Newmont Delivers on First Quarter 2023 Expectations, Remains on Track to Achieve Full Year Guidance; Declares $0.40 First Quarter Dividend

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Overig advies 27/04/2023 18:09
DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced first quarter 2023 results and declared a first quarter dividend of $0.40 per share.

Delivered First Quarter Production as Expected; Improving Production in Second Quarter*

Produced 1.27 million gold ounces and 288 thousand co-product gold equivalent ounces (GEOs)** from copper, silver, lead and zinc
Reported gold Costs Applicable to Sales (CAS) of $1,025 per ounce and gold All-In Sustaining Costs (AISC) of $1,376 per ounce***; impacted by lower production volumes and continued global cost pressures; costs expected to decrease throughout the year
On track to achieve full-year guidance of between 5.7 and 6.3 million ounces of attributable gold production with Gold AISC between $1,150 and $1,250 per ounce
Generated $481 million of cash from continuing operations and reported $(45) million of Free Cash Flow***;impacted by lower production volumes, timing of working capital changes and higher capital spend
Reported Net Income of $363 million, with Adjusted Net Income (ANI)*** of $0.40 per share and Adjusted EBITDA*** of $990 million; lower production volumes offset by higher realized gold prices
Ended the quarter with $2.7 billion of consolidated cash, $797 million of short-term time deposits and $6.5 billion of liquidity; reported net debt to adjusted EBITDA ratio of 0.6x***
Sold common shares of Triple Flag Precious Metals Corporation for $179 million, further optimizing Newmont's equity portfolio acquired with the Goldcorp transaction in 2019
Published 19th Annual Sustainability Report and 2nd Annual Taxes and Royalties Contribution Report, providing a transparent review of Newmont's ESG performance and an overview of Newmont's tax strategy and economic contributions
First Quarter Dividend Declared Within Established Framework****

Board of Directors declared a dividend of $0.40 per share of common stock for the first quarter of 2023, payable on June 15, 2023 to holders of record at the close of business on June 1, 2023
Annualized dividend payout range for 2023 of $1.40 to $1.80 per share****; subject to quarterly approval by Board of Directors
Based on a sustainable base dividend of $1.00 per share payable at base reserves price and an incremental dividend payout of $0.60 per share; Q1 2023 dividend payout calibrated at the mid-point of the $1,700 per ounce annualized payout range
"Since transforming Newmont's business four years ago, we continue to lead the gold sector in sustainability, profitable gold production and shareholder returns due to the strength of our team and the quality of our world-class portfolio. During the first quarter, we delivered on our expected results, generated nearly $1.0 billion in adjusted EBITDA and returned $318 million to shareholders through our industry-leading dividend framework. We remain on track to achieve our full year guidance ranges and build upon our track record of safely delivering long-term value to all of our stakeholders through sustainable and responsible mining."

- Tom Palmer, Newmont President and Chief Executive Officer

*See discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements.

**Gold equivalent ounces (GEOs) calculated using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023.

***Non-GAAP metrics; see reconciliations at the end of this release.

****Expectations regarding 2023 dividend levels are forward-looking statements. The dividend framework is non-binding and an annualized dividend has not been declared by the Board. The declaration and payment of future quarterly dividends remains at the discretion of the Board of Directors and will depend on the Company’s financial results, cash flow and cash requirements, future prospects, and other factors deemed relevant by the Board. See cautionary statement at the end of this release.

First Quarter Results In-Line with Previously Signaled Expectations
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