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Investor Presentation February 2018

This document is an investor presentation from Newmont Mining Corporation given at a BMO Metals & Mining Conference in February 2018. It summarizes Newmont's financial and operating performance in recent years, current projects and growth plans, and strategy for delivering long-term value to shareholders through profitable production, an industry-leading project pipeline, and returning cash to shareholders.

Investor Presentation February 2018
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 2February 2018 Cautionary statement Cautionary statement regarding forward looking statements: This presentation contains “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: (i) estimates of future production and sales; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures; (iv) estimates of future cost reductions and efficiencies; (v) expectations regarding the development, growth and potential of the Company’s operations, projects and investment, including, without limitation, returns, IRR, schedule, decision dates, mine life, commercial start, first production, capital average production, average costs and upside potential; (vi) expectations regarding future free cash flow generation, liquidity and balance sheet strength; (vii) estimates of future closure costs and liabilities; and (vii) expectations of future dividends and returns to shareholders. Estimates or expectations of future events or results 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 the Company’s operations and projects being consistent with current expectations and mine plans, including without limitation receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineralized material estimates; and (viii) other assumptions noted herein. 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 and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the “forward-looking statements”. Other risks relating to forward looking statements in regard to the Company’s business and future performance may include, but are not limited to, gold and other metals price volatility, currency fluctuations, operational risks, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political risk, community relations, conflict resolution governmental regulation and judicial outcomes and other risks. For a more detailed discussion of such risks and other factors, see the Company’s 2017 Annual Report on Form 10-K, filed on February 22, 2018, with the Securities and Exchange Commission (SEC) as well as the Company’s other SEC filings. 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 presentation, 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. Investors are reminded that this presentation should be read in conjunction with Newmont’s 2017 Annual Report on Form 10-K, available on the SEC website and www.newmont.com.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 3February 2018 2013 2014 2015 2016 2017 Akyem on line Phoenix copper leach on line Midas sold Jundee sold Penmont sold Merian funded Debt reduced Waihi sold Long Canyon funded CC&V acquired Debt reduced DJSI sector leader PTNNT sold Merian on line Long Canyon on line Debt reduced DJSI sector leader Tanami Exp on line Ahafo Exp funded 5-yr outlook improved Reserves replaced Dividend increased DJSI sector leader Proven strategy for long-term value creation
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 4February 2018 Tanami Expansion Steady trajectory of improved performance Financial metric FY 2016 FY 2017 Change Attributable gold production (Koz) 4,898 5,266 +8% AISC ($/oz) $912 $924 +1% Adjusted Net Income6 ($M) $619 $780 +26% Adjusted Net Income6 ($/diluted share) $1.16 $1.46 +26% Adjusted EBITDA4 ($M) $2,365 $2,653 +12% Free Cash Flow3 ($M) $790 $1,484 +88%
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 5February 2018 All-in sustaining costs1 down 21% Superior operational execution Total injury rates* down 49% 0.46 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 $924 *Total recordable injury frequency rates per 200,000 hours worked Reforestation near Akyem
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 6February 2018 Peru AISC/oz & Koz/year represent first 5-year project averages except for Quecher Main (see *** below) * Represents processing life for Twin Underground ** Average annual improvement to Ahafo compared to 2016 *** Production represents Yanacocha (100%) from 2020 – 2025; AISC represents incremental unit costs 2020 – 2025 **** Capital includes $225 – $275M for a lease paid over a 10 year term beginning in 2019 Sustaining profitable production Project Mine life (yrs) Cost (AISC/oz) Production (Koz/yr) Capital ($M) IRR (%) Merian (75%) 15 $650 – $750 300 – 375 ~$525 >25% Long Canyon Phase 1 8 $500 – $600 100 – 150 ~$225 >25% Tanami expansion +3 $700 – $750 ~ 80 ~$120 >35% Northwest Exodus +10 ~$25 lower 50 – 75 $50 – $70 >40% Ahafo Mill expansion – reduced by $250 – $350** 75 – 100 $140 – $180 >20% Subika Underground 11 150 – 200 $160 – $200 >20% Twin Underground 13* $650 – $750 30 – 40 $45 – $55 ~20% Quecher Main*** 8 $900 – $1,000 ~200 $250 – $300 >10% Tanami Power**** Lowers risk and reduces site power cost by ~20% $225 – $275 >50%
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 7February 2018 2017 attributable gold Reserves2 (Moz) 68.5 6.4 4.4 1.9 0.1 68.5 55 60 65 70 75 80 Actual2016 Depletion Additions Revisions Acquisitions Actual2017 46% – North America 37% – Australia 12% – Africa 5% – South America Sensitivity to gold price $1,000 ~58Moz $1,100 ~63Moz $1,200 ~68Moz $1,300 ~73Moz $1,400 ~80Moz Offsetting Reserves depletion
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 8February 2018 Australia Boddington Kalgoorlie − Morrison Tanami − Tanami Power − Tanami Expansion 2 North America Carlin − Northwest Exodus − Greater Leeville − Pete Bajo exp. Twin Creeks − Twin UG Phoenix Long Canyon − Long Canyon Phase 2 CC&V South America Merian − Sabajo Yanacocha − Quecher Main − Yanacocha Sulfides Africa Ahafo − Mill exp − Subika UG − Awonsu − Ahafo UG Akyem − Akyem UG Ahafo North Operations and sustaining projects Global portfolio of long-life assets Improvements since 2012 3 new lower cost mines 9 profitable expansions Average project IRR >20% $2.8B in non-core asset sales Improved value and risk profile Current projects Mid-term projects Long-term projects 2018E gold production* North America 41% South America 12% Africa 16% Australia 31% * Estimated attributable gold production; see Endnote 5
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 9February 2018 Long-term projects (>3 years; not in outlook) Morrison Leading project pipeline and track record Greenfields Conceptual/ Scoping Prefeasibility/ Feasibility Definitive Feasibility Execution Eastern Great Basin Andes Guiana Shield Ethiopia Australia Long Canyon Ph 2 Pete Bajo Expansion Greater Leeville Sabajo Akyem Underground Yanacocha Sulfides Awonsu Ahafo Underground Ahafo North Tanami Expansion 2 Twin Underground Quecher Main Northwest Exodus Subika Underground ~10 years Current Ahafo Mill Expansion Canadian Yukon Colombia Sustaining projects (in outlook) Current projects (in outlook) Mid-term projects (<3 years; not in outlook) Tanami power
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 10February 2018 - 1.0 2.0 3.0 4.0 5.0 6.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Projected production profile (Moz)* Industry-leading long-term pipeline * Estimated attributable gold production; see Endnote 5 ** Prefeasibility projects include Yanacocha Sulfides and Tanami Expansion 2 Steady long-term production profile Existing assets and sustaining projects Divested Current projects Mid-term projects Prefeasibility projects** FCF/share3 up $4.42 since 2012
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 11February 2018 Carlin gold pour Guidance metric 2018E 2019E 2020E – 2022E Gold production (Moz) 4.9 – 5.4 Moz 4.9 – 5.4 Moz 4.6 – 5.1 Moz CAS ($/oz) $700 – $750 $620 – $720 $650 – $750 AISC ($/oz) $965 – $1,025 $870 – $970 $870 – $970 Sustaining capital ($M) $600 – $700 $600 – $700 $550 – $650 Development capital ($M) $600 – $680 $100 – $150 ~$50 Total capital* ($M) $1,200 – $1,300 $730 – $830 $580 – $680 Improved cost and production outlook *Includes $225-$275M for a capital lease related to the Tanami Power Project paid over a 10 year term beginning in 2019
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 12February 2018 • Piloting autonomous equipment and centralized asset health center • Shipping first CC&V concentrates for processing in Nevada • Progressing underground expansions at Carlin, Twin Creeks and Long Canyon • Pursuing greenfields prospects in Canada and the US Advancing expansions in North America Long Canyon CarlinOperating autonomous loaders at Leeville
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 13February 2018 Expanding footprint in South America • Improved mine and mill performance at Merian; primary crusher on track • Progressing Quecher Main as oxide bridge to Yanacocha sulfides • Supporting safe and efficient development of Buriticá in Colombia • Advancing exploration agreement for early stage prospect in French Guiana Mining first ore from Maraba at Merian
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 14February 2018 Progressing projects and districts in Africa • Completing primary crusher, mill foundation and leach tanks at Ahafo Mill Expansion • Mining third stope at Subika Underground; expect to reach commercial production in H2 • Ahafo North advancing to definitive feasibility study • Integrated approach to developing Ahafo underground; promising drilling results at Akyem Akyem Underground core samples
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 15February 2018 • Boddington’s next layback underway • Tanami power project approved and next expansion advancing • Remediating west wall slip at KCGM through H1 2018; expect to approve Morrison in H2 2018 • Progressing greenfields prospects in Western Australia and Northern Territory Pursuing profitable growth in Australia Boddington
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 16February 2018 Executing capital priorities 2013 2017 2013 20172013 2017 Maintaining an industry-leading balance sheet • Liquidity of $6.2B and net debt to EBITDA of 0.3X as of Q4 2017 • Generated ~$2.9B of free cash flow and reduced net debt by $4.4B since 2013 Investing in most promising growth options • Invested $7B in profitable growth and more than doubled ROCE7 to 10.7% since 2013 Returning cash to shareholders $1,411 $1,257 Gold price down ~11% Newmont FCF/share up $3.45 Newmont ROCE up 123% $2.77 ($0.68) 4.8% 10.7%
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 17February 2018 $0.025 $0.050 $0.050 $0.050 $0.075 $0.075 $0.140 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Delivering superior returns Quarterly dividend ($/share) Stable and sustainable dividend • Removes gold price-link and reflects steady production and cash flow profile Industry-leading dividend yield of ~1.5%* • Q4 declared dividend is 87% higher than Q3; nearly 3X higher than Q3 2016 Approved share repurchase program** • Offsets dilution from annual equity vesting *Assumes $38 share price; ** See Endnote 8
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 18February 2018 * Competitor average includes Agnico Eagle, AngloGold, Barrick, Gold Fields, Goldcorp, Kinross, Newcrest, Randgold and Yamana and is Reserve weighted as of 12/31/2016 ** Sourced from RBC Capital research report – competitor average includes Agnico Eagle, Barrick, Goldcorp and Kinross *** Need footnote Reserve base represents competitive advantage * Competitor average includes Agnico Eagle, AngloGold, Barrick, Gold Fields, Goldcorp, Kinross, Newcrest, Randgold and Yamana and is Reserve weighted as of 12/21/2016 ** Sourced from RBC Capital research report – competitor average includes Agnico Eagle, Barrick, Goldcorp and Kinross *** Need footnote vs gold sector average of 77Koz Reserves per Kshare vs gold sector average of 77oz/Kshares* Operating Reserves vs gold sector average of 9.9 yrs** Reserves based in US, Australia, Canada and Western Europe vs gold sector average of 29%* Reserve grade vs 2017 mined grade of 1.16 g/tonne 128oz 12yrs 73% 1.14g/t * Competitor average includes Agnico Eagle, AngloGold, Barrick, Gold Fields, Goldcorp, Kinross, Newcrest, Randgold and Yamana; Reserves weighted as of 12/31/2016; see Endnote 2 ** Sourced from RBC Capital research report – competitor average includes Agnico Eagle, Barrick, Goldcorp and Kinross Top quartile Total Shareholder Returns delivered since 2014
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 19February 2018 Leading in profitability and responsibility Tanami ore (Auron) • Safe, stable and profitable gold production over longer horizon • Ongoing margin, Reserves and Resources growth across four anchor regions • Superior balance sheet, dividends and sustainability performance
Appendix
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 21February 2018 2018 earnings and cash flow weighted to Q4 • North America – higher stripping and maintenance in first half; Silverstar production in Q4 • Australia – stable production with Tanami and KCGM offsetting Boddington stripping campaign • South America – mine sequencing in first three quarters; reaching higher grade ores in Q4 • Africa – H2 benefits from higher grades in Ahafo surface mines, Subika UG ramp-up Subika UndergroundAutomated haulage equipment at Subika Underground
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 22February 2018 1,631 1,643 2,024 2,211 2,010 – 2,170 1,800 – 2,000 1,900 – 2,100 $1,007 $979 $869 $895 $945 – $1,020 $870 – $970 $825 – $925 0 200 400 600 800 1000 1200 1400 1600 0 500 1000 1500 2000 2500 2014 2015 2016 2017 2018E 2019E 2020E Five operating complexes and 50-year track record of profitability and innovation • Higher stripping at Twin, Carlin partly offset by new underground production • Pursuing profitable longer-term growth at Carlin, Long Canyon, Plateau • Increasing value through fit-for-purpose technology, improved regional integration North America continues as cornerstone Attributable gold production and AISC trends and outlook (Koz and $/oz) AISC ($/oz)Gold production (Koz) Gold production outlook (Koz)
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 23February 2018 South America balancing profitability and growth $880 – 980 $850 – 950 $810 – 910 Source of profitable production and growth for nearly 25 years with expanding scope • Lower cost production from Merian offsetting declining oxide profile at Yanacocha • Focus on maximizing profitability and optimizing growth projects • Advancing near-mine expansions and early-stage prospects across Andes and Guiana Shield Attributable gold production and AISC trends and outlook (Koz and $/oz) AISC ($/oz)Gold production (Koz) Gold production outlook (Koz) 498 471 414 660 615-675 590-690 475-575 $1,001 $949 $1,052 $959 $945 - $1,045 $810 - $910 $970 - $1,070 0 200 400 600 800 1000 1200 1400 1600 0 100 200 300 400 500 600 700 2014 2015 2016 2017 2018E 2019E 2020E
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 24February 2018 1,640 1,665 1,641 1,573 1,530 – 1,670 1,440 – 1,640 1,380 – 1,580 $975 $818 $786 $823 $830 – $890 $840 – $940 $840 – $940 0 200 400 600 800 1000 1200 1400 1600 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2014 2015 2016 2017 2018E 2019E 2020E Australia growing margins and reserves Australia’s largest gold producer, responsible for 17% of country’s total production • Full Potential eliminates mill constraints, sets new standards for maintenance practices • Advancing profitable underground expansions and surface mine laybacks • Leveraging expertise, best practices across region Attributable gold production and AISC trends and outlook (Koz and $/oz) AISC ($/oz)Gold production (Koz) Gold production outlook (Koz)
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 25February 2018 Africa delivering improved performance and growth Attributable gold production and AISC trends and outlook (Koz and $/oz) $870 – 920 $960 – 1,060 $680 – 780 Ghana’s largest gold producer, responsible for 32% of country’s total production • Mine plan optimization, improved mill throughput and recovery delivering lower unit costs • Subika Underground and Ahafo Mill Expansion progressing on course • Advancing regional growth studies – prospective opportunities at surface and underground AISC ($/oz)Gold production (Koz) Gold production outlook (Koz) 914 805 819 822 815 – 875 1,085 – 1,185 880 – 980 $647 $718 $833 $823 $865 – $925 $700 – $800 $775 – $875 0 200 400 600 800 1000 1200 1400 -150 50 250 450 650 850 1050 1250 2014 2015 2016 2017 2018E 2019E 2020E
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 26February 2018 2018 Strategy Map Purpose Our purpose is to create value and improve lives through sustainable and responsible mining Strategy • Deliver superior operational execution • Sustain a global portfolio of long-life assets • Lead the gold sector in profitability and responsibility Elements Health & Safety Operational Excellence Growth People Sustainability & External Relations Strategic objectives • Culture of zero harm • Industry-leading health & safety performance • Culture of continuous improvement • Cost improvements more than offset inflation • Value accretive growth • Industry-leading return on capital employed (ROCE) • Competitive advantage through people • Leading engagement, leadership and inclusion • Access to land, resources and approvals • Reputation conveys competitive advantage Strategic drivers • Safety leadership • Fatality prevention • Employee engagement • Health and wellness • Business improvement • Portfolio optimization • Technical foundations • M&A, projects and exploration that improve portfolio value, longevity, cost and risk profile Industry-leading: • Employee engagement • Talent pipeline • Inclusion and diversity • Performance • Risk management • Reputation 2018 BP objectives • Eliminate fatalities by implementing critical controls and verification processes • Improve quality of pre- start meetings • Improve quality of SPE investigations and application of lessons learned • Reduce health exposures by implementing critical controls for key risks • Meet EBITDA target • Meet cash sustaining cost per gold equivalent ounce target • Meet gold and copper production targets • Achieve planned Full Potential improvements; progress upside • Deliver measurable IT/OT, cyber security and technology benefits • Deliver asset management improvements across portfolio • Deliver NW Exodus, Twin UG and Subika UG on time and budget • Advance Ahafo Mill Expansion, Quecher Main, Morrison, Tanami Power and CC&V concentrate projects • Progress strategic transactions • Achieve Reserve, Resource and Inventory targets • Increase focus on bench strength, employee and leadership development • Broaden workforce understanding of employee value proposition and brand • Progress inclusive environment and diverse representation • Leverage HR Full Potential for sustainable enterprise performance • Achieve 2018 public S&ER targets • Develop and implement global closure strategy • Implement Supplier Risk Management, including human rights pre- screening program and training • Measurably improve Newmont’s reputation for transparency and performance • Implement Phase 3 of Integrated Management System Values Safety Integrity Sustainability Inclusion Responsibility
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 27February 2018 Personal objectives Two-thirds of compensation linked to stock performance Operating performance Executive compensation tied to shareholder returns CEO target compensation Base salary 12% Personal bonus 6% Company bonus 13% Performance Stock Units 46% Restricted Stock Units 23%
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 28February 2018 2017 Incentives plan aligned to strategic objectivesHealth and Safety • Effective critical controls (leading) • Total injury rates (lagging) 20% Operational excellence • Value creation (adjusted EBITDA per share*) 30% • Efficiency (production costs) 30% Growth • Project execution (timing and spend) 10% • Exploration success (Reserves and Resources per share) 5% S&ER • Access (public targets) • Reputation (DJSI rating) 5% TOTAL 100% *Adjusted EBITDA per share represents Corporate Performance Bonus EBITDA per share to be defined in Annex A of Proxy Statement
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 29February 2018 Sustainability program aligned to best practice Active participation in leading organizations and initiatives Industry leader in setting and meeting public sustainability targets Current Targets Complaints and Grievances Close 100% of Tier 1 complaints and grievances within 30 days Water Achieve 80% of site water strategy targets and 100% completion of actions Closure and Reclamation Achieve 90% of concurrent final reclamation annual plan Community Commitments 90% completion of all community commitments by due date at all sites Local Employment Achieve target % determined by site Local Procurement Achieve spend target determined by region Security and Human Rights 100% completion of Critical Control Management Plan at all sites Diversity and Inclusion Increase enterprise-wide representation of women to 15% by 2018
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 30February 2018 Responsible, sustainable value creation Exploration Forging early, mutually beneficial relationships Development Construction Production Closure Post-Closure Values based company committed to transparency Mine closure planning Reducing energy emission intensity Ongoing social and environmental impact assessments Concurrent reclamation plans integrated into annual and long- term mine plans
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 31February 2018 Executive Leadership Team Gary Goldberg President and CEO Nancy Buese EVP and CFO Elaine Dorward-King EVP, S&ER Randy Engel EVP, Strategic Development Steve Gottesfeld EVP & General Counsel Susan Keefe VP, Strategic Relations Scott Lawson EVP and CTO Bill MacGowan EVP Human Resources Tom Palmer EVP and COO Broad management experience Board of Directors Noreen Doyle Chair Greg Boyce Bruce R. Brook J. Kofi Bucknor Vincent A. Calarco Joseph A. Carrabba Veronica Hagen Sheri Hickok Jane Nelson Julio Quintana Molly Zhang Top investors (as of December 31, 2017)* BlackRock (14.6%) Vanguard Group (10.4%) State Street (5.2%) Van Eck (4.4%) Carmignac Gestion (2.9%) * Top Investors based upon December 31, 2017 13-F filings
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 32February 2018 • 11 out of 12 Directors are independent (all except CEO) • All 4 main committees comprised of independent directors only • Average tenure 6 years; average age of ~61 years (retirement age 75) • 58% are female or ethnically diverse; one third live outside the United States Diverse Board led by independent Chair Diversity of Director experience 9 8 1 9 8 7 7 11 Health & Safety Experience Environmental & Social Responsibility Experience Leading Academic Government/Regulatory Affairs Experience Financial Expertise Extractives Expertise Current or Former CEOs International Business Experience
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 33February 2018 Autonomous fleet Advanced process control Centralized support Connected worker Advanced analytics Smart Mine Apply control logic & AI to improve safety, accuracy, consistency & efficiency Provide a consistent site framework to sustain process control improvement Enable improved consistency, collaboration & decision-making through connected hubs Leverage wearable technology for safety and operational efficiency Provide insight & foresight through statistics, machine learning & reasoning Maximize use of production data in real time to optimally mine and process ore • OP automation • UG automation • Infrastructure • Advanced process control • Alarm management • Loop monitoring • Change Management • Centralized support • Centralized asset health • Safety • Time & attendance • Mobile/in-field tools • Workforce planning & optimization • Predictive analytics • Prescriptive analytics • Cognitive computing • Multi-source geological database • Smart Models • Automated revenue-based dig lines • Stochastic mine planning Digital assessments guide fit-for-purpose approach IT infrastructure and architecture
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 34February 2018 Twin Underground adds higher grades at lower costs • Profitable expansion adds higher grade ore and extends processing life at well-known deposit • First production achieved in August 2017; commercial production forecast for mid-2018 • Adds 30 – 40Koz per year at CAS of $525 – $625/oz and AISC of $650 –$750/oz • $45 – $55M of total development capital with an estimated internal rate of return of ~20% Twin UndergroundProduction, CAS and AISC estimates represent first full five year average. See Endnote 1.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 35February 2018 Reserves and Resource base (R&R) • Reserves: 0.2 Moz (0.8Mt @ 7.0 g/t Au) • Resource*: 0.05 Moz (0.3 Mt @ 5.5g/t Au) Upside Potential • 60% of Inventory converted to R&R • Mineralization over 2.3km strike length Highlights • Mined first stope in Q4 2017 • Provides sulfide sulfur feed to Twin Creeks autoclave bringing forward high carbonate stockpile material *Resource as used on this page includes primarily inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2. Twin Creeks develops underground
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 36February 2018 Northwest Exodus extends Carlin life and access • Extends mine life by 10 years, produces ~950Koz, lowers Carlin AISC by ~$25/oz • IRR of >40% at flat $1,200/oz gold price • Creates platform for future growth in highly prospective Carlin underground Lantern Exodus NW Exodus
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 37February 2018 Exodus – growing into major underground deposit Highlights • 0.9Moz Reserves and 0.5Moz Resource** additions over the past 3 years • Larger than expected Footwall intercepts; first footwall stopes successfully mined Reserves and Resource (R&R) base • Reserves: 0.8 Moz (3Mt @ 9.6 g/t Au) • Resource*: 0.2 Moz (0.9Mt @ 7.3 g/t Au) Upside Potential • 45% of Inventory converted to R&R • Half of +4.0km target drill tested * Primarily Indicated 0.5 Mt @ 6.8 g/t Au (0.1Moz), Inferred 0.3Mt @ 8.3 g/t Au (0.1Moz). ** Includes NW Exodus ; includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 38February 2018 Reserves and Resource base (R&R) • Reserves: 0.4 Moz (1.6 Mt at 9.3 g/t) • Resource*: 0.4 Moz (1.7 Mt at 8.0 g/t) Upside Potential • 20% of Inventory converted to R&R • 3.0km by 1.0km corridor only partially drill tested Highlights • 0.15 Moz Reserves and 0.06 Moz Resource** additions in 2017 • Extended mineralization around Rita K, Full House and Fence from surface and underground drill holes • Drilling confirm mineralization on the Full House Deep Sensing Geochemistry NE trend 1.0 km to the N * Resource in the R&R base includes Measured and Indicated (0.8 Mt @ 7.3 g/t Au (0.2Moz) and Inferred 0.9 Mt @ 8.6 g/t Au (0.2Moz) **R&R base includes Full House and Fence and includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2. Pete Bajo – Exploration success offsets depletion
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 39February 2018 Highlights • 0.6Moz Reserves and 0.7Moz Resource** additions over the past 3 years • Strong results South and West of Four Corners; NE upside potential subparallel to West Bounding Fault Reserves and Resource (R&R) base • Reserves: 3.9 Moz (12Mt @ 10.3 g/t Au) • Resource*: 0.7 Moz (2Mt @ 9.3 g/t Au) Upside Potential • 45% of Inventory converted to R&R • 2.6km of exploration drift over the next 3 years Leeville – growing high grade underground deposit * Measured 0.5Mt @ 6.9g/t (0.1Moz), Indicated 0.6Mt @ 8.4 g/t Au (0.1Moz), Inferred 1.1Mt @ 10.8 g/t Au (0.4Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 40February 2018 CC&V – building long term value Reserves and Resource base (R&R) • Reserves: 3.5 Moz (158 Mt @ 0.7 g/t Au) • Resource*: 1.2 Moz (80 Mt @ 0.5 g/t Au) Upside Potential • Along vertical contacts and hydrothermal pipes • Below current pits Highlights • 0.4Moz Reserves and 0.3Moz Resource** additions in 2017 • 3D Prospectivity modelling ongoing *Measured 36Mt @ 0.5gpt (0.6Moz), indicated 27Mt @ 0.5gpt (0.4Moz) and inferred 17Mt @ 0.4gpt (0.2Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 41February 2018 Long Canyon – advancing Phase 2 Upside Potential • 75% of Inventory converted to R&R • Mineralization over 5.0km strike length is open Highlights • Resource drilled to Reserves spacing; Reserves and Resource additions pending hydrological study • Shift focus from support Phase 2 to Resource growth • Deep Sensing Geochemistry providing guidance on the Eastern Zone Reserves and Resource (R&R) base • Reserves: 1.1 Moz (20Mt @ 1.7 g/t Au) • Resource*: 2.0 Moz (20Mt @ 3.1 g/t Au) * Primarily Indicated 14Mt @ 3.5 g/t Au (1.6Moz), Inferred 6Mt @ 1.9 g/t Au (0.4Moz). For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 42February 2018 • Option maximizes IRR, cash flow and value • Expansion improves costs and mine life • Platform for growth – significant upside potential Tanami Expansion adds profitable ounces, mine life Cripple Creek & Victor Production To 425–475 Koz AISC/oz $700 – $750 Capital $120M Commercial production August 2017 Production and AISC calculated as first full five year average for Tanami, including the expansion; see Endnote 1
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 43February 2018 Tanami’s Expansion 2 taps new discoveries Increases profitable production and extends mine life • Includes production shaft to maximize value from 1,200 – 2,600m below surface; optimizing processing capacity • Staged investment; develop while continuing to optimize resource risk at depth • Decision expected in H2 2019 with a two year construction period -260RL Focus area Production shaft
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 44February 2018 Tanami UG – advancing Tanami Expansion 2 Highlights • 2.6 Moz Reserves and 2.1 Moz Resource** additions over the past 3 years • First Reserves at Federation and Auron West discoveries • Maiden Resource at Liberator in 2018 (up to 58m @ 23.4 g/t Au; 38m @ 10.5 g/t Au) Reserves and Resource (R&R) base • Reserves: 4.4 Moz (24Mt @ 5.7 g/t Au) • Resource*: 1.5 Moz (9Mt @ 5.3 g/t Au) Upside Potential • 70% of Inventory converted to R&R • Extensions and repeating structures * Primarily Indicated 4Mt @ 5.3 g/t Au (0.7Moz), Inferred 5Mt @ 5.4 g/t Au (0.8Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77- 84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 45February 2018 Tanami Power Project lowers costs and emissions Completion date H1 2019 Capital* $225 – $275M Net cash savings (2019 – 2023) $34/oz Internal Rate of Return >50% • 450km natural gas pipeline, 2 power stations • Expected to lower CO2 emissions by up to 20% • Expected to reduce power costs by ~20% • Mitigates fuel supply risks • Facilitates future expansion Tanami Expansion *Lease paid over a 10 year term beginning in 2019 Existing Amadeus Pipeline Tanami Pipeline Tanami Operations Northern Territory Darwin
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 46February 2018 Africa expansions maximize value and extend life Metrics Subika Underground Ahafo Mill Expansion Production 150 – 200 Koz 75 – 100 Koz Development capital $160 – $200M $140 – $180M First production June 2017 H1 2019 Commercial production H2 2018 H2 2019 Internal Rate of Return >20% >20% Expected average for first five years of production. From 2020 to 2024, projects will improve*: • Production by ~70% to 550 – 650 Koz/yr • CAS by ~20% to $650 – $750/oz • AISC by ~25% to $800 – $900/oz *Average annual improvement to Ahafo compared to 2016. See Endnote 1 Expected average annual incremental impact (Subika Underground: 2019 – 2023 and Ahafo Mill Expansion: 2020 – 2024). See Endnote 5 Ahafo
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 47February 2018 Highlights • 0.9Moz Reserves and 1.2Moz Resource** additions since 2015 Investor Day • Mineralization extended 800m below existing Reserves to ~1.4km depth • Updated geological model leading to better targeting Reserves and Resource (R&R) base UG only • Reserves: 1.6 Moz (11Mt @ 4.7 g/t Au) • Resource*: 1.6 Moz (11Mt @ 4.3 g/t Au) Upside Potential • 65% of Inventory converted to R&R • Four ore shoots, all open at depth Subika - unlocking major underground resource * Indicated 3Mt @ 4.3 g/t Au (0.4Moz), Inferred 9Mt @ 4.4 g/t Au (1.2Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 48February 2018 Ahafo UG - potentially major new blind discovery Highlights • 0.9Moz Resource** additions over the past 3 years • 0.5Moz maiden Resource declared at Apensu North discovery in 2017 • Mineralization extended 400m below existing Apensu South Resource to ~1.0km depth Reserves and Resource (R&R) base UG only • Reserves: N/A • Resource*: 1.5Moz (11Mt @ 4.5 g/t Au) Upside Potential • 44% of Inventory converted to R&R • Multiple ore shoots open at depth * Indicated 8Mt @ 4.6 g/t Au (1.1Moz), Inferred 3Mt @ 4.1 g/t Au (0.4Moz).** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 49February 2018 Ahafo North represents prospective new district 7 surface deposits along 14 km strike length • Located 30 km north of Ahafo • 3.4Moz Reserve and 1.0Moz Resource* • Stand-alone mill to process ~3.5 to 4Mt/yr • Permitting and outreach underway • Decision expected in H2 2019 with 3-year development schedule * 2017 Newmont Reserve and Resource declaration. Probable Reserve 44Mt @ 2.4 g/t Au (3.4Moz), Measured 2Mt @ 1.1g/t (0.1Moz), Indicated 7Mt @ 1.8g/t (0.4Moz), and Inferred 8Mt @ 1.8g/t (0.4Moz). For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 50February 2018 Akyem UG – maiden underground Resource in 2017 Highlights • 1.4Moz maiden Resource declared in 2017 • Mineralization extended ~500m below ultimate pit (up to 44.9m @ 5.6 g/t Au) down to ~800m depth • Project entered Stage gates Reserves and Resource (R&R) base UG only • Reserves: N/A • Resource*: 1.4 Moz (9Mt @ 4.5g/t Au) Upside Potential • 0% of Inventory converted to R&R • Mineralization open at depth * Indicated 1Mt @ 4.7 g/t Au (0.2Moz), Inferred 8Mt @ 4.4 g/t Au (1.2Moz). For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 51February 2018 Quecher Main to extend Yanacocha life to 2027 Metrics Quecher Main Production* 200 Koz Development capital $250 – $300M First production early 2019 Commercial production Q4 2019 Internal Rate of Return >10% From 2020 – 2025, Quecher Main delivers: • Yanacocha production ~200 Koz/year* • Average CAS of $750 – $850/oz** • Average AISC of $900 – $1,000/oz** • Bridge to development of Yanacocha sulfides Early Works for Quecher Main * Production represents Yanacocha (100%) from 2020-2025; ** CAS & AISC represent incremental unit costs 2020-2025. See Endnotes 1 and 5.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 52February 2018 Quecher Main 1.5Moz Reserves and upside potential Reserve and Resource base (100%) • Reserves: 1.5 Moz (92 Mt @ 0.52 g/t Au) • Resources*: 0.07 Moz (12 Mt @ 0.17 g/t Au) Upside Potential – Quecher Main • Potential extensions to SW and NE Highlights • Project falls within existing operational footprint; immediately north of the Chaquicocha oxide pit • Gold oxide leach material, close to surface • Stage 3 drilling completed, 5,000m * Indicated 7Mt @ 0.2g/t (0.03 Moz) and Inferred 5Mt @ 0.2 g/t (0.03 Moz); numbers may not add due to rounding. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2. A A’
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 53February 2018 Yanacocha Verde Optimizing approach to sulfide development Project to develop Yanacocha’s sulfide deposits reaches feasibility study in late 2018 • Potential to extend operational life to 2039 • First phase focuses on developing most profitable deposits to optimize risk and returns • Favorable drilling and process test results continue • ~$2B investment for ~350Kgeo annual production with decision expected in 2019 Flotation Concentrate Gold in doré (50% revenues) Silver in doré (10% revenues) SXEW AutoclaveChaquicocha UG Copper cathode (40% revenues) Cu Heap Leach Low grade Cu/Au High grade Cu, low grade Au/Ag CN Leach Low grade Cu, high grade Au
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 54February 2018 Chaquicocha Central – new high grade discovery Highlights • 2.9 Moz Resource** additions and 1.8Moz (86Mt @ 0.7 g/t Au) at Yan Sulfides over the past 3 years • High grade discovery at Chaqui Central (up to 58m @ 230 g/t Au, 34m @ 278 g/t Au; 14m @ 411 g/t Au) • More high grade pods possible (i.e., Lola: 11.4m @ 15.9 g/t Au; Lucia: 10.9m @ 27.9 g/t Au; Central Ext) Reserves and Resource (R&R) base 100% • Reserves: N/A • Resource*: 2.9 Moz (13Mt @ 7.2 g/t Au) Upside Potential • 70% of Inventory converted to R&R • Extensions to the E and NNW; Chaqui Sur Oxides * Chaqui: Indicated 10Mt @ 7.6 g/t Au (2.4Moz), Inferred 3Mt @ 5.5 g/t Au (0.5Moz), Yan Sulfides Indicated 84Mt @ 0.7 g/t (1.8Moz), Inferred 2Mt @ 0.3 g/t (0.02Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 55February 2018 Merian – further oxide and UG potential Highlights • 1.7Moz Reserves and 2.4Moz Resource** additions over the past 3 years • Additional Reserves and Resource expected in 2017 • Developing additional saprolite at Merian I and UG potential at Merian II Reserves and Resource (R&R) base 100% • Reserves: 5.3 Moz (135Mt @ 1.2 g/t Au) • Resource*: 2.6 Moz (60Mt @ 1.4 g/t Au) Upside Potential • 65% of Inventory converted to R&R • Extensions, high grade UG, brownfields saprolite * Measured & Indicated 26Mt @ 1.4 g/t Au (1.1Moz), Inferred 34Mt @ 1.4 g/t Au (1.5Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 56February 2018 Sabajo – potential satellite development to Merian Highlights • New shear zone orogenic Au discovery ~40km East of Merian • 0.8Moz maiden Resource declared in 2017 • Best intercepts: 40.5m @ 3.0 g/t Au and 31.1m @ 3.1 g/t Au Reserves and Resource (R&R) base 100% • Reserves: N/A • Resource*: 0.8Moz (14Mt @ 1.8 g/t Au) Upside Potential • 80% of Inventory converted to R&R • Mainly at depth * Indicated 6Mt @ 2.2gpt (0.4Moz), Inferred 8Mt @ 1.5gpt (0.4Moz). For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 57February 2018 Proprietary technologies drive discovery program Antonio/Yanacocha NEWDAS and DSG integrated targetingOberon/Tanami, Australia, DSG footprint Technology-driven undercover exploration success • DSG: Long Canyon E (36.5m @ 7.8 g/t Au); Leeville N (31.4m @ 8.9 g/t Au); Rita K (39.8m @ 5.8 g/t Au); Fence (6.6m @ 13.7 g/t Au); Pete Bajo (6.6m @ 11.8 g/t Au) • 3D NEWDAS & DSG: Antonio/Yanacocha (43.0m @ 5.7 g/t Au; 28.0m @ 10.2 g/t Au) Deep Sensing Geochemistry (DSG) • State-of-the-art proprietary technology • Depth of investigation +500m 3D Distributed Acquisition System (NEWDAS) • 3D data acquisition system • Depth of Investigation ~1,000m
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 58February 2018 $575M Convertible Notes retired on July 17, 2017 Debt Repayment Schedule as of September 30, 2017 ($M) Newmont Net debt to adjusted EBITDA improvement 2016 2017 Net debt as of December 31, 2017 ~$4.1B Short and long term debt ~$3.3B Cash and cash equivalents ~$0.8B Net debt $626 $992 $600 $874 $1,000 2017 2018 2019 2022 2035 2039 2042 0.3x 0.8x
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 59February 2018 *Other divestments include the sale of equipment at Conga and the sale of McCoy Cove in 2014 and the sale of equity interest in Levon Resources, Hemlo mineral rights and Relief Canyon mining claims in 2015. Portfolio optimization nets ~$2.8B cash to date Cumulative cash generated through asset sales at fair value since 2013 ($M)* $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Canadian OilSands Midas Paladin (5.4%) Jundee Penmont (44%) Merian (25%) Valcambi Waihi Other Regis (19.45%) PTNNT (48.5%)
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 60February 2018 Disciplined approach to growth Greenfields Exploration LowerHigher Brownfields Exploration NEM early stage project Acquire early stage project NEM late stage projectExpand current ops Acquire cash flowing asset Long-termShort-term RISK HORIZON Acquire late stage project Exploration JV Integrated approach Priorities: • Grow margins, Reserves & Resources through coordinated exploration, projects, transactions • Leverage strong balance sheet and stable cash flow profile through 2024 • Set stage for longer-term growth for 2025 and beyond Invest in prospective exploration ventures
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 61February 2018 Conservative plan with upside leverage Labor & services 45% Materials 32% Power 9% Diesel 9% Royalties & other 5% All other variables held constant (i.e. FCF for flexed gold price does not include changes to Cu price, AUD or WTI); economics assume 35% portfolio tax rate; excludes hedges; CAS pie chart excludes inventory changes. See Endnote 5 2018 CAS breakdown Conservative and robust planning process • Plans built-up from $800/oz case to maximize value, optionality Potential upside includes: • Further cost and efficiency improvements • FX and oil tailwinds Annualized 2018 sensitivities 2018 Price Change FCF ($M) Attributable FCF ($M) Gold ($/oz) $1,200 +$100 +$360 +$335 Copper ($/lb) $2.50 +$0.25 +$20 +$20 Australian Dollar $0.75 -$0.05 +$45 +$45 Oil ($/bbl) $55 -$10 +$30 +$25
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 62February 2018 Impact of changes to US tax legislation • Income tax rate reduction benefits North America operations; percentage depletion retained • Elimination of alternative minimum tax (AMT) favorable, earned credits refundable over 5 years • Re-measurement of 2017 deferred tax position results in one-time non-cash charge of $346M • Restructuring results in one-time non-cash charge of $395M • Expecting a net positive cash flow impact going forward Twin Creeks
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 63February 2018 Prepared for opportunities and challenges $1,200 gold price • Optimize costs & capital • Finish current projects; progress projects with best returns • Pursue high grade, near-mine exploration prospects • Reduce support costs across business • Evaluate early debt repayment • Pay dividend at Board’s discretion Downside • Reduce stripping and increase stockpile processing • Complete current projects • Mothball lowest margin operations • Reduce exploration • Discontinue early debt repayments • Re-evaluate dividend Upside • Maintain cost and capital discipline • Pursue profitable growth − Highest return projects − Most promising exploration prospects • Accelerate debt repayment • Pay higher dividends in line with policy
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 64February 2018 Fundamentals support stronger gold pricing • Mine supply expected to marginally decline by ~1% annually through 2021 • Top 10 gold producers reduce developmental capital spending by >80% since 2012 • Lack of funding, exploration success diminishes organic project pipelines across industry *Sourced from Bloomberg and SNL Financial – trailing 3-year average gold discovered through exploration Average gold discovered (Moz) and Exploration spend ($B) ETF holdings (Moz) and gold price ($/oz) $0 $2 $4 $6 $8 $10 0 25 50 75 100 125 1997 2003 2009 2015 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 0 25 50 75 100 2012 2013 2014 2015 2016 2017
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 65February 2018 - 1 2 3 4 5 6 7 UAE HongKong Switzerland Kuwait Singapore Saudi Germany Turkey Austria Thailand Iran China Vietnam Taiwan SriLanka India USA Malaysia UK SouthKorea Canada Russia Egypt Indonesia Italy Pakistan France Spain Mexico Brazil Japan Capacity for demand growth in China and India 1 Source: CIA World Factbook (2017); per capita demand based on 2017 demand through Q3 2 2017 consumer gold demand (jewelry, bars and coins); consumption through Q3 (Source: World Gold Council) Per capita gold consumption (average grams per capita)1 • China and India represent ~55% of global consumer gold demand • Per capita consumption relatively low – economic growth, increasing wealth support demand growth 2017 consumption2 G7, 13% Middle East, 8% Other, 25% India, 21% China, 34%
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 66February 2018 Chinese refined copper demand (Kt)1 Copper market balance (Kt)1 • Strong refined copper demand in China to continue (>45% of annual global demand) • Relatively balanced market conditions expected through 2022 Balanced copper fundamentals Source: ICMR (Dec 2017) (400) (200) 0 200 400 600 2015 2016 2017 2018E 2019E 2020E 2021E 2022E Deficit Surplus 10,000 11,000 12,000 13,000 2015 2016 2017 2018E 2019E 2020E 2021E 2022E
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 67February 2018 2018 Outlooka a2018 Outlook in the table above are considered “forward- looking statements” and are based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2018 Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and $55/barrel WTI; AISC and CAS estimates do not include inflation, for the remainder of the year. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. See cautionary note at the beginning of the presentation. bAll-in sustaining costs or AISC as used in the Company’s Outlook is a non-GAAP metric defined as the sum of costs applicable to sales (including all direct and indirect costs related to current production incurred to execute on the current mine plan), reclamation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital. See reconciliation on slide 75. cIncludes Lone Tree operations. dIncludes TRJV operations. eConsolidated production for Yanacocha and Merian is presented on a total production basis for the mine site; attributable production represents a 54.05% interest for Yanacocha and a 75% interest for Merian. fBoth consolidated and attributable production are shown on a pro-rata basis with a 50% ownership for Kalgoorlie. gProduction outlook does not include equity production from stakes in TMAC (28.79%) or La Zanja (46.94%). hConsolidated expense outlook is adjusted to exclude extraordinary items. For example, the tax rate outlook above is a consolidated adjusted rate, which assumes the exclusion of certain tax valuation allowance adjustments. iIncludes $225-$275M for a capital lease related to the Tanami Power Project paid over a 10 year term beginning in 2019. General & Administrative $ 215 – $ 240 Interest Expense $ 175 – $ 215 Depreciation and Amortization $ 1,225 – $ 1,325 Advanced Projects & Exploration $ 350 – $ 400 Sustaining Capital $ 600 – $ 700 Tax Rate 28% – 34% 2018 Consolidated Expense Outlookh North America Carlin 950 – 1,015 950 – 1,015 775 – 825 980 – 1,040 155 – 190 Phoenixc 210 – 230 210 – 230 810 – 860 990 – 1,050 20 – 30 Tw in Creeksd 340 – 370 340 – 370 675 – 725 835 – 885 80 – 100 CC&V 345 – 395 345 – 395 875 – 935 965 – 1,025 20 – 30 Long Canyon 130 – 170 130 – 170 510 – 560 605 – 655 10 – 20 Other North America 10 – 20 Total 2,010 – 2,170 2,010 – 2,170 760 – 810 945 – 1,020 300 – 380 South America Yanacochae 470 – 545 240 – 280 975 – 1,025 1,205 – 1,275 110 – 140 Merian e 485 – 540 365 – 405 455 – 495 580 – 630 55 – 95 Other South America Total 970 – 1,070 615 – 675 705 – 765 945 – 1,045 170 – 230 Australia Boddington 665 – 715 665 – 715 820 – 870 950 – 1,000 60 – 75 Tanami 440 – 515 440 – 515 535 – 605 705 – 775 300 i – 380 i Kalgoorlief 390 – 440 390 – 440 580 – 630 695 – 745 20 – 30 Other Australia 5 – 15 Total 1,530 – 1,670 1,530 – 1,670 675 – 725 830 – 890 400 i – 480 i Africa Ahafo 435 – 465 435 – 465 710 – 765 875 – 955 195 – 240 Akyem 380 – 410 380 – 410 640 – 680 765 – 815 30 – 40 Other Africa Total 815 – 875 815 – 875 680 – 730 865 – 925 225 – 275 Corporate/Other 10 – 15 Total Goldg 5,300 – 5,800 4,900 – 5,400 700 – 750 965 – 1,025 1,200 i – 1,300 i Phoenix 10 – 20 10 – 20 1.50 – 1.70 1.85 – 2.05 Boddington 30 – 40 30 – 40 1.75 – 1.95 2.05 – 2.25 Total Copper 40 – 60 40 – 60 1.65 – 1.85 2.00 – 2.20 Production Production CAS Costsb Expenditures (Koz, Kt) (Koz, Kt) ($/oz, $/lb) ($/oz, $/lb) ($M) Consolidated All-in Consolidated Consolidated Attributable Consolidated Sustaining Total Capital
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 68February 2018 Adjusted net income Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is generally calculated using the Company’s statutory effective tax rate of 35%. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 69February 2018 (1) Net loss (income) from discontinued operations relates to (i) adjustments in our Holt royalty obligation, presented net of tax expense (benefit) of $1, $13, $(24) and $(19), respectively, and (ii) Batu Hijau operations, presented net of tax expense (benefit) of $-, $51, $- and $309, respectively, and loss (income) attributable to noncontrolling interests of $-, $(45), $- and $(274), respectively, (iii) adjustments to our Batu Hijau Contingent Consideration, presented net of tax expense (benefit) of $4, $-, $4 and $-, respectively, and (iv) the loss on sale of Batu Hijau, which has been recorded on an attributable basis. For additional information regarding our discontinued operations, see Note 3 to our Consolidated Financial Statements. (2) Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans and cost estimates at the Company’s former historic mining operations. The 2017 charges include adjustments at the Rain, Midnite, Resurrection and San Luis remediation and closure sites in December 2017. The 2016 charges include adjustments to reclamation liabilities associated with the review of the Yanacocha long-term mining and closure plans in December 2016. Amounts are presented net of income (loss) attributable to noncontrolling interests of $-, $(37), $- and $(37), respectively. (3) Loss (gain) on asset and investment sales, included in Other income, net, primarily represents a gain from the exchange of our interest in the Fort á la Corne joint venture for equity ownership in Shore Gold in June 2017, the sale of our holdings in Regis in March 2016 and income recorded in September 2016 associated with contingent consideration from the sale of certain properties in Nevada during the first quarter of 2015. (4) Restructuring and other, included in Other expense, net, primarily represents certain costs associated with severance and outsourcing costs and system integration costs during 2016 related to our acquisition of CC&V in August 2015. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(3), $(3), $(5) and $(5), respectively. (5) Impairment of long-lived assets, included in Impairment of long-lived assets, represents non-cash write-downs of long-lived assets. The 2016 impairments include $970 related to long-lived assets in Yanacocha in December 2016. Amounts are presented net of income (loss) attributable to noncontrolling interests of $-, $(460), $(1) and $(461), respectively. See Note 7 to our Consolidated Financial Statements for further information. (6) Acquisition cost adjustments, included in Other expense, net, represent net adjustments to the contingent consideration and related liabilities associated with the acquisition of the final 33.33% interest in Boddington in June 2009. (7) Loss on debt repayment, included in Other income, net, represents the impact from the debt tender offer on our 2019 Senior Notes and 2039 Senior Notes in March 2016 and the debt tender offer on our 2022 Senior Notes in November 2016. (8) La Quinua leach pad revision, included in Costs applicable to sales and Depreciation and amortization, represents a significant write-down of the estimated recoverable ounces at Yanacocha in September 2016. Amounts are presented net of income (loss) attributable to noncontrolling interests of $-, $-, $- and $(25), respectively. (9) The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (8), as described above, and are calculated using the Company's statutory tax rate of 35%. (10) Adjustment to equity method investment, included in Equity income (loss) of affiliates and presented net of tax expense (benefit) of $(3), $-, $(3) and $-, respectively, represents non-cash write-downs of long-lived assets recorded at Minera La Zanja S.R.L. (“La Zanja”) in December 2017. For further information about our equity method investment in La Zanja, see Note 11 to our Consolidated Financial Statements. (11) Re-measurement due to the Tax Cuts and Jobs Act, included in Income and mining tax benefit (expense), represents the provisional re-measurement of our U.S. deferred tax assets and liabilities from 35% to the reduced tax rate of 21% of $346 and $8 for changes in executive compensation deductions, partially offset by the release of a valuation allowance on alternative minimum tax credits of $48. For further information about the impact of the Tax Cuts and Jobs Act, see Note 10 to our Consolidated Financial Statements. (12) Tax restructuring related to the Tax Cuts and Jobs Act, included in Income and mining tax benefit (expense), represents provisional changes resulting from restructuring our holding of non-U.S. operations for U.S. federal income tax purposes. For further information about the impact of the Tax Cuts and Jobs Act, see Note 10 to our Consolidated Financial Statements. (13) Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), predominantly represent adjustments to remove the impact of our valuation allowances for items such as foreign tax credits, alternative minimum tax credits, capital losses and disallowed foreign losses. We believe that these valuation allowances cause significant fluctuations in our financial results that are not indicative of our underlying financial performance. The adjustments during the three and twelve months ended December 31, 2017 are due to increases (decreases) to the valuation allowance on credit carryovers of $(1) and $94, respectively, a decrease to the valuation allowance carried on the deferred tax asset for investments of $12 during the fourth quarter and other tax adjustments of $9 and $7, respectively. The adjustments during the three and twelve months ended December 31, 2016 are due to an increase to the valuation allowance on the deferred tax asset related to the investment in Yanacocha of $288 during the fourth quarter, a tax restructuring of $170 during the first quarter, a decrease in the valuation allowance on capital loss carryover of $169 during the fourth quarter, a carryback of 2015 tax loss to prior years of $124 during the second quarter, increases to valuation allowance on tax credit carryovers of $2 and $70, respectively, and other tax adjustments of ($1) and $17, respectively. (14) Per share measures may not recalculate due to rounding. Adjusted net income Three Months Ended Years Ended December 31, December 31, 2017 2016 2017 2016 Net income (loss) attributable to Newmont stockholders $ (527) $ (344) $ (98) $ (627) Net loss (income) attributable to Newmont stockholders from discontinued operations (1) (7) (47) 38 407 Net income (loss) attributable to Newmont stockholders from continuing operations (534) (391) (60) (220) Reclamation and remediation charges, net (2) 61 51 64 51 Loss (gain) on asset and investment sales (3) (2) 1 (23) (108) Restructuring and other, net (4) 1 3 9 27 Impairment of long-lived assets, net (5) 11 513 13 516 Acquisition cost adjustments (6) — (1) 2 10 Loss on debt repayment (7) — 51 — 55 La Quinua leach pad revision, net (8) — — — 26 Tax effect of adjustments (9) (25) (214) (22) (238) Adjustment to equity method investment (10) 7 — 7 — Re-measurement due to the Tax Cuts and Jobs Act (11) 306 — 306 — Tax restructuring related to the Tax Cuts and Jobs Act (12) 395 — 395 — Valuation allowance and other tax adjustments (13) (4) 120 89 500 Adjusted net income (loss) $ 216 $ 133 $ 780 $ 619 Net income (loss) per share, basic $ (0.98) $ (0.65) $ (0.18) $ (1.18) Net loss (income) attributable to Newmont stockholders from discontinued operations (0.01) (0.08) 0.07 0.77 Net income (loss) attributable to Newmont stockholders from continuing operations (0.99) (0.73) (0.11) (0.41) Reclamation and remediation charges, net 0.11 0.09 0.12 0.09 Loss (gain) on asset and investment sales — 0.01 (0.04) (0.20) Restructuring and other, net — — 0.01 0.05 Impairment of long-lived assets, net 0.01 0.97 0.01 0.97 Acquisition cost adjustments — — — 0.02 Loss on debt repayment — 0.10 — 0.11 La Quinua leach pad revision, net — — — 0.05 Tax effect of adjustments (0.04) (0.41) (0.03) (0.46) Adjustment to equity method investment 0.01 — 0.01 — Re-measurement due to the Tax Cuts and Jobs Act 0.57 — 0.57 — Tax restructuring related to the Tax Cuts and Jobs Act 0.74 — 0.74 — Valuation allowance and other tax adjustments (0.01) 0.22 0.18 0.95 Adjusted net income (loss) per share, basic (14) $ 0.40 $ 0.25 $ 1.46 $ 1.17 Net income (loss) per share, diluted $ (0.98) $ (0.65) $ (0.18) $ (1.18) Net loss (income) attributable to Newmont stockholders from discontinued operations (0.01) (0.08) 0.07 0.77 Net income (loss) attributable to Newmont stockholders from continuing operations (0.99) (0.73) (0.11) (0.41) Reclamation and remediation charges, net 0.11 0.09 0.12 0.09 Loss (gain) on asset and investment sales — 0.01 (0.04) (0.20) Restructuring and other, net — — 0.01 0.05 Impairment of long-lived assets, net 0.01 0.97 0.01 0.97 Acquisition cost adjustments — — — 0.02 Loss on debt repayment — 0.10 — 0.11 La Quinua leach pad revision, net — — — 0.05 Tax effect of adjustments (0.04) (0.41) (0.03) (0.46) Adjustment to equity method investment 0.01 — 0.01 — Re-measurement due to the Tax Cuts and Jobs Act 0.57 — 0.57 — Tax restructuring related to the Tax Cuts and Jobs Act 0.74 — 0.74 — Valuation allowance and other tax adjustments (0.01) 0.22 0.18 0.94 Adjusted net income (loss) per share, diluted (14) $ 0.40 $ 0.25 $ 1.46 $ 1.16 Weighted average common shares (millions): Basic 533 531 533 530 Diluted 536 534 535 532
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 70February 2018 Free cash flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies. The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company’s Consolidated Statements of Cash Flows. The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities. 1) Results include Batu Hijau operations 2) Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow. Year ended Year ended Year ended Dec 31, 2017 Dec 31, 2013(1) Dec 31, 2012(1) Net cash provided by (used in) operating activities 2,335 1,543 2,372 Less: Net cash used in (provided by) operating activities of discontinued operations 15 18 16 Net cash provided by (used in) operating activities of continuing operations 2,350 1,561 2,388 Less: Additions to property, plant and mine development (866) (1,900) (3,210) Free Cash Flow 1,484 (339) (822) Weighted average diluted common shares on December 31 535 498 499 Free Cash Flow per share ($ per share) 2.77 -0.68 -1.65 Net cash provided by (used in) investing activities(2) (961)$ (1,313)$ (3,264)$ Net cash provided by (used in) financing activities (864)$ (212)$ 689$
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 71February 2018 EBITDA and Adjusted EBITDA Management uses Earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows: (1) Net loss (income) from discontinued operations relates to (i) adjustments in our Holt royalty obligation, presented net of tax expense (benefit) of $1, $13, $(24) and $(19), respectively, and (ii) Batu Hijau operations, presented net of tax expense (benefit) of $-, $51, $- and $309, respectively, (iii) adjustments to our Batu Hijau Contingent Consideration, presented net of tax expense (benefit) of $4, $-, $4 and $-, respectively, and (iv) the loss on sale of Batu Hijau, which has been recorded on an attributable basis. For additional information regarding our discontinued operations, see Note 3 to our Consolidated Financial Statements. (2) Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans and cost estimates at the Company’s former historic mining operations. The 2017 charges include adjustments at the Rain, Midnite, Resurrection and San Luis remediation and closure sites in December 2017. The 2016 charges include adjustments to reclamation liabilities associated with the review of the Yanacocha long-term mining and closure plans in December 2016. (3) Loss (gain) on asset and investment sales, included in Other income, net, primarily represents a gain from the exchange of our interest in the Fort á la Corne joint venture for equity ownership in Shore Gold in June 2017, the sale of our holdings in Regis in March 2016 and income recorded in September 2016 associated with contingent consideration from the sale of certain properties in Nevada during the first quarter of 2015. (4) Restructuring and other, included in Other expense, net, primarily represents certain costs associated with severance and outsourcing costs and system integration costs during 2016 related to our acquisition of CC&V in August 2015. (5) Impairment of long-lived assets, included in Impairment of long-lived assets, represents non-cash write-downs of long-lived assets. The 2016 impairments include $970 related to long-lived assets in Yanacocha in December 2016. See Note 7 to our Consolidated Financial Statements for further information. (6) Acquisition cost adjustments, included in Other expense, net, represent net adjustments to the contingent consideration and related liabilities associated with the acquisition of the final 33.33% interest in Boddington in June 2009. (7) Loss on debt repayment, included in Other income, net, represents the impact from the debt tender offer on our 2019 Senior Notes and 2039 Senior Notes in March 2016 and the debt tender offer on our 2022 Senior Notes in November 2016. (8) La Quinua leach pad revision, included in Costs applicable to sales, represents a significant write-down of the estimated recoverable ounces at Yanacocha in September 2016. Three Months Ended Years Ended December 31, December 31, 2017 2016 2017 2016 Net income (loss) attributable to Newmont stockholders $ (527) $ (344) $ (98) $ (627) Net income (loss) attributable to noncontrolling interests 33 (463) 11 (296) Net loss (income) from discontinued operations (1) (7) (92) 38 133 Equity loss (income) of affiliates 12 5 16 13 Income and mining tax expense (benefit) 776 8 1,125 563 Depreciation and amortization 321 328 1,249 1,220 Interest expense, net 54 69 241 273 EBITDA $ 662 $ (489) $ 2,582 $ 1,279 Adjustments: Reclamation and remediation charges (2) $ 61 $ 88 $ 64 $ 88 Loss (gain) on asset and investment sales (3) (2) 1 (23) (108) Restructuring and other (4) 4 6 14 32 Impairment of long-lived assets (5) 11 973 14 977 Acquisition cost adjustments (6) — (1) 2 10 Loss on debt repayment (7) — 51 — 55 La Quinua leach pad revision (8) — — — 32 Adjusted EBITDA $ 736 $ 629 $ 2,653 $ 2,365
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 72February 2018 Newmont has worked to develop a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as Costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations. Current GAAP-measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and in the investor’s visibility by better defining the total costs associated with production. All-in sustaining cost (“AISC”) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards (“IFRS”), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure: Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sales (“CAS”), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Consolidated Statements of Operations less the amount of CAS attributable to the production of copper at our Phoenix and Boddington mines. The copper CAS at those mine sites is disclosed in Note 5 to the Consolidated Financial Statements. The allocation of CAS between gold and copper at the Phoenix and Boddington mines is based upon the relative sales value of gold and copper produced during the period. Reclamation costs. Includes accretion expense related to Asset Retirement Obligation (“ARO”) and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties. Accretion related to the ARO and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines. Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to increase or enhance current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves. As this relates to sustaining our production, and is considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less the amount attributable to the production of copper at our Phoenix and Boddington mines. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines. General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to support our corporate structure and fulfill our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. Other expense, net. We exclude certain exceptional or unusual expenses from Other expense, net, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines. Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on our Consolidated Statements of Operations. Sustaining capital. We determined sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations, or related to projects at existing operations where these projects will enhance production or reserves, are generally considered development. We determined the classification of sustaining and development capital projects based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital costs are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines. All-in sustaining costs
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 73February 2018 All-in sustaining costs (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes by-product credits of $55 and excludes co-product copper revenues of $315. (3) Includes stockpile and leach pad inventory adjustments of $65 at Carlin, $30 at Twin Creeks, $53 at Yanacocha, $22 at Ahafo and $28 at Akyem. (4) Reclamation costs include operating accretion and amortization of asset retirement costs of $84 and $35, respectively, and exclude non- operating accretion and reclamation and remediation adjustments of $21 and $72, respectively. (5) Advanced projects, research and development and Exploration of $23 at Long Canyon, $16 at Yanacocha, $17 at Tanami, $8 at Ahafo and $7 at Akyem are recorded in “Other” of the respective region for development projects. (6) Other expense, net is adjusted for restructuring and other costs of $14 and acquisition cost adjustments of $2. (7) Excludes development capital expenditures, capitalized interest and changes in accrued capital, totaling $266. The following are major development projects: Long Canyon, Merian, Quecher Main, Tanami Expansions, Tanami Power, Subika Underground and Ahafo Mill Expansion. (8) Per ounce and per pound measures may not recalculate due to rounding. Advanced Projects, Research and Treatment All-In Costs Development General Other and All-In Ounces Sustaining Years Ended Applicable Reclamation and and Expense, Refining Sustaining Sustaining (000)/Pounds Costs per December 31, 2017 to Sales (1)(2)(3) Costs (4) Exploration(5) Administrative Net (6) Costs Capital (7) Costs (millions) Sold oz/lb (8) Gold Carlin $ 795 $ 6 $ 18 $ 3 $ — $ — $ 174 $ 996 967 $ 1,030 Phoenix 181 5 4 1 1 9 17 218 210 1,034 Twin Creeks 226 3 9 2 1 — 38 279 369 756 Long Canyon 59 1 — — — — 3 63 174 364 CC&V 285 3 10 1 — 1 33 333 457 729 Other North America — — 49 — 1 — 9 59 — — North America 1,546 18 90 7 3 10 274 1,948 2,177 895 Yanacocha 504 66 25 4 4 — 38 641 537 1,194 Merian 238 2 14 — — — 37 291 509 572 Other South America — — 59 12 — — — 71 — — South America 742 68 98 16 4 — 75 1,003 1,046 959 Boddington 562 6 2 — — 21 66 657 787 835 Tanami 251 2 4 1 — — 63 321 408 787 Kalgoorlie 234 3 9 — — 1 19 266 363 734 Other Australia — — 25 10 (1) — 4 38 — — Australia 1,047 11 40 11 (1) 22 152 1,282 1,558 823 Ahafo 268 6 16 1 3 — 43 337 350 961 Akyem 272 13 3 — 1 — 26 315 474 664 Other Africa — — 21 6 — — — 27 — — Africa 540 19 40 7 4 — 69 679 824 823 Corporate and Other — — 53 195 6 — 10 264 — — Total Gold $ 3,875 $ 116 $ 321 $ 236 $ 16 $ 32 $ 580 $ 5,176 5,605 $ 924 Copper Phoenix $ 55 $ 2 $ 1 $ 1 $ — $ 1 $ 7 $ 67 32 $ 2.09 Boddington 108 1 — — — 12 13 134 79 1.69 Total Copper $ 163 $ 3 $ 1 $ 1 $ — $ 13 $ 20 $ 201 111 $ 1.80 Consolidated $ 4,038 $ 119 $ 322 $ 237 $ 16 $ 45 $ 600 $ 5,377
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 74February 2018 All-in sustaining costs (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes by-product credits of $50 and excludes co-product copper revenues of $250. (3) Includes stockpile and leach pad inventory adjustments of $77 at Carlin, $18 at Twin Creeks, $117 at Yanacocha and $71 at Ahafo. Total stockpile and leach pad inventory adjustments at Yanacocha of $151 were adjusted above by $32 related to a significant write-down of recoverable ounces at the La Quinua Leach Pad in the third quarter of 2016. (4) Reclamation costs include operating accretion and amortization of asset retirement costs of $64 and $42, respectively, and exclude non- operating accretion and reclamation and remediation adjustments of $16 and $99, respectively. (5) Advanced projects, research and development and Exploration of $20 at Long Canyon and $21 at Merian are recorded in “Other” of the respective region for development projects. (6) Other expense, net is adjusted for restructuring costs and other of $32 and acquisition cost adjustments of $10. (7) Excludes development capital expenditures, capitalized interest and changes in accrued capital, totaling $555. The following are major development projects during the period: Merian, Long Canyon, Tanami Expansion and CC&V Expansion. (8) Per ounce and per pound measures may not recalculate due to rounding. Advanced Projects, Research and Treatment All-In Costs Development General Other and All-In Ounces Sustaining Years Ended Applicable Reclamation and and Expense, Refining Sustaining Sustaining (000)/Pounds Costs per December 31, 2016 to Sales (1)(2)(3) Costs (4) Exploration(5) Administrative Net (6) Costs Capital (7) Costs (millions) Sold oz/lb (8) Gold Carlin $ 797 $ 5 $ 19 $ 5 $ — $ — $ 163 $ 989 944 $ 1,048 Phoenix 164 5 1 1 1 8 12 192 205 937 Twin Creeks 234 3 8 1 — — 33 279 455 613 Long Canyon 4 — — — — — 1 5 22 227 CC&V 216 4 11 2 — — 10 243 391 621 Other North America — — 32 — 5 — 7 44 — — North America 1,415 17 71 9 6 8 226 1,752 2,017 869 Yanacocha 493 57 35 7 — — 82 674 637 1,058 Merian 34 — 3 — — — — 37 99 374 Other South America — — 57 6 — — — 63 — — South America 527 57 95 13 — — 82 774 736 1,052 Boddington 530 6 1 — — 22 51 610 787 775 Tanami 238 3 13 — — — 85 339 459 739 Kalgoorlie 257 5 5 — — 7 19 293 378 775 Other Australia — — 8 15 5 — 6 34 — — Australia 1,025 14 27 15 5 29 161 1,276 1,624 786 Ahafo 313 6 28 — 1 — 54 402 349 1,152 Akyem 235 8 8 — 1 — 24 276 473 584 Other Africa — — 2 5 — — — 7 — — Africa 548 14 38 5 2 — 78 685 822 833 Corporate and Other — — 51 190 3 — 10 254 — — Total Gold $ 3,515 $ 102 $ 282 $ 232 $ 16 $ 37 $ 557 $ 4,741 5,199 $ 912 Copper Phoenix $ 99 $ 3 $ — $ 1 $ — $ 3 $ 9 $ 115 40 $ 2.88 Boddington 126 1 — — — 13 12 152 76 2.00 Total Copper $ 225 $ 4 $ — $ 1 $ — $ 16 $ 21 $ 267 116 $ 2.30 Consolidated $ 3,740 $ 106 $ 282 $ 233 $ 16 $ 53 $ 578 $ 5,008
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 75February 2018 All-in sustaining costs – 2018 outlook (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes stockpile and leach pad inventory adjustments. (3) Reclamation costs include operating accretion and amortization of asset retirement costs. (4) Excludes development capital expenditures, capitalized interest and change in accrued capital. (5) The reconciliation above is provided for illustrative purposes in order to better describe management’s estimates of the components of the calculation. Ranges for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2018 AISC Gold Outlook on a consolidated basis, a reconciliation has not been provided on an individual site-by-site basis or for longer-term outlook in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts. See the Cautionary Statement at the beginning of this presentation. Similar to the historical AISC amounts presented above, AISC outlook is also a non-GAAP financial measure. A reconciliation of the 2018 Gold AISC outlook range to the 2018 CAS outlook range is provided below. The estimates in the table below are considered “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. 2018 Outlook - Gold Outlook range Low High Costs Applicable to Sales 1,2 $ 3,700 $ 4,250 Reclamation Costs 3 130 150 Advance Projects and Exploration 350 400 General and Administrative 215 240 Other Expense 5 30 Treatment and Refining Costs 20 40 Sustaining Capital 4 600 700 All-in Sustaining Costs $ 5,100 $ 5,800 Ounces (000) Sold 5,300 5,800 All-in Sustaining Costs per Oz $ 965 $ 1,025
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 76February 2018 Return on Capital Employed (ROCE) Management uses Return on Capital Employed (“ROCE”) as a non-GAAP measure to evaluate the Company’s operating performance. ROCE does not represent, and should not be considered an alternative to, net earnings (loss), operating earnings (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although ROCE and similar measures are frequently used as measures of operations by other companies, our calculation of ROCE is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that ROCE provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Management’s determination of the components of ROCE are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to ROCE as follows below.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 77February 2018 Attributable Gold Reserves, U.S. Units Attributable Proven, Probable, and Combined Gold Reserves (1) , U.S. Units December 31, 2017 December 31, 2016 Proven Reserves Probable Reserves Proven and Probable Reserves Proven + Probable Reserves Newmont Tonnage (2) Grade Gold (3) Tonnage (2) Grade Gold (3) Tonnage (2) Grade Gold (3) Metallurgical Tonnage (2) Grade Gold (3) Deposits/Districts by Reporting Unit Share (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) Recovery (3) (x1000 tons) (oz/ton) (x1000 ozs) North America Carlin Open Pits (4) 100% 2,900 0.107 310 255,100 0.031 8,030 258,000 0.032 8,340 59% 255,300 0.033 8,500 Carlin Stockpiles (5) 100% 18,900 0.062 1,180 — — — 18,900 0.062 1,180 84% 21,200 0.063 1,330 Carlin Underground (6) 100% 12,000 0.297 3,550 6,400 0.278 1,760 18,400 0.291 5,310 84% 18,600 0.278 5,170 Total Carlin, Nevada 33,800 0.149 5,040 261,500 0.037 9,790 295,300 0.050 14,830 70% 295,100 0.051 15,000 Phoenix (7) 100% 6,200 0.023 140 243,700 0.016 3,890 249,900 0.016 4,030 74% 256,600 0.017 4,340 Lone Tree 100% 3,700 0.007 20 — — — 3,700 0.007 20 39% 3,800 0.011 40 Total Phoenix, Nevada 9,900 0.016 160 243,700 0.016 3,890 253,600 0.016 4,050 74% 260,400 0.017 4,380 Turquoise Ridge (8) 25% 2,600 0.455 1,200 1,800 0.452 780 4,400 0.454 1,980 92% 2,900 0.455 1,340 Twin Creeks (9) 100% 4,200 0.033 140 27,700 0.045 1,260 31,900 0.044 1,400 75% 29,900 0.053 1,590 Twin Creeks Stockpiles (5) 100% 31,900 0.063 2,010 — — — 31,900 0.063 2,010 72% 32,000 0.063 2,000 Total Twin Creeks, Nevada 38,700 0.087 3,350 29,500 0.069 2,040 68,200 0.079 5,390 80% 64,800 0.076 4,930 Long Canyon, Nevada (10) 100% 900 0.066 60 20,700 0.048 1,010 21,600 0.049 1,070 76% 19,200 0.061 1,170 CC&V (11) 100% 102,000 0.017 1,770 23,500 0.014 320 125,500 0.017 2,090 62% 90,400 0.021 1,870 CC&V Leach Pad (12) 100% — — — 45,800 0.025 1,140 45,800 0.025 1,140 56% 48,500 0.025 1,210 CC&V Stockpiles (5) 100% 2,900 0.084 250 — — — 2,900 0.084 250 85% 2,800 0.112 310 Total CC&V, Colorado 104,900 0.019 2,020 69,300 0.021 1,460 174,200 0.020 3,480 62% 141,700 0.024 3,390 TOTAL NORTH AMERICA 188,200 0.057 10,630 624,700 0.029 18,190 812,900 0.035 28,820 75% 781,200 0.037 28,870 South America Yanacocha Open Pits (13) 54.05% 12,500 0.022 270 80,500 0.018 1,450 93,000 0.018 1,720 70% 99,300 0.018 1,810 Yanacocha Leach Pad (12) 54.05% 6,300 0.022 130 — — — 6,300 0.022 130 73% 8,600 0.020 170 Yanacocha Stockpiles (5) 54.05% 5,100 0.042 220 — — — 5,100 0.042 220 56% 5,800 0.044 260 Total Yanacocha, Peru (22) 23,900 0.026 620 80,500 0.018 1,450 104,400 0.020 2,070 69% 113,700 0.020 2,240 Merian, Suriname (14) 75% 39,600 0.043 1,720 72,000 0.031 2,250 111,600 0.036 3,970 93% 116,800 0.037 4,290 TOTAL SOUTH AMERICA 63,500 0.037 2,340 152,500 0.024 3,700 216,000 0.028 6,040 83% 230,500 0.028 6,530 Australia Boddington Open Pit (15) 100% 268,800 0.021 5,570 277,700 0.020 5,680 546,500 0.021 11,250 83% 467,600 0.022 10,300 Boddington Stockpiles (5) 100% 15,400 0.017 260 89,100 0.013 1,140 104,500 0.013 1,400 77% 99,600 0.013 1,340 Total Boddington, Western Australia 284,200 0.020 5,830 366,800 0.019 6,820 651,000 0.019 12,650 83% 567,200 0.021 11,640 Tanami, Northern Territory (16) 100% 10,000 0.172 1,740 16,400 0.162 2,670 26,400 0.166 4,410 98% 25,600 0.175 4,480 Kalgoorlie Open Pit and Underground (17) 50% 7,400 0.059 440 26,400 0.064 1,700 33,800 0.063 2,140 83% 40,200 0.063 2,530 Kalgoorlie Stockpiles (5) 50% 75,400 0.023 1,730 — — — 75,400 0.023 1,730 74% 70,100 0.023 1,610 Total Kalgoorlie, Western Australia 82,800 0.026 2,170 26,400 0.064 1,700 109,200 0.035 3,870 79% 110,300 0.038 4,140 TOTAL AUSTRALIA 377,000 0.026 9,740 409,600 0.027 11,190 786,600 0.027 20,930 84% 703,100 0.029 20,260 Africa Ahafo South Open Pits (18) 100% 17,100 0.062 1,060 54,200 0.050 2,700 71,300 0.053 3,760 90% 64,500 0.054 3,500 Ahafo Underground (19) 100% — — — 11,600 0.136 1,590 11,600 0.136 1,590 93% 11,700 0.131 1,530 Ahafo Stockpiles (5) 100% 41,300 0.028 1,160 — — — 41,300 0.028 1,160 87% 42,000 0.028 1,190 Total Ahafo South, Ghana 58,400 0.038 2,220 65,800 0.065 4,290 124,200 0.052 6,510 90% 118,200 0.053 6,220 Ahafo North, Ghana (20) 100% — — — 48,000 0.070 3,350 48,000 0.070 3,350 91% 47,900 0.069 3,330 Akyem Open Pit (21) 100% 13,200 0.050 660 38,400 0.048 1,840 51,600 0.048 2,500 90% 60,700 0.047 2,880 Akyem Stockpiles (5) 100% 11,200 0.028 320 — — — 11,200 0.028 320 90% 10,800 0.035 370 Total, Akyem, Ghana 24,400 0.040 980 38,400 0.048 1,840 62,800 0.045 2,820 90% 71,500 0.045 3,250 TOTAL AFRICA 82,800 0.038 3,200 152,200 0.062 9,480 235,000 0.054 12,680 90% 237,600 0.054 12,800 TOTAL NEWMONT WORLDWIDE 711,500 0.036 25,910 1,339,000 0.032 42,560 2,050,500 0.033 68,470 81% 1,952,400 0.035 68,460
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 78February 2018 Attributable Gold Reserves, U.S. Units (continued) 1) See cautionary statement regarding reserves and resources on page 10 hereof. 2017 and 2016 reserves were calculated at a gold price of $1,200, or A$1,600 per ounce unless otherwise noted. 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 10,000. 4) Cut-off grades utilized in 2017 reserves were as follows: oxide leach material not less than 0.006 ounce per ton; oxide mill material not less than 0.015 ounce per ton; flotation material not less than 0.016 ounce per ton; and refractory mill material not less than 0.080 ounce per ton. 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) Cut-off grade utilized in 2017 reserves not less than 0.042 ounce per ton. 7) Gold cut-off grade varies with level of copper and silver credits. 8) Reserve estimates provided by Barrick as of February 14 2018, the operator of the Turquoise Ridge joint venture. 9) Cut-off grades utilized in 2017 reserves were as follows: oxide leach material not less than 0.007 ounce per ton; oxide mill material not less than 0.019 ounce per ton; and refractory mill material not less than 0.038 ounce per ton. 10) Cut-off grade utilized in 2017 reserves not less than 0.007 ounce per ton. 11) Cut-off grades utilized in 2017 reserves were as follows: oxide mill material not less than 0.040 ounce per ton and leach material not less than 0.005 ounce per ton. 12) 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. 13) Cut-off grades utilized in 2017 reserves were as follows: oxide leach material not less than 0.004 ounce per ton; and oxide mill material not less than 0.011 ounce per ton. 14) Gold cut-off grades utilized in 2017 reserves not less than 0.011 ounce per ton. 15) Gold cut-off grade varies with level of copper credits. 16) Cut-off grade utilized in 2017 reserves not less than 0.058 ounce per ton. 17) Cut-off grade utilized in 2017 in situ reserves not less than 0.026 ounce per ton. 18) Cut-off grade utilized in 2017 reserves not less than 0.016 ounce per ton. 19) Cut-off grade utilized in 2017 reserves not less than 0.076 ounce per ton. 20) Includes undeveloped reserves at six pits in the Ahafo trend totaling 3.4 million ounces. Cut-off grade utilized in 2017 reserves not less than 0.014 ounce per ton. 21) Cut-off grade utilized in 2017 reserves not less than 0.017 ounce per ton. 22) 2016 Yanacocha ownership was 51.35%
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 79February 2018 Attributable Gold Reserves, Metric Units See footnotes in Gold Reserves U.S. units table. Note that cut off grades in such footnotes are represented in U.S. units Attributable Proven, Probable, and Combined Gold Reserves(1) , Metric Units December 31, 2017 December 31, 2016 Proven Reserves Probable Reserves Proven and Probable Reserves Proven + Probable Reserves Newmont Tonnage (2) Grade Gold (3) Tonnage (2) Grade Gold (3) Tonnage (2) Grade Gold (3) Metallurgical Tonnage (2) Grade Gold (3) Deposits/Districts by Reporting Unit Share (x1000 tonnes)(g/tonne)(x1000 ozs)(x1000 tonnes)(g/tonne)(x1000 ozs)(x1000 tonnes)(g/tonne)(x1000 ozs) Recovery (3) (x1000 tonnes)(g/tonne)(x1000 ozs) North America Carlin Open Pits 100% 2,600 3.66 310 231,400 1.08 8,030 234,000 1.11 8,340 59% 231,600 1.14 8,500 Carlin Stockpiles (5) 100% 17,200 2.14 1,180 — — — 17,200 2.14 1,180 84% 19,200 2.14 1,330 Carlin Underground 100% 10,800 10.19 3,550 5,600 9.53 1,760 16,400 9.96 5,310 84% 16,900 9.53 5,170 Total Carlin, Nevada 30,600 5.12 5,040 237,000 1.28 9,790 267,600 1.72 14,830 70% 267,700 1.74 15,000 Phoenix 100% 5,600 0.77 140 221,000 0.55 3,890 226,600 0.55 4,030 74% 232,800 0.58 4,340 Lone Tree 100% 3,400 0.25 20 — — — 3,400 0.25 20 39% 3,400 0.41 40 Total Phoenix, Nevada 9,000 0.55 160 221,000 0.55 3,890 230,000 0.55 4,050 74% 236,200 0.58 4,380 Turquoise Ridge (8) 25% 2,400 15.61 1,200 1,500 15.48 780 3,900 15.56 1,980 92% 2,700 15.21 1,340 Twin Creeks 100% 3,800 1.15 140 25,100 1.56 1,260 28,900 1.51 1,400 75% 27,100 1.82 1,590 Twin Creeks Stockpiles (5) 100% 29,000 2.16 2,010 — — — 29,000 2.16 2,010 72% 29,000 2.15 2,000 Total Twin Creeks, Nevada 35,200 2.96 3,350 26,600 2.39 2,040 61,800 2.71 5,390 80% 58,800 2.62 4,930 Long Canyon, Nevada 100% 800 2.25 60 18,900 1.66 1,010 19,700 1.68 1,070 76% 17,500 2.10 1,170 CC&V 100% 92,600 0.60 1,770 21,400 0.48 320 114,000 0.57 2,090 62% 82,000 0.71 1,870 CC&V Stockpiles (5) 100% 2,700 2.89 250 — — — 2,700 2.89 250 85% 2,500 3.83 310 CC&V Leach Pad (12) 100% — — — 41,500 0.86 1,140 41,500 0.86 1,140 56% 44,000 0.86 1,210 Total CC&V, Colorado 95,300 0.66 2,020 62,900 0.73 1,460 158,200 0.69 3,480 62% 128,500 0.82 3,390 TOTAL NORTH AMERICA 170,900 1.94 10,630 566,400 1.00 18,190 737,300 1.22 28,820 75% 708,700 1.27 28,870 South America Yanacocha Open Pits 54.05% 11,200 0.74 270 73,000 0.62 1,450 84,200 0.63 1,720 70% 90,000 0.63 1,810 Yanacocha Stockpiles (5) 54.05% 4,700 1.44 220 — — — 4,700 1.44 220 56% 5,300 1.52 260 Yanacocha Leach Pad (12) 54.05% 5,700 0.75 130 — — — 5,700 0.75 130 73% 7,800 0.68 170 Total Yanacocha, Peru (22) 21,600 0.89 620 73,000 0.62 1,450 94,600 0.68 2,070 69% 103,100 0.68 2,240 Merian, Suriname 75% 35,900 1.49 1,720 65,300 1.08 2,250 101,200 1.22 3,970 93% 106,000 1.26 4,290 TOTAL SOUTH AMERICA 57,500 1.26 2,340 138,300 0.83 3,700 195,800 0.96 6,040 83% 209,100 0.97 6,530 Australia Pacific Boddington Open Pit 100% 243,900 0.71 5,570 252,000 0.70 5,680 495,900 0.71 11,250 83% 424,200 0.76 10,300 Boddington Stockpiles (5) 100% 14,000 0.57 260 80,900 0.44 1,140 94,900 0.46 1,400 77% 90,400 0.46 1,340 Total Boddington, Western Australia 257,900 0.70 5,830 332,900 0.64 6,820 590,800 0.67 12,650 83% 514,600 0.70 11,640 Tanami, Northern Territory 100% 9,100 5.89 1,740 15,000 5.56 2,670 24,100 5.69 4,410 98% 23,200 6.00 4,480 Kalgoorlie Open Pit and Underground 50% 6,800 2.03 440 23,900 2.21 1,700 30,700 2.17 2,140 83% 36,500 2.16 2,530 Kalgoorlie Stockpiles (5) 50% 68,300 0.78 1,730 — — — 68,300 0.78 1,730 74% 63,600 0.79 1,610 Total Kalgoorlie, Western Australia 75,100 0.89 2,170 23,900 2.21 1,700 99,000 1.21 3,870 79% 100,100 1.29 4,140 TOTAL AUSTRALIA 342,100 0.88 9,740 371,800 0.94 11,190 713,900 0.91 20,930 84% 637,900 0.99 20,260 Africa Ahafo South Open Pits 100% 15,600 2.13 1,060 49,300 1.71 2,700 64,900 1.81 3,760 90% 58,500 1.86 3,500 Ahafo Underground 100% — — — 10,500 4.68 1,590 10,500 4.67 1,590 93% 10,600 4.50 1,530 Ahafo Stockpiles (5) 100% 37,600 0.95 1,160 — — — 37,600 0.95 1,160 87% 38,100 0.97 1,190 Total Ahafo South, Ghana 53,200 1.30 2,220 59,800 2.23 4,290 113,000 1.79 6,510 90% 107,200 1.80 6,220 Ahafo North, Ghana 100% — — — 43,500 2.39 3,350 43,500 2.39 3,350 91% 43,500 2.38 3,330 Akyem Open Pit 100% 12,000 1.71 660 34,900 1.64 1,840 46,900 1.66 2,500 90% 55,000 1.63 2,880 Akyem Stockpiles (5) 100% 10,200 0.95 320 — — — 10,200 0.95 320 90% 9,800 1.19 370 Total, Akyem, Ghana 22,200 1.36 980 34,900 1.64 1,840 57,100 1.53 2,820 90% 64,800 1.56 3,250 TOTAL AFRICA 75,400 1.31 3,200 138,200 2.13 9,480 213,600 1.84 12,680 90% 215,500 1.85 12,800 TOTAL NEWMONT WORLDWIDE 645,900 1.25 25,910 1,214,700 1.09 42,560 1,860,600 1.14 68,470 81% 1,771,200 1.20 68,460
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 80February 2018 Attributable Gold Mineral Resources, U.S. Units 1) Resources are reported exclusive of reserves. 2) Resources are calculated at a gold price of $1,400 or A$1,750 per ounce for 2016 and 2017. Tonnage amounts have been rounded to the nearest 100,000. Ounces may not recalculate as they have been rounded to the nearest 10,000. 3) Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s 10-K filing. 4) Stockpiles are comprised primarily of mineralized material that has been set aside during mining activities. Stockpiles can increase or decrease depending on changes in metal prices and other mining and processing cost and recovery factors. Stockpile reserves are reported separately where tonnage exceeds 100,000 and is greater than 5% of the total site-reported resources. 5) Resource estimates provided by Barrick as of February 14 2018, the operator of the Turquoise Ridge Joint Venture. Attributable Gold Mineral Resources(1)(2) - December 31, 2017, U.S. Units Gold Measured Resource Gold Indicated Resource Gold Measured + Indicated Resource (3) Gold Inferred Resource Newmont Tonnage Grade Au Tonnage Grade Au Tonnage Grade Au Tonnage Grade Au Deposits/Districts Share (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) North America Carlin Trend Open Pit 100% 2,200 0.096 210 89,200 0.040 3,530 91,400 0.041 3,740 14,500 0.027 400 Carlin Trend Underground 100% 800 0.199 160 1,800 0.220 420 2,600 0.214 580 2,700 0.276 710 Total Carlin, Nevada 3,000 0.123 370 91,000 0.043 3,950 94,000 0.046 4,320 17,200 0.065 1,110 Phoenix 100% 2,300 0.011 30 210,800 0.013 2,750 213,100 0.013 2,780 46,300 0.011 510 Phoenix Stockpiles (4) 100% — — — — — — — — — 2,300 0.043 100 Buffalo Valley 70% — — — 15,500 0.019 290 15,500 0.019 290 400 0.011 — Total Phoenix, Nevada 2,300 0.013 30 226,300 0.013 3,040 228,600 0.013 3,070 49,000 0.012 610 Twin Creeks 100% 1,700 0.076 130 33,900 0.059 1,970 35,600 0.059 2,100 17,900 0.041 740 Twin Creeks Stockpiles (4) 100% 8,500 0.059 500 — — — 8,500 0.059 500 — — — Sandman 100% — — — 1,300 0.036 50 1,300 0.036 50 1,100 0.054 60 Turquoise Ridge (5) 25% 1,100 0.264 280 800 0.273 210 1,900 0.268 490 600 0.380 240 Total Twin Creeks, Nevada 11,300 0.081 910 36,000 0.062 2,230 47,300 0.066 3,140 19,600 0.053 1,040 Long Canyon, Nevada 100% 600 0.112 60 15,400 0.102 1,570 16,000 0.103 1,630 6,500 0.056 360 CC&V,Colorado 100% 39,100 0.015 590 30,100 0.014 400 69,200 0.014 990 19,000 0.012 230 TOTAL NORTH AMERICA 56,300 0.035 1,960 398,800 0.028 11,190 455,100 0.029 13,150 111,300 0.030 3,350 South America Conga, Peru 54.05% — — — 413,300 0.019 7,880 413,300 0.019 7,880 137,400 0.011 1,550 Yanacocha, Peru 54.05% 5,900 0.014 80 74,300 0.034 2,510 80,200 0.032 2,590 99,200 0.027 2,720 Merian, Suriname 75% 700 0.202 140 26,000 0.040 1,040 26,700 0.044 1,180 34,100 0.040 1,380 TOTAL SOUTH AMERICA 6,600 0.034 220 513,600 0.022 11,430 520,200 0.022 11,650 270,700 0.021 5,650 Australia Boddington, Western Australia 100% 82,400 0.015 1,260 219,200 0.016 3,500 301,600 0.016 4,760 7,400 0.015 110 Tanami, Northern Territory 100% 500 0.098 50 4,300 0.153 660 4,800 0.148 710 5,000 0.158 790 Kalgoorlie, Western Australia 50% 3,500 0.028 100 13,300 0.035 470 16,800 0.034 570 1,300 0.072 110 TOTAL AUSTRALIA 86,400 0.016 1,410 236,800 0.020 4,630 323,200 0.019 6,040 13,700 0.073 1,010 Africa Ahafo 100% 900 0.016 10 34,400 0.034 1,160 35,300 0.033 1,170 17,000 0.045 760 Ahafo Underground 100% — — — 11,400 0.132 1,500 11,400 0.132 1,500 12,600 0.125 1,580 Total Ahafo South, Ghana 900 0.011 10 45,800 0.058 2,660 46,700 0.057 2,670 29,600 0.079 2,340 Ahafo North, Ghana 100% 2,400 0.033 90 8,300 0.052 440 10,700 0.048 530 8,300 0.052 440 Akyem Open Pits 100% — — — 3,100 0.015 50 3,100 0.015 50 — — — Akyem Underground 100% — — — 1,300 0.137 180 1,300 0.137 180 9,000 0.129 1,170 Total Akyem, Ghana — — — 4,400 0.052 230 4,400 0.052 230 9,000 0.130 1,170 TOTAL AFRICA 3,300 0.028 100 58,500 0.057 3,330 61,800 0.055 3,430 46,900 0.084 3,950 TOTAL NEWMONT WORLDWIDE 152,600 0.024 3,690 1,207,700 0.025 30,580 1,360,300 0.025 34,270 442,600 0.032 13,960
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 81February 2018 Attributable Gold Mineral Resources, Metric Units See footnotes in Gold Resources U.S. units table Attributable Gold Mineral Resources(1)(2) - December 31, 2017, Metric units Gold Measured Resource Gold Indicated Resource Gold Measured + Indicated Resource (3) Gold Inferred Resource Newmont Tonnage Grade Au Tonnage Grade Au Tonnage Grade Au Tonnage Grade Au Deposits/Districts Share (x1000 tonnes) (g/tonne) (x1000 ozs) (x1000 tonnes) (g/tonne) (x1000 ozs) (x1000 tonnes) (g/tonne) (x1000 ozs) (x1000 tonnes) (g/tonne) (x1000 ozs) North America Carlin Trend Open Pit 100% 2,000 3.30 210 80,800 1.36 3,530 82,800 1.40 3,740 13,100 0.94 400 Carlin Trend Underground 100% 700 6.82 160 1,800 7.53 420 2,500 7.33 580 2,300 9.45 710 Total Carlin, Nevada 2,700 4.26 370 82,600 1.49 3,950 85,300 1.58 4,320 15,400 2.24 1,110 Phoenix 100% 2,100 0.37 30 191,300 0.45 2,750 193,400 0.45 2,780 42,000 0.38 510 Phoenix Stockpiles (4) 100% — — — — — — — — — 2,100 1.48 100 Buffalo Valley 70% — — — 14,100 0.65 290 14,100 0.65 290 400 0.38 — Total Phoenix, Nevada 2,100 0.44 30 205,400 0.46 3,040 207,500 0.46 3,070 44,500 0.43 610 Twin Creeks 100% 1,600 2.61 130 30,700 2.01 1,970 32,300 2.04 2,100 16,400 1.41 740 Twin Creeks Stockpiles (4) 100% 7,700 2.01 500 — — — 7,700 2.01 500 — — — Sandman 100% — — — 1,200 1.23 50 1,200 1.23 50 1,100 1.85 60 Turquoise Ridge (5) 25% 900 9.04 280 700 9.37 210 1,600 9.18 490 600 13.03 240 Total Twin Creeks, Nevada 10,200 2.77 910 32,600 2.13 2,230 42,800 2.28 3,140 18,100 1.79 1,040 Long Canyon, Nevada 100% 500 3.84 60 14,000 3.50 1,570 14,500 3.52 1,630 5,900 1.93 360 CC&V,Colorado 100% 35,500 0.52 590 27,400 0.47 400 62,900 0.50 990 17,200 0.41 230 TOTAL NORTH AMERICA 51,000 1.19 1,960 362,000 0.96 11,190 413,000 0.99 13,150 101,100 1.03 3,350 South America Conga, Peru 54.05% — — — 375,000 0.65 7,880 375,000 0.65 7,880 124,600 0.39 1,550 Yanacocha, Peru 54.05% 5,400 0.47 80 67,200 1.16 2,510 72,600 1.11 2,590 90,000 0.94 2,720 Merian, Suriname 75% 600 6.92 140 23,500 1.36 1,040 24,100 1.51 1,180 30,900 1.38 1,380 TOTAL SOUTH AMERICA 6,000 1.17 220 465,700 0.76 11,430 471,700 0.77 11,650 245,500 0.72 5,650 Australia Boddington, Western Australia 100% 74,700 0.52 1,260 198,800 0.55 3,500 273,500 0.54 4,760 6,600 0.50 110 Tanami, Northern Territory 100% 400 3.37 50 4,000 5.26 660 4,400 5.07 710 4,600 5.42 790 Kalgoorlie, Western Australia 50% 3,100 0.96 100 12,200 1.21 470 15,300 1.16 570 1,300 2.48 110 TOTAL AUSTRALIA 78,200 0.56 1,410 215,000 0.67 4,630 293,200 0.64 6,040 12,500 2.50 1,010 Africa Ahafo 100% 800 0.53 10 31,200 1.16 1,160 32,000 1.14 1,170 15,400 1.55 760 Ahafo Underground 100% — — — 10,300 4.51 1,500 10,300 4.51 1,500 11,500 4.29 1,580 Total Ahafo South, Ghana 800 0.53 10 41,500 1.99 2,660 42,300 1.96 2,670 26,900 2.71 2,340 Ahafo North, Ghana 100% 2,200 1.13 90 7,400 1.80 440 9,600 1.65 530 7,500 1.79 440 Akyem Open Pits 100% — — — 2,800 0.53 50 2,800 0.53 50 — — — Akyem Underground 100% — — — 1,200 4.71 180 1,200 4.71 180 8,200 4.44 1,170 Akyem, Ghana — — — 4,000 1.79 230 4,000 1.79 230 8,200 4.44 1,170 TOTAL AFRICA 3,000 0.97 100 52,900 1.95 3,330 55,900 1.90 3,430 42,600 2.88 3,950 TOTAL NEWMONT WORLDWIDE 138,200 0.83 3,690 1,095,600 0.87 30,580 1,233,800 0.86 34,270 401,700 1.08 13,960
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 82February 2018 Attributable Copper Reserves, U.S. Units 1) See footnote (1) to the Gold Reserves table above. Copper reserves for 2017 and 2016 were calculated at a copper price of $2.50 or A$3.35 per pound. 2) See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000. 3) See footnote (3) to the Gold Reserves table above. Pounds may not recalculate as they are rounded to the nearest 10 million. 4) Copper cut-off grade varies with level of gold and silver credits. 5) Copper cut-off grade varies with level of gold credits. 6) 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. Attributable Copper Reserves (1) U.S. Units December 31, 2017 December 31, 2016 Proven Reserves Probable Reserves Proven + Probable Reserves Proven + Probable Reserve Newmont Tonnage (2) Grade Copper (3) Tonnage (2) Grade Copper (3) Tonnage (2) Grade Copper (3) Metallurgical Tonnage (2) Grade Copper (3) Deposits/Districts Share (x1000 tons) (Cu%) (million pounds)(x1000 tons) (Cu%) (million pounds)(x1000 tons) (Cu%) (million pounds) Recovery (3) (x1000 tons) (Cu%) (million pounds) North America Phoenix, Nevada (4) 100% 56,300 0.21% 240 338,400 0.16% 1,090 394,700 0.17% 1,330 60% 395,500 0.16% 1,260 TOTAL NORTH AMERICA 56,300 0.21% 240 338,400 0.16% 1,090 394,700 0.17% 1,330 60% 395,500 0.16% 1,260 Australia Boddington Open Pit, Western Australia (5) 100% 268,800 0.10% 520 277,700 0.11% 640 546,500 0.11% 1,160 79% 467,600 0.11% 1,060 Boddington Stockpiles, Western Australia(6) 100% 15,400 0.09% 30 89,100 0.08% 150 104,500 0.09% 180 73% 99,600 0.09% 170 TOTAL AUSTRALIA 284,200 0.10% 550 366,800 0.11% 790 651,000 0.10% 1,340 78% 567,200 0.11% 1,230 TOTAL NEWMONT WORLDWIDE 340,500 0.12% 790 705,200 0.13% 1,880 1,045,700 0.13% 2,670 69% 962,700 0.13% 2,490
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 83February 2018 Attributable Copper Reserves, Metric Units See footnotes in Copper Reserves U.S. units table Attributable Copper Reserves(1) Metric Units December 31, 2017 December 31, 2016 Proven Reserves Probable Reserves Proven + Probable Reserves Proven + Probable Reserve Newmont Tonnage (2) Grade Copper (3) Tonnage (2) Grade Copper (3) Tonnage (2) Grade Copper (3) Metallurgical Tonnage (2) Grade Copper (3) Deposits/Districts Share (x1000 tonnes) (Cu%) (Tonnes) (x1000 tonnes) (Cu%) (Tonnes) (x1000 tonnes) (Cu%) (Tonnes) Recovery (x1000 tonnes) (Cu%) (Tonnes) North America Phoenix, Nevada 100% 51,100 0.21% 100,000 306,900 0.16% 500,000 358,000 0.17% 600,000 60% 358,700 0.16% 572,460 TOTAL NORTH AMERICA 51,100 0.21% 100,000 306,900 0.16% 500,000 358,000 0.17% 600,000 60% 358,700 0.16% 572,460 Australia Boddington Open Pit, Western Australia 100% 243,900 0.10% 240,000 252,000 0.11% 290,000 495,900 0.11% 530,000 79% 424,200 0.11% 480,430 Boddington Stockpiles, Western Australia (6) 100% 14,000 0.09% 10,000 80,900 0.08% 70,000 94,900 0.09% 80,000 73% 90,400 0.09% 77,180 TOTAL AUSTRALIA 257,900 0.10% 250,000 332,900 0.11% 360,000 590,800 0.10% 610,000 78% 514,600 0.11% 557,610 TOTAL NEWMONT WORLDWIDE 309,000 0.12% 350,000 639,800 0.13% 860,000 948,800 0.13% 1,210,000 69% 873,300 0.13% 1,130,070
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 84February 2018 Attributable Copper Resources 1) Resources are reported exclusive of reserves. Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s Form 10-K filing. 2) Resources are calculated at a copper price of $3.25 or A$4.00 per pound for 2017 and at a copper price of $3.00 or A$3.75 per pound for 2016 unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000. Pounds may not recalculate as they have been rounded to the nearest 10 million. See footnotes in Copper Resources U.S. units table Attributable Copper Mineral Resources(1)(2) U.S. Units December 31, 2017 Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources Newmont Tonnage Grade Copper Tonnage Grade Copper Tonnage Grade Copper Tonnage Grade Copper Deposits/Districts Share (x1000 tons) (Cu%) (million Pounds) (x1000 tons) (Cu%) (million Pounds) (x1000 tons) (Cu%) (million Pounds) (x1000 tons) (Cu%) (million Pounds) North America Phoenix, Nevada 100% 16,300 0.15% 50 272,900 0.12% 680 289,200 0.13% 730 68,500 0.14% 190 TOTAL NORTH AMERICA 16,300 0.15% 50 272,900 0.12% 680 289,200 0.13% 730 68,500 0.14% 190 South America Conga, Peru 54.05% — 0.00% — 413,300 0.26% 2,150 413,300 0.26% 2,150 137,400 0.19% 510 Yanacocha, Peru 54.05% — 0.00% — 61,300 0.64% 780 61,300 0.64% 780 3,000 0.35% 30 TOTAL SOUTH AMERICA — 0.00% — 474,600 0.31% 2,930 474,600 0.31% 2,930 140,400 0.19% 540 Australia Boddington, Western Australia 100% 82,400 0.11% 170 219,200 0.12% 520 301,600 0.11% 690 7,400 0.10% 10 TOTAL AUSTRALIA 82,400 0.11% 170 219,200 0.12% 520 301,600 0.11% 690 7,400 0.10% 10 TOTAL NEWMONT WORLDWIDE 98,700 0.11% 220 966,700 0.21% 4,130 1,065,400 0.20% 4,350 216,300 0.17% 740 Attributable Copper Mineral Resources(1)(2) Metric Units December 31, 2017 Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources Newmont Tonnage Grade Copper Tonnage Grade Copper Tonnage Grade Copper Tonnage Grade Copper Deposits/Districts Share (x1000 tonnes) (Cu%) (tonnes) (x1000 tonnes) (Cu%) (tonnes) (x1000 tonnes) (Cu%) (tonnes) (x1000 tonnes) (Cu%) (tonnes) North America Phoenix, Nevada 100% 14,800 0.15% 20,000 247,500 0.12% 310,000 262,300 0.13% 330,000 62,200 0.14% 80,000 TOTAL NORTH AMERICA 14,800 0.15% 20,000 247,500 0.12% 310,000 262,300 0.13% 330,000 62,200 0.14% 80,000 South America Conga, Peru 54.05% — 0.00% — 375,000 0.26% 980,000 375,000 0.26% 980,000 124,600 0.19% 240,000 Yanacocha, Peru 54.05% — 0.00% — 55,600 0.64% 350,000 55,600 0.64% 350,000 2,700 0.35% 10,000 TOTAL SOUTH AMERICA — 0.00% — 430,600 0.31% 1,330,000 430,600 0.31% 1,330,000 127,300 0.19% 250,000 Australia Boddington, Western Australia 100% 74,700 0.11% 80,000 198,800 0.12% 240,000 273,500 0.11% 320,000 6,600 0.10% — TOTAL AUSTRALIA 74,700 0.11% 80,000 198,800 0.12% 240,000 273,500 0.11% 320,000 6,600 0.10% — TOTAL NEWMONT WORLDWIDE 89,500 0.11% 100,000 876,900 0.21% 1,880,000 966,400 0.20% 1,980,000 196,100 0.17% 330,000
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 85February 2018 Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with the following notes, the Cautionary Statement on slide 2 and the factors described under the “Risk Factors” section of the Company’s Form 10-K, filed with the SEC on February 22, 2018 and disclosure in the Company’s other recent SEC filings. 1. Historical AISC or All-in sustaining cost is a non-GAAP metric. See slides 72-74 for more information and a reconciliation to the nearest GAAP metric. All-in sustaining cost (“AISC”) as used in the Company’s Outlook is a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indirect costs related to current gold production incurred to execute on the current mine plan), remediation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital. See also note 5 below. 2. U.S. investors are reminded that reserves were prepared in compliance with Industry Guide 7 published by the SEC. Whereas, the term resource, measured resource, indicated resources and inferred resources are not SEC recognized terms. Newmont has determined that such resources would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration and defined as Mineral Resource. 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 or all of the inferred resource exists, or is economically or legally mineable. Inventory and upside potential have a greater amount of uncertainty. Investors are cautioned that drill results illustrated in certain graphics in this presentation are not necessarily indicative of future results or future production. Even if significant mineralization is discovered and converted to reserves, during the time necessary to ultimately move such mineralization to production the economic and legal feasibility of production may change. As such, investors are cautioned against relying upon those estimates. For more information regarding the Company’s reserves, see the Company’s Annual Report filed with the SEC on February 22, 2018 for the Proven and Probable reserve tables prepared in compliance with the SEC’s Industry Guide 7, which is available at www.sec.gov or on the Company’s website. Investors are further reminded that the reserve and resource estimates used in this presentation are estimates as of December 31, 2017. 3. Free cash flow is a non-GAAP metric and is generated from Net cash provided from operating activities of continuing operations less Additions to property, plant and mine development. See slide 70 for more information and for a reconciliation to the nearest GAAP metric. 4. EBITDA is a non-GAAP financial measure calculated as Earnings before interest, taxes and depreciation and amortization. The EBITDA figures for competitors used in this presentation were calculated by Thomson Reuters. For management’s EBITDA calculations and reconciliation to the nearest GAAP metric, please see slide 71 for more information. Adjusted EBITDA is also a non-GAAP metric. Please refer also to slide 71 for a reconciliation of Adjusted EBITDA to the nearest GAAP metric. 5. Outlook projections used in this presentation are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 22, 2018. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2018 Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and $55/barrel WTI; AISC and CAS estimates do not include inflation, for the remainder of the year. Production, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward- looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. For additional information on reserves and resources see slides 77-84. 6. Adjusted Net Income is a non-GAAP metric. Adjusted Net Income per share refers to Adjusted Net Income per diluted share. See slides 68-69 for more information and reconciliation to the nearest GAAP metric.
Newmont Mining Corporation I BMO Metals & Mining Conference – Slide 86February 2018 Endnotes 7. Return on Capital Employed (ROCE) is a non-GAAP metric and is generated from 12 month trailing Earnings before interest and tax divided by average capital employed. 2017 balances exclude Batu Hijau. See slide 76 for more information and for reconciliation to the nearest GAAP metric. 8. The Board of Directors has authorized a new stock repurchase program, under which the Company may repurchase up to $90 million of its outstanding common stock to offset the dilutive impact of employee restricted stock vesting in 2018. Under this new stock repurchase program, the Company may repurchase shares in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program may be extended, suspended or discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock. The Company expects to finance the program from existing cash and cash equivalents. 9. Full Potential cost savings or Full Potential improvements as used in this presentation are considered operating measures provided for illustrative purposes, and should not be considered GAAP or non-GAAP financial measures. Global Full Potential savings/improvements amounts are estimates utilized by management that represent estimated cumulative incremental value realized as a result of Full Potential projects implemented and are based upon both cost savings and efficiencies that have been monetized for purposes of the estimation. Because Full Potential savings/improvements estimates reflect differences between certain actual costs incurred and management estimates of costs that would have been incurred in the absence of the Full Potential program, such estimates are necessarily imprecise and are based on numerous judgments and assumptions.

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Investor Presentation February 2018

  • 1.
  • 2.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 2February 2018 Cautionary statement Cautionary statement regarding forward looking statements: This presentation contains “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: (i) estimates of future production and sales; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures; (iv) estimates of future cost reductions and efficiencies; (v) expectations regarding the development, growth and potential of the Company’s operations, projects and investment, including, without limitation, returns, IRR, schedule, decision dates, mine life, commercial start, first production, capital average production, average costs and upside potential; (vi) expectations regarding future free cash flow generation, liquidity and balance sheet strength; (vii) estimates of future closure costs and liabilities; and (vii) expectations of future dividends and returns to shareholders. Estimates or expectations of future events or results 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 the Company’s operations and projects being consistent with current expectations and mine plans, including without limitation receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineralized material estimates; and (viii) other assumptions noted herein. 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 and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the “forward-looking statements”. Other risks relating to forward looking statements in regard to the Company’s business and future performance may include, but are not limited to, gold and other metals price volatility, currency fluctuations, operational risks, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political risk, community relations, conflict resolution governmental regulation and judicial outcomes and other risks. For a more detailed discussion of such risks and other factors, see the Company’s 2017 Annual Report on Form 10-K, filed on February 22, 2018, with the Securities and Exchange Commission (SEC) as well as the Company’s other SEC filings. 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 presentation, 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. Investors are reminded that this presentation should be read in conjunction with Newmont’s 2017 Annual Report on Form 10-K, available on the SEC website and www.newmont.com.
  • 3.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 3February 2018 2013 2014 2015 2016 2017 Akyem on line Phoenix copper leach on line Midas sold Jundee sold Penmont sold Merian funded Debt reduced Waihi sold Long Canyon funded CC&V acquired Debt reduced DJSI sector leader PTNNT sold Merian on line Long Canyon on line Debt reduced DJSI sector leader Tanami Exp on line Ahafo Exp funded 5-yr outlook improved Reserves replaced Dividend increased DJSI sector leader Proven strategy for long-term value creation
  • 4.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 4February 2018 Tanami Expansion Steady trajectory of improved performance Financial metric FY 2016 FY 2017 Change Attributable gold production (Koz) 4,898 5,266 +8% AISC ($/oz) $912 $924 +1% Adjusted Net Income6 ($M) $619 $780 +26% Adjusted Net Income6 ($/diluted share) $1.16 $1.46 +26% Adjusted EBITDA4 ($M) $2,365 $2,653 +12% Free Cash Flow3 ($M) $790 $1,484 +88%
  • 5.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 5February 2018 All-in sustaining costs1 down 21% Superior operational execution Total injury rates* down 49% 0.46 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 $924 *Total recordable injury frequency rates per 200,000 hours worked Reforestation near Akyem
  • 6.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 6February 2018 Peru AISC/oz & Koz/year represent first 5-year project averages except for Quecher Main (see *** below) * Represents processing life for Twin Underground ** Average annual improvement to Ahafo compared to 2016 *** Production represents Yanacocha (100%) from 2020 – 2025; AISC represents incremental unit costs 2020 – 2025 **** Capital includes $225 – $275M for a lease paid over a 10 year term beginning in 2019 Sustaining profitable production Project Mine life (yrs) Cost (AISC/oz) Production (Koz/yr) Capital ($M) IRR (%) Merian (75%) 15 $650 – $750 300 – 375 ~$525 >25% Long Canyon Phase 1 8 $500 – $600 100 – 150 ~$225 >25% Tanami expansion +3 $700 – $750 ~ 80 ~$120 >35% Northwest Exodus +10 ~$25 lower 50 – 75 $50 – $70 >40% Ahafo Mill expansion – reduced by $250 – $350** 75 – 100 $140 – $180 >20% Subika Underground 11 150 – 200 $160 – $200 >20% Twin Underground 13* $650 – $750 30 – 40 $45 – $55 ~20% Quecher Main*** 8 $900 – $1,000 ~200 $250 – $300 >10% Tanami Power**** Lowers risk and reduces site power cost by ~20% $225 – $275 >50%
  • 7.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 7February 2018 2017 attributable gold Reserves2 (Moz) 68.5 6.4 4.4 1.9 0.1 68.5 55 60 65 70 75 80 Actual2016 Depletion Additions Revisions Acquisitions Actual2017 46% – North America 37% – Australia 12% – Africa 5% – South America Sensitivity to gold price $1,000 ~58Moz $1,100 ~63Moz $1,200 ~68Moz $1,300 ~73Moz $1,400 ~80Moz Offsetting Reserves depletion
  • 8.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 8February 2018 Australia Boddington Kalgoorlie − Morrison Tanami − Tanami Power − Tanami Expansion 2 North America Carlin − Northwest Exodus − Greater Leeville − Pete Bajo exp. Twin Creeks − Twin UG Phoenix Long Canyon − Long Canyon Phase 2 CC&V South America Merian − Sabajo Yanacocha − Quecher Main − Yanacocha Sulfides Africa Ahafo − Mill exp − Subika UG − Awonsu − Ahafo UG Akyem − Akyem UG Ahafo North Operations and sustaining projects Global portfolio of long-life assets Improvements since 2012 3 new lower cost mines 9 profitable expansions Average project IRR >20% $2.8B in non-core asset sales Improved value and risk profile Current projects Mid-term projects Long-term projects 2018E gold production* North America 41% South America 12% Africa 16% Australia 31% * Estimated attributable gold production; see Endnote 5
  • 9.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 9February 2018 Long-term projects (>3 years; not in outlook) Morrison Leading project pipeline and track record Greenfields Conceptual/ Scoping Prefeasibility/ Feasibility Definitive Feasibility Execution Eastern Great Basin Andes Guiana Shield Ethiopia Australia Long Canyon Ph 2 Pete Bajo Expansion Greater Leeville Sabajo Akyem Underground Yanacocha Sulfides Awonsu Ahafo Underground Ahafo North Tanami Expansion 2 Twin Underground Quecher Main Northwest Exodus Subika Underground ~10 years Current Ahafo Mill Expansion Canadian Yukon Colombia Sustaining projects (in outlook) Current projects (in outlook) Mid-term projects (<3 years; not in outlook) Tanami power
  • 10.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 10February 2018 - 1.0 2.0 3.0 4.0 5.0 6.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Projected production profile (Moz)* Industry-leading long-term pipeline * Estimated attributable gold production; see Endnote 5 ** Prefeasibility projects include Yanacocha Sulfides and Tanami Expansion 2 Steady long-term production profile Existing assets and sustaining projects Divested Current projects Mid-term projects Prefeasibility projects** FCF/share3 up $4.42 since 2012
  • 11.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 11February 2018 Carlin gold pour Guidance metric 2018E 2019E 2020E – 2022E Gold production (Moz) 4.9 – 5.4 Moz 4.9 – 5.4 Moz 4.6 – 5.1 Moz CAS ($/oz) $700 – $750 $620 – $720 $650 – $750 AISC ($/oz) $965 – $1,025 $870 – $970 $870 – $970 Sustaining capital ($M) $600 – $700 $600 – $700 $550 – $650 Development capital ($M) $600 – $680 $100 – $150 ~$50 Total capital* ($M) $1,200 – $1,300 $730 – $830 $580 – $680 Improved cost and production outlook *Includes $225-$275M for a capital lease related to the Tanami Power Project paid over a 10 year term beginning in 2019
  • 12.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 12February 2018 • Piloting autonomous equipment and centralized asset health center • Shipping first CC&V concentrates for processing in Nevada • Progressing underground expansions at Carlin, Twin Creeks and Long Canyon • Pursuing greenfields prospects in Canada and the US Advancing expansions in North America Long Canyon CarlinOperating autonomous loaders at Leeville
  • 13.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 13February 2018 Expanding footprint in South America • Improved mine and mill performance at Merian; primary crusher on track • Progressing Quecher Main as oxide bridge to Yanacocha sulfides • Supporting safe and efficient development of Buriticá in Colombia • Advancing exploration agreement for early stage prospect in French Guiana Mining first ore from Maraba at Merian
  • 14.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 14February 2018 Progressing projects and districts in Africa • Completing primary crusher, mill foundation and leach tanks at Ahafo Mill Expansion • Mining third stope at Subika Underground; expect to reach commercial production in H2 • Ahafo North advancing to definitive feasibility study • Integrated approach to developing Ahafo underground; promising drilling results at Akyem Akyem Underground core samples
  • 15.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 15February 2018 • Boddington’s next layback underway • Tanami power project approved and next expansion advancing • Remediating west wall slip at KCGM through H1 2018; expect to approve Morrison in H2 2018 • Progressing greenfields prospects in Western Australia and Northern Territory Pursuing profitable growth in Australia Boddington
  • 16.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 16February 2018 Executing capital priorities 2013 2017 2013 20172013 2017 Maintaining an industry-leading balance sheet • Liquidity of $6.2B and net debt to EBITDA of 0.3X as of Q4 2017 • Generated ~$2.9B of free cash flow and reduced net debt by $4.4B since 2013 Investing in most promising growth options • Invested $7B in profitable growth and more than doubled ROCE7 to 10.7% since 2013 Returning cash to shareholders $1,411 $1,257 Gold price down ~11% Newmont FCF/share up $3.45 Newmont ROCE up 123% $2.77 ($0.68) 4.8% 10.7%
  • 17.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 17February 2018 $0.025 $0.050 $0.050 $0.050 $0.075 $0.075 $0.140 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Delivering superior returns Quarterly dividend ($/share) Stable and sustainable dividend • Removes gold price-link and reflects steady production and cash flow profile Industry-leading dividend yield of ~1.5%* • Q4 declared dividend is 87% higher than Q3; nearly 3X higher than Q3 2016 Approved share repurchase program** • Offsets dilution from annual equity vesting *Assumes $38 share price; ** See Endnote 8
  • 18.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 18February 2018 * Competitor average includes Agnico Eagle, AngloGold, Barrick, Gold Fields, Goldcorp, Kinross, Newcrest, Randgold and Yamana and is Reserve weighted as of 12/31/2016 ** Sourced from RBC Capital research report – competitor average includes Agnico Eagle, Barrick, Goldcorp and Kinross *** Need footnote Reserve base represents competitive advantage * Competitor average includes Agnico Eagle, AngloGold, Barrick, Gold Fields, Goldcorp, Kinross, Newcrest, Randgold and Yamana and is Reserve weighted as of 12/21/2016 ** Sourced from RBC Capital research report – competitor average includes Agnico Eagle, Barrick, Goldcorp and Kinross *** Need footnote vs gold sector average of 77Koz Reserves per Kshare vs gold sector average of 77oz/Kshares* Operating Reserves vs gold sector average of 9.9 yrs** Reserves based in US, Australia, Canada and Western Europe vs gold sector average of 29%* Reserve grade vs 2017 mined grade of 1.16 g/tonne 128oz 12yrs 73% 1.14g/t * Competitor average includes Agnico Eagle, AngloGold, Barrick, Gold Fields, Goldcorp, Kinross, Newcrest, Randgold and Yamana; Reserves weighted as of 12/31/2016; see Endnote 2 ** Sourced from RBC Capital research report – competitor average includes Agnico Eagle, Barrick, Goldcorp and Kinross Top quartile Total Shareholder Returns delivered since 2014
  • 19.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 19February 2018 Leading in profitability and responsibility Tanami ore (Auron) • Safe, stable and profitable gold production over longer horizon • Ongoing margin, Reserves and Resources growth across four anchor regions • Superior balance sheet, dividends and sustainability performance
  • 20.
  • 21.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 21February 2018 2018 earnings and cash flow weighted to Q4 • North America – higher stripping and maintenance in first half; Silverstar production in Q4 • Australia – stable production with Tanami and KCGM offsetting Boddington stripping campaign • South America – mine sequencing in first three quarters; reaching higher grade ores in Q4 • Africa – H2 benefits from higher grades in Ahafo surface mines, Subika UG ramp-up Subika UndergroundAutomated haulage equipment at Subika Underground
  • 22.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 22February 2018 1,631 1,643 2,024 2,211 2,010 – 2,170 1,800 – 2,000 1,900 – 2,100 $1,007 $979 $869 $895 $945 – $1,020 $870 – $970 $825 – $925 0 200 400 600 800 1000 1200 1400 1600 0 500 1000 1500 2000 2500 2014 2015 2016 2017 2018E 2019E 2020E Five operating complexes and 50-year track record of profitability and innovation • Higher stripping at Twin, Carlin partly offset by new underground production • Pursuing profitable longer-term growth at Carlin, Long Canyon, Plateau • Increasing value through fit-for-purpose technology, improved regional integration North America continues as cornerstone Attributable gold production and AISC trends and outlook (Koz and $/oz) AISC ($/oz)Gold production (Koz) Gold production outlook (Koz)
  • 23.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 23February 2018 South America balancing profitability and growth $880 – 980 $850 – 950 $810 – 910 Source of profitable production and growth for nearly 25 years with expanding scope • Lower cost production from Merian offsetting declining oxide profile at Yanacocha • Focus on maximizing profitability and optimizing growth projects • Advancing near-mine expansions and early-stage prospects across Andes and Guiana Shield Attributable gold production and AISC trends and outlook (Koz and $/oz) AISC ($/oz)Gold production (Koz) Gold production outlook (Koz) 498 471 414 660 615-675 590-690 475-575 $1,001 $949 $1,052 $959 $945 - $1,045 $810 - $910 $970 - $1,070 0 200 400 600 800 1000 1200 1400 1600 0 100 200 300 400 500 600 700 2014 2015 2016 2017 2018E 2019E 2020E
  • 24.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 24February 2018 1,640 1,665 1,641 1,573 1,530 – 1,670 1,440 – 1,640 1,380 – 1,580 $975 $818 $786 $823 $830 – $890 $840 – $940 $840 – $940 0 200 400 600 800 1000 1200 1400 1600 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2014 2015 2016 2017 2018E 2019E 2020E Australia growing margins and reserves Australia’s largest gold producer, responsible for 17% of country’s total production • Full Potential eliminates mill constraints, sets new standards for maintenance practices • Advancing profitable underground expansions and surface mine laybacks • Leveraging expertise, best practices across region Attributable gold production and AISC trends and outlook (Koz and $/oz) AISC ($/oz)Gold production (Koz) Gold production outlook (Koz)
  • 25.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 25February 2018 Africa delivering improved performance and growth Attributable gold production and AISC trends and outlook (Koz and $/oz) $870 – 920 $960 – 1,060 $680 – 780 Ghana’s largest gold producer, responsible for 32% of country’s total production • Mine plan optimization, improved mill throughput and recovery delivering lower unit costs • Subika Underground and Ahafo Mill Expansion progressing on course • Advancing regional growth studies – prospective opportunities at surface and underground AISC ($/oz)Gold production (Koz) Gold production outlook (Koz) 914 805 819 822 815 – 875 1,085 – 1,185 880 – 980 $647 $718 $833 $823 $865 – $925 $700 – $800 $775 – $875 0 200 400 600 800 1000 1200 1400 -150 50 250 450 650 850 1050 1250 2014 2015 2016 2017 2018E 2019E 2020E
  • 26.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 26February 2018 2018 Strategy Map Purpose Our purpose is to create value and improve lives through sustainable and responsible mining Strategy • Deliver superior operational execution • Sustain a global portfolio of long-life assets • Lead the gold sector in profitability and responsibility Elements Health & Safety Operational Excellence Growth People Sustainability & External Relations Strategic objectives • Culture of zero harm • Industry-leading health & safety performance • Culture of continuous improvement • Cost improvements more than offset inflation • Value accretive growth • Industry-leading return on capital employed (ROCE) • Competitive advantage through people • Leading engagement, leadership and inclusion • Access to land, resources and approvals • Reputation conveys competitive advantage Strategic drivers • Safety leadership • Fatality prevention • Employee engagement • Health and wellness • Business improvement • Portfolio optimization • Technical foundations • M&A, projects and exploration that improve portfolio value, longevity, cost and risk profile Industry-leading: • Employee engagement • Talent pipeline • Inclusion and diversity • Performance • Risk management • Reputation 2018 BP objectives • Eliminate fatalities by implementing critical controls and verification processes • Improve quality of pre- start meetings • Improve quality of SPE investigations and application of lessons learned • Reduce health exposures by implementing critical controls for key risks • Meet EBITDA target • Meet cash sustaining cost per gold equivalent ounce target • Meet gold and copper production targets • Achieve planned Full Potential improvements; progress upside • Deliver measurable IT/OT, cyber security and technology benefits • Deliver asset management improvements across portfolio • Deliver NW Exodus, Twin UG and Subika UG on time and budget • Advance Ahafo Mill Expansion, Quecher Main, Morrison, Tanami Power and CC&V concentrate projects • Progress strategic transactions • Achieve Reserve, Resource and Inventory targets • Increase focus on bench strength, employee and leadership development • Broaden workforce understanding of employee value proposition and brand • Progress inclusive environment and diverse representation • Leverage HR Full Potential for sustainable enterprise performance • Achieve 2018 public S&ER targets • Develop and implement global closure strategy • Implement Supplier Risk Management, including human rights pre- screening program and training • Measurably improve Newmont’s reputation for transparency and performance • Implement Phase 3 of Integrated Management System Values Safety Integrity Sustainability Inclusion Responsibility
  • 27.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 27February 2018 Personal objectives Two-thirds of compensation linked to stock performance Operating performance Executive compensation tied to shareholder returns CEO target compensation Base salary 12% Personal bonus 6% Company bonus 13% Performance Stock Units 46% Restricted Stock Units 23%
  • 28.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 28February 2018 2017 Incentives plan aligned to strategic objectivesHealth and Safety • Effective critical controls (leading) • Total injury rates (lagging) 20% Operational excellence • Value creation (adjusted EBITDA per share*) 30% • Efficiency (production costs) 30% Growth • Project execution (timing and spend) 10% • Exploration success (Reserves and Resources per share) 5% S&ER • Access (public targets) • Reputation (DJSI rating) 5% TOTAL 100% *Adjusted EBITDA per share represents Corporate Performance Bonus EBITDA per share to be defined in Annex A of Proxy Statement
  • 29.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 29February 2018 Sustainability program aligned to best practice Active participation in leading organizations and initiatives Industry leader in setting and meeting public sustainability targets Current Targets Complaints and Grievances Close 100% of Tier 1 complaints and grievances within 30 days Water Achieve 80% of site water strategy targets and 100% completion of actions Closure and Reclamation Achieve 90% of concurrent final reclamation annual plan Community Commitments 90% completion of all community commitments by due date at all sites Local Employment Achieve target % determined by site Local Procurement Achieve spend target determined by region Security and Human Rights 100% completion of Critical Control Management Plan at all sites Diversity and Inclusion Increase enterprise-wide representation of women to 15% by 2018
  • 30.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 30February 2018 Responsible, sustainable value creation Exploration Forging early, mutually beneficial relationships Development Construction Production Closure Post-Closure Values based company committed to transparency Mine closure planning Reducing energy emission intensity Ongoing social and environmental impact assessments Concurrent reclamation plans integrated into annual and long- term mine plans
  • 31.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 31February 2018 Executive Leadership Team Gary Goldberg President and CEO Nancy Buese EVP and CFO Elaine Dorward-King EVP, S&ER Randy Engel EVP, Strategic Development Steve Gottesfeld EVP & General Counsel Susan Keefe VP, Strategic Relations Scott Lawson EVP and CTO Bill MacGowan EVP Human Resources Tom Palmer EVP and COO Broad management experience Board of Directors Noreen Doyle Chair Greg Boyce Bruce R. Brook J. Kofi Bucknor Vincent A. Calarco Joseph A. Carrabba Veronica Hagen Sheri Hickok Jane Nelson Julio Quintana Molly Zhang Top investors (as of December 31, 2017)* BlackRock (14.6%) Vanguard Group (10.4%) State Street (5.2%) Van Eck (4.4%) Carmignac Gestion (2.9%) * Top Investors based upon December 31, 2017 13-F filings
  • 32.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 32February 2018 • 11 out of 12 Directors are independent (all except CEO) • All 4 main committees comprised of independent directors only • Average tenure 6 years; average age of ~61 years (retirement age 75) • 58% are female or ethnically diverse; one third live outside the United States Diverse Board led by independent Chair Diversity of Director experience 9 8 1 9 8 7 7 11 Health & Safety Experience Environmental & Social Responsibility Experience Leading Academic Government/Regulatory Affairs Experience Financial Expertise Extractives Expertise Current or Former CEOs International Business Experience
  • 33.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 33February 2018 Autonomous fleet Advanced process control Centralized support Connected worker Advanced analytics Smart Mine Apply control logic & AI to improve safety, accuracy, consistency & efficiency Provide a consistent site framework to sustain process control improvement Enable improved consistency, collaboration & decision-making through connected hubs Leverage wearable technology for safety and operational efficiency Provide insight & foresight through statistics, machine learning & reasoning Maximize use of production data in real time to optimally mine and process ore • OP automation • UG automation • Infrastructure • Advanced process control • Alarm management • Loop monitoring • Change Management • Centralized support • Centralized asset health • Safety • Time & attendance • Mobile/in-field tools • Workforce planning & optimization • Predictive analytics • Prescriptive analytics • Cognitive computing • Multi-source geological database • Smart Models • Automated revenue-based dig lines • Stochastic mine planning Digital assessments guide fit-for-purpose approach IT infrastructure and architecture
  • 34.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 34February 2018 Twin Underground adds higher grades at lower costs • Profitable expansion adds higher grade ore and extends processing life at well-known deposit • First production achieved in August 2017; commercial production forecast for mid-2018 • Adds 30 – 40Koz per year at CAS of $525 – $625/oz and AISC of $650 –$750/oz • $45 – $55M of total development capital with an estimated internal rate of return of ~20% Twin UndergroundProduction, CAS and AISC estimates represent first full five year average. See Endnote 1.
  • 35.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 35February 2018 Reserves and Resource base (R&R) • Reserves: 0.2 Moz (0.8Mt @ 7.0 g/t Au) • Resource*: 0.05 Moz (0.3 Mt @ 5.5g/t Au) Upside Potential • 60% of Inventory converted to R&R • Mineralization over 2.3km strike length Highlights • Mined first stope in Q4 2017 • Provides sulfide sulfur feed to Twin Creeks autoclave bringing forward high carbonate stockpile material *Resource as used on this page includes primarily inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2. Twin Creeks develops underground
  • 36.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 36February 2018 Northwest Exodus extends Carlin life and access • Extends mine life by 10 years, produces ~950Koz, lowers Carlin AISC by ~$25/oz • IRR of >40% at flat $1,200/oz gold price • Creates platform for future growth in highly prospective Carlin underground Lantern Exodus NW Exodus
  • 37.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 37February 2018 Exodus – growing into major underground deposit Highlights • 0.9Moz Reserves and 0.5Moz Resource** additions over the past 3 years • Larger than expected Footwall intercepts; first footwall stopes successfully mined Reserves and Resource (R&R) base • Reserves: 0.8 Moz (3Mt @ 9.6 g/t Au) • Resource*: 0.2 Moz (0.9Mt @ 7.3 g/t Au) Upside Potential • 45% of Inventory converted to R&R • Half of +4.0km target drill tested * Primarily Indicated 0.5 Mt @ 6.8 g/t Au (0.1Moz), Inferred 0.3Mt @ 8.3 g/t Au (0.1Moz). ** Includes NW Exodus ; includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 38.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 38February 2018 Reserves and Resource base (R&R) • Reserves: 0.4 Moz (1.6 Mt at 9.3 g/t) • Resource*: 0.4 Moz (1.7 Mt at 8.0 g/t) Upside Potential • 20% of Inventory converted to R&R • 3.0km by 1.0km corridor only partially drill tested Highlights • 0.15 Moz Reserves and 0.06 Moz Resource** additions in 2017 • Extended mineralization around Rita K, Full House and Fence from surface and underground drill holes • Drilling confirm mineralization on the Full House Deep Sensing Geochemistry NE trend 1.0 km to the N * Resource in the R&R base includes Measured and Indicated (0.8 Mt @ 7.3 g/t Au (0.2Moz) and Inferred 0.9 Mt @ 8.6 g/t Au (0.2Moz) **R&R base includes Full House and Fence and includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2. Pete Bajo – Exploration success offsets depletion
  • 39.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 39February 2018 Highlights • 0.6Moz Reserves and 0.7Moz Resource** additions over the past 3 years • Strong results South and West of Four Corners; NE upside potential subparallel to West Bounding Fault Reserves and Resource (R&R) base • Reserves: 3.9 Moz (12Mt @ 10.3 g/t Au) • Resource*: 0.7 Moz (2Mt @ 9.3 g/t Au) Upside Potential • 45% of Inventory converted to R&R • 2.6km of exploration drift over the next 3 years Leeville – growing high grade underground deposit * Measured 0.5Mt @ 6.9g/t (0.1Moz), Indicated 0.6Mt @ 8.4 g/t Au (0.1Moz), Inferred 1.1Mt @ 10.8 g/t Au (0.4Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 40.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 40February 2018 CC&V – building long term value Reserves and Resource base (R&R) • Reserves: 3.5 Moz (158 Mt @ 0.7 g/t Au) • Resource*: 1.2 Moz (80 Mt @ 0.5 g/t Au) Upside Potential • Along vertical contacts and hydrothermal pipes • Below current pits Highlights • 0.4Moz Reserves and 0.3Moz Resource** additions in 2017 • 3D Prospectivity modelling ongoing *Measured 36Mt @ 0.5gpt (0.6Moz), indicated 27Mt @ 0.5gpt (0.4Moz) and inferred 17Mt @ 0.4gpt (0.2Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 41.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 41February 2018 Long Canyon – advancing Phase 2 Upside Potential • 75% of Inventory converted to R&R • Mineralization over 5.0km strike length is open Highlights • Resource drilled to Reserves spacing; Reserves and Resource additions pending hydrological study • Shift focus from support Phase 2 to Resource growth • Deep Sensing Geochemistry providing guidance on the Eastern Zone Reserves and Resource (R&R) base • Reserves: 1.1 Moz (20Mt @ 1.7 g/t Au) • Resource*: 2.0 Moz (20Mt @ 3.1 g/t Au) * Primarily Indicated 14Mt @ 3.5 g/t Au (1.6Moz), Inferred 6Mt @ 1.9 g/t Au (0.4Moz). For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 42.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 42February 2018 • Option maximizes IRR, cash flow and value • Expansion improves costs and mine life • Platform for growth – significant upside potential Tanami Expansion adds profitable ounces, mine life Cripple Creek & Victor Production To 425–475 Koz AISC/oz $700 – $750 Capital $120M Commercial production August 2017 Production and AISC calculated as first full five year average for Tanami, including the expansion; see Endnote 1
  • 43.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 43February 2018 Tanami’s Expansion 2 taps new discoveries Increases profitable production and extends mine life • Includes production shaft to maximize value from 1,200 – 2,600m below surface; optimizing processing capacity • Staged investment; develop while continuing to optimize resource risk at depth • Decision expected in H2 2019 with a two year construction period -260RL Focus area Production shaft
  • 44.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 44February 2018 Tanami UG – advancing Tanami Expansion 2 Highlights • 2.6 Moz Reserves and 2.1 Moz Resource** additions over the past 3 years • First Reserves at Federation and Auron West discoveries • Maiden Resource at Liberator in 2018 (up to 58m @ 23.4 g/t Au; 38m @ 10.5 g/t Au) Reserves and Resource (R&R) base • Reserves: 4.4 Moz (24Mt @ 5.7 g/t Au) • Resource*: 1.5 Moz (9Mt @ 5.3 g/t Au) Upside Potential • 70% of Inventory converted to R&R • Extensions and repeating structures * Primarily Indicated 4Mt @ 5.3 g/t Au (0.7Moz), Inferred 5Mt @ 5.4 g/t Au (0.8Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77- 84 and Endnote 2.
  • 45.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 45February 2018 Tanami Power Project lowers costs and emissions Completion date H1 2019 Capital* $225 – $275M Net cash savings (2019 – 2023) $34/oz Internal Rate of Return >50% • 450km natural gas pipeline, 2 power stations • Expected to lower CO2 emissions by up to 20% • Expected to reduce power costs by ~20% • Mitigates fuel supply risks • Facilitates future expansion Tanami Expansion *Lease paid over a 10 year term beginning in 2019 Existing Amadeus Pipeline Tanami Pipeline Tanami Operations Northern Territory Darwin
  • 46.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 46February 2018 Africa expansions maximize value and extend life Metrics Subika Underground Ahafo Mill Expansion Production 150 – 200 Koz 75 – 100 Koz Development capital $160 – $200M $140 – $180M First production June 2017 H1 2019 Commercial production H2 2018 H2 2019 Internal Rate of Return >20% >20% Expected average for first five years of production. From 2020 to 2024, projects will improve*: • Production by ~70% to 550 – 650 Koz/yr • CAS by ~20% to $650 – $750/oz • AISC by ~25% to $800 – $900/oz *Average annual improvement to Ahafo compared to 2016. See Endnote 1 Expected average annual incremental impact (Subika Underground: 2019 – 2023 and Ahafo Mill Expansion: 2020 – 2024). See Endnote 5 Ahafo
  • 47.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 47February 2018 Highlights • 0.9Moz Reserves and 1.2Moz Resource** additions since 2015 Investor Day • Mineralization extended 800m below existing Reserves to ~1.4km depth • Updated geological model leading to better targeting Reserves and Resource (R&R) base UG only • Reserves: 1.6 Moz (11Mt @ 4.7 g/t Au) • Resource*: 1.6 Moz (11Mt @ 4.3 g/t Au) Upside Potential • 65% of Inventory converted to R&R • Four ore shoots, all open at depth Subika - unlocking major underground resource * Indicated 3Mt @ 4.3 g/t Au (0.4Moz), Inferred 9Mt @ 4.4 g/t Au (1.2Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 48.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 48February 2018 Ahafo UG - potentially major new blind discovery Highlights • 0.9Moz Resource** additions over the past 3 years • 0.5Moz maiden Resource declared at Apensu North discovery in 2017 • Mineralization extended 400m below existing Apensu South Resource to ~1.0km depth Reserves and Resource (R&R) base UG only • Reserves: N/A • Resource*: 1.5Moz (11Mt @ 4.5 g/t Au) Upside Potential • 44% of Inventory converted to R&R • Multiple ore shoots open at depth * Indicated 8Mt @ 4.6 g/t Au (1.1Moz), Inferred 3Mt @ 4.1 g/t Au (0.4Moz).** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 49.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 49February 2018 Ahafo North represents prospective new district 7 surface deposits along 14 km strike length • Located 30 km north of Ahafo • 3.4Moz Reserve and 1.0Moz Resource* • Stand-alone mill to process ~3.5 to 4Mt/yr • Permitting and outreach underway • Decision expected in H2 2019 with 3-year development schedule * 2017 Newmont Reserve and Resource declaration. Probable Reserve 44Mt @ 2.4 g/t Au (3.4Moz), Measured 2Mt @ 1.1g/t (0.1Moz), Indicated 7Mt @ 1.8g/t (0.4Moz), and Inferred 8Mt @ 1.8g/t (0.4Moz). For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 50.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 50February 2018 Akyem UG – maiden underground Resource in 2017 Highlights • 1.4Moz maiden Resource declared in 2017 • Mineralization extended ~500m below ultimate pit (up to 44.9m @ 5.6 g/t Au) down to ~800m depth • Project entered Stage gates Reserves and Resource (R&R) base UG only • Reserves: N/A • Resource*: 1.4 Moz (9Mt @ 4.5g/t Au) Upside Potential • 0% of Inventory converted to R&R • Mineralization open at depth * Indicated 1Mt @ 4.7 g/t Au (0.2Moz), Inferred 8Mt @ 4.4 g/t Au (1.2Moz). For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 51.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 51February 2018 Quecher Main to extend Yanacocha life to 2027 Metrics Quecher Main Production* 200 Koz Development capital $250 – $300M First production early 2019 Commercial production Q4 2019 Internal Rate of Return >10% From 2020 – 2025, Quecher Main delivers: • Yanacocha production ~200 Koz/year* • Average CAS of $750 – $850/oz** • Average AISC of $900 – $1,000/oz** • Bridge to development of Yanacocha sulfides Early Works for Quecher Main * Production represents Yanacocha (100%) from 2020-2025; ** CAS & AISC represent incremental unit costs 2020-2025. See Endnotes 1 and 5.
  • 52.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 52February 2018 Quecher Main 1.5Moz Reserves and upside potential Reserve and Resource base (100%) • Reserves: 1.5 Moz (92 Mt @ 0.52 g/t Au) • Resources*: 0.07 Moz (12 Mt @ 0.17 g/t Au) Upside Potential – Quecher Main • Potential extensions to SW and NE Highlights • Project falls within existing operational footprint; immediately north of the Chaquicocha oxide pit • Gold oxide leach material, close to surface • Stage 3 drilling completed, 5,000m * Indicated 7Mt @ 0.2g/t (0.03 Moz) and Inferred 5Mt @ 0.2 g/t (0.03 Moz); numbers may not add due to rounding. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2. A A’
  • 53.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 53February 2018 Yanacocha Verde Optimizing approach to sulfide development Project to develop Yanacocha’s sulfide deposits reaches feasibility study in late 2018 • Potential to extend operational life to 2039 • First phase focuses on developing most profitable deposits to optimize risk and returns • Favorable drilling and process test results continue • ~$2B investment for ~350Kgeo annual production with decision expected in 2019 Flotation Concentrate Gold in doré (50% revenues) Silver in doré (10% revenues) SXEW AutoclaveChaquicocha UG Copper cathode (40% revenues) Cu Heap Leach Low grade Cu/Au High grade Cu, low grade Au/Ag CN Leach Low grade Cu, high grade Au
  • 54.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 54February 2018 Chaquicocha Central – new high grade discovery Highlights • 2.9 Moz Resource** additions and 1.8Moz (86Mt @ 0.7 g/t Au) at Yan Sulfides over the past 3 years • High grade discovery at Chaqui Central (up to 58m @ 230 g/t Au, 34m @ 278 g/t Au; 14m @ 411 g/t Au) • More high grade pods possible (i.e., Lola: 11.4m @ 15.9 g/t Au; Lucia: 10.9m @ 27.9 g/t Au; Central Ext) Reserves and Resource (R&R) base 100% • Reserves: N/A • Resource*: 2.9 Moz (13Mt @ 7.2 g/t Au) Upside Potential • 70% of Inventory converted to R&R • Extensions to the E and NNW; Chaqui Sur Oxides * Chaqui: Indicated 10Mt @ 7.6 g/t Au (2.4Moz), Inferred 3Mt @ 5.5 g/t Au (0.5Moz), Yan Sulfides Indicated 84Mt @ 0.7 g/t (1.8Moz), Inferred 2Mt @ 0.3 g/t (0.02Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 55.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 55February 2018 Merian – further oxide and UG potential Highlights • 1.7Moz Reserves and 2.4Moz Resource** additions over the past 3 years • Additional Reserves and Resource expected in 2017 • Developing additional saprolite at Merian I and UG potential at Merian II Reserves and Resource (R&R) base 100% • Reserves: 5.3 Moz (135Mt @ 1.2 g/t Au) • Resource*: 2.6 Moz (60Mt @ 1.4 g/t Au) Upside Potential • 65% of Inventory converted to R&R • Extensions, high grade UG, brownfields saprolite * Measured & Indicated 26Mt @ 1.4 g/t Au (1.1Moz), Inferred 34Mt @ 1.4 g/t Au (1.5Moz). ** Includes Inferred. For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 56.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 56February 2018 Sabajo – potential satellite development to Merian Highlights • New shear zone orogenic Au discovery ~40km East of Merian • 0.8Moz maiden Resource declared in 2017 • Best intercepts: 40.5m @ 3.0 g/t Au and 31.1m @ 3.1 g/t Au Reserves and Resource (R&R) base 100% • Reserves: N/A • Resource*: 0.8Moz (14Mt @ 1.8 g/t Au) Upside Potential • 80% of Inventory converted to R&R • Mainly at depth * Indicated 6Mt @ 2.2gpt (0.4Moz), Inferred 8Mt @ 1.5gpt (0.4Moz). For graphics and mineralization representations please refer to slides 77-84 and Endnote 2.
  • 57.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 57February 2018 Proprietary technologies drive discovery program Antonio/Yanacocha NEWDAS and DSG integrated targetingOberon/Tanami, Australia, DSG footprint Technology-driven undercover exploration success • DSG: Long Canyon E (36.5m @ 7.8 g/t Au); Leeville N (31.4m @ 8.9 g/t Au); Rita K (39.8m @ 5.8 g/t Au); Fence (6.6m @ 13.7 g/t Au); Pete Bajo (6.6m @ 11.8 g/t Au) • 3D NEWDAS & DSG: Antonio/Yanacocha (43.0m @ 5.7 g/t Au; 28.0m @ 10.2 g/t Au) Deep Sensing Geochemistry (DSG) • State-of-the-art proprietary technology • Depth of investigation +500m 3D Distributed Acquisition System (NEWDAS) • 3D data acquisition system • Depth of Investigation ~1,000m
  • 58.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 58February 2018 $575M Convertible Notes retired on July 17, 2017 Debt Repayment Schedule as of September 30, 2017 ($M) Newmont Net debt to adjusted EBITDA improvement 2016 2017 Net debt as of December 31, 2017 ~$4.1B Short and long term debt ~$3.3B Cash and cash equivalents ~$0.8B Net debt $626 $992 $600 $874 $1,000 2017 2018 2019 2022 2035 2039 2042 0.3x 0.8x
  • 59.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 59February 2018 *Other divestments include the sale of equipment at Conga and the sale of McCoy Cove in 2014 and the sale of equity interest in Levon Resources, Hemlo mineral rights and Relief Canyon mining claims in 2015. Portfolio optimization nets ~$2.8B cash to date Cumulative cash generated through asset sales at fair value since 2013 ($M)* $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Canadian OilSands Midas Paladin (5.4%) Jundee Penmont (44%) Merian (25%) Valcambi Waihi Other Regis (19.45%) PTNNT (48.5%)
  • 60.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 60February 2018 Disciplined approach to growth Greenfields Exploration LowerHigher Brownfields Exploration NEM early stage project Acquire early stage project NEM late stage projectExpand current ops Acquire cash flowing asset Long-termShort-term RISK HORIZON Acquire late stage project Exploration JV Integrated approach Priorities: • Grow margins, Reserves & Resources through coordinated exploration, projects, transactions • Leverage strong balance sheet and stable cash flow profile through 2024 • Set stage for longer-term growth for 2025 and beyond Invest in prospective exploration ventures
  • 61.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 61February 2018 Conservative plan with upside leverage Labor & services 45% Materials 32% Power 9% Diesel 9% Royalties & other 5% All other variables held constant (i.e. FCF for flexed gold price does not include changes to Cu price, AUD or WTI); economics assume 35% portfolio tax rate; excludes hedges; CAS pie chart excludes inventory changes. See Endnote 5 2018 CAS breakdown Conservative and robust planning process • Plans built-up from $800/oz case to maximize value, optionality Potential upside includes: • Further cost and efficiency improvements • FX and oil tailwinds Annualized 2018 sensitivities 2018 Price Change FCF ($M) Attributable FCF ($M) Gold ($/oz) $1,200 +$100 +$360 +$335 Copper ($/lb) $2.50 +$0.25 +$20 +$20 Australian Dollar $0.75 -$0.05 +$45 +$45 Oil ($/bbl) $55 -$10 +$30 +$25
  • 62.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 62February 2018 Impact of changes to US tax legislation • Income tax rate reduction benefits North America operations; percentage depletion retained • Elimination of alternative minimum tax (AMT) favorable, earned credits refundable over 5 years • Re-measurement of 2017 deferred tax position results in one-time non-cash charge of $346M • Restructuring results in one-time non-cash charge of $395M • Expecting a net positive cash flow impact going forward Twin Creeks
  • 63.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 63February 2018 Prepared for opportunities and challenges $1,200 gold price • Optimize costs & capital • Finish current projects; progress projects with best returns • Pursue high grade, near-mine exploration prospects • Reduce support costs across business • Evaluate early debt repayment • Pay dividend at Board’s discretion Downside • Reduce stripping and increase stockpile processing • Complete current projects • Mothball lowest margin operations • Reduce exploration • Discontinue early debt repayments • Re-evaluate dividend Upside • Maintain cost and capital discipline • Pursue profitable growth − Highest return projects − Most promising exploration prospects • Accelerate debt repayment • Pay higher dividends in line with policy
  • 64.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 64February 2018 Fundamentals support stronger gold pricing • Mine supply expected to marginally decline by ~1% annually through 2021 • Top 10 gold producers reduce developmental capital spending by >80% since 2012 • Lack of funding, exploration success diminishes organic project pipelines across industry *Sourced from Bloomberg and SNL Financial – trailing 3-year average gold discovered through exploration Average gold discovered (Moz) and Exploration spend ($B) ETF holdings (Moz) and gold price ($/oz) $0 $2 $4 $6 $8 $10 0 25 50 75 100 125 1997 2003 2009 2015 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 0 25 50 75 100 2012 2013 2014 2015 2016 2017
  • 65.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 65February 2018 - 1 2 3 4 5 6 7 UAE HongKong Switzerland Kuwait Singapore Saudi Germany Turkey Austria Thailand Iran China Vietnam Taiwan SriLanka India USA Malaysia UK SouthKorea Canada Russia Egypt Indonesia Italy Pakistan France Spain Mexico Brazil Japan Capacity for demand growth in China and India 1 Source: CIA World Factbook (2017); per capita demand based on 2017 demand through Q3 2 2017 consumer gold demand (jewelry, bars and coins); consumption through Q3 (Source: World Gold Council) Per capita gold consumption (average grams per capita)1 • China and India represent ~55% of global consumer gold demand • Per capita consumption relatively low – economic growth, increasing wealth support demand growth 2017 consumption2 G7, 13% Middle East, 8% Other, 25% India, 21% China, 34%
  • 66.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 66February 2018 Chinese refined copper demand (Kt)1 Copper market balance (Kt)1 • Strong refined copper demand in China to continue (>45% of annual global demand) • Relatively balanced market conditions expected through 2022 Balanced copper fundamentals Source: ICMR (Dec 2017) (400) (200) 0 200 400 600 2015 2016 2017 2018E 2019E 2020E 2021E 2022E Deficit Surplus 10,000 11,000 12,000 13,000 2015 2016 2017 2018E 2019E 2020E 2021E 2022E
  • 67.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 67February 2018 2018 Outlooka a2018 Outlook in the table above are considered “forward- looking statements” and are based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2018 Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and $55/barrel WTI; AISC and CAS estimates do not include inflation, for the remainder of the year. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. See cautionary note at the beginning of the presentation. bAll-in sustaining costs or AISC as used in the Company’s Outlook is a non-GAAP metric defined as the sum of costs applicable to sales (including all direct and indirect costs related to current production incurred to execute on the current mine plan), reclamation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital. See reconciliation on slide 75. cIncludes Lone Tree operations. dIncludes TRJV operations. eConsolidated production for Yanacocha and Merian is presented on a total production basis for the mine site; attributable production represents a 54.05% interest for Yanacocha and a 75% interest for Merian. fBoth consolidated and attributable production are shown on a pro-rata basis with a 50% ownership for Kalgoorlie. gProduction outlook does not include equity production from stakes in TMAC (28.79%) or La Zanja (46.94%). hConsolidated expense outlook is adjusted to exclude extraordinary items. For example, the tax rate outlook above is a consolidated adjusted rate, which assumes the exclusion of certain tax valuation allowance adjustments. iIncludes $225-$275M for a capital lease related to the Tanami Power Project paid over a 10 year term beginning in 2019. General & Administrative $ 215 – $ 240 Interest Expense $ 175 – $ 215 Depreciation and Amortization $ 1,225 – $ 1,325 Advanced Projects & Exploration $ 350 – $ 400 Sustaining Capital $ 600 – $ 700 Tax Rate 28% – 34% 2018 Consolidated Expense Outlookh North America Carlin 950 – 1,015 950 – 1,015 775 – 825 980 – 1,040 155 – 190 Phoenixc 210 – 230 210 – 230 810 – 860 990 – 1,050 20 – 30 Tw in Creeksd 340 – 370 340 – 370 675 – 725 835 – 885 80 – 100 CC&V 345 – 395 345 – 395 875 – 935 965 – 1,025 20 – 30 Long Canyon 130 – 170 130 – 170 510 – 560 605 – 655 10 – 20 Other North America 10 – 20 Total 2,010 – 2,170 2,010 – 2,170 760 – 810 945 – 1,020 300 – 380 South America Yanacochae 470 – 545 240 – 280 975 – 1,025 1,205 – 1,275 110 – 140 Merian e 485 – 540 365 – 405 455 – 495 580 – 630 55 – 95 Other South America Total 970 – 1,070 615 – 675 705 – 765 945 – 1,045 170 – 230 Australia Boddington 665 – 715 665 – 715 820 – 870 950 – 1,000 60 – 75 Tanami 440 – 515 440 – 515 535 – 605 705 – 775 300 i – 380 i Kalgoorlief 390 – 440 390 – 440 580 – 630 695 – 745 20 – 30 Other Australia 5 – 15 Total 1,530 – 1,670 1,530 – 1,670 675 – 725 830 – 890 400 i – 480 i Africa Ahafo 435 – 465 435 – 465 710 – 765 875 – 955 195 – 240 Akyem 380 – 410 380 – 410 640 – 680 765 – 815 30 – 40 Other Africa Total 815 – 875 815 – 875 680 – 730 865 – 925 225 – 275 Corporate/Other 10 – 15 Total Goldg 5,300 – 5,800 4,900 – 5,400 700 – 750 965 – 1,025 1,200 i – 1,300 i Phoenix 10 – 20 10 – 20 1.50 – 1.70 1.85 – 2.05 Boddington 30 – 40 30 – 40 1.75 – 1.95 2.05 – 2.25 Total Copper 40 – 60 40 – 60 1.65 – 1.85 2.00 – 2.20 Production Production CAS Costsb Expenditures (Koz, Kt) (Koz, Kt) ($/oz, $/lb) ($/oz, $/lb) ($M) Consolidated All-in Consolidated Consolidated Attributable Consolidated Sustaining Total Capital
  • 68.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 68February 2018 Adjusted net income Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is generally calculated using the Company’s statutory effective tax rate of 35%. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
  • 69.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 69February 2018 (1) Net loss (income) from discontinued operations relates to (i) adjustments in our Holt royalty obligation, presented net of tax expense (benefit) of $1, $13, $(24) and $(19), respectively, and (ii) Batu Hijau operations, presented net of tax expense (benefit) of $-, $51, $- and $309, respectively, and loss (income) attributable to noncontrolling interests of $-, $(45), $- and $(274), respectively, (iii) adjustments to our Batu Hijau Contingent Consideration, presented net of tax expense (benefit) of $4, $-, $4 and $-, respectively, and (iv) the loss on sale of Batu Hijau, which has been recorded on an attributable basis. For additional information regarding our discontinued operations, see Note 3 to our Consolidated Financial Statements. (2) Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans and cost estimates at the Company’s former historic mining operations. The 2017 charges include adjustments at the Rain, Midnite, Resurrection and San Luis remediation and closure sites in December 2017. The 2016 charges include adjustments to reclamation liabilities associated with the review of the Yanacocha long-term mining and closure plans in December 2016. Amounts are presented net of income (loss) attributable to noncontrolling interests of $-, $(37), $- and $(37), respectively. (3) Loss (gain) on asset and investment sales, included in Other income, net, primarily represents a gain from the exchange of our interest in the Fort á la Corne joint venture for equity ownership in Shore Gold in June 2017, the sale of our holdings in Regis in March 2016 and income recorded in September 2016 associated with contingent consideration from the sale of certain properties in Nevada during the first quarter of 2015. (4) Restructuring and other, included in Other expense, net, primarily represents certain costs associated with severance and outsourcing costs and system integration costs during 2016 related to our acquisition of CC&V in August 2015. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(3), $(3), $(5) and $(5), respectively. (5) Impairment of long-lived assets, included in Impairment of long-lived assets, represents non-cash write-downs of long-lived assets. The 2016 impairments include $970 related to long-lived assets in Yanacocha in December 2016. Amounts are presented net of income (loss) attributable to noncontrolling interests of $-, $(460), $(1) and $(461), respectively. See Note 7 to our Consolidated Financial Statements for further information. (6) Acquisition cost adjustments, included in Other expense, net, represent net adjustments to the contingent consideration and related liabilities associated with the acquisition of the final 33.33% interest in Boddington in June 2009. (7) Loss on debt repayment, included in Other income, net, represents the impact from the debt tender offer on our 2019 Senior Notes and 2039 Senior Notes in March 2016 and the debt tender offer on our 2022 Senior Notes in November 2016. (8) La Quinua leach pad revision, included in Costs applicable to sales and Depreciation and amortization, represents a significant write-down of the estimated recoverable ounces at Yanacocha in September 2016. Amounts are presented net of income (loss) attributable to noncontrolling interests of $-, $-, $- and $(25), respectively. (9) The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (8), as described above, and are calculated using the Company's statutory tax rate of 35%. (10) Adjustment to equity method investment, included in Equity income (loss) of affiliates and presented net of tax expense (benefit) of $(3), $-, $(3) and $-, respectively, represents non-cash write-downs of long-lived assets recorded at Minera La Zanja S.R.L. (“La Zanja”) in December 2017. For further information about our equity method investment in La Zanja, see Note 11 to our Consolidated Financial Statements. (11) Re-measurement due to the Tax Cuts and Jobs Act, included in Income and mining tax benefit (expense), represents the provisional re-measurement of our U.S. deferred tax assets and liabilities from 35% to the reduced tax rate of 21% of $346 and $8 for changes in executive compensation deductions, partially offset by the release of a valuation allowance on alternative minimum tax credits of $48. For further information about the impact of the Tax Cuts and Jobs Act, see Note 10 to our Consolidated Financial Statements. (12) Tax restructuring related to the Tax Cuts and Jobs Act, included in Income and mining tax benefit (expense), represents provisional changes resulting from restructuring our holding of non-U.S. operations for U.S. federal income tax purposes. For further information about the impact of the Tax Cuts and Jobs Act, see Note 10 to our Consolidated Financial Statements. (13) Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), predominantly represent adjustments to remove the impact of our valuation allowances for items such as foreign tax credits, alternative minimum tax credits, capital losses and disallowed foreign losses. We believe that these valuation allowances cause significant fluctuations in our financial results that are not indicative of our underlying financial performance. The adjustments during the three and twelve months ended December 31, 2017 are due to increases (decreases) to the valuation allowance on credit carryovers of $(1) and $94, respectively, a decrease to the valuation allowance carried on the deferred tax asset for investments of $12 during the fourth quarter and other tax adjustments of $9 and $7, respectively. The adjustments during the three and twelve months ended December 31, 2016 are due to an increase to the valuation allowance on the deferred tax asset related to the investment in Yanacocha of $288 during the fourth quarter, a tax restructuring of $170 during the first quarter, a decrease in the valuation allowance on capital loss carryover of $169 during the fourth quarter, a carryback of 2015 tax loss to prior years of $124 during the second quarter, increases to valuation allowance on tax credit carryovers of $2 and $70, respectively, and other tax adjustments of ($1) and $17, respectively. (14) Per share measures may not recalculate due to rounding. Adjusted net income Three Months Ended Years Ended December 31, December 31, 2017 2016 2017 2016 Net income (loss) attributable to Newmont stockholders $ (527) $ (344) $ (98) $ (627) Net loss (income) attributable to Newmont stockholders from discontinued operations (1) (7) (47) 38 407 Net income (loss) attributable to Newmont stockholders from continuing operations (534) (391) (60) (220) Reclamation and remediation charges, net (2) 61 51 64 51 Loss (gain) on asset and investment sales (3) (2) 1 (23) (108) Restructuring and other, net (4) 1 3 9 27 Impairment of long-lived assets, net (5) 11 513 13 516 Acquisition cost adjustments (6) — (1) 2 10 Loss on debt repayment (7) — 51 — 55 La Quinua leach pad revision, net (8) — — — 26 Tax effect of adjustments (9) (25) (214) (22) (238) Adjustment to equity method investment (10) 7 — 7 — Re-measurement due to the Tax Cuts and Jobs Act (11) 306 — 306 — Tax restructuring related to the Tax Cuts and Jobs Act (12) 395 — 395 — Valuation allowance and other tax adjustments (13) (4) 120 89 500 Adjusted net income (loss) $ 216 $ 133 $ 780 $ 619 Net income (loss) per share, basic $ (0.98) $ (0.65) $ (0.18) $ (1.18) Net loss (income) attributable to Newmont stockholders from discontinued operations (0.01) (0.08) 0.07 0.77 Net income (loss) attributable to Newmont stockholders from continuing operations (0.99) (0.73) (0.11) (0.41) Reclamation and remediation charges, net 0.11 0.09 0.12 0.09 Loss (gain) on asset and investment sales — 0.01 (0.04) (0.20) Restructuring and other, net — — 0.01 0.05 Impairment of long-lived assets, net 0.01 0.97 0.01 0.97 Acquisition cost adjustments — — — 0.02 Loss on debt repayment — 0.10 — 0.11 La Quinua leach pad revision, net — — — 0.05 Tax effect of adjustments (0.04) (0.41) (0.03) (0.46) Adjustment to equity method investment 0.01 — 0.01 — Re-measurement due to the Tax Cuts and Jobs Act 0.57 — 0.57 — Tax restructuring related to the Tax Cuts and Jobs Act 0.74 — 0.74 — Valuation allowance and other tax adjustments (0.01) 0.22 0.18 0.95 Adjusted net income (loss) per share, basic (14) $ 0.40 $ 0.25 $ 1.46 $ 1.17 Net income (loss) per share, diluted $ (0.98) $ (0.65) $ (0.18) $ (1.18) Net loss (income) attributable to Newmont stockholders from discontinued operations (0.01) (0.08) 0.07 0.77 Net income (loss) attributable to Newmont stockholders from continuing operations (0.99) (0.73) (0.11) (0.41) Reclamation and remediation charges, net 0.11 0.09 0.12 0.09 Loss (gain) on asset and investment sales — 0.01 (0.04) (0.20) Restructuring and other, net — — 0.01 0.05 Impairment of long-lived assets, net 0.01 0.97 0.01 0.97 Acquisition cost adjustments — — — 0.02 Loss on debt repayment — 0.10 — 0.11 La Quinua leach pad revision, net — — — 0.05 Tax effect of adjustments (0.04) (0.41) (0.03) (0.46) Adjustment to equity method investment 0.01 — 0.01 — Re-measurement due to the Tax Cuts and Jobs Act 0.57 — 0.57 — Tax restructuring related to the Tax Cuts and Jobs Act 0.74 — 0.74 — Valuation allowance and other tax adjustments (0.01) 0.22 0.18 0.94 Adjusted net income (loss) per share, diluted (14) $ 0.40 $ 0.25 $ 1.46 $ 1.16 Weighted average common shares (millions): Basic 533 531 533 530 Diluted 536 534 535 532
  • 70.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 70February 2018 Free cash flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies. The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company’s Consolidated Statements of Cash Flows. The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities. 1) Results include Batu Hijau operations 2) Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow. Year ended Year ended Year ended Dec 31, 2017 Dec 31, 2013(1) Dec 31, 2012(1) Net cash provided by (used in) operating activities 2,335 1,543 2,372 Less: Net cash used in (provided by) operating activities of discontinued operations 15 18 16 Net cash provided by (used in) operating activities of continuing operations 2,350 1,561 2,388 Less: Additions to property, plant and mine development (866) (1,900) (3,210) Free Cash Flow 1,484 (339) (822) Weighted average diluted common shares on December 31 535 498 499 Free Cash Flow per share ($ per share) 2.77 -0.68 -1.65 Net cash provided by (used in) investing activities(2) (961)$ (1,313)$ (3,264)$ Net cash provided by (used in) financing activities (864)$ (212)$ 689$
  • 71.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 71February 2018 EBITDA and Adjusted EBITDA Management uses Earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows: (1) Net loss (income) from discontinued operations relates to (i) adjustments in our Holt royalty obligation, presented net of tax expense (benefit) of $1, $13, $(24) and $(19), respectively, and (ii) Batu Hijau operations, presented net of tax expense (benefit) of $-, $51, $- and $309, respectively, (iii) adjustments to our Batu Hijau Contingent Consideration, presented net of tax expense (benefit) of $4, $-, $4 and $-, respectively, and (iv) the loss on sale of Batu Hijau, which has been recorded on an attributable basis. For additional information regarding our discontinued operations, see Note 3 to our Consolidated Financial Statements. (2) Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans and cost estimates at the Company’s former historic mining operations. The 2017 charges include adjustments at the Rain, Midnite, Resurrection and San Luis remediation and closure sites in December 2017. The 2016 charges include adjustments to reclamation liabilities associated with the review of the Yanacocha long-term mining and closure plans in December 2016. (3) Loss (gain) on asset and investment sales, included in Other income, net, primarily represents a gain from the exchange of our interest in the Fort á la Corne joint venture for equity ownership in Shore Gold in June 2017, the sale of our holdings in Regis in March 2016 and income recorded in September 2016 associated with contingent consideration from the sale of certain properties in Nevada during the first quarter of 2015. (4) Restructuring and other, included in Other expense, net, primarily represents certain costs associated with severance and outsourcing costs and system integration costs during 2016 related to our acquisition of CC&V in August 2015. (5) Impairment of long-lived assets, included in Impairment of long-lived assets, represents non-cash write-downs of long-lived assets. The 2016 impairments include $970 related to long-lived assets in Yanacocha in December 2016. See Note 7 to our Consolidated Financial Statements for further information. (6) Acquisition cost adjustments, included in Other expense, net, represent net adjustments to the contingent consideration and related liabilities associated with the acquisition of the final 33.33% interest in Boddington in June 2009. (7) Loss on debt repayment, included in Other income, net, represents the impact from the debt tender offer on our 2019 Senior Notes and 2039 Senior Notes in March 2016 and the debt tender offer on our 2022 Senior Notes in November 2016. (8) La Quinua leach pad revision, included in Costs applicable to sales, represents a significant write-down of the estimated recoverable ounces at Yanacocha in September 2016. Three Months Ended Years Ended December 31, December 31, 2017 2016 2017 2016 Net income (loss) attributable to Newmont stockholders $ (527) $ (344) $ (98) $ (627) Net income (loss) attributable to noncontrolling interests 33 (463) 11 (296) Net loss (income) from discontinued operations (1) (7) (92) 38 133 Equity loss (income) of affiliates 12 5 16 13 Income and mining tax expense (benefit) 776 8 1,125 563 Depreciation and amortization 321 328 1,249 1,220 Interest expense, net 54 69 241 273 EBITDA $ 662 $ (489) $ 2,582 $ 1,279 Adjustments: Reclamation and remediation charges (2) $ 61 $ 88 $ 64 $ 88 Loss (gain) on asset and investment sales (3) (2) 1 (23) (108) Restructuring and other (4) 4 6 14 32 Impairment of long-lived assets (5) 11 973 14 977 Acquisition cost adjustments (6) — (1) 2 10 Loss on debt repayment (7) — 51 — 55 La Quinua leach pad revision (8) — — — 32 Adjusted EBITDA $ 736 $ 629 $ 2,653 $ 2,365
  • 72.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 72February 2018 Newmont has worked to develop a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as Costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations. Current GAAP-measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and in the investor’s visibility by better defining the total costs associated with production. All-in sustaining cost (“AISC”) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards (“IFRS”), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure: Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sales (“CAS”), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Consolidated Statements of Operations less the amount of CAS attributable to the production of copper at our Phoenix and Boddington mines. The copper CAS at those mine sites is disclosed in Note 5 to the Consolidated Financial Statements. The allocation of CAS between gold and copper at the Phoenix and Boddington mines is based upon the relative sales value of gold and copper produced during the period. Reclamation costs. Includes accretion expense related to Asset Retirement Obligation (“ARO”) and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties. Accretion related to the ARO and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines. Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to increase or enhance current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves. As this relates to sustaining our production, and is considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less the amount attributable to the production of copper at our Phoenix and Boddington mines. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines. General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to support our corporate structure and fulfill our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. Other expense, net. We exclude certain exceptional or unusual expenses from Other expense, net, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines. Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on our Consolidated Statements of Operations. Sustaining capital. We determined sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations, or related to projects at existing operations where these projects will enhance production or reserves, are generally considered development. We determined the classification of sustaining and development capital projects based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital costs are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines. All-in sustaining costs
  • 73.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 73February 2018 All-in sustaining costs (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes by-product credits of $55 and excludes co-product copper revenues of $315. (3) Includes stockpile and leach pad inventory adjustments of $65 at Carlin, $30 at Twin Creeks, $53 at Yanacocha, $22 at Ahafo and $28 at Akyem. (4) Reclamation costs include operating accretion and amortization of asset retirement costs of $84 and $35, respectively, and exclude non- operating accretion and reclamation and remediation adjustments of $21 and $72, respectively. (5) Advanced projects, research and development and Exploration of $23 at Long Canyon, $16 at Yanacocha, $17 at Tanami, $8 at Ahafo and $7 at Akyem are recorded in “Other” of the respective region for development projects. (6) Other expense, net is adjusted for restructuring and other costs of $14 and acquisition cost adjustments of $2. (7) Excludes development capital expenditures, capitalized interest and changes in accrued capital, totaling $266. The following are major development projects: Long Canyon, Merian, Quecher Main, Tanami Expansions, Tanami Power, Subika Underground and Ahafo Mill Expansion. (8) Per ounce and per pound measures may not recalculate due to rounding. Advanced Projects, Research and Treatment All-In Costs Development General Other and All-In Ounces Sustaining Years Ended Applicable Reclamation and and Expense, Refining Sustaining Sustaining (000)/Pounds Costs per December 31, 2017 to Sales (1)(2)(3) Costs (4) Exploration(5) Administrative Net (6) Costs Capital (7) Costs (millions) Sold oz/lb (8) Gold Carlin $ 795 $ 6 $ 18 $ 3 $ — $ — $ 174 $ 996 967 $ 1,030 Phoenix 181 5 4 1 1 9 17 218 210 1,034 Twin Creeks 226 3 9 2 1 — 38 279 369 756 Long Canyon 59 1 — — — — 3 63 174 364 CC&V 285 3 10 1 — 1 33 333 457 729 Other North America — — 49 — 1 — 9 59 — — North America 1,546 18 90 7 3 10 274 1,948 2,177 895 Yanacocha 504 66 25 4 4 — 38 641 537 1,194 Merian 238 2 14 — — — 37 291 509 572 Other South America — — 59 12 — — — 71 — — South America 742 68 98 16 4 — 75 1,003 1,046 959 Boddington 562 6 2 — — 21 66 657 787 835 Tanami 251 2 4 1 — — 63 321 408 787 Kalgoorlie 234 3 9 — — 1 19 266 363 734 Other Australia — — 25 10 (1) — 4 38 — — Australia 1,047 11 40 11 (1) 22 152 1,282 1,558 823 Ahafo 268 6 16 1 3 — 43 337 350 961 Akyem 272 13 3 — 1 — 26 315 474 664 Other Africa — — 21 6 — — — 27 — — Africa 540 19 40 7 4 — 69 679 824 823 Corporate and Other — — 53 195 6 — 10 264 — — Total Gold $ 3,875 $ 116 $ 321 $ 236 $ 16 $ 32 $ 580 $ 5,176 5,605 $ 924 Copper Phoenix $ 55 $ 2 $ 1 $ 1 $ — $ 1 $ 7 $ 67 32 $ 2.09 Boddington 108 1 — — — 12 13 134 79 1.69 Total Copper $ 163 $ 3 $ 1 $ 1 $ — $ 13 $ 20 $ 201 111 $ 1.80 Consolidated $ 4,038 $ 119 $ 322 $ 237 $ 16 $ 45 $ 600 $ 5,377
  • 74.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 74February 2018 All-in sustaining costs (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes by-product credits of $50 and excludes co-product copper revenues of $250. (3) Includes stockpile and leach pad inventory adjustments of $77 at Carlin, $18 at Twin Creeks, $117 at Yanacocha and $71 at Ahafo. Total stockpile and leach pad inventory adjustments at Yanacocha of $151 were adjusted above by $32 related to a significant write-down of recoverable ounces at the La Quinua Leach Pad in the third quarter of 2016. (4) Reclamation costs include operating accretion and amortization of asset retirement costs of $64 and $42, respectively, and exclude non- operating accretion and reclamation and remediation adjustments of $16 and $99, respectively. (5) Advanced projects, research and development and Exploration of $20 at Long Canyon and $21 at Merian are recorded in “Other” of the respective region for development projects. (6) Other expense, net is adjusted for restructuring costs and other of $32 and acquisition cost adjustments of $10. (7) Excludes development capital expenditures, capitalized interest and changes in accrued capital, totaling $555. The following are major development projects during the period: Merian, Long Canyon, Tanami Expansion and CC&V Expansion. (8) Per ounce and per pound measures may not recalculate due to rounding. Advanced Projects, Research and Treatment All-In Costs Development General Other and All-In Ounces Sustaining Years Ended Applicable Reclamation and and Expense, Refining Sustaining Sustaining (000)/Pounds Costs per December 31, 2016 to Sales (1)(2)(3) Costs (4) Exploration(5) Administrative Net (6) Costs Capital (7) Costs (millions) Sold oz/lb (8) Gold Carlin $ 797 $ 5 $ 19 $ 5 $ — $ — $ 163 $ 989 944 $ 1,048 Phoenix 164 5 1 1 1 8 12 192 205 937 Twin Creeks 234 3 8 1 — — 33 279 455 613 Long Canyon 4 — — — — — 1 5 22 227 CC&V 216 4 11 2 — — 10 243 391 621 Other North America — — 32 — 5 — 7 44 — — North America 1,415 17 71 9 6 8 226 1,752 2,017 869 Yanacocha 493 57 35 7 — — 82 674 637 1,058 Merian 34 — 3 — — — — 37 99 374 Other South America — — 57 6 — — — 63 — — South America 527 57 95 13 — — 82 774 736 1,052 Boddington 530 6 1 — — 22 51 610 787 775 Tanami 238 3 13 — — — 85 339 459 739 Kalgoorlie 257 5 5 — — 7 19 293 378 775 Other Australia — — 8 15 5 — 6 34 — — Australia 1,025 14 27 15 5 29 161 1,276 1,624 786 Ahafo 313 6 28 — 1 — 54 402 349 1,152 Akyem 235 8 8 — 1 — 24 276 473 584 Other Africa — — 2 5 — — — 7 — — Africa 548 14 38 5 2 — 78 685 822 833 Corporate and Other — — 51 190 3 — 10 254 — — Total Gold $ 3,515 $ 102 $ 282 $ 232 $ 16 $ 37 $ 557 $ 4,741 5,199 $ 912 Copper Phoenix $ 99 $ 3 $ — $ 1 $ — $ 3 $ 9 $ 115 40 $ 2.88 Boddington 126 1 — — — 13 12 152 76 2.00 Total Copper $ 225 $ 4 $ — $ 1 $ — $ 16 $ 21 $ 267 116 $ 2.30 Consolidated $ 3,740 $ 106 $ 282 $ 233 $ 16 $ 53 $ 578 $ 5,008
  • 75.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 75February 2018 All-in sustaining costs – 2018 outlook (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes stockpile and leach pad inventory adjustments. (3) Reclamation costs include operating accretion and amortization of asset retirement costs. (4) Excludes development capital expenditures, capitalized interest and change in accrued capital. (5) The reconciliation above is provided for illustrative purposes in order to better describe management’s estimates of the components of the calculation. Ranges for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2018 AISC Gold Outlook on a consolidated basis, a reconciliation has not been provided on an individual site-by-site basis or for longer-term outlook in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts. See the Cautionary Statement at the beginning of this presentation. Similar to the historical AISC amounts presented above, AISC outlook is also a non-GAAP financial measure. A reconciliation of the 2018 Gold AISC outlook range to the 2018 CAS outlook range is provided below. The estimates in the table below are considered “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. 2018 Outlook - Gold Outlook range Low High Costs Applicable to Sales 1,2 $ 3,700 $ 4,250 Reclamation Costs 3 130 150 Advance Projects and Exploration 350 400 General and Administrative 215 240 Other Expense 5 30 Treatment and Refining Costs 20 40 Sustaining Capital 4 600 700 All-in Sustaining Costs $ 5,100 $ 5,800 Ounces (000) Sold 5,300 5,800 All-in Sustaining Costs per Oz $ 965 $ 1,025
  • 76.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 76February 2018 Return on Capital Employed (ROCE) Management uses Return on Capital Employed (“ROCE”) as a non-GAAP measure to evaluate the Company’s operating performance. ROCE does not represent, and should not be considered an alternative to, net earnings (loss), operating earnings (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although ROCE and similar measures are frequently used as measures of operations by other companies, our calculation of ROCE is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that ROCE provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Management’s determination of the components of ROCE are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to ROCE as follows below.
  • 77.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 77February 2018 Attributable Gold Reserves, U.S. Units Attributable Proven, Probable, and Combined Gold Reserves (1) , U.S. Units December 31, 2017 December 31, 2016 Proven Reserves Probable Reserves Proven and Probable Reserves Proven + Probable Reserves Newmont Tonnage (2) Grade Gold (3) Tonnage (2) Grade Gold (3) Tonnage (2) Grade Gold (3) Metallurgical Tonnage (2) Grade Gold (3) Deposits/Districts by Reporting Unit Share (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) Recovery (3) (x1000 tons) (oz/ton) (x1000 ozs) North America Carlin Open Pits (4) 100% 2,900 0.107 310 255,100 0.031 8,030 258,000 0.032 8,340 59% 255,300 0.033 8,500 Carlin Stockpiles (5) 100% 18,900 0.062 1,180 — — — 18,900 0.062 1,180 84% 21,200 0.063 1,330 Carlin Underground (6) 100% 12,000 0.297 3,550 6,400 0.278 1,760 18,400 0.291 5,310 84% 18,600 0.278 5,170 Total Carlin, Nevada 33,800 0.149 5,040 261,500 0.037 9,790 295,300 0.050 14,830 70% 295,100 0.051 15,000 Phoenix (7) 100% 6,200 0.023 140 243,700 0.016 3,890 249,900 0.016 4,030 74% 256,600 0.017 4,340 Lone Tree 100% 3,700 0.007 20 — — — 3,700 0.007 20 39% 3,800 0.011 40 Total Phoenix, Nevada 9,900 0.016 160 243,700 0.016 3,890 253,600 0.016 4,050 74% 260,400 0.017 4,380 Turquoise Ridge (8) 25% 2,600 0.455 1,200 1,800 0.452 780 4,400 0.454 1,980 92% 2,900 0.455 1,340 Twin Creeks (9) 100% 4,200 0.033 140 27,700 0.045 1,260 31,900 0.044 1,400 75% 29,900 0.053 1,590 Twin Creeks Stockpiles (5) 100% 31,900 0.063 2,010 — — — 31,900 0.063 2,010 72% 32,000 0.063 2,000 Total Twin Creeks, Nevada 38,700 0.087 3,350 29,500 0.069 2,040 68,200 0.079 5,390 80% 64,800 0.076 4,930 Long Canyon, Nevada (10) 100% 900 0.066 60 20,700 0.048 1,010 21,600 0.049 1,070 76% 19,200 0.061 1,170 CC&V (11) 100% 102,000 0.017 1,770 23,500 0.014 320 125,500 0.017 2,090 62% 90,400 0.021 1,870 CC&V Leach Pad (12) 100% — — — 45,800 0.025 1,140 45,800 0.025 1,140 56% 48,500 0.025 1,210 CC&V Stockpiles (5) 100% 2,900 0.084 250 — — — 2,900 0.084 250 85% 2,800 0.112 310 Total CC&V, Colorado 104,900 0.019 2,020 69,300 0.021 1,460 174,200 0.020 3,480 62% 141,700 0.024 3,390 TOTAL NORTH AMERICA 188,200 0.057 10,630 624,700 0.029 18,190 812,900 0.035 28,820 75% 781,200 0.037 28,870 South America Yanacocha Open Pits (13) 54.05% 12,500 0.022 270 80,500 0.018 1,450 93,000 0.018 1,720 70% 99,300 0.018 1,810 Yanacocha Leach Pad (12) 54.05% 6,300 0.022 130 — — — 6,300 0.022 130 73% 8,600 0.020 170 Yanacocha Stockpiles (5) 54.05% 5,100 0.042 220 — — — 5,100 0.042 220 56% 5,800 0.044 260 Total Yanacocha, Peru (22) 23,900 0.026 620 80,500 0.018 1,450 104,400 0.020 2,070 69% 113,700 0.020 2,240 Merian, Suriname (14) 75% 39,600 0.043 1,720 72,000 0.031 2,250 111,600 0.036 3,970 93% 116,800 0.037 4,290 TOTAL SOUTH AMERICA 63,500 0.037 2,340 152,500 0.024 3,700 216,000 0.028 6,040 83% 230,500 0.028 6,530 Australia Boddington Open Pit (15) 100% 268,800 0.021 5,570 277,700 0.020 5,680 546,500 0.021 11,250 83% 467,600 0.022 10,300 Boddington Stockpiles (5) 100% 15,400 0.017 260 89,100 0.013 1,140 104,500 0.013 1,400 77% 99,600 0.013 1,340 Total Boddington, Western Australia 284,200 0.020 5,830 366,800 0.019 6,820 651,000 0.019 12,650 83% 567,200 0.021 11,640 Tanami, Northern Territory (16) 100% 10,000 0.172 1,740 16,400 0.162 2,670 26,400 0.166 4,410 98% 25,600 0.175 4,480 Kalgoorlie Open Pit and Underground (17) 50% 7,400 0.059 440 26,400 0.064 1,700 33,800 0.063 2,140 83% 40,200 0.063 2,530 Kalgoorlie Stockpiles (5) 50% 75,400 0.023 1,730 — — — 75,400 0.023 1,730 74% 70,100 0.023 1,610 Total Kalgoorlie, Western Australia 82,800 0.026 2,170 26,400 0.064 1,700 109,200 0.035 3,870 79% 110,300 0.038 4,140 TOTAL AUSTRALIA 377,000 0.026 9,740 409,600 0.027 11,190 786,600 0.027 20,930 84% 703,100 0.029 20,260 Africa Ahafo South Open Pits (18) 100% 17,100 0.062 1,060 54,200 0.050 2,700 71,300 0.053 3,760 90% 64,500 0.054 3,500 Ahafo Underground (19) 100% — — — 11,600 0.136 1,590 11,600 0.136 1,590 93% 11,700 0.131 1,530 Ahafo Stockpiles (5) 100% 41,300 0.028 1,160 — — — 41,300 0.028 1,160 87% 42,000 0.028 1,190 Total Ahafo South, Ghana 58,400 0.038 2,220 65,800 0.065 4,290 124,200 0.052 6,510 90% 118,200 0.053 6,220 Ahafo North, Ghana (20) 100% — — — 48,000 0.070 3,350 48,000 0.070 3,350 91% 47,900 0.069 3,330 Akyem Open Pit (21) 100% 13,200 0.050 660 38,400 0.048 1,840 51,600 0.048 2,500 90% 60,700 0.047 2,880 Akyem Stockpiles (5) 100% 11,200 0.028 320 — — — 11,200 0.028 320 90% 10,800 0.035 370 Total, Akyem, Ghana 24,400 0.040 980 38,400 0.048 1,840 62,800 0.045 2,820 90% 71,500 0.045 3,250 TOTAL AFRICA 82,800 0.038 3,200 152,200 0.062 9,480 235,000 0.054 12,680 90% 237,600 0.054 12,800 TOTAL NEWMONT WORLDWIDE 711,500 0.036 25,910 1,339,000 0.032 42,560 2,050,500 0.033 68,470 81% 1,952,400 0.035 68,460
  • 78.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 78February 2018 Attributable Gold Reserves, U.S. Units (continued) 1) See cautionary statement regarding reserves and resources on page 10 hereof. 2017 and 2016 reserves were calculated at a gold price of $1,200, or A$1,600 per ounce unless otherwise noted. 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 10,000. 4) Cut-off grades utilized in 2017 reserves were as follows: oxide leach material not less than 0.006 ounce per ton; oxide mill material not less than 0.015 ounce per ton; flotation material not less than 0.016 ounce per ton; and refractory mill material not less than 0.080 ounce per ton. 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) Cut-off grade utilized in 2017 reserves not less than 0.042 ounce per ton. 7) Gold cut-off grade varies with level of copper and silver credits. 8) Reserve estimates provided by Barrick as of February 14 2018, the operator of the Turquoise Ridge joint venture. 9) Cut-off grades utilized in 2017 reserves were as follows: oxide leach material not less than 0.007 ounce per ton; oxide mill material not less than 0.019 ounce per ton; and refractory mill material not less than 0.038 ounce per ton. 10) Cut-off grade utilized in 2017 reserves not less than 0.007 ounce per ton. 11) Cut-off grades utilized in 2017 reserves were as follows: oxide mill material not less than 0.040 ounce per ton and leach material not less than 0.005 ounce per ton. 12) 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. 13) Cut-off grades utilized in 2017 reserves were as follows: oxide leach material not less than 0.004 ounce per ton; and oxide mill material not less than 0.011 ounce per ton. 14) Gold cut-off grades utilized in 2017 reserves not less than 0.011 ounce per ton. 15) Gold cut-off grade varies with level of copper credits. 16) Cut-off grade utilized in 2017 reserves not less than 0.058 ounce per ton. 17) Cut-off grade utilized in 2017 in situ reserves not less than 0.026 ounce per ton. 18) Cut-off grade utilized in 2017 reserves not less than 0.016 ounce per ton. 19) Cut-off grade utilized in 2017 reserves not less than 0.076 ounce per ton. 20) Includes undeveloped reserves at six pits in the Ahafo trend totaling 3.4 million ounces. Cut-off grade utilized in 2017 reserves not less than 0.014 ounce per ton. 21) Cut-off grade utilized in 2017 reserves not less than 0.017 ounce per ton. 22) 2016 Yanacocha ownership was 51.35%
  • 79.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 79February 2018 Attributable Gold Reserves, Metric Units See footnotes in Gold Reserves U.S. units table. Note that cut off grades in such footnotes are represented in U.S. units Attributable Proven, Probable, and Combined Gold Reserves(1) , Metric Units December 31, 2017 December 31, 2016 Proven Reserves Probable Reserves Proven and Probable Reserves Proven + Probable Reserves Newmont Tonnage (2) Grade Gold (3) Tonnage (2) Grade Gold (3) Tonnage (2) Grade Gold (3) Metallurgical Tonnage (2) Grade Gold (3) Deposits/Districts by Reporting Unit Share (x1000 tonnes)(g/tonne)(x1000 ozs)(x1000 tonnes)(g/tonne)(x1000 ozs)(x1000 tonnes)(g/tonne)(x1000 ozs) Recovery (3) (x1000 tonnes)(g/tonne)(x1000 ozs) North America Carlin Open Pits 100% 2,600 3.66 310 231,400 1.08 8,030 234,000 1.11 8,340 59% 231,600 1.14 8,500 Carlin Stockpiles (5) 100% 17,200 2.14 1,180 — — — 17,200 2.14 1,180 84% 19,200 2.14 1,330 Carlin Underground 100% 10,800 10.19 3,550 5,600 9.53 1,760 16,400 9.96 5,310 84% 16,900 9.53 5,170 Total Carlin, Nevada 30,600 5.12 5,040 237,000 1.28 9,790 267,600 1.72 14,830 70% 267,700 1.74 15,000 Phoenix 100% 5,600 0.77 140 221,000 0.55 3,890 226,600 0.55 4,030 74% 232,800 0.58 4,340 Lone Tree 100% 3,400 0.25 20 — — — 3,400 0.25 20 39% 3,400 0.41 40 Total Phoenix, Nevada 9,000 0.55 160 221,000 0.55 3,890 230,000 0.55 4,050 74% 236,200 0.58 4,380 Turquoise Ridge (8) 25% 2,400 15.61 1,200 1,500 15.48 780 3,900 15.56 1,980 92% 2,700 15.21 1,340 Twin Creeks 100% 3,800 1.15 140 25,100 1.56 1,260 28,900 1.51 1,400 75% 27,100 1.82 1,590 Twin Creeks Stockpiles (5) 100% 29,000 2.16 2,010 — — — 29,000 2.16 2,010 72% 29,000 2.15 2,000 Total Twin Creeks, Nevada 35,200 2.96 3,350 26,600 2.39 2,040 61,800 2.71 5,390 80% 58,800 2.62 4,930 Long Canyon, Nevada 100% 800 2.25 60 18,900 1.66 1,010 19,700 1.68 1,070 76% 17,500 2.10 1,170 CC&V 100% 92,600 0.60 1,770 21,400 0.48 320 114,000 0.57 2,090 62% 82,000 0.71 1,870 CC&V Stockpiles (5) 100% 2,700 2.89 250 — — — 2,700 2.89 250 85% 2,500 3.83 310 CC&V Leach Pad (12) 100% — — — 41,500 0.86 1,140 41,500 0.86 1,140 56% 44,000 0.86 1,210 Total CC&V, Colorado 95,300 0.66 2,020 62,900 0.73 1,460 158,200 0.69 3,480 62% 128,500 0.82 3,390 TOTAL NORTH AMERICA 170,900 1.94 10,630 566,400 1.00 18,190 737,300 1.22 28,820 75% 708,700 1.27 28,870 South America Yanacocha Open Pits 54.05% 11,200 0.74 270 73,000 0.62 1,450 84,200 0.63 1,720 70% 90,000 0.63 1,810 Yanacocha Stockpiles (5) 54.05% 4,700 1.44 220 — — — 4,700 1.44 220 56% 5,300 1.52 260 Yanacocha Leach Pad (12) 54.05% 5,700 0.75 130 — — — 5,700 0.75 130 73% 7,800 0.68 170 Total Yanacocha, Peru (22) 21,600 0.89 620 73,000 0.62 1,450 94,600 0.68 2,070 69% 103,100 0.68 2,240 Merian, Suriname 75% 35,900 1.49 1,720 65,300 1.08 2,250 101,200 1.22 3,970 93% 106,000 1.26 4,290 TOTAL SOUTH AMERICA 57,500 1.26 2,340 138,300 0.83 3,700 195,800 0.96 6,040 83% 209,100 0.97 6,530 Australia Pacific Boddington Open Pit 100% 243,900 0.71 5,570 252,000 0.70 5,680 495,900 0.71 11,250 83% 424,200 0.76 10,300 Boddington Stockpiles (5) 100% 14,000 0.57 260 80,900 0.44 1,140 94,900 0.46 1,400 77% 90,400 0.46 1,340 Total Boddington, Western Australia 257,900 0.70 5,830 332,900 0.64 6,820 590,800 0.67 12,650 83% 514,600 0.70 11,640 Tanami, Northern Territory 100% 9,100 5.89 1,740 15,000 5.56 2,670 24,100 5.69 4,410 98% 23,200 6.00 4,480 Kalgoorlie Open Pit and Underground 50% 6,800 2.03 440 23,900 2.21 1,700 30,700 2.17 2,140 83% 36,500 2.16 2,530 Kalgoorlie Stockpiles (5) 50% 68,300 0.78 1,730 — — — 68,300 0.78 1,730 74% 63,600 0.79 1,610 Total Kalgoorlie, Western Australia 75,100 0.89 2,170 23,900 2.21 1,700 99,000 1.21 3,870 79% 100,100 1.29 4,140 TOTAL AUSTRALIA 342,100 0.88 9,740 371,800 0.94 11,190 713,900 0.91 20,930 84% 637,900 0.99 20,260 Africa Ahafo South Open Pits 100% 15,600 2.13 1,060 49,300 1.71 2,700 64,900 1.81 3,760 90% 58,500 1.86 3,500 Ahafo Underground 100% — — — 10,500 4.68 1,590 10,500 4.67 1,590 93% 10,600 4.50 1,530 Ahafo Stockpiles (5) 100% 37,600 0.95 1,160 — — — 37,600 0.95 1,160 87% 38,100 0.97 1,190 Total Ahafo South, Ghana 53,200 1.30 2,220 59,800 2.23 4,290 113,000 1.79 6,510 90% 107,200 1.80 6,220 Ahafo North, Ghana 100% — — — 43,500 2.39 3,350 43,500 2.39 3,350 91% 43,500 2.38 3,330 Akyem Open Pit 100% 12,000 1.71 660 34,900 1.64 1,840 46,900 1.66 2,500 90% 55,000 1.63 2,880 Akyem Stockpiles (5) 100% 10,200 0.95 320 — — — 10,200 0.95 320 90% 9,800 1.19 370 Total, Akyem, Ghana 22,200 1.36 980 34,900 1.64 1,840 57,100 1.53 2,820 90% 64,800 1.56 3,250 TOTAL AFRICA 75,400 1.31 3,200 138,200 2.13 9,480 213,600 1.84 12,680 90% 215,500 1.85 12,800 TOTAL NEWMONT WORLDWIDE 645,900 1.25 25,910 1,214,700 1.09 42,560 1,860,600 1.14 68,470 81% 1,771,200 1.20 68,460
  • 80.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 80February 2018 Attributable Gold Mineral Resources, U.S. Units 1) Resources are reported exclusive of reserves. 2) Resources are calculated at a gold price of $1,400 or A$1,750 per ounce for 2016 and 2017. Tonnage amounts have been rounded to the nearest 100,000. Ounces may not recalculate as they have been rounded to the nearest 10,000. 3) Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s 10-K filing. 4) Stockpiles are comprised primarily of mineralized material that has been set aside during mining activities. Stockpiles can increase or decrease depending on changes in metal prices and other mining and processing cost and recovery factors. Stockpile reserves are reported separately where tonnage exceeds 100,000 and is greater than 5% of the total site-reported resources. 5) Resource estimates provided by Barrick as of February 14 2018, the operator of the Turquoise Ridge Joint Venture. Attributable Gold Mineral Resources(1)(2) - December 31, 2017, U.S. Units Gold Measured Resource Gold Indicated Resource Gold Measured + Indicated Resource (3) Gold Inferred Resource Newmont Tonnage Grade Au Tonnage Grade Au Tonnage Grade Au Tonnage Grade Au Deposits/Districts Share (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) (x1000 tons) (oz/ton) (x1000 ozs) North America Carlin Trend Open Pit 100% 2,200 0.096 210 89,200 0.040 3,530 91,400 0.041 3,740 14,500 0.027 400 Carlin Trend Underground 100% 800 0.199 160 1,800 0.220 420 2,600 0.214 580 2,700 0.276 710 Total Carlin, Nevada 3,000 0.123 370 91,000 0.043 3,950 94,000 0.046 4,320 17,200 0.065 1,110 Phoenix 100% 2,300 0.011 30 210,800 0.013 2,750 213,100 0.013 2,780 46,300 0.011 510 Phoenix Stockpiles (4) 100% — — — — — — — — — 2,300 0.043 100 Buffalo Valley 70% — — — 15,500 0.019 290 15,500 0.019 290 400 0.011 — Total Phoenix, Nevada 2,300 0.013 30 226,300 0.013 3,040 228,600 0.013 3,070 49,000 0.012 610 Twin Creeks 100% 1,700 0.076 130 33,900 0.059 1,970 35,600 0.059 2,100 17,900 0.041 740 Twin Creeks Stockpiles (4) 100% 8,500 0.059 500 — — — 8,500 0.059 500 — — — Sandman 100% — — — 1,300 0.036 50 1,300 0.036 50 1,100 0.054 60 Turquoise Ridge (5) 25% 1,100 0.264 280 800 0.273 210 1,900 0.268 490 600 0.380 240 Total Twin Creeks, Nevada 11,300 0.081 910 36,000 0.062 2,230 47,300 0.066 3,140 19,600 0.053 1,040 Long Canyon, Nevada 100% 600 0.112 60 15,400 0.102 1,570 16,000 0.103 1,630 6,500 0.056 360 CC&V,Colorado 100% 39,100 0.015 590 30,100 0.014 400 69,200 0.014 990 19,000 0.012 230 TOTAL NORTH AMERICA 56,300 0.035 1,960 398,800 0.028 11,190 455,100 0.029 13,150 111,300 0.030 3,350 South America Conga, Peru 54.05% — — — 413,300 0.019 7,880 413,300 0.019 7,880 137,400 0.011 1,550 Yanacocha, Peru 54.05% 5,900 0.014 80 74,300 0.034 2,510 80,200 0.032 2,590 99,200 0.027 2,720 Merian, Suriname 75% 700 0.202 140 26,000 0.040 1,040 26,700 0.044 1,180 34,100 0.040 1,380 TOTAL SOUTH AMERICA 6,600 0.034 220 513,600 0.022 11,430 520,200 0.022 11,650 270,700 0.021 5,650 Australia Boddington, Western Australia 100% 82,400 0.015 1,260 219,200 0.016 3,500 301,600 0.016 4,760 7,400 0.015 110 Tanami, Northern Territory 100% 500 0.098 50 4,300 0.153 660 4,800 0.148 710 5,000 0.158 790 Kalgoorlie, Western Australia 50% 3,500 0.028 100 13,300 0.035 470 16,800 0.034 570 1,300 0.072 110 TOTAL AUSTRALIA 86,400 0.016 1,410 236,800 0.020 4,630 323,200 0.019 6,040 13,700 0.073 1,010 Africa Ahafo 100% 900 0.016 10 34,400 0.034 1,160 35,300 0.033 1,170 17,000 0.045 760 Ahafo Underground 100% — — — 11,400 0.132 1,500 11,400 0.132 1,500 12,600 0.125 1,580 Total Ahafo South, Ghana 900 0.011 10 45,800 0.058 2,660 46,700 0.057 2,670 29,600 0.079 2,340 Ahafo North, Ghana 100% 2,400 0.033 90 8,300 0.052 440 10,700 0.048 530 8,300 0.052 440 Akyem Open Pits 100% — — — 3,100 0.015 50 3,100 0.015 50 — — — Akyem Underground 100% — — — 1,300 0.137 180 1,300 0.137 180 9,000 0.129 1,170 Total Akyem, Ghana — — — 4,400 0.052 230 4,400 0.052 230 9,000 0.130 1,170 TOTAL AFRICA 3,300 0.028 100 58,500 0.057 3,330 61,800 0.055 3,430 46,900 0.084 3,950 TOTAL NEWMONT WORLDWIDE 152,600 0.024 3,690 1,207,700 0.025 30,580 1,360,300 0.025 34,270 442,600 0.032 13,960
  • 81.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 81February 2018 Attributable Gold Mineral Resources, Metric Units See footnotes in Gold Resources U.S. units table Attributable Gold Mineral Resources(1)(2) - December 31, 2017, Metric units Gold Measured Resource Gold Indicated Resource Gold Measured + Indicated Resource (3) Gold Inferred Resource Newmont Tonnage Grade Au Tonnage Grade Au Tonnage Grade Au Tonnage Grade Au Deposits/Districts Share (x1000 tonnes) (g/tonne) (x1000 ozs) (x1000 tonnes) (g/tonne) (x1000 ozs) (x1000 tonnes) (g/tonne) (x1000 ozs) (x1000 tonnes) (g/tonne) (x1000 ozs) North America Carlin Trend Open Pit 100% 2,000 3.30 210 80,800 1.36 3,530 82,800 1.40 3,740 13,100 0.94 400 Carlin Trend Underground 100% 700 6.82 160 1,800 7.53 420 2,500 7.33 580 2,300 9.45 710 Total Carlin, Nevada 2,700 4.26 370 82,600 1.49 3,950 85,300 1.58 4,320 15,400 2.24 1,110 Phoenix 100% 2,100 0.37 30 191,300 0.45 2,750 193,400 0.45 2,780 42,000 0.38 510 Phoenix Stockpiles (4) 100% — — — — — — — — — 2,100 1.48 100 Buffalo Valley 70% — — — 14,100 0.65 290 14,100 0.65 290 400 0.38 — Total Phoenix, Nevada 2,100 0.44 30 205,400 0.46 3,040 207,500 0.46 3,070 44,500 0.43 610 Twin Creeks 100% 1,600 2.61 130 30,700 2.01 1,970 32,300 2.04 2,100 16,400 1.41 740 Twin Creeks Stockpiles (4) 100% 7,700 2.01 500 — — — 7,700 2.01 500 — — — Sandman 100% — — — 1,200 1.23 50 1,200 1.23 50 1,100 1.85 60 Turquoise Ridge (5) 25% 900 9.04 280 700 9.37 210 1,600 9.18 490 600 13.03 240 Total Twin Creeks, Nevada 10,200 2.77 910 32,600 2.13 2,230 42,800 2.28 3,140 18,100 1.79 1,040 Long Canyon, Nevada 100% 500 3.84 60 14,000 3.50 1,570 14,500 3.52 1,630 5,900 1.93 360 CC&V,Colorado 100% 35,500 0.52 590 27,400 0.47 400 62,900 0.50 990 17,200 0.41 230 TOTAL NORTH AMERICA 51,000 1.19 1,960 362,000 0.96 11,190 413,000 0.99 13,150 101,100 1.03 3,350 South America Conga, Peru 54.05% — — — 375,000 0.65 7,880 375,000 0.65 7,880 124,600 0.39 1,550 Yanacocha, Peru 54.05% 5,400 0.47 80 67,200 1.16 2,510 72,600 1.11 2,590 90,000 0.94 2,720 Merian, Suriname 75% 600 6.92 140 23,500 1.36 1,040 24,100 1.51 1,180 30,900 1.38 1,380 TOTAL SOUTH AMERICA 6,000 1.17 220 465,700 0.76 11,430 471,700 0.77 11,650 245,500 0.72 5,650 Australia Boddington, Western Australia 100% 74,700 0.52 1,260 198,800 0.55 3,500 273,500 0.54 4,760 6,600 0.50 110 Tanami, Northern Territory 100% 400 3.37 50 4,000 5.26 660 4,400 5.07 710 4,600 5.42 790 Kalgoorlie, Western Australia 50% 3,100 0.96 100 12,200 1.21 470 15,300 1.16 570 1,300 2.48 110 TOTAL AUSTRALIA 78,200 0.56 1,410 215,000 0.67 4,630 293,200 0.64 6,040 12,500 2.50 1,010 Africa Ahafo 100% 800 0.53 10 31,200 1.16 1,160 32,000 1.14 1,170 15,400 1.55 760 Ahafo Underground 100% — — — 10,300 4.51 1,500 10,300 4.51 1,500 11,500 4.29 1,580 Total Ahafo South, Ghana 800 0.53 10 41,500 1.99 2,660 42,300 1.96 2,670 26,900 2.71 2,340 Ahafo North, Ghana 100% 2,200 1.13 90 7,400 1.80 440 9,600 1.65 530 7,500 1.79 440 Akyem Open Pits 100% — — — 2,800 0.53 50 2,800 0.53 50 — — — Akyem Underground 100% — — — 1,200 4.71 180 1,200 4.71 180 8,200 4.44 1,170 Akyem, Ghana — — — 4,000 1.79 230 4,000 1.79 230 8,200 4.44 1,170 TOTAL AFRICA 3,000 0.97 100 52,900 1.95 3,330 55,900 1.90 3,430 42,600 2.88 3,950 TOTAL NEWMONT WORLDWIDE 138,200 0.83 3,690 1,095,600 0.87 30,580 1,233,800 0.86 34,270 401,700 1.08 13,960
  • 82.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 82February 2018 Attributable Copper Reserves, U.S. Units 1) See footnote (1) to the Gold Reserves table above. Copper reserves for 2017 and 2016 were calculated at a copper price of $2.50 or A$3.35 per pound. 2) See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000. 3) See footnote (3) to the Gold Reserves table above. Pounds may not recalculate as they are rounded to the nearest 10 million. 4) Copper cut-off grade varies with level of gold and silver credits. 5) Copper cut-off grade varies with level of gold credits. 6) 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. Attributable Copper Reserves (1) U.S. Units December 31, 2017 December 31, 2016 Proven Reserves Probable Reserves Proven + Probable Reserves Proven + Probable Reserve Newmont Tonnage (2) Grade Copper (3) Tonnage (2) Grade Copper (3) Tonnage (2) Grade Copper (3) Metallurgical Tonnage (2) Grade Copper (3) Deposits/Districts Share (x1000 tons) (Cu%) (million pounds)(x1000 tons) (Cu%) (million pounds)(x1000 tons) (Cu%) (million pounds) Recovery (3) (x1000 tons) (Cu%) (million pounds) North America Phoenix, Nevada (4) 100% 56,300 0.21% 240 338,400 0.16% 1,090 394,700 0.17% 1,330 60% 395,500 0.16% 1,260 TOTAL NORTH AMERICA 56,300 0.21% 240 338,400 0.16% 1,090 394,700 0.17% 1,330 60% 395,500 0.16% 1,260 Australia Boddington Open Pit, Western Australia (5) 100% 268,800 0.10% 520 277,700 0.11% 640 546,500 0.11% 1,160 79% 467,600 0.11% 1,060 Boddington Stockpiles, Western Australia(6) 100% 15,400 0.09% 30 89,100 0.08% 150 104,500 0.09% 180 73% 99,600 0.09% 170 TOTAL AUSTRALIA 284,200 0.10% 550 366,800 0.11% 790 651,000 0.10% 1,340 78% 567,200 0.11% 1,230 TOTAL NEWMONT WORLDWIDE 340,500 0.12% 790 705,200 0.13% 1,880 1,045,700 0.13% 2,670 69% 962,700 0.13% 2,490
  • 83.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 83February 2018 Attributable Copper Reserves, Metric Units See footnotes in Copper Reserves U.S. units table Attributable Copper Reserves(1) Metric Units December 31, 2017 December 31, 2016 Proven Reserves Probable Reserves Proven + Probable Reserves Proven + Probable Reserve Newmont Tonnage (2) Grade Copper (3) Tonnage (2) Grade Copper (3) Tonnage (2) Grade Copper (3) Metallurgical Tonnage (2) Grade Copper (3) Deposits/Districts Share (x1000 tonnes) (Cu%) (Tonnes) (x1000 tonnes) (Cu%) (Tonnes) (x1000 tonnes) (Cu%) (Tonnes) Recovery (x1000 tonnes) (Cu%) (Tonnes) North America Phoenix, Nevada 100% 51,100 0.21% 100,000 306,900 0.16% 500,000 358,000 0.17% 600,000 60% 358,700 0.16% 572,460 TOTAL NORTH AMERICA 51,100 0.21% 100,000 306,900 0.16% 500,000 358,000 0.17% 600,000 60% 358,700 0.16% 572,460 Australia Boddington Open Pit, Western Australia 100% 243,900 0.10% 240,000 252,000 0.11% 290,000 495,900 0.11% 530,000 79% 424,200 0.11% 480,430 Boddington Stockpiles, Western Australia (6) 100% 14,000 0.09% 10,000 80,900 0.08% 70,000 94,900 0.09% 80,000 73% 90,400 0.09% 77,180 TOTAL AUSTRALIA 257,900 0.10% 250,000 332,900 0.11% 360,000 590,800 0.10% 610,000 78% 514,600 0.11% 557,610 TOTAL NEWMONT WORLDWIDE 309,000 0.12% 350,000 639,800 0.13% 860,000 948,800 0.13% 1,210,000 69% 873,300 0.13% 1,130,070
  • 84.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 84February 2018 Attributable Copper Resources 1) Resources are reported exclusive of reserves. Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s Form 10-K filing. 2) Resources are calculated at a copper price of $3.25 or A$4.00 per pound for 2017 and at a copper price of $3.00 or A$3.75 per pound for 2016 unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000. Pounds may not recalculate as they have been rounded to the nearest 10 million. See footnotes in Copper Resources U.S. units table Attributable Copper Mineral Resources(1)(2) U.S. Units December 31, 2017 Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources Newmont Tonnage Grade Copper Tonnage Grade Copper Tonnage Grade Copper Tonnage Grade Copper Deposits/Districts Share (x1000 tons) (Cu%) (million Pounds) (x1000 tons) (Cu%) (million Pounds) (x1000 tons) (Cu%) (million Pounds) (x1000 tons) (Cu%) (million Pounds) North America Phoenix, Nevada 100% 16,300 0.15% 50 272,900 0.12% 680 289,200 0.13% 730 68,500 0.14% 190 TOTAL NORTH AMERICA 16,300 0.15% 50 272,900 0.12% 680 289,200 0.13% 730 68,500 0.14% 190 South America Conga, Peru 54.05% — 0.00% — 413,300 0.26% 2,150 413,300 0.26% 2,150 137,400 0.19% 510 Yanacocha, Peru 54.05% — 0.00% — 61,300 0.64% 780 61,300 0.64% 780 3,000 0.35% 30 TOTAL SOUTH AMERICA — 0.00% — 474,600 0.31% 2,930 474,600 0.31% 2,930 140,400 0.19% 540 Australia Boddington, Western Australia 100% 82,400 0.11% 170 219,200 0.12% 520 301,600 0.11% 690 7,400 0.10% 10 TOTAL AUSTRALIA 82,400 0.11% 170 219,200 0.12% 520 301,600 0.11% 690 7,400 0.10% 10 TOTAL NEWMONT WORLDWIDE 98,700 0.11% 220 966,700 0.21% 4,130 1,065,400 0.20% 4,350 216,300 0.17% 740 Attributable Copper Mineral Resources(1)(2) Metric Units December 31, 2017 Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources Newmont Tonnage Grade Copper Tonnage Grade Copper Tonnage Grade Copper Tonnage Grade Copper Deposits/Districts Share (x1000 tonnes) (Cu%) (tonnes) (x1000 tonnes) (Cu%) (tonnes) (x1000 tonnes) (Cu%) (tonnes) (x1000 tonnes) (Cu%) (tonnes) North America Phoenix, Nevada 100% 14,800 0.15% 20,000 247,500 0.12% 310,000 262,300 0.13% 330,000 62,200 0.14% 80,000 TOTAL NORTH AMERICA 14,800 0.15% 20,000 247,500 0.12% 310,000 262,300 0.13% 330,000 62,200 0.14% 80,000 South America Conga, Peru 54.05% — 0.00% — 375,000 0.26% 980,000 375,000 0.26% 980,000 124,600 0.19% 240,000 Yanacocha, Peru 54.05% — 0.00% — 55,600 0.64% 350,000 55,600 0.64% 350,000 2,700 0.35% 10,000 TOTAL SOUTH AMERICA — 0.00% — 430,600 0.31% 1,330,000 430,600 0.31% 1,330,000 127,300 0.19% 250,000 Australia Boddington, Western Australia 100% 74,700 0.11% 80,000 198,800 0.12% 240,000 273,500 0.11% 320,000 6,600 0.10% — TOTAL AUSTRALIA 74,700 0.11% 80,000 198,800 0.12% 240,000 273,500 0.11% 320,000 6,600 0.10% — TOTAL NEWMONT WORLDWIDE 89,500 0.11% 100,000 876,900 0.21% 1,880,000 966,400 0.20% 1,980,000 196,100 0.17% 330,000
  • 85.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 85February 2018 Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with the following notes, the Cautionary Statement on slide 2 and the factors described under the “Risk Factors” section of the Company’s Form 10-K, filed with the SEC on February 22, 2018 and disclosure in the Company’s other recent SEC filings. 1. Historical AISC or All-in sustaining cost is a non-GAAP metric. See slides 72-74 for more information and a reconciliation to the nearest GAAP metric. All-in sustaining cost (“AISC”) as used in the Company’s Outlook is a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indirect costs related to current gold production incurred to execute on the current mine plan), remediation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital. See also note 5 below. 2. U.S. investors are reminded that reserves were prepared in compliance with Industry Guide 7 published by the SEC. Whereas, the term resource, measured resource, indicated resources and inferred resources are not SEC recognized terms. Newmont has determined that such resources would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration and defined as Mineral Resource. 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 or all of the inferred resource exists, or is economically or legally mineable. Inventory and upside potential have a greater amount of uncertainty. Investors are cautioned that drill results illustrated in certain graphics in this presentation are not necessarily indicative of future results or future production. Even if significant mineralization is discovered and converted to reserves, during the time necessary to ultimately move such mineralization to production the economic and legal feasibility of production may change. As such, investors are cautioned against relying upon those estimates. For more information regarding the Company’s reserves, see the Company’s Annual Report filed with the SEC on February 22, 2018 for the Proven and Probable reserve tables prepared in compliance with the SEC’s Industry Guide 7, which is available at www.sec.gov or on the Company’s website. Investors are further reminded that the reserve and resource estimates used in this presentation are estimates as of December 31, 2017. 3. Free cash flow is a non-GAAP metric and is generated from Net cash provided from operating activities of continuing operations less Additions to property, plant and mine development. See slide 70 for more information and for a reconciliation to the nearest GAAP metric. 4. EBITDA is a non-GAAP financial measure calculated as Earnings before interest, taxes and depreciation and amortization. The EBITDA figures for competitors used in this presentation were calculated by Thomson Reuters. For management’s EBITDA calculations and reconciliation to the nearest GAAP metric, please see slide 71 for more information. Adjusted EBITDA is also a non-GAAP metric. Please refer also to slide 71 for a reconciliation of Adjusted EBITDA to the nearest GAAP metric. 5. Outlook projections used in this presentation are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 22, 2018. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2018 Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and $55/barrel WTI; AISC and CAS estimates do not include inflation, for the remainder of the year. Production, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward- looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. For additional information on reserves and resources see slides 77-84. 6. Adjusted Net Income is a non-GAAP metric. Adjusted Net Income per share refers to Adjusted Net Income per diluted share. See slides 68-69 for more information and reconciliation to the nearest GAAP metric.
  • 86.
    Newmont Mining CorporationI BMO Metals & Mining Conference – Slide 86February 2018 Endnotes 7. Return on Capital Employed (ROCE) is a non-GAAP metric and is generated from 12 month trailing Earnings before interest and tax divided by average capital employed. 2017 balances exclude Batu Hijau. See slide 76 for more information and for reconciliation to the nearest GAAP metric. 8. The Board of Directors has authorized a new stock repurchase program, under which the Company may repurchase up to $90 million of its outstanding common stock to offset the dilutive impact of employee restricted stock vesting in 2018. Under this new stock repurchase program, the Company may repurchase shares in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program may be extended, suspended or discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock. The Company expects to finance the program from existing cash and cash equivalents. 9. Full Potential cost savings or Full Potential improvements as used in this presentation are considered operating measures provided for illustrative purposes, and should not be considered GAAP or non-GAAP financial measures. Global Full Potential savings/improvements amounts are estimates utilized by management that represent estimated cumulative incremental value realized as a result of Full Potential projects implemented and are based upon both cost savings and efficiencies that have been monetized for purposes of the estimation. Because Full Potential savings/improvements estimates reflect differences between certain actual costs incurred and management estimates of costs that would have been incurred in the absence of the Full Potential program, such estimates are necessarily imprecise and are based on numerous judgments and assumptions.