Newmont Announces Increased 2022 Mineral Reserves of 96 Million Gold Ounces and 68 Million Gold Equivalent Ounces

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Overig advies 24/02/2023 11:17
DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT) reported higher gold Mineral Reserves ("reserves") of 96.1 million attributable ounces for 2022 compared to the Company’s 92.8 million ounces at the end of 2021. Newmont has significant upside to other metals, including more than 15 billion pounds of copper reserves and nearly 600 million ounces of silver reserves.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230223005160/en/

PERCENTAGE OF GOLD RESERVES BY JURISDICTION


"In 2022, Newmont replaced depletion and grew reserves by nearly 4 percent as we continued to focus on extending mine life, developing districts and discovering new opportunities in the most favorable mining jurisdictions. Our diverse, global portfolio of operations and projects delivers steady production for at least the next decade, leading the industry with approximately six million gold ounces per year. Supported by the most extensive exploration program in the industry, our team is actively building a profitable and resilient production pipeline for the next several decades."
- Tom Palmer, President and Chief Executive Officer

2022 RESERVES & RESOURCES HIGHLIGHTS

Robust gold reserves of 96.1 million ounces
Over 90 percent of gold reserves in top-tier jurisdictions
Addition of 8.6 million ounces in 2022 primarily due to 4.4 million attributable ounces from additions at Pueblo Viejo and 2.8 million from exploration at Newmont's managed operations; further improved by 3.1 million ounces from Newmont's increase in ownership of Yanacocha to 100 percent in 2022
Underpinned by a strong base of operating sites with gold reserve life of 10 years or more, including Boddington, Tanami, Ahafo, Peñasquito, Cerro Negro, Merian, Pueblo Viejo and Nevada Gold Mines (NGM), and further enhanced by our six other managed mines and organic project pipeline
Significant gold reserves per share with 120 ounces per 1,000 shares
Measured & Indicated Gold Mineral Resources of 75.3 million ounces and Inferred Resources of 36.1 million ounces
Significant exposure to copper with 15.7 billion pounds in reserves, 17.9 billion pounds in Measured & Indicated resources and 8.6 billion pounds in Inferred resources
Additional exposure to other metals including silver, lead and zinc
PERCENTAGE OF GOLD RESERVES BY JURISDICTION1

Newmont’s reserve base is a key differentiator with over 90 percent of gold reserves located in top-tier jurisdictions, an average reserve grade of 1.09 grams per tonne and an operating reserve life of more than 10 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 68 million gold equivalent ounces2 of reserves from copper, silver, lead, zinc and molybdenum.

PROVEN & PROBABLE GOLD RESERVES
In millions of ounces
2021 Gold Reserves 92.8
Additions 8.6
Acquisitions3 3.1
Net Revisions (1.2)
Depletion (7.2)

2022 Gold Reserves 96.1

For 2022, Newmont reported 96.1 million ounces of gold Mineral Reserves, a 3.6 percent increase from the prior year total of 92.8 million ounces. Additions of 8.6 million ounces and acquisitions3 of 3.1 million ounces were partially offset by depletion of 7.2 million ounces and unfavorable net revisions of 1.2 million ounces.

Additions before revisions of 8.6 million ounces through exploration and technical studies met the Company’s target despite higher costs. Notable reserve additions for the year from Newmont’s operating sites included:

Cerro Negro added 0.8 million ounces primarily due to drilling in the Eastern Districts
Merian added 0.5 million attributable ounces primarily due to drilling at the Merian 2 open pit
Tanami added 0.4 million ounces primarily due to drilling at Liberator and Auron
Ahafo North added 0.2 million ounces primarily due to drilling
Newmont’s 40 percent interest in Pueblo Viejo added 4.4 million attributable ounces, and its 38.5 percent interest in NGM added 1.4 million attributable ounces
Net unfavorable revisions include 0.5 million ounces at Yanacocha due to updated models, technical assumptions and revised mine designs, as well as 0.2 million ounces at Merian and Éléonore due to revised technical assumptions and costs. Additional net negative revisions of 0.7 million ounces were attributable to NGM, mainly at Turquoise Ridge and Carlin. Negative revisions were partially offset by favorable revisions of 0.5 million ounces at Pueblo Viejo.

Newmont’s 38.5 percent interest in NGM represented 18.6 million attributable ounces of gold reserves at year end, compared to 19.3 million ounces at the end of 2021. Newmont's 40 percent interest in Pueblo Viejo represented 8.2 million attributable ounces of gold reserves at year end, compared to 3.6 million ounces at the end of 2021.

Gold reserve grade improved 2 percent to 1.09 grams per tonne compared to 1.06 grams per tonne in the prior year, primarily due to higher grade reserves from the Company’s 40 percent equity ownership in Pueblo Viejo and positive results from the Company's underground managed operations, including Cerro Negro, Tanami and Musselwhite, as well as increased equity ownership in Yanacocha.

MEASURED & INDICATED GOLD RESOURCES

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https://www.newmont.com/investors/news-release/news-details/2023/Newmont-Announces-Increased-2022-Mineral-Reserves-of-96-Million-Gold-Ounces-and-68-Million-Gold-Equivalent-Ounces/default.aspx



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