Newmont Corporation

which can be found on our website. We have begun the year with a strong operational performance, which in turn has driven a robust financial performance. These results enabled us to generate record first quarter free cash flow and have kept us on track to deliver on our full year commitments. And last week, we also reached an important milestone for Newmont, with the completion of our divestment program, positioning us to continue to strengthen our balance sheet, return capital to shareholders, and apply our full attention to our go-forward portfolio. With the first quarter and our divestment program now under our belt, UMON's priorities for 2025 remain clear and unchanged. First, to strengthen our safety culture. Second, to stabilise our 11 managed operations. And third, to execute on capital returns. Starting with our safety culture, for every person who works at Newmont, safety is more than a priority. It is a core value, one that is fundamental to who we are and how we operate. In the first quarter, we saw a notable decrease in the frequency of significant potential events that we are experiencing across our business, a key lagging indicator for safety performance. This improvement was driven by visible felt leadership in the field, a more consistent application of our safety systems, and an increased focus on learning from incidents and implementing corrective actions. Over the last year, we have been diligently undertaking a refresh of our safety work. And with the completion of our divestment program and the clarity of our go-forward portfolio, this month we launched Always Safe, our reinvigorated safety program focused on delivering a set of prioritised improvements across our portfolio of managed operations and projects, as well as our exploration and legacy sites. Moving to our operations. During the first quarter, we produced 1.5 billion ounces of gold and 35,000 tonnes of copper, in line with our four-year guidance and the indications we provided on our last earnings call. And as a consequence, we generated $2 billion of cash flow from operations and $1.2 billion in free cash flow, both first quarter records. On the back of safe and stable operating performance, these results were favorably impacted by the rise in gold price in recent months, driven by unprecedented volatility in our global financial and commodity markets. And although it is still early days, we are closely monitoring the evolving tariff situation and are very much focused on managing the variables that are within our control. I'm really pleased that we have successfully completed the investment of all six of our high-quality non-core operations through the program we announced early last year. At the end of February, we finalised the sale of Musselwhite and Eleanor in Canada and Cripple Creek and Victor here in the United States. And last week, we completed the sale of Porcupine in Canada and the Chimp in Ghana. From these five transactions, we have now received more than $2.5 billion in after-tax cash proceeds this year. And when you combine these proceeds with those from the sale of Telfer and our other investments last year, we have generated a total of $3.2 billion in after-tax cash proceeds. And on top of that, when valued at today's prices, we now have nearly $1.2 billion in both equity and deferred consideration. This is a significant milestone for Newmont, as the completion of this investment program over the last year has enabled us to sharpen our focus on safely improving the performance of our go-forward portfolio of 11 managed operations and three projects in execution. To further strengthen our balance sheet, with $1.5 billion in debt retired over the last 12 months, including $1 billion repaid since the start of this year, and to deliver on our third priority, capital returns. We have now completed approximately $2 billion in share repurchases from our $3 billion program, including $755 billion so far this year. Building upon our solid performance year to date and looking ahead to the rest of the year, we remain on track to achieve our 2025 commitments and progress our disciplined capital allocation priorities. As we move into the second quarter, we will continue to focus on safely generating industry-leading free cash flow, maintaining a strong financial position and investment-grade balance sheet, and returning capital to shareholders with predictable dividends and ongoing sharing purchases. With that, I'll now turn it to Natasha to take you through our operational performance and then Karen to take you through our financial results and capital allocation achievements. Over to you, Natasha.

Thank you, Tom. Our first quarter operational results were in line with our previous indications and we remain on track to meet our full year guidance. With this in mind, from an operational standpoint, we are focused on two simple but very important objectives. First and foremost is continuing to strengthen our safety culture as Tom covered at the start of his remarks. And second is executing with consistency and focus to deliver on our performance metrics. I will now step through the progress we made during the last quarter at each of the large long life assets in our portfolio starting with our Tier 1 copper-gold operation, CAIDIA. In the first quarter, CAIDIA delivered consistent production, while also successfully completing planned maintenance activities at our mall. We are continuing the transition to our new panel CAIDPC23 and expect gold and copper production to be approximately 60% weighted towards the first half of the year. As factored into our guidance, we expect to continue delivering lower grades until the paneled cave is fully ramped up and the last doorbell is fired in the second half of 2026. In summing to this, we are progressing the underground development for PC1-2, and we are also continuing to catch up on the historical underinvestment in both tailings remediation and storage capacity, as mentioned during our last earnings call. At Tanami, we focused on underground development as planned. As a direct result, we continue to expect to access higher-grade stoves in the third quarter and deliver a more than 30% step-up in production in the second half of the year. In addition, we are also advancing the expansion project at Tanami with the completion of the shaft and underground materials handling systems remaining on schedule. We completed the installation of the painters or an in-shaft barrier, which is a significant milestone for the project. The penthouse allows us to isolate the lower part of the shaft from work happening in the upper portion. With this barrier in place, we are able to rise for the bottom 160 meters of the shaft while concurrently fitting out the top portion with services and infrastructure without risk of harm to the people below. This is just one example of the innovative work our team is doing to safely and efficiently advance this project. Due to these efforts, we remain on track to begin commissioning of our 1.5 km shaft in the first half of 2027 and reach commercial production by the second half of that year. At Boddington, We completed our scheduled plant shutdown for maintenance and primarily processed the lower-grade stockpiles in the first quarter. We continued stripping laybacks in both the north and south bits, which is expected to continue through early next year. However, by the fourth quarter, we expect to start adding higher-grade gold ore from the mine to our mole feed. As a result, we anticipate a strong finish to the year from Boddington. with gold production approximately 53% weighted to the second half of the year. Shifting now to Lahir. We delivered solid gold production in the first quarter and successfully completed a total plant shutdown for maintenance, building upon two autoclave rebuilds last year. We expect to maintain this production momentum into the second quarter before production declines slightly in the second half of the year. when we begin processing lower-grade materials as part of our planned mine sequence. Moving to Penesquito. In March, we achieved a new daily record with 10,000 gold-equivalent ounces produced in a single day. In the first quarter, we continued to deliver strong gold production and steady coproduct production from high grades in the Penesco pit. Gold production levels are expected to remain relatively steady through the second quarter before beginning to shift to a higher proportion of silver, lead, and zinc content through the third and fourth quarters, and a lower proportion of gold as planned. At our HAFO complex, HAFO sales continue to deliver strong gold production from both the Subika open fit and underground operations. We expect the strain to continue through the second quarter before we move to mining lower grade ore from the Awanso pit. As we mine the last ore and complete the final phase of the Subika open pit during the second quarter, we are closely monitoring and safely managing the interaction between the open pit and Subika underground mining activities beneath it. And as production from our Halfo South declines in the second quarter, my apologies, in the second half of the year, we expect new low-cost ounces to come in from our Halfo North project later this year. During the first quarter, we completed the highway diversion and are preparing to commence the commissioning of the mill and processing facilities next month. We expect to pour our first gold in the second half of the year. and we look forward to declaring commercial production towards the end of the year. Finally, I want to touch on two of the emerging Tier 1 assets in our portfolio. At Cerro Negro, our focus remains on strengthening safety performance and culture at this underground mine. And although there were temporary pauses in milling during the first quarter, as part of our focused efforts to improve safety, the team did an excellent job stockpiling the ore mined and positioning Cerro Negro to ramp up production in the second quarter. Kanakocho has remained a strong performer, increasing production volumes by 13% over the last quarter. And we expect to maintain this momentum through the rest of the year as we continue to recover ounces from the leach pads with the application of our patented injection leaching technology. Taking all of these factors into account and including the ounces from our non-managed assets, we continue to expect that gold production from our core portfolio will remain around 52% weighted towards the second half of the year, with approximately 24% of this year production volumes expected in the second quarter. We also continue to anticipate that capital spent from our core portfolio will remain first half weighted as indicated. And with lower than planned capital expenditures for the first quarter, we expect sustaining capital spend at several of our global managed operations to increase in the second quarter, particularly at Cadia, where we are investing in a tiling strategy to support cave development and extend mine life as mentioned in our last earnings call. I will now turn it over to Karen for a review of our financial priorities and performance. Over to you, Karen. Thanks, Natasha.

Let's turn to the next slide and get started with our first quarter results. As Tom mentioned, Numag reported strong financial results in the first quarter, driven by robust production volumes and a supportive gold price environment. And gold all-in sustaining costs remained in line with our four-year guidance at $1,651 per ounce for the first quarter. Taking this into account, Newmont delivered adjusted EBITDA of 2.6 billion and adjusted net income of $1.25 per diluted share. The most significant adjustments to net income for the quarter were 25 cents, primarily related to a gain from the sale of non-core assets, as part of the successful completion of our divestiture program that Tom mentioned previously. And 25 cents related to unrealized mark-to-market gains on equity investments and options, primarily driven by an appreciation in the shares received from the sale of our Telfer operation and interest in the Haberon project. But most noteworthy, we generated $2 billion of cash flow from operations, and $1.2 billion in free cash flow, setting a new record for first quarter cash flow performance at Newmont. And these results are exclusive of the $1.7 billion in after-tax proceeds received from the divestitures completed in the first quarter and the approximate $850 million received in April. However, as we look ahead to the second quarter, we expect working capital to be adversely impacted by the regular timing of cash tax payments, which are typically highest in the second quarter, and the timing of interest payments, which are typically highest in the second and fourth quarters. Additionally, we expect to pay approximately $200 million in cash taxes related to the finalization for non-core divestments. Although the proceeds are recorded as investing activities on the statement of cash flows, these tax payments will come through as working capital adjustments. Also impacting working capital, we expect to continue ramping up spending for the water treatment plants at Anacocha, which was significantly lower than planned during the first quarter. Additionally, we expect our sustaining and development capital to increase into the second quarter compared to the first quarter, as Natasha just mentioned. And with the recent completion of our divestiture program, Our financial results will no longer include the production and associated free cash flow from our non-core operating assets, which was approximately $200 million in the first quarter. While we are pleased with our record cash flow performance during the first quarter and the strong cash flows we expect to generate in future quarters, we realize that we still have work to do to improve our margins and leverage the full strength of our portfolio for the benefit of our shareholders. As we look ahead to the remainder of the year, we remain committed to our shareholder-focused capital allocation strategy, which includes maintaining a strong balance sheet, steadily funding cash-generative capital projects, and returning capital to shareholders. Beginning with our first commitment, we maintained a strong and flexible balance sheet and ended the quarter with $4.7 billion in cash, above our target average of $3 billion. And it's worth noting that in addition to our cash balance, following the successful completion of our divestiture program, our equity stakes in Great Lynn Gold, Discovery Silver, and our existing position in Orla Mining are now valued at over $1 billion. As Tom mentioned, the proceeds generated from our non-core divestiture program have more than exceeded the initial commitment we made to the market when we announced the binding agreement to acquire Newcrest in May of 2023. As a result, we achieved our debt target of up to $8 billion faster than originally anticipated, and we reached an outstanding principal balance of $7.8 billion as of March 31st. Taking into account the strong gold price environment we are benefiting from today and the feedback we have received from our investors, we are continuing to assess opportunities to further reduce our outstanding debt. proactively creating a flexible and resilient balance sheet that is able to navigate commodity price fluctuations. Moving to the second commitment in our capital allocation strategy, we continued to steadily reinvest in our business with the goal of generating robust free cash flow over the long term. In the first quarter, we incurred $459 million in sustaining capital and $323 million in development capital as we continued to advance our highest return projects from our deep organic pipeline. And as we look ahead, we expect capital spend at several of our managed operations to ramp up in the second quarter, as I just mentioned. And finally, moving to our third commitment, we continue to return capital to shareholders. We declared a fixed common first quarter dividend of 25 cents per share, consistent with the past six quarters. And we repurchased $755 million in shares so far in 2025. And as we continue to generate free cash flow from our unmatched portfolio of Tier 1 operations, we remain well positioned to reward our shareholders with predictable dividends and ongoing share repurchases in 2025 and beyond. And with that, I'll turn it back to Tom.