NEWMONT Corp /DE/ (NEM) FY 2021 MD&A

ITEM 7.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share, per ounce and per pound amounts)

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, “Newmont,” the “Company,” “our” and “we”). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please see the discussion under “Non-GAAP Financial Measures” within Part II, Item 7, Management's Discussion and Analysis. This item should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in this annual report.

The following MD&A generally discusses our consolidated financial condition and results of operations for 2021 and 2020 and year-to-year comparisons between 2021 and 2020. Discussions of our consolidated financial condition and results of operations for 2019 and year-to-year comparisons between 2020 and 2019 are included in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations, in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission on February 18, 2021.

Overview

Newmont is the world’s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. Since 2015, Newmont has been ranked as the mining and metal sector’s top gold miner by the SAM S&P Corporate Sustainability Assessment. Newmont has been ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on environmental, social and governance ("ESG") transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the United States (“U.S.”), Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana. Our goal is to create value and improve lives through sustainable and responsible mining.

We have been closely monitoring the COVID-19 pandemic and its impacts and potential impacts on our business. However, because of the changing developments with respect to the spread of COVID-19 and the unprecedented nature of the pandemic, we are unable to predict the extent and duration of any potential adverse financial impact of COVID-19 on our business, financial condition and results of operations. Refer to Note 2 of the Consolidated Financial Statements for discussion on potential future impacts to our results of operations and financial position resulting from the COVID-19 pandemic.

Refer to “2021 Results and Highlights,” and "Environmental, Social and Governance Practices ("ESG")" within Part I, Item 1, Business and “Results of Consolidated Operations,” “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” within Part II, Item 7, Management’s Discussion and Analysis for additional information about the impact of COVID-19 on our business and operations. For a discussion of COVID-19 related risks to the business, see Part I, Item 1A, Risk Factors.

In February 2022, the Company completed the acquisition of Buenaventura’s 43.65% noncontrolling interest in Yanacocha (the “Yanacocha Transaction”) and sold its 46.94% ownership interest in Minera La Zanja S.R.L. (“La Zanja”). See Note 1 of the Consolidated Financial Statements for further information.

On April 18, 2019 (the “acquisition date”), Newmont completed the business acquisition of Goldcorp, Inc. (“Goldcorp”), an Ontario corporation. The Company acquired all outstanding common shares of Goldcorp in a primarily stock transaction (the “Newmont Goldcorp transaction”) for total cash and non-cash consideration of $9,456. The financial information included in the following discussion and analysis of financial condition and results of operations includes the results of operations acquired in the Newmont Goldcorp transaction since April 18, 2019. For further information, see Note 3 to the Consolidated Financial Statements.

On March 10, 2019, the Company entered into an implementation agreement with Barrick Gold Corporation (“Barrick”) to establish a joint venture (“Nevada JV Agreement”). On July 1, 2019 (the “effective date”), Newmont and Barrick consummated the Nevada JV Agreement and established Nevada Gold Mines LLC (“NGM”). As of the effective date, the Company contributed its Carlin, Phoenix, Twin Creeks and Long Canyon mines ("existing Nevada mining operations") and Barrick contributed certain of its Nevada mining operations and assets. Newmont and Barrick hold economic interests in the joint venture equal to 38.5% and 61.5%, respectively. Barrick acts as the operator of NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. For further information, see Note 1 to the Consolidated Financial Statements.

For information on asset sales impacting comparability of below results, see Note 10 to the Consolidated Financial Statements.

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Consolidated Financial Results

The details of our Net income (loss) from continuing operations attributable to Newmont stockholders are set forth below:

The decrease in Net income (loss) from continuing operations attributable to Newmont stockholders during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher Reclamation and remediation expense resulting from adjustments mainly related to portions of Yanacocha site operations no longer in production with no expected substantive future economic value, the Loss on assets held for sale in connection with the Conga mill assets, lower Gain on asset and investment sales, and higher income tax expense, partially offset by higher average realized metal prices and higher sales volumes as well as lower Care and maintenance due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020. Refer to Notes 6, 8, 10, 12 and 7, respectively, of the Consolidated Financial Statements for additional information.

The details of our Sales are set forth below. Refer to Note 5 of the Consolidated Financial Statements for additional information.

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The following analysis summarizes consolidated sales for the year ended December 31, 2021:

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(1)Per ounce/pound measures may not recalculate due to rounding.

The following analysis summarizes consolidated sales for the year ended December 31, 2020:

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(1)Per ounce/pounds measures may not recalculate due to rounding.

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The following analysis summarizes consolidated sales for the year ended December 31, 2019:

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(1)Per ounce/pound measures may not recalculate due to rounding.

The change in consolidated sales is due to:

The increase in gold sales during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher ounces sold in the current year due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020 and overall higher average realized gold prices, partially offset by (i) lower mill throughput at Yanacocha as a result of the ramp down of the mill, (ii) lower production at NGM due to a mechanical failure which resulted in a partial shutdown of the Goldstrike mill from May 2021 through September 2021, which was fully repaired by September 2021, and (iii) lower mill recovery and lower ore grade milled at CC&V.

The increase in copper sales during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher average realized copper prices and higher ore grade milled and higher recovery at Boddington, partially offset by lower mill throughput.

The increase in silver sales during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher average realized silver prices and higher ounces sold in the current period due to Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.

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The increase in lead sales during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher average realized lead prices, partially offset by lower pounds sold at Peñasquito.

The increase in zinc sales during the year ended December 31, 2021, compared to the same period in 2020, are primarily due to higher average realized zinc prices and higher pounds sold in the current period due to Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.

For further discussion regarding changes in volumes, see Results of Consolidated Operations below.

The details of our Costs applicable to sales are set forth below. Refer to Note 4 of the Consolidated Financial Statements for additional information.

The increase in Costs applicable to sales for gold during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher ounces sold in the current year due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020 and higher contract labor to compensate for labor shortages, partially offset by higher by-product credits and lower sales volumes at Yanacocha, lower sales volumes at NGM, and the sale of Red Lake during the first quarter of 2020.

The increase in Costs applicable to sales for copper during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to unfavorable Australian dollar foreign currency exchange rate, higher operating costs, higher co-product allocation of costs to copper, higher royalties, and higher pounds sold at Boddington.

The increases in Costs applicable to sales for silver and zinc during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher ounces and pounds, respectively, sold in the current year due to Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.

Costs applicable to sales for lead remained consistent during the year ended December 31, 2021, compared to the same period in 2020.

For discussion regarding variations in operations, see Results of Consolidated Operations below.

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The details of our Depreciation and amortization are set forth below. Refer to Note 4 of the Consolidated Financial Statements for additional information.

The decrease in Depreciation and amortization for gold during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to lower depreciation at Long Canyon from lower ounces mined and a build in leach pad inventory at NGM, lower production at CC&V as a result of lower leach pad production, lower mill recovery and lower ore grade milled, partially offset by higher ounces produced due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020.

The increase in Depreciation and amortization for copper for the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher sales volumes and higher co-product allocation of costs to copper, partially offset by a longer reserve life at Boddington.

The increase in Depreciation and amortization for silver during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to higher ounces sold in the current year due to Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.

The decreases in Depreciation and amortization for lead and zinc during the year ended December 31, 2021, compared to the same period in 2020, is primarily due to lower co-product allocation of costs to lead and zinc, and lower pounds of lead sold, partially offset by higher pounds of zinc sold in the current year due to Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.

For discussion regarding variations in operations, see Results of Consolidated Operations below.

Exploration expense was $209, $187 and $265 in 2021, 2020 and 2019, respectively. Exploration expense increased in 2021, compared to 2020, primarily due to increase in exploration activities in Australia, North and South America partially offset by decreased exploration activities at NGM due to lower drill rig availability.

Advanced projects, research and development expense includes development project management costs, feasibility studies and other project expenses that do not qualify for capitalization. Advanced projects, research and development expense was $154, $122 and $150 in 2021, 2020 and 2019, respectively. Advanced projects, research and development expense increased in 2021 compared to 2020, primarily due to increased spend associated with full potential programs.

General and administrative expense was $259, $269 and $313 in 2021, 2020 and 2019, respectively. General and administrative expense decreased in 2021, compared to 2020, primarily due to the progression of integration activities for the Newmont Goldcorp transaction and other cost reduction efforts. General and administrative expense as a percentage of Sales was 2.1%, 2.3% and 3.2% for 2021, 2020 and 2019 respectively.

Interest expense, net was $274, $308 and $301 in 2021, 2020 and 2019, respectively. Capitalized interest totaled $38, $24, and $26 in each year, respectively. Interest expense, net decreased in 2021, compared to 2020, primarily due to lower interest rates as a result of the early redemption of the 2021 Senior Notes and debt tenders of the 2022 and 2023 Senior Notes.

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Income and mining tax expense (benefit) was $1,098, $704, and $832 in 2021, 2020 and 2019, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the United States dollar and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. See Note 12 to the Consolidated Financial Statements for further discussion of income taxes.

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(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4.

(2)Includes deduction for percentage depletion of $(62) and $(63) and mining taxes net of associated federal benefit of $40 and $31, respectively. Nevada includes the Company’s 38.5% interest in NGM.

(3)Includes deduction for percentage depletion of $(9) and $(14), respectively.

(4)Includes valuation allowance of $(128) and $(86), uncertain tax position reserve adjustment of $2 and $(2), and expiration of capital losses of $152 and $—, respectively.

(5)Includes benefit recognized on the sale of Kalgoorlie and related tax capital loss of $— and $(353), mining taxes net of associated federal benefit of $65 and $73, valuation allowance of $(16) and $205, and tax impacts from the exposure to fluctuations in foreign currency of $(1) and $5, respectively.

(6)Includes uncertain tax position reserve adjustment of $12 and $16, respectively.

(7)Includes valuation allowance of $1 and $1, and uncertain tax position reserve adjustment of $1 and $—, respectively.

(8)Includes mining taxes net of associated federal benefit of $8 and $3, valuation allowance of $636 and $81, uncertain tax position reserve adjustment of $(2) and $1, tax impacts from the exposure to fluctuations in foreign currency of $21 and $22, and expense related to prior year tax disputes of $(1) and $(7), respectively. Tax expense of $55 and $29, respectively, was recognized for the Yanacocha Tax Dispute. The federal and state cash tax payment includes $80 paid for the Yanacocha Tax Dispute.

(9)Includes mining tax net of associated benefit of $14 and $11, valuation allowance of $(62) and $(9), uncertain tax position reserve adjustment of $— and $(51), and tax impacts from the exposure to fluctuations in foreign currency of $2 and $(1), respectively.

(10)Includes mining tax net of associated federal benefit of $47 and $33, valuation allowance of $(17) and $(12), uncertain tax position reserve adjustment of $31 and $15, and tax impact from the exposure to fluctuations in foreign currency of $(44) and $(58), respectively. The federal and state cash tax payment includes an $76 settlement payment to the Mexican Tax Authority.

(11)Includes tax impacts from the exposure to fluctuations in foreign currency of $3 and $(65) and impacts of legislative rate changes of $11 and $10, respectively.

(12)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.

Recently Enacted Legislation. During the third quarter of 2020, the Nevada legislature passed three resolutions proposing amendments to the Nevada Constitution to modify provisions regarding the Net Proceeds of Minerals tax. During the second quarter of 2021, the Nevada legislature enacted a new excise tax on revenue from gold and silver sales and as a result will not be making modifications to the Net Proceeds of Minerals tax. See the Nevada Results of Operations for additional information.

During the fourth quarter of 2021, Mexico approved legislation referred to as the 2022 Tax Reform Bill. This legislation grants the taxing authority (Servicio de Administracion Tributaria or SAT) additional powers to enforce taxpayer compliance including greater oversight and review rights, increased reporting requirements, and harsher penalties for violations of tax laws. The tax reform is effective January 1, 2022 and includes additional transfer pricing rules, thin capitalization rules, provisions related to financing

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transactions, and restrictions on certain corporate restructuring transactions. This legislation is not expected to have a material impact on the Company’s operations.

Governments in various jurisdictions in which the Company operates passed legislation in response to the COVID-19 pandemic. During the second quarter of 2021, the statutory Federal tax rate in Argentina was increased from 25% to 35%, effective January 1, 2021. The impact of the rate change on the deferred tax balance has been included in the tax expense.

Equity income (loss) of affiliates was $166, $189 and $95 in 2021, 2020 and 2019, respectively. Equity income (loss) of affiliates decreased in 2021, compared to 2020, primarily due to income of $166 from the Pueblo Viejo mine. Earnings before income taxes and depreciation and amortization related to the Pueblo Viejo Mine (“Pueblo Viejo EBITDA”) was $420, $434 and $245 for the years ended December 31, 2021, 2020 and 2019, respectively. Pueblo Viejo EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part II, Item 7, Management's Discussion and Analysis.

Refer to the Notes of the Consolidated Financial Statements for explanations of other financial statement line items.

Results of Consolidated Operations

Newmont has developed gold equivalent ounces (“GEO”) metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc. Gold equivalent ounces are calculated as pounds or ounces produced multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:

Our mines continued to operate with robust controls, including heightened levels of health screening and testing to protect both our workforce and the local communities in which we operate as a result of the COVID-19 pandemic. We have adopted a risk-based approach to business travel, are providing flexible and remote working plans for employees and are maintaining effective contact tracing procedures and "social distancing" protocols. For the year ended December 31, 2021, we incurred $87 of incremental direct costs related to our response to the COVID-19 pandemic, included in Other expense, net, as a result of these and other actions taken to protect our employees and operations, and to support the local communities in which we operate, of which, $82 is included in All-in sustaining costs. For the year ended December 31, 2020, we incurred $92 of incremental direct costs related to our response to the COVID-19 pandemic, included in Other expense, net, and all were excluded from All-in sustaining costs. All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For further information regarding costs related to our response to the COVID-19 pandemic, refer to Note 9 of the Consolidated Financial Statements.

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

(2)For the year ended December 31, 2021, Depreciation and amortization included $3 in care and maintenance costs at Australia. For the year ended December 31, 2020, Depreciation and amortization included $51 and $37 in care and maintenance costs at North America and South America, respectively.

(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part II, Item 7, Management's Discussion and Analysis. For the year ended December 31, 2021, All-in sustaining costs includes $8 in care and maintenance costs recorded in Care and maintenance at Australia. For the year ended December 31, 2020, All-in sustaining costs includes $92 and $86 in care and maintenance costs recorded in Care and maintenance at North America and South America, respectively.

(4)For the year ended December 31, 2021, All-in sustaining costs include incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net of $23, $46, $8, and $5 at North America, South America, Australia, and Africa, respectively. For the year ended December 31, 2020, incremental COVID-19 costs were excluded from All-in sustaining costs.

(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.

(6)For the year ended December 31, 2021, the Peñasquito mine in North America produced 31,375 thousand ounces of silver, 177 million pounds of lead and 435 million pounds of zinc. For the year ended December 31, 2020, the Peñasquito mine in North America produced 27,801 thousand ounces of silver, 179 million pounds of lead and 381 million pounds of zinc. For the year ended December 31, 2019, Peñasquito produced 15,860 thousand ounces of silver, 108 million pounds of lead and 187 million pounds of zinc. The Peñasquito mine in North America was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction.

(7)For the year ended December 31, 2021, 2020 and 2019, the Boddington mine in Australia produced 71 million, 56 million and 64 million pounds of copper, respectively.

(8)For the year ended December 31, 2019, the Phoenix mine in Nevada produced 15 million pounds of copper. The Phoenix mine was contributed to NGM, effective July 1, 2019, at which point copper became a by-product.

(9)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 16 to the Consolidated Financial Statements for further discussion of our equity method investments.

2021 compared to 2020

Consolidated gold production increased 1% primarily due to higher mill recovery, a draw-down of in-circuit inventory and higher throughput as a result of several mines being placed under care and maintenance in the prior year as a result of on-going COVID-19 restrictions. Consolidated gold equivalent ounces – other metals production increased 23% primarily due to higher throughput as a result of Peñasquito in North America being placed under care and maintenance in the prior year as a result of on-going COVID-19 restrictions and higher mill recovery.

Costs applicable to sales per consolidated gold ounce increased 4% primarily due to higher contractor costs at several mines, lower gold ounces sold at Porcupine in North America, higher direct operating costs as a result of COVID-19 restrictions at Cerro Negro in South America and an unfavorable strip ratio as a result of mine sequencing and higher power and diesel costs at Ahafo in Africa. Costs applicable to sales per consolidated gold equivalent ounce – other metals increased 12% primarily due to higher direct operating costs at Peñasquito in North America as a result of the mine being placed under care and maintenance in the prior year.

Depreciation and amortization per consolidated gold ounce decreased 2% primarily due to higher gold ounces sold as a result of several sites being placed on care and maintenance in the prior year. Depreciation and amortization per consolidated gold equivalent

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ounce – other metals decreased 4% primarily due to higher gold equivalent ounces - other metals sold and a longer reserve life at Boddington in Australia.

All-in sustaining costs per consolidated gold ounce increased 2% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital costs. All-in sustaining costs per consolidated gold equivalent ounce – other metals increased 5% primarily due to higher costs applicable to sales per gold equivalent ounce – other metals, partially offset by lower treatment and refining costs.

North America Operations

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

(2)For the year ended December 31, 2021, Depreciation and amortization includes no care and maintenance costs recorded at North America. For the year ended December 31, 2020, Depreciation and amortization includes $7, $16 and $28 in care and maintenance costs at Musselwhite, Éléonore and Peñasquito, respectively.

(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part II, Item 7, Management's Discussion and Analysis. For the year ended December 31, 2021, All-in sustaining costs includes no care and maintenance costs recorded at North America. For the year ended December 31, 2020, All-in sustaining costs includes $28, $26 and $38 in care and maintenance costs recorded in Care and maintenance at Musselwhite, Éléonore and Peñasquito, respectively.

(4)For the year ended December 31, 2021, All-in sustaining costs include $23, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the year ended December 31, 2020, incremental COVID-19 incremental costs were excluded from All-in sustaining costs.

(5)The sale of the Red Lake complex to Evolution closed on March 31, 2020. Refer to Note 10 for more information on asset sales.

(6)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.

(7)For the year ended December 31, 2021, Peñasquito produced 31,375 thousand ounces of silver, 177 million pounds of lead and 435 million pounds of zinc. For the year ended December 31, 2020, Peñasquito produced 27,801 thousand ounces of silver, 179 million pounds of lead and 381 million pounds of zinc. For the year ended December 31, 2019, Peñasquito produced 15,860 thousand ounces of silver, 108 million pounds of lead and 187 million pounds of zinc. The Peñasquito mine was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction.

2021 compared to 2020

CC&V, USA. Gold production decreased 19% primarily driven by lower ore grades milled, lower mill recoveries and lower leach pad recoveries. Costs applicable to sales per gold ounce increased 19% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce increased 1% primarily due to lower gold ounces sold, partially offset by lower depreciation rates due to a longer mine life. All-in sustaining costs per gold ounce increased 19% primarily due to higher costs applicable to sales per gold ounce.

Musselwhite, Canada. Gold production increased 52% primarily due to the mine being placed under care and maintenance in the prior year as a result of on-going COVID-19 restrictions and higher ore grades milled. Costs applicable to sales per gold ounce decreased 16% primarily driven by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 19% primarily driven by higher gold ounces sold. All-in sustaining costs per gold ounce decreased 27% primarily due to lower costs applicable to sales per gold ounce and care and maintenance costs in the prior year.

Porcupine, Canada. Gold production decreased 10% primarily due to lower mill throughput and lower ore grades milled. Costs applicable to sales per gold ounce increased 23% primarily due to higher contractor costs and lower gold ounces sold. Depreciation and amortization per gold ounce decreased 6% primarily due to a longer mine life. All-in sustaining costs per gold ounce increased 23% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.

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Éléonore, Canada. Gold production increased 25% primarily due to higher throughput as a result of the mine being placed under care and maintenance in the prior year as a result of on-going COVID-19 restrictions and higher ore grade milled. Costs applicable to sales per gold ounce increased 11% primarily due to higher contract labor to compensate for labor shortages, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce increased 6% primarily due to the commissioning of the Lower Mine Material Handling System, partially offset by higher gold ounces sold. All-in sustaining costs per gold ounce increased 1% primarily driven by higher costs applicable to sales per gold ounce and higher sustaining capital spend, partially offset by care and maintenance costs in the prior year.

Peñasquito, Mexico. Gold production increased 30% and gold equivalent ounces – other metals production increased 22% primarily due to higher throughput as a result of the mine being placed under care and maintenance in the prior year as a result of on-going COVID-19 restrictions. Costs applicable to sales per gold ounce decreased 2% primarily driven by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals increased 13% primarily due to higher direct operating costs as the mine was placed in care and maintenance in the prior year, partially offset by higher gold equivalent ounces - other metals sold. Depreciation and amortization per gold ounce decreased 15% primarily due to higher gold ounces sold, partially offset by the impact of the mine being placed on care and maintenance in the prior year. Depreciation and amortization per gold equivalent ounce – other metals decreased 4% primarily due to higher gold equivalent - other metals sold, partially offset by the site being placed on care and maintenance in the prior year. All-in sustaining costs per gold ounce decreased 13% primarily due to lower costs applicable to sales per gold ounce and care and maintenance costs in the prior year. All-in sustaining costs per gold equivalent ounce – other metals was in line with prior year, with higher costs applicable to sales per gold equivalent ounce being offset by lower treatment and refining costs and lower sustaining capital spend.

South America Operations

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

(2)For the year ended December 31, 2021, Depreciation and amortization includes no care and maintenance costs recorded at South America. For the year ended December 31, 2020, Depreciation and amortization includes $7 and $30 in care and maintenance costs at Yanacocha and Cerro Negro, respectively.

(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part II, Item 7, Management's Discussion and Analysis. For the year ended December 31, 2021, All-in sustaining costs includes no care and maintenance costs recorded at South America. For the year ended December 31, 2020, All-in sustaining costs includes $27, $56 and $3 in care and maintenance costs recorded in Care and maintenance at Yanacocha, Cerro Negro and Other South America, respectively.

(4)For the year ended December 31, 2021, All-in sustaining costs include $46, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the year ended December 31, 2020, incremental COVID-19 incremental costs were excluded from All-in sustaining costs.

(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.

(6)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 16 to our Consolidated Financial Statements for further discussion of our equity method investments.

2021 compared to 2020

Yanacocha, Peru. Gold production decreased 22% primarily due to lower mill throughput as a result of the ramp down of the mill, partially offset by higher leach pad production as a result of higher leach recoveries. Costs applicable to sales per gold ounce decreased 13% primarily due to higher by-product credits as a result of the timing of silver shipments that were previously delayed from the prior year due to COVID-19. Depreciation and amortization per gold ounce increased 16% primarily due to lower gold ounces sold and the amortization of the remaining asset retirement costs at La Quinua, as production from this leach pad was completed during the year. All-in sustaining costs per gold ounce decreased 4% primarily due to lower costs applicable to sales per gold ounce

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and lower sustaining capital spend, partially offset by higher reclamation costs and COVID-19 costs, which were excluded from all-in sustaining costs in the prior year.

Merian, Suriname. Gold production decreased 5% primarily due to lower ore grade milled and a build up of mill-in-circuit inventory, partially offset by higher mill throughput and higher recovery. Costs applicable to sales per gold ounce increased 7% primarily due to higher direct operating costs. Depreciation and amortization per gold ounce increased 3% primarily due to asset additions during the year and lower gold ounces sold. All-in sustaining costs per gold ounce increased 10% primarily due to higher costs applicable to sales per gold ounce, COVID-19 costs and higher sustaining capital spend.

Cerro Negro, Argentina. Gold production increased 25% primarily due to higher mill throughput as a result of the mine being placed under care and maintenance in response to the COVID-19 pandemic during 2020, partially offset by lower grade milled. Costs applicable to sales per gold ounce increased 27% primarily due to higher direct operating costs as a result of on-going COVID-19 restrictions, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 15% primarily due to higher gold ounces sold and lower depreciation and amortization rates. All-in sustaining costs per gold ounce increased 9% primarily due to higher costs applicable to sales per gold ounce, higher sustaining capital spend and COVID-19 costs, partially offset by care and maintenance costs in the prior year.

Pueblo Viejo, Dominican Republic. Attributable gold production decreased 10% primarily due to lower ore grade milled and lower recovery, partially offset by higher mill throughput. Refer to Note 16 to our Consolidated Financial Statements for further discussion of our equity method investments.

Australia Operations

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

(2)For the years ended December 31, 2021 and 2020, Depreciation and amortization includes $3 and $—, respectively at Tanami in care and maintenance costs.

(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part II, Item 7, Management's Discussion and Analysis. For the years ended December 31, 2021 and 2020, All-in sustaining costs included $8 and $—, respectively, in care and maintenance costs recorded in Care and maintenance at Tanami.

(4)For the year ended December 31, 2021, All-in sustaining costs include $8 in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the year ended December 31, 2020, incremental COVID-19 costs were excluded from All-in sustaining costs.

(5)The sale of our 50% interest in Kalgoorlie was completed on January 2, 2020. Refer to Note 10 for more information on asset sales.

(6)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.

(7)For the years ended December 31, 2021, 2020 and 2019, Boddington produced 71 million, 56 million and 64 million pounds of copper, respectively.

2021 compared to 2020

Boddington, Australia. Gold production increased 4% primarily due to higher ore grade milled, partially offset by lower recovery and lower mill throughput. Gold equivalent ounces – other metals production increased 27% primarily due to higher ore grade milled and higher recovery, partially offset by lower mill throughput. Costs applicable to sales per gold ounce increased 2% primarily due to an unfavorable Australian dollar foreign currency exchange rate and higher operating costs, partially offset by higher gold ounces sold and lower co-product allocation of costs to gold. Costs applicable to sales per gold equivalent ounce – other metals increased 8% primarily due to an unfavorable Australian dollar foreign currency exchange rate, higher operating costs, higher co-product allocation of costs to copper and higher royalties, partially offset by higher gold equivalent ounces - other metals sold. Depreciation and amortization per gold ounce decreased 5% primarily due to a longer mine life, higher gold ounces sold and a lower co-product allocation of costs to gold. Depreciation and amortization per gold equivalent ounce – other metals decreased 3% primarily due to a longer mine life and higher gold equivalent ounces - other metals sold, partially offset by higher co-product allocation of costs to copper. All-in sustaining costs per gold ounce decreased 1% primarily due to lower sustaining capital spend, partially offset by higher

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costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 2% primarily due to higher costs applicable to sales per gold-equivalent ounce – other metals, partially offset by lower sustaining capital spend.

Tanami, Australia. Gold production decreased 2% primarily due to lower ore grade milled and lower throughput as the mine was placed under care and maintenance during July 2021 as a result of COVID-19 restrictions. Costs applicable to sales per gold ounce increased 12% primarily due to an unfavorable Australian dollar foreign currency exchange rate and lower gold ounces sold, partially offset by lower paste backfill spend. Depreciation and amortization per gold ounce decreased 1% primarily due to a longer reserve life, partially offset by lower gold ounces sold and new asset additions. All-in sustaining costs per gold ounce increased 15% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.

Africa Operations

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

(2)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part II, Item 7, Management's Discussion and Analysis.

(3)For the year ended December 31, 2021, All-in sustaining costs include $5 in incremental direct costs related to the COVID-19 pandemic, recorded in Other expense, net. For the year ended December 31, 2020, incremental COVID-19 costs were excluded from All-in sustaining costs.

(4)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.

2021 compared to 2020

Ahafo, Ghana. Gold production was in line with prior year. Costs applicable to sales per gold ounce increased 12% primarily due to an unfavorable strip ratio as a result of mine sequencing and higher power and diesel costs, partially offset by lower mining consumables spend. Depreciation and amortization per gold ounce decreased 2% primarily due to higher ounces sold. All-in sustaining costs per gold ounce increased 11% primarily due to higher costs applicable to sales per gold ounce, higher exploration expense and COVID-19 costs.

Akyem, Ghana. Gold production increased 3% primarily due to higher ore grade milled, partially offset by lower mill throughput, lower recovery and a build-up of in-circuit inventory. Costs applicable to sales per gold ounce increased 11% primarily due to higher royalty payments, higher diesel costs and higher maintenance costs, partially offset by lower service costs. Depreciation and amortization per gold ounce was in line with prior year. All-in sustaining costs per gold ounce increased 21% primarily due to higher costs applicable to sales per gold ounce, higher sustaining capital costs and higher reclamation costs.

Nevada Operations

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

(2)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part II, Item 7, Management's Discussion and Analysis.

(3)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.

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(4)For the year ended December 31, 2019, the Phoenix mine in Nevada produced 15 million pounds of copper. The Phoenix mine site was contributed to NGM, effective July 1, 2019, at which point copper became a by-product.

2021 compared to 2020

NGM. Attributable gold production at NGM decreased 5% primarily due to lower mill throughput at Carlin as a result of lower availability of the Goldstrike mill and ore blending and lower mill throughput, lower grade milled and the sale of the Lone Tree property at Phoenix. This was partially offset by higher ore grades milled and higher leach pad recoveries at Cortez. Costs applicable to sales per gold ounce, depreciation and amortization per gold ounce and all-in sustaining costs per gold ounce were in line with prior year.

Foreign Currency Exchange Rates

Our foreign operations sell their gold, copper, silver, lead and zinc production based on U.S. dollar metal prices. Fluctuations in foreign currency exchange rates do not have a material impact on our revenue since gold, copper, silver, lead and zinc are sold throughout the world in U.S. dollars. Despite selling gold and silver in London, we have no exposure to the euro or the British pound.

Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies, including the Australian dollar, the Mexican peso, the Canadian dollar, the Argentine peso, the Peruvian sol, the Surinamese dollar and the Ghanaian cedi. In 2021, approximately 50% of Costs applicable to sales were paid in currencies other than the U.S. dollar as follows:

Variations in the local currency exchange rates in relation to the U.S. dollar at our foreign mining operations increased Costs applicable to sales by $4 per ounce in 2021, compared to 2020, primarily in Australia and Canada.

Our Cerro Negro mine, located in Argentina, is a U.S. dollar functional currency entity. Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% for the last three years. In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert U.S. dollar proceeds from metal sales to local currency within 60 days from shipment date or five business days from receipt of cash, whichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies and royalties and other payments to foreign beneficiaries. These restrictions directly impact Cerro Negro's ability to pay principal portions of intercompany debt to the Company. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the United States. Currently, these currency controls are not expected to have a material impact on our financial statements.

Our Merian mine, located in the country of Suriname, is a U.S. dollar functional currency entity. Suriname has experienced significant inflation over the last three years and has a highly inflationary economy. In 2021, the Central Bank took steps to stabilize the local currency, while the government introduced new legislation to narrow the gap between government revenues and spending. The measures to increase government revenue mainly consist of tax increases; however, Newmont and the Republic of Suriname have a Mineral Agreement in place that supersedes such measures. The Central Bank of Suriname recently adopted a controlled floating rate system, which resulted in a concurrent devaluation of the Surinamese dollar. The majority of Merian’s activity has historically been denominated in U.S. dollars due to which the devaluation of the Surinamese dollar has resulted in an immaterial impact on our financial statements. Therefore, future devaluation of the Surinamese dollar is not expected to have a material impact on our financial statements.

Liquidity and Capital Resources

Liquidity Overview

We have a disciplined cash allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our shareholders. Consistent with that strategy, we aim to self-fund development projects and make strategic partnerships focused on profitable growth, while reducing our debt and returning cash to stockholders through dividends and share repurchases.

The COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. Depending on the duration and extent of the impact of the COVID-19 pandemic, sites could be placed into care and maintenance;

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transportation industry disruptions could occur, including limitations on shipping produced metals; refineries or smelters could be temporarily closed; our supply chain could be disrupted; or we could incur credit related losses of certain financial assets, which could materially impact the Company’s results of operations, cash flows and financial condition. As of December 31, 2021, we believe our available liquidity allows us to manage the near-term impacts of the COVID-19 pandemic on our business.

At December 31, 2021, the Company had $4,992 in Cash and cash equivalents, of which $345 was attributable to noncontrolling interests primarily related to our Peru and Suriname operations. The majority of our cash and cash equivalents are invested in a variety of highly liquid investments with original maturities of three months or less. These investments are viewed by management as low-risk investments on which there are little to no restrictions regarding our ability to access the underlying cash to fund our operations as necessary. While we have some investments in prime money market funds at times, these are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than one dollar. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.

At December 31, 2021, $1,421 of Cash and cash equivalents was held in foreign subsidiaries and is primarily held in U.S. dollar denominated accounts with the remainder in foreign currencies readily convertible to U.S. dollars. Cash and cash equivalents denominated in Argentine Peso are subject to regulatory restrictions. See Foreign Currency Exchange Rates above for further information. At December 31, 2021, $1,161 in consolidated cash and cash equivalents ($824 attributable to Newmont) was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.

We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations, pay dividends, complete our stock repurchase program and meet other liquidity requirements for the foreseeable future. At December 31, 2021, our borrowing capacity on our revolving credit facility was $3,000 and we had no borrowings outstanding under the revolving credit facility. We continue to remain compliant with covenants and there have been no impacts to-date, nor do we anticipate any negative impacts from COVID-19, on our ability to access funds available on this facility.

Our financial position was as follows:

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(1)Total liquidity is calculated as the total of our Cash and cash equivalents and the borrowing capacity on our revolving credit facility.

Cash Flows

Net cash provided by (used in) operating activities of continuing operations was $4,266 in 2021, a decrease in cash provided of $624 from the year ended December 31, 2020, primarily due to higher tax payments, partially offset by higher average realized metal prices.

Net cash provided by (used in) investing activities of continuing operations was $(1,868) in 2021, an increase in cash used of $2,034 from the year ended December 31, 2020, primarily due to proceeds from the sales of Kalgoorlie, Red Lake and Continental Gold in 2020, the acquisition of GT Gold in 2021, and higher capital expenditures primarily related to development projects in 2021 (see below for further information on the Company's capital expenditures).

Net cash provided by (used in) investing activities of discontinued operations was $— in 2021, a decrease in cash used of $75 from the year ended December 31, 2020, due to the 2020 payment for the option to acquire mining and mineral rights subject to the Holt royalty obligation as part of the Kirkland Agreement. See Note 1 to our Consolidated Financial Statements for further information.

Net cash provided by (used in) financing activities was $(2,958) in 2021, an increase in cash used of $1,278 from the year ended December 31, 2020, primarily due to higher dividends and debt payments in 2021.

Capital Resources

In February 2022, the Board declared a dividend of $0.55 per share on fourth quarter 2021 earnings, determined under the dividend framework established and approved by the Board in 2020 to share incremental free cash flow with shareholders at higher gold prices. The framework returns 40 to 60 percent of incremental attributable free cash flow to shareholders that is generated above

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a $1,200 per ounce gold price. This framework is non-binding and is periodically reviewed and reassessed by the Board of Directors. The declaration and payment of future dividends remains at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.

In January 2021, the Company announced that the Board of Directors authorized a new stock repurchase program for up to $1 billion of common stock to be repurchased in the next 18 months. In February 2022, the Board of Directors authorized the extension of this program to December 31, 2022. The Company’s management will continue to evaluate the extent to which the Company repurchases its shares, and the timing of such repurchases, based upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. Through December 31, 2021, we have executed and settled trades totaling $525 of common stock repurchases under the plan.

Capital Expenditures

Cash generated from operations is used to execute our capital priorities, which include sustaining and developing our global portfolio of long-lived assets. For example, the Board of Directors approved full funding for the Ahafo North project in Africa in July 2021. Total capital spend on the Ahafo North project is expected to range from $750 to $850, which we expect to fund from existing liquidity and future operating cash flows. We consider sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations or related to projects at existing operations, where these projects will enhance production or reserves, are considered non-sustaining or development capital. In addition, the Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline to ensure it executes on its capital priorities and provides long term value. The Company’s decision to reprioritize, sell or abandon a development project, which may include returning mining concessions to host governments, could result in a future impairment charge.

Additionally, in 2020 we announced climate targets to reduce GHG emissions and plans to significantly invest in climate change initiatives in support of this goal, which may be capital in nature. As part of these initiatives, in November 2021, Newmont announced a strategic alliance with Caterpillar Inc. (“CAT”) with the aim to develop and implement a comprehensive all-electric autonomous mining system to achieve zero emissions mining. Newmont plans to provide a preliminary investment of $100 to CAT in connection with initial automation and electrification goals for surface and underground mining infrastructures and haulage fleets at Newmont’s CC&V mine in Colorado, USA and Tanami mine in Northern Territory, Australia. Other investments supporting our climate change initiatives are expected to include emissions reduction projects and renewable energy opportunities as we seek to achieve these climate targets. For risks related to climate-related capital expenditures, see Part I, Item 1A Risk Factors.

For the years ended December 31, 2021, 2020 and 2019 we had Additions to property, plant and mine development as follows:

For the year ended December 31, 2021, development projects included Pamour in North America; Yanacocha Sulfides, Quecher Main and Cerro Negro expansion projects in South America; Tanami Expansion 2 and Power Generation Civil Upgrade in Australia; Subika Mining Method Change and Ahafo North in Africa; and Goldrush Complex and Turquoise Ridge 3rd shaft in Nevada. For the year ended December 31, 2020, development projects included Musselwhite Materials Handling, Pamour and Éléonore Lower Mine Material Handling System in North America; Quecher Main, Yanacocha Sulfides and Emilia in South America; Tanami Expansion 2 in Australia; Subika Mining Method Change and Ahafo North in Africa; and Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez in Nevada. For the year ended December 31, 2019, development projects included Borden, Musselwhite Materials Handling and Éléonore Lower Mine Material Handling System in North America; Quecher Main and Yanacocha Sulfides projects in South America; Tanami Expansion 2 project in Australia; Ahafo North, Subika Underground, and the Ahafo Mill Expansion in Africa; and Goldrush Complex and Turquoise Ridge joint venture 3rd shaft in Nevada.

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For the years ended December 31, 2021, 2020 and 2019, sustaining capital included the following:

•North America. Capital expenditures primarily related to surface and underground mine development, tailings facility construction, mining equipment and capitalized component purchases;

•South America. Capital expenditures primarily related to capitalized component purchases, mining equipment, reserves drilling conversion, underground mine development, tailings facility construction and infrastructure improvements;

•Australia. Capital expenditures primarily related to haul truck purchases for the Autonomous Haulage System, equipment and capitalized component purchases, underground mine development and tailings, water storage and support facilities;

•Africa. Capital expenditures primarily related to underground mine development, capitalized component purchases, water treatment plant construction and tailings facility expansion; and

•Nevada. Capital expenditures primarily related to surface and underground mine development, tailings facility construction and equipment and capitalized component purchases.

During 2021, 2020 and 2019, $156, $117 and $112, respectively, of drilling and related costs were capitalized and included in mine development costs. These capitalized costs included $18 at North America, $38 at South America, $74 at Australia, $5 at Africa and $21 at Nevada in 2021; $9 at North America, $15 at South America, $72 at Australia, $4 at Africa and $17 at Nevada in 2020; and $23 at North America, $20 at South America, $51 at Australia, $11 at Africa and $7 at Nevada in 2019.

During 2021, 2020 and 2019, $—, $—, and $43, respectively, of pre-stripping costs were capitalized and included in mine development costs. Pre-stripping costs included the Quecher Main project at Yanacocha in South America and South Arturo in Nevada in 2019.

Refer to our global project pipeline discussion above for additional details. Refer to Note 4 to our Consolidated Financial Statement and "Non-GAAP Financial Measures" within Part II, Item 7, Management’s Discussion and Analysis for further information.

Debt

Depending upon market conditions and strategic considerations, we may choose to refinance debt in the capital markets.

Debt and Corporate Revolving Credit Facilities. In March 2020, we completed a public offering of $1,000 of 2.25% 2030 Senior Notes that yielded $985 in net proceeds, which were used together with existing Cash and cash equivalents, to repurchase portions of our 3.50% 2022 Senior Notes and 3.70% 2023 Senior Notes.

In March 2021, the Company entered into an agreement to amend certain terms of the existing $3,000 revolving credit agreement dated April 4, 2019. As part of the amended terms to the revolving credit agreement, the interest rate includes a margin adjustment based on certain of the Company’s ESG scores. The maximum adjustment resulting from the ESG scores is plus or minus 0.05% and would not be expected to have a material impact on Interest expense, net of capitalized interest.

In April 2021, we fully redeemed all of the outstanding 3.625% Senior Notes due June 2021 ("2021 Notes") at a redemption price of $557.

In December 2021, we completed a public offering totaling $1,000 of 2.60% 2032 Senior Notes that yielded $992 in net proceeds. The coupon of the Notes is linked to Newmont's performance against key ESG commitments regarding 2030 emissions reduction targets and the representation of women in senior leadership roles target. The maximum adjustment resulting from not achieving the ESG targets would be a 0.60% increase to the stated coupon beginning in 2031, which is not expected to have a material impact on Interest expense, net of capitalized interest. The proceeds were used to repurchase portions of our 3.70% 2023 Senior Notes for a redemption price of $246.

In December 2021, the Company also fully redeemed all of the outstanding 2022 Senior Notes at a redemption price of $496.

In January 2022, we fully redeemed all of the outstanding 3.70% Senior Goldcorp Notes due March 2023 ("2023 Goldcorp Notes") at a redemption price of $90.

Following the January 2022 redemption of all of the outstanding 2023 Goldcorp Notes, our future debt maturities include $5,624 that mature beginning in 2029. See Note 21 to our Consolidated Financial Statements for further information. We generally expect to be able to fund maturities of debt from Net cash provided by (used in) operating activities, current investments, existing cash balances and available credit facilities.

See Note 21 to the Consolidated Financial Statements for more information.

Debt Covenants

Our senior notes and revolving credit facility contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions. Furthermore, our senior notes and corporate

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revolving credit facility contain covenants that include, limiting the sale of all or substantially all of our assets, certain change of control provisions and a negative pledge on certain assets.

The corporate revolving credit facility contains a financial ratio covenant requiring us to maintain a net debt (total debt net of cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50% in addition to the covenants noted above.

At December 31, 2021 and 2020, we were in compliance with all existing debt covenants and provisions related to potential defaults.

Letters of Credit and Other Guarantees

In September 2013, the Company entered into a committed Letter of Credit Facility Agreement (“LC Agreement”) with BNP Paribas, New York Branch ("BNP") which established a $175 letter of credit facility for a three year period, subsequently extended to September 30, 2020, to support reclamation obligations. In September 2020, the LC Agreement terminated and the Company entered into an uncommitted Letter of Credit Facility Agreement with BNP which established a $175 uncommitted letter of credit facility that is extended on a month-to-month basis to support reclamation obligations.

We have off-balance sheet arrangements of $1,927 of outstanding surety bonds, bank letters of credit and bank guarantees (see Note 26 to the Consolidated Financial Statements). At December 31, 2021, $— of the $3,000 corporate revolving credit facility was used to secure the issuance of letters of credit.

Supplemental Guarantor Information

The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act, of 1933, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt securities, guarantees of debt securities, warrants and units (the “Shelf Registration Statement”). Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries (Newmont, as issuer, and Newmont USA, as guarantor, are collectively referred to here-within as the "Obligor Group"). These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding. The cash provided by operations of the Obligor Group, and all of its subsidiaries, is available to satisfy debt repayments as they become due, and there are no material restrictions on the ability of the Obligor Group to obtain funds from subsidiaries by dividend, loan, or otherwise, except to the extent of any rights noncontrolling interests, foreign currency or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $(209) at December 31, 2021. All noncontrolling interests relate to non-guarantor subsidiaries.

Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM and 51.35% interest in Yanacocha. For further information regarding these and our other operations, refer to Note 4 of the Consolidated Financial Statements and Part I, Item 2, Management's Discussion and Analysis, Results of Consolidated Operations.

In addition to equity interests in subsidiaries, the Obligor Group’s balance sheets consisted primarily of the following intercompany assets, intercompany liabilities and external debt. The remaining assets and liabilities of the Obligor Group are considered immaterial at December 31, 2021.

Newmont USA's subsidiary guarantees (the “subsidiary guarantees”) are general unsecured senior obligations of Newmont USA and rank equal in right of payment to all of Newmont USA's existing and future senior unsecured indebtedness and senior in right of payment to all of Newmont USA's future subordinated indebtedness. The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness.

At December 31, 2021, Newmont USA had approximately $5,558 of consolidated indebtedness (including guaranteed debt), all of which relates to the guarantees of indebtedness of Newmont.

Under the terms of the subsidiary guarantees, holders of Newmont’s securities subject to such subsidiary guarantees will not be required to exercise their remedies against Newmont before they proceed directly against Newmont USA.

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Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following:

•upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates);

•upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or

•upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at December 31, 2021, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).

Newmont’s debt securities are effectively junior to any secured indebtedness of Newmont to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all debt and other liabilities of Newmont’s non-guarantor subsidiaries. At December 31, 2021, (i) Newmont’s total consolidated indebtedness was approximately $6,302, none of which was secured (other than $650 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $5,845 of total liabilities (including trade payables, but excluding intercompany, external debt and reclamation and remediation liabilities), which would have been structurally senior to Newmont’s debt securities.

For further information on our debt, refer to Note 21 of the Consolidated Financial Statements.

Contractual Obligations

Our contractual obligations at December 31, 2021 are summarized as follows:

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(1)Debt includes principal of $5,711 and estimated interest payments of $3,586 on Senior Notes, assuming no early extinguishment.

(2)Finance lease and other financing obligations includes finance lease payments of $835 and additional payments of $42 for finance leases that have not yet commenced.

(3)Mining operations are subject to extensive environmental regulations in the jurisdictions in which they operate. Pursuant to environmental regulations, we are required to close our operations and reclaim and remediate the lands that operations have disturbed. The estimated undiscounted cash outflows of these Reclamation and remediation liabilities are reflected here. For more information regarding reclamation and remediation liabilities, see Note 6 to the Consolidated Financial Statements.

(4)Contractual obligations for Employee-related benefits include severance, workers’ participation, pension and other benefit plans. Pension plan and other benefit payments beyond 2031 cannot be reasonably estimated given variable market conditions and actuarial assumptions and are not included.

(5)We are unable to reasonably estimate the timing of our uncertain income tax liabilities and interest payments due to uncertainties in the timing of the effective settlement of tax positions.

(6)Operating lease and other obligations includes operating lease payments of $151 and additional payments of $4 for operating leases that have not yet commenced.

(7)Minimum royalty payments are related to continuing operations and are presented net of recoverable amounts.

(8)Purchase obligations are not recorded in the Consolidated Financial Statements. Purchase obligations represent contractual obligations for purchase of power, materials and supplies, consumables, inventories and capital projects.

(9)Other includes service contracts and other obligations not recorded in our Consolidated Financial Statements, as well as the Norte Abierto and Galore Creek deferred payment obligations accrued in Other current liabilities and Other non-current liabilities.

Environmental

Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot

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predict the full amount of such future expenditures. We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly. Notably, Newmont is committed to the implementation of the Global Industry Standard on Tailings Management (“GISTM”) and all tailing storage facilities are expected to be in conformance with the GISTM by 2025. Compliance with GISTM remains on-going and has and may continue to result in further increases to our estimated closure costs. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment in connection with closure are becoming increasingly stringent. Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs.

At December 31, 2021 and 2020, $5,768 and $3,719, respectively, were accrued for reclamation costs relating to currently or recently producing or development stage mineral properties, of which $213 and $164, respectively, were classified as current liabilities.

In addition, we are involved in several matters concerning environmental obligations associated with former, primarily historic, mining activities. Based upon our best estimate of our liability for these matters, $344 and $313 were accrued for such obligations at December 31, 2021 and 2020, respectively, of which $60 and $50, respectively, were classified as current liabilities. We spent $43, $25 and $31 during 2021, 2020, and 2019, respectively, for environmental obligations related to the former mining activities.

Reclamation and remediation adjustments during 2021 primarily related to (i) increased water treatment costs at portions of our Yanacocha site operation that are no longer in production and with no expected substantive future economic value and (ii) higher estimated closure costs at various other non-operating sites arising from recent tailings management review and monitoring requirements set forth by GISTM. Reclamation and remediation adjustments during 2020 primarily related to increased lime consumption and water treatment costs at non-operating Yanacocha sites and updated project cost estimates at inactive Porcupine sites and Midnite mine and Dawn mill sites.

During the year ended 2021, 2020, and 2019, capital expenditures were approximately $13, $23, and $65, respectively, to comply with environmental regulations.

For more information on the Company’s reclamation and remediation liabilities, see Notes 6 and 26 to the Consolidated Financial Statements. For discussion of regulatory, tailings, water, climate and other environmental risks, see Part I, Item 1A. Risk Factors, for additional information.

Forward-Looking Statements

The foregoing discussion and analysis, as well as certain information contained elsewhere in this Annual Report, contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created thereby. For a more detailed discussion of risks and other factors that might impact forward-looking statements and other important information about forward-looking statements, see the discussion in Forward-Looking Statements in Item 1, Business and Item 1A, Risk Factors.

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the Non-GAAP financial measures of our continuing operations in the tables below. For additional information regarding our discontinued operations, see Note 1 to the Consolidated Financial Statements.

Earnings before interest, taxes and depreciation and amortization and Adjusted earnings before interest, taxes and depreciation and amortization

Management uses Earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:

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(1)For additional information regarding our discontinued operations, see Note 1 to our Consolidated Financial Statements.

(2)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to the reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. For additional information, see Note 6 in the Consolidated Financial Statements.

(3)Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. For additional information, see Note 8 to our Consolidated Financial Statements.

(4)Gain on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents the gain on the sale of the Kalgoorlie Power business, gain on the NGM Lone Tree and South Arturo exchange transaction, and gain on the sale of TMAC in 2021; gains on the sale of Kalgoorlie and Continental and a gain on the sale of certain royalty interests to Maverix in 2020; and a gain on the sale of exploration land in 2019. For additional information, see Note 10 to our Consolidated Financial Statements.

(5)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities. For additional information regarding our investments, see Note 16 to our Consolidated Financial Statements.

(6)Impairment of long-lived and other assets, included in Other expense, net represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

(7)Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the debt tender offer and subsequent extinguishment of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes during 2021 and the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during 2020.

(8)Settlement costs, included in Other expense, net, primarily represents a voluntary contribution made to the Republic of Suriname in 2021; costs related to the ecological tax obligation at Peñasquito in Mexico, mineral interest settlements at Ahafo and Akyem in Africa, the Cedros community agreement at Peñasquito in Mexico, a water related settlement at Yanacocha in Peru and other related costs in 2020; and certain costs associated with legal and other settlements for 2019.

(9)Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company for all periods presented.

(10)COVID-19 specific costs, included in Other expense, net, represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic and, in 2021, primarily include amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic. See Note 9 to our Consolidated Financial Statements for further information.

(11)Pension settlements and curtailments, included in Other income (loss), net, primarily represents pension settlement charges due to lump sum payments to participants in 2021 and 2020 and pension curtailments gains in 2019. See Note 13 to our Consolidated Financial Statements for further information.

(12)Impairment of investments, included in Other income (loss), net, primarily represents other-than-temporary impairment of other investments, including the impairment of the TMAC investment in 2020.

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(13)Goldcorp transaction and integration costs, included in Other expense, net, primarily represents costs incurred related to the Newmont Goldcorp transaction completed during 2019 as well as subsequent integration costs.

(14)Gain on formation of Nevada Gold Mines, included in Gain on formation of Nevada Gold Mines, represents the difference between the fair value of our 38.5% interest in NGM and the carrying value of the Nevada mining operations contributed on July 1, 2019.

(15)Nevada JV transaction and integration costs, included in Other expense, net, primarily represents costs incurred related to the Nevada JV Agreement, including hostile defense fees, during 2019.

(16)Adjusted EBITDA has not been adjusted for $8 and $178 of cash care and maintenance costs, included in Care and maintenance, which primarily represent costs incurred associated with certain mine sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic for the years ended December 31, 2021 and 2020, respectively.

Additionally, the Company uses Pueblo Viejo EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in the Pueblo Viejo mine. Pueblo Viejo EBITDA does not represent, and should not be considered an alternative to, Equity income (loss) of affiliates, as defined by GAAP, and does not necessarily indicate whether cash distributions from Pueblo Viejo will match Pueblo Viejo EBITDA or earnings from affiliates. Although the Company has the ability to exert significant influence, it does not have direct control over the operations or resulting revenues and expenses, nor does it proportionately consolidate its investment in Pueblo Viejo. The Company believes that Pueblo Viejo EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in Pueblo Viejo, in the same manner as management and the Board of Directors. Equity income (loss) of affiliates is reconciled to Pueblo Viejo EBITDA as follows:

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(1)See Note 16 to the Consolidated Financial Statements.

Adjusted net income (loss)

Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable regional tax rate. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:

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