DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) reported higher gold Mineral Reserves ("reserves") of 135.9 million attributable ounces for 2023 compared to the Company’s 96.1 million ounces at the end of 2022. Newmont has significant upside to other metals, including more than 30 billion pounds of copper reserves and nearly 600 million ounces of silver reserves.

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Percentage of Gold Reserves by Jurisdiction (Graphic: Business Wire)
Percentage of Gold Reserves by Jurisdiction (Graphic: Business Wire)

"Newmont has strengthened its position as the responsible gold leader with the industry's highest concentration of quality operations, reserves and resources," said Tom Palmer, Newmont's President and Chief Executive Officer. "In 2023, we added more than 47 million ounces of gold reserves and 14 billion pounds of copper reserves through the acquisition of Newcrest and the continuation of our industry-leading exploration program. With the largest gold and copper reserve base in the industry, Newmont is well-positioned to deliver stable production and meaningful value to stakeholders today and in the future."

2023 Reserves & Resources Highlights

Robust gold reserves of 135.9 million ounces
Newcrest acquisition accounted for net addition of 44 million ounces of gold reserves in 2023 (net of revisions)
Nearly all gold and copper reserves and resources are attributable to the Newmont Tier 1 Portfolio1
Underpinned by a strong base of operating sites with gold reserve life of 10 years or more, including Boddington, Lihir, Cadia, Tanami, Ahafo, Merian, Pueblo Viejo and Nevada Gold Mines (NGM), and further enhanced by Newmont's broader portfolio and organic project pipeline
Measured & Indicated Gold Mineral Resources of 104.8 million ounces and Inferred Resources of 69.1 million ounces
Significant exposure to copper with 30.1 billion pounds in reserves, 33.1 billion pounds in Measured & Indicated resources and 24.0 billion pounds in Inferred resources; nearly all copper reserves and resources are attributable to the Newmont Tier 1 Portfolio1
Additional exposure to other metals including silver, lead, zinc, and molybdenum
Percentage of Gold Reserves by Jurisdiction2

Newmont’s reserve base is a key differentiator with an average reserve grade of 0.97 grams per tonne and an operating reserve life of more than ten years at six managed sites and two non-managed joint ventures, with significant upside potential from a robust organic project pipeline. In addition, Newmont has substantial exposure to other metals, with 112 million gold equivalent ounces3 of reserves from copper, silver, lead, zinc, and molybdenum.

PROVEN AND PROBABLE GOLD RESERVES1
In thousands of ounces
2022 Gold Reserves 96.1
Additions 2.8

Acquisitions4 55.9
Net Revisions (11.6)
Depletion (7.3)
2023 Gold Reserves 135.9



For 2023, Newmont reported 135.9 million ounces of gold Mineral Reserves, a 41 percent increase from the prior year total of 96.1 million ounces. The acquisition of Newcrest drove the increase by adding a net 44.3 million ounces after revisions, primarily due to changes in regulatory requirements and technical assumptions.

The gold reserve increases were primarily driven by Lihir and Cadia acquired in the Newcrest transaction; notably,

Lihir added 17.5 million ounces of reserves, with a projected mine life of 16 years
Cadia added 14.7 million ounces of reserves, with a projected mine life of 34 years
These increases were supported by over 3 million ounces at the Brucejack mine, over 5 million ounces at the Wafi-Golpu project and nearly 4 million ounces the Red Chris project.

Newmont’s legacy sites had additions through drilling of 2.2 million ounces, which were offset by net negative revisions of 1.8 million ounces driven by Peñasquito, Tanami, Musselwhite and Ahafo. Peñasquito site had net negative revisions of 0.6 million ounces, before depletion, primarily due to an updated resource model that will further support future production planning. Sites including Éléonore, Porcupine, Cerro Negro and Merian substantially replaced depletion.

Newmont’s 38.5 percent interest in NGM represented 18.3 million attributable ounces of gold reserves at year end, compared to 18.6 million ounces at the end of 2022. Newmont's 40 percent interest in Pueblo Viejo represented 8.0 million attributable ounces of gold reserves at year end, compared to 8.2 million ounces at the end of 2022.

Gold reserve grade decreased 10 percent to 0.97 grams per tonne compared to 1.09 grams per tonne in the prior year, primarily due to the lower grade of the acquired Newcrest assets.

GOLD RESOURCES5
In thousands of ounces
2022 Gold Resources 111.5

Additions 5.8
Acquisitions4 74.6
Net Revisions (11.9)

Conversions (6.1)

2023 Gold Resources 173.9



In 2023, Newmont reported Measured and Indicated Gold Mineral Resources of 104.8 million ounces, a 39 percent increase from the prior year total of 75.3 million ounces. Inferred Gold Mineral Resources totaled 69.1 million ounces, a 91 percent increase from the prior year total of 36.1 million ounces. The Newcrest acquisition added a total of 66.1 million ounces of resource growth to the Newmont portfolio, with reported Measured and Indicated Gold Mineral Resources of 32.3 million ounces and Inferred Gold Mineral Resources of 33.8 million ounces.

Total Mineral Resources at Newmont's legacy sites were largely unchanged from 2022, with 90.4 million ounces in 2023 compared to 92.3 million ounces in 2022. Significant growth in resources was supported by the acquisition of the Tier 1 assets at Cadia and Lihir, with the addition of 20.6 and 20.2 million ounces, respectively. The newly acquired projects of Wafi-Golpu, Namosi and Red Chris contributed nearly 17 million ounces of total resources.

Total Mineral Resources at Tanami increased by approximately 1.0 million ounces due to the addition of the Oberon Underground project. Total Mineral Resources at Peñasquito decreased by 2.2 million ounces due to the updated resource model and technical assumptions that resulted in the removal of a resource layback at the Peñasco pit. The layback could come back into Mineral Resources pending additional optimization work, including cost reductions, metallurgical recovery enhancements and metal price increases.

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