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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Form 10-Q

(Mark One)

☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________to__________

Commission File Number: 001-31240

NEWMONT CORPORATION

(Exact name of registrant as specified in its charter)

Delaware						84-1611629
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)
6900 E Layton Ave
Denver, Colorado						80237
(Address of Principal Executive Offices)						(Zip Code)
Registrant’s telephone number, including area code (303) 863-7414

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes     ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒ Yes     ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).     ☐ Yes     ☒ No

There were 801,161,942 shares of common stock outstanding on April 22, 2021.

TABLE OF CONTENTS

						Page
			PART I – FINANCIAL INFORMATION
FIRST QUARTER 2021 RESULTS AND HIGHLIGHTS						1
ITEM 1.			FINANCIAL STATEMENTS			5
			Condensed Consolidated Statements of Operations			5
			Condensed Consolidated Statements of Comprehensive Income (Loss)			6
			Condensed Consolidated Statements of Cash Flows			7
			Condensed Consolidated Balance Sheets			8
			Condensed Consolidated Statements of Changes in Equity			9
			Notes to Condensed Consolidated Financial Statements			10
ITEM 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			32
			Overview			32
			Consolidated Financial Results			32
			Results of Consolidated Operations			37
			Foreign Currency Exchange Rates			42
			Liquidity and Capital Resources			43
			Environmental			47
			Non-GAAP Financial Measures			47
			Accounting Developments			56
			Safe Harbor Statement			56
ITEM 3.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			57
ITEM 4.			CONTROLS AND PROCEDURES			58
			PART II – OTHER INFORMATION
ITEM 1.			LEGAL PROCEEDINGS			59
ITEM 1A.			RISK FACTORS			59
ITEM 2.			UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			59
ITEM 3.			DEFAULTS UPON SENIOR SECURITIES			59
ITEM 4.			MINE SAFETY DISCLOSURES			59
ITEM 5.			OTHER INFORMATION			60
ITEM 6.			EXHIBITS			60
SIGNATURES						61

NEWMONT CORPORATION

FIRST QUARTER 2021 RESULTS AND HIGHLIGHTS

(unaudited, in millions, except per share, per ounce and per pound)

			Three Months Ended March 31,
			2021						2020
Financial Results:
Sales			$	2,872					$	2,581
Gold			$	2,482					$	2,321
Copper			$	52					$	21
Silver			$	168					$	123
Lead			$	44					$	39
Zinc			$	126					$	77
Costs applicable to sales (1)			$	1,247					$	1,332
Gold			$	1,065					$	1,140
Copper			$	27					$	25
Silver			$	75					$	68
Lead			$	19					$	26
Zinc			$	61					$	73
Net income (loss) from continuing operations			$	558					$	839
Net income (loss)			$	579					$	824
Net income (loss) from continuing operations attributable to Newmont stockholders			$	538					$	837
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders			$	0.67					$	1.04
Net income (loss) attributable to Newmont stockholders			$	0.70					$	1.02
Adjusted net income (loss) (2)			$	594					$	326
Adjusted net income (loss) per share, diluted (2)			$	0.74					$	0.40
Earnings before interest, taxes and depreciation and amortization (2)			$	1,370					$	1,426
Adjusted earnings before interest, taxes and depreciation and amortization(2)			$	1,457					$	1,118
Net cash provided by (used in) operating activities of continuing operations			$	841					$	939
Free Cash Flow (2)			$	442					$	611
Cash dividends paid per common share in the period ended March 31			$	0.55					$	0.14
Cash dividends declared per common share for the period ended March 31			$	0.55					$	0.25

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.

(1)Attributable gold ounces produced includes 91 and 95 thousand ounces for the three months ended March 31, 2021 and 2020, respectively, related to the Pueblo Viejo mine, which is 40 percent owned by Newmont and accounted for as an equity method investment.

(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40 percent owned by Newmont and accounted for as an equity method investment.

(3)Excludes Depreciation and amortization and Reclamation and remediation.

(4)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.

(5)For the definition of gold equivalent ounces see “Results of Consolidated Operations" within Part I, Item 2, Management's Discussion and Analysis.

First Quarter 2021 Highlights (dollars in millions, except per share, per ounce and per pound amounts)

•Net income: Delivered Net income (loss) from continuing operations attributable to Newmont stockholders of $538 or $0.67 per diluted share, a decrease of $299 from the prior-year quarter primarily due to lower Gain on asset and investment sales, net in 2021 due to the sales of Kalgoorlie, Continental Gold, Inc. and Red Lake in 2020, higher income tax expense and lower sales volumes in 2021, partially offset by higher realized metal prices in 2021 and the impairment charge of TMAC Resources, Inc. and charges from debt extinguishment in 2020.

•Adjusted net income: Delivered Adjusted net income of $594 or $0.74 per diluted share, an increase of $0.34 from the prior-year quarter (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).

•Adjusted EBITDA: Generated $1,457 in Adjusted EBITDA, an increase of 30% from the prior-year quarter (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).

•Cash Flow: Reported Net cash provided by (used in) operating activities of continuing operations of $841 for the three months ended March 31, 2021 and free cash flow of $442 (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).

•Portfolio improvements: Entered into a binding agreement to acquire the remaining 85.1% ownership in GT Gold Corp ("GT Gold"), expected to be completed in the second quarter.

•Attributable production: Produced 1.5 million attributable ounces of gold and 317 thousand attributable gold equivalent ounces from co-products.

•Financial strength: Ended the quarter with $5.5 billion of consolidated cash and approximately $8.5 billion of liquidity.

Our global project pipeline

Newmont’s capital-efficient project pipeline supports stable production with improving margins and mine life. Our near-term development capital project is presented below. Additional projects represent incremental improvements to production and cost guidance.

Tanami Expansion 2, Australia. This project secures Tanami’s future as a long-life, low cost producer with potential to extend mine life to 2040 through the addition of a hoisting shaft and supporting infrastructure to achieve higher production and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years beginning in 2024, and is expected to reduce operating costs by approximately 10 percent. Development capital costs (excluding capitalized interest) since approval were $159, of which $33 related to the first quarter of 2021.

We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.

COVID-19 Update

An outbreak of a novel strain of coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization in March 2020. COVID-19 has since spread worldwide, posing public health risks across the globe and has negatively impacted the global economy, disrupted global supply chains and workforce participation and created significant volatility and disruption of financial markets. The extent of the impact of the COVID-19 pandemic on our operational and financial performance will depend on future developments, including a widely available vaccine in each of the countries where we operate, the duration and severity of the pandemic and related restrictions, all of which continue to be uncertain and cannot be predicted.

In April 2020, we established the Newmont Global Community Support Fund, a $20 fund to help host communities, governments and employees combat the COVID-19 pandemic, of which approximately $12 has been distributed through March 31, 2021. The fund is designed to focus on employee and community health, food security and local economic resilience through partnerships with local governments, medical institutions, charities and non-governmental organizations to address the greatest needs with long-term resiliency and future community development in mind.

We have mobilized a COVID vaccine working group with representatives from across the globe. Newmont views vaccination as critical in the fight against COVID-19 and actively encourages our workforce to get vaccinated as they become eligible. We are working to support authorities, through our Global Community Support Fund, to improve the availability and deployment of vaccines to our workforce and host communities.

Impact on business and operations

Our operations have been affected by a range of external factors related to the COVID-19 pandemic that are not within our control. For example, late in the first quarter of 2020 and into April 2020, we placed five sites into care and maintenance including

Musselwhite and Éléonore in Canada, Peñasquito in Mexico, Yanacocha in Peru and Cerro Negro in Argentina to protect nearby communities and align with country mandated travel restrictions or health considerations. We worked closely with local stakeholders to resume operations at all of the above mine sites during the second quarter of 2020. As of March 31, 2021, all sites were fully operational, with the exception of Cerro Negro which continues to focus on returning operations to full capacity while managing ongoing COVID-related impacts. Additionally, we continue to incur COVID-19 specific costs as a result of actions taken to protect against the impacts of the COVID-19 pandemic. For the three months ended March 31, 2021 and 2020, COVID-19 specific costs incurred totaled $22 and $2, respectively.

For a discussion of the precautions we are taking to protect our workforce and nearby communities, while also taking steps to preserve the long-term value of our business, refer to "Health and Safety" within Part I, Item 1, Business on our Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 18, 2021. For a discussion of COVID-19 related risks to the business, see Part I, Item 1A, Risk Factors on our Form 10-K filed with the SEC on February 18, 2021.

Additionally, refer to "Consolidated Financial Results", "Results of Operations", “Liquidity and Capital Resources” and "Accounting Developments" within Part I, Item 2, Management’s Discussion and Analysis of this report for additional information about the considerations of COVID-19 on our business and operations.