Newmont Corporation Mining Forum Americas 2026

Gold, while building an organic growth engine in copper. Following my remarks today, Newmont's recently appointed Chief Technical Officer, Dave Thornton, here on the stage, will join me to answer some questions with Matt. Before we begin, please take a moment to review our cautionary statement shown here and refer to our SEC filings, which can be found on our website as well. Newmont today is a fundamentally stronger business, uniquely positioned at the intersection of three powerful investment themes, a constructive gold market, the leverage offered by a high-quality gold equity, and the ability to convert that leverage into sustainable per share value. While we are the world's largest gold producer, our investment case is about far more than scale. It is built on the quality and longevity of our portfolio, the strength of our balance sheet, and a disciplined approach to capital allocation.

Over the past several years, we have deliberately reshaped our business through the integration and rationalization of our portfolio, the strengthening of our balance sheet, and embedding the operating discipline to perform consistently through the cycle. Equally important has been the strength and the continuity of the team. Many of the leaders who helped build today's portfolio and execute this transformation are the same leaders responsible for delivering the next phase of this value creation with clear ownership and a strong track record of execution. That progress is increasingly evident as our operational performance is driving record free cash flow, reliable delivery against guidance, and significant returns to our shareholders. Our path forward is grounded in a clear strategy and a focused set of priorities. First and always is safety and our commitment to making sure that everyone who walks through our gates on a daily basis goes home safely.

Second, we are continuously improving our operations by embedding efficiency across the business, improving consistency and productivity at site level, and maintaining a strong focus on cost. Third, we are investing in the future by prioritizing the highest return opportunities in our portfolio, particularly those that extend mine lives, leveraging existing infrastructure, and strengthening our production profile for decades to come. Finally, we are focused on translating the strength of our portfolio into lasting value for shareholders by improving the underlying economics of our business, maintaining a world-class balance sheet, and returning excess cash through our consistent capital allocation framework. Over time, this disciplined approach increases the value generated by each share, allowing shareholders to benefit more fully from the cash flow, growth, and long-term potential of Newmont's portfolio.

Today, Newmont is the world's largest gold producer with an unrivaled portfolio of gold operations and gold copper projects located in many of the world's most favorable jurisdictions. What truly differentiates Newmont, however, is not simply the scale of this portfolio, but the combination of quality, longevity, and resilience that very few companies can match. Built on some of the world's best gold domains, our portfolio supports a stable and resilient multi-decade production profile, unlike anything seen in the gold industry. When that foundation is combined with greater operational consistency, improved productivity, and a continued focus on cost, it creates a powerful opportunity to generate value on a per share basis over time. This results in meaningful leverage to higher commodity prices, stronger margins, and a robust free cash flow generation, as reflected in the results we have already delivered through the first half of this year.

Through the first six months of 2026, our operational performance, combined with strong commodity prices and continued cost discipline, generated a record $5.3 billion of free cash flow. As of our second quarter earnings call, we have returned $4.6 billion to shareholders through quarterly dividends and ongoing share repurchases, translating the strength of our business into growing value on a per share basis. Additionally, our first half performance positions us well to achieve our full year 2026 guidance while maintaining a continuous focus on safe, consistent execution. I want to spend a minute on our capital allocation framework that I believe is a key differentiator for Newmont. It establishes a clear and disciplined order of priorities. We want to reinvest in our world-class portfolio.

We want to maintain our resilient balance sheet and return excess cash to shareholders through ongoing share repurchases and a dividend designed to grow on a per share basis. As of our most recent earning calls, those repurchases have reduced our share count by more than 100 million shares or approximately 9%. As a result, each remaining share today represents ownership of a larger portion of Newmont's earnings, free cash flow, and long-term growth opportunities than it did at the beginning of the year. Importantly, the lower share count also creates a pathway for dividend growth on a per share basis while maintaining the same targeted annual cash commitment.

Based on the repurchases completed to date, the formula under our framework would support a quarterly dividend of $0.27 per share at the next annual review, which would present an 8% increase since we introduced the enhanced framework only back in February this year. Ultimately, our capital allocation framework allows us to invest in the longevity and growth of our business, preserve balance sheet strength, and provide shareholders with growing per share exposure to the value generated by our portfolio. In closing, Newmont has the portfolio, we have the team, we have the discipline to convert a constructive gold market into enduring shareholder value. Our focus remains on safe, reliable execution, continuous improvement, and disciplined investment in the highest return opportunities. We are accountable for making the most of the resources entrusted to us and for unearthing value sustainably to advance lives.

By executing with transparency, discipline, and integrity, we will continue to earn our position as the gold equity of choice. With that, I will now join Dave and Matt on stage, and we'll hand over to some questions and answers.

I think, Matt, it is such a good question. If we consider the journey that we have had up to today, we have really been able to transform the portfolio. The next level of transformation is going to be in ensuring that we execute on the underlying value in that portfolio. I think very pleased with where we are with the 12 assets in our portfolio. Really pleased with the progress that we have made recently with our joint venture partners in Nevada, with shared objectives clearly cleaning the slate for us to, in each and every one of our operations that we manage ourselves or through our joint venture partners, to really optimize the value. I think the next transformation with a clean sheet is going to be absolutely the focus on delivering.