately $1.3 billion in cash tax payments during the quarter. Gold all-in sustaining costs were below our full-year guidance at $1,029 per ounce for the first quarter on a byproduct basis.

Our cost profile benefited meaningfully from stronger-than-expected co-product pricing and sales volumes, lower cost applicable to sales as a result of disciplined capital spending, and the timing of sustaining capital. As Natascha noted earlier, we are maintaining our cost guidance and, while higher oil prices may create incremental pressure, we view this as manageable at this time and are actively working to mitigate the impact rather than viewing it as a risk to our operating plan. As a reminder, the guidance we provided in February was based on a $70 per barrel Brent assumption, with diesel making up approximately 6% of our direct operating cost.

For every $10 per barrel change in oil prices, we expect approximately a $60 million impact on cost, which equates to roughly a $12 per ounce impact on all-in sustaining costs. We are not currently experiencing any disruption to fuel availability and continue to maintain business continuity by leveraging our scale, and our strong supply chain team is working closely with suppliers to proactively identify and manage risks. While higher fuel prices began to materialize in March, we remain focused on offsetting these pressures through continued cost and productivity improvements across our operations. In addition, in February, we quantified the potential annual impact of the newly introduced Ghana sliding scale royalty on our cost profile.

While this will represent an incremental cost headwind of approximately $25 per ounce in 2026, our goal is to mitigate the impact through disciplined cost management and productivity initiatives. Looking ahead to the second quarter, we expect production to be slightly below the first quarter, keeping us on track to deliver our full-year production guidance of 5.3 million ounces. Sustaining capital is expected to increase in the second quarter as we move into the summer season at Brucejack and Red Chris, take delivery of mobile equipment at multiple sites, and continue progressing tailings work primarily at Cadia and Boddington.

Similarly, development capital is expected to increase beginning in the second quarter as we progress the expansion at Cerro Negro, advance the feasibility study work at Red Chris, and begin spending on the Lihir nearshore barrier project later this year, with our full-year development capital guidance of $1.4 billion remaining weighted to the second half. All-in sustaining costs are expected to be notably higher in the second quarter and more in line with the guidance we provided in February, driven by the ramp-up in sustaining capital, higher cost applicable to sales, and lower silver production than we saw in the fourth quarter as planned.

Turning to capital allocation, last quarter we introduced our enhanced capital allocation framework, which is underpinned by net cash from operations and prioritizes cash flow in a clear and disciplined manner. This framework is designed to be sustainable through the cycle, maximize shareholder returns, and maintain a strong and flexible balance sheet, and we are already seeing the positive benefits of this framework in action through our first quarter results. Within this framework, excess cash is first allocated to sustaining capital spend and our dividend—priorities that are intended to remain consistent through the cycle. We continue to invest in sustaining capital to strengthen the longevity and integrity of our portfolio, with $381 million spent in the first quarter.

Next, cash is allocated to our sustainable total cash dividend of $1.1 billion per year, which is paid quarterly. In the first quarter, we declared a dividend of $0.26 per share, which is consistent with the last quarter and aligned with this approach. Following these commitments, our development capital spend and balance sheet position may flex over time to reflect portfolio needs and broader market conditions. We continue to invest in development capital to advance our highest-return opportunities from our deep organic pipeline, with $239 million deployed in the first quarter.

At the same time, we remain committed to maintaining a resilient balance sheet anchored by our net cash target of $1 billion plus or minus $2 billion over the course of a year. The target is managed on an annual basis and may vary quarter to quarter due to macroeconomic conditions, including the recent volatility in gold price. Once these priorities are met, excess cash is allocated to share repurchases. Since our last earnings call, we have repurchased $2.4 billion in shares, fully completing our previous authorization and bringing total repurchases to $6 billion since we began repurchasing shares over 24 months ago.

As a result, our board has doubled the size of our share repurchase program with an additional $6 billion authorization, representing our fourth authorization since February 2024. We intend to execute this program consistently in line with our capital allocation framework, reflecting our confidence in the intrinsic value of our shares and the benefits these repurchases deliver over time. As we approach completion of this authorization, we expect to seek additional approval from our board, consistent with our disciplined and repeatable approach to returning excess cash to shareholders.

Both our share repurchase program and the resulting per share dividend growth are formulaic outputs of our capital allocation framework, with repurchases systematically reducing our share count, driving higher per share metrics, and increasing shareholder exposure to the strong free cash flow generated by our portfolio. In fact, on a per share basis, our free cash flow is already 6% higher than it would have been prior to initiating our share repurchase program. At its core, this framework is designed to deliver sustained per share growth, maintain balance sheet strength, and provide shareholders with consistent and growing exposure to the value generated by our world-class portfolio. With that, I will turn the call back over to Natascha for closing remarks.

Natascha Viljoen: Thank you, Peter. In closing, Newmont Corporation has had a very strong start to this year, reflecting the deliberate progress we have made to strengthen our operations and enhance the capabilities of our teams and systems, driven by disciplined execution and a clear focus on our commitments. We remain on track to achieve our 2026 guidance, supported by solid operational and financial performance in the first quarter, and are well positioned to drive margin expansion and generate strong free cash flow through continued cost discipline and productivity improvements across our world-class portfolio, which continues to deliver stable and consistent results.

Our enhanced capital allocation framework is translating that performance into shareholder returns through a predictable dividend and ongoing share repurchases supported by a new $6 billion authorization. Looking ahead, we will continue to leverage our industry-leading and deep bench strength of expertise across all functions to build a stable and resilient future for Newmont Corporation, positioning us to generate growing free cash flow and deliver increasing returns on a per share basis even in a dynamic macroeconomic environment.

Before turning to questions, I want to briefly address that we continue to engage constructively with our Nevada Gold Mines joint venture partner, with a clear focus on improving the performance of our shared assets and delivering long-term value for Newmont Corporation shareholders. With that, we look forward to addressing your questions, and I will now hand it back to Christine, our operator, to open the call for questions.

Operator: We will now begin the question and answer session. We ask that you please limit inquiries to one primary and one follow-up question. If you would like to ask a question, please press star then 1 to raise your hand. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, press star then 1 again. At this time, we will pause to assemble our roster. Our first question comes from Tanya M. Jakusconek with Scotiabank. Tanya, your line is open.

Tanya M. Jakusconek: Great. Can you hear me?

Peter Wexler: Yes. Yes. We can, Tanya. Yes.

Tanya M. Jakusconek: Okay. Great. Thank you. Thank you for taking my question. Natascha, can you comment on where we are on the whole process with the default that was issued in February with respect to Nevada Gold Mines?

Natascha Viljoen: Thank you, Tanya. Good question. I will start, and then I will hand over to Peter to get into a little bit more detail. For starters, as we said in our prepared remarks, our focus remains firstly on improving the Nevada Gold Mines joint venture performance. We are continuously working with our joint venture partner to gain more information around Fourmile and the work that we need to do there. For the notice of default specifically, I will hand over to Peter Wexler.

Peter Wexler: Thank you, Tanya, for the question. The period of the notice of default is open-ended, and we are working with them, as Natascha said earlier, to work on the operations. We are working through an orderly process on the notice of default, including exercising our audit rights and reviewing those findings. It is really just an ongoing process at this point in time.

Tanya M. Jakusconek: Okay. So my follow-up question is that I am just trying to understand how long this process is going to take. I am assuming that you had meetings with them, you have gotten the information or Barrick has handed over the information that you have asked for, and now you are in the process of reviewing this and talking to Barrick on how we move forward. I am just trying to understand the procedure and what to expect on a timeline.

Peter Wexler: While you may see timelines in the agreements, it is more of an iterative process between the two companies. We have questions and follow-up questions on information, and, as you correctly assumed, they respond to us, and we work productively through those answers. There is no set timeline for bringing it to resolution, but we hope to do so in the near term and make sure that Nevada Gold Mines is operating at the highest level possible.

Operator: Our next question comes from Matthew Murphy with BMO Capital Markets. Matthew, your line is open.

Matthew Murphy: Thank you. Congratulations on a strong first quarter. Can you take us through where operations were beating your expectations? And it sounds like Q2 may be a little bit down quarter on quarter. Should we think about Q2 as the lowest production quarter for the business and then progressive momentum from there?

Natascha Viljoen: Yes, Matthew, and thank you for that question. If we look at quarter one, the improved performance that we have seen was across, firstly, Yanacocha, where we saw a beat after the last [inaudible] ore that we have mined and we see the benefit of that coming through. We have also seen improved throughput and grade from Cadia coming through, and that was certainly the basis of that improvement. Then the silver production at Peñasquito was higher than what we delivered in any quarter last year, and that is just a phasing on where we are in the pit, importantly also strongly supported by really high silver prices.

We have also treated the last remaining stockpile from our Subika open pit material at Ahafo South, and we have started to see Ahafo North continuing well with its production ramp-up. As we look into the second quarter and we have depleted the Subika open pit stocks at Ahafo South, we do see lower grades coming from Apensu and Amoma open pits. For Peñasquito in this quarter, we will have some months that we are treating organic carbon and, therefore, we will also see lower silver production. Then, of course, as we have touched on earlier, we will see the recovery process that we are working through at Cadia.

Therefore, a slightly lower quarter as expected, and we will see the third quarter coming back stronger.

Matthew Murphy: And as a second question, slightly different topic, related to the CFO recruitment process. Peter, certainly, Newmont Corporation is delivering results with you in the CFO chair, but there is the “interim” in the title. So, Natascha, any update on how that process is going?

Natascha Viljoen: That recruitment process is going well, Matt, and we trust that we will be able to share more information soon.

Operator: Our next question comes from Anita Soni with CIBC. Anita, you are live.

Anita Soni: Hi. Thanks for taking my question, Natascha. I just wanted to ask, when it comes to the discussions around Fourmile, have you had any discussions with Barrick on bringing that into the joint venture partnership at this stage?

Natascha Viljoen: Anita, we continue to collect information on Fourmile and to do our technical evaluation, as we have touched on before.

Anita Soni: Okay. Sorry, I missed that. And then just in terms of some of the mine sequencing, I think you touched upon the stockpile processing that you would be doing at Cadia. Stockpile to bridge the gap between pulling ore from the underground—could you give us an indication of what grade those stockpiles are at right now?

Natascha Viljoen: Anita, we will have to come back to you. I cannot give you an indication now, but I will ask Neil to give you the feedback on the grade.

Anita Soni: Okay. Alright. Thank you. That is it for my question.

Natascha Viljoen: Thanks, Anita. Our next question comes from Lawson Winder with Bank of America Securities. Lawson, your line is open.

Lawson Winder: Thank you, operator. Hello, Natascha and team. Nice quarterly result, and thank you for today’s update. Can I ask about the cost pressures? I mean, it is notable, the impressive unit cost results in Q1 considering what have been relatively significant cost pressures on energy. Could you speak to some of the levers that Newmont Corporation can pull in order to ensure that input cost inflation does not drive 2026 unit cost guidance above the range? And then to what extent might Newmont Corporation be insulated from cost pressures across the supply chain?

Natascha Viljoen: Lawson, thank you for that question. Indeed, we were very pleased with quarter one’s all-in sustaining cost on a byproduct basis. Firstly, we have seen the work that we did last year, both on productivity improvement and cost reduction, and now going into cost discipline, flow through in various aspects of our cost applicable to sales. Our cost applicable to sales was impacted in the first quarter by elements like Tanami, where we saw a period of stoppage due to the fatality. We have also had lower production in areas predominantly in the year at Cerro Negro due to shutdowns that impacted cost applicable to sales, and then we have seen a seasonal lower sustaining capital for quarter one.

With the discipline that we established last year, the levers sit in two areas. One is productivity, where the best way for us to offset increased input cost pressures is through higher productivity. We have seen through the last quarter and going into this year, as an example, that we have parked a high number of pieces of equipment across our operations to help reduce consumption. That is certainly the first area we will be focusing on. We will also continue to pursue cost discipline work to offset the impact of higher gold prices on royalties and worker participation.

As we think going forward, we have not seen the full impact coming through on increased fuel cost, and the same levers that I have touched on will continue to be the levers that we will pull, both in terms of fuel cost and the second- and third-order consequences that might come through as higher energy costs flow through. In the meantime, we have a really strong supply chain team that works closely with our suppliers, and we are leveraging across different jurisdictions the benefits that we have with the geographical spread to pull all of the levers we can to both sustain supply and manage cost.

Lawson Winder: Okay. That is extremely helpful. If I could ask what might not be a quick follow-up, but could be—

Natascha Viljoen: Sorry, Lawson, yes?

Operator: We will move on to our next question while Lawson gets back on. Our next question in the meantime will be from Joshua Mark Wolfson with RBC. Josh, you are currently live.

Joshua Mark Wolfson: Thank you very much. I will follow on Lawson’s questions—hopefully I am not taking them before he gets the chance to redial in. Thank you for providing some of that disclosure on energy price or oil price impacts and the diesel overall exposure. You mentioned some of the secondary factors there. Is there any way the company can quantify the impact or sensitivity to some of these overall primary and secondary impacts based on current prices?

Natascha Viljoen: Josh, not at this stage. The sensitivities that we supply both, firstly on fuel and then also just our cost mix, are what we have available at this stage. Thank you.

Joshua Mark Wolfson: Okay. Thanks. And then just following on that theme of costs, beyond the energy side of things, is there any commentary the company can provide in terms of broader trends in terms of costs—that would include labor or reagents? And then alongside that, regionally, is there any perspective the team can provide maybe where there are higher pressures or lower pressures?

Natascha Viljoen: Joshua, if I think through the various elements of our cost—labor, materials and services, and energy—I think we have spoken at length about energy. Labor is always a continuous conversation, and we do see our agreements with labor coming up for renewal on a continuous basis across all of the jurisdictions we operate in. So far, we have been able to get agreements in place in all of the areas where we were negotiating new agreements, so nothing more than what we have planned for and included in our guidance. On services and materials, nothing else to add beyond what we discussed.

Joshua Mark Wolfson: Okay. And then maybe a perspective regionally there if there are any specific areas where you see inflation higher or lower.

Natascha Viljoen: No. Not on inflation. Costs are higher due to higher gold prices impacting royalties and workers’ participation, but not inflation in specific areas.

Joshua Mark Wolfson: Thank you very much.

Operator: The next question we have comes from Lawson Winder again from Bank of America Securities. Lawson, you are live.

Lawson Winder: Just before I ask my question, I want to double check you can hear me?

Natascha Viljoen: Yes. We can, Lawson.

Lawson Winder: Okay. Thank you for taking the follow-up. I think Josh actually covered off a lot of the questions, but something else that I have had on my mind is just the M&A outlook. We have seen some activity from one of your peers already this week, and based on the work we have done, it is a pretty conducive environment for M&A. What is Newmont Corporation’s appetite for acquisitions at the current moment?

Natascha Viljoen: Thanks, Lawson, and Josh, I do apologize if you are still on the line—I believe I just called you Lawson because I thought we were still talking to Lawson. From a disciplined capital allocation point of view, our focus remains firmly, firstly, on continuing to drive our own operations to be the best operators of these operations and to get them to operate in the way that they should. Then we have a number of brownfields opportunities that we believe would be very value accretive for us. By the time we get to greenfields projects and any potential acquisition opportunities, they will have to compete for capital within the broader portfolio.

Our focus at this stage remains firmly internal on our own assets.

Operator: Our next question comes from Fahad Tariq with Jefferies. Fahad, your line is now open.

Fahad Tariq: Hi. Thanks for taking my question. There was a headline yesterday that Ghana is asking Newmont Corporation, among other companies, to shift mining operations to local firms by the end of this year. Maybe just any color you can provide on thoughts around that and whether that timing is feasible and what that could mean for cost, etcetera.

Natascha Viljoen: Fahad, that is a very relevant topic for us. Firstly, we have a long history in Ghana. We have been investing responsibly, and we have built good relationships. The contractor mining issue is not new for us. We have been working with the Minerals Commission on this matter over a period of time and on our approach to this matter. It is important to know that we are following a process that is commercially and technically disciplined, because what we want to do is ensure that what we develop here has long-term options for our investments in Ghana and supports the government’s objectives.

We are in active engagement not only with the Minerals Commission, but I had an opportunity last week to meet with President Mahama, and these relationships and conversations are very constructive and in the best interests of all parties.

Fahad Tariq: And then maybe just as a follow-up. Based on the work that you have done, would it be possible to use local contractors for all of the mining operations if the deadline does not change? In other words, is that something that is even feasible?

Natascha Viljoen: It depends on how you define mining operations. There are certainly certain mining operations where there is good capacity and capability in Ghana, but there are other areas that are more technically complex that would impact the productivity and the safety of our operations. We hold a very firm view on how we manage any of those areas. So I think it is a combination. If we think about some of the more bulk operations across mining, there is definitely capability, but not in all aspects.

Fahad Tariq: Okay. Great. Thank you very much.

Operator: Our next question comes from Daniel Morgan with Barrenjoey. Daniel, your line is now open.

Daniel Morgan: Hi, Natascha. Just on the supply chain—my question is not on cost, but on availability. With regard to diesel and everything else that you need to run your business, is there anything in the supply chain you can identify that you might face shortages on that could impact your business outcomes at all?

Natascha Viljoen: Daniel, no. At this stage, there is nothing that we have identified. We do, however, keep a very close eye on all of our supply chain, not only the primary supply, but also how the primary impacts on energy, for instance, will impact some of the second- and third-order consequences of any potential disruptions. We are working very closely with suppliers, industry partners, and governments to support our operations.

Daniel Morgan: Thank you very much. And just on Cadia—my question is not related to the seismic event. It continues to outperform expectations with regard to grade. Is that positive grade reconciliation, or is it higher grade ore presenting itself earlier than thought? Basically, I am just wondering if this win we have had in recent times means we see lower production in future periods. Thank you.

Natascha Viljoen: Daniel, what we are seeing is coming through the existing caves, PC2 specifically. It is higher grade reconciliation, and we continue to expect this grade to decrease as we get to the end of this cave life.

Daniel Morgan: Okay. That is very clear. Thank you, Natascha and team.

Natascha Viljoen: Thanks, Daniel.

Operator: Our next question comes from Daniel Major with UBS. Daniel, your mic is now live.

Daniel Major: Hi, Natascha. Thanks very much for the questions. First one, just thinking about the business beyond the current year. You have not been guiding on a three-year basis. Do you intend to reinstate medium-term guidance at some point in the future? And then, second, looking at an asset level at least directionally, what we should be expecting for the major moving parts into 2027, if you can give any steer at this point?

Natascha Viljoen: Daniel, we know that there is keen interest for us to give multiyear guidance, and as we work through this year, we are keeping that in mind to consider for 2027 guidance. If I think about 2027 and key movements as we see this portfolio growing back to 6 million ounces, the areas of interest are, across the various jurisdictions, Lihir, where we are starting to get into high-grade areas—that is part of the mine plan and part of the work that we have been doing there. Cadia, where we see the new caves come on. Boddington, as we complete the pushbacks and get into high-grade areas. Ahafo North fully ramping up.

Cerro Negro, as we continue to drive really hard on the productivity work there. We have some other shorter-term options that will come online. Yanacocha, as we see the shorter-term production from mining coming on as well. Those are some of the early movers that will help us—you will remember, we said that in 2026, we are in a trough—and those are the big movers that will start to build up on the other side of the trough.

Daniel Major: Okay. So the message is very much this is the trough year, and there should be meaningful improvement in the subsequent years. Is that how I read that?

Natascha Viljoen: Yes. That is—

Peter Wexler: Thanks, Daniel.

Daniel Major: Okay. Then maybe if I could ask my follow-up question on a similar growth trajectory. You have indicated the intention to FID the Red Chris project in the second half of this year. Can you give us any idea on the magnitude of increase relative to the previous CapEx estimates provided by Newcrest?

Natascha Viljoen: Daniel, the process that we are following is very structured. We have taken on board the lessons from the fall of ground that we had last year. We are progressing really well with that work. We are also progressing well with the engagements with our [inaudible] community to progress our permits. All of that is tracking well, and we will be able to give you a proper estimate. You will hopefully know by now we want to say what we do and do what we say. By the time we give you an estimate on capital, it will be an estimate that we will hold ourselves accountable for.

Daniel Major: Okay. Thanks so much.

Operator: Our last question comes from Bob with Bernstein Research. This will be our last question. Bob, your line is now open.

Analyst: Thank you very much. Good evening. I had a follow-up related to the notice of default. If I understand it properly, there was an identified event of default related to evidence of mismanagement or diversion of resources at the JV. You filed the notice of default, and there could be a range of remedies—something as simple as Barrick offering a cure related to that event of default up to much more consequential remedies. Can you talk about the range of remedies and what are your rights under the JV related to those?

Natascha Viljoen: Thank you, Bob. I am going to ask Peter Wexler to respond to that.

Peter Wexler: Sure, Bob, and I think you captured it accurately in your statement. There are a range of possibilities, and discussing each and every range is not practicable. At the end of the day, the best way to look at it is we are working through the process, as I told one of the other analysts, and are going back and forth in this iterative process to try and understand each other’s viewpoint on what transpired and how things were working. Once we have gone through that process, then either a potential meeting of the minds or another avenue would have to be followed. We hope it is the former, because that is part of getting NGM back on track.

But, as you said, there is a range of possibilities. We are working through the structured process in the JV agreement, and where that takes us—hopefully we will work that out between us and not need to resort to any third parties intervening.

Analyst: Very good. A quick follow-up. Third party intervention—would that be arbitration or litigation?

Peter Wexler: It depends. There is a wide variety of ways we could pursue that path if and when it became necessary. We certainly hope it does not.

Analyst: Very clear. Thanks for that.

Operator: This concludes the question and answer session. Thank you for attending today’s presentation. You may now disconnect.