Newmont Corporation

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note the event is being recorded. I'd now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead.

Thank you, operator. Good morning, everyone, and thank you for joining our call. Today I'm joined by my executive leadership team, including Natasha Villioun and Karen Overman, and we'll all be available to answer your questions at the end of the call. Can I please ask you to note our course pre-statement and refer to our SEC filings, which can be found on our website. Before we begin today, I'd like to take a moment to remember the three colleagues who sadly lost their lives working for Newmont this year. Like Kabita Morrison, or Cobby as he was known to his friends and colleagues, was a dedicated and hardworking member of our Halfo North project team and a natural leader. Cobby was a son, a husband, a father, a dear friend to many, and who will be greatly missed. Rosanna Lestermar was a daughter, a wife, and a mother to a young daughter. Civil engineer, Rosanna was part of the original team that developed Cerro Negro 11 years ago and had aspirations to soon become a part-time farmer in Argentina. And Daniel Ochoa, a son, a father to two young boys, a partner and a brother. He has been described by his colleagues as a strong team member with ambitions to further develop his career in mining. The investigations into these tragic incidents have been led by two of our managing directors from different business units with the support of teams of subject matter experts to ensure that we truly understand the cause of the incidents. Our response will include implementing both immediate measures from early observations from the investigations as well as taking a structured approach to reinvigorate our safety systems, tools, and in-field leadership activities that will all have a heavy focus on the quality of application. Sadly, these recent incidents are a stark reminder of the need to maintain discipline and a relentless focus on safety fundamentals. The loss of Adam Kennedy, Cobby, Rosanna and Daniel over the past six months has had a profound impact on the entire Newmont family and it is with great humility and resolve that we will continue to challenge ourselves to ensure that everyone working in our business goes home safely to their loved ones. Turning to our quarterly results, we are firmly on track to deliver our 2024 guidance. We are pleased with our operational performance in the first quarter and remain focused on delivering consistent results as guided over the remainder of this year and beyond. I also want to reiterate the four key commitments that we have made to our shareholders. We continue to make progress on these commitments and I'd like to provide a brief update on our first quarter achievements. starting with strengthening Newmont's position as the gold industry's recognised sustainability leader. Last week, Newmont published our 20th Annual Sustainability Report, along with our third annual Taxes and Royalties Contribution Report, both providing a detailed and transparent look at our values-driven approach to sustainability and the economic contributions we made in the jurisdiction, and communities that we operate in. With this sustainable foundation in place, we have created the industry's strongest portfolio of world-class gold and copper assets in the most favourable mining jurisdictions. And from this portfolio, we produced 1.7 million ounces of gold at an all-in sustaining cost of $1,439 an ounce in the first quarter. We continue to expect these unit costs to improve throughout the year, driven by both higher production in the second half and the delivery of synergies. I'd also note that in the first quarter, our go-forward Tier 1 portfolio produced 1.4 billion ounces of gold at $1,378 an ounce. Our Tier 1 portfolio also produced over 480,000 gold equivalent ounces from copper, silver, lead and zinc, and included in this number is the 35,000 tonnes of copper that we produced and sold. We generated $776 million of cash flow from operating activities in Q1, including a $666 million reduction from working capital, which Karen will cover in a few minutes. And when we exclude the $291 million one-time stamp duty payment we made in February in connection with our acquisition of Eucrest, free cash flow for the quarter would have been $217 million. Our second quarter production and costs are expected to remain relatively consistent with the first quarter. And we continue to expect that our gold production will be weighted to around 53% in the second half of the year, remaining firmly on track to achieve our four-year guidance on both the production and cost basis. In the first quarter, we also continued to progress the divestment of our six high-quality non-core assets this year. And this morning, we announced the sale of our London Gold financing facilities, generating $330 million in cash proceeds and furthering our commitment to maximising shareholder value by monetising our non-core assets. We continue to maintain our exposure to Frida Del Norte through our equity interest in London Gold. Underpinned by the industry's strongest portfolio of gold and copper assets, We remain committed to maintaining a disciplined and balanced approach to capital allocation. As part of this, we declared a first quarter dividend of 25 cents per share, demonstrating our ongoing commitment to returning capital to shareholders. We refinanced approximately $2 billion in debt related to the Newcrest acquisition, and we continue to advance our four key projects we have in execution. Our second expansion at Tanami, our new mine, Harfo North, and our two new block caves at Kadia. And finally, turning to synergies, we remain firmly on track to deliver on our commitments. In the first quarter, we achieved $56 million in synergies, bringing the total delivered to $105 million since we closed our acquisition of Newcrest in November last year, and building solid momentum towards our commitment of delivering a $500 million synergy run rate by the 1st of January, 2026. We have identified a series of initiatives, each with action plans and dedicated resources in place that have us on track to achieve a $335 million run rate by the end of this year, representing two-thirds of our $500 million Synergy commitment and well ahead of the run rate we estimated when we announced this commitment in May of last year. Beginning with the core of this value delivery, we are seeing great opportunities emerging from our full potential work and we are just getting started. At La Hia, we recently completed the first phase of full potential, from which we have identified initiatives that will deliver more than $150 million of value, close to double the synergy target we allocated to this new Tier 1 operation in our portfolio. I've just returned from La Hia, and the key to extracting this value will be simplification. Following a very similar approach to the one we used at Penesquito five years ago, we have key members of our Newmont technical team on the ground in PNG supporting the site team to work on simplifying operations by focusing on the areas that will genuinely move the needle and stopping the non-value activities that have historically plagued this operation. One example of this work is the work we are doing to de-bottleneck the materials handling and crushing circuits, which have been limited by the heirs' different ore properties, resulting in downtime from spillage, blocked chutes and blocked crushers. From this initiative alone, we expect to improve mill throughput and generate over $50 million in annual cash flow improvements. and the future waves of opportunities already identified at La Hia, we remain very excited about the untapped potential at this T1 operation. We are also well into the first phase of our full potential work at Cadia, Red Criss and Brucejack and have already identified several high value opportunities that we will progress in parallel with the initiatives now underway at La Hia. For our supply chain synergies, we have already realised close to $30 million from negotiating more favourable terms and pricing for materials and equipment, as well as first consolidating and then renegotiating service contracts. As we look ahead, we will continue to work closely with our key suppliers, leveraging our unmatched scale and global partnerships to seek improvements through negotiations and tenders over the course of the year. Then turning to G&A, we have already achieved over 80% of the synergies that we committed to, and we expect to exceed our $100 million G&A commitment by the end of this year. Most of our G&A synergies are coming from employee and contractor rationalisation as we expected, and to a lesser extent from reductions in insurance premiums and other administrative fees. We look forward to realising the significant production and cost benefits from our synergy work and we will continue to provide you with updates on our progress each quarter. And with that, I'll now pass it to Natasha and then Karen for an update on our operational and financial performance for the quarter. Over to you, Natasha.

Thank you, Tom, and good morning, everyone. After the loss of our colleagues at Ahofo North and Cerro Negro, Tom and I spent time at these two sites and with the project operational and investigations teams to get a first-hand understanding of the incidents to inform our global response to address our safety performance. In addition to AHAFO North and Cerro Negro, I had the privilege of visiting five of our six managed Tier 1 operations and spent time with our colleagues at Boddington, Benesquito, Achim, AHAFO, and Lihir, as well as Yanacocha and Merian. Our operations delivered a strong first quarter performance in line with our business plan and outlook for the year. With full potential underway at many of our sites, we remain confident in our ability to deliver safe and efficient production, keeping us on track to deliver on the commitments Tom just described. I will cover the first water performance and outlook for our Tier 1 operations, starting with Tanami. Tanami achieved planned production for the quarter despite the heavy wet season in the Northern Territory. that resulted in a six-week closure of the Tanami track. In the first quarter, Tanami delivered higher tons mined from deeper underground and successfully completed its planned mold shutdown, positioning the site to deliver at least a 20% increase in mold reduction in the second quarter compared to the first. At Boddington, the stripping of the current laybacks in both the north and south bits continued to ramp up in the first quarter, an investment that will bring forward stronger gold and copper grades starting in 2026. Total material moved increased over the fourth quarter due to improved tons mined and higher shovel productivity through the introduction of double-sided loading for our autonomous truck fleet, representing a major milestone for this ore fleet, as the performance of this technology continues to go from strength to strength. Penesquito delivered strong silver and lead production from the Chile, Colorado pit in the first quarter, as waste stripping continues to progress in the Penasco pit, as previously indicated. As a result, and as planned, we continue to expect gold production to be around 60% weighted towards the second half of the year. at this world-class polymetallic mine. As we return to mining ore from the Penasca pit toward the end of the year, we will have access to these higher gold rates in the fourth quarter and into next year. At Ahofa, we continue to optimize the processing circuits in the first quarter, achieving a 37% increase in mole throughput compared to the prior quarter. The newly fabricated girth gear for one of the two Zagmals has arrived on site, and we remain on track to replace this gear in May of this year. Once the new girth gear is commissioned, we anticipate a 10 to 20-day wrap-up period to reach full processing rates, resulting in even stronger production levels at our half-hour into the second half of the year. Cadia continued to deliver strong gold and copper grades from the current block cave in the first quarter. However, as factored into our guidance, these grades are expected to gradually decline over the remainder of the year as we transition from mining this cave to panel cave 2-3. And the work we are doing on both tailings rectification and expansion at Cadia, as mentioned last quarter, is progressing well. Tom and I visited Lihue in early April and were impressed with the team's dedication and understanding and then implementing full potential work. As Tom said, this work will focus on simplifying the operation and being clear on the highest value options that will drive stability through the mining value chain. In addition, I want to flag that the largest of our four autoclaves at Lihue will come down in quarter three for plant maintenance. This shutdown is included in our guidance. During the first quarter, we continued to progress the four key projects we currently have in execution. At Ohafo North, we are advancing the construction of the processing plant and mine service facilities, along with waste stripping activities to allow the mining of oil to commence towards the end of this year. We are diligently focused on progressing the project safely and efficiently, and looking forward to delivering new, low-cost ounces in the second half of 2025. At the second expansion of Tanami, our focus is on safely lining the lower section of the shaft. And as you can see in the photo, We also continued to progress the construction of the underground infrastructure, including pouring the concrete foundation for the crusher chamber during the first quarter. The two block caves at Cadia are both progressing well. We are advancing cave development to bring production online at Panel 2-3, and we are progressing underground development work for Panel Cave 1-2. With that, I'll turn it over to Karen to cover our financial performance and capital allocation priorities for the remainder of the year. Thank you, Natasha.