With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Colorado-based Newmont was already the world’s largest gold-mining company before it acquired Australian miner Newcrest in 2023. The acquisition helped revenue grow by 58% in 2024, to $18.7&nbsp;billion. An equally important factor: The average price per ounce at which Newmont sold the gold it mined rose 23% year over year.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Modern Board 2023-Newmont Corporation

Newmont Corp., the world’s largest gold mining company, has pledged to reach gender parity in leadership roles by 2030 and announced several environmental impact initiatives—although its effort to reduce fresh-water consumption in water-stressed areas by 10% in 2022 fell short. The 12-person board, which has five female directors, is chaired by Gregory Boyce, former CEO of coal company Peabody Energy. Directors have a mix of the operations experience necessary to oversee the manufacturing-intensive mining business, including Julio Quintana, former president and CEO of Tesco Corp., which makes oil drilling equipment; and Emma FitzGerald, former CEO of Puma Energy, an oil company that services emerging markets in Africa, Central America, and Asia. Newmont tapped leaders such as Jane Nelson, a longtime corporate social responsibility advisor for companies like Exxon Mobil and GE, to help it progress on CSR goals, including mining conflict-free gold and increasing the number of local and indigenous employees at its mines. In April, Newmont submitted a reported $19.5 billion bid to <a href="https://www.newmont.com/investors/news-release/news-details/2023/Newmont-to-Enter-into-Confirmatory-Due-Diligence-on-Newcrest/default.aspx">buy its competitor Newcrest</a>.

Fortune Modern Board 25

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

World's Most Admired Companies

Modern Board 2022-Newmont

Newmont scored high on the Modern Board 25’s rankings for gender equality, nationality dispersion, and board independence. The mining company has <a href="https://seekingalpha.com/article/4492584-newmont-keep-calm-let-dividends-flow">received analyst</a> praise for its high dividend yield, strong balance sheet, low debt-to-earnings ratio, and production pipeline longevity. The company expects to deliver approximately 7.5 million ounces of gold by year-end 2022.  
 
Newmont has implemented several ESG measures into its corporate structure in recent years. The company released its <a href="https://www.newmont.com/sustainability/sustainability-reporting/default.aspx">first climate strategy report</a> in 2021, along with <a href="https://www.newmont.com/sustainability/newmonts-archive-sustainability-reports/default.aspx">annual</a> sustainability and conflict-free-gold reports. Focusing on board diversity, the company reported achieving gender parity for nonexecutive directors in 2020 with the appointment of former American Water Works CEO Susan Story, and <a href="https://www.bloomberg.com/news/articles/2021-05-17/newmont-changes-shows-complexity-of-adding-boardroom-diversity">reported in 2021</a> that 70% of its current directors were gender, racially, or ethnically diverse. Including COVID-19 response <a href="https://www.newmont.com/investors/news-release/news-details/2021/Newmont-Publishes-2020-Sustainability-Report/default.aspx">in its ESG reporting,</a> Newmont announced a $20 million global community support fund to aid communities, governments, and employees through the pandemic; it implemented a<a href="https://gazette.com/pikespeakcourier/newmont-corp-issues-covid-19-vaccine-mandate-for-all-employees/article_ab9e99ca-494c-11ec-83af-17c66c8dcca7.html"> vaccine mandate</a> for all employees and third-party contractors in November. 
 
Newmont has six former CEOs on its board, including former Puma Energy CEO Emma FitzGerald and former oilfield services company Tesco CEO Julio Quintana. Newmont CEO Tom Palmer is also a director. Gregory Boyce, former CEO of Peabody Energy and former chairman of the National Mining Association, is chair of Newmont’s board.

This year’s Fortune 500 marks the 68th running of the list.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

This year’s Fortune 500 marks the 67th running of the list.

Billing itself as the world's leading gold company, Newmont also produces copper, lead, silver, and zinc throughout its mines in nine different countries.

Collectively, the ranked companies produced a three-year average shareholder return of 33%, vs. 19% for the S&P 500.

100 Fastest-Growing Companies

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune 500 marks the 66th running of the list.

Founded in 1921 and now the world's largest gold mining company, Newmont owns mines in an array of countries including the U.S. (Nevada, Colorado), Canada (Ontario, Quebec), Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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As the U.S.’s leading gold company, Newmont also produces copper, lead, silver, and zinc throughout its mines in Africa, Australia, Latin America and the Caribbean, North America, and Papua New Guinea. Its acquisitions of rivals Newcrest and Goldcorp in 2023 and 2019, respectively, each broke the record for the largest deal in the history of the gold mining sector to date. As of April 2025, Newmont confirmed its completion of a divestiture of noncore operations amounting to $3.8 billion in total gross proceeds. These included operations in Ghana, Canada, and Colorado. Newmont was founded in 1921 and has been publicly traded since 1925.

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Newmont (NEM): Company Profile, Stock Price, News, Rankings

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Newmont

newmont

Hello and welcome to Newmont's fourth quarter and full year twenty twenty four results conference call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer.

Thank you, operator. Hello, everyone, and thank you for making the time to join our call. Today, I'm joined by Karen Overman, our Chief Financial Officer and Natasha Baljeune our Chief Operating Officer along with the rest of my executive leadership team and we'll all be available to answer your questions at the end of the call. Please note our cautionary statement and refer to our SEC filings, which can be found on our website. I'd like to start by taking a moment to provide an update on our safety performance.

Newmont is a values driven organization and ensuring the health and safety of our workforce is at the very heart of everything we do. We are working diligently to strengthen our safety performance and have been reviewing and refreshing key safety programs across our global business centered around three key areas culture, systems and skill development. Maintaining and improving our culture of keeping everyone who works at Newmont always safe relies on having simple well governed systems and standards to guide safe operations along with a process to identify and then implement ongoing improvements. We're also enhancing our frontline leadership capabilities by strengthening our hazard management, team leadership and task assignment training and supporting it with a fair consistent accountability framework. This improvement work will empower everyone at Newmont to confidently make decisions that drive safe productive work each and every day.

Turning now to our operational and financial performance last year. 2024 was a transformational year for Newmont. We took some very important steps to unlock the value of everything we have done so far on our journey to build a world class company with an outstanding portfolio of assets that will generate value and long term success for decades to come. In 2024 we focused on three areas. First to complete the integration of the acquired assets, second the rationalization of our portfolio and third the stabilization of our business both operationally and financially at a time when there is excitement of the demand dynamics we are witnessing especially in the gold markets but also at a time when Newmont and the broader mining industry have some challenges to work through.

Let me start with the integration of our new operations. As with any acquisition this is large and complex work. We have run into a few specific hurdles that we will need to clear before the true potential of these assets becomes evident in both our production and financial results. Two challenges have been at Cadia and LaHia and we are addressing them in a way that position these assets to thrive and deliver on their underlying multi decade potential. As we address the challenges at both these assets, we are ensuring that we have robust operational and technical plans sitting behind the sustaining capital spend needed to get them up to a Newmont and Tier one level.

We acquired these assets with a view to creating value over a period of decades and the investments that we're making now will set us up to deliver on that objective. We are putting this work in motion with focus and confidence and over the next twelve to twenty four months we are deploying the full force our operational and technical experience including our sustainability leadership with a view to preserving and optimizing value for the long term. Turning now to rationalization, our divestment program over the last twelve months

We have sold or reached definitive agreements to sell all six of our non core operations as part of the program we announced last February. And we have the potential to deliver up to $4,300,000,000 in pre tax proceeds from this divestment program which is expected to result in around $2,500,000,000 in cash proceeds in the first half of this year after taxes and closing costs. Importantly the transactions announced so far including Telfer are also expected to remove approximately $1,800,000,000 in closure liabilities from our balance sheet. This rationalization work is now positioning Newmont with a core set of tier one assets that we see as being capable of capitalizing on the gold and copper cycles for several decades. In tandem with our work to integrate and rationalize our portfolio, we've also been working to stabilize production.

As a result, we were able to exceed our production guidance by delivering 6,800,000 ounces of gold and over 150,000 tonnes of copper last year of which around 85% was produced from our go forward core portfolio. We generated $2,900,000,000 in free cash flow last year and record free cash flows for the fourth quarter of $1,600,000,000 driven by strong gold prices, higher sales volumes and positive working capital movements. It is also worth pausing for a moment to acknowledge that our fourth quarter reflects the true financial performance potential that our go forward core portfolio can achieve and the positive effect it can have on our all in sustaining costs. Building on the three focus areas I've just covered, we also continue to advance our capital allocation priorities in 2024. We returned $2,300,000,000 through regular dividends and share repurchases demonstrating our commitment to rewarding our shareholders.

And we maintained a strong and flexible investment grade balance sheet ending the year with more than $3,600,000,000 in cash and $7,700,000 in liquidity. In addition to shareholder returns over the last twelve months we further improved our financial position by retiring $1,400,000,000 in debt reaching our target balance of below $8,000,000,000 As we move forward, we still have plenty of work ahead of us to capture the returns and margin potential we see as possible from our go forward portfolio. And while we do not speculate on where gold prices are heading, we do continue to see robust demand and strong pricing given the geopolitical environment and gold's place as a long term store of value not only for individuals and professional investors but for central banks as well. Turning to the next slide, as the world's leading gold producer it is our responsibility to maximize the full value of the unique combination of our people, our assets, our projects and our culture to generate long term shareholder value. With this in mind combined with a clear line of sight of our go forward portfolio, we are committed to making meaningful improvements to our safety, cost and productivity performance.

The results of these efforts will drive stable and predictable production, allow us to better manage costs on a gold equivalent ounce basis, and capture the incremental margins and cash flows we are seeing as a result of strong gold prices. But to explain where we are going is important to first appreciate where we are today. Newmont's high quality portfolio is a great platform for investors to gain exposure to gold and copper fundamentals while benefiting for the improvements we are making to drive operational performance. Our portfolio includes more than half of the world's tier one gold operations. We have the largest scale, longest life and highest quality combination of assets with the capacity to perform for decades and through commodity cycles.

Another key characteristic of our business is the quality of the jurisdictions in which we operate. This is an advantage that helps reduce some of the geopolitical risks inherent in our industry. So with the right mix of assets we now have a laser focus on safely improving costs and productivity at each of our managed operations so that our go forward portfolio of Tier one assets operate with a Tier one cost structure. Turning to the next slide, in our go forward portfolio we have 11 managed operations and three key projects in execution strategically diversified across the world's most favorable mining jurisdictions. But it's what we will deliver from this portfolio that will truly set us apart from our peers.

Over the next decade we expect that Newmont will produce roughly 6,000,000 ounces of gold and around 150,000 tonnes of copper on average each year. The investment cycle that we are currently in combined with the cost of productivity improvement we are doing will help us maximize our margins not only in a strong gold market like we see today but also future commodity cycles enabling us to generate the highest possible margins. As is typical with large long life mines there will naturally be some periods with lower production and some with higher production but overall this unique combination of assets sets us up to deliver robust and sustainable production for the foreseeable future. And underpinning this portfolio is more than forty years of high confidence reserves and resources with decades of upside from mineral inventory and our ongoing exploration of endowment. As announced today, our gold reserve base now sits at 134,000,000 ounces and is supported by 170,000,000 ounces of gold resources.

In addition to the largest gold reserve resource pipe in the industry, we also have significant copper reserves and resources providing organic opportunities to further diversify into the future. Our gold reserves 2024 were declared using a $1,700 an ounce gold price, which was increased from $1,400 an ounce. This increase was made following our standard annual review process that takes into consideration the three year trailing average price, analyst forecast and current economic conditions. With the long life nature of our assets combined with the maturity of our governance processes, we have full confidence that we will continue to develop optimal mine plans at these price assumptions as demonstrated by no material reduction in the reserve gold grade due to the increased price. I'd also like to briefly note revisions we made to the reserves for two of our new assets, LaHir and Brucejack.

These revisions were a result of applying Gearmont governance and technical rigor and include appropriate updates to the final pitch shell designer for here as well as updates to the resource bottle of Brucejack to appropriately increase grade reliability. I'll now step through each of the large log life operations in our portfolio and the expectations for the year ahead starting with Cadia. Cadia is one of Australia's largest gold copper mines and an industry leader in both block caving and automation. Block or panel caves cycle through natural periods of harvest and investment. When we assumed ownership, Cadia was just coming out of a harvest period phase and Panel Cave 2 was beginning to ramp down from peak production.

Today we are transitioning to our next Panel Cave PC23, building Panel Cave 12 and also catching up on a historical under investment in both tailings remediation and storage capacity. As we progress this work, we are ensuring that we are optimizing capital intensity and the balance between tailing storage capacity and the mine processing plant run rates. Moving to the next slide I'll cover another of the new assets in our portfolio. At La Jolla, the focus remains on creating stability in both the mine and processing plant by addressing the critical issues that we have identified in both systems. We have optimized the mine plan, taking into consideration the significant cultural heritage site within the mine, the mine layout and sequence and equipment reliability to deliver a more sustainable long term mine plan.

We have also established a run of mine stockpile decoupling the mine and processing plan and ensuring that we can deliver stable and quality feed to the mill where asset reliability is our key focus. This work will result in stable production in '25 through to 2027 as we move waste in the phase 14a layback in order to access higher grades. This will then result in an estimated 30% lift in production in 2028 and beyond. Touching briefly on Brucejack, the underground development and drilling work to improve our knowledge of this nuggety ore body and reduce grade variability is progressing very well. We're applying the lessons we learned a dozen years ago in Tanami with a similar ore body by tightening our drilling density in order to improve the resource model and deliver steady and lasting value over the long term.

Moving then to our legacy Newmont operations starting with our large polycatalytic mine Petresquita. Follow the successful stripping campaign in 2024 we will deliver higher gold grades for the Penasco Pit this year resulting a 30% increase in gold production compared to last year. 2026 will then see a higher proportion of silver, lead and zinc content due to higher production from the Chile, Colorado pit as per our normal mining sequence. At Boddington, a large gold and copper mine in Western Australia, the investment in stripping of planned laybacks in both the North and South pits progress as well paving the way for higher grades to be accessed 30% more gold to be delivered starting in 2027. At our Harpo complex, 2024 was a record production year in the twenty year life of our sub Harpo South operations.

This strong performance will continue through the first half of this year at which stage the Sabika Open Pit reaches the end of its economic life and we move across to mining lower grade ore from the Awansu Open Pit driving a slight reduction in production compared to the record levels of last year. This reduction will be partially offset by our new Ahafo North mine which comes online in the second half of this year enabling the Ahafo complex to continue to contribute around 750,000 ounces per year in 2026 and beyond. At Katamai, we expect production will remain consistent in 2025 but will be weighted around 60% to the second half of the year driven by the higher grade stopes we'll access from both the Ouron and Liberator ore bodies. We continue to advance the expansion project at Tanami which will provide a meaningful reduction in operating costs and increase gold production by around 35% beginning in 2028. Finally, we expect that our production in 2025 will be further enhanced by around 1,400,000 ounces of gold from our non managed joint ventures.

And in the medium term, our managing partner has indicated that they will deliver approximately 20% more gold in 2027 compared to last year. So as we look beyond 2025, we expect to add more than 10% of annual gold production by 2028 as we bring forward the high quality low cost ounces from the laybacks and projects that I've just described. Turning to the next slide. The three key projects we currently have in execution advanced substantially in 2024 and I have full confidence that we'll continue building on that momentum this year. Beginning with the half hour north, we made a notable shift from land access and clearing activities in 2023 to the construction of the mine of processing infrastructure, progressing the highway diversion and commencing stripping last year.

With this solid progress, we remain on track to pull first gold in the second half of twenty twenty five and declare commercial production towards the end of this year. Turning to the second expansion of Tamiami, we made really solid progress last year, achieving two important milestones. We completed the concrete lining of the top 1.3 kilometers of this one and a half kilometer deep shaft pouring over 30,000 tons of concrete and we successfully backfilled with concrete the 160 meter section of over break at the very bottom of

shaft and it is now ready to be raised board. In 2025 our focus shifts to equipping the top 1.3 kilometer section with services whilst we raise for that bottom 160 meters in parallel. In conjunction with this critical path work we'll also be progressing the construction of the underground crushing and materials handling infrastructure along with the surface infrastructure. We continue to expect to declare commercial production in the second half of twenty twenty seven and significantly reduce operating costs in 2028 underpinning Tanabe's future as a long life low cost producer. Moving to the Panel Caves at Cadia which I touched upon earlier, we reached some important milestones last year.

On Panel Cave 23 we achieved cave establishment and have now delivered more than 1,000,000 tons of all from this new cave to our processing plant. At Panel Cave 12 we completed more than 12 kilometers of underground development. Combined these two caves are expected to deliver more than 5,000,000 ounces of gold and a million tons of copper and will position Cadia to continue operating to the middle of this century. Turning now to the impact from our investment cycle and the current gold price dynamics on our costs. 2025 has already proven to be an exciting year for a variety of reasons.

Current gold prices are at near record levels, surpassing $2,900 an ounce more than $500 higher than the price we realized in 2024. While higher gold prices contribute to our free cash flow generation and will continue benefiting our shareholders, I also want to be very transparent about the impact that both our current investment cycle and high gold prices have on our unit costs. All in sustaining costs for our core portfolio are expected to be around $16.20 dollars an ounce in 2025. This increase is the result of a variety of factors that can be split into two major drivers, higher sustaining capital investment and macroeconomic factors. First, we are estimating a $40 an ounce increase tied to the elevated sustaining capital spend at Cadia associated with the investment in both tailings remediation and storage capacity that I described earlier.

Next, we are estimating a $35 an ounce increase of a higher proportion of the costs at our four polymetallic mines being allocated to gold over other metals. This non cash impact to our gold all in sustaining cost is due to the way we categorize co product costs under U. S. GAAP and driven by the increase in our gold reserve price compared to our reserve prices for copper, silver, lead and zinc. Next for 2025 we have assumed a $2,500 gold price and for every $100 increase in gold price we expect a $10 increase in our all in sustaining costs due to taxes royalties and profit sharing payments.

And finally, we are forecasting a $44 an ounce increase linked to a 3% assumption or inflation this year compared to 2024. We recognize that our all in sustaining costs are not where we want them to be. So in addition to the work we are doing to bring on new low cost ounces and normalize our sustaining capital spend over the next three years. My team and I are working to reduce costs and improve productivity across our go forward managed portfolio. Over the last few years Viewmont has been on a journey to build the world's leading gold and copper company and after doing the work to rationalize our portfolio we are now firmly focused on improving costs and productivity across our entire organization.

This is key to ensuring that our assets reliably and predictably generate the most profitable 6,000,000 ounces of gold per year over the long term. The program behind this cost and productivity work has three key components. Our G and A costs are too high for our go forward portfolio We have a laser focus on ensuring that these costs are reduced as we transition from 17 to 11 managed operations over the course of this year. Second, we are well into the process of evolving our commercial work at Newmont to ensure we have the capability to extract the full benefit of our scale both in terms of our supply chain spend as well as the revenue we receive from Dore and concentrate sales. Third, with the clarity of our go forward portfolio we are applying the full force of our operating and technical capability to systematically improve productivity across all 11 of our managed operations whilst achieving the industry leading safety record that we demand.

And I will provide further updates on this program as we progress and move forward through this year. Bringing it all together over the last year we have developed a much deeper understanding of our go forward portfolio and the work ahead of us to deliver meaningful improvements to safety costs and productivity this year. And while we progress this work we are providing shorter term and high confidence guidance for 2025. This year we expect gold production from our go forward Tier one portfolio to be around 5,600,000,000 ounces at an all in sustaining cost of $16.20 dollars an ounce. Our sustaining capital is expected to be $1,800,000,000 and will remain at this level over the next couple of years as we complete our current investment cycle on the tailing storage facilities at Cadia.

And we will continue to maintain discipline with our development capital spend holding our investment to $1,300,000,000 for 2025. We expect the production from our core Tier one portfolio will be around 52% weighted to the second half of this year driven mainly by the timing of production from our non managed operations. Tucking this trend into account in the first quarter we expect to deliver around 23% of the forecast gold production from our core portfolio. This will then be supplemented by around 250,000 higher cost ounces from our non core assets held for divestment. Our unit costs will also be impacted by the timing of sustaining capital spend from both our managed and non managed operations.

And this is currently expected to be around 52% weighted to the first half of this year. So compared to the rest of the year we anticipate that our all in sustaining costs will be highest in the first quarter. As a consequence, we anticipate a notable decrease in our first quarter free cash flow compared to the fourth quarter of last year. Looking ahead to the remainder of the year, we expect to generate sequentially higher free cash flow each quarter. And with this momentum, we'll be well positioned to deliver on our commitments in 2025 whilst also funding our capital allocation priorities and building a stable future for Newmont.

Our capital allocation strategy remains unchanged and is driven by three key priorities. First to maintain financial strength of flexibility with cash above $3,000,000,000 and debt below $8,000,000,000 Second to steadily reinvest in our business with the goal of generating long term sustainable free cash flow. And third, to return capital to shareholders through our predictable $1 a share annual dividend and our share repurchase program. In order to maintain consistent cash levels through this year, the timing of share repurchases is likely to be closely correlated with our projected free cash flow along with the timing of proceeds from our non core asset divestments. After a period of integration, rationalization and stabilization, our focus is now on our go forward portfolio.

Last year, we focused on integrating four new assets, divesting our six non core assets and laying the foundations for delivering cost productivity improvements for a safe productive and profitable future. With 2024 now behind us we move to strengthen our value proposition by leveraging the true potential of our assets and projects to improve our safety costs and productivity performance positioning Nearmont to focus on margins and growing free cash flow for the benefit of our shareholders. And with that, I'll thank you for your time today and turn it back over to the operator to open the line for questions.

Thank you. We will now begin the question and answer session. We ask that you please limit inquiries to one primary question and one follow-up question. The first question is from the line of Hugo Nicolacci with Goldman Sachs. Your line is now open.

Hi, Tom, Karen, Tasha and team congrats on the strong finish 2024 and thanks for all the color already so far in the presentation. First one maybe for Karen. Just post the recent debt reduction and the divestments to come through, how should the market think about the gearing and debt targets going forward? I appreciate you talked to the $8,000,000,000 of debt and $5,000,000,000 of net debt. But with gold prices and cash generation where it is and where you're seeing it going and the number of strong projects able to start to come into that growth pipeline, do you think something like a leverage ratio might be more appropriate in terms of being able to then look at accelerating some of those growth projects?

Right now, thanks for the question Hugo. But yes, right now, our capital allocation strategy remains unchanged. So maintaining that strong balance sheet with around $3,000,000,000 in cash on average over the year, a debt below the $8,000,000,000 as you said, and steadily funding those cash generative capital projects. So we've got 1.8 sustaining capital, that's at an elevated level for the next few years with Acadia tailings and then $1,300,000,000 with, with development capital. And then of course, returning, capital to shareholders.

So $1 annual dividend, no change there. And then continuing with our share repurchase repurchases as part of that $3,000,000,000 program that we have. We've executed on $1,200,000,000 and we have $1,800,000 remaining on that authorization. So no change to financial policies.

Great. Thanks for that, Karen. And then second one maybe for both Tom and Natasha. Just looking beyond the current growth projects to that next phase of growth, you're able to give us a bit more on what's needed to firm up the sequencing and timing of projects like Red Chris and Yanacocha on the sulfides? And is it studies and permitting, just given where you've already got the significant capital invested in those projects?

And when should we expect an update? And then just as a tack on how many projects do you think is the right number to be progressing concurrently for the portfolio?

Yes. Thanks, Hugo and good morning. The focus is firmly on delivering the three projects we've got in execution and $1,300,000,000 spend for a portfolio of our size is a healthy amount of money to be investing back in the business. So delivering on those, hitting commercial production, improving the value from those projects is our firm focus, hitting our milestones this year and ensuring that they come through. That earns the right to be able to bring anything more through your project pipeline.

But we do have some exciting projects in there queuing up looking to get access to that capital. Redcrest is we're working through its feasibility study this year. So two at Newmont standard ensuring that we have not only the technical work done as part of the feasibility study but you've got the permits and the support of the Tautan for that very very long life project. At Yanacocha is the, the potential of Yanacocha we've been at Peru for forty years at Yanacocha for mining for thirty years. We've produced 40,000,000 ounces of gold at Yanacocha.

There's more, we haven't even passed halfway yet. So a very long life in front of us at Yanacocha, but we're at inflection point. We moved from Oxford operations to sulfides and and other deposits to sit there. The important piece of work for us to do now at Yanacocha is to build the water treatment plants to, to be able to capture the mine effect of water and and discharge treat that and discharge that safely. That then that then sets us up to be able to go with its next chapter.

We've got Wafi Golpu in PNG that we continue to work with Harmony and the PNG government on. We've got Nivellian and Norte Ebereta down in Chile and we continue to understand where they might fit and we've got Galore Creek up in British Columbia. So we continue to understand and work those projects but first and foremost Hugo is delivering on our projects we've got an execution here and now do that well then we earn the right to bring on those next projects.

Thank you. The next question is from Daniel Morgan with Barrens. Your line is now open.

Hi, Tom and Tim. First question, just I know you've increased your reserve price assumption to U. S. 17 hundred dollars an ounce. Your 2025 all in sustaining cost guidance is $16.20 dollars I'd say that just strikes a little bit odd, it's an $80 an ounce margin.

Does that imply that the Seabra's peak costs when they come down or can you just comment on that difference and how you set the reserve price assumption?

Yes. Thanks, Daniel. When we look at it, they're two separate things. Our process been many, many years at Newmont, the team that works through our annual process to assess our reserve pricing is looking at price, looking at the three year trailing average, looking at forward estimates and making a judgment on price as to where our reserve price should be and then how that informs the work we do then and around our mines, mine plans and the like.

Then on the other side of the coin separate from that we look at what our unit costs happen to be for '25. There are $16.20 for 2025 because we've got some pretty one of the main drivers is we've got some pretty significant investment going back into Acadia to ensure that we've fixed that tailings facility to ensure those caves are able to realize their value. So we separate those two things 16.2 not happy with that number. It needs to come down. Our go forward portfolio is generally Tier one and we need to get our cost base down to Tier one levels.

We need to get after we need to get through this investment cycle, we need to bring on those low cost ounces but we also need to improve our cost and productivity but they are two separate streams. We set our pricing to reserve price over here through a rigorous process that's conducted every year. We manage our costs this year and we need to get after improving those costs going forward.

for that. Separate question, Leahy, I know you've done a reserve update, you've done some optimization on the pits. Just curious, how much closer is your team to concluding what the go forward plan is at that asset? I imagine there would also be a reinvestment plan to upgrade asset integrity and set it up well into the future. So when might that be concluded and when might you share that with us?

Yes. Thanks, Daniel. So as you commented on the we've now done a new one standard, final pitch shell, which impacted the reserves. The other important work we did was to step out from a liar rock to ensure that we had appropriate offset from that rock and then how we set up that high wall, to manage that phase 14 layback. So we've done that mine planning work.

Now it's about making sure that the roads are in good nick and then maintained so that we can manage the equipment integrity of the trucks and diggers and other particular equipment running around that mine and work through that stripping campaign over the next two or three years so we can move into the high grade ore from that phase 14 layback. So that work is underway. Then setting up the skyway and having the from stockpile to separate mine and processing plant now allows us to get greater reliability and quality of the feed going into the into the plant which admittedly gives you greater confidence through the plant. That then allows us to have more structure around our corrective and preventative maintenance program through that plan which is part of a sustaining capital budget you'd have for a mine of that size. So those pieces are in place and team is now getting after that.

They know what they need to do. We need to deliver on what we said we're going to do this year as I indicated in my remarks that as we work through that layback get into the 2028 period and LaGeer will return to that historical levels that you've seen and our plan is to maintain that into the future. So we've got two or three years of getting that work done and then LaGeer is a long term asset in the Newmont portfolio. I mean it's got reserves and resources to a Newmont standard north of 30,000,000 ounces. It is by any measure a world class asset we're setting it up right over the next two or three years to deliver on the value it's been looking for for the last thirty years.

Thank you. The next question is from Lawson Winder with Bank of America. Your line is now open.

Thank you, operator. Hello, Tom and team. Thank you for the update. Thank you for taking my question. I just wanted to ask your thinking around the provision of one year guidance.

And so I had understood that you had considered maybe doing three years. And then as you look forward, is one year guidance what you anticipate continuing going forward? Or could we get back to potentially longer term guidance? Thank you.

Thanks, Lawson. Good evening. Massive transformation last year. I mean, up thirty five years in the mining industry worked in many different places been fortunate enough to be involved in many transactions. I haven't seen much more complicated than the work we've run through successfully last year in terms of integrating assets divestment program are coming out the other side.

What's most important for us now is stabilizing this business and focusing on a high confidence set of guidance that we can get after and safely deliver. So our focus is on stabilizing this business in 2025 and delivering on those numbers that we've committed to in our release today. As part of that work we're getting after cost and productivity improvements and understanding what the potential is of this go forward portfolio. We've had it for midnight, a New York minute rather, we've only had it for a second. So how do we actually understand what the true potential of this portfolio is?

We're getting after that this year we're going to take all of this year to understand that asset and that portfolio of assets and build a plan for '26. So our focus is on '25 delivering on our commitments and understanding what these assets might do as we work with them through the course of this year.

Okay, fantastic. Now just a follow-up on the R and R gold price assumption of $1,700 you kind of indicated that that was how you're thinking about the business at least for 2025. In the past, you've thought about the dividend with respect to gold price ranges as well. So previously the $1,400 represented the base level dividend. When we think about the current dividend as it was reset last year is $1,700 per ounce the gold price at which that is sustainable?

Yes. Thanks, Lawson. Decoupled, our dividend our common dividend is $1 a share full stop.

Thank you. The next question is from Daniel Major with UBS. Your line is now open.

Hi. Thanks for the questions. The first one and maybe another theme on the three year guidance. You're suggesting a ten year average of 6,000,000 ounces. But when we look at the portfolio and the projects that you've run through and the grade profile at Boddington etcetera and the guidance from Barrick would suggest on the consensus and on kind of our numbers that you would be above that towards the end of the sort of three to five year period.

Is that the wrong assumption? Are we missing something in the portfolio that would go backwards to prevent you getting above 6,000,000 ounces on a three year view?

Yes. Thanks, Daniel. You're seeing it correctly as we work through bringing on those work through those laybacks and bring on the new low cost ounces. I think the comments I said were 10% higher over that timeframe. That will that will of what we've guided for our core portfolio over 25% that will certainly push you through it and out the other side of 6%.

Now roll forward another three, another four, another 5% this portfolio goes out decades and they're big minds and you'll move through periods of lower grade, you'll move through periods of where you're stripping. So if you'll ebb and flow so you'll have some years where you're above six, you'll have some years where below six but if you get in the time machine and move forward five, ten, fifteen years and look back at this Newmont portfolio, you're going to see on average about 6,000,000 ounces of gold and 150,000 tonnes of copper. You're You're going to see a management team here that's going to focus on improving the margins in that not chasing volume we're chasing margin that's what we're going to be focusing on but we will ebb and flow through the course of that very long light portfolio. Dan, you haven't seen this before in the gold industry. This portfolio is like the likes of which has not been seen before.

Okay. That's helpful. Thank you. And then the second question's around the trajectory of your overhead costs, your G and A. They've come up a lot and they're going up even more in 2025 and that comes against you executing on significant synergies as a consequence of the Newcrest deal.

Why are they so high in 2025? My feeling would be that a lot of the costs associated with the divestments and the integration would be done, but the G and A is going up further. What's the explanation? And how much might it moderate in the medium term?

Yes. Thanks, Daniel. Good call out. We did see the G and A synergies that come from a transaction like the Newcrest acquisition where you collapse two public companies into one. So that element that comes out, but you're still seeing us carry unacceptably high G and A as we work through the divestment and rationalization of our portfolio.

So we're still we've closed out Telfort last year but we're still carrying five assets that are held for divestment and that will work through closing out those transactions through this quarter and into next. And we're still doing work around integrating systems from bringing two companies together that carries out an elevated cost for a fixed period of time. But the number we're going to is an unacceptably high number for our go forward portfolio and as we see those assets leave our portfolio we I expected you should expect to see a glide path of the G and A costs coming down to match a go forward portfolio of 11 managed operations. So we guide to the number we have because of the work we're doing but we're getting after reducing those that G and A cost down to a level that is more acceptable for our go forward portfolio.

Thank you. The next question is from Kate McCutcheon with Citi. Your line is now open.

Good morning, Tom and Karen. Just with the Newcrest integration, so last quarter you reiterated that the £5,000,000 and synergy run rate had been achieved, but I can't see that in the 4Q release, but I may have missed it. Can you just pull out for me where I see those numbers in the financials? If I look, it seems like OpEx and expenses both look higher and not lower. So just trying to reconcile the synergies and where that maybe lives.

Yes. Thanks, Kate. Thanks for the question. So as we went through 2024, we had a run rate expectation coming out of 2020 for those synergies and we hit that run rate, at the end of the year at a much accelerated pace than we had thought we would. So you'll see these synergies, and although again G and A, although it's high, because we had a lot of one time costs in there as well as additional functional spend and consulting spend associated with some of these efficiency and productivity initiatives that you're seeing, that we will see the benefit in future years.

So, so those were, had those synergies in there, but the cost, the accelerated cost, overwhelmed those synergies that were in G and A. On the supply chain, we did see the synergies. We captured those approximately $200,000,000 during at the, and again, there was a run rate at the end of twenty twenty five. And then as well as for a, productivity improvements in full potential, across the board around 200,000,000 in synergies. All of those, you don't necessarily see in the bottom line as we know our costs, were elevated through 2024 and into 2025.

And that's where, as Tom was speaking in his prepared notes, we have to get after those costs. So we saw an acceleration in the cost. Again, some of that is is a result of, how we're looking at, in terms of gold price and escalation, normal escalation that you see year over year. But generally speaking, we had an overall increase in our cost structure, both in direct costs as well as in energy and And as a result, you don't see those synergies on a net basis in our bottom line.

Okay. Got it. And then on capital allocation, assets, sales and free cash flow this quarter exceeded consensus expectations. You've got another 1,800,000,000 bill authorized under the buyback. It doesn't really look like much stock was repurchased over the past quarter, yet the share price was not a lot higher, certainly was not at a high.

How do we think about the cadence of that buyback throughout the year?

Sure. So we ended the year, with approximately $1,200,000,000 of buybacks. But at twelvethirty one our 10b5-one, the expiration of the 10b5-one. So as you see it in the beginning of 2025, there was just some, settled effective settlements of some of those, buybacks from 2024. So really no share buybacks at the beginning of 2025.

Post to the earnings release, we will be in a position where we can begin to execute on share buybacks as we go forward. The timing of those share buybacks, that will be closely correlated

the free cash flow generation and the timing of the proceeds from the non core divestitures. So right now we're expecting, net of cash around 2,500,000,000.0 in divestiture proceeds, about 1.6 in Q1 and zero point nine, in Q2. So all expected in the first half of twenty twenty five.

Thank you. The next question is from Josh Wolfson with RBC Capital Markets. Your line is now open.

Thanks very much. I just wanted to go back to this discussion about some of the long term expectations. I appreciate disclosures earlier in the call on changes over '26 and '27, but maybe back to some of the comments by Lawson and Daniel. I feel personally like we don't have a lot of information here on the long term or even the short term outlook beyond 2025 for the company. And there's a large difference in this release versus what the company has issued previously.

Should we expect to receive any substantive information beyond one year in future releases maybe in 2026? Thank you.

Josh, very deliberate this year. Good evening, Josh, I should say. Very, very deliberate after a year of transformation and to move in a year of stabilization to firmly focus this organization on delivering a commitment safely delivering on commitments in 2025 with high confidence guidance That's our focus both delivering on safety costs and productivity and the projects and I think we signal that well over the last many weeks and months that's what we're going to be doing with this release. And we've given you through the release and the comments today a view as to how the investments in the laybacks and the investments in those three projects and execution will play out over the next three or four years. We're going to take every part of 2025 to get after cost of productivity improvements in our portfolio and understand where we might be able to take this essentially new portfolio for us and build that into a '26 business plan and we'll come out this time next year with a set of numbers for 2026, that we'll commit to with high confidence and we'll make some decisions through the course of this year as to whether it's 2026 only or whether based on the work we do this year whether head down tail up getting into it.

Understood. Maybe with that level of disclosure in our minds, how should investors and analysts assess the success of the Newcrest acquisition given the impact of production and costs so far as well as reserves and not a lot of perspective as to what the assets look like longer term?

Yeah. So Josh, I would look through the work we're doing this year to look at what we're doing to configure and fix Cadia for decades. We're building two caves, PC two three, PC one two and we're considering whether PC one two extends to pick up PC one three. You build those caves, you build the supporting tireless capacity and you've got decades of ore coming out of that mine. You've got here with a resource base of some 36,000,000 ounces and we're setting up that mine to deliver on that long term value.

You've got Red Chris that we're doing the feasibility study on a magnificent underground mine with a huge endowment and you've got Brucejack as we get the resource model to a Newmont standard very long life. So we're doing the work this year to ensure that those assets configured to live on their long term potential and we'll share stories on our progress as we go through each quarter. Another way of answering your question is to look at the fourth quarter on the record free cash flow we generated that's an insight into what the go forward portfolio can do as we get into it, fix it up, put it into position, make sure every asset understands what it needs to do and we get after it. So that's another little signal as to what has put the strength of this portfolio.

Thank you. The last question for today is from the line of Al Harvey with JPMorgan. Your line is now open.

Good day, team. Just I'm wanting to follow-up on projects again. I suppose usually you have three in execution at once. So I think half of North kind of coming towards the end by the end of the year. So I guess I'm just wanting to get a sense of whether or not we can expect a fairly rapid transition into the next project and I suppose I want to get you thinking on which projects are most logical step kind of assume it's red crisp if you got the study to come later this year but, yeah, is that the most likely candidate or is there a chance you hold fire on, FID in that project?

Good day Al. I think it's important that we just don't have a conveyor belt of projects. You've got to wash their face. And so the fact we have three projects in execution we want to make sure you hit commercial production you still to ramp a half hour north up and make sure it's delivering on the value we committed so that takes you a good chunk into 2026 to get that done. You've got to watch the face your project execution risk you need to manage and you've got to make bloody sure you've got a feasibility study that's well understood and it's going to deliver good returns.

So doing the feasibility study for Red Chris at the moment and there's a number of moving past not just the technical place to make sure you got in place but I would say as we think about next cab off the rank at Newmont when we're ready if the value is there it's just red crisp spot to lose.

Great. And maybe just a quick follow-up, I suppose just beyond those next projects. I know your comments earlier about the copper options in the portfolio. So I just wanted to get a sense of how you're thinking about where you might be more inclined to invest on the gold side or the copper side?

Newmont (NEM) Q4 2024 Earnings Call Transcript

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