Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM)
(Newmont or the Company) reported gold Mineral Reserves
("reserves") of 134.1 million attributable ounces at the end of
2024 compared to the Company’s 135.9 million attributable ounces at
the end of 2023, inclusive of assets held for divestment. Newmont's
go-forward Tier 11 portfolio includes 125.5 million attributable
gold ounces and significant Mineral Reserves from other metals,
including more than 13.5 million attributable tonnes of copper
reserves and 530 million attributable ounces of silver
reserves.
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Percentage of Gold Reserves by
Jurisdiction (Graphic: Business Wire)
"Newmont has solidified its position as the gold industry's
leader with the highest concentration of Tier 1 assets, reserves
and resources," said Tom Palmer, Newmont's President and Chief
Executive Officer. "Supported by our industry-leading exploration
program, we continue to focus on extending mine life, developing
districts and discovering new opportunities in the most favorable
mining jurisdictions. Newmont's extensive gold and copper reserve
base represents the foundation for stable production and meaningful
value creation for the next several decades."
2024 Reserves & Resources Highlights
- The gold industry's largest reserve base with 134.1 million
attributable ounces, inclusive of the assets held for divestment
(125.5 million attributable ounces for the go-forward Tier 1
portfolio); 2024 reserves include updates to gold price and cost
escalation assumptions, additions, net revisions and depletion
- Newmont's reserve base has approximately doubled since 2018 and
is strategically diversified across the world's most favorable
mining jurisdictions
- Newmont benefits from a strong operating asset base with gold
reserve life of ten years or more at Boddington, Lihir, Cadia,
Tanami, Ahafo, Merian, Cerro Negro, Pueblo Viejo and Nevada Gold
Mines (NGM), further enhanced by a broader portfolio and organic
project pipeline
- Measured & Indicated Gold Mineral Resources2 of 99.4
million attributable ounces (90.5 million attributable ounces for
the Tier 1 portfolio) and Inferred Resources of 70.6 million
attributable ounces (64.9 million attributable ounces for the Tier
1 portfolio)
- Significant exposure to copper with 13.5 million attributable
tonnes in reserves, 14.1 million attributable tonnes in Measured
& Indicated resources and 11.0 million attributable tonnes in
Inferred resources for the Tier 1 portfolio
- Additional exposure to other metals including
silver, lead, zinc and molybdenum
Percentage of Gold Reserves by Jurisdiction3
Newmont’s reserve base is a key differentiator with an average
reserve grade of 0.96 grams per tonne and an operating reserve life
of more than ten years at seven 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 89.5 million gold equivalent ounces4
of attributable reserves from copper, silver, lead, zinc and
molybdenum.
PROVEN & PROBABLE GOLD RESERVES
For 2024, Newmont reported 134.1 million attributable ounces of
gold reserves, slightly lower than the prior year total of 135.9
million attributable ounces. Depletion of 7.8 million ounces and
unfavorable net revisions of 3.9 million ounces were largely offset
by the reserve increases from price related revisions (14.2 million
ounces), net of cost escalation assumptions (7.2 million ounces),
as well as the addition of 2.9 million ounces from exploration.
Newmont's gold grade reserve remained substantially unchanged at
0.96 grams per tonne compared to 0.97 grams per tonne in the prior
year.
ASSET-LEVEL SUMMARY
Managed Tier 1 Assets
- Boddington reserves increased by 13 percent to 10.8 million
ounces, primarily driven by favorable price related revisions of
1.6 million ounces (net of cost escalation assumptions), as well as
net positive revisions of 0.2 million ounces, partially offset by
0.6 million ounces from depletion
- Tanami reserves increased by 6 percent to 5.1 million ounces as
a result of net favorable price and cost escalation related
revisions of 0.2 million ounces and net positive revisions of 0.3
million ounces, partially offset by depletion of 0.4 million
ounces
- Cadia reserves decreased slightly by 4 percent to 14.1 million
ounces, primarily driven by depletion of 0.6 million ounces
- Ahafo South reserves decreased by 10 percent to 4.6 million
ounces largely due to the depletion of 0.9 million ounces; price
related revisions (net of cost escalation assumptions) resulted in
an additional reduction of 0.2 million ounces, while 0.2 and 0.1
million ounces were added through exploration and favorable net
revisions, respectively
- Lihir reserves decreased by 10 percent to 15.8 million ounces
as favorable price related revisions of 1.8 million ounces (net of
cost escalation assumptions) were offset by unfavorable net
revisions of 2.9 million ounces, largely due to pit design updates
and geotechnical changes, as well as depletion of 0.7 million
ounces
- Peñasquito reserves decreased by 11 percent to 4.1 million
ounces largely due to the depletion of 0.6 million ounces
Emerging Tier 1 Assets
- Merian reserves increased by 5 percent to 4.1 million ounces,
primarily due to favorable price related revisions of 0.3 million
ounces (net of cost escalation assumptions), as well as 0.2 million
ounces added through exploration
- Cerro Negro reserves remained largely unchanged at 3.2 million
ounces
- Yanacocha reserves decreased slightly by 4 percent to 5.3
million ounces largely due to the depletion of 0.4 million ounces,
partially offset by favorable net revisions of 0.2 million
ounces
- Red Chris reserves decreased by 5 percent to 3.7 million ounces
due to net unfavorable revisions of 0.1 million ounces, as well as
0.1 million ounces from unfavorable price and cost escalation
revisions and depletion
- Brucejack reserves decreased by 39 percent to 1.9 million
ounces, primarily due to unfavorable net revisions of 1.5 million
ounces due to updated resource model assumptions, including tighter
drill hole spacing requirements and other technical considerations,
partially offset by net favorable price and cost escalation related
revisions of 0.3 million ounces and exploration additions of 0.3
million ounces
Non-Managed Tier 1 Assets
- Newmont’s 38.5 percent interest in NGM represented 17.9 million
attributable ounces of gold reserves at year end, compared to 18.3
million ounces at the end of 2023
- Newmont's 40 percent interest in Pueblo Viejo represented 8.2
million attributable ounces of gold reserves at year end, compared
to 8.0 million ounces at the end of 2023
Assets Held for Sale
Reserves at the assets held for sale increased by 14 percent to
8.7 million ounces, primarily driven by net favorable price and
cost escalation related revisions of 2.0 million ounces, in
addition to 0.9 million ounces added through exploration. These
favorable increases were partially offset by the depletion of 1.3
million ounces and net unfavorable revisions of 0.4 million
ounces.
GOLD RESOURCES5,6
At the end of 2024, Newmont reported Measured and Indicated Gold
Mineral Resources of 99.4 million attributable ounces, a 5 percent
decrease from the prior year total of 104.8 million attributable
ounces. Inferred Gold Mineral Resources totaled 70.6 million
attributable ounces, a 2 percent increase from the prior year total
of 69.1 million attributable ounces. Exclusive of the assets
divested in 2024, total mineral resources remained substantially
unchanged as resource conversions to reserves and unfavorable net
revisions were offset by the resource increases from price related
revisions, net of cost escalation assumptions, as well as additions
through exploration.
Total Mineral Resources at Newmont's go-forward Tier 1 portfolio
were largely unchanged from 2023. Net favorable resource increases
from the price and cost escalation related revisions of 7.2 million
ounces, as well as 3.2 million ounces added through exploration at
Ahafo North (0.9 million ounces), Merian (0.8 million ounces),
Brucejack (0.5 million ounces), Tanami (0.5 million ounces), Ahafo
South (0.3 million ounces) and Cerro Negro (0.2 million ounces)
were the primary drivers of the resource increases in 2024. This
was offset by resource conversion of 5.9 million ounces and 4.6
million ounces from net unfavorable revisions.
Total Mineral Resources from assets held for sale increased by
0.5 million ounces, primarily driven by Musselwhite, Porcupine and
Éléonore, partially offset by a decrease of 0.2 million ounces at
CC&V and Akyem.
Newmont’s Measured and Indicated Gold Mineral Resource grade
increased to 0.59 grams per tonne compared to 0.57 grams per tonne
in the prior year. Inferred Gold Mineral Resource decreased to 0.55
grams per tonne compared to 0.57 grams per tonne in the prior
year.
OTHER METALS
In 2024, copper reserves and resources were materially
unchanged. Copper reserves decreased slightly to 13.5 million
tonnes from 13.7 million tonnes in the prior year, primarily due to
depletion. Measured and Indicated copper resources decreased to
14.1 million tonnes from 15.0 million tonnes. Inferred copper
resources increased slightly to 11.0 million tonnes from 10.9
million tonnes.
Silver reserves decreased to 530 million ounces compared to 596
million ounces in the prior year, primarily due to depletion.
Silver resources increased during the year due to the impact of the
net positive revisions and the downstream effect of increased gold
price. Measured and Indicated silver resources increased to 469
million ounces from 457 million ounces in the prior year. Inferred
silver resources increased to 113 million ounces from 108 million
ounces in the prior year.
Lead reserves decreased slightly to 0.8 million tonnes from 0.9
million tonnes primarily due to depletion. Measured and Indicated
lead resources decreased to 0.5 million tonnes from 0.6 million
tonnes, and Inferred lead resources remained unchanged at 0.1
million tonnes. Zinc reserves decreased to 1.7 million tonnes from
2.2 million tonnes primarily due to depletion and negative
revisions at Peñasquito. Measured and Indicated zinc resources
decreased to 1.2 million tonnes from 1.5 million tonnes, and
Inferred zinc resources remained unchanged at 0.1 million
tonnes.
Molybdenum reserves were largely unchanged at 0.2 million
tonnes. Measured and Indicated molybdenum resources remained
unchanged at 0.1 million tonnes, with Inferred molybdenum resources
of 0.1 million tonnes.
EXPLORATION OUTLOOK
Newmont’s attributable exploration expenditure for managed
operations is expected to be approximately $250 million in 2025
with 75 percent of total exploration investment dedicated to
near-mine expansion programs and brownfields with the remaining 25
percent allocated to the advancement of greenfield projects.
Additionally, Newmont’s share of exploration investment for its
non-managed operations is expected to be approximately $25 million,
for a total consolidated exploration expense outlook of $275
million for 2025.
Geographically, Newmont expects to invest approximately 37
percent in Latin America and the Caribbean, 20 percent in North
America, 20 percent in Ghana, 16 percent in Australia and the
remainder in Papua New Guinea and other locations.
UPDATED GOLD PRICE FOR MINERAL RESERVES AND MINERAL
RESOURCES
As part of the annual Mineral Reserves and Mineral Resources
update, Newmont assesses the metal price assumptions used for the
calculation of end year reserves and resources. Since Newmont last
updated its gold price assumptions at year end 2022, gold price has
increased meaningfully to $2,629 per ounce as of December 31, 2024,
representing a 44 percent increase from $1,820 per ounce as of
December 31, 2022. In addition to the sustained increase in the
spot gold price, long-term broker consensus estimates are currently
substantially higher.
In line with market conditions, Newmont has increased its
reserves gold price assumption by 21 percent to $1,700 from $1,400
per ounce. Newmont's updated reserves gold price is approximately
17 percent lower than the three-year trailing gold price average of
$2,050 per ounce, well below Newmont's historical average of
approximately 13 percent over the last ten years (2014 - 2023).
Consistent with Newmont's historical approach, the resources gold
price has been calibrated higher than reserves, as this helps the
Company's technical teams to identify the optimum areas to further
expand the life of our assets and to target where additional
drilling and study work is required at our operating mines. For
2024, mineral resources are based on a $2,000 per ounce,
maintaining the historical level above reserve pricing of 15 to 20
percent.
Newmont's robust internal processes and proven track record of
responsibly and rigorously defining reserves and resources will
continue to support the development of the go-forward operating
Tier 1 portfolio and organic project pipeline.
GOLD RESERVE SENSITIVITY
A $100 increase in gold price would result in an approximate 6
percent increase in gold reserves while a $100 decrease in gold
price would result in an approximate 6 percent decrease in gold
reserves. These sensitivities assume an oil price of $75 per barrel
(WTI), Australian dollar exchange rate of $0.70 and Canadian dollar
exchange rate of $0.75. These sensitivities assume all other inputs
remain equal, including all cost and capital assumptions, which may
also have a material impact on these approximate estimates.
KEY RESERVE AND RESOURCE ASSUMPTIONS7
At December 31,
2024
2023
Gold Reserves ($/oz)
$1,700
$1,400
Gold Resources ($/oz)
$2,000
$1,600
Copper Reserves ($/lb)
$3.50
$3.50
Copper Resources ($/lb)
$4.00
$4.00
Silver Reserves ($/oz)
$20.00
$20.00
Silver Resources ($/oz)
$23.00
$23.00
Lead Reserves ($/lb)
$0.90
$1.00
Lead Resources ($/lb)
$1.00
$1.20
Zinc Reserves ($/lb)
$1.20
$1.20
Zinc Resources ($/lb)
$1.30
$1.45
Molybdenum Reserves ($/lb)
$13.00
$8.00
Molybdenum Resources ($/lb)
$16.00
$10.00
Tungsten Resources ($/lb)
N/A
$16.00
Australian Dollar (A$:US$)
$0.70
$0.70
Canadian Dollar (C$:US$)
$0.75
$0.75
West Texas Intermediate ($/bbl)
$75.00
$75.00
For additional details on Newmont’s reported gold, copper,
silver, lead, zinc, molybdenum and tungsten Mineral Reserves and
Mineral Resources, please refer to the tables at the end of this
release.
_______________________________
1
See definition of the go-forward Tier 1
portfolio and cautionary statement at the end of this release.
2
Exclusive of Mineral Reserves
3
North America includes 38.5 percent
interest in Nevada Gold Mines; South America includes Newmont's 40
percent interest in Pueblo Viejo.
4
Gold Equivalent Ounces (GEOs) are
calculated using 2024 Mineral Reserve pricing for Gold
($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead
($0.90/lb.), Zinc ($1.20/lb.) and Molybdenum ($13.00/lb.) and
Resource pricing for Gold ($2,000/oz.), Copper ($4.00/lb.), Silver
($23.00/oz.), Lead ($1.00/lb.), Zinc ($1.30/lb.), Molybdenum
($16.00/lb.) and metallurgical recoveries for each metal on a site
by site basis, as metal * [(metal price * metal recovery) / (gold
price * gold recovery)].
5
Total resources presented includes
Measured and Indicated resources of 99.4 million attributable gold
ounces and Inferred resources of 70.6 million attributable gold
ounces. See cautionary statement at the end of this release.
6
Net Conversion inclusive of ounces
reclassified from reserves to resources.
7
For 2024 and 2023, Newmont reserves and
resources were estimated using the price assumptions noted above,
except for certain sites as detailed in the footnotes of the
reserves and resources tables below.
RESERVE AND RESOURCE TABLES
Proven and probable reserves are based on extensive drilling,
sampling, mine modeling and metallurgical testing from which
Newmont determined economic feasibility. The reference point for
mineral reserves is the point of delivery to the process plant.
Metal price assumptions, adjusted for Newmont's exchange rate
assumption, are based on considering such factors as market
forecasts, industry consensus and management estimates. The price
sensitivity of reserves depends upon several factors including
grade, metallurgical recovery, operating cost, waste-to-ore ratio
and ore type. Metallurgical recovery rates vary depending on the
metallurgical properties of each deposit and the production process
used. The reserve tables below list the average metallurgical
recovery rate for each deposit, which takes into account the
relevant processing methods. The cut-off grade, or lowest grade of
mineralization considered economic to process, varies between
deposits depending upon prevailing economic conditions, mineability
of the deposit, by-products, amenability of the ore to gold,
copper, silver, lead, zinc or molybdenum extraction and type of
milling or leaching facilities available. Reserve estimates may
have non-material differences in comparison to our joint venture
partners due to differences in classification and rounding
methodology.
The proven and probable reserve figures presented herein are
estimates based on information available at the time of
calculation. No assurance can be given that the indicated levels of
recovery of gold, copper, silver, lead, zinc and molybdenum will be
realized. Ounces of gold or silver or tonnes of copper, lead, zinc
or molybdenum included in the proven and probable reserves are
those contained prior to losses during metallurgical treatment.
Reserve estimates may require revision based on actual production.
Market fluctuations in the price of gold, copper, silver, lead,
zinc and molybdenum, as well as increased production costs or
reduced metallurgical recovery rates, could render certain proven
and probable reserves containing higher cost reserves uneconomic to
exploit and might result in a reduction of reserves.
The measured, indicated, and inferred resource figures presented
herein are estimates based on information available at the time of
calculation and are exclusive of reserves. A “mineral resource” is
a concentration or occurrence of solid material of economic
interest in or on the Earth’s crust in such form, grade, or quality
and quantity that there are reasonable prospects for eventual
economic extraction. The location, quantity, grade or quality,
continuity and other geological characteristics of a mineral
resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling. The
reference point for mineral resources is in situ. Mineral resources
are sub-divided, in order of increasing geological confidence, into
inferred, indicated and measured categories. Ounces of gold and
silver or tonnes of copper, zinc, lead, molybdenum and tungsten
included in the measured, indicated and inferred resources are
those contained prior to losses during metallurgical treatment. The
terms "measured resource," "indicated resource," and "inferred
resource" mean that part of a mineral resource for which quantity
and grade or quality are estimated on the basis of geological
evidence and sampling that is considered to be comprehensive,
adequate, or limited, respectively. Market fluctuations in the
price of gold, silver, copper, zinc, lead and molybdenum as well as
increased production costs or reduced metallurgical recovery rates,
could change future estimates of resources.
Newmont publishes reserves annually, and will recalculate
reserves at December 31, 2025, taking into account metal prices,
changes, if any, to future production and capital costs,
divestments and conversion to reserves, as well as any acquisitions
and additions during 2025.
Please refer to the reserves and resources cautionary statement
at the end of the release.
Gold Reserves (1)
December 31, 2024
December 31, 2023
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Brucejack, Canada (24)
100%
—
—
—
8,600
6.95
1,900
8,600
6.95
1,900
96%
11,500
8.44
3,100
Red Chris Open Pit
70%
—
—
—
14,700
0.39
100
14,700
0.39
100
52%
30,200
0.37
300
Red Chris Underground (4)
70%
—
—
—
171,700
0.64
3,500
171,700
0.64
3,500
70%
171,700
0.64
3,500
Total Red Chris, Canada (24)
70%
—
—
—
186,400
0.62
3,700
186,400
0.62
3,700
69%
201,900
0.60
3,900
Peñasquito Open Pits
100%
93,900
0.58
1,700
130,800
0.48
2,000
224,700
0.52
3,800
62%
264,500
0.53
4,500
Peñasquito Stockpiles (5)
100%
4,700
0.60
100
27,300
0.21
200
32,000
0.26
300
37%
26,500
0.20
200
Total Peñasquito, Mexico (6)(23)
100%
98,600
0.58
1,800
158,100
0.44
2,200
256,600
0.49
4,100
60%
291,000
0.50
4,600
Merian, Suriname
75%
23,400
1.26
900
87,300
1.14
3,200
110,700
1.16
4,100
93%
104,000
1.16
3,900
Cerro Negro, Argentina
100%
2,200
11.84
800
7,100
10.50
2,400
9,300
10.82
3,200
94%
9,200
10.97
3,200
Yanacocha Open Pit
100%
17,700
0.90
500
96,300
0.78
2,500
114,100
0.80
2,900
55%
128,600
0.76
3,200
Yanacocha Underground
100%
—
—
—
12,300
6.06
2,400
12,300
6.06
2,400
97%
12,300
6.06
2,400
Total Yanacocha, Peru (7)
100%
17,800
0.90
500
108,600
1.38
4,800
126,400
1.31
5,300
74%
140,900
1.22
5,500
Pueblo Viejo Open Pit
40%
32,200
2.27
2,300
49,500
2.04
3,300
81,700
2.13
5,600
88%
76,600
2.15
5,300
Pueblo Viejo Stockpiles (5)
40%
—
—
—
38,800
2.07
2,600
38,800
2.07
2,600
83%
39,700
2.12
2,700
Total Pueblo Viejo, Dominican Republic
(8)(19)
40%
32,200
2.27
2,300
88,300
2.06
5,800
120,500
2.11
8,200
86%
116,300
2.14
8,000
NuevaUnión, Chile (9)(19)
50%
—
—
—
341,100
0.47
5,100
341,100
0.47
5,100
66%
341,100
0.47
5,100
Norte Abierto, Chile (10)(19)
50%
—
—
—
598,800
0.60
11,600
598,800
0.60
11,600
74%
598,800
0.60
11,600
Boddington Open Pit
100%
276,500
0.64
5,600
219,200
0.61
4,300
495,700
0.62
9,900
84%
407,900
0.66
8,600
Boddington Stockpiles (5)
100%
2,100
0.67
—
61,900
0.42
800
64,100
0.43
900
83%
72,000
0.44
1,000
Total Boddington, Australia (11)
100%
278,600
0.64
5,700
281,200
0.57
5,100
559,800
0.60
10,800
84%
479,900
0.62
9,600
Tanami, Australia
100%
10,100
5.25
1,700
19,800
5.28
3,400
29,900
5.27
5,100
98%
26,600
5.66
4,800
Cadia, Australia (12)(23)(24)
100%
—
—
—
1,051,800
0.42
14,100
1,051,800
0.42
14,100
81%
1,102,300
0.42
14,700
Lihir Open Pits
100%
—
—
—
125,900
2.86
11,600
125,900
2.86
11,600
77%
159,900
2.76
14,200
Lihir Stockpiles (5)
100%
—
—
—
77,100
1.68
4,200
77,100
1.68
4,200
77%
57,200
1.83
3,400
Total Lihir, Papua New Guinea
(13)(23)(24)
100%
—
—
—
203,000
2.41
15,800
203,000
2.41
15,800
77%
217,100
2.51
17,500
Wafi-Golpu, Papua New Guinea
(14)(19)(24)
50%
—
—
—
194,500
0.82
5,100
194,500
0.82
5,100
68%
194,500
0.82
5,100
Ahafo South Open Pit
100%
2,400
2.64
200
39,700
1.57
2,000
42,000
1.63
2,200
89%
40,700
1.82
2,400
Ahafo South Underground
100%
6,100
2.97
600
15,200
2.36
1,200
21,300
2.54
1,700
94%
22,600
2.64
1,900
Ahafo South Stockpiles (5)
100%
21,700
0.97
700
—
—
—
21,700
0.97
700
91%
23,400
1.01
800
Total Ahafo South, Ghana
100%
30,200
1.51
1,500
54,800
1.79
3,200
85,000
1.69
4,600
91%
86,700
1.82
5,100
Ahafo North, Ghana
100%
—
—
—
62,000
2.32
4,600
62,000
2.32
4,600
91%
53,100
2.41
4,100
NGM Open Pit (15)
38.5%
—
—
—
124,200
1.16
4,600
124,200
1.16
4,600
77%
154,700
1.01
5,000
NGM Stockpiles (5)(16)
38.5%
16,400
1.86
1,000
12,900
2.35
1,000
29,200
2.08
2,000
69%
29,100
2.22
2,100
NGM Underground (17)
38.5%
4,000
11.28
1,400
39,700
7.73
9,900
43,700
8.06
11,300
89%
40,200
8.62
11,100
Total NGM, United States (18)(23)
38.5%
20,400
3.69
2,400
176,800
2.72
15,500
197,100
2.82
17,900
84%
224,100
2.54
18,300
Held for sale (20)
CC&V Open Pit
100%
87,000
0.43
1,200
28,600
0.43
400
115,600
0.43
1,600
58%
46,600
0.40
600
CC&V Leach Pads (21)
100%
—
—
—
34,600
0.73
800
34,600
0.73
800
55%
28,300
0.74
700
Total CC&V, United States
100%
87,000
0.43
1,200
63,200
0.60
1,200
150,200
0.50
2,400
57%
75,000
0.53
1,300
Musselwhite, Canada
100%
4,100
6.69
900
3,200
6.10
600
7,400
6.43
1,500
96%
7,000
6.52
1,500
Porcupine Underground
100%
1,600
5.09
300
2,700
7.27
600
4,400
6.45
900
89%
3,000
7.75
700
Porcupine Open Pit
100%
300
2.09
—
30,200
1.46
1,500
30,600
1.46
1,500
93%
29,700
1.53
1,500
Total Porcupine, Canada
100%
2,000
4.57
300
33,000
1.94
2,100
34,900
2.09
2,300
92%
32,700
2.10
2,200
Éléonore, Canada
100%
2,200
4.86
300
7,900
5.10
1,300
10,100
5.05
1,600
92%
8,900
5.38
1,500
Akyem Open Pit
100%
12,700
1.52
600
5,500
1.58
300
18,200
1.54
900
90%
19,000
1.55
900
Akyem Stockpiles (5)
100%
700
0.72
—
—
—
—
700
0.72
—
90%
6,700
0.78
200
Total Akyem, Ghana (22)
100%
13,500
1.48
600
5,500
1.58
300
19,000
1.50
900
90%
25,600
1.35
1,100
Total Gold
622,100
1.06
21,100
3,741,000
0.94
113,000
4,363,000
0.96
134,100
81%
4,348,100
0.97
135,900
(1)
At December 31, 2024 and 2023, gold
reserves at sites for which Newmont is the operator were estimated
at a gold price of $1,700 and $1,400 per ounce, respectively,
unless otherwise noted. Reserves provided by other operators may
use pricing that differs. Amounts presented may not recalculate in
total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to the nearest
100,000.
(3)
Ounces are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Ounces may not recalculate as they are rounded to the nearest
100,000.
(4)
Gold reserves at December 31, 2024 were
estimated at a gold price of $1,300 per ounce.
(5)
Stockpiles are comprised primarily of
material that has been set aside to allow processing of higher
grade material in the mills. Stockpiles increase or decrease
depending on current mine plans. Stockpile reserves are reported
separately where ounces exceed 100,000 and are greater than 5% of
the total site-reported reserves.
(6)
The net smelter return value utilized in
2024 reserves not less than $14.10 per tonne.
(7)
Gold reserves related to the undeveloped
Yanacocha Sulfides project at December 31, 2024 were estimated at a
gold price of $1,200 per ounce.
(8)
The Pueblo Viejo mine, which is 40% owned
by Newmont, is accounted for as an equity method investment. Gold
reserves at December 31, 2024 were estimated at a gold price of
$1,400 per ounce. Gold reserves at December 31, 2024 and 2023 were
provided by Barrick, the operator of Pueblo Viejo.
(9)
Project is currently undeveloped. Gold
reserves at December 31, 2024 and 2023 were estimated at a gold
price of $1,300 per ounce and were provided by the NuevaUnión joint
venture.
(10)
Project is currently undeveloped. Gold
reserves at December 31, 2024 and 2023 were estimated at a gold
price of $1,200 per ounce and were provided by the Norte Abierto
joint venture.
(11)
The net smelter return value utilized in
2024 reserves not less than $16.20 per tonne.
(12)
The net smelter return value utilized in
2024 reserves not less than $21.70 per tonne.
(13)
Cut-off grade utilized in 2024 reserves
not less than 1.20 gram per tonne.
(14)
Gold reserves at December 31, 2024 were
estimated at a gold price of $1,200 per ounce.
(15)
Cut-off grade utilized in 2024 reserves
not less than 0.17 gram per tonne.
(16)
Cut-off grade utilized in 2024 reserves
not less than 0.42 gram per tonne.
(17)
Cut-off grade utilized in 2024 reserves
not less than 3.73 gram per tonne.
(18)
Gold reserves at December 31, 2024 were
estimated at a gold price of $1,400 per ounce and were provided by
Barrick, the operator of the NGM joint venture.
(19)
Currently included in the non-operating
segment Corporate and Other in Note 4 to the Consolidated Financial
Statements.
(20)
Sites are classified as held for sale as
of December 31, 2024. Refer to Note 3 to the Consolidated Financial
Statements for further discussion of our assets and liabilities
held for sale.
(21)
Leach pad material is the material on
leach pads at the end of the year from which gold remains to be
recovered. In-process reserves are reported separately where ounces
exceed 100,000 and are greater than 5% of the total site-reported
reserves.
(22)
Gold reserves at December 31, 2024 were
estimated at a gold price of $1,400 per ounce.
(23)
Amounts presented herein have been rounded
to the nearest 100,000 for ounces and tonnes and therefore may not
agree to the respective Technical Report Summaries provided for
certain properties as provided under exhibit 96.
(24)
Sites acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information. Gold reserves at sites acquired
through the Newcrest transaction were estimated at a gold price of
$1,300 per ounce at December 31, 2023, with the exception of Lihir,
for which gold reserves were estimated using Newmont's price
assumptions, and certain legacy estimates, which have applied
older, more conservative price assumptions.
Gold Resources at December 31,
2024 (1)(2)
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Metallurgical Recovery (3)
Brucejack, Canada
100%
—
—
—
4,300
4.68
600
4,300
4.68
600
16,600
5.8
3,100
96%
Red Chris, Canada (4)
70%
—
—
—
335,100
0.34
3,700
335,100
0.34
3,700
62,100
0.3
700
55%
Galore Creek, Canada (5)(15)
50%
212,800
0.29
2,000
385,600
0.22
2,700
598,400
0.25
4,700
118,900
0.2
700
75%
Peñasquito, Mexico
100%
48,200
0.30
500
163,100
0.22
1,100
211,300
0.24
1,600
21,100
0.2
100
57%
Noche Buena, Mexico (15)
50%
—
—
—
19,900
0.37
200
19,900
0.37
200
1,600
0.2
—
50%
Merian, Suriname
75%
5,800
1.03
200
58,600
1.08
2,000
64,500
1.08
2,200
70,000
0.9
2,000
90%
Cerro Negro, Argentina
100%
1,300
3.77
200
1,900
5.65
300
3,200
4.88
500
7,600
4.8
1,200
94%
Conga, Peru (6)(15)
100%
—
—
—
693,800
0.65
14,600
693,800
0.65
14,600
230,500
0.4
2,900
75%
Yanacocha Open Pit
100%
16,600
0.41
200
109,200
0.40
1,400
125,700
0.40
1,600
287,200
0.6
5,100
66%
Yanacocha Underground
100%
500
4.07
100
6,200
4.70
900
6,700
4.65
1,000
3,400
5.0
500
97%
Total Yanacocha, Peru (7)
100%
17,100
0.52
300
115,400
0.63
2,300
132,500
0.62
2,600
290,700
0.6
5,600
72%
Pueblo Viejo, Dominican Republic
(8)(15)
40%
8,200
1.39
400
38,200
1.44
1,800
46,400
1.43
2,100
5,000
1.6
300
88%
NuevaUnión, Chile (9)(15)
50%
4,800
0.47
100
118,300
0.59
2,300
123,100
0.59
2,300
239,800
0.4
3,100
68%
Norte Abierto, Chile (10)(15)
50%
77,200
0.61
1,500
596,900
0.49
9,300
674,200
0.50
10,800
369,600
0.4
4,400
76%
Boddington, Australia
100%
90,600
0.55
1,600
154,100
0.53
2,600
244,700
0.54
4,200
3,500
0.6
100
84%
Tanami Open Pit
100%
9,700
1.65
500
26,500
1.45
1,200
36,200
1.50
1,700
5,300
1.1
200
90%
Tanami Underground
100%
2,800
3.22
300
6,600
3.80
800
9,300
3.63
1,100
17,200
4.4
2,400
97%
Total Tanami, Australia
100%
12,500
1.99
800
33,000
1.92
2,000
45,500
1.94
2,800
22,500
3.6
2,600
94%
Cadia Underground
100%
—
—
—
1,245,100
0.36
14,200
1,245,100
0.36
14,200
549,400
0.3
4,800
81%
Cadia Stockpiles and Open Pit
100%
30,800
0.30
300
—
—
—
30,800
0.30
300
11,000
0.7
200
65%
Total Cadia, Australia
100%
30,800
0.30
300
1,245,100
0.36
14,200
1,275,900
0.35
14,500
560,400
0.3
5,000
81%
Namosi, Fiji (11)(15)
73.24%
—
—
—
105,500
0.22
700
105,500
0.22
700
1,346,900
0.1
4,300
72%
Lihir Open Pit
100%
—
—
—
43,600
1.97
2,800
43,600
1.97
2,800
227,400
2.4
17,600
75%
Lihir Stockpiles
100%
—
—
—
1,000
2.11
100
1,000
2.11
100
—
—
—
75%
Total Lihir, Papua New Guinea
100%
—
—
—
44,600
1.97
2,800
44,600
1.97
2,800
227,400
2.4
17,600
75%
Wafi-Golpu Open Pit (12)
50%
—
—
—
53,600
1.66
2,900
53,600
1.66
2,900
15,500
1.3
600
65%
Wafi-Golpu Underground (13)
50%
—
—
—
140,800
0.45
2,000
140,800
0.45
2,000
91,900
0.6
1,900
68%
Total Wafi-Golpu, Papua New Guinea
(15)
50%
—
—
—
194,500
0.78
4,900
194,500
0.78
4,900
107,300
0.7
2,600
67%
Ahafo South Open Pit
100%
3,900
1.13
100
6,500
0.83
200
10,400
0.95
300
3,500
1.2
100
85%
Ahafo South Underground
100%
700
—
100
27,100
3.96
3,400
27,800
3.95
3,500
11,500
3.1
1,200
91%
Total Ahafo South, Ghana
100%
4,700
1.56
200
33,500
3.35
3,600
38,200
3.13
3,800
15,000
2.7
1,300
91%
Ahafo North Open Pit, Ghana
100.0%
6,900
1.41
300
28,300
1.78
1,600
35,200
1.71
1,900
13,700
1.6
700
90%
NGM Open Pits and Stockpiles
38.5%
3,700
1.23
100
158,500
0.74
3,800
162,200
0.76
4,000
56,700
0.9
1,600
72%
NGM Underground
38.5%
200
23.55
200
21,500
6.34
4,400
21,800
6.52
4,600
25,100
6.4
5,200
87%
Total NGM, Nevada (14)(16)
38.5%
3,900
2.51
300
180,000
1.41
8,200
183,900
1.44
8,500
81,800
2.6
6,700
82%
Held for sale (17)
CC&V, United States
100%
20,300
0.53
300
26,500
0.48
400
46,700
0.50
800
71,400
0.4
900
51%
Musselwhite, Canada
100%
1,500
4.21
200
2,300
4.10
300
3,800
4.15
500
1,900
5.0
300
96%
Porcupine Underground
100%
—
—
—
1,000
7.70
300
1,100
7.59
300
1,900
7.8
500
92%
Porcupine Open Pit
100%
—
—
—
75,600
1.51
3,700
75,600
1.51
3,700
65,900
1.4
2,900
92%
Total Porcupine, Canada
100%
—
—
—
76,600
1.59
3,900
76,600
1.59
3,900
67,900
1.5
3,400
92%
Éléonore, Canada
100%
400
4.94
100
2,900
4.11
400
3,300
4.21
400
2,400
4.6
400
92%
Coffee, Canada (15)
100%
900
2.14
100
49,300
1.26
2,000
50,200
1.28
2,100
6,700
1.0
200
81%
Akyem, Ghana (18)
100%
800
0.73
—
9,700
3.83
1,200
10,600
3.58
1,200
5,500
3.0
500
92%
Total Gold
548,800
0.53
9,300
4,717,000
0.59
90,100
5,265,900
0.59
99,400
3,967,800
0.6
70,600
78%
Gold Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Metallurgical Recovery (3)
CC&V, United States
100%
77,400
0.43
1,100
43,700
0.36
500
121,100
0.40
1,600
22,400
0.4
300
56%
Musselwhite, Canada
100%
900
4.36
100
1,300
4.17
200
2,200
4.25
300
1,200
5.0
200
96%
Porcupine Underground
100%
200
4.55
—
1,100
6.89
200
1,300
6.49
300
2,400
8.0
600
94%
Porcupine Open Pit
100%
100
0.60
—
66,300
1.65
3,500
66,300
1.65
3,500
59,800
1.5
2,800
92%
Total Porcupine, Canada
100%
300
3.67
—
67,400
1.73
3,800
67,700
1.74
3,800
62,200
1.7
3,400
92%
Éléonore, Canada
100%
700
4.59
100
2,100
4.70
300
2,800
4.68
400
1,800
5.7
300
92%
Brucejack, Canada (19)
100%
—
—
—
1,800
7.64
500
1,800
7.64
500
12,100
10.3
4,000
96%
Red Chris, Canada (19)
70%
—
—
—
334,700
0.34
3,600
334,700
0.34
3,600
62,100
0.3
700
55%
Coffee, Canada (15)
100%
900
2.14
100
49,300
1.27
2,000
50,200
1.28
2,100
6,700
1.0
200
81%
Galore Creek, Canada (5)(15)
50%
212,800
0.29
2,000
385,600
0.22
2,700
598,400
0.25
4,700
118,900
0.2
700
75%
Peñasquito, Mexico (16)
100%
37,400
0.26
300
157,300
0.22
1,100
194,700
0.23
1,400
22,800
0.2
100
57%
Noche Buena, Mexico (15)
50%
—
—
—
19,900
0.37
200
19,900
0.37
200
1,600
0.2
—
50%
Merian, Suriname
75%
6,000
1.01
200
38,000
1.10
1,300
44,000
1.09
1,500
30,800
1.0
1,000
88%
Cerro Negro, Argentina
100%
1,300
3.71
200
2,100
6.17
400
3,400
5.22
600
6,200
4.7
900
94%
Conga, Peru (15)
100%
—
—
—
693,800
0.65
14,600
693,800
0.65
14,600
230,500
0.4
2,900
75%
Yanacocha Open Pit
100%
16,800
0.41
200
111,300
0.43
1,500
128,000
0.42
1,700
186,500
0.8
4,800
67%
Yanacocha Underground
100%
500
4.07
100
6,200
4.70
900
6,700
4.65
1,000
3,400
5.0
500
97%
Total Yanacocha, Peru
100%
17,300
0.52
300
117,500
0.65
2,500
134,800
0.64
2,800
189,900
0.9
5,400
73%
Pueblo Viejo, Dominican Republic
(8)(15)
40%
7,300
1.47
300
37,300
1.49
1,800
44,600
1.49
2,100
3,200
1.6
200
82%
NuevaUnión, Chile (9)(15)
50%
4,800
0.47
100
118,300
0.59
2,300
123,100
0.59
2,300
239,800
0.4
3,100
68%
Norte Abierto, Chile (10)(15)
50%
77,200
0.61
1,500
596,900
0.49
9,300
674,200
0.50
10,800
369,600
0.4
4,400
76%
Boddington, Australia
100%
98,200
0.55
1,700
169,700
0.54
2,900
267,900
0.54
4,700
2,400
0.5
—
83%
Tanami Open Pit
100%
9,400
1.67
500
23,800
1.47
1,100
33,200
1.53
1,600
4,200
1.1
200
90%
Tanami Underground
100%
2,500
3.82
300
5,600
4.43
800
8,000
4.24
1,100
15,900
4.5
2,300
96%
Total Tanami, Australia
100%
11,900
2.12
800
29,400
2.03
1,900
41,200
2.06
2,700
20,100
3.8
2,400
94%
Cadia Underground
100%
—
—
—
1,596,600
0.32
16,200
1,596,600
0.32
16,200
497,000
0.2
3,800
80%
Cadia Stockpiles and Open Pit
100%
30,900
0.30
300
—
—
—
30,900
0.30
300
11,000
0.7
200
65%
Total Cadia, Australia (16)(19)
100%
30,900
0.30
300
1,596,600
0.32
16,200
1,627,500
0.32
16,500
508,000
0.2
4,100
80%
Telfer Open Pit
100%
—
—
—
25,900
0.56
500
25,900
0.56
500
—
—
—
78%
Telfer Underground
100%
—
—
—
1,700
2.31
100
1,700
2.31
100
—
—
—
90%
Total Telfer, Australia (19)(20)
100%
—
—
—
27,600
0.67
600
27,600
0.67
600
—
—
—
81%
Havieron, Australia (19)(20)
70%
—
—
—
33,200
2.65
2,800
33,200
2.65
2,800
11,400
1.7
600
87%
Namosi, Fiji (15)(19)
73.24%
—
—
—
105,500
0.22
700
105,500
0.22
700
1,346,900
0.1
4,300
72%
Lihir Open Pit
100%
—
—
—
25,000
2.03
1,600
25,000
2.03
1,600
227,400
2.4
17,500
80%
Lihir Stockpiles
100%
—
—
—
22,200
1.47
1,000
22,200
1.47
1,000
—
—
—
78%
Total Lihir, Papua New Guinea (16)(19)
100%
—
—
—
47,100
1.77
2,700
47,100
1.77
2,700
227,400
2.4
17,500
79%
Wafi-Golpu Open Pit
50%
—
—
—
53,600
1.66
2,900
53,600
1.66
2,900
15,500
1.3
600
65%
Wafi-Golpu Underground
50%
—
—
—
140,800
0.45
2,000
140,800
0.45
2,000
91,900
0.6
1,900
68%
Total Wafi-Golpu, Papua New Guinea
(15)(19)
50%
—
—
—
194,500
0.78
4,900
194,500
0.78
4,900
107,300
0.7
2,600
67%
Ahafo South Open Pit
100%
3,200
1.21
100
5,600
0.92
200
8,800
1.03
300
6,100
1.4
300
88%
Ahafo South Underground
100%
—
1.59
—
27,200
3.71
3,200
27,200
3.71
3,200
13,800
3.0
1,300
91%
Total Ahafo South, Ghana
100%
3,200
1.21
100
32,800
3.24
3,400
36,000
3.05
3,500
19,900
2.5
1,600
91%
Ahafo North, Ghana
100%
5,000
1.46
200
12,700
1.88
800
17,700
1.76
1,000
6,600
1.6
300
91%
Akyem, Ghana
100%
900
0.72
—
9,800
3.83
1,200
10,600
3.57
1,200
5,600
2.9
500
92%
NGM Open Pit and Stockpiles
38.5%
4,000
0.99
100
175,200
0.99
5,500
179,200
0.99
5,700
101,000
0.8
2,500
75%
NGM Underground
38.5%
1,400
7.51
300
20,900
5.95
4,000
22,200
6.04
4,300
23,100
6.5
4,800
84%
Total NGM, United States (14)
38.5%
5,300
2.66
500
196,000
1.52
9,600
201,400
1.55
10,000
124,100
1.8
7,300
80%
Total Gold
599,700
0.52
9,900
5,121,900
0.58
94,900
5,721,600
0.57
104,800
3,761,500
0.6
69,100
78%
(1)
Resources are reported exclusive of
reserves. Amounts presented may not recalculate in total due to
rounding.
(2)
At December 31, 2024 and 2023, gold
resources at sites for which Newmont is the operator were estimated
at a gold price of $2,000 and $1,600 per ounce, unless otherwise
noted. Resources provided by other operators may use pricing that
differs. Tonnage amounts have been rounded to the nearest
100,000.
(3)
Ounces are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Ounces may not recalculate as they are rounded to the nearest
100,000.
(4)
Gold resources related to the underground
mine at December 31, 2024 were estimated at a gold price of $1,400
per ounce.
(5)
Project is currently undeveloped. Resource
estimates provided by Teck Resources, the Galore Creek joint
venture partner.
(6)
Gold resources at December 31, 2024 were
estimated at a gold price of $1,400 per ounce.
(7)
Gold resources related to the undeveloped
Yanacocha Sulfides project at December 31, 2024 were estimated at a
gold price of $1,400 per ounce.
(8)
The Pueblo Viejo mine, which is 40% owned
by Newmont, is accounted for as an equity method investment. Gold
resources at December 31, 2024 were estimated at a gold price of
$1,900 per ounce. Gold resources at December 31, 2024 and 2023 were
provided by Barrick, the operator of Pueblo Viejo.
(9)
Project is currently undeveloped. Gold
resources at December 31, 2024 and 2023 were estimated at a gold
price of $1,300 per ounce and were provided by the NuevaUnión joint
venture.
(10)
Project is currently undeveloped. Gold
resources at December 31, 2024 and 2023 were estimated at a gold
price of $1,400 per ounce and were provided by the Norte Abierto
joint venture.
(11)
Gold resources at December 31, 2024 were
estimated at a gold price of $1,400 per ounce.
(12)
Gold resources at December 31, 2024 were
estimated at a gold price of $1,300 per ounce.
(13)
Gold resources at December 31, 2024 were
estimated at a gold price of $1,400 per ounce.
(14)
Gold resources at December 31, 2024 were
estimated at a gold price of $1,900 per ounce. Gold resources at
December 31, 2024 and 2023 were provided by Barrick, the operator
of the NGM joint venture.
(15)
Currently included in the non-operating
segment Corporate and Other in Note 4 to the Consolidated Financial
Statements.
(16)
Amounts presented herein have been rounded
to the nearest 100,000 for ounces and tonnes and therefore may not
agree to the respective Technical Report Summaries provided for
certain properties as provided under exhibit 96.
(17)
Sites are classified as held for sale as
of December 31, 2024. Refer to Note 3 to the Consolidated Financial
Statements for further discussion of our assets and liabilities
held for sale.
(18)
Gold resources at December 31, 2024 were
estimated at a gold price of $1,600 per ounce.
(19)
Sites acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information. At December 31, 2023, gold
resources at sites acquired through the Newcrest transaction were
estimated at a gold price of $1,400 per ounce, with the exception
of Havieron and Lihir, for which gold resources were estimated
using Newmont's price assumptions, and certain legacy estimates,
which have applied older, more conservative price assumptions.
(20)
In the fourth quarter of 2024, the Company
completed the sale of the assets of the Telfer reportable segment,
which includes the Havieron development project. Refer to Note 3 to
the Consolidated Financial Statements for further information.
Copper Reserves (1)
December 31, 2024
December 31, 2023
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Tonnes (3) (000)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Tonnes (3) (000)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Tonnes (3) (000)
Metallurgical Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Tonnes (3) (000)
Red Chris Open Pit
70%
—
—%
—
14,700
0.45%
—
14,700
0.45%
—
80%
30,200
0.43%
100
Red Chris Underground (4)
70%
—
—%
—
171,700
0.52%
900
171,700
0.52%
900
84%
171,700
0.52%
900
Total Red Chris, Canada (15)
70%
—
—%
—
186,400
0.52%
1,000
186,400
0.52%
1,000
84%
201,900
0.51%
1,000
Yanacocha, Peru (5)
100%
—
—%
—
111,100
0.63%
700
111,100
0.63%
700
83%
111,100
0.63%
700
NuevaUnión, Chile (6)(13)
50%
—
—%
—
1,118,000
0.40%
4,400
1,118,000
0.40%
4,400
88%
1,118,000
0.40%
4,400
Norte Abierto, Chile (7)(13)
50%
—
—%
—
598,800
0.22%
1,300
598,800
0.22%
1,300
87%
598,800
0.22%
1,300
Boddington Open Pit
100%
276,500
0.09%
200
219,200
0.10%
200
495,700
0.09%
500
81%
407,900
0.10%
400
Boddington Stockpiles (8)
100%
2,100
0.13%
—
61,900
0.09%
100
64,100
0.09%
100
79%
72,000
0.09%
100
Total Boddington, Australia (9)
100%
278,600
0.09%
200
281,200
0.10%
300
559,800
0.09%
500
81%
479,900
0.10%
500
Cadia, Australia (10)(14)(15)
100%
—
—%
—
1,051,800
0.29%
3,100
1,051,800
0.29%
3,100
87%
1,102,300
0.29%
3,200
Wafi-Golpu, Papua New Guinea
(11)(13)(15)
50%
—
—%
—
194,500
1.20%
2,300
194,500
1.20%
2,300
95%
194,500
1.20%
2,300
NGM, United States (12)(14)
38.5%
4,300
0.16%
—
71,000
0.18%
100
75,400
0.18%
100
66%
86,100
0.17%
100
Total Copper
282,900
0.09%
200
3,612,900
0.37%
13,200
3,895,800
0.35%
13,500
88%
3,892,500
0.35%
13,700
(1)
At December 31, 2024 and 2023, copper
reserves at sites for which Newmont is the operator were estimated
at a copper price of $3.50 per pound, unless otherwise noted.
Reserves provided by other operators may use pricing that differs.
Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
(4)
Copper reserves at December 31, 2024 were
estimated at a copper price of $3.00 per pound.
(5)
Copper reserve estimates relate to the
undeveloped Yanacocha Sulfides project and at December 31, 2024
were estimated at a copper price of $2.75 per pound.
(6)
Project is currently undeveloped. Copper
reserves at December 31, 2024 and 2023 were estimated at a copper
price of $3.00 per pound and were provided by the NuevaUnión joint
venture.
(7)
Project is currently undeveloped. Copper
reserves at December 31, 2024 and 2023 were estimated at a copper
price of $2.75 per pound and were provided by the Norte Abierto
joint venture.
(8)
Stockpiles are comprised primarily of
material that has been set aside to allow processing of higher
grade material in the mills. Stockpiles increase or decrease
depending on current mine plans. Stockpiles are reported separately
where pounds exceed 100 million and are greater than 5% of the
total site reported reserves.
(9)
The net smelter return value utilized in
2024 reserves not less than $16.20 per tonne.
(10)
The net smelter return value utilized in
2024 reserves not less than $21.70 per tonne.
(11)
Copper reserves at December 31, 2024 were
estimated at a copper price of $3.00 per pound.
(12)
Copper cut-off grade varies with gold and
silver credits. Copper reserves at December 31, 2024 were estimated
at a copper price of $3.00 per ounce. Copper reserves at December
31, 2024 and 2023 were provided by Barrick, the operator of the NGM
joint venture.
(13)
Currently included in the non-operating
segment Corporate and Other in Note 4 to the Consolidated Financial
Statements.
(14)
Amounts presented herein have been rounded
to the nearest 100,000 for tonnes and therefore may not agree to
the respective Technical Report Summaries provided for certain
properties as provided under exhibit 96.
(15)
Sites acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information. Copper reserves at sites
acquired through the Newcrest transaction were estimated at a
copper price of $3.00 per pound at December 31, 2023, with the
exception of certain legacy estimates, which have applied older,
more conservative price assumptions.
Copper Resources (1)(2) -
December 31, 2024
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Cu%)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Cu%)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Cu%)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Cu%)
Tonnes (3)
(000)
Metallurgical Recovery (3)
Red Chris, Canada (4)
70%
—
—%
—
335,100
0.34%
1,100
335,100
0.34%
1,100
62,100
0.4%
200
81%
Galore Creek, Canada (5)(12)
50%
212,800
0.44%
900
385,600
0.47%
1,800
598,400
0.46%
2,800
118,900
0.3%
300
93%
Conga, Peru (6)(12)
100%
—
—%
—
693,800
0.26%
1,800
693,800
0.26%
1,800
230,500
0.2%
400
84%
Yanacocha, Peru (7)
100%
1,500
1.02%
—
99,800
0.36%
400
101,300
0.37%
400
39,700
0.4%
100
81%
NuevaUnión, Chile (8)(12)
50%
164,300
0.19%
300
349,900
0.34%
1,200
514,100
0.30%
1,500
602,200
0.4%
2,300
89%
Norte Abierto, Chile (9)(12)
50%
57,600
0.24%
100
551,300
0.19%
1,100
608,900
0.20%
1,200
361,800
0.2%
700
90%
Boddington, Australia
100%
90,600
0.12%
100
154,100
0.11%
200
244,700
0.12%
300
3,500
0.1%
—
83%
Cadia Open Pit
100%
30,800
0.13%
—
—
—%
3,200
30,800
0.13%
3,200
11,000
0.5%
900
85%
Cadia Underground
100%
—
—%
—
1,245,100
0.25%
—
1,245,100
0.25%
—
549,400
0.2%
100
86%
Total Cadia, Australia
100%
30,800
0.13%
—
1,245,100
0.25%
3,200
1,275,900
0.25%
3,200
560,400
0.2%
1,000
86%
Namosi Open Pit
73.24%
—
—%
—
105,500
0.61%
600
105,500
0.61%
600
1,346,900
0.3%
4,300
84%
Namosi Underground
73.24%
—
—%
—
—
—%
—
—
—%
—
209,900
0.4%
900
92%
Total Namosi, Fiji (12)
73.24%
—
—%
—
105,500
0.61%
600
105,500
0.61%
600
1,556,800
0.3%
5,200
85%
Wafi-Golpu, Papua New Guinea (10)(12)
50%
—
—%
—
140,800
0.73%
1,000
140,800
0.73%
1,000
91,900
0.7%
600
95%
NGM, United States (11)(13)
38.5%
—
—%
—
113,700
0.17%
200
113,700
0.17%
200
11,100
0.2%
—
67%
Total Copper
557,600
0.28%
1,600
4,174,600
0.30%
12,600
4,732,200
0.30%
14,100
3,638,800
0.3%
11,000
87%
Copper Resources at December
31, 2023 (1)(2)
Measured Resources
Indicated Resources
Measured and Indicated
Resources
Inferred Resources
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Cu%)
Tonnes (3) (000)
Tonnage
(000 tonnes)
Grade
(Cu%)
Tonnes (3) (000)
Tonnage
(000 tonnes)
Grade
(Cu%)
Tonnes (3) (000)
Tonnage
(000 tonnes)
Grade
(Cu%)
Tonnes (3) (000)
Metallurgical
Recovery (3)
Red Chris, Canada (14)
70%
—
—%
—
334,700
0.34%
1,100
334,700
0.34%
1,100
62,100
0.4%
200
81%
Galore Creek, Canada (5)(12)
50%
212,800
0.44%
900
385,600
0.47%
1,800
598,400
0.46%
2,800
118,900
0.3%
300
93%
Conga, Peru (12)
100%
—
—%
—
693,800
0.26%
1,800
693,800
0.26%
1,800
230,500
0.2%
400
84%
Yanacocha, Peru
100%
1,500
1.02%
—
99,800
0.36%
400
101,300
0.37%
400
39,700
0.4%
100
81%
NuevaUnión, Chile (8)(12)
50%
164,300
0.19%
300
349,900
0.34%
1,200
514,100
0.30%
1,500
602,200
0.4%
2,300
89%
Norte Abierto, Chile (9)(12)
50%
57,600
0.24%
100
551,300
0.19%
1,100
608,900
0.20%
1,200
361,800
0.2%
700
90%
Boddington, Australia
100%
98,200
0.11%
100
169,700
0.11%
200
267,900
0.11%
300
2,400
0.1%
—
82%
Cadia Underground
100%
—
—%
—
1,596,600
0.23%
3,700
1,596,600
0.23%
3,700
497,000
0.2%
900
85%
Cadia Open Pit
100%
30,900
0.13%
—
—
—%
—
30,900
0.13%
—
11,000
0.5%
100
80%
Total Cadia, Australia (13)(14)
100%
30,900
0.13%
—
1,596,600
0.23%
3,700
1,627,500
0.23%
3,800
508,000
0.2%
900
85%
Telfer Open Pit
100%
—
—%
—
20,300
0.06%
—
20,300
0.06%
—
—
—%
—
49%
Telfer Stockpiles
100%
—
—%
—
5,600
0.07%
—
5,600
0.07%
—
—
—%
—
46%
Telfer Underground
100%
—
—%
—
1,700
0.56%
—
1,700
0.56%
—
—
—%
—
94%
Total Telfer, Australia (14)(15)
100%
—
—%
—
27,600
0.09%
—
27,600
0.09%
—
—
—%
—
65%
Havieron, Australia (14)(15)
70%
—
—%
—
33,200
0.34%
100
33,200
0.34%
100
11,400
0.2%
—
86%
Telfer Projects, Australia (14)(15)
100%
—
—%
—
51,700
0.29%
100
51,700
0.29%
100
1,900
0.3%
—
78%
Namosi Open Pit
73.24%
—
—%
—
105,500
0.61%
600
105,500
0.61%
600
1,346,900
0.3%
4,300
84%
Namosi Underground
73.24%
—
—%
—
—
—%
—
—
—%
—
209,900
0.4%
900
92%
Total Namosi, Fiji (12)(14)
73.24%
—
—%
—
105,500
0.61%
600
105,500
0.61%
600
1,556,800
0.3%
5,200
85%
Wafi-Golpu, Papua New Guinea (12)(14)
50%
—
—%
—
140,800
0.73%
1,000
140,800
0.73%
1,000
91,900
0.7%
600
95%
NGM, United States (11)
38.5%
—
—%
—
136,000
0.15%
200
136,000
0.15%
200
19,300
0.2%
—
65%
Total Copper
565,300
0.28%
1,600
4,676,100
0.29%
13,500
5,241,400
0.29%
15,000
3,606,800
0.3%
10,900
88%
(1)
Resources are reported exclusive of
reserves. Amounts presented may not recalculate in total due to
rounding.
(2)
At December 31, 2024 and 2023, copper
resources at sites in which Newmont is the operator were estimated
at a copper price of $4.00 per pound, unless otherwise noted.
Resources provided by other operators may use pricing that differs.
Tonnage amounts have been rounded to the nearest 100,000.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
(4)
Copper resources related to the
underground mine at December 31, 2024 were estimated at a copper
price of $3.40 per pound.
(5)
Project is currently undeveloped. Resource
estimates provided by Teck Resources.
(6)
Copper resources at December 31, 2024 were
estimated at a copper price of $3.50 per pound.
(7)
Copper resources related to the
undeveloped Yanacocha Sulfides project at December 31, 2024 were
estimated at a copper price of $3.25 per pound.
(8)
Project is currently undeveloped. Copper
resources at December 31, 2024 and 2023 were estimated at a copper
price of $3.00 per pound and were provided by the NuevaUnión joint
venture.
(9)
Project is currently undeveloped. Copper
resources at December 31, 2024 and 2023 were estimated at a copper
price of $3.25 per pound and were provided by the Norte Abierto
joint venture.
(10)
Copper resources related to the open pit
mine at December 31, 2024 were estimated at a copper price of $3.40
per pound.
(11)
Copper resources at December 31, 2024 and
2023 were provided by Barrick, the operator of the NGM joint
venture.
(12)
Currently included in the non-operating
segment Corporate and Other in Note 4 to the Consolidated Financial
Statements.
(13)
Amounts presented herein have been rounded
to the nearest 100,000 for tonnes and therefore may not agree to
the respective Technical Report Summaries provided for certain
properties as provided under exhibit 96.
(14)
Sites acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information. Copper resources at sites
acquired through the Newcrest transaction were estimated at a
copper price of $3.40 per pound at December 31, 2023, with the
exception of Havieron, for which copper resources were estimated
using Newmont's price assumptions, and certain legacy estimates,
which have applied older, more conservative price assumptions.
(15)
In the fourth quarter of 2024, the Company
completed the sale of the assets of the Telfer reportable segment,
which includes the Havieron development project. Refer to Note 3 to
the Consolidated Financial Statements for further information.
Silver Reserves (1)
December 31, 2024
December 31, 2023
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Brucejack, Canada (15)
100%
—
—
—
8,600
34.36
9,500
8,600
34.36
9,500
83%
11,500
34.71
12,800
Peñasquito Open Pits
100%
93,900
34.68
104,700
130,800
28.52
119,900
224,700
31.09
224,600
83%
264,500
33.84
287,800
Peñasquito Stockpiles (4)
100%
4,700
25.38
3,800
27,300
28.32
24,800
32,000
27.89
28,700
73%
26,500
29.18
24,900
Total Peñasquito, Mexico (5)(14)
100%
98,600
34.24
108,500
158,100
28.49
144,800
256,600
30.70
253,300
82%
291,000
33.42
312,600
Cerro Negro, Argentina
100%
2,200
89.85
6,400
7,100
65.87
15,000
9,300
71.58
21,400
75%
9,200
72.58
21,500
Yanacocha Open Pits and Underground
100%
—
—
—
93,400
19.89
59,800
93,400
19.89
59,800
54%
93,400
19.89
59,800
Yanacocha Stockpiles and Leach Pads
(4)(6)
100%
—
—
—
78,900
9.33
23,600
78,900
9.33
23,600
13%
86,000
9.07
25,100
Total Yanacocha, Peru (7)
100%
—
—
—
172,300
15.05
83,400
172,300
15.05
83,400
43%
179,500
14.70
84,800
Pueblo Viejo Open Pits
40%
32,200
12.44
12,900
49,500
11.49
18,300
81,700
11.86
31,200
71%
76,600
12.59
31,000
Pueblo Viejo Stockpiles (4)
40%
—
—
—
38,800
14.22
17,700
38,800
14.22
17,700
71%
39,700
14.48
18,500
Total Pueblo Viejo, Dominican Republic
(8)(13)
40%
32,200
12.44
12,900
88,300
12.69
36,000
120,500
12.62
48,900
71%
116,300
13.24
49,500
NuevaUnión, Chile (9)(13)
50%
—
—
—
1,118,000
1.31
47,200
1,118,000
1.31
47,200
66%
1,118,000
1.31
47,200
Norte Abierto, Chile (10)(13)
50%
—
—
—
598,800
1.52
29,300
598,800
1.52
29,300
74%
598,800
1.52
29,300
Cadia, Australia (11)(14)(15)
100%
—
—
—
1,051,800
0.67
22,800
1,051,800
0.67
22,800
68%
1,102,300
0.68
24,000
NGM Open Pit
38.5%
—
—
—
54,600
7.78
13,700
54,600
7.78
13,700
38%
60,800
6.93
13,600
NGM Stockpiles (4)
38.5%
3,200
7.87
800
—
—
—
3,200
7.87
800
38%
2,400
7.97
600
Total NGM, United States (12)(14)
38.5%
3,200
7.87
800
54,600
7.78
13,700
57,900
7.78
14,500
38%
63,200
6.97
14,200
Total Silver
136,200
29.37
128,600
3,257,700
3.83
401,600
3,393,800
4.86
530,200
71%
3,489,800
5.31
596,000
(1)
At December 31, 2024 and 2023, silver
reserves at sites for which Newmont is the operator were estimated
at a silver price of $20.00 per ounce, unless otherwise noted.
Reserves provided by other operators may use pricing that differs.
Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Ounces are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Ounces may not recalculate as they are rounded to the nearest
100,000.
(4)
Stockpiles are comprised primarily of
material that has been set aside to allow processing of higher
grade material in the mills. Stockpiles increase or decrease
depending on current mine plans. Stockpile reserves are reported
separately where ounces exceed 100,000 and are greater than 5% of
the total site-reported reserves.
(5)
The net smelter return value utilized in
2024 reserves not less than $14.10 per tonne.
(6)
Leach pad material is the material on
leach pads at the end of the year from which silver remains to be
recovered. In-process reserves are reported separately where ounces
exceed 100,000 and are greater than 5% of the total site-reported
reserves.
(7)
Silver reserves related to the undeveloped
Yanacocha Sulfides project at December 31, 2024 were estimated at a
silver price of $20.00 per ounce.
(8)
The Pueblo Viejo mine, which is 40% owned
by Newmont, is accounted for as an equity method investment. Silver
reserves at December 31, 2024 were estimated at a gold price of
$20.00 per ounce. Silver reserves at December 31, 2024 and 2023
were provided by Barrick, the operator of Pueblo Viejo.
(9)
Project is currently undeveloped. Silver
reserves at December 31, 2024 and 2023 were estimated at a silver
price of $18.00 per ounce and were provided by the NuevaUnión joint
venture.
(10)
Project is currently undeveloped. Silver
reserves at December 31, 2024 and 2023 were estimated at a silver
price of $22.00 per ounce and were provided by the Norte Abierto
joint venture.
(11)
The net smelter return value utilized in
2024 reserves not less than $21.70 per tonne.
(12)
Silver cut-off grade varies with gold and
copper credits. Silver reserves at December 31, 2024 were estimated
at a silver price of $24.00 per ounce. Silver reserves at December
31, 2024 and 2023 were provided by Barrick, the operator of the NGM
joint venture.
(13)
Currently included in the non-operating
segment Corporate and Other in Note 4 to the Consolidated Financial
Statements.
(14)
Amounts presented herein have been rounded
to the nearest 100,000 for ounces and tonnes and therefore may not
agree to the respective Technical Report Summaries provided for
certain properties as provided under exhibit 96.
(15)
Sites acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information. Silver reserves at sites
acquired through the Newcrest transaction were estimated at a
silver price of $18.00 per ounce at December 31, 2023.
Silver Resources (1)(2) -
December 31, 2024
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical Recovery (3)
Brucejack, Canada
100%
—
—
—
4,300
19.68
2,700
4,300
19.68
2,700
16,600
11.6
6,200
82%
Galore Creek, Canada (4)(12)
50%
212,800
4.08
27,900
385,600
4.77
59,100
598,400
4.52
87,000
118,900
2.6
9,900
73%
Peñasquito, Mexico
100%
48,200
27.22
42,200
163,100
24.84
130,300
211,300
25.39
172,400
21,100
25.4
17,200
80%
Noche Buena, Mexico (12)
50%
—
—
—
19,900
13.99
9,000
19,900
13.99
9,000
1,600
11.0
500
25%
Cerro Negro Underground
100%
100
70.12
300
700
61.42
1,400
900
62.67
1,700
7,300
26.5
6,200
76%
Cerro Negro Open Pit
100%
1,200
6.76
300
1,200
6.62
300
2,400
6.70
500
300
6.7
100
71%
Total Cerro Negro, Argentina
100%
1,300
12.61
500
1,900
27.54
1,700
3,200
21.43
2,200
7,600
25.7
6,300
75%
Conga, Peru (5)(12)
100%
—
—
—
693,800
2.06
45,900
693,800
2.06
45,900
175,000
1.1
6,300
70%
Yanacocha Open Pit
100%
16,300
6.71
3,500
103,900
10.16
33,900
120,200
9.69
37,400
26,300
13.4
11,400
43%
Yanacocha Leach Pad (6)
100%
—
—
—
—
—
—
—
—
—
62,700
2.2
4,500
4%
Yanacocha Underground
100%
500
0.37
—
6,200
37.02
7,300
6,700
34.23
7,400
3,400
40.4
4,400
83%
Total Yanacocha, Peru (7)
100%
16,800
6.52
3,500
110,100
11.66
41,300
126,900
10.98
44,800
92,400
6.8
20,300
47%
Pueblo Viejo, Dominican Republic
(8)(12)
40%
8,200
7.69
2,000
38,200
7.82
9,600
46,400
7.80
11,600
5,000
6.8
1,100
71%
NuevaUnión, Chile (9)(12)
50%
164,300
0.96
5,100
349,900
1.19
13,400
514,100
1.12
18,400
602,200
1.2
22,500
66%
Norte Abierto, Chile (10)(12)
50%
77,200
1.20
3,000
596,900
1.07
20,600
674,200
1.09
23,500
369,600
1.0
11,300
78%
Cadia, Australia
100%
—
—
—
1,245,100
0.65
26,100
1,245,100
0.65
26,100
549,400
0.4
7,900
67%
Wafi-Golpu, Papua New Guinea (12)
50%
—
—
—
53,600
4.42
7,600
53,600
4.42
7,600
15,500
4.5
2,200
45%
NGM Open Pit
38.5%
—
—
—
98,300
5.64
17,800
98,300
5.64
17,800
9,400
4.2
1,300
38%
NGM Stockpiles
38.5%
—
—
—
—
—
—
—
—
—
900
4.6
100
38%
NGM, United States (11)(13)
38.5%
—
—
—
98,300
5.64
17,800
98,300
5.64
17,800
10,300
4.2
1,400
38%
Total Silver
528,900
4.96
84,300
3,760,700
3.18
385,000
4,289,600
3.40
469,200
1,985,100
1.8
113,200
69%
Silver Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical Recovery (3)
Brucejack, Canada (14)
100%
—
—
—
1,800
8.09
500
1,800
8.09
500
12,100
10.0
3,900
85%
Galore Creek, Canada (4)(12)
50%
212,800
4.08
27,900
385,600
4.77
59,100
598,400
4.52
87,000
118,900
2.6
9,900
73%
Peñasquito, Mexico (13)
100%
37,400
24.48
29,400
157,300
25.12
127,100
194,700
25.00
156,500
22,800
25.4
18,700
79%
Noche Buena, Mexico (12)
50%
—
—
—
19,900
13.99
9,000
19,900
13.99
9,000
1,600
11.0
500
25%
Cerro Negro Underground
100%
100
61.50
200
900
60.12
1,800
1,000
60.28
2,000
5,900
27.5
5,200
75%
Cerro Negro Open Pit
100%
1,200
6.77
300
1,200
6.63
300
2,400
6.70
500
300
6.7
100
71%
Total Cerro Negro, Argentina
100%
1,300
11.71
500
2,100
30.02
2,000
3,400
22.95
2,500
6,200
26.4
5,300
75%
Conga, Peru (12)
100%
—
—
—
693,800
2.06
45,900
693,800
2.06
45,900
175,000
1.1
6,300
70%
Yanacocha Open Pit
100%
16,100
6.76
3,500
105,200
10.43
35,300
121,300
9.94
38,800
26,400
13.5
11,500
44%
Yanacocha Underground
100%
500
0.37
—
6,200
37.02
7,300
6,700
34.23
7,400
3,400
40.4
4,400
83%
Total Yanacocha, Peru
100%
16,600
6.57
3,500
111,300
11.91
42,600
128,000
11.21
46,100
29,800
16.6
15,900
51%
Pueblo Viejo, Dominican Republic
(8)(12)
40%
7,300
7.96
1,900
37,300
8.04
9,600
44,600
8.02
11,500
3,200
8.1
800
74%
NuevaUnión, Chile (9)(12)
50%
164,300
0.96
5,100
349,900
1.19
13,400
514,100
1.12
18,400
602,200
1.2
22,500
66%
Norte Abierto, Chile (10)(12)
50%
77,200
1.20
3,000
596,900
1.07
20,600
674,200
1.09
23,500
369,600
1.0
11,300
78%
Cadia, Australia (13)(14)
100%
—
—
—
1,596,600
0.61
31,300
1,596,600
0.61
31,300
497,000
0.5
7,500
65%
Wafi-Golpu, Papua New Guinea (12)(14)
50%
—
—
—
53,600
4.42
7,600
53,600
4.42
7,600
15,500
4.5
2,200
45%
NGM Open Pit
38.5%
—
—
—
93,000
5.59
16,700
93,000
5.59
16,700
16,700
5.4
2,900
38%
NGM Stockpiles
38.5%
—
—
—
—
—
—
—
—
—
1,800
5.6
300
38%
NGM, United States (11)
38.5%
—
—
—
93,000
5.59
16,700
93,000
5.59
16,700
18,400
5.4
3,200
38%
Total Silver
516,900
4.29
71,300
4,099,200
2.92
385,400
4,616,200
3.08
456,700
1,872,300
1.8
108,100
68%
(1)
Resources are reported exclusive of
reserves. Amounts presented may not recalculate in total due to
rounding.
(2)
At December 31, 2024 and 2023, silver
resources at sites in which Newmont is the operator were estimated
at a silver price of $23.00 per ounce, unless otherwise noted.
Resources provided by other operators may use pricing that differs.
Tonnage amounts have been rounded to the nearest 100,000.
(3)
Ounces are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Ounces may not recalculate as they are rounded to the nearest
100,000.
(4)
Project is currently undeveloped. Resource
estimates provided by Teck Resources.
(5)
Silver resources at December 31, 2024 were
estimated at a silver price of $26.00 per ounce.
(6)
Leach pad material is the material on
leach pads at the end of the year from which silver remains to be
recovered. In-process resources are reported separately where
ounces exceed 100,000 and are greater than 5% of the total
site-reported resources.
(7)
Silver resources related to the
undeveloped Yanacocha Sulfides project at December 31, 2024 were
estimated at a silver price of $23.00 per ounce.
(8)
Silver resources at December 31, 2024 were
estimated at a silver price of $24.00 per ounce. Silver resources
at December 31, 2024 and 2023 were provided by Barrick, the
operator of the Pueblo Viejo.
(9)
Project is currently undeveloped. Silver
resources at December 31, 2024 and 2023 were estimated at a silver
price of $18.00 per ounce and were provided by the NuevaUnión joint
venture.
(10)
Project is currently undeveloped. Silver
resources at December 31, 2024 and 2023 were estimated at a silver
price of $20.00 per ounce and were provided by the Norte Abierto
joint venture.
(11)
Silver resources at December 31, 2024 and
2023 were estimated at a silver price of $24.00 per ounce. Silver
resources at December 31, 2024 and 2023 were provided by Barrick,
the operator of the NGM joint venture.
(12)
Currently included in the non-operating
segment Corporate and Other in Note 4 to the Consolidated Financial
Statements.
(13)
Amounts presented herein have been rounded
to the nearest 100,000 for ounces and tonnes and therefore may not
agree to the respective Technical Report Summaries provided for
certain properties as provided under exhibit 96.
(14)
Sites acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information. Silver resources at sites
acquired through the Newcrest transaction were estimated at a
silver price of $21.00 per ounce at December 31, 2023, with the
exception of certain legacy estimates, which have applied older,
more conservative price assumptions.
Lead Reserves (1)
December 31, 2024
December 31, 2023
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Metallurgical Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Peñasquito Open Pits, Mexico (4)(6)
100%
93,900
0.35%
300
130,800
0.27%
400
224,700
0.30%
700
75%
264,500
0.32%
900
Peñasquito Stockpiles, Mexico
(4)(5)(6)
100%
4,700
0.28%
—
27,300
0.37%
100
32,000
0.36%
100
68%
26,500
0.37%
100
Total Lead
98,600
0.35%
300
158,100
0.29%
500
256,600
0.31%
800
74%
291,000
0.33%
900
(1)
At December 31, 2024 and 2023, lead
reserves were estimated at a lead price of $0.90 and $1.00 per
pound, respectively. Amounts presented may not recalculate in total
due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
(4)
The net smelter return value utilized in
2024 reserves not less than $14.10 per tonne.
(5)
Stockpiles are comprised primarily of
material that has been set aside to allow processing of higher
grade material in the mills. Stockpiles increase or decrease
depending on current mine plans. Stockpile reserves are reported
separately where pounds exceed 100 million and are greater than 5%
of the total site-reported reserves.
(6)
Amounts presented herein have been rounded
to the nearest 100,000 for tonnes and therefore may not agree to
the respective Technical Report Summaries provided for certain
properties as provided under exhibit 96.
Lead Resources (1)(2) -
December 31, 2024
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Metallurgical Recovery (3)
Peñasquito, Mexico
100%
48,200
0.25%
100
163,100
0.23%
400
211,300
0.23%
500
21,100
0.2%
—
73%
Total Lead
48,200
0.25%
100
163,100
0.23%
400
211,300
0.23%
500
21,100
0.2%
—
73%
Lead Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Pb %)
Tonnes (3)
(000)
Metallurgical Recovery (3)
Peñasquito, Mexico (4)
100%
37,400
0.28%
100
157,300
0.24%
400
194,700
0.24%
500
22,800
0.2%
100
72%
Telfer Projects, Australia (5)(6)
100%
—
—%
—
51,700
0.30%
200
51,700
0.30%
200
1,900
0.2%
—
89%
Total Lead
37,400
0.28%
100
209,100
0.25%
500
246,500
0.26%
600
24,700
0.2%
100
76%
(1)
Resources are reported exclusive of
reserves.
(2)
At December 31, 2024 and 2023, lead
resources were estimated at a lead price of $1.00 and $1.20 per
pound, respectively. Tonnage amounts have been rounded to the
nearest 100,000.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
(4)
Amounts presented herein have been rounded
to the nearest 100,000 for tonnes and therefore may not agree to
the respective Technical Report Summaries provided for certain
properties as provided under exhibit 96.
(5)
Site acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information. Lead resources at sites
acquired through the Newcrest transaction were estimated at a lead
price of $1.07 per pound at December 31, 2023.
(6)
In the fourth quarter of 2024, the Company
completed the sale of the assets of the Telfer reportable segment,
which includes the Havieron development project. Refer to Note 3 to
the Consolidated Financial Statements for further information.
Zinc Reserves (1)
December 31, 2024
December 31, 2023
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Peñasquito Open Pits, Mexico (4)(6)
100%
93,900
0.81%
800
130,800
0.60%
800
224,700
0.69%
1,500
83%
264,500
0.79%
2,100
Peñasquito Stockpiles, Mexico
(4)(5)(6)
100%
4,700
0.80%
—
27,300
0.54%
100
32,000
0.58%
200
75%
26,500
0.53%
100
Total Zinc
98,600
0.81%
800
158,100
0.59%
900
256,600
0.68%
1,700
82%
291,000
0.77%
2,200
(1)
At December 31, 2024 and 2023, zinc
reserves were estimated at a zinc price of $1.20 per pound. Amounts
presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
(4)
The net smelter return value utilized in
2024 reserves not less than $14.10 per tonne.
(5)
Stockpiles are comprised primarily of
material that has been set aside to allow processing of higher
grade material in the mills. Stockpiles increase or decrease
depending on current mine plans. Stockpile reserves are reported
separately where pounds exceed 100 million and are greater than 5%
of the total site-reported reserves.
(6)
Amounts presented herein have been rounded
to the nearest 100,000 for tonnes and therefore may not agree to
the respective Technical Report Summaries provided for certain
properties as provided under exhibit 96.
Zinc Resources (1)(2) -
December 31, 2024
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Metallurgical Recovery (3)
Peñasquito, Mexico
100%
48,200
0.69%
300
163,100
0.55%
900
211,300
0.59%
1,200
21,100
0.6%
100
81%
Total Zinc
48,200
0.69%
300
163,100
0.55%
900
211,300
0.59%
1,200
21,100
0.6%
100
81%
Zinc Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Zn %)
Tonnes (3)
(000)
Metallurgical Recovery (3)
Peñasquito, Mexico (4)
100%
37,400
0.69%
300
157,300
0.59%
900
194,700
0.61%
1,200
22,800
0.6%
100
81%
Telfer Projects, Australia (5)(6)
100%
—
—%
—
51,700
0.30%
300
51,700
0.30%
300
1,900
0.2%
—
89%
Total Zinc
37,400
0.69%
300
209,100
0.60%
1,300
246,500
0.61%
1,500
24,700
0.6%
100
80%
(1)
Resources are reported exclusive of
reserves.
(2)
At December 31, 2024 and 2023, zinc
resources were estimated at a zinc price of $1.30 and $1.45 per
pound, respectively. Tonnage amounts have been rounded to the
nearest 100,000.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
(4)
Amounts presented herein have been rounded
to the nearest 100,000 for tonnes and therefore may not agree to
the respective Technical Report Summaries provided for certain
properties as provided under exhibit 96.
(5)
Site acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information. Zinc resources at sites
acquired through the Newcrest transaction were estimated at a zinc
price of $1.15 per pound at December 31, 2023.
(6)
In the fourth quarter of 2024, the Company
completed the sale of the assets of the Telfer reportable segment,
which includes the Havieron development project. Refer to Note 3 to
the Consolidated Financial Statements for further information.
Molybdenum Reserves
(1)
December 31, 2024
December 31, 2023
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
NuevaUnión, Chile (4)(5)
50%
—
— %
—
776,900
0.02 %
100
776,900
0.02 %
100
48%
776,900
0.02%
100
Cadia, Australia (6)(7)(8)
100%
—
— %
—
1,040,600
0.01 %
100
1,040,600
0.01 %
100
67%
1,085,100
0.01%
100
Total Molybdenum
—
— %
—
1,817,500
0.01 %
200
1,817,500
0.01 %
200
56%
1,862,000
0.01%
200
(1)
At December 31, 2024 and 2023, molybdenum
reserves at sites for which Newmont is the operator were estimated
at a molybdenum price of $13.00 and $8.00 per pound, respectively,
unless otherwise noted. Amounts presented may not recalculate in
total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
(4)
Project is currently undeveloped.
Molybdenum reserves at December 31, 2024 and 2023 were estimated at
a molybdenum price of $10.00 per pound and were provided by the
NuevaUnión joint venture.
(5)
Currently included in the non-operating
segment Corporate and Other in Note 4 to the Consolidated Financial
Statements.
(6)
The net smelter return value utilized in
2024 reserves not less than $21.70 per tonne.
(7)
Amounts presented herein have been rounded
to the nearest 100,000 for tonnes and therefore may not agree to
the respective Technical Report Summaries provided for certain
properties as provided under exhibit 96.
(8)
Site acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information.
Molybdenum Resources (1)(2) -
December 31, 2024
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Metallurgical Recovery (3)
NuevaUnión, Chile (4)
50%
159,500
0.01%
—
231,500
0.01%
—
391,000
0.01%
—
362,300
—%
—
52%
Cadia, Australia
100%
—
—%
—
1,173,900
0.01%
100
1,173,900
0.01%
100
509,600
—%
—
72%
Total Molybdenum
159,500
0.01%
—
1,405,400
0.01%
100
1,564,900
0.01%
100
872,000
—%
100
62%
Molybdenum Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(Mo %)
Tonnes (3)
(000)
Metallurgical Recovery (3)
NuevaUnión, Chile (4)
50%
159,500
0.01%
—
231,500
0.01%
—
391,000
0.01%
—
362,300
—%
—
52%
Cadia, Australia (5)(6)
100%
—
—%
—
1,515,400
0.01%
100
1,515,400
0.01%
100
497,000
—%
—
72%
Total Molybdenum
159,500
0.01%
—
1,746,900
0.01%
100
1,906,400
0.01%
100
859,400
—%
100
60%
(1)
Resources are reported exclusive of
reserves.
(2)
At December 31, 2024 and 2023, molybdenum
resources at sites in which Newmont is the operator were estimated
at a molybdenum price of $16.00 and $10.00 per pound, respectively,
unless otherwise noted. Tonnage amounts have been rounded to the
nearest 100,000.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
(4)
Project is currently undeveloped and is
included in Corporate and Other in Note 4 to the Consolidated
Financial Statements. Molybdenum resources at December 31, 2024 and
2023 were estimated at a molybdenum price of $10.00 per pound and
were provided by the NuevaUnión joint venture.
(5)
Amounts presented herein have been rounded
to the nearest 100,000 for tonnes and therefore may not agree to
the respective Technical Report Summaries provided for certain
properties as provided under exhibit 96.
(6)
Site acquired through the Newcrest
transaction. Refer to Note 3 to the Consolidated Financial
Statements for further information.
Tungsten Resources at December
31, 2023 (1)(2)
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(W %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(W %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(W %)
Tonnes (3)
(000)
Tonnage
(000 tonnes)
Grade
(W %)
Tonnes (3)
(000)
Metallurgical Recovery (3)
Telfer Projects, Australia
100%
—
—%
—
51,700
0.35%
200
51,700
0.35%
200
1,900
0.4%
—
74%
Total Tungsten
—
—%
—
51,700
0.35%
200
51,700
0.35%
200
1,900
0.4%
—
74%
(1)
Resources are reported exclusive of
reserves.
(2)
At December 31, 2023, tungsten resources
were estimated at a tungsten price of $16.00 per pound. Tonnage
amounts have been rounded to the nearest 100,000. The Telfer
reportable segment was acquired in 2023 through the Newmont
transaction and subsequently sold in the fourth quarter of 2024.
Refer to Note 3 to the Consolidated Financial Statements for
further information. Due to the sale, the Company had no tungsten
reserves at December 31, 2024.
(3)
Tonnes are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Tonnes may not recalculate as they are rounded to the nearest
100,000.
Cautionary Statement Regarding Reserve
and Resource Estimates:
The reserves stated herein were prepared in compliance with
Subpart 1300 of Regulation S-K adopted by the United States
Securities and Exchanges Commission ("the SEC") and represent the
amount of gold, copper, silver, lead, zinc, molybdenum and tungsten
estimated, at December 31, 2024 or December 31, 2023, as
applicable, could be economically and legally extracted or produced
at the time of the reserve determination. The term “economically,”
as used in this definition, means that profitable extraction or
production has been established or analytically demonstrated in at
a minimum, a pre-feasibility study to be viable and justifiable
under reasonable investment and market assumptions. The term
“legally,” as used in this definition, does not imply that all
permits needed for mining and processing have been obtained or that
other legal issues have been completely resolved. However, for a
reserve to exist, Newmont (or our joint venture partners) must have
a justifiable expectation, based on applicable laws and
regulations, that issuance of permits or resolution of legal issues
necessary for mining and processing at a particular deposit will be
accomplished in the ordinary course and in a timeframe consistent
with Newmont’s (or our joint venture partners') current mine plans.
Reserves in this presentation are aggregated from the proven and
probable classes. The term “Proven reserves” used in the tables of
the appendix means reserves for which (a) quantity is estimated
from dimensions revealed in outcrops, trenches, workings or drill
holes; (b) grade and/or quality are estimated from the results of
detailed sampling; and (c) the sites for inspection, sampling and
measurements are spaced so closely and the geologic character is
sufficiently defined that size, shape, depth and mineral content of
reserves are well established. The term “Probable reserves” means
reserves for which quantity and grade are estimated from
information similar to that used for Proven reserves, but the sites
for sampling are farther apart or are otherwise less closely
spaced. The degree of assurance, although lower than that for
Proven reserves, is high enough to assume continuity between points
of observation. Newmont classifies all reserves as Probable on its
development projects until a year of production has confirmed all
assumptions made in the reserve estimates. Proven and Probable
reserves include gold, copper, silver, zinc, lead, molybdenum or
tungsten attributable to Newmont’s ownership or economic interest.
Proven and Probable reserves were calculated using cut-off grades.
The term “cutoff grade” means the lowest grade of mineralized
material considered economic to process. Cut-off grades vary
between deposits depending upon prevailing economic conditions,
mineability of the deposit, by-products, amenability of the ore to
gold, copper, silver, zinc, lead, molybdenum or tungsten extraction
and type of milling or leaching facilities available.
Estimates of Proven and Probable reserves are subject to
considerable uncertainty. Such estimates are, or will be, to a
large extent, based on the prices of gold, silver, copper, zinc,
lead, molybdenum and tungsten and interpretations of geologic data
obtained from drill holes and other exploration techniques, which
data may not necessarily be indicative of future results. If our
reserve estimations are required to be revised using significantly
lower gold, silver, zinc, copper, lead, molybdenum and tungsten
prices as a result of a decrease in commodity prices, increases in
operating costs, reductions in metallurgical recovery or other
modifying factors, this could result in material write-downs of our
investment in mining properties, goodwill and increased
amortization, reclamation and closure charges. Producers use
pre-feasibility and feasibility studies for undeveloped ore bodies
to derive estimates of capital and operating costs based upon
anticipated tonnage and grades of ore to be mined and processed,
the predicted configuration of the ore body, expected recovery
rates of metals from the ore, the costs of comparable facilities,
the costs of operating and processing equipment and other factors.
Actual operating and capital cost and economic returns on projects
may differ significantly from original estimates. Further, it may
take many years from the initial phases of exploration until
commencement of production, during which time, the economic
feasibility of production may change. Estimates of resources are
subject to further exploration and development, are subject to
additional risks, and no assurance can be given that they will
eventually convert to future reserves. Inferred resources, in
particular, have a great amount of uncertainty as to their
existence and their economic and legal feasibility. Investors are
cautioned not to assume that any part of all of the Inferred
resource exists or is economically or legally mineable. The Company
cannot be certain that any part or parts of the resource will ever
be converted into reserves. In addition, if the price of gold,
silver, copper, zinc, lead, molybdenum or tungsten declines from
recent levels, if production costs increase, grades decline,
recovery rates decrease or if applicable laws and regulations are
adversely changed, the indicated level of recovery may not be
realized or mineral reserves or resources might not be mined or
processed profitably. If we determine that certain of our mineral
reserves or resources have become uneconomic, this may ultimately
lead to a reduction in our aggregate reported mineral reserves and
resources. Consequently, if our actual mineral reserves and
resources are less than current estimates, our business, prospects,
results of operations and financial position may be materially
impaired. For additional information see the “Proven and Probable
Reserve" and "Measured and Indicated and Inferred Resource" tables
herein.
Cautionary Statement Regarding Forward
Looking Statements:
This release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by the safe harbor created by such
sections and other applicable laws. Such forward-looking statements
may include, without limitation, estimates and expectations of
future production, reserve estimates, exploration outlook and
expected expenditure, and operational and financial performance.
Where the Company expresses or implies an expectation or belief as
to future events or results, such expectation or belief is
expressed in good faith and believed to have a reasonable basis.
However, such statements are subject to risks, uncertainties,
assumptions and other factors, which could cause actual results to
differ materially from future results expressed or implied by the
“forward-looking statements”. Such assumptions, include, but are
not limited to the key assumptions set forth on page 5 herein.
Investors are also encouraged to refer to the Company’s Form 10-K
for its fiscal year 2024, filed with the SEC on, or about, February
21, 2025, as well as Newmont's other SEC filings, under the
headings “Risk Factors” and “Forward-Looking Statements” for
additional information. The Company does not undertake any
obligation to release publicly revisions to any “forward-looking
statement,” including, without limitation, outlook, to reflect
events or circumstances after the date of this news release, or to
reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws. Investors should not
assume that any lack of update to a previously issued
“forward-looking statement” constitutes a reaffirmation of that
statement. Continued reliance on “forward-looking statements” is at
investors' own risk.
Note Regarding Go-Forward Tier 1
Portfolio:
Newmont’s go-forward Tier 1 portfolio is focused on Tier 1
assets, consisting of (1) six managed Tier 1 assets (Boddington,
Tanami, Cadia, Lihir, Peñasquito, and Ahafo), (2) assets owned
through two non-managed joint ventures at Nevada Gold Mines and
Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez,
Turquoise Ridge, and Pueblo Viejo), (3) three emerging Tier 1
assets (Merian, Cerro Negro, and Yanacocha), which do not currently
meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1
district in the Golden Triangle in British Columbia (Red Chris and
Brucejack), which does not currently meet the criteria for Tier 1
Asset. Newmont’s Tier 1 portfolio also includes attributable
production from the Company’s equity interest in Lundin Gold (Fruta
del Norte). Tier 1 Portfolio cost and capital metrics include the
proportional share of the Company’s interest in the Nevada Gold
Mines joint venture.
Tier 1 Assets are defined as having, on average over such
asset’s mine life: (1) production of over 500,000 GEO’s/year on a
consolidated basis, (2) average all-in sustaining cost ("AISC") /
oz in the lower half of the industry cost curve, (3) an expected
mine life of over 10 years, and (4) operations in countries that
are classified in the A and B rating ranges for Moody’s, S&P
and Fitch. For the definition of GEOs and AISC, see Newmont’s
annual report on Form 10-K on file with the SEC. With respect to
other assets in the industry, such terms and metrics are as
published in public filings of the third party entities reporting
with respect to those assets. Our methods of calculating operating
metrics, such as AISC, and those of third parties may differ for
similarly titled metrics published by other parties due to
differences in methodology.
Note that this classification is based on the reasonable good
faith expectations of management as of the date hereof based on an
assessment that considers past performance, as well as expectations
over the remainder of the life of mine. As such, Tier 1 Asset
classifications are forward-looking statement with respect to the
average over the life of mine. For example, an asset may not fit
one element of such definition due to a change over a select
period, but continue to be designated as a Tier 1 Asset based on an
aggregated assessment of the asset over the life of mine. Estimates
or expectations of future production, AISC, mine life and country
ratings are based upon certain assumptions, which may prove to be
incorrect. Such assumptions, include, but are not limited to: (i)
there being no significant change to current geotechnical,
metallurgical, hydrological and other physical conditions; (ii)
permitting, development, operations and expansion of Newmont’s
operations and projects being consistent with current expectations
and mine plans; (iii) political developments being consistent with
current expectations; (iv) certain price assumptions for gold,
copper, silver, zinc, lead and oil; (v) prices for key supplies;
(vi) the accuracy of current mineral reserve, mineral resource and
mineralized material estimates; and (vii) other planning
assumptions.
About Newmont
Newmont is the world’s leading gold company and a producer of
copper, zinc, lead, and silver. The company’s world-class portfolio
of assets, prospects and talent is anchored in favorable mining
jurisdictions in Africa, Australia, Latin America & Caribbean,
North America, and Papua New Guinea. Newmont is the only gold
producer listed in the S&P 500 Index and is widely recognized
for its principled environmental, social, and governance practices.
Newmont is an industry leader in value creation, supported by
robust safety standards, superior execution, and technical
expertise. Founded in 1921, the company has been publicly traded
since 1925.
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version on businesswire.com: https://www.businesswire.com/news/home/20250220938621/en/
Investor Contact - Global Neil
Backhouse investor.relations@newmont.com Investor Contact - Asia Pacific Natalie Worley
apac.investor.relations@newmont.com Media
Contact - Global Shannon Lijek
globalcommunications@newmont.com Media
Contact - Asia Pacific Rosalie Cobai
australiacommunications@newmont.com
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