Transaction in-line with technique to give attention to Tier 1 asset portfolio

DENVER–(BUSINESS WIRE)–Newmont Company (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (Newmont or the Firm) has introduced right now it should promote its Akyem operation within the Republic of Ghana to Zijin Mining Group Co., Ltd. (Zijin) beneath a definitive settlement, for money consideration of up to $1 billion. The sale is a part of Newmont’s ongoing program to divest non-core belongings because the Firm makes a strategic shift to give attention to its Tier 1 belongings.

Below the phrases of the settlement, Newmont is anticipated to obtain money consideration of $900 million upon closing. An extra $100 million is anticipated to be acquired upon the satisfaction of sure situations.1

Proceeds from the transaction will assist the Firm’s capital allocation priorities, together with strengthening the stability sheet and returning capital to shareholders.

The sale of Akyem represents continued progress on the non-core asset divestiture program introduced in February, supporting our give attention to the Tier 1 belongings in Newmont’s portfolio that can drive sustainable development and the return of capital to shareholders, stated Tom Palmer, Newmont’s President and Chief Government Officer. We consider the proposed transaction ends in the best general worth for Newmont shareholders and is one of the best strategic match for Akyem. We’re assured that Akyem will proceed to thrive beneath new possession with long-term advantages for native stakeholders and surrounding communities. The profitable completion of this transaction will strengthen our confidence in Ghana as a positive mining jurisdiction and Newmont will proceed to assist the expansion and growth of the area together with our growth of Ahafo North.

According to President Afuko-Addo’s deal with in February we ensured that our sturdy divestment course of supplied equal alternative for all potential patrons, Ghanaian and worldwide, to take part, stated Rahman Amoadu, Newmont Managing Director, Africa. Moreover, we’ve got included the Minerals Revenue Funding Fund (MIIF) within the course of in preparation of their potential funding in Akyem to additional Ghanaian curiosity within the mine.

The transaction is anticipated to shut within the fourth quarter of 2024, contingent on satisfaction of customary situations precedent, together with regulatory approvals. In consequence, the transaction will not be anticipated to have a cloth affect on Newmont’s 2024 outlook and the Firm has not adjusted its non-core steerage for the 12 months.

Newmont stays dedicated to Ghana together with the funding of $950 million to $1,050 million of growth capital within the Ahafo North gold mining challenge within the Ahafo area of Ghana.

Advisers and Counsel

In reference to the transaction, Citi acted as Newmont’s unique monetary adviser, Treadstone Useful resource Companions acted as strategic adviser, and Davis Graham & Stubbs LLP and Reindorf Chambers acted as authorized advisers.

About Newmont

Newmont is the world’s main gold firm and a producer of , zinc, lead, and silver. The Firm’s world-class portfolio of belongings, prospects and expertise is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the one gold producer listed within the and is well known for its principled environmental, social, and governance practices. Newmont is an business chief in worth creation, supported by sturdy security requirements, superior execution, and technical experience. Based in 1921, the Firm and has been publicly traded since 1925.

At Newmont, our objective is to create worth and enhance lives by means of sustainable and accountable mining. To be taught extra about Newmont’s sustainability technique and initiatives, go to www.newmont.com.

Cautionary Assertion Concerning Ahead-Trying Statements

This information launch incorporates forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, that are meant to be coated by the secure harbor created by such sections and different relevant legal guidelines. The place a forward-looking assertion expresses or implies an expectation or perception as to future occasions or outcomes, such expectation or perception is expressed in good religion and believed to have an inexpensive foundation. Nonetheless, such statements are topic to dangers, uncertainties and different components, which might trigger precise outcomes to vary materially from future outcomes expressed, projected or implied by the forward-looking statements. Ahead-looking statements on this information launch embrace, with out limitation, (i) expectations concerning This autumn and 2024 outlook; (ii) statements concerning the sale of Akyem together with, with out limitation, expectations concerning timing and shutting of the pending transaction, together with receipt of required approvals and satisfaction of closing situations (see beneath for added data); (iii) expectations concerning receipt of consideration and authorities ratification of mining leases (see beneath for added data); (iv) expectations concerning use of sale proceeds, capital allocation priorities, and return capital to shareholders; and (v) different statements concerning future occasions or outcomes. Estimates or expectations of future occasions or outcomes are based mostly upon sure assumptions, which can show to be incorrect. The closing of the transaction is topic to the satisfaction of sure customary situations precedent, together with however not restricted to, Zijin acquiring the required filings, approvals, or registrations from the Nationwide Improvement and Reform Fee, the Ministry of Commerce and the State Administration of Overseas Trade of the Folks’s Republic of China, and the events receipt of a no objections letter from the Minister of Lands and Pure Sources of the Republic of Ghana. A failure to fulfill these situations precedent would delay and/or forestall closing of the transaction. Equally, receipt of $900 million in money consideration is topic to closing of the transaction, and an extra $100 million in money consideration is anticipated to be paid after the earliest to happen of the ratification of the prolonged japanese mining lease by the Parliament of Ghana, the ratification of a substitute mining lease to the prolonged japanese mining lease by the Parliament of Ghana and the 5 12 months anniversary of the deadline. The acquisition price payable on the closing is topic to changes for closing money, working capital, stock, completed items stock, and different customary buy price adjustment objects. If Zijin have been to undergo sure losses sooner or later in reference to the dearth of ratifications of the mining leases by the Parliament of Ghana, then Newmont will present indemnification upon sure agreed situations, up to an mixture quantity not exceeding $200 million in mixture based mostly on a $1 billion buy price. The definitive settlement for the transaction additionally consists of representations, warranties, covenants, termination rights and different provisions customary for a transaction of this nature together with with respect to transition companies, tax issues, worker issues, indemnification, and dispute decision. For a dialogue of dangers and different components that may affect future wanting statements and future outcomes, see the Firm’s Annual Report on Kind 10-Okay for the 12 months ended December 31, 2023 filed with the U.S. Securities and Trade Fee (the SEC) on February 29, 2024, beneath the heading Danger Components”, and different components recognized within the Firm’s studies filed with the SEC, accessible on the SEC web site or at www.newmont.com. The Firm doesn’t undertake any obligation to launch publicly revisions to any forward-looking assertion, together with, with out limitation, outlook, to replicate occasions or circumstances after the date of this information launch, or to replicate the prevalence of unanticipated occasions, besides as could also be required beneath relevant securities legal guidelines. Buyers shouldn’t assume that any lack of replace to a beforehand issued forward-looking assertion constitutes a reaffirmation of that assertion.

_____
1 The closing of the transaction and receipt of consideration stays topic to the satisfaction of sure customary situations precedents, with contingent consideration additionally remaining topic to ratification of the underlying lease. See cautionary assertion concerning forward-looking statements and extra data on situations.

View supply model on businesswire.com: https://www.businesswire.com/information/house/20241008161026/en/

Investor Contact “ World
Neil Backhouse
investor.relations@newmont.com

Investor Contact “ Asia Pacific
Natalie Worley
apac.investor.relations@newmont.com

Media Contact “ World
Jennifer Pakradooni
globalcommunications@newmont.com

Media Contact “ Asia Pacific
Rosalie Cobai
australiacommunications@newmont.com

Supply: Newmont Company