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Newmont Reports 2021 Mineral Reserves of 93 million Gold Ounces and 65 million Gold Equivalent Ounces

DENVER, February 24, 2022--(BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, TSX: NGT) reported gold Mineral Reserves (reserves) of 92.8 million attributable ounces for 2021 compared to the Company’s 94.2 million ounces at the end of 2020. Newmont has significant upside to other metals, including more than 15 billion pounds of copper reserves and nearly 600 million ounces of silver reserves. In addition, reserves and resources were further strengthened with the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022, adding 2.7 million ounces of gold reserves, 11.0 million gold resources, 700 million pounds of copper reserves and 2.6 billion copper resources.1

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220223006208/en/

PERCENTAGE OF GOLD RESERVES BY JURISDICTION

"Newmont's world-class portfolio of operations and projects is underpinned by a robust foundation of reserves and resources, along with the most extensive exploration program in the industry," said Tom Palmer, President and CEO. "In 2021, more than 80 percent of depletion was replaced as we continue to progress our most profitable greenfield and near-mine projects. Exploration continues to be a core competency at Newmont with a focus on extending mine life, developing districts, and discovering new opportunities in the most favorable jurisdictions."

KEY HIGHLIGHTS AND DIFFERENTIATORS:

  • Robust gold Mineral Reserves of 92.8 million ounces

  • Over 90 percent of gold reserves in top-tier jurisdictions

  • Addition of 6.5 million ounces in 2021 primarily through drilling

  • Gold reserve life at operating sites of 10 years or more, underpinned by a strong base at Boddington, Tanami, Ahafo, Yanacocha, Peñasquito, and Nevada Gold Mines (NGM), and further enhanced from our seven other operating mines and equity ownership in Pueblo Viejo

  • Significant gold reserves per share with 120 ounces per 1,000 shares, including the purchase of Buenaventura's interest in Minera Yanacocha

  • Measured & Indicated gold Mineral Resources of 68.3 million ounces and Inferred of 33.2 million ounces

  • Significant exposure to copper with 15.1 billion pounds in reserves, 17.8 billion pounds in Measured & Indicated resources and 8.6 billion pounds in Inferred resources

  • Additional exposure to other metals such as silver, zinc, and lead mainly at Peñasquito

  • Announced the acquisition of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022; further enhancing world-class asset ownership with a consistent district consolidation strategy1

PERCENTAGE OF GOLD RESERVES BY JURISDICTION2

Newmont’s reserve base is a key differentiator with over 90 percent of gold reserves located in top-tier jurisdictions, an operating reserve life of more than 10 years and average reserve grade of 1.06 grams per tonne. In addition, Newmont has substantial exposure to other metals, with 65 million gold equivalent ounces3 from copper, silver, zinc, lead and molybdenum.

PROVEN & PROBABLE GOLD RESERVES

In millions of ounces

2020 Gold Reserves

94.2

Additions

6.5

Net Revisions

(0.8

)

Depletion

(7.1

)

Reported 2021 Gold Reserves

92.8

Minera Yanacocha Transaction4

2.7

Adjusted 2021 Gold Reserves

95.5

For 2021, Newmont reported 92.8 million ounces of gold Mineral Reserves, slightly lower than the prior year total of 94.2 million ounces. Depletion of 7.1 million ounces and unfavorable net revisions of 0.8 million ounces were largely offset by additions of 6.5 million ounces.

Additions before revisions of 6.5 million ounces through exploration met the Company’s target despite higher costs and challenges created by the pandemic with travel restrictions and additional safety protocols. Notable reserve additions for the year from Newmont’s operating sites included:

  • Cerro Negro added 1.1 million ounces primarily due to drilling in the Eastern Districts

  • Tanami added 0.8 million ounces largely due to the first declaration of reserves at Liberator

  • Éléonore added 0.4 million ounces primarily from drilling

  • Merian added 0.4 million attributable ounces primarily from drilling at the Maraba open pit

  • Ahafo added 0.4 million ounces primarily from drilling and updated technical assumptions at Subika Underground

  • Newmont’s 38.5 percent interest in NGM added 3.0 million attributable ounces primarily from drilling at Goldrush

Net unfavorable revisions include 0.9 million ounces at Cerro Negro due to reserve downgrades related to drill spacing studies and updated technical assumptions. In addition gold Mineral Reserves reported negative revisions of 0.4 million ounces at Tanami, 0.2 million ounces at Boddington, 0.2 million ounces at Porcupine underground and 0.2 million ounces at Pueblo Viejo. Negative revisions were partially offset by favorable revisions of 0.6 million attributable ounces at NGM and 0.4 million ounces at Éléonore, in addition to acquisitions of 0.1 million attributable ounces related to South Arturo at NGM.

Newmont’s 38.5 percent interest in NGM represented 19.3 million attributable ounces of gold reserves at year end, as compared to 17.4 million ounces at the end of 2020. Pueblo Viejo represented 3.6 million attributable ounces of gold reserves at year end as compared to 4.1 million ounces at the end of 2020, representing Newmont’s 40 percent interest.

Gold reserve grade improved three percent to 1.06 grams per tonne compared to 1.03 grams per tonne in the prior year largely due to higher-grade reserves from the Company’s 38.5 percent equity ownership in Nevada Gold Mines and positive results from our underground managed operations, including Éléonore, Tanami and Porcupine.

MEASURED & INDICATED GOLD RESOURCES

INFERRED GOLD RESOURCES

In millions of ounces

In millions of ounces

2020 Gold Resources

69.6

2020 Gold Resources

31.6

Additions

1.6

Additions

3.3

Net Revisions

3.0

Net Revisions

0.6

Conversions

(5.9

)

Conversions

(2.3

)

Reported 2021 Gold Resources

68.3

Reported 2021 Gold Resources

33.2

Minera Yanacocha Transaction4

7.4

Minera Yanacocha Transaction4

3.6

Adjusted 2021 Gold Resources

75.7

Adjusted 2021 Gold Resources

36.8

In 2021, Newmont reported Measured and Indicated gold Mineral Resources of 68.3 million ounces as compared to 69.6 million ounces in the prior year. Inferred gold Mineral Resources totaled 33.2 million ounces as compared to 31.6 million ounces in 2020. In total, resource conversions to reserves were more than offset by additions and net positive revisions.

Measured and Indicated Gold Mineral Resources added through exploration programs were 1.6 million ounces and included notable additions before revisions of 0.3 million ounces at Tanami and 0.2 million ounces at Ahafo South underground.

Measured and Indicated gold Mineral Resources reported net revisions of 3.0 million ounces mainly driven by positive revisions of 1.3 million ounces at Boddington and 0.6 million ounces at Tanami. Additionally NGM added 2.1 million attributable ounces. Positive revisions were partially offset by negative revisions, including 1.1 million ounces at CC&V and 0.5 million ounces at Peñasquito.

Inferred Gold Mineral Resources added through exploration programs were 3.3 million ounces and included notable additions before revisions of 0.4 million ounces at Ahafo South, 0.4 million ounces at Éléonore, 0.4 million ounces at Cerro Negro and 0.4 million ounces at Tanami. Additionally, NGM added 0.8 million attributable ounces.

Inferred Gold Mineral Resources reported net revisions of 0.6 million ounces mainly driven by positive revisions of 0.6 million ounces at Cerro Negro and 0.3 million ounces at Ahafo South underground. Additionally, NGM added 1.1 million attributable ounces. Positive revisions were partially offset by negative revisions of 0.7 million ounces at Peñasquito and 0.5 million ounces at Tanami.

Newmont’s Measured and Indicated gold Mineral Resource grade increased slightly to 0.66 grams per tonne compared to 0.65 grams per tonne in the prior year. Inferred gold Mineral Resource grade of 0.69 grams per tonne increased compared with 0.65 grams per tonne from 2020.

OTHER METALS

In 2021, copper reserves decreased slightly to 15,090 million pounds from 15,220 pounds in the prior year primarily due to mining depletion. Copper resources increased to 17,820 million pounds of Measured & Indicated and 8,640 million pounds of Inferred from 17,620 million pounds of Measured and Indicated and 8,620 million pounds of Inferred due to the addition of a layback at Boddington. 2021 copper figures exclude 700 million pounds of reserves and 2,645 million pounds of resources acquired through the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022.

Silver reserves decreased from 613 million ounces to 568 million ounces in the prior year, largely due to depletion at Peñasquito. Silver resources also decreased to 422 million ounces of Measured & Indicated and 163 million ounces of Inferred from 482 million ounces of Measured and Indicated and 204 million ounces of Inferred due to design updates at Peñasquito. 2021 silver figures exclude 49 million pounds of resources acquired through the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022.

Lead reserves decreased to 2,580 million pounds from 2,940 million pounds in the prior year, and zinc reserves also decreased to 6,250 million pounds from 6,810 million pounds. These decreases are largely due to depletion at Peñasquito. Measured & Indicated lead resources decreased to 1,230 million pounds from 1,700 million pounds and Inferred lead resources decreased to 480 million pounds from 900 million pounds. Measured & Indicated zinc resources decreased to 2,690 million pounds from 3,700 million pounds and Inferred zinc resources decreased to 1,070 million pounds from 1,700 million pounds. These decreases are primarily due to design updates at Peñasquito.

1

The reserve and resource table contained herein reflect Newmont's ownership as of December 31, 2021. Investors are reminded that with the February 8, 2022 closing of Newmont's acquisition of Buenaventura's 43.65% interest in Minera Yanacocha, Newmont now holds a 95% interest.

2

North America includes 38.5 percent interest in Nevada Gold Mines; South America includes Newmont's 40 percent interest in Pueblo Viejo.

3

Gold Equivalent Ounces calculated using Mineral Reserve pricing as shown below and metallurgical recoveries for each metal on a site by site basis.

4

In February 2022, Newmont acquired Buenaventura's 43.65% interest in Minera Yanacocha.

EXPLORATION OUTLOOK

Newmont’s attributable exploration expenditure for managed operations is expected to be approximately $250 million in 2022 with 80 percent of total exploration investment dedicated to near-mine expansion programs and the remaining 20 percent allocated to the advancement of greenfield projects.

Additionally, Newmont’s share of exploration investment for its non-managed joint ventures will total approximately $45 million.

Geographically, the Company expects to invest approximately 38 percent in North America, 23 percent in South America, 17 percent in Australia and the remainder in Africa and other locations.

GOLD RESERVE SENSITIVITY

A $100 increase in gold price would result in an approximate six percent increase in gold reserves while a $100 decrease in gold price would result in an approximate eight percent decrease in gold reserves. These sensitivities assume an oil price of $60 per barrel (WTI), Australian dollar exchange rate of $0.75 and Canadian dollar exchange rate of $0.77.

For additional details on Newmont’s reported Gold, Copper, Silver, Zinc, Lead and Molybdenum Mineral Reserves and Mineral Resources, please refer to the tables at the end of this release.

KEY RESERVE AND RESOURCE ASSUMPTIONS:

At December 31,

2021

2020

Gold Reserves (US$/oz.)

$1,200

$1,200

Gold Resources (US$/oz.)

$1,400

$1,400

Copper Reserves (US$/lb.)

$2.75

$2.75

Copper Resources (US$/lb.)

$3.25

$3.25

Silver Reserves (US$/oz.)

$20.00

$17.00

Silver Resources (US$/oz.)

$23.00

$20.00

Zinc Reserves (US$/lb.)

$1.15

$1.15

Zinc Resources (US$/lb.)

$1.40

$1.40

Lead Reserves (US$/lb.)

$0.90

$0.90

Lead Resources (US$/lb.)

$1.10

$1.10

Australian Dollar (A$:US$)

$0.75

$0.75

Canadian Dollar (C$:US$)

$0.77

$0.77

Mexican Peso (M$:US$)

$19.50

$19.50

West Texas Intermediate (US$/bbl.)

$60

$50

RESERVE AND RESOURCE TABLES

Proven and Probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determine economic feasibility. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables included in this release list the average metallurgical recovery rate for each deposit, which takes into account the assumed processing methods. The cut-off grade, or lowest grade of material considered economic to process, varies with material type, price, metallurgical recoveries, operating costs and co- or by-product credits. The Proven and Probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold, silver, copper, lead, zinc and molybdenum will be realized. Ounces of gold and silver or tonnes of copper, zinc, lead, or molybdenum included in the Proven and Probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold, silver, copper, zinc, lead, or molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain Proven and Probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves.

The Measured, Indicated, and Inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves. A "Mineral Resource" is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. Ounces of gold and silver or tonnes of copper, zinc, lead, and molybdenum included in the Measured, Indicated and Inferred resources are those contained prior to losses during metallurgical treatment. Market fluctuations in the price of gold, silver, copper, zinc, lead and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources. Please refer to the reserves and resources cautionary statement at the end of the release.

Proven and Probable reserves disclosed at December 31, 2021 have been prepared in accordance with the new Regulation S-K 1300 requirements of the SEC; whereas Proven and Probable reserves disclosed at December 31, 2020 have been prepared in accordance with the SEC’s Industry Guide 7 ("IG7"). Our historical methodology applied to the prior year of estimating reserves was not significantly impacted as a result of the change from IG7 to S-K 1300, therefore we believe the amounts presented at December 31, 2021 and 2020, under the respective methodologies, are comparable.

We publish reserves annually, and will recalculate reserves at December 31, 2022, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2022.

Attributable Proven, Probable and Combined Gold Reserves (1)

December 31, 2021

December 31, 2020

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Proven and Probable Reserves

Tonnage (2)

Grade

Gold (3)

Tonnage (2)

Grade

Gold (3)

Tonnage (2)

Grade

Gold (3)

Tonnage (2)

Grade

Gold (3)

Deposits/Districts

Newmont
Share

(000
tonnes)

(g/tonne)

Ounces
(000)

(000
tonnes)

(g/tonne)

Ounces
(000)

(000
tonnes)

(g/tonne)

Ounces
(000)

Metallurgical
Recovery

(000
tonnes)

(g/tonne)

Ounces
(000)

North America

CC&V Open Pits (4)

100

%

70,700

0.44

1,000

15,400

0.37

180

86,100

0.43

1,180

60

%

105,200

0.48

1,610

CC&V Leach Pads (4)(5)

100

%

31,200

0.81

810

31,200

0.81

810

57

%

33,000

0.82

880

Total CC&V, Colorado

70,700

0.44

1,000

46,600

0.66

990

117,300

0.53

1,990

59

%

138,200

0.56

2,490

Musselwhite, Canada (6)

100

%

2,800

5.07

460

6,700

6.07

1,310

9,500

5.77

1,770

96

%

8,900

6.25

1,790

Porcupine Underground (7)

100

%

2,300

7.24

530

900

7.97

240

3,200

7.46

770

92

%

5,000

6.90

1,100

Porcupine Open Pit (8)

100

%

5,900

1.60

310

33,700

1.41

1,520

39,600

1.44

1,830

94

%

42,300

1.43

1,950

Total Porcupine, Canada

8,200

3.19

840

34,600

1.58

1,760

42,800

1.89

2,600

93

%

47,300

2.01

3,050

Éléonore, Canada (9)

100

%

2,200

5.03

350

9,000

5.06

1,470

11,200

5.05

1,820

91

%

7,800

5.00

1,260

Peñasquito Open Pits

100

%

107,200

0.62

2,140

219,100

0.56

3,910

326,300

0.58

6,050

69

%

348,200

0.60

6,680

Peñasquito Stockpiles (10)

100

%

7,800

0.43

110

27,900

0.19

170

35,700

0.24

280

69

%

39,600

0.33

420

Total Peñasquito, Mexico (11)

115,000

0.61

2,250

247,000

0.51

4,080

362,000

0.54

6,330

69

%

387,800

0.57

7,100

TOTAL NORTH AMERICA

198,900

0.77

4,900

343,900

0.87

9,610

542,800

0.83

14,510

78

%

590,000

0.83

15,690

South America

Yanacocha Open Pits (12)

51.35

%

16,500

0.66

350

68,200

0.68

1,490

84,700

0.68

1,840

57

%

95,100

0.66

2,020

Yanacocha Underground (13)

51.35

%

7,000

6.20

1,390

7,000

6.20

1,390

97

%

7,000

6.20

1,390

Total Yanacocha, Peru (26)

16,500

0.66

350

75,200

1.19

2,880

91,700

1.10

3,230

74

%

102,100

1.04

3,410

Merian, Suriname (14)

75

%

47,100

1.36

2,050

54,500

1.11

1,950

101,600

1.22

4,000

93

%

107,500

1.15

3,970

Cerro Negro, Argentina (15)

100

%

1,800

8.93

500

7,200

8.88

2,060

9,000

8.89

2,560

94

%

9,000

8.90

2,570

Pueblo Viejo Open Pits

40

%

5,000

2.20

350

8,200

2.33

620

13,200

2.28

970

89

%

19,600

2.34

1,470

Pueblo Viejo Stockpiles (10)

40

%

37,400

2.20

2,640

37,400

2.20

2,640

89

%

35,800

2.30

2,640

Total Pueblo Viejo, Dominican Republic (16)

5,000

2.20

350

45,600

2.22

3,260

50,600

2.22

3,610

89

%

55,400

2.31

4,110

NuevaUnión, Chile (17)

50

%

341,100

0.47

5,110

341,100

0.47

5,110

66

%

341,100

0.47

5,110

Norte Abierto, Chile (18)

50

%

598,800

0.60

11,620

598,800

0.60

11,620

74

%

598,800

0.60

11,620

TOTAL SOUTH AMERICA

70,400

1.44

3,250

1,122,400

0.75

26,880

1,192,800

0.79

30,130

78

%

1,213,900

0.79

30,790

Australia

Boddington Open Pit

100

%

237,400

0.70

5,360

239,100

0.66

5,080

476,500

0.68

10,440

86

%

534,700

0.67

11,490

Boddington Stockpiles (16)

100

%

2,700

0.68

60

79,100

0.43

1,090

81,800

0.44

1,150

79

%

86,400

0.43

1,200

Total Boddington, Western Australia (19)

240,100

0.70

5,420

318,200

0.60

6,170

558,300

0.65

11,590

85

%

621,100

0.64

12,690

Tanami, Northern Territory (20)

100

%

12,700

4.97

2,040

22,100

5.25

3,740

34,800

5.15

5,780

98

%

36,200

5.05

5,870

TOTAL AUSTRALIA

252,800

0.92

7,460

340,300

0.91

9,910

593,100

0.91

17,370

89

%

657,300

0.88

18,560

Africa

Ahafo South Open Pits (21)

100

%

11,800

2.35

890

39,700

1.67

2,140

51,500

1.83

3,030

95

%

50,000

1.90

3,050

Ahafo South Underground (22)

100

%

9,400

3.76

1,140

12,700

2.68

1,100

22,100

3.14

2,240

94

%

17,100

3.53

1,940

Ahafo South Stockpiles (10)

100

%

28,300

0.92

830

28,300

0.92

830

89

%

36,200

0.92

1,070

Total Ahafo South, Ghana

49,500

1.80

2,860

52,400

1.92

3,240

101,900

1.86

6,100

94

%

103,300

1.82

6,060

Ahafo North, Ghana (23)

100

%

46,300

2.40

3,570

46,300

2.40

3,570

91

%

45,100

2.40

3,480

Akyem Open Pit (24)

100

%

15,800

1.61

810

10,900

1.89

660

26,700

1.72

1,470

92

%

34,200

1.70

1,870

Akyem Stockpiles (10)

100

%

13,900

0.78

350

13,900

0.78

350

91

%

15,100

0.82

400

Total Akyem, Ghana

29,700

1.22

1,160

10,900

1.89

660

40,600

1.40

1,820

91

%

49,300

1.43

2,270

TOTAL AFRICA

79,200

1.58

4,020

109,600

2.12

7,470

188,800

1.89

11,490

92

%

197,700

1.86

11,810

Nevada

NGM Open Pits

38.5

%

10,000

1.86

600

119,500

1.21

4,650

129,500

1.26

5,250

70

%

134,300

1.26

5,440

NGM Stockpiles (10)

38.5

%

14,300

2.03

940

14,900

1,250

29,200

2.33

2,190

68

%

33,300

2.36

2,530

NGM Underground

38.5

%

13,600

9.95

4,340

28,000

8.39

7,560

41,600

8.90

11,900

88

%

29,700

9.85

9,420

TOTAL NEVADA (25)

37,900

4.82

5,880

162,400

2.58

13,460

200,300

3.00

19,340

81

%

197,300

2.74

17,390

TOTAL NEWMONT

639,200

1.24

25,510

2,078,600

1.01

67,330

2,717,800

1.06

92,840

81

%

2,856,200

1.03

94,240

(1)

See cautionary statement regarding reserves and resources. 2021 and 2020 reserves were estimated at a gold price of $1,200 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 i...

(4)

Cut-off grades utilized in 2021 reserves were as follows: oxide mill material not less than 1.32 gram per tonne and leach material not less than 0.10 gram per tonne.

(5)

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.

(6)

Cut-off grade utilized in 2021 reserves not less than 3.10 gram per tonne.

(7)

Cut-off grade utilized in 2021 reserves not less than 4.00 gram per tonne.

(8)

Cut-off grade utilized in 2021 reserves not less than 0.44 gram per tonne.

(9)

Cut-off grade utilized in 2021 reserves not less than 4.30 gram per tonne.

(10)

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.

(11)

Gold cut-off grade varies with level of silver, lead and zinc credits.

(12)

Gold cut-off grades utilized in 2021 reserves were as follows: oxide leach material not less than 0.07 gram per tonne and refractory mill material not less than 1.45 gram per tonne.

(13)

Gold cut-off grades utilized in 2021 reserves were as follows: oxide mill material not less than 2.10 gram per tonne and refractory mill material varies with level of copper and silver credits.

(14)

Cut-off grade utilized in 2021 reserves not less than 0.33 gram per tonne.

(15)

Cut-off grade utilized in 2021 reserves not less than 5.00 gram per tonne.

(16)

The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.

(17)