Newmont Corporation

Hello and welcome to Newmont's third quarter 2026 results conference call. All participants will be in listen-only mode. 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 Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Please go ahead.

Thank you, Rebecca. Hello, everyone, and thank you for joining Newmont's third quarter 2026 earnings call. Joining me today are Natascha Viljoen, our president and chief executive officer, Brian Tabolt, our executive vice president and chief financial officer, as well as other members of our management team who will be available to answer questions at the end of the call. Before we begin, please take a moment to review our cautionary statements shown here and refer to our SEC filings, which can be found on our website. With that, I'll turn the call over to Natascha.

Thank you, Neil. And hello, everyone. Newmont delivered a stable third quarter, demonstrating the quality, resilience, and value generation capacity of our world-class portfolio. Robust safety and operational performance, disciplined cost management, and higher silver production with realized prices enabled us to improve our full year cost guidance while remaining firmly on track to achieve our production, capital, and other guidance metrics. I want to start with our operational performance. In the third quarter, Newmont safely produced approximately 1.3 million ounces of gold, 23,000 tons of copper, and a notable 11 million ounces of silver. As we indicated last quarter, gold production was broadly in line with the second quarter and reflected strong execution across the portfolio. This operational performance translated into strong financial results, including $1.9 billion of free cash flow and an adjusted net income of $2.20 per share, representing a third quarter record. This strong cash generation continues to support our balanced approach to capital allocation. Since our last earnings call, we have returned approximately $1.9 billion to shareholders, Thank you for joining us today. Thank you for joining us. Thank you very much. at Lihir we safely completed the planned September shutdown on schedule and according to plan we continue to expect higher grade or in the fourth quarter as planned and finally at Redcrest we are finalizing the feasibility study for the Blockhive project and continue to advance toward a full funds decision early next year and I will provide more detail a little bit later As we move beyond the production trough previously indicated for in 2026, we expect production growth to begin in 2027. Looking further ahead, our portfolio of operating assets, projects in execution and future development opportunities position Newmont to grow and sustain production for decades to come. Supporting both our near-term production growth and longer-term outlook is the progress we continue to make advancing our projects across the portfolio. In the third quarter, we continue to advance our development pipeline, achieving key milestones across multiple projects. Most notably, at the second expansion at Tanami, we have now completed construction on the 1.5km shaft. We remain on track for full mechanical completion by the end of this year and our focus will shift towards commissioning as we move into 2027. We now expect commercial production by the end of the second quarter of 2027, earlier than previously anticipated, with ramp-up activities continuing to the end of the year. At KDRPC 2.3, we remain on track for completion by the end of this year with the final drawbell fired in September. This represents an important milestone as we begin transitioning activities from the project teams to operations. At PC1-2, cave establishment activities continue to advance on schedule, and we are pleased to report that the key regulatory approvals and associated requirements following the April seismic event have been achieved, allowing the project to continue advancing towards cave establishment. The two water treatment plants at Yanacocha are progressing well and are approaching mechanical completion with commissioning activities underway. As these projects advance towards completion in 2027, closure spending is expected to be approximately $200 million lower in 2027 and $400 million lower in 2028 compared with 2026 levels. As this cash flow becomes available, it will be reallocated to growth, partially offsetting an increase in development capital as we continue to invest in future projects and opportunities across our portfolio that generates the highest returns. These project milestones reinforce our confidence in Newmont's proven ability to execute large, complex projects across jurisdictions safely, responsibly, and on schedule. With this capability and confidence, we are advancing the Red Cross Block Cave project, a fully permitted, shovel-ready gold-copper development in British Columbia's Golden Triangle, and the next major reinvestment in our business, directly supporting our strategy to lead in gold and grow in copper. With a full funds decision anticipated early next year, Reckless is positioned to deliver long-term production in one of the industry's premier mining jurisdictions. Reckless is a multi-phase project, anchored by an endowment that supports 70 years of mine life. It represents a rare combination of scale, quality, and growth, located within a highly prospective porphyry district. With all our regulatory and consent-based approvals already in place, it benefits from strong partnerships with the Taltan nation and support from both provincial and federal governments, demonstrated by the Government of Canada's announcement of $500 million Canadian dollars of funding for the project, recognising its importance to Canada's critical mineral strategy. Thank you very much. It's important to note that while the initial phase, Macro Block 1-2, represents less than 20% of potential mine life at Redcrest, approximately 40% of the planned investment in processing facilities, material handling systems and other key infrastructure is expected to support future expansions. This foundation positions Redcrisp to evolve into an increasingly meaningful contributor to Newmont's future production profile and a significant driver of shareholder value over time. We continue to refine and validate the underlying assumptions and execution plan with a clear focus on ensuring the Redcrisp Lockhive project meets our investment criteria and project execution standards. While final review and governance work remain underway, I'm encouraged by the project economics and the value this operation can create for Newmont. We have completed a rigorous feasibility study and advanced engineering beyond 60%, resulting in an optimized mine design that improves metal recovery and incorporates geotechnical learnings, execution, and long-term operational experience into our plan. Bison results from the feasibility study and subject to board approval. Construction for the project is anticipated to ramp up in 2027 with commercial production targeted for 2033. This builds upon the early works that have already advanced the main decline, conveyor to surface decline, and ventilation rise boring. Thank you very much. Following ramp-up, we expect Request to produce an estimated 275,000 to 325,000 ounces of gold annually, along with 65,000 to 85,000 tons of copper per year, highlighting the quality of the initial cave. We currently estimate development capital to be between 4.2 and 4.8 billion US dollars. which is equivalent to 5.6 and 6.4 billion Canadian dollars on a 100% basis and includes the benefit from the anticipated grant from the Canadian government This estimate reflects the latest development plan, updated productivity assumptions, current market inputs, and a mature understanding of the infrastructure, development sequence, capital requirements, and operating profile required to successfully deliver the project. Supported by a robust technical plan and refined execution strategy, we believe Red Cross is well positioned to meet our investment criteria. As we move towards a final investment decision, I want to spend a moment to reflect on the principles that will guide that decision. Regardless of the source of growth, whether advancing the next phase of an existing operation, evaluating an organic development project, or assessing any potential inorganic opportunity, every investment must compete for capital and satisfy three core criteria. Thank you very much. Secondly, the investment must ensure the quality of the portfolio. We focus on opportunities that support durable production profiles, typically with mine lives of 10 years or more, improve free cash flow generation, increase resilience through the commodity cycles, and strengthen the portfolio's overall cost competitiveness. and finally the economics must be compelling and supported by a high degree of technical maturity, project execution capability and a clear development plan. We expect projects to remain competitive across a range of planning assumptions and commodity price environments while generating a double digit internal rate of return that exceeds the applicable country specific discount rate. The initial phase at Redcrest is an example of this approach in action. It aligns with our strategy, enhances the quality and longevity of our portfolio and delivers compelling returns while meeting the same rigorous standards we apply to every investment before capital is allocated. With that, I will turn it over to Brian for an update on our third quarter financial performance and outlook for the rest of the year.