Newmont posts full-year net loss of $2.5B; provides 2024 outlook of ~6.9M gold oz at AISC $1,400/oz

NEWMONT Corp /DE/

2023-FY EPS reported -$2.97 revenue$11,812,000,000

Completed Newcrest acquisition Nov 6, 2023; net loss $2.5B driven by $1.9B impairments, $1.5B reclamation charges, $464M transaction costs.
Full-year 2023 gold production 5.5M oz; gold AISC $1,444/oz; adjusted net income $1.61/share; operating cash flow $2.8B.
2024 guidance: ~6.9M gold oz, gold CAS $1,050/oz, gold AISC $1,400/oz; sustaining capex ~$1.8B, development capex ~$1.3B.
Seeking to divest six non-core assets; targeting $500M synergies from Newcrest by end 2025; Tanami Expansion 2 capex $1.7-1.8B, production H2 2027.
Declared total gold reserves 136M oz, resources 174M oz; significant copper, silver, lead, zinc upside.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NEWMONT Corp /DE/ reported fiscal year ended December 31, 2023 results: net income Net Loss of $2.5 billion, EPS Adjusted Net Income (ANI) 3 of $1.61 per share. Guidance initiated.

Period: fiscal year ended December 31, 2023
Net income: Net Loss of $2.5 billion
EPS: Adjusted Net Income (ANI) 3 of $1.61 per share
Guidance: initiated
Result: reported results

Exact text from the filing

▪ Reported Net Loss of $2.5 billion driven by $1.9 billion in impairment charges, $1.5 billion in reclamation charges and $464 million in Newcrest transaction and integration costs; these items are excluded from adjusted earnings results

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NEWMONT Corp /DE/ reported fourth quarter ended December 31, 2023 results: EPS $0.50 per share. Guidance initiated.

Period: fourth quarter ended December 31, 2023
EPS: $0.50 per share
Guidance: initiated
Result: reported results

Exact text from the filing

fourth quarter ANI was $0.50 per share ▪ Declared increased total Newmont reserves of 136 million gold ounces and resources of 174 million gold ounces 4 ; significant upside to other metals, including copper, silver, lead and zinc 2024 Outlook 5 ▪ Announced Newmont's go-forward Tier 1 Portfolio 6 , which is underpinned by eleven managed Tier 1 and Emerging Tier 1 assets and three non-managed operations; seeking to divest six non-core assets ▪ 2024 production guidance is expected to be approximately 6.9 million gold ounces for the Total Newmont portfolio; underpinned by 5.6 million gold ounces from the Tier 1 Portfolio 6 ▪ Gold CAS is expected to be $1,050 per ounce 3 , with Gold AISC of $1,400 per ounce 3 in 2024 for the Total Newmont portfolio ▪ Sustaining capital spend of approximately $1.8 billion for the Total Newmont portfolio ▪ Development capital spend of approximately $1.3 billio

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NEWMONT Corp /DE/ updated its 2024 guidance (initiated).

Period: 2024
Guidance: initiated
Result: guidance update

Exact text from the filing

▪ 2024 production guidance is expected to be approximately 6.9 million gold ounces for the Total Newmont portfolio

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accession 0001164727-24-000006

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