DENVER, April 23, 2015 – Newmont Mining Corporation (NYSE: NEM) (“Newmont” or “the Company”) announced first quarter earnings, including $628 million in operating cash flow, and production in line with guidance.
• Net income: Achieved net income attributable to shareholders from continuing operations of $175 million, or $0.35 per share, compared to $117 million or $0.23 per share the prior year quarter; adjusted net income1 was $229 million, or $0.46 per basic share, compared to $121 million or $0.24 per share the prior year quarter
• Consolidated cash flow: Generated cash from continuing operations of $628 million and free cash flow2 from continuing operations of $344 million, compared to $183 million and $(52) million the prior year quarter
• Consolidated adjusted EBITDA3: Delivered adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $815 million in the first quarter, compared to $493 million in the prior year quarter
• All-in sustaining costs (“AISC”)4: Gold and copper AISC was $849 per ounce and $1.73 per pound, respectively, compared with $1,034 per ounce and $3.67 per pound, respectively, in the prior year quarter
• Costs applicable to sales (“CAS”): Reported gold and copper CAS of $609 per ounce and $1.33 per pound, respectively, compared with $751 per ounce and $2.71 per pound, respectively, in the prior year quarter
• Attributable production: Delivered 1.21 million ounces and 37,000 tonnes of attributable gold and copper production, respectively, compared to 1.21 million ounces and 24,000 tonnes, respectively, in the prior year quarter
• Outlook: Maintaining full year 2015 outlook5 between 4.6 and 4.9 million attributable ounces of gold, at CAS between $660 and $710 per ounce and AISC between $960 and $1,020 per ounce
• Portfolio: Recently announced Long Canyon Phase 1 represents upside to previous long-term guidance including annual production of between 100,000 to 150,000 ounces at below average CAS and AISC
• Shareholder Returns: Declared a first quarter dividend of $0.025 per share in accordance with the Company’s gold price-linked dividend policy6
“Newmont had a strong start to the year despite lower metal prices. We generated 50% higher earnings on 18% lower all-in sustaining costs compared with the first quarter of 2014,” said Gary Goldberg, President and Chief Executive Officer. “Free cash flow increased by nearly $400 million compared to the first quarter of 2014, benefiting from higher grades, favorable oil price and exchange rates, and some delayed capital we expect to spend later this year. Our stronger cash flow and non-core asset sales have allowed us to reduce net debt by $1.4 billion over the last year while funding our Merian project in Suriname and the Long Canyon project in Nevada. The first phase of development at Long Canyon will open a highly prospective new gold district that builds on our 50 years of expertise and infrastructure in Nevada.”
1 Non-GAAP measure. See page 10 for reconciliation to net income.
2 Non-GAAP measure. See page 11 for reconciliation.
3 Non-GAAP measure. See page 10 to11 for reconciliation.
4 Non-GAAP measure; see pages 13 to 16 for reconciliation.
5 Outlook constitutes forward-looking statements, which are subject to risk and uncertainties. See Cautionary Note on page 18. See note (b) on page 5 for information on how AISC outlook, which is a non-GAAP metric, is calculated.
6 Such policy is non-binding; declaration of future dividends remains subject to approval and discretion of the Board of Directors.
NEWS RELEASE
NYSE: NEM
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NEWMONT FIRST QUARTER 2015 2 NEWS RELEASE
First Quarter Summary Results
Net income attributable to shareholders from continuing operations was $175 million, or $0.35 per basic share, up 50 percent compared to the first quarter of 2014. Adjusted net income was $229 million, or $0.46 per basic share, almost double the prior year quarter. Strong production, continued cost containment and some delayed spending were primary contributors to this performance.
Consolidated cash flow from continuing operations was $628 million in the first quarter, a three-fold increase from the prior year quarter. Free cash flow was $344 million in the first quarter, a $396 million improvement over first quarter 2014. The Company held $2.6 billion of consolidated cash on its balance sheet, up 8% from the prior year quarter. During the quarter the Company pre-paid $200 million towards its existing term loan. Net debt at the end of the quarter was $3.9 billion versus $5.3 billion a year earlier.7
Revenue totaled $2.0 billion compared to $1.8 billion in the first quarter of 2014 due primarily to higher copper production and sales at Batu Hijau. During the first quarter of 2015, Batu Hijau operated and shipped at full capacity, whereas the prior year quarter was impacted by the temporary export ban.
Average realized gold and copper price was $1,203 per ounce and $2.34 per pound, respectively, compared with $1,293 per ounce and $2.50 per pound, respectively, in the prior year quarter.
Attributable gold production totaled 1.21 million ounces, equal to the first quarter of 2014, with higher production from Batu Hijau, Twin Creeks and Yanacocha offsetting lower production at KCGM and asset sales. Newmont has generated more than $1.4 billion dollars in asset sales since 2013 while maintaining attributable gold production. Attributable copper production totaled 37,000 tonnes compared to 24,000 tonnes in the year ago period due to higher grade phase 6 ore at Batu Hijau in Indonesia.
Gold and copper AISC was $849 per ounce and $1.73 per pound, respectively, compared with $1,034 per ounce and $3.67 per pound, respectively, in the prior year quarter. Gold and copper CAS were $609 per ounce and $1.33 per pound, respectively, compared with $751 per ounce and $2.71 per pound, respectively, in the first quarter of 2014. Unit costs benefitted from lower direct operating costs derived from cost and efficiency improvements, lower fuel prices and a favorable Australian dollar exchange rate.
Capital expenditures for the first quarter were $284 million, including $156 million of sustaining capital.
Development capital was primarily spent on constructing Merian in Suriname in the first quarter. Lower overall capital spend in the quarter was due to timing and levels are expected to remain within guidance for the year.

7 Non-GAAP measure. See page 12 for reconciliation.

Three Months Ended March 31, 2015 2014 % Change Attributable Sales (koz, Mlbs) Attributable gold ounces sold 1,194 1,174 2% Attributable copper pounds sold 85 35 143% Average Realized Price ($/oz, $/lb) Average realized gold price $ 1,203 $ 1,293 -7% Average realized copper price $ 2.34 $ 2.50 -6% Attributable Production (koz, kt) North America 405 405 0% South America 141 122 16% Asia Pacific 451 458 -2% Africa 216 225 -4% Total Gold 1,213 1,210 0% North America 5 6 -17% Asia Pacific 32 18 78% Total Copper 37 24 54% CAS Consolidated ($/oz, $/lb) North America $ 690 $ 726 -5% South America 461 1,075 -57% Asia Pacific 677 790 -14% Africa 463 428 8% Total Gold $ 609 $ 751 -19% North America $ 1.93 $ 2.39 -19% Asia Pacific 1.27 2.83 -55% Total Copper $ 1.33 $ 2.71 -51% AISC Consolidated ($/oz, $/lb) North America $ 895 $ 958 -7% South America 707 1,403 -50% Asia Pacific 818 959 -15% Africa 640 616 4% Total Gold $ 849 $ 1,034 -18% North America $ 2.38 $ 2.55 -6% Asia Pacific 1.67 4.03 -59% Total Copper $ 1.73 $ 3.67 -53%

2015 – 2017 OUTLOOK
Newmont remains on track to meet its full year 2015 outlook for gold and copper production, CAS and AISC. Total 2015 CAS and AISC are unchanged, but the Company’s revised outlook reflects a three percent reduction in Asia Pacific region costs, offsetting an increase in Africa costs. Boddington and Tanami CAS and AISC outlook for 2015 are lower than previous estimates due primarily to lower Australian dollar exchange rates and oil prices. In Africa, Akyem CAS outlook for 2015 is also improved due to ongoing cost and efficiency improvements. The updated 2015 outlook includes increased capital spending for Long Canyon and additional power generation units at Ahafo and Akyem to mitigate ongoing load shedding in Ghana. As a result, 2015 AISC outlook is unchanged at Akyem and up slightly at Ahafo.
Newmont continues to expect 2016 and 2017 gold and copper production, CAS, AISC and sustaining capital outlook to remain unchanged from previous guidance, excluding the positive impact of Long Canyon Phase 1 announced earlier this month.

Debt – As previously announced, at $1,200 per ounce gold, Newmont could fund its most promising growth projects and potentially prepay $750 million in debt in 2015 from cash flow and existing cash balances. During the first quarter, Newmont elected to prepay $200 million towards its existing term loan and will continue to analyze opportunities to pay our liabilities in advance, including the PTNNT project debt facility, other regional and corporate debt and potential term loan prepayments.

Projects Update
Waihi Correnso achieved commercial production in Q1 2015 and construction is expected to be completed in mid-2015 at a total capital cost of approximately $30 to $40 million. The new Correnso underground mine extends the life of Waihi and provides a drilling platform for other high grade veins.
The Turf Vent Shaft is expected to achieve commercial production in late 2015, adding approximately 100,000 to 150,000 ounces of annual production to Leeville. The shaft provides ventilation required to increase production and decrease mine costs over the 11 year mine life at Leeville. Capital costs for the project are estimated at between $350 and $400 million, of which approximately $70 to $80 million will be spent in 2015.
Merian is moving ahead on schedule and on budget. Merian will give Newmont a foothold in a prospective new district with significant upside potential. Gold production is expected to average between 400,000 and 500,000 ounces on a 100 percent basis during the first five years at a cost applicable to sales of $575 to $675 per ounce, and all-in sustaining cost of between $650 and $750 per ounce (unescalated). Capital costs for the project are estimated at between $600 and $700 million for Newmont’s 75 percent share. Newmont’s capital expenditure is expected to be between $330 million and $360 million in 2015 and between $150 million and $190 million in 2016. The project is scheduled for start-up in late 2016.
Long Canyon Phase 1 is now under construction and is expected to achieve commercial production in the first half of 2017. This first phase of development consists of an open pit mine and heap leach operation with production of between 100,000 and 150,000 ounces per year over an eight year mine life. Estimated average costs applicable to sales are expected to be between $400 and $500 per ounce and all-in sustaining costs of between $500 and $600 per ounce over the life of the mine, in the first quartile for gold production. Total capital costs for the project are estimated at between $250 and $300 million allocated roughly evenly in 2015 and 2016 with minimal spending in 2017.
The Tanami Expansion Project and Ahafo Mill Expansion represent additional upside not currently included in the 2015 – 2017 outlook.
Tanami Expansion Project includes constructing a second decline in the mine and building incremental capacity in the plant to increase profitable production and serve as a platform for exploration drilling to support future expansion. For a capital cost of between $100 and $120 million, the project would add incremental gold production of 100,000 to 125,000 ounces (first five year average) at lower costs and increase mine life by three years. If approved later this year, additional production would come on line in 2017.
Ahafo Mill Expansion would increase profitable production by 100,000 to 125,000 ounces (first five year average) while lowering costs and off-setting the impacts of lower grades and harder ore. Capital costs are expected to be between $140 and $160 million. If approved in the second half of 2015, the additional production would be expected in 2017.

2015 Outlooka Consolidated Production Attributable Production Consolidated CAS Consolidated All-in Sustaining Costsb Consolidated Total Capital Expenditures (kozs, kt) (kozs, kt) ($/oz, $/lb) ($/oz, $/lb) ($M) North America Carlin 850 - 910 850 - 910 $840 - $900 $1,090 - $1,170 $270 - $290 Phoenixc 200 - 220 200 - 220 $760 - $820 $900 - $960 $20 - $30 Twin Creeksd 410 - 440 410 - 440 $530 - $570 $700 - $750 $60 - $70 Long Canyon $130 - $150 Other North America $10 - $20 Total 1,460 - 1,570 1,460 - 1,570 $750 - $800 $990 - $1,060 $490 - $560 South America Yanacochaf 880 - 940 450 - 490 $550 - $590 $870 - $930 $140 - $160 Merian $440 - $470 Total 880 - 940 450 - 490 $550 - $590 $950 - $1,020 $580 - $630 Asia Pacific Boddington 700 - 750 700 - 750 $790 - $850 $910 - $980 $70 - $80 Tanami 390 - 420 390 - 420 $590 - $640 $850 - $910 $80 - $90 Waihi 130 - 150 130 - 150 $570 - $610 $760 - $820 $10 - $20 Kalgoorliee 310 - 340 310 - 340 $810 - $870 $930 - $1,000 $20 - $30 Other Asia Pacific $5 - $10 Batu Hijauh 590 - 640 270 - 290 $440 - $480 $600 - $640 $120 - $130 Total 2,120 - 2,300 1,800 - 1,950 $650 - $700 $820 - $880 $305 - $360 Africa Ahafo 300 - 330 300 - 330 $770 - $830 $1,100 - $1,180 $100 - $120 Akyem 440 - 470 440 - 470 $470 - $510 $630 - $680 $60 - $70 Total 740 - 800 740 - 800 $600 - $640 $860 - $920 $160 - $190 Equity Productiong 100 - 130 Corporate/Other $10 - $20 Total Gold 5,200 - 5,610 4,550 - 4,940 $660 - $710 $960 - $1,020 $1,545 - $1,760 Phoenix 15 - 25 15 - 25 $2.10 - $2.30 $2.50 - $2.70 Boddington 25 - 35 25 - 35 $2.20 - $2.50 $2.80 - $3.10 Batu Hijauh 200 - 220 90 - 100 $1.00 - $1.20 $1.50 - $1.70 Total Copper 240 - 280 130 - 160 $1.20 - $1.40 $1.70 - $1.90
Consolidated Expense Outlooki General & Administrative $170 - $190 Other Expense $150 - $175 Interest Expense $280 - $300 DD&A $1,160 - $1,240 Exploration and Projects $370 - $400 Sustaining Capital $880 - $950 Tax Rate 33% - 37%
a2015 Outlook projections used in this release (“Outlook”) are considered “forward-looking statements” and represent management’s good faith estimates or expectations of future production results as of the date hereof. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2015 Outlook assumes $1,200/oz Au, $2.75/lb Cu, $0.85 USD/AUD exchange rate and $75/barrel WTI. AISC and CAS cost estimates do not include inflation. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur.
bNon-GAAP measure. All-in sustaining costs as used in the Company’s Outlook is a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indirect costs related to current gold production incurred to execute on the current mine plan), remediation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital.
cIncludes Lone Tree operations.
dIncludes TRJV operations.
eBoth consolidated and attributable production are shown on a pro-rata basis with a 50% ownership for Kalgoorlie.
fConsolidated production for Yanacocha is presented on a total production basis for the mine site; attributable production represents a 51.35% interest.
gLa Zanja and Duketon are not included in the consolidated figures above; attributable production figures are presented based upon a 46.94% ownership interest at La Zanja and a 19.45% ownership interest in Duketon.


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Investors are reminded that this news release should be read in conjunction with Newmont’s Form 10-Q filed with the Securities and Exchange Commission on or about April 23, 2015 (available at www.newmont.com).