Q3 2023 Newmont Corporation Earnings Call

Good morning, I'm, well continue months third quarter 2023 earnings call all participants will be in listen only mode should you need assistance. Please signal conference specialist by pressing the stocky Likewise there right. After today's presentation, there will be an opportunity to ask questions. Please note.

This event is being recorded.

I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead.

Thank you operator.

Morning, everyone and thank you for joining the call.

Earnings call.

I am joined by buying <unk>.

T, including Rob Atkinson, and Karen I'll go ahead and.

We'll all be available to answer your questions at the end of the call.

I'd also like to introduce Natasha.

So officially joined the executive leadership team at the start of this month.

Natascha is a seasoned industry leader.

More than 30 years of technical operational and executive leadership experience across a diverse range of commodities.

We are very excited.

I'll say at Newmont.

Before we begin please note that a cautionary statement and refer to our SEC filings, which can be found on our website.

During the third quarter, we continued to execute on our long term strategic plan.

Underpinned by a very clear and focused strategy.

We are leveraging our leadership and collective experience along with the strength of our global portfolio and operating model to build a resilient.

Sustainable future.

Our pending acquisition of <unk>.

Significant.

Industry.

It combines two of the top senior golf for Jason.

Is it the new standard, but sustainable responsible gold and copper bonding.

I think this is very exciting and transformational time, the game ops and all of our stakeholders.

But before I provide an update on the <unk> transaction and what's to come.

I want to start with a review of our safety performance.

As a company.

We have made a very intentional and significant safety journey.

And we are proud that newmont has not had a fatality.

Yeah.

During this time, we've redesigned our fatality risk management system to ensure all standards and critical control Verifications.

Focus on the risks and behavior that could result in a fatality.

We had completed more than one 6 million interactions by our latest in the field that one.

Focused on the critical controls that must be applied at all times to prevent fatalities.

We modified the psyche targets, you know annual incentive program.

The move away from the traditional lagging personal injury rates.

Leading metrics.

Focus on fatality risk reduction and fatigue management.

And we focused on doing a few things really really well.

Putting pre stopped meetings pre task hazardous statement.

Operator: Good morning and welcome to Newmont's third quarter, 2023 earnings call. All participants will be in listen only mode. Should you need assistance please signal conference specialist by pressing the star key followed by zero.

Infield verifications.

As a consequence of these actions we have experienced a significant improvement in our safety performance.

Which is evidenced by the metrics you see here on the slide.

Operator: After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.

Well the health and safety is an area, where you must always pankaj.

Tom Palmer: Oh, now I'd like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead. Thank you, operator. Good morning, everyone, and thank you for joining Newmont's third quarter earnings call. They are joined by my executive leadership team, including Robert Atkinson and Karen Ovelven, and will all be available to answer your questions at the end of the call.

Okay.

We still experienced at least one significant potential abate.

Di.

Each and every one of them they are an opportunity to learn from and improve.

Because the safety of our workforce must be considered in everything that we do every hour every shift and.

That'd be every day.

Tom Palmer: I'd also like to introduce Natascha Viljoen to officially join the Newmont Executive Leadership Team at the start of this month. Natascha is a seasoned industry leader and brings more than 30 years of technical, operational and executive leadership experience across a diverse range of commodity. We are very excited to have the join out team at Newmont.

Turning to our quarterly highlights.

During the third quarter Youll have produced one 3 million ounces of gold and 10000 tonnes of copper.

Generating $933 million and adjusted EBITDA Doug.

The $1 billion of cash from continuing operations.

53% increase over the prior quarter.

We declared a dividend of <unk> 40 per share from al established framework.

Tom Palmer: Before we begin, please note, our cautionary statement and refer to our FCC filing, which can be found on our website. During the third quarter, we continue to execute on our long-term strategic plan underpinned by very clear and focused strategy. We are leveraging our leadership and collective experience along with the strength of our global portfolio and operating model to build a resilient and sustainable future for Newmont.

Over the last few months, we achieved a number of important milestones with FTE development projects.

Putting fully boarding the upper section of the new production shaft in Panama in Australia.

Exceeding full funds approval for the Palm oil project in Canada.

And reaching commercial production at the fed knock offs deposit at Cerro <expletive> in Argentina.

Importantly.

Tom Palmer: Our pending acquisition of Newcrest is a significant event for our industry. It combines two of the sectors top senior goal producers to set the new standard for sustainable, responsible goal and co-vermining. This is a very exciting and traditional time for Newmont and all of our stakeholders.

Earlier. This month, we also reached a resolution with the Union.

Keep in mind in Mexico.

And we are now focused on safely returning it seems to work.

Ramping up operations at its T. One poly metallic bond.

Throughout the negotiations to resolve this issue, where you might tie that strong position and held steadfast to our values.

Tom Palmer: But before we provide an update on the Newcrest transaction and what's to come, I would like to start with a review of our state of performance. As a company, we have been on a very intentional and significant safety journey and we are proud that Newmont has not had a fatality in five years. During this time, we redesigned our fatality risk management system to ensure our standards and critical control verifications were focused on risks and behaviors that could result in a fatality.

Honoring the collective bargaining agreement that we had in place.

And ensuring that we protected the long term value for this bonding operation our workforce local community and all of our stakeholders.

Tom Palmer: We have completed more than 1.6 million interactions by our leaders in the field that were focused on the critical controls that must be in place at all times to prevent fatality. We modified the safety targets in our annual incentive program to deliberately move away from the traditional lagging personal injury rates to the leading metrics focused on fatality risk reduction and fatigue management. And we focused on doing a few things really, really well, including pre-start meetings, pre-task hazard assessments, and infield verification.

This unnecessary strike has caused significant hardship for many many people.

And also could this quarter.

Site ramp up their operations.

Along with the seamless integration of the new credit assets in the near months global industry, leading portfolio.

Now that we have a resolution to the strike at Penn at scale.

We are updating our outlook for the remainder of the year to incorporate the following three impacts.

The first is to reflect the suspension of operations at <unk> for early June to mid October.

The fact that just reflect the lower than anticipated production, but about a golf bonds and pick about Vietnam.

And the third is to reflect lower throughput.

The Hot mill.

And Rob will provide some more detail on these matters in a moment.

But for 2023, we now expect to produce five 3 million ounces of gold from the card.

Yeah.

Tom Palmer: As a consequence of these actions, we have experienced a significant improvement in our sake of performance, which is evidence by the metrics you see here on this slide. We have a health and safety in an area where you must always maintain a sense of chronic unease. We still experience at least one significant potential event every eight days. Each and every one of these are an opportunity to learn from and improve because the safety of our workforce must be considered in everything that we do, every hour, every shift, and every day.

With the resulting all in sustaining cost of four to $800 an ounce.

As a reminder.

Full year results for 2023.

We'll report in late February next year.

We'll incorporate around seven weeks of production for the five acquired nucleic acid.

With the transaction currently on track to close on Monday the sixth.

I'll now turn it to Ralph and then Karen.

Through the quarterly results and the important work ahead.

Our strong fourth quarter.

But I'll provide an update on the Newcrest transaction.

It will be the focus of our integration efforts from Taiwan.

Tom Palmer: Starting to our quarterly highlights, during the third quarter, Newmont produced 1.3 million ounces of gold and 10,000 tonnes of copper, generating $933 million in adjusted EBITDA, and over $1 billion of cash from continuing operations, and 53% increase over the prior quarter. And we declared a dividend of $0.40 per share from our established framework. Over the last few months, we achieved a number of important milestones in our key development projects, including fully lining the upper section of the new production shaft at Katamine, Australia, including full funds approval for the Palmer Project, Porticoid, and Canada, and reaching commercial production at the San Marcos Deposit of Sarah Negra in Argentina.

Over a year ago.

Thank you Tom and good morning, everyone I'll.

I'll begin my discussion around the high margin tier one assets in our portfolio today, starting with boddington.

During the third quarter the opportunity to visit Boddington and spent time with the team as you continue to ramp up the planned waste movements in the north.

Pets and prepare for the planned mill maintenance shutdown in the fourth quarter.

Banks are progressing well and boddington delivered solid production in the third quarter as expected.

Our strong quarterly performance helped to offset the impacts from no maintenance and unusually wet weather.

Yet despite the heavy rainfall in the third quarter effect of utilization for the autonomous hopefully has improved significantly compared to this time last year.

I was just named are expected to increase in the fourth quarter and I'm pleased to say that we've successfully completed the commissioning of a further five new cat autonomous haul trucks to accelerate stripping in 2024 and position. This cornerstone gold copper mine to reach higher grades in 2025.

Tom Palmer: Importantly, early in this month, we also reached a resolution with the union at our Peninsquito Mar in Mexico, and we are now focused on faithfully returning our teams to work, and ramping up operations at this key one polymetallic mine. Throughout the negotiations to resolve this issue, we maintain a strong position and help steadfast to our values, honoring the collective bargaining agreement that we had in place, and ensuring that we protected the long-term value for this mining operation, our workforce, local community, and all of our stakeholders.

Turning to China.

Our tier one mine in the northern territory. It continues to deliver consistently strong results. Following the record wet weather and extensive flooding experienced in the region during the first quarter of the year.

We achieved record mill throughput in August beating the previous record we set in March of this year.

And we continue to.

Tom Palmer: This unnecessary strike has caused significant hardship for many, many people, and our focus is this quarter, we are on the safe ramp up of our operations, along with the seamless integration of the new credit assets in the near-month global industry leading portfolio.

Do you expect to reach the year's highest grades and production levels in the fourth quarter.

However, we are closely monitoring the impact on the status of the very large wildfires currently burning in the immediate vicinity of ton of mine and in the Northern territory and we will continue as always to try and size the health.

Safety of our workforce.

Tom Palmer: Now that we have a resolution to the strike at Peninsquito, we are updating our outlook for the remainder of the year to incorporate the following three impacts. The first is to reflect the suspension of operations at Peninsquito for early June to mid-October. The second is to reflect the lower-banded kid-a-pater production for both Nevada-Gall-Bahn and Ken Lovie-Amos. And the third is to reflect lower throughput at the 1,500.

We also continued to progress our second expansion project in Santa mine and I was encouraged to see the headway that team is making during my recent visit.

We've achieved a significant milestone and a concrete lining of a one five kilometers deep shaft.

Really lining the upper sections and removing the mid shadow plug.

And as is typical with projects of this size. We will review the project plan as we commenced the lining of the law.

Actions taking into account what that is.

Tom Palmer: and Rob will provide some more details on these matters in a moment. So, for 2023, we now expect to produce 5.3 million ounces of gold from the current year-month portfolio, with a resulting orders of stony cost of $1,400 an ounce.

<unk> done so far the current ground conditions and the northern Overbreak needing to be mitigated in the lower section of the shop.

Once complete this project will deliver significant items in cost improvements further strengthening the already strong margins at our tier one operation in Panama.

Tom Palmer: As a reminder, our full year results for 2023 that will report in late February next year, will incorporate around seven weeks of production from the five acquired new credit assets, with the transaction currently on track the close on Monday, the 6th of November.

And we look forward to providing an update with our guidance in February of next year.

Anytime hassle.

Tom mentioned third quarter mill throughput was impacted by routine condition monitoring by our asset management team.

Didn't define hairline fractures to one of the large grinding mills just give it a hassle.

The reduced any further deterioration to the gaea and to prevent a catastrophic failure. We made the decision to operate at less than full capacity, bringing throughput to around 60% for the third quarter.

Tom Palmer: I'll now turn it to Rob and then Karyn to take us through the quarterly results and the important work ahead to deliver a strong form quarter.

Rob Atkinson: But I'll provide an update on the new press transaction and what will be the focus of the integration efforts from day one. How do you go?

We haven't had 12 are swapped Augusta deals between our two milling circuits that are harmful to ensure our most productive milling circuit is able to run at 100%.

Rob Atkinson: Thank you, Tom, and good morning, everyone. I'll begin my discussion around the high margin, tier 1 assets and our portfolio today, starting with Baudington. During the third quarter, the opportunity to visit Baudington and spend time with the team as you continue to ramp up the planned waste movements in the north and the south pits and prepare for the planned mill maintenance and shutdown in the fourth quarter. Laybacks are progressing well, and Baudington delivered solid production in the third quarter as expected.

This will allow a hassle to run at approximately 80% until we again reached full processing rates in the second quarter of 2024, when we will install a brand new Guardian.

Also during the quarter.

<unk> faced higher a higher grade ore from <unk> underground and successfully commissioned the replacement can be at or ahead of schedule and below budget.

Apple North project continues to progress as planned and we have access to all critical parcels of land to commence construction of the processing plant and mine services facilities.

Rob Atkinson: The strong quarterly performance has helped to offset the impact from mill maintenance and unusually wet weather. Yet despite the heavy rainfall in the third quarter, effective utilization for the autonomous haul fleet has improved significantly compared to this time last year. Funds mine are expected to increase in the fourth quarter, and I'm pleased to say that we've successfully completed the commissioning of a further five new cat autonomous haul trucks to accelerate stripping in 2024 and position this cornerstone gold copper mine to reach higher grades in 2025.

Airports are ongoing.

Mining equipment is being assembled and commission contractors are fully mobilized and we remain on track to commence pre stripping of the first mining area called disadvantage. So late in the fourth quarter. This year.

Dennis.

As Tom mentioned in his opening remarks, we reached a definitive agreement with the Union and received approval from the Mexican Labor Court on October the <unk>, we have safely restarted operations and the ramp up is progressing well so far.

Rob Atkinson: Turning to tandem mine, our tier 1 mine and the northern territory continues to deliver consistently strong results, calling the record wet weather and extensive flooding experience in the region during the first quarter of the year. We achieved record milling growth in August, beating the previous record we set in March of this year. And we continue to expect to reach the highest grades and production levels in the fourth quarter.

We are anticipating a return to full productivity in the next two to three weeks and we have restarted waste stripping in the Connecticut and are now feeding the crusher with the walk on the Chile, Colorado pit.

We are importantly, also continuing to strongly focus on the engagement with our workforce.

This doesn't necessarily strike caused significant hardship for all of our employees contractors, both communities suppliers and customers.

Rob Atkinson: However, we are causally monitoring the impact and the status of the very large wildfires, currently burning in the immediate vicinity of Tannamine and in the northern territory. And we will continue, as always, to prioritize the health and the safety of our workforce. We also continue to progress our second expansion project at Tannamine, and I was encouraged to see the head where the team is making during my recent visit. We've achieved a significant milestone in the concrete lining of a 1.5 kilometre deep chat, fully lining the upper sections and removing the mid-shant plug.

The schedule is the largest employer in Zika tickets with the direct workforce of more than 5000, and another 28000 people in neighboring communities, who are parts of the mines local and national supply chain service providers and contractors.

As we look ahead to the exciting and profitable future prepayments speeds. So we will continue to honor our commitments work closely with all of our stakeholders why with the law and the collective bargaining agreement and want to protect the long term value of this tier one all in metallic mine.

Rob Atkinson: And as is typical with projects of this size, we will review the project plan as we commence the lining of the lower sections, taking into account the what that has been done so far, the current ground conditions and the known overbreeding to demitigated in the lower section of the chat. One's complete. This project will deliver significant ounce and cost improvements for the strengthening the already strong margins at our tier one operation at Tannemite.

Moving to our non managed joint ventures.

But our joint venture partnerships Newmont has an interest in for tier one assets were both behavioral Harlan Cortez and turquoise ridge.

The joint ventures are core to newmont's portfolio and contributed 352000 ounces of 27% of attributable gold production in the third quarter.

As Tom mentioned reported performance from our non managed operations has been below expectations for the year impacting our ability to achieve our production and cost targets for 2023.

Rob Atkinson: And we look forward to providing an update with our guidance in February of next year.

Rob Atkinson: Getting to unhapple. As Tom mentioned, third quarter meal throughput was impacted when routine condition monitoring by our asset management team identified hairline fractures to one of the large grinding mills, gust gear and a half old. To reduce any further deterioration to the gear and to prevent a catastrophic failure, we made the decision to operate at less and full capacity bringing throughput to around 60% for the third quarter. We have in October swap the gust gears between our two milling circuits at a half old, to ensure our most productive milling circuits is able to run at 100%.

We have adjusted our projections for both quibble with Idaho, and Nevada Gold mines and look forward to an improved performance in the fourth quarter from our joint venture partners.

On top of the 800000 ounces of gold produced from a tier one operations and joint ventures, the remainder of new mobile portfolio contributes approximately 500000 homes is a profitable gold production.

Increase of more than 100000 ounces compared to the second quarter.

Rob Atkinson: This will allow a half old to run at approximately 80% until we again reach full processing rates in the second quarter of 2024 when we will install a brand new gear. Also, during the quarter, a half a lengthest higher up, higher grade or from subika underground and successfully commissioned the replacement conveyor ahead of schedule and below budget. The half old north project continues to progress as planned and we have access to all critical parcels of land to commence construction of the processing plan and mine services facilities.

And we anticipate solid results from these efforts through the rest of the year.

Before I hand, it to Karen.

Like to take a moment to cover a few highlights from our development projects. We are currently executing.

On top of the achievements that I already noted our second expansion at Cana mine under happen all.

We also achieved key milestones instead of <expletive> occupying and achieved.

At Cerro <expletive> will be declared commercial production percent knock offs across the six ore bodies associated with this exciting district expansion.

This opens up a further 650000 ounces of high grade gold, which will be mined over the coming 10 years.

Rob Atkinson: Airports are ongoing, heavy mining equipment is being assembled and commissioned, contractors are fully mobilised and we remain on track to commence pre-stripping of the first mining area called the subensal fence in the fourth quarter this year.

This milestone was delivered on time and on budget and we expect to start realizing the benefit from these high grade stopes in the fourth quarter of this year.

At Porcupine for more project has been approved for coupons by the board.

Rob Atkinson: Turning to tennis people.

Rob Atkinson: As Tom mentioned in his opening remarks, we reached a definitive agreement with the union and received approval from the Mexican labour court on October 13. We have safely restarted operations and the ramp up is progressing well so far. We are anticipating a return to full productivity in the next two to three weeks and we have restarted waste stripping in the conascopate and are now feeding the crusher with war from the chilly Colorado fence.

This opens up a further $2 1 million ounces of gold and will be mined over the coming 11 years, which helps to extend the porcupine complex as operational life to at least 20 CRT fine.

Our mining team will convince pre stripping in the fourth quarter and are tracking well to produce first oil in 2024.

And finally, we advanced our underground project to the team to the feasibility stage, where drilling from the surface has already delivered results that are beyond our initial expectations.

Rob Atkinson: We are importantly also continuing to strongly focus on the engagement with our workforce. This unnecessary strike caused significant hardship for all of our employees, contractors, host communities, suppliers and customers. Penisgator is the largest employer in Zacatekis with a direct workforce of more than 5,000 and another 28,000 people in neighbouring communities who are part of the mines local and national supply chain, service providers and contractors. As we look ahead to the exciting and profitable future for Penisgator, we will continue to honour our commitments, work closely with all of our stakeholders, why with the law and the collective bargaining agreement and what to protect the long-term value of the tier one all in metallic mine.

And with that I'll pass it over to Ken to cover our financial results.

Thank you, Matt, let's get started with the financial highlights.

During the third quarter revenue was $2 $5 billion at a realized price of $1920 per ounce.

Adjusted EBITDA was $933 million up 10% from the third quarter of last year, driven by higher gold prices and lower direct operating cost.

We also generated $1 billion of cash from operations and 390.

Seven years of free cash flow for the quarter, which is net of more than $600 million of capital spend.

We continue to experience a period of significant reinvestment back into our business.

Rob Atkinson: Moving to our non-managed joint ventures. For our joint venture partnerships, Newmont has an interest in four tier one assets. Webbed of the table, Harlan, Corkhage and Turquoise Reef. The joint ventures are core to Newmont's portfolio and contributed $352,000 or 27% of the tributeable gold production in the third quarter. As Tom mentioned, reported performance from our non-managed operations has been below expectations for the year, impacting our ability to achieve our production and cost targets for 2023.

And we closed the quarter with the steady cash position of $3 $2 billion and a leverage ratio of <unk> seven times net debt to adjusted EBITDA.

Financial standpoint, our goal is to maintain a best in class investment grade balance sheet funding value accretive projects and delivering healthy returns.

And in recognition of ongoing balance sheet strength and financial flexibility and basic thing that we have received the first time, a minus rating from Fitch with a stable.

Outlook.

We also maintained solid margins despite the challenges that Rob mentioned mosquito iPhone nine Mims joint ventures.

Rob Atkinson: We have adjusted our projections for both global video and the valuable mates and with forward to an improved performance in the fourth quarter from our joint venture partners. On top of the 800,000 ounces of gold produced from our tier one operations and joint ventures, the remainder of Newmont's portfolio contributed approximately 500,000 ounces of profitable gold production, an increase of more than 100,000 ounces compared to the second quarter. And we anticipate solid results from these efforts through the rest of the year.

Third quarter GAAP net income from continuing operations was $157 million for 'twenty.

Per diluted share.

Adjustments this quarter included.

14th renamed to revisions in reclamation and remediation plan at former operations.

<unk> remains to unrealized mark to market losses on equity investments.

<unk> related to transaction costs associated with our pending acquisition.

And five cents relating to tax adjustments and other items.

Rob Atkinson: Before I hand it to Karyn, I'd like to take a moment to cover a few highlights from our development projects we are currently executing. On top of the achievements that I already noted are second expansion in 10am and a half or not. We also achieved key milestones in Serenegro, Archipine and Achievement. At Serenegro we declared commercial production percent mark-offs as far as the six ore bodies associated with this exciting district expansion.

Taking these into account we reported third quarter adjusted net income 36 cents per diluted share.

And for reference those modeling included in our quarterly results are $131 million in operating costs and depreciation at Tennessee Quito.

This quarter, we declared a dividend of <unk> 40 per share or $1 60 per share on an annualized basis.

Rob Atkinson: This opens up a further 650,000 ounces of high-grade gold which will be mined over the coming 10 years. This milestone was delivered on time and on budget and we expect to start realizing the benefit from these high-grade stopes in the fourth quarter this year. At porcupine, the promote project has been approved for full funds by the board. This opens up a further 2.1 million ounces of gold and will be mined over the coming 11 years which helps extend the porcupine complex's operational life to at least 2035.

This dividend was declared within our established framework calibrated at a gold price of 1700 counties.

And in line with our 2023 dividend payout range of $1 40 to $1 88 per share.

You might have paid over $5 billion in dividends since closing the goldcorp transaction in 2019, demonstrating our commitment to our shareholders.

Upon the close of the Newcrest acquisition, Newmont will integrate <unk> operations into our robust global operating model.

Rob Atkinson: Our mining team will commence pre-stripping in the fourth quarter and are tracking well to produce first ore in 2024. And finally, we advanced our underground project to the team to the feasibility stage where drilling from the surface has already delivered results that are beyond our initial expectations.

February of next year, we expect to provide our 'twenty to 'twenty four outlet for the combined company with our fourth quarter and full year results.

Consistent with that process.

Outlet with form our 2024 dividend payout range.

Between milk calibrate within our established dividend framework.

Karyn Ovelmen: And with that, I'll pass it over to Karyn to cover our financial results. Thank you, Rob. Let's get started with the financial highlights. During the third quarter, revenue was $2.5 billion at a realized bull price of $1,920 per ounce. In adjusted EBITDA, with $933 million, plus 10% from the third quarter of last year, driven by higher bull prices and lowered direct operating costs. We also generated $1 billion of cash from operations, with $397 million of pre-stripping for the quarter, which is net of more than $600 million of capital spend.

As a reminder, we expense the variable portion of our dividends annually.

In alignment with the business planning cycle projected cash flows and the current macroeconomic environment.

Similar to this year.

'twenty 'twenty four dividend payout range will apply to a fourth quarter dividend to be declared in February and we will.

We reviewed and approved by our board of directors each quarter.

For a longer term view of our portfolio, we will apply a disciplined and thoughtful approach to selling market guidance for the combined company.

We expect to provide our long term outlook. After we've had some time on the ground with the new credit assets and following our annual strategy session with our board of directors, which typically takes place in June.

Karyn Ovelmen: As we continue to move through the period of significant reinvestments back into our business. And we closed the quarter with a steady cash position for $3.2 billion in a leverage ratio of 0.7 times net debt to adjusted EBITDA, from Financial Student Point. Our goal is to maintain investment class and investment grade balance sheets while funding value-ocreated projects and delivering healthy returns.

We look forward to these events and providing more information and the exciting opportunities ahead for both current and future stakeholders.

With that I'm kind of trying to time for an update on India.

Thanks, Karen.

Karyn Ovelmen: And in recognition of new ongoing balance sheet strength and financial flexibility, I'm pleased to say that we ever see the first time a minus rating from pitch with a stable outlook. We also maintain solid margins in third quarter despite the challenges that Rob mentioned in the Penisquito behalf of Inter-Nand Manage for Authentures. Third quarter gap net income from continuing operations with $157 million for 20 cents further than we'd share. Justments this quarter included 14 cents related to revisions and reclamation and remediation plans at former operations.

The combination of newmont and be Chris.

It represents an exceptional value proposition for shareholders.

And all our other stakeholders.

So an unrivaled platform.

They trained the industry's best talent.

Starting the highest concentration of key one assets in the <unk>.

Favorable jurisdictions.

The amount is uniquely positioned to generate superior returns for decades to come.

Recognizing the strategic rationale to create the industry's strongest portfolio.

World Class gold and copper assets.

96%.

Karyn Ovelmen: I've since related to unrealized mark-to-market losses on equity investments. Two cents related to transaction costs associated with our pending acquisition of the best. And five cents related to tax adjustments and other items. Taking these into account, we reported third quarter adjusted net income at 36 cents per deluded share. As a reference to those modeling included in our quarterly results are $131 million in operating costs and depreciation at Penisquito. This quarter we declared a dividend of 40 cents per share or $1.60 per share on an annualized basis.

<unk> cost for newmont shareholders, and 93% of votes cast by <unk> shareholders.

Overwhelmingly in favor of this transformational transaction.

All of the regulatory approvals and shareholder vote has now secured rigs.

We expect to close the transaction on Monday, the sixth of November.

And fifth the new standard adult and copper bonding across the industry.

Following the close of the transaction the core of our portfolio will be 10 tier one assets.

Representing more than half of the world's top tier gold mines.

And these assets will have the scale on loss cost price fall and resilience to position <unk> to deliver strong and stable returns for several decades.

Karyn Ovelmen: This dividend was declared within our established framework, calibrated at a gold price of $1,700 per ounce, and in line with our 2023 dividend payout range of a $1.40 to $1.80 per share. Two months has paid over $5 billion in dividends, including the Goldport transaction in 2019, demonstrating our commitment to our shareholders.

They between the learnings from operating our current tier one assets.

Along with our comprehensive asset strategy work.

We will be applying the strength of our operating model.

And our systems.

The newly acquired T. One asset in Bahia in Korea.

Karyn Ovelmen: On the close of the new press acquisition, new model integrate five new operations into our robust, global operating model. February of next year, we expect to provide our 2024 outlook for the combined company with our fourth quarter and four year results. The existence with our process, our outlook would form our 2024 dividend payout range, which we will calibrate within our established dividend framework. As a reminder, we assess the variable portion of our dividend annually, in alignment with the business planning cycle, projected cash flows, and the current macro economic environment.

As well as Bruce Jack and Red Chris.

<unk> tier one district of British Columbia.

There is no doubt.

It will be all providing the world's best gold copper portfolio.

Under one umbrella.

Benefiting from our existing portfolio.

Alrighty model.

That ability practices and disciplined capital allocation process.

Every one of our assets is managed threat integrated global operating model.

Supported by a deep bench of experienced latest in subject matter experts.

With a track record of safely delivering value.

And with this global operating model, we will have six regional business units each.

Karyn Ovelmen: Similar to this year, our 2024 dividend payout range will apply to our fourth quarter dividend to be declared in February, and will be renewed and approved by our board of directors each quarter. For a longer term view of our portfolio, we will apply a discipline and thoughtful approach to setting market guidance for the combined company. We expect to provide our long-term outlook after we cut some time on the ground with the new press assets and following our annual strategy session with our board of directors, which typically takes place in June. We look forward to these events and providing more information on the exciting opportunities ahead for both current and future stakeholders.

Each led by a dedicated managing director.

From the startup of inbound.

Tessa will shame accountability for our Australia business unit, if I may a house.

Our North American business unit led by our vessels.

And Papua New Guinea.

We have outlined for tourists returning to me about the hit up this newly established business unit.

Through early 2020 full golf will continue to have accountability for our African business unit led by dice Bolton.

Our Latin American and Caribbean business unit led by Mike Rogers.

Tom Palmer: And with that, I'll come to Dr. Tom for an update on an interest production. Thanks, Karyn. The combination of Newmont and Recrept represents an exceptional value proposition for shareholders and all our other stakeholders. Through an unrivaled platform featuring the industry's best talent, going the highest concentration of key one assets in the most favourable jurisdictions. Newmont is uniquely positioned to generate superior returns or decades to come. Recognising the strategic rationale to create the industry's strongest portfolio of world-class gold and copper assets.

In our Caribbean business unit led by <unk>.

We are very fortunate to have Rob as a continuing member of our executive leadership team.

<unk> during this important integration period.

Tasha and Rob will work to get it closely in the coming months.

And both flavors will be pivotal in delivering synergies for the <unk> acquisition and driving operational results that demonstrate our position as the benchmark gold equity.

And just a few days, we will be welcoming a new quest colleagues to newmont.

And on day, one by extended leadership team and I will be upside across every <unk> location.

Tom Palmer: 96% of those casted by Newmont shareholders and 93% of those casted by new-quest shareholders were overwhelmingly in favour of this transformational transaction. All of the regulatory approvals and shareholder votes now secured, we expect to close the transaction on Monday the 6th of November and set a new standard for gold and copper mining across the industry. Following the close of the transaction, the core of our portfolio will be 10-T1 assets, representing more than half of the world's top-tier gold mines.

As we begin our integration work with the <unk> team.

We'll be focused on three key systems that have been fundamental to our success at Gabe on that.

The first is our fatality risk management program.

Which is at the very core about safety approach.

And put simply.

Great companies do not kill people.

Second is that respective web program.

A key benefit from bringing these two companies together.

Alignment in our values and culture.

In particular around site and inclusive workplaces.

We have the opportunity to learn from each other with the programs we have in place.

Tom Palmer: And these assets will have to scale, mine line, cost profile and resilience to position Newmont to deliver strong and stable returns for several decades. Leave it to the learning from operating our current T1 assets, along with our comprehensive asset strategy work. We will be applying the strength of our operating model, our people and our systems, to the newly acquired T1 assets in Lahir and Kadia, as well as Bruce Jack and Red Chris in our emerging T1 district of British Columbia.

Yeah.

Like many other companies in the mining industry.

We know there are systemic issues that allow fixes the prices of discrimination.

Discrimination or harassment and bullying to continue to be experienced in our workplaces.

These disrespectful be hybrid has died place at BMO.

And we will be working together to take actions to create a workplace where everyone is welcome and site.

The third system is that full potential program.

Tom Palmer: There is no doubt that Newmont will be operating the world's best gold copper portfolio. Under one umbrella, benefiting from our existing portfolio, operating model, sustainability practices and different capital allocation process. Every one of our assets is managed through our integrated global operating model, supported by a deep bench of experienced leaders and subject matter experts, with a track record of safely delivering value. And within this global operating model, we will have six regional business units, each led by a dedicated managing director.

Which will commence rolling out both with here at Acadia in November to support the delivery of our synergy commitments.

Full potential is a program that I have let it be about over the last decade.

It is the most sustainable improvement program that I've worked with in my 35 year career in the industry.

And it was key to delivering over $1 billion and synergies from our acquisition of Goldcorp. Some four years ago.

For the full potential delay it is much more than just cost savings and productivity improvements.

It's dying and improves that culture is breaking down barriers and encourage charging active participation global collaboration and sharing lessons learned across our organization.

Tom Palmer: From the start of November, the Tasha will assume accountability for our Australian business unit, led by Mayor House, North American business unit, led by Bernard Bethels, and Pumper New Guinea, where we have our own victorious returning to Newmont to head up this newly established business unit. Through early 2024, law will continue to have accountability for our African business unit made by Dave Thornton. I like the American and Caribbean business unit made by Mark Rogers and our Peruvian business unit made by Rachman Armadoot.

During our due diligence work back in May.

We identified and committed to $500 million in annual synergies across three categories.

G&A supply chain and full potential.

As we look ahead to the closing of the transaction and the delivery of synergies over the first 24 months. We are very excited about the long term value and opportunities. It will bring both sets of stakeholders and our combined workforce.

This transaction creates the best possible collection of tier one gold and copper assets in the industry.

Tom Palmer: We are very fortunate to have Rob as a continuing member of our executive leadership team, particularly during this important integration period. Natasha and Rob will work together closely in the coming months and both leaders will be pivotal in delivering synergies for the new press acquisition and driving operational results that demonstrate our position as the benchmark gold equity. In just a few days, we'll be welcoming our new press colleagues to Newmont and on day one, my extended leadership team and I will be on site across every new press location.

All supported by the industry's best talent technical.

<unk> technical capabilities.

Ability practices and disciplined capital allocation process.

We'll also increase our investor outreach.

Welcome and shareholders from Australia.

It will form an important part of our shareholder base.

As we look to establish and they grow at listing on the highest stakes.

We have a long history and the shared heritage in Australia.

And we will be strengthening our presence in this key mining jurisdiction.

Upon the close of this transaction.

Tom Palmer: As we begin our integration work with the new press team, we'll be focused on three key systems that have been fundamental to our success at Newmont. The first is our faculty risk management program, which is at the very core of our safety approach and put simply great companies to not kill people. Second is our respective work program. A key benefit from bringing these two companies together is the alignment in our values and culture in particular around safe and inclusive workplaces.

30% of our revenues will be derived.

We're looking forward to welcoming the experienced and talented team at Newcrest and providing our first integration update on the combined business in the first quarter of next year.

And with that I'll. Thank you for your time today and turn it over to the operator.

The line for questions.

Thank you we will now begin the question and answer session to ask a question you May Press Star then one on your touch time fine if you will.

Using a speakerphone please pick up your handset before pressing the keys.

Your question. Please press Star then case at this time, we will post to assemble our roster.

Tom Palmer: We have the opportunity to learn from each other with the programs we both have in place. But many other companies in the mining industry, we know there are systemic issues that allow sexism, racism, discrimination, harassment and bullying to continue to be experienced in our workplace. These disrespectful behaviors have no place at Newmont. We'll be working together to take actions to create a workplace where everyone is welcome and safe. The third key system is our full potential program, which will commence rolling out both with here and India in November to support the delivery of our energy commitments.

Okay.

The first question today comes from the line of Lawson Winder with Bank of America. Please go ahead. Your line is now open.

Great. Thank you very much operator, and thank you for taking the questions on the team.

You've all discussed.

The likelihood for the combined company to have lower production and a combined 8 million ounce ounces annually.

What is the urgency with which you intend to sell any noncore assets too.

To reduce from that level and improve the overall combined portfolio.

Thanks also to the question and good morning.

In terms of its Karen talked about in terms of us taking time to work through the prolonged Annapolis.

Tom Palmer: Full potential is a program that I have led at Newmont over the last decade. It is the most sustainable improvement program that I've worked with in my 35-year career in industry. And it was key to delivering over $1 billion in synergies from our acquisition of Goldcore some four years ago. We have a full potential delivered much more than just cost-saving and productivity improvements. It sustains and improves our culture by breaking down barriers and encouraging active participation, global collaboration and sharing lessons learned across our organisation.

<unk> will run our capital markets day, the share that.

But we'll look to do.

Almost immediately after closing we have a reserve and resource reviewed today Nicole about three hours.

That shouldn't go into each of the five operations at <unk>.

That's been established that the reserve and resources to the new bumps definition.

And then with that with that reserve results redo done will then establish newmont by resource models and then start to develop their mine plans based upon previous best demonstrated performance.

And then and then how about I start to convert into business plans and then iterate with US. So we'll certainly work to reduce our 2020 full budget for the combined portfolio, but we're going to take us all of them to really understand what does Northland to understand.

Tom Palmer: During our due diligence work back in May, we identified and submitted to $500 billion in annual synergies across three categories. GNA, Supply Chain, and full potential. As we look ahead to the closing of the transaction and the delivery of these synergies over the first 24 months, we are very excited about the long-term value and opportunity. It will bring the both sets of stakeholders and our combined workforce. This transaction creates the best possible collection of key one goal and copper assets in the industry.

But the change all of those operations in sugar, we can we can deliver on those operations. It also understand projects across that portfolio and how they risk segments together.

It's gonna be diligently over the starting in.

The first few months of next year.

In terms of the full portfolio of 17 managed operations as I've described in my remarks, we are very comfortably manage of.

Those operations with you know a global operating model this business and it takes the purposes is a bolt on or Bob operations in the few months operating model two operations in the Australia business unit when I was running the Australia business, yet it some years ago.

Tom Palmer: All supported by the industry's best talent, technical capabilities, sustainability practices, and discipline capital allocation processes. We will also increase our investor outreach, welcoming shareholders from Australia that will form an important part of our shareholder base as we look to establish and then grow our listing on the ASD. We have a long history and a shared heritage in Australia, and we will be strengthening our presence in this key managerial institution. We are upon the close-of-its transaction around 30% of our revenues will be derived.

That number in a couple of more from memory.

Two operations into our North American business unit, but not vessels very capable to accommodate those two operations and manage them.

Setting up that new business.

MS unit in Papua New Guinea, and as I've mentioned, one of them one of the very best latest EBITDA work at BMO Alpine victorious there we talked about and work on his family problems South Africa is coming back to us through license or mostly in the stand up that business unit. So someone who's very experienced having run by very successfully a business unit.

Tom Palmer: We are looking forward to welcoming the experience and talent containment year crests and providing our first integration update on the combined business in the first quarter of next year.

Africa, some years ago in our Latin American Perm basis unit, you understand developing world he understands newmont really well place to stand up.

Operator: I thank you for your time today and turn it over to the operator to open the line for questions. Thank you.

P J business.

So we will we will.

Hyperbole run 17 operations.

Create a tough political and look at where the opportunities mark bases ophthalmology that portfolio, we have a commitment of $2 billion over the first 24 months that'll be a combination of project Resequencing. It will come part of that business planning work, we will do but we'll also be looking to.

Operator: We will now begin the question and answer session. To ask a question, you may press start then one on your touch-tone phone. If you are using a speaker phone, pick up your handset before pressing the keys. To withdraw your question, please press start then two.

Operator: At this time, we will pause to assemble our roster.

Where are the opportunities to rationalize their portfolio.

And we'll be looking at those operations that are key to.

Lawson Winder: The first question comes from the line of law through window with Bank of America. Please go ahead. Your line is now open. Thank you very much operator and thank you for taking the questions. You have all discussed the likelihood for the combined company to have lower production than a combined 8 million ounces annually.

We have a number of key to operations and our portfolio of several.

Has a potential to grow to T. One, but we have a number that are clearly Q2, instead of a work through a very structured process to think about how we might rationalize the portfolio, but we are very comfortable most of the data run.

<unk> operations are now in our business.

Tom Palmer: What is the urgency with which you intend to sell any non-core assets to reduce from that level and improve the overall combined portfolio? Thanks for the question and the morning. In terms of this character talk about it, in terms of taking time to work through the long-term outlook with a more like a mid-year and we will run a capital market for the share date. What we will look to do, we will have a reserve and resort review to, we will call it our three-hour review.

Many thanks, and if I could follow up just one final question on your full potential comments in your prepared remarks.

And the synergies can you comment on which assets might get the greatest attention for that program post closing on the on the MCM side.

Oh and put another way is there opinion keto and the NTN portfolio that could materially exceed expectations, including in the included in the initial last synergy guidance. Thanks very much.

Thanks, Laura for itself the profit of $1 million $200 million is attributable to our full potential work.

Tom Palmer: We will have that team go into each of the five operations at the UPRESF and establish the reserve and resources to the new Mont-definition. Then with that reserve and resource review done, we will then establish new Mont-definition based pre-sort models and then start to develop our mine plans based upon previous five demonstrated performance. And then have those start to converge into business plans and then we will iterate and work those. We will certainly work to reduce a 2024 budget for the combined portfolio.

There are two <unk> and the new Crystal Calia, Bahia and caveat, but that's where we're focusing our carbon attention of the of the $200 million, we'd say the order of marketing dollars coming out of a here as we think about the opportunities to improve.

The work, we do around the mine the basics of money for building blocks to learn all of them.

And my sense of asset management work that we are presenting.

The best all consistently to the to the <unk> processing plant.

Tom Palmer: We are going to take our time to really understand and work those nine plans to understand the potential of those operations and ensure we can deliver on those operations and also understand projects across that portfolio and how they restrict us together.

We will have people on the ground.

Next month really.

Getting in and understanding those opportunities that we saw during due diligence.

We certainly plan to tell a story out of Mckey looks very similar to the story, we told at the state of it right.

Tom Palmer: That is going to be work we will do diligently over the starting in November, the first few months of next year. In terms of the pool pool quality, I was 17 managed operations as I described it by Max Wilson, we can very comfortably manage those operations within our global operating model. This is an intense of purposes is a bolt-on of five operations in the New Month's operating model. Two operations in the Australian Business Unit, when I was running the Australian Business Unit some years ago, I had that number and a couple more from memory.

And then at Acadia.

The other very large T. One operation in the new portfolio.

The community to the processing plant.

Big Block Cave mine, roughly 35 million tons of urea coming out of that underground mine the opportunities we see to work the bottlenecks in the prices of classes is the availability of the reliability getting consistent throughput through the crushing and grinding circuit. So that you would go consistent.

Flotation circuit breaker, they improved by throughput and recovery again, very similar to where we were to pay mosquitoes.

Tom Palmer: Two operations into North America, the Australian Business Unit and our vessels very capable to accommodate two operations and manage them. And then scanning up our new business unit and pumping it in and as I mentioned, one of the very best leaders that have worked at Newmont, our main Victoria is to retire to go work on his family farm in South Africa. He's coming back to Bayton for more things that stand up for that business unit.

Big Big milk, crushing and grinding circuit with multiple transmission circuits.

<unk> story and the Boddington story in terms of working the mill is where we see the analogy will be analogue to.

To Acadia and then working the mine.

Tom Palmer: So someone who's very experienced having run a very successfully our business unit in Africa some years ago, and then our Latin American family. He's a business unit, he understands the developing world, he understands Newmont and he's really well placed to stand up for that new P&G business. So we will, we will hypothically run those 17 operations in really tough and inseable. The opportunity is my thing to optimize our portfolio. We have a commitment of $2 billion.

Very similar to the work that Rob and the team later.

I said to deliver significant improvement out of that mine.

It is a very hungry kind of screwed up.

Thanks, Fantastic I look forward to further updates and congratulations.

Okay.

Thanks, Matt.

Okay.

The next question comes from Daniel Morgan with burn journey.

Danielle. Please go ahead your line is open.

Tom Palmer: I'm over the first 24 months. That'll be a combination of project receiving. We'll come part of that business planning. We'll do, but we'll also be looking to where the opportunity is to rationalize our portfolio. And we'll be looking at those operations that are key to and we have a number of key to operations in our portfolio. Several have a potential to grow to T1, but we have a number that are that including to to and to work through a very structured process to think about how we might rationalize the portfolio. But we are very comfortable most of them to be able to run seven operations in our business. Many thanks.

Hi, Tom and Mike.

My first question is about.

The issues that you've had.

This year, how much of the issues you've had.

So it has led to the production downgrade today.

How much does that flow into 2024.

It kind of skewed it doesn't but can you just run through.

And through some of the assets and whether some of the issues run into 2024.

Thanks, Daniel and good morning.

And good morning to you.

Thank you for starting up in Australia to listening and thank you for your coverage.

But if you look at the big assets in the near months portfolio to die.

Tom Palmer: And if I could follow up just one final question on your full potential comments in your prepared remarks. And the synergies, can you comment on which assets might get the greatest attention for that program post closing on the on the NCM side? And put another way. Is there a penny a skido in the NCM portfolio that could materially exceed expectations, including included in the initial last energy guidance. Thanks very much. Thanks.

<unk> were up and running.

We're very confident.

It's been a reset of expectations with our workforce and and.

And the unions that represent them. So we go into 'twenty feel very confident about the ability to continue to get after cost and productivity improvement safely at that operation the impact on 24 months' secrets, So where we were in the non staple discipline.

Tom Palmer: Well, so tell the profit of the $200 million dollars you should go to a full potential was there are two kind of skidos in the new crystal quality and cadia. That's where we focusing our time and attention of the $200 million dollars. We see the order of not giving the dollars coming out of the here. We think about the opportunities to improve the work we do around the mind, the basics of mining from villain blast to load the whole.

The operation with operations were suspended.

What we thought would happen in 2040 different now so poly metallic modular in the Chile, Colorado pit.

More of the other metals and gold so we want to swing back into finished goods and Africa now to get to like us. So therefore, it will be the balance so missiles that come out are going to see that it will be different in 'twenty four.

And gold equivalent ounces.

Tom Palmer: And maintenance or active management work. So we're presenting the best all consistently to the forward applied to that process. We'll have people on the ground next month to start really getting in and understanding those opportunities that we saw during due diligence. And I think we certainly plan to tell a story out of the key that was very similar to the story we told at a set up, and then at Cadia, the other very large key one operation in the new festival folio, with the opportunities in the processing plant.

Boston satisfied.

But at a hopper.

We will be.

Dosing the <unk>.

Gursky the sale on the mill, so there's two big Sag mills that the hopper.

Okay.

Mine site to the price of the plant is two thirds of the throughput through the mill is now tickety-boo and that can run run at 100%.

Lewis.

With the handle on Chrysler the smaller nodes a third of the throughput through until the end of the first quarter start of the fifth quarter of next year the processing plant at our hospitals on around 90% 70, 80% of frequent as we get through that very managed transition.

Tom Palmer: A big block cave line, roughly 35 million tons of year coming out of that underground mine, the opportunities we see to work the bottlenecks in the processing plant, the availability, the reliability, the consistent throughput through the crushing and grinding circuit, so that you've got consistent feedback, quotation services, and then improve those three, whatever recovery. And again, very similar to where we've worked in a theatre, with a big mill crushing grinding circuit with multiple plantation circuits.

They're probably the two impacts on a big tier one operators. So we think into 'twenty four.

We are we still to see lands at about non managed joint ventures by about 30% of demos portfolio today.

At Pueblo Viejo with commissioning of very significant expansion too.

T Y pressure oxidation circuit so.

Tom Palmer: So, Peter's Keto story and the Boddington story in terms of working the mill is where we see the analogy for the analog to to a cadia, and then working the mind at the idea, very similar to the work that Rob and the team lead at Peter to deliver the identity improvement out of that mine, present the order of a very hungry mill at Keto. Thank you, Peter. Thanks, fantastic.

That is understood and planned 24 that reflect the latest information from their commissioning exercise and then three big bonds in Nevada, and as you went through 'twenty three and then understand impacts on on 23 performance and what that means for <unk>. So you pushed it out of things in 'twenty four cases impacts data we learn about it.

In the next couple of months as we work with our joint venture partners on the plant side.

Please.

Daniel that gives you some color as to how we think about the impacts from putting <unk> volume in 2004, I think the importance it needs.

Lawson Winder: I look forward to further updates and congratulations. Thank you.

They were all of the events we've had this year.

Daniel Morgan: The next question comes from Daniel Morgan with Baron Jerry. Daniel, please go ahead. Your line is open. Hi, Tom and Tim. My first question is about the issues that you've had this year. How much of the issues you've had, you know, there's led to the production downgrade today. How much does that follow into 2024? Obviously, Panasketo doesn't, but can you just run through, you know, through some of the assets and whether some of the issues run into 2024?

All of that vessel is still in the ground and this is just the prices all the time at which that metal presume none of those issues had any impact in terms of the.

The reserves that we have and it's just the timing of which that can be.

Converted into vessel unsold.

Yes.

That's probably a good segue into my next question, which is market can sometimes get fixated on short term issues and forget the goal is still there.

So if the market does do that in the share price.

Underperforms as it has here today.

Tom Palmer: Thanks, thanks, Daniel, and good morning. Good morning to you, I think, and thank you for staying up in Australia to listen in and thank you for your coverage. It's a look at the big assets in the new month for follow-up today. Peter, Keto, now that we're after running, we're very confident that there's been a reset of expectations with our workforce and the union that represents them. So we go into 24 very confident about this and we're going to get out the cost and productivity improvement safely at that operation.

Is it.

An opportune time at some point soon.

Look to a buyback to may be communicated to the market.

There is long term value in the in the share price.

The market may not be promising.

Thanks Daniel.

Certainly site for anyone looking at BMO itself today is this a tremendous Boeing yesterday.

In terms of the transaction with <unk> in the portfolio that movie skewing.

Tom Palmer: The impact on 24 is the mind secrets. So where we were in the mind secrets, when the operation with operations we suspended, means that what we thought would happen in 24, we did it now. It's a polymetallic mind, so we're in the chilly Colorado pit, which is more of the other metals and gold. So we won't swing back into Panasketo now to later, but therefore it will be the balance of metals that come out of Keto that will be different in 24.

Sure.

In two weeks time.

The prices were weaker we will diligently work through our business planning.

Mentioning the answer to the previous question, we've got five new efforts to develop new month by spot remains too and.

And work through a process of determining out 2020 for budget and continuing in parallel work on the longer term plan.

That will then inform our capital allocation process, which for US is ensuring we're maintaining a strong balance sheet, ensuring that we are directing appropriate levels of cash towards reinvestment back in the business.

Tom Palmer: And the gold of kibble and outfills, if you might, should say the same. At a half road, we will be nursing the girth gear that's now on the mill. So there's two big sag mills at the half road. The girth gear on the main thing to the pros and cons is two birds and the three birds with the mill. And that can run at 100%. Now we'll now nurse the girth gear with an airline crack from the small mill.

Extend locked in for Greg.

Sure with what returns available to us.

Our shareholders.

Our capital allocation strategy has returned system format baked through our dividend framework. So we will work through our business planning process, particularly from 2024 years and looked at how we calibrate our dividend framework.

About assumptions about golf brought the cash will be generated.

And some of the other macroeconomic events that will be impacting our business in a world at that time.

Tom Palmer: It's about third of the three point through until the end of the first quarter, start of the second quarter. Next year, the processing plan of a half road, around 80% to 70, 80% of three. But as we get through that very managed transition. There are probably the two impacts on our big T1 operation. So we think in the 24. We're still to see a plan that about non-managed on pension. They make about 30% of give-ons call quality out today.

That will be the primary debate and discussion will head.

But as we as we have that debate and we present those numbers to our board and we look at the cash flow generating look at out and share price. It is an area that we will continue to divide as I think of the aura capital allocation element returns to shareholders and whether there would be some benefit in terms of how we're seeing the business and whether they would be.

Any benefit.

In seeking permission from the board to establish a buyback program so would be part of a debate.

Tom Palmer: At Penn Glow, we're commissioning a very significant expansion to a pressure observation service. So as that is understood and planned, the bill of the 24 that will reflect the latest information from that commissioning exercise. And then three big vines in Nevada. And as you work through 23 and then I'm saying impacts on on 23 reports and what that means. Or mind, so you wish and other things in 24 catches and impacts there that we'll learn about in the in the next couple of months.

Our first order return.

To our shareholders through the dividend.

Thanks, So much Tom and I look forward to meeting you in the coming weeks.

Thanks, Daniel are likely to see you in a couple of weeks, maybe get us about it.

Our next question comes from the line of Kenny I just disconnect with Scotiabank. Please go ahead Tanya your line is open.

Tom Palmer: If you work with that job, that's your partner's on those plans. So I hope we found your location. Some colors that how we think about the impacts from 23 to 24. I think the important thing is, that were all of the events we've had this year. All of that metal is filled in the ground and this is just a process of the time that we've that metal presents. None of those issues have any impact in terms of the reserves that we have and it's just the timing of which they can be converted into metal and salt. We've fixated on short-term issues and forget that the goal is still there.

Yeah.

Oh, great. Good morning, everybody and thank you so much for taking my questions.

Just have a couple that I just need some clarity on hum.

And then we just go back to the.

New craft merger and that is pending.

Let me just talk about new crackers reserves and resources.

When you report your guidance in February of 2024 for the year and your reserves and resources will you be adjusting those reserves and resources. Thanks, Tonya and perhaps just like you did with Goldcorp. When you took over you've made adjustments from the reserve the resource category.

And if so can you review with US some of the mines that we may see some shift. Thank you. That's my first question.

Tom Palmer: So if the market does do that in the share price, underperforms as it has you today, is it an opportune time at some point soon to look to a buyback to maybe communicate to the market that there is long-term value in the share price. And the market may not be processing it. Thanks, Daniel. It's certainly safe for a pretty one looking at Newmont stop today. There's some tremendous buying out there in terms of the transaction where about the close and the portfolio that will be stewarding in any election two weeks time.

Thanks Ted.

Yes, you can expect something very similar to what took place when they when they acquired Goldcorp. So we'll have we'll have a team.

Technical team on the ground across sites Bob operations.

Through November and December assessing.

Some resource.

And each of those operations and a $60 against al.

Definition. So we were able to report on the FCC rules and Newcrest report under.

And the joke.

So there will be some differences in terms of.

What is classified as a reserve and resource.

Tom Palmer: Daniel, the process will work through, we'll diligently work through our business planning as I was mentioning the answer to the previous question. We've got five new efforts to develop Newmont based minds to and work through a process of determining our 2024 budget and continuing in parallel with the long-term plan. That will then inform our capital allocation process, which for us is ensuring we're maintaining a strong balance sheet, ensuring that we're directing on appropriate levels of cash to what's re-investment back in the business to extend life and the growth and ensuring we've got returns available to our shareholders.

And we also have a very hot stated at Newmont.

<unk> reserves.

Hi, David in the industry. So you will see some business back and forth.

Various announcements with nine since we announced the binding agreement Youll see US talk about a couple of instances about reserves and resources and Youll see US report them separately for the tech companies because they are two different definitions for us.

We are working towards with that February time frame to offset reserves and resources for the combined portfolio.

Vendor in terms of any sort of signaling.

Tom Palmer: Our capital allocation strategy as returns first and foremost being through our dividend framework. So we'll work through our business planning process particularly for 2024 years and look to how we calibrate our dividend framework. We think about assumption about gold price, the cash will be generated and some of the other macroeconomic events that will be impacted our business in our world at that time. That will be the primary debate the discussion will have.

We haven't and earnings important.

Well done.

For everybody.

We had we had access to a data room for four weeks back in April and May.

To assess.

To submit a bonding.

Turning now.

Synergy values and to make some judgments about portfolio optimization.

That time.

Both companies are required to run as independent companies and so we have had an integration team working on planning for integration, but we have not had any access to any additional new Christy promotion since that time, we get the case to the call on Monday, the sixth of November.

Tom Palmer: But as we have that debate and we forget those numbers to our board and we look at the cash we're generating, we'll look at our share price. It is an area that we will continue to debate as a second order capital allocation element returns to share orders and whether there would be some benefit in terms of how we're seeing the business and whether there would be any benefit in seeking commission from the board to establish a private program.

The first time, we get access to.

Our reserves and resources <unk> plans and the market can start that work. So it's in front of us tenure.

In a couple of Whitestone.

Okay.

Tom Palmer: So we've been part of a debate, but now first order returns to our share orders is through the dividend framework. Thanks so much Tom and I look forward to meeting you in the coming weeks. Thanks Daniel, I'd like to see you in a couple of weeks.

Okay. So there isn't anything that you can think of you know for example, the linear here, where I'm Mcdonald's rents nerve that thinks about 3 million ounces or thereabouts.

In the reserve category that need the additional lay back from the I think the dam wall.

To be included whether something like that could shift from reserves to resources, just given you know amongst stricter definition.

Unknown Executive: Maybe I'll start it.

Tanya Jakusconek: Our next question comes from the line of Tania Discus Connect with Scotia Bank. Please go ahead Tania, your line is open. Oh great, good morning everybody and thank you so much for taking my question. I just have a couple that I just made some clarity on. Tom, can we just go back to the the new CRETS merger that is pending? Can we just talk about new CRETS as reserves and resources? When you report your guidance in February of 2024 for the year and your reserves and resources, will you be adjusting those reserves and resources based on your input?

Yeah.

I'm just get it out as an example, I'm just wondering if there's anything between the two accounting that you I FRS and U S. GAAP reserves that it's.

It's glaring to you at this point.

They'll take nothing gives us that level of granularity.

I would say do you expect types will be similar to the Gulf Coast experienced you will see that go into.

Specifics you will see decreased reported reserves in some instances moving to Newmont reported resources.

I think many people fully understand as we move from interest reporting two accounting for U S GAAP accounting definitions.

Tanya Jakusconek: Just like you did with CoolCorp, when you took over, you made adjustments from the reserve to the resource category. And if so, can you review with us some of the minds that we may see some shift? Thank you.

The stockpiles at the sustaining capital and other things from challenge at co product by product accounting with China. So if there's some moving parts around all of that as well, but that would that have would have had that granularity yet.

Tom Palmer: That's my first question. Thank you, Tanya. Yes, you can expect something very similar to what took place when we acquired Goldcorp. The Wheelhack will have a team, a technical team on the ground across those five operations through November and December, attempting the reserves and resource. At each of those operations and attempting those against our Newmont definition, so we will have a report under FTC rules and a new CRETS report under CORC.

Okay.

And then just on the long term guidance I think I heard that that will be provided after the board strategy meetings in June so should we be thinking mid year for our five year guidance outlook.

That's what we're that's what we're planning to do 10 year why don't we want to get through that good working session with our board and really really look to set up a capital markets day. When we can we can come together and works for that longer term.

The Bossier and so that was a portfolio with phreatic you would be looking to show them. The five to 10 year view of the strength of this portfolio.

Tom Palmer: So there will be some differences in terms of what is classified as a reserve and resource and we also have a very high standard at the end of the day. A Newmont reserve is a high standard in the industry. So you will see some work that back and forth in the very amount that's made since we announced the binding agreement. You'll see us talk about a couple of instances about reserves and resources and you'll see how to report them separately for the two companies because there are two different definitions for those.

Certainly want to work with MA plans.

Over the first few months.

In order to really have a write off steroids and shared with the market.

Okay, and then just maybe on on.

Any more severance and restructuring costs that we are going to be incurring in Q4 or have all been taken in Q3.

Tom Palmer: So we are working towards that temporary timeframe to update reserves and resources for the combined portfolio. And in terms of any sort of signaling, we haven't, I think it's important for everybody, is we had access to data rooms for four weeks back in April and May to assess and to submit a binding offer and to turn on our energy values and to make some judgments about quality optimization. In that time, both companies are required to run as independent companies.

The severance costs in Q3.

Britain largely unrelated to this transaction that was associated with the recent work happening down at <unk>.

As we are ramping down there we've got folks taking some some voluntary redundancies.

We will start to see the transaction related.

Statements in supply.

In the fourth quarter, and then that will flow into the third quarter of next year, where you'll see that come about.

The larger numbers will be in the first quarter of next year, even the fourth quarter of this year.

Okay, some more cost in Q4 and Q1 to come.

Tom Palmer: So we have had an integration team working on planning for integration, but we have not had any access to any additional new question information since that time. We get the keys to the car on Monday, the 6th of November. That's the first time we get access to reserves and resources. My plans for the liking can start that work. So it's in front of us, Daniel, in a couple of weeks time. Okay, so there isn't anything that you can think of, you know, for example, the Leah here, where some of those reserves, I think about three million ounces, those are about are in the reserve category that needs the additional laid back from the, I think the dam wall to be included, whether something like that to shift from reserves to resources given, you know, new instructor definition.

And then my last sentence.

Just kind of look like.

Yeah, Okay with the transaction.

And then just my last question is just your view on sort of all of these index rebalancing from now until year end could you give us some you know overall.

Qualitative information in terms of more quantitative if you have in terms of how you see all of them be index rebalancing occurring you know what your view is on that from now till year end.

It's a little hard with August movement of share prices.

Yeah.

Yes.

Thanks, Pat that lots of ability.

Certainly with the law and that prices at the index rebalancing as Chris coming off and then I'll take a realistic coming up there. It takes in all of that work happening as well as the volatility in terms of Gulf cost movements and so there's a lot there's lots of moving parts.

Tom Palmer: Have you, I'm just giving it as an example, I'm just wondering if there's anything between the two accountings, the two IFRS and US gap on the reserves that just is glaring to you at this point. Nothing is at that level of granularity, can you, but I would speak, you expect to be similar to the Goldcorp experience, you will see, with that going into the specifics, you will see near-correct reported reserves and summits as moving to Newmont-reported resources.

<unk> stock performance at the moment when we look at the.

When you look at our modeling getting through and out the other side of the rebalancing between.

Our headstock or the New York stock exchange and the secondary listing of the IOC is likely to be a month or two for that to settle out. So we anticipate and certainly as we've had conversations with shareholders.

As in Australia, and describing what we can to antique about happening quite.

Tom Palmer: It also seems, I think many people fully understand if we move from interest reporting to accounting, you have gap accounting, our definitions for stockpiles and the sustainable amount of things will change, our code product by product accounting will change. There will be some moving parts around all of that as well, but we don't have that granularity yet, Tanya.

Quite a bit of volatility liquidity before things start to settle out in terms of New York stock exchange and other things.

There'll be some movement of potentially up to.

10 billion Aussie, but could close.

We also anticipate that we will have something of the order of $10 billion to $15 billion market cap sitting on the ASX, representing 12% to 30% of our market cap.

Tom Palmer: Okay, and then just on the long-term guidance, I think, I heard that that will be provided after the Board of Strategy meetings in June. So should we be thinking mid-year for a five-year or a guidance outlook? That's what we're planning to do, Tanya. Why don't we want to get through that good work and station with that board and then really look to set up a capital market stage where we can come together and work through that long-term view, certainly the five-year and certainly with the portfolio we're creating, you will be looking to show that the five-to-can-year view of the strength is portfolio, but we certainly want to work with those mind plans over the first few months so next year we'll do an audit to really have a roadmap story to share with the market.

That will be the starting point or lean into them and look to work that a secondary listing amongst alongside a promising start.

With us are bubbling, but sort of show some scenarios as to way, where we might land between New York stock exchange and high ethics.

And we fully anticipate that it will be volatile the liquid.

For a month or couple of months before everything settles down and get a lot of thought of them.

Okay.

Okay. So so what I take from that is.

Some outflows from now actually around the <unk>.

Rebalancing and then settling in and then you know.

Obviously on a positive side, but the Australian listing.

The positive part of these trials missing, but a very steady mining investment community has been very sticky bonds with the big service unfair and lots of interest is with you guys with that investment community and then you'll also see I think you'll see positive trends.

Tom Palmer: Okay, and then just maybe on any more sovereigns and or restructuring costs that we are going to be incurring in Q4, or have these all been taken in Q3? The Feminine Costs in Q3 are really largely unrelated to this transaction. They were associated with the risk that we're happening down at the end of culture. As we're ramping down there, we've got folks taking some voluntary redundancies. So the rules start to see the transaction related services flow in the fourth quarter.

From a capacity standpoint with that larger market cap as things settle out.

Got to see some of that flow as well so noisy, but there is some very good signs as to what this portfolio is going to be able to attract.

I appreciate it. Thank you so much for taking my questions.

Got it.

Our next question comes from Josh Wilson with RBC.

Tom Palmer: And then they'll flow into the third quarter of next year's where you'll see that probably the larger numbers will be in the first quarter of next year in the fourth quarter of this year. Okay, so more cost in Q4 and Q1 to come.

Please go ahead. Your line is now open.

Yeah. Thanks, very much I understand there is a lot of moving parts here, but is it possible to provide some goalposts or some indication of what the cost structure looks like even just for the newmont portfolio going forward.

When we take a look at the numbers fourth quarter based on guidance looks to be an annualized rate of 6 million ounces, which is.

Tanya Jakusconek: And then my last question is, I just kind of would like, yeah, with the transaction, yeah. And then just my last question is just your view on sort of all of these index rebalancing from now until your end. Could you give us some, you know, overall qualitative information in terms of quantitative, if you have, in terms of how you see all of these index rebalancing occurring, you know, what your view is on that from now until your end.

Let's call it average for the company and the applied AFC is closer to about $13 50.

Which would be quite a bit higher than where the company was discussing costs at least for 2024 I get the old structure. So I.

I understand a lot of moving parts, but but just anything on inflation or costs for some new mob portfolio going forward. Thanks.

Tanya Jakusconek: Still hard with all this movement in the share prices as we look at the stock. Yeah. Thanks. And lots of early part happening at the moment, certainly would be in the right live in that process that the index rebalancing is as new press coming off the AFX. And I think I'll be listening to coming on now. I think for all of that work happening as well as the volatility in terms of price movements.

Thanks, Josh and good morning, it's a it's a tricky one issue because because of some of the events with managed which are really impacting our production.

As I've been having a flow on impact on data of course, but when we look through.

Through that well have the right cost base is very much in line with what we're expecting for this year and then as we look into next year that direct cost base is looking pretty steady so it's sort of staying at the levels that we've seen in the <unk>.

Tanya Jakusconek: And so there's a lot, there's lots of moving parts affecting stock performance at the moment. And we look at the. We look at our modeling, getting through and out the other side of the rebalancing between our headstock and the New York Stock Exchange and the second-relisting of the ASS. We're likely to be a mumple to that to settle out, so we anticipate, and certainly we've had conversations with shareholders in Australia and describing the struggle we can anticipate happening quite a bit of volatility and liquidity before things start to settle out in terms of New York Stock Exchange and ASS.

And the sort of <unk>.

Logging out of inflation.

Very much as we look into next year as we're doing early planning.

The direct cost base looks very similar investments.

<unk> will be working through the ounce profile for the combined portfolio.

Thinking about.

We'll think about that portfolio.

Couple of different chunks as we do we can plan a little bit with the <unk>.

Tanya Jakusconek: We think there'll be some movement of potentially up to 10 billion Aussies that could flow like any other. We also anticipate that we'll have something of the order of 10 to 15 billion dollars a market cap sitting on the ASS representing 20 to 30% of our market cap. That will be the starting point we'll lean into and then look to work that secondary listing alongside our prime minister. We've got some modeling that sort of shows us some areas to where we might land between New York Stock Exchange and ASS.

Key one operations on the emerging tier one operations that we manage and how we think about those.

Thinking about the three non managed joint ventures will have in our portfolio of Nevada gold mines.

And Chris just on multi.

And then we will be thinking about.

<unk>.

Q2 assets and those candidates that would be more likely to be part of that portfolio optimization software.

Think about what's the cost base for the tier one operations in our merger with tier one portfolio that we manage for.

It would be challenging out.

Tanya Jakusconek: And we fully anticipate that we'll be volatile and make for a month, a couple of months before the next settle stand is going to be a lot of time available. Okay, so what I take on that is some help from now until you're around all this rebalancing and then settling in and then, you know, obviously on a positive side with the Australian listing. The positive side of the Australian listing, but a very fatty mining investment community has been very sticky.

More finished joint ventures around their cost base.

Then we're looking at how we manage FTE two exits going forward. So we'll be having those debates incentives built our business plan.

Paula will answer your question is that the rig cost price.

Very consistent with what we say the sheet and will be working to ensure that we've got.

Some of the lift that were true.

And at the other side of some of those challenges that we push funds and flooding.

Strike.

And.

Manufacturing with a fifth.

Tanya Jakusconek: Bums with the big cities on there and lots of interest as we've engaged with that investment community. And then you'll also see positive trends from a passive standpoint with our larger market cap as being settled out of it. You've got to see some of that flow as well. So, no, but there's a very good side as to what this portfolio is going to be on the track. I appreciate it. Thank you so much.

You are at a half of it so.

Looking at the plan for 'twenty for being pretty consistent for.

Unknown Executive: Take my question.

Amongst those operations.

Pretty consistent cost pricing.

Okay.

Got it Okay and then another question I'm not sure. If you can provide many details a review of this but.

Following the Newcrest recent operating update I'm just wondering if the performance of these assets has that affected your views on maybe some of the complexity or the strategy for integrating this portfolio or maybe how youre going to manage that process.

Josh Wilson: Our next question comes from Josh Wilson with RBC. Please go ahead. Your line is now open. Yeah, thanks very much. I understand there's a lot of moving parts here. But is it possible to provide some goal posts or, you know, some indication of what the cost structure looks like, even just for the Newmont portfolio is going forward. You know, when we take a look at the numbers for quarter based on guidance, looks to be an annualized rate of six million answers, which is what's called it average for the company.

Josh Wilson: And the implied AISC is closer to about 1350, which would be, you know, quite a bit higher than where the company was discussing costs at least for 2024 or the old structure. So, I understand a lot of moving parts, but, but just anything on inflation or costs for some Newmont portfolio going forward. Thanks. Thanks Josh. Good morning.

So I've just nothing has changed from that you're dealing with we are crystal clear on this.

Manage those operations and that will integrate them into.

Each of our operating model and we're well advanced in well advanced in our planning in terms of what we'll do on day, one week one month one in the first 100 days.

Nothing about.

Anything could happen.

Sure.

Some times it changes out and long term view on those assets and how we have within the brain.

Okay.

Great. Thank you very much.

Excellent.

Our final question today comes from Andy just Tony with CIBC World market.

Lisa. Please go ahead your line is open.

Rob Atkinson: I want to tricky one issue because because of some of the events we've managed, which are really impacting our production. They've been having a flow and impact on minute cost. But when we look through that to our direct cost space, it's very much in line with what we're expecting for this year. And then as we look at the next year, that direct cost size is looking pretty steady. So it's sort of starting at the levels that we've seen, and the sort of stabilizing out of inflation very much as we look at the next year as we're doing our own planning work, we use the great cost-based looks very similar to the issue.

Yeah.

Okay. Thank you Tom and team for taking my question. So the first one I think was is related to capital allocation when you deliver on the $2 billion.

Optimization can you give us an idea of whether or not got could be used to support a dividend if needed or.

Do you think.

You have uses for that capital.

Reinvesting in your portfolio.

Yeah, Thanks, Ed and good morning, so the portfolio optimization will come from two categories that will be re sequencing of projects with a combined portfolio.

Good match, the two portfolios together, what would've been the cash going towards development projects and reinvesting that will change and that will then lead to free cash flow that.

Rob Atkinson: So then perhaps it will be working through the ounce profile for this combined portfolio, but I'm thinking about, we'll think about our portfolio in a couple of different chunks as we're doing our plan. Model B, but the tier one operations and the emerging tier one operations that we manage and how we think about those, if you're thinking about three non-managed John Finches, we'll have an Apple portfolio, the vertical lines, EBLOBA, and Bridgerton Multi, and then we'll be thinking about those tier two assets and those candidates that would be more likely to be part of that portfolio optimization.

We're generating but we are.

They are informing the decisions, we make around calibrating dividend framework.

Portfolio optimization will actually lead to generating free cash flow for <unk>.

Part of the dividend.

The portfolio optimization with the price savings that we received from.

Divestments of assets.

First and foremost we will bring that on to our balance sheet to strengthen our balance sheet and then make judgments about that.

How we use the cash on our balance sheet and certainly as we did with the Goldcorp.

Rob Atkinson: So we think about what's going to cost-based for the tier one operations and emerging tier one portfolio as we manage. We're challenging our non-managed John Finches around their cost-based and then we'll be looking at how we manage our tier two assets going forward. So we'll be having most debates and certainly some build our business plans, but the high level answer to your question is how direct cost-based is very consistent with what we see this year and we'll be working towards sure that we've got some of those, we're through and out the other side of some of those challenges that we've had, we've pushed by as in flooding, a strike, and you know, a manufacturing fault with a growth year and a half. So we'll certainly be looking at the plan for 24 being pretty consistent and then the profile for those operations to pop a pretty consistent cost-based.

Back to our Gulf with experience and we look at where are the answer to earlier question, we look at where the share prices trading we'd have a robust view of where they value and if we thought that there was some opportunity.

Total opex in shape, so that would be we would have.

Therefore, with the first and foremost that cash would come onto our balance sheet.

And be used to strengthen our bolster a battleship that demonstrated a combined organization.

Yeah.

Okay. Thank you second question, just more a little more on the Nitty gritty.

Looking at Boddington is that an appropriate run rate. This quarter is that kind of what you'll be doing in terms of throughput in grades as you go into 2024, and continuing to kind of lay backwards robot.

But kind of more I guess exacerbated and more more on stockpile Houston more waste stripping.

Rob Atkinson: Okay, and then another question, I'm sure if you can provide many details or review of this, but if it's following the new Crest recent operating update, I'm just wondering, the performance of these assets has that affected your views on maybe some of the complexity or the strategy for integrating this portfolio or maybe how you're going to manage that process. So I'm just, nothing's changed from energy deal. We're crystal clear on how we'll manage those operations and how we'll integrate them into the operating model and the well-advanced and well-advanced in planning in terms of what we'll do on day one, week one, month one on the first one, a hundred days. So there's nothing about anything that happened in the more recent times that changes out. And a lot of them view on those assets and how we're going to manage that process.

Certainly as we're here in a bit of a higher sustaining capital and data was the ram, but getting getting our hands on board trucks to get after they had access to buy spot prices are getting a need.

Excluding into the high grade ore.

Josh Wilson: Great. Thank you very much. Thank you.

Moves through.

44% 45 units.

And then some more <unk>, but some some.

Our run of mine ore coming into the plant, but also starting to supplement that with subtitles. So you will see a movement.

Into that normal cycle of boddington.

Windows mobile licensing some stockpiles and so some some some lower gold and copper in that normal band at Boddington operates through.

So you will see that dynamic playing out in 2014.

Before we get back into the queue.

The high grade ore and first of all thanks Effie.

Yeah.

Okay. Thanks, and then the final question is with regards to the projects and particularly China, My where I think you you pared back to revise your development capital number.

Anita Soni: Our final question today comes from Anita Soni with CIBC World Market. Anita, please go ahead. Your line is open.

Karyn Ovelmen: Okay. Thank you, Tom, and team, for taking my question. So the first one I think is related to capital allocation. When you deliver on the $2 billion in portfolio optimization, can you give us an idea whether or not that could be used to support a dividend, if needed, or do you think you have uses for that capital in terms of investing in your portfolio?

<unk> setting rainfall events that you had I just wanted to understand when you when you guys.

Review, the projects and the capital and where you basically do you think you're okay on your capital at Panama expansion to you right now or should we be expecting to see an update there.

I ask this because you know we've seen.

Unit cost escalation across the board and we just haven't had an update on our capital numbers for about a year or so.

Karyn Ovelmen: Thank the data and good morning. So the portfolio optimization come from two categories. One will be re-sequencing the projects of the combined portfolio and other, the master two portfolio together, what would have been the cash going towards develop a project that will change and that will then lead to three cash flow that we're generating that would then be informing the decisions we make around categorising our dividend framework. So that portfolio optimization will actually lead to generating free cash for support of the dividend.

Thanks for that.

<unk> important milestone of 10 a month.

At both the mid shelf plugged with law in the upper part of the.

Both the shop and now we're at that mid shop level setting up the infrastructure.

Get after the lining of the lower part of the shops is an important milestone for us.

Pools and understand the working.

For mining the top part of the shop, how are you going to apply those learnings to the bottom of off the shelf and what the condition of the bottom off the shop business issued back onto the right hand that work is happening right now.

Karyn Ovelmen: Then the portfolio optimization with the proceeds that we receive from the investments of Atkins. First and foremost, we would bring that on to our balance sheet to strengthen our balance sheet and then make judgments about how we how we use the cash and our balance sheet. And certainly as we did with the Goldcorp, with the fact that our Goldcorp experience and we look at where our the answer to the earlier question we look at where our share price is trading.

As we.

We are seeing in the Australia market.

<unk> cost pressure and chemical projects with LIBOR and so just ensuring we understand the libra, we applaud the.

Bye bye.

With cruise as we get together for that.

The second round of shop loading that work as long as we're working that through as part of our planning processes.

And doing that cost and schedule for the Ron Haan that would certainly be something that we would be expecting to provide enough that we've put out.

Karyn Ovelmen: We have a robust view of where we're valued and if we thought that there was some opportunity to buy back some shares so that would be the fact we would have with our board. The first performance that cash would come on to our balance sheet and and be used to strengthen a balance sheet of the combined organisation.

Putting pretty full guidance in the latter part of February next year. So the ball started the project and that and it's obviously gone up with US on 24 February 24.

Okay. So just on that note can you just go versus February 2024, you'll provide guidance for the combined portfolio for 2020, sorry for.

Rob Atkinson: Okay, thank you. Second question, just more a little more on the nitty gritty. Looking at bottington, is that an appropriate run rate this this quarter? Is that kind of what you'll be doing in terms of throughput in grades as you go into 2024 and continue with that layback or will that become more I guess exacerbated and more more stockpile use and more waste scripting happening? Certainly as we in a bit of a high sustaining capital Anita was around getting a hands on five tracks to get after the we had access to those five tracks are getting a new in earlier to get after the waste movement in the north pit to really start to open up the north and south pit to the next slinging to the high grade all.

For 2024, only and then June you will provide the combined portfolio.

Mid mid year, you'll provide it provide at five year for the combined portfolio is that correct.

That's correct.

Okay, and then lastly on the dividend.

What you've accounted for for next year that would be in February as well right.

But in 2004 dividend would be kind of a dividend would be calibrated for 2024.

And we will be sharing that information with our guidance in February 2024.

Yeah.

Okay. Thank you that's it for my question.

Thanks for that.

This concludes the question and answer session I would like to turn the conference back over to Tom Palmer for closing remarks.

Rob Atkinson: So it will move through 24 and 25 and it's a more waste movement some some a run of mine all coming into the plant but also starting to come supplement that with stockpile also you will see a movement into that normal cycle of body tension moving in the more waste and some stockpiles and some some some lower gold and copper in that normal band that body to operate through.

Thanks, operator, and thank you all protected us answer to.

Most of our call today and enjoy the rest of <unk>. Thank you.

The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

Rob Atkinson: So you will you will see that dynamic playing out in 2045 before you get back into the high grade all in both the north and south Okay thanks and the final question is with regards to the the projects and particularly tannemi where I think you you know you pair it back some one you revise your development capital number citing the rainfall events that you had I just wanted to understand when you guys review the projects in the capital and where you you know basically do you think you're okay on your capital at tannemi expansion to you right now or should we be expecting to see an update there and I asked this because you know we've seen unit cost escalation across the board and you know we just haven't had an update on like both capital numbers for about a year or so Thanks for that. So, we've reached an important milestone at Canami, where we've removed the mid-sharp clothing, we've lined the upper part of the upper-sharp, and now we're at that mid-sharp level setting up the infrastructure, but then get after the lining of the lower part of the shaft.

Rob Atkinson: It's an important milestone for you to pull and understand what you've learnt from lining the top part of the shaft. How you going to apply those learnings to the bottom half of the shaft and what the condition of the bottom half of the shaft is is that you've now got to the right home. That work is happening right now, as we're seeing in the Australian market, the key cost pressure in capital projects is labour, and this is ensuring we understand the labour.

Rob Atkinson: We have quite a bit of air, and all crews, as we get set together for that second round of sharp lining, that work is live, as we're working that through as part of our tiny processes, and doing our cost and schedule for the round-home. That would certainly be something that we would be expecting to provide an update with now at 2024 guidance in the latter part of February next year. So, we're at the mouth side of the project, and it's nicely lined up with a 24-feb.

Rob Atkinson: 24 update. Okay, so just on that note, can you just go over to February 2024, you will provide guidance for the combined portfolio for 2024 only, and then June, you will provide the combined portfolio, or mid-year, you'll provide a five-year for the combined portfolio. Is that correct?

Karyn Ovelmen: That's correct, the minimum. Okay, and then lastly, on the dividends, what you would set it for next year, that would be in February as well, right? 2024 is given, would be calibrated for 2024, and we will be sharing that information with our guidance in February 2024.

Karyn Ovelmen: Okay, thank you.

Unknown Executive: That's it for my question. Thanks for later.

Tom Palmer: This concludes the question and answer session. I would like to turn the conference back over to Tom Parlar for closing remarks. Thanks operator, thank you all for taking the time to still work all the day, and please enjoy the rest of your day.

Operator: Thank you.

Operator: The conference is now concluded.

Operator: Thank you for attending today's presentation.

Operator: You may now disconnect.