Newmont Corporation

Should you need any 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, this event is being recorded. I would now like to turn the conference over to Chief Executive Officer Tom Palmer. Please go ahead.

Thank you, operator. Hello, everyone, and thank you for joining our call. Today I'm joined by Natasha O'Learn, our President and Chief Operating Officer, Peter Wexler, our Chief Legal Officer, and as recently announced, our Interim Chief Financial Officer, along with the rest of my executive leadership team, and we'll all be available to answer your questions at the end of the call. Please note our cautionary statement and refer to our SEC filings, which can be found on our website. As we reported yesterday, on Tuesday this week, two fall of ground incidents occurred at our Redcrest operation in British Columbia, blocking the access way to the underground work area of our non-producing project at this site. At the time of the initial incident, we had three business partner employees working underground, more than 500 metres beyond the affected zone. We asked them to relocate to a designated refuge chamber and confirmed that they had safely arrived in the chamber before the second fall of ground blocked the access way. This second fall of ground also impacted our underground communication system. All appropriate emergency response protocols were immediately activated and operations of Red Chris have been suspended whilst we respond to the incident. Along with the support from emergency responders and teams from nearby mine sites, our focus is on restoring communications to the Refuge Chamber, safely re-establishing access underground and bringing our three teammates back to the surface and to their families and friends. We are diligently responding to this incident with excellent support from the broader industry and appreciate your understanding during this very live and evolving situation. Although overshadowed by this incident at Red Chris, Newmont delivered another strong operational performance in the second quarter, keeping us firmly on track to achieve our 2025 guidance. Underscoring this performance are our three key priorities for this year. which remain clear and unchanged. First and most importantly, to strengthen our safety culture. Second, to stabilise our 11 managed operations. And third, to execute on capital returns. As I just described, we are concentrating the full force of our organisation on the safe recovery of our team members at Red Cris. and we will conduct a thorough and independent investigation into the factors that led to this event. All findings and lessons learned will be leveraged across Newmont to strengthen our Always Safe program and will be shared across the broader mining industry. You can also expect that we will continue to provide regular updates as those efforts progress. Turning to our ongoing work to stabilise our operations. Our portfolio of world-class gold and copper assets delivered another solid quarter. We produced 1.5 billion ounces of gold and 36,000 tonnes of copper, remaining in line with our full-year guidance and the indications we provided on our last call. This strong production supported robust financial results. including $2.4 billion of cash flow from operations after working capital, and an all-time record for quarterly free cash flow of $1.7 billion, of which more than $1.5 billion, or 90%, was generated by our core managed operations. Our shareholders continue to benefit from our non-core asset divestment program that we successfully completed earlier this year. As we announced last week, we expect to receive approximately $470 million in cash proceeds after taxes and commissions from the sale of our shares in Greatland Gold and Discovery Silver, shares that we received as consideration for the divestments of Telfer and Porcupine, respectively. As a consequence, we now expect to generate $3 billion in after-tax cash proceeds this year from our divestment program. And these proceeds will be used to support our third key priority, returning capital to shareholders. Since our last earnings call, we have retired $372 million of debt and returned over $1 billion to shareholders through both regular dividends and share repurchases. And in addition to making meaningful progress on our existing program, our board has approved an additional $3 billion share repurchase program, doubling our total authorization to $6 billion, of which $2.8 billion has been executed to date. With our strong second quarter results, and continued operational and financial momentum, we remain firmly on track to meet our 2025 guidance, whilst also generating industry-leading free cash flow and consistently returning capital to shareholders through a predictable dividend and ongoing share repurchases. With that, I'll now turn it to Natasha for an update on our operations.

Thank you, Tom, and hello, everyone. Before we jump into the details, I'd like to echo Tom's statements about our team members at Redcrisp. Above all else, we are focused on bringing them home safely and we are leveraging the strength and extensive experience of our global technical, operational and safety teams with the support of our industry partners. Shifting now to our operational performance, This quarter underscores the resilience of our world-class portfolio, which has been thoughtfully assembled around high-quality, long-life assets. With this robust foundation in place, we are exceptionally well positioned to organically deliver multi-decade value through our high-caliber operations, robust pipeline of projects, and deep bench of technical and operational leaders. Our second quarter operational results outperformed our previous expectations, effectively bookending the first half of the year and establishing a solid foundation for consistent delivery in the second half. This compelling performance was largely driven by production from our core managed operations, including higher than expected production from CADIA in the first half of the year due to higher grade ore from the current panel cave. And in addition, we have been able to noticeably reduce downtime related to plant maintenance. As previously mentioned, we expect production to decrease in the second half of the year as we continue to transition to our new panel cave, BC-2-3. Benesquito exceeded our goal production expectations in the first half of the year. due to higher grade ore from the Penasco pit. However, production is expected to shift from a higher proportion of gold to a higher proportion of silver, lead, and zinc content, primarily in the fourth quarter, as we move to lower gold-grade areas in the Penasco pit as part of a planned sequence in this large polymetallic mine. And at Lihue, we delivered consistent production in the first half of the year. However, this will begin to decline in the second half of the year as we begin processing lower grade material as part of our planned mine sequence. What really stands out at Lihue is the steady progress we're making in bringing stability to both the mine and processing plant. For example, we are beginning to see the benefits from improved drainage and water management around our whole roads, along with cleaner access to both pit and stockpiles, creating a safer and more efficient design for this mine. As a result, we've been able to park nine trucks and materially reduce the contractor footprint, generating significant cost savings from this initiative alone. For the last two years, we have been on a journey of integration, rationalization, and optimization with a view to creating value over a period of decades. With the rationalization phase largely complete, we have been applying the full force of our operating and technical capability to systematically optimize operations across all 11 of our managed operations. And as reflected in our results, These stabilization efforts are delivering tangible benefits, positioning us to confidently continue our optimization work. With a deep understanding of each and every asset, we are working on productivity enhancements and improvements to the cost structure across our managed operations, ensuring each site meets the performance metrics required to earn its place in our world-class portfolio. You saw an example of this at the beginning of the year when we forced our investment in the underground expansion activities at Cerro Negro, and again more recently with the cost improvement measures we are working on at Merion. Building on the strong production performance from our core managed operations in the first half of the year, we remain firmly on track to meet the full year guidance ranges we issued in February. Turning now to our cost performance. We remain on track and are continuing to focus on driving improvements across our portfolio. As mentioned, sharpening our efforts on cost discipline and productivity enhancement has been primary focus for all of us at Newmont. And as a result, our cost applicable to sales and our all-in sustaining costs are in line with the guidance expectations set at the beginning of the year. Finally, our capital spent for 2025 is on track to land within the guidance ranges we set at the beginning of the year. Starting with sustaining capital, we anticipate spending to be approximately 57% weighted towards the second half of the year, driven by deliberate decisions to defer expenditures for key activities across several sites, including planned spending and TANAMI associated with our expansion of our ventilation system in the second half of the year. Purposefully moving some of our ongoing optimization work at Le Hive to the third and fourth quarters, with a specific focus on asset integrity and reliability. And a continued surface work at Red Prison Bruce Jack during the warmest summer months in Canada. Highest sustaining capital in the second half of the year will also include an expected increase at Cadia, to support the ongoing panel cave development, as well as addressing the historical underinvestment in tilings remediation and storage capacity, while we continue to evaluate more efficient tiling solutions at this world-class operation. Our development capital follows a similar guidance and is now expected to be 51% second-half weighted, primarily due to the timing of spend related to the projects currently in execution. At our Harfo North project, we are progressing as planned and are preparing to pour first gold in the coming months, keeping us firmly on track to declare commercial production in the fourth quarter, as previously indicated. In parallel, we successfully completed the 160-meter rise bore at the bottom of the shaft at our second expansion at Tanami and have removed the fences or an in-shaft barrier which allowed the safe and efficient completion of this critical path work. And finally at Kaidia, diving from BC-2-3 has continued according to plan while steadily advancing the underground development for BC-1-2 and progressing the important tailings remediation and storage capacity works I mentioned previously. I now will turn it back to Tom to go through our financial results for the portal.