Q2 2026 Newmont Corp Earnings Call

Operator 2: Hello, welcome to Newmont's Q2 2026 Results Conference Call. All participants will be in listen-only mode. 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 Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Neil, please go ahead.

Speaker #2: Newmont’s Q2 2026 results conference call. All participants will be in listen-only mode. After today’s presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.

Speaker #2: I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Neil, please go ahead.

Speaker #3: Thank you, Holly. Hello, everyone, and thank you for joining Newmont's Q2 2026 results conference call. Joining me today are Natascha Viljoen, our President and Chief Executive Officer; Brian Table, our newly appointed Executive Vice President and Chief Financial Officer; as well as other members of our management team, who will be available to answer questions at the end of the call.

Neil Backhouse: Thank you, Holly. Hello, everyone, thank you for joining Newmont's Q2 2026 Results Conference Call. Joining me today are Natascha Viljoen, our President and Chief Executive Officer, Bryan Tabolt, our newly appointed Executive Vice President and Chief Financial Officer, as well as other members of our management team who will be available to answer questions at the end of the call. Before we begin, please take a moment to review our cautionary statement shown here, and refer to our SEC filings, which can be found on our website. With that, I'll turn the call over to Natascha.

Speaker #3: Before we begin, please take a moment to review our cautionary statement shown here, and refer to our SEC filings, which can be found on our website.

Speaker #3: With that, I'll turn the call over to Natascha.

Speaker #4: Thank you, Neil, and hello, everyone. To begin today's call, I'd like to start by acknowledging the executive leadership appointments we announced last month, reflecting the depth and talent we have within Newmont and reinforcing our commitment to building a future-ready organization with the leadership capabilities needed to execute our strategy.

Natascha Viljoen: Thank you, Neil, hello, everyone. To begin today's call, I'd like to start by acknowledging the executive leadership appointments we announced last month, reflecting the depth and talent we have within Newmont and reinforcing our commitment to building a future-ready organization with the leadership capabilities needed to execute our strategy. Together, these appointments strengthen our financial, operational, technical, and project development expertise that will help us deliver consistent performance and steward our world-class portfolio. Bryan Tabolt has been appointed as Executive Vice President and Chief Financial Officer. Since joining Newmont in 2021, Bryan has held several senior finance roles, helping to strengthen financial oversight, integrated planning, and capital allocation priorities across the business. Most recently, Bryan served as the Chief Accounting Officer and Group Head Finance and brings more than 20 years of experience to the role.

Speaker #4: Together, these appointments strengthen our financial, operational, technical, and project development expertise that will help us deliver consistent performance and steward our world-class portfolio. Brian Table has been appointed as Executive Vice President and Chief Financial Officer.

Speaker #4: Since joining Newmont in 2021, Brian has held several senior finance roles, helping to strengthen financial oversight, integrated planning, and capital allocation priorities across the business.

Speaker #4: Most recently, Brian served as the Chief Accounting Officer and Group Head, Finance, and brings more than 20 years of experience to the role. I also want to recognize and thank Peter Wexler, who served as interim CFO over the past year, providing steady leadership and continuity during an important period for Newmont, and we are grateful for the discipline and commitment he brought to the position.

Natascha Viljoen: I also want to recognize and thank Peter Wexler, who served as interim CFO over the past year, providing steady leadership and continuity during an important period for Newmont. We are grateful for the discipline and commitment he brought to the position. Mark Rodgers has been appointed as Executive Vice President and Chief Operating Officer. Mark joined Newmont in 2020 and has held senior leadership roles across several regions, most recently as Managing Director for Africa and Asia Pacific. Mark has over 30 years of experience in the industry, and as Chief Operating Officer, he will lead performance across our 12 managed operations with a strong focus on safe, consistent delivery and operational excellence, inclusive of health, safety, security, and environment. Dave Thornton has been appointed as Executive Vice President and Chief Technical Officer.

Speaker #4: Mark Rogers has been appointed as Executive Vice President and Chief Operating Officer. Mark joined NEWMONT in 2020 and has held senior leadership roles across several regions, most recently as Managing Director for Africa and Asia Pacific.

Speaker #4: Mark has over 30 years of experience in the industry, and as Chief Operating Officer, he will lead performance across our 12 managed operations, with a strong focus on safe, consistent delivery and operational excellence, inclusive of health, safety, security, and environment.

Speaker #4: Dave Thornton has been appointed as Executive Vice President and Chief Technical Officer. Dave has more than 25 years of mining experience and joined Newmont in 2016, where he has since held leadership roles across North and South America and Africa, most recently serving as the Managing Director of the Americas.

Natascha Viljoen: Dave has more than 25 years of mining experience and joined Newmont in 2016, where he has since held leadership roles across North and South America, and Africa, most recently serving as the Managing Director of the Americas. In his new role, he will lead the technical services team, bringing together exploration, mining and mine planning, processing, asset management, and digital capabilities to strengthen technical excellence in support of operational and project performance. Finally, David Fry has been promoted to the newly created position as Executive Vice President, Project Development. David joined Newmont in 2022 and most recently served as Group Head, Global Projects. He brings significant international project delivery experience across mining, energy, and infrastructure sectors and will continue to focus on disciplined execution as we advance our highest return growth opportunities. These appointments reflect the confidence we have in the people who know our business best.

Speaker #4: In his new role, he will lead the Technical Services team, bringing together exploration, mining and mine planning, processing, asset management, and digital capabilities to strengthen technical excellence in support of operational and project performance.

Speaker #4: And finally, David Fry has been promoted to the newly created position of Executive Vice President, Project Development. David joined Newmont in 2022 and most recently served as Group Head, Global Projects.

Speaker #4: He brings significant international project delivery experience across mining, energy, and infrastructure sectors, and will continue to focus on disciplined execution as we advance our highest-return growth opportunities.

Speaker #4: These appointments reflect the confidence we have in the people who know our business best. Together with existing team members—Peter Wexler, Peter Taft, and David Leiver—they have helped shape the company we are today, and share accountability for delivering the plans that define our future.

Natascha Viljoen: Together with existing team members, Peter Wexler, Peter Toth, and Debbie Lawler, they have helped shape the company we are today and share accountability for delivering the plans that define our future, executing our strategy, advancing our world-class portfolio, and leading with cost and capital discipline. With that, I will turn now to our Q2 highlights. Newmont delivered a strong Q2 and remains on track to achieve a full-year 2026 guidance, supported by disciplined execution across the portfolio and continued momentum as we head into the H2. Beginning with our operational performance. In the Q2, we produced 1.3 million ounces of gold, 17,000 tons of copper, and seven million ounces of silver from the full portfolio. The performance supported $2.9 billion of cash flow from operations after working capital and a Q2 record of $2.2 billion in free cash flow.

Speaker #4: Executing our strategy, advancing our world-class portfolio, and leading with cost and capital discipline. With that, I will turn now to our second quarter highlights.

Speaker #4: Newmont delivered a strong second quarter and remains on track to achieve full-year 2026 guidance, supported by disciplined execution across the portfolio and continued momentum as we head into the second half of the year.

Speaker #4: Beginning with our operational performance, in the second quarter, we produced 1.3 million ounces of gold, 17,000 tons of copper, and 7 million ounces of silver from the full portfolio.

Speaker #4: The performance supported $2.9 billion of cash flow from operations after working capital, and a second-quarter record in free cash flow. Since our last earnings call, and including share repurchases in July, we have returned approximately $1.9 billion to shareholders through quarterly dividends and ongoing share repurchases.

Natascha Viljoen: Since our last earnings call and including share repurchases in July, we have returned approximately $1.9 billion to shareholders through quarterly dividends and ongoing share repurchases. I also want to highlight that we have now repurchased over 100 million shares since we began our share repurchase program a little over two years ago. This is a meaningful milestone that Brian will discuss later in the call. During the quarter, we also achieved several important milestones within our portfolio. First, at Red Chris, the Block Cave project received key regulatory approvals from the province of British Columbia. This includes an amended environmental assessment certificate achieved through a consent-based process with the Tahltan Nation, reflecting the strength of our partnerships and shared commitment to advancing the project responsibly.

Speaker #4: I also want to highlight that we have now repurchased over 100 million shares since we began our share repurchase program a little over two years ago.

Speaker #4: This is a meaningful milestone that Brian will discuss later in the call. During the quarter, we also achieved several important milestones within our portfolio.

Speaker #4: First, at Red Chris, the Blockhive Project received key regulatory approvals from the province of British Columbia. This includes an amended Environmental Assessment Certificate, achieved through a consent-based process with the Tahltan Nation, reflecting the strength of our partnerships and shared commitment to advancing the project responsibly.

Speaker #4: With these approvals in place, we are focused on completing the feasibility study and advancing the project toward board approval and final investment decisions for this promising new project.

Natascha Viljoen: With these approvals in place, we are focused on completing the feasibility study and advancing the project toward board approval and final investment decisions for this promising new project. We made significant progress on the recovery efforts at Cadia following the seismic event that occurred on 14 April. Production from the operating caves resumed in mid-June, and the team is working to complete the remaining ground support upgrades. Development rates at PC1-2 have returned to normal levels, and we are working to secure the regulatory approvals required to safely restart cave establishment at both of the project's caves later in the year. We continue to expect no impact on Newmont's full-year production guidance. Collectively, our Q2 results continue to demonstrate the strength of Newmont's portfolio and its ability to convert solid operational performance into significant free cash flow and returns to our shareholders.

Speaker #4: We made significant progress on the recovery efforts at CADEA following the seismic event that occurred on April 14. Production from the operating case resumed in mid-June, and the team is working to complete the remaining ground support upgrades.

Speaker #4: Development rights at PC12 have returned to normal levels, and we are working to secure the regulatory approvals required to safely restart CADEA establishment at both cases of the project later in the year.

Speaker #4: We continue to expect no impact on Newmont's full-year production guidance. Collectively, our second-quarter results continue to demonstrate the strength of Newmont's portfolio and its ability to convert solid operational performance into significant free cash flow and returns to our shareholders.

Speaker #4: Turning now to the operational drivers supporting our full-year outlook. Our second quarter operational performance was modestly ahead of the expectations we communicated in April, primarily due to certain ounces being realized earlier than expected.

Natascha Viljoen: Turning now to the operational drivers supporting our full-year outlook. Our Q2 operational performance was modestly ahead of the expectations we communicated in April, primarily due to certain ounces being realized earlier than expected, driving some Q3 production forward into the Q2. The most notable drivers were Yanacocha, where ounces were produced earlier than planned, and Lihir, which delivered a stronger quarter as a result of the ongoing asset reliability work at this world-class operation. Together, these assets delivered approximately 50,000 ounces of production that was initially expected in the H2. During the quarter, we also benefited from a stable performance from our Nevada Gold Mines joint venture. Taking these results into account, we now expect approximately 49% of full-year production to have been delivered in the H1, with 51% expected in the H2.

Speaker #4: Driving some third quarter production forward into the second quarter. The most notable drivers were Yanacocha, where ounces were produced earlier than planned, and Ahafo, which delivered a stronger quarter as a result of the ongoing asset reliability work at this world-class operation.

Speaker #4: Together, these assets delivered approximately 50,000 ounces of production that was initially expected in the second half of the year. During the quarter, we also benefited from a stable performance from our Nevada Gold Mines joint venture.

Speaker #4: Citing these results into account, we now expect approximately 49% of full-year production to have been delivered in the first half, with 51% expected in the second half.

Speaker #4: Looking ahead, we expect portfolio performance to be broadly in line with the second quarter, before picking up again in the fourth quarter, which is still expected to be our strongest of the year, as La Herradura completes planned maintenance in the third quarter, and Ahafo North reaches its full run rate.

Natascha Viljoen: Looking ahead, we expect Q3 production for the total portfolio to be broadly in line with the Q2, before picking up again in the Q4, which is still expected to be our strongest of the year as Lihir completes plant maintenance in the Q3 and our Ahafo North reaches its full run rate. Shifting now to cost. We remain focused on controlling our absolute cost base to maximize margins and continue supporting strong free cash flow. As we signaled last quarter, higher oil prices contributed to the expected increase in Q2 cost. However, even after absorbing that pressure, both cost applicable to sales and all-in sustaining costs remain firmly within our full year guidance ranges, reflecting the continued discipline and cost and productivity initiatives we have been implementing across the portfolio.

Speaker #4: Shifting now to cost. We remain focused on controlling our absolute cost base to maximize margins and continue supporting strong free cash flow. As we signaled last quarter, higher oil prices contributed to the expected increase in second-quarter cost.

Speaker #4: However, even after absorbing that pressure, both costs applicable to sales and oil-in-sustaining costs remain firmly within our full-year guidance ranges, reflecting the continued discipline and cost and productivity initiatives we have been implementing across the portfolio.

Speaker #4: To make the work that we’ve been doing more tangible, I want to highlight a few examples. We have parked nearly 50 mining production units across the portfolio without affecting production.

Natascha Viljoen: To make the work that we've been doing more tangible, I want to highlight a few examples. We have parked nearly 50 mining production units across the portfolio without affecting production. At Cerro Negro, more efficient pre-start activities have increased underground productive time by approximately 15% per shift. At Ahafo North, we have made targeted investments to operationalize and improve milling efficiency. At Merian, we have improved road conditions and overall wet weather preparedness to optimize existing equipment performance during the rainy seasons. Across the portfolio, we continue to reduce contract utilization where possible. These are practical, site-led actions that collectively improve productivity and help offset external cost pressures. Finally, our capital spend for 2026 is on track to land within the guidance ranges that we set at the beginning of the year.

Speaker #4: At Cerro Negro, more efficient pre-start activities have increased underground productive time by approximately 15% per shift. At Half Ounce North, we have made targeted investments to operationalize and improve milling efficiency.

Speaker #4: And at Merion, we have improved road conditions and overall wet weather preparedness to optimize existing equipment performance during the rainy seasons. Across the portfolio, we continue to reduce contract utilization where possible.

Speaker #4: These are practical, site-led actions that collectively improve productivity and help offset external cost pressures. Finally, our capital spend for 2026 is on track to land within the guidance ranges that we set at the beginning of the year.

Speaker #4: Starting with sustaining capital, we now expect spending to be approximately 58% weighted towards the second half of the year, primarily due to the timing of key programs at Boddington and Cadia.

Natascha Viljoen: Starting with sustaining capital, we now expect spending to be approximately 58% weighted towards H2 of the year, primarily due to the timing of key programs at Boddington and Cadia, ongoing ventilation work at Tanami, and seasonal surface construction at Brucejack and Red Chris during the warmer summer months in British Columbia. Development capital is now expected to be 63% weighted to H2, reflecting the timing of work at our key projects in execution, as well as the progression of feasibility study work at Red Chris. At Cadia, development spending is expected to increase as work recommences at the Panel Cave project following the April seismic event. At Lihir, mobilization of the nearshore barrier will ramp up in Q3, unlocking access to more than 5 million ounces beginning in 2028.

Speaker #4: Ongoing ventilation work at Tanami, and seasonal surface construction at Brucejack and Red Chris during the warmest summer months in British Columbia. Development capital is now expected to be 63% weighted to the second half, reflecting the timing of work at our key projects in execution, as well as the progression of feasibility study work at Red Chris.

Speaker #4: At CADEA, development spending is expected to increase as work recommences at the panel cave projects following the April seismic event. At Lahire, mobilization of the nearshore barrier will ramp up in the third quarter, unlocking access to more than 5 million ounces beginning in 2028.

Speaker #4: And the second expansion at Tanamai continues to progress to plan, with all underground infrastructure expected to be completed by the end of the third quarter.

Natascha Viljoen: The second expansion at Tanami continues to progress to plan, with all underground infrastructure expected to be completed by the end of Q3. With that, I will now turn it over to Bryan to review our financial performance and capital allocation priorities. Bryan, over to you.

Speaker #4: With that, I will now turn it over to Brian to review our financial performance and capital allocation priorities. Brian, over to you.

Speaker #2: Thank you, Natascha. And hello, everyone. I want to start by expressing how honored I am to step into the CFO role here at Newmont.

Brian Tabolt: Thank you, Natascha, and hello everyone. I want to start by expressing how honored I am to step into the CFO role here at Newmont. Since joining the company in 2021, having worked closely with teams across the business, including the newly appointed and existing members of the executive leadership team, I have developed a deep understanding of our portfolio, financial priorities, and the discipline required to deliver consistent shareholder value. I look forward to building on that work in my new role. I also want to thank Peter and the broader finance team for the strong foundation and continuity they have provided through this transition. Turning to Q2, Newmont delivered strong financial results supported by stable operations, disciplined cost management, and continued execution across the portfolio. We generated $3.8 billion of adjusted EBITDA and adjusted net income of $2.10 per share.

Speaker #2: Since joining the company in 2021, and having worked closely with teams across the business—including the newly appointed and existing members of the executive leadership team—I have developed a deep understanding of our portfolio, financial priorities, and the discipline required to deliver consistent shareholder value.

Speaker #2: And I look forward to building on that work in my new role. I also want to thank Peter and the broader finance team for the strong foundation and continuity they have provided through this transition.

Speaker #2: Turning to the second quarter, Newmont delivered strong financial results, supported by stable operations, disciplined cost management, and continued execution across the portfolio. We generated $3.8 billion of adjusted EBITDA and adjusted net income of $2.10 per share.

Speaker #2: We realized an average gold price of $4,414 per ounce, generated $2.9 billion of cash flow from operations after working capital, and delivered $2.2 billion of free cash flow.

Brian Tabolt: We realized an average gold price of $4,414 per ounce, generated $2.9 billion of cash flow from operations after working capital, and delivered $2.2 billion of free cash flow. Working capital was a modest use of cash during the quarter, primarily reflecting reclamation spending at Yanacocha, normal course inventory and stockpile builds, and the timing of cash tax payments. This was partly offset by favorable receivable movements at Peñasquito and Cadia, where strong collections and lower sales volumes reduced outstanding balances. As we move into H2 of the year, working capital variability may continue, including the potential unwinding of a portion of the receivable benefit recorded in the quarter. During the calendar quarter, we returned approximately $1.8 billion through quarterly dividends and share repurchases, marking the second consecutive quarter in which we returned more than 80% of the free cash flow generated during the period.

Speaker #2: Working capital was a modest use of cash during the quarter, primarily reflecting reclamation spending at Yanacocha, normal course inventory and stockpile builds, and the timing of cash tax payments.

Speaker #2: This was partly offset by favorable receivable movements at Peñasquito and CADEA, where strong collections and lower sales volumes reduced outstanding balances. As we move into the second half of the year, working capital variability may continue, including the potential unwinding of a portion of the receivable benefit recorded in the quarter.

Speaker #2: During the calendar quarter, we returned approximately $1.8 billion through quarterly dividends and share repurchases, marking the second consecutive quarter in which we returned more than 80% of the free cash flow generated during the period.

Speaker #2: Importantly, we achieved this while continuing to fund our organic growth pipeline and maintaining a strong net cash position. This further differentiates Newmont from our peers and demonstrates the strength of our business through the commodity and investment cycles.

Brian Tabolt: Importantly, we achieved this while continuing to fund our organic growth pipeline and maintaining a strong net cash position, further differentiating Newmont from our peers and demonstrating the strength of our business through the commodity and investment cycles. Our Q2 results also demonstrate the significant operating leverage embedded in the portfolio. Year over year, our realized gold price increased by approximately $1,100 per ounce, or about 33%, while absolute cost applicable to sales increased just 4%. As a result, a substantial portion of the higher gold price translated into stronger margins and free cash flow. Turning to costs, gold all-in sustaining costs were $1,621 per ounce on a by-product basis, remaining well below our full-year guidance of $1,680 per ounce.

Speaker #2: Our second quarter results also demonstrate the significant operating leverage embedded in the portfolio. Year over year, our realized gold price increased by approximately $1,100 per ounce, or about 33%, while absolute costs applicable to sales increased just 4%.

Speaker #2: As a result, a substantial portion of the higher gold price translated into stronger margins and free cash flow. Turning to costs, gold all-in sustaining costs were $1,621 per ounce on a byproduct basis, remaining well below our full-year guidance of $1,680 per ounce.

Speaker #2: Unit costs increased sequentially, quarter over quarter, as expected, primarily reflecting lower gold and silver production and sales volumes, a lower byproduct contribution, and the full-quarter impact of higher Ghana royalties and higher diesel prices.

Brian Tabolt: Unit costs increased sequentially quarter over quarter as expected, primarily reflecting lower gold and silver production and sales volumes, a lower by-product contribution, and the full quarter impact of higher Ghana royalties and higher diesel prices. Despite these factors, our absolute cost base remains well-controlled, and we continue to monitor the geopolitical environment and its potential cost implications while remaining encouraged by our demonstrated ability to manage costs and improve productivity. As Natascha mentioned, total portfolio production in Q3 is expected to remain broadly in line with Q2, which when coupled with the planned approximate $150 million quarter-over-quarter increase in sustaining capital, is expected to result in moderately higher unit costs in Q3. We remain focused on managing absolute costs, protecting margins, and maintaining discipline as we work through the higher capital spend expected in H2 of the year.

Speaker #2: Despite these factors, our absolute cost base remains well controlled. We continue to monitor the geopolitical environment and its potential cost implications, while remaining encouraged by our demonstrated ability to manage costs and improve productivity.

Speaker #2: As Natascha mentioned, total portfolio production in the third quarter is expected to remain broadly in line with the second quarter, which, when coupled with the planned approximate $150 million quarter-over-quarter increase in sustaining capital, is expected to result in moderately higher unit costs in the third quarter.

Speaker #2: We remain focused on managing absolute costs, protecting margins, and maintaining discipline as we work through the higher capital spend expected in the second half of the year.

Speaker #2: Turning now to our capital allocation priorities. The capital allocation framework introduced earlier this year continues to provide the right balance between reinvesting in our world-class portfolio, maintaining financial flexibility, and returning excess cash to shareholders.

Brian Tabolt: Turning now to our capital allocation priorities. The capital allocation framework introduced earlier this year continues to provide the right balance between reinvesting in our world-class portfolio, maintaining financial flexibility, and returning excess cash to shareholders. Having been closely involved in the development of this framework, our focus remains on executing against it with discipline, consistency, and transparency. Beginning with the sustaining capital, we invested $438 million in Q2 to support safe production and long-term sustainable cash generation. We remain on track to meet our full-year guidance of $1.95 billion, with spending expected to increase in H2 as we progress critical work that preserves the integrity and longevity of our assets. Turning to the dividend, in Q2, we declared a dividend of $0.26 per share, unchanged from the prior quarter. Moving to development capital, we invested $285 million during the quarter.

Speaker #2: Having been closely involved in the development of this framework, our focus remains on executing against it with discipline, consistency, and transparency. Beginning with the sustaining capital, we invested $438 million in the second quarter to support safe production and long-term sustainable cash generation.

Speaker #2: We remain on track to meet our full-year guidance of $1.95 billion, with spending expected to increase in the second half as we progress critical work that preserves the integrity and longevity of our assets.

Speaker #2: Turning to the dividend, in the second quarter, we declared a dividend of $0.26 per share, unchanged from the prior quarter. Moving to development capital, we invested $285 million during the quarter.

Speaker #2: As Natascha discussed earlier, full-year guidance remains unchanged at $1.4 billion, with spending expected to increase in the second half as we advance projects at Cadia, Tanami, and Lihir.

Brian Tabolt: As Natascha discussed earlier, full-year guidance remains unchanged at $1.4 billion, with spending expected to increase in H2 as we advance projects at Cadia, Tanami, and Lihir. We also remain committed to maintaining a strong and flexible balance sheet, ending the quarter with $3.4 billion of net cash, modestly above the upper end of the range of our net cash target of $1 billion ± $2 billion. That position will naturally fluctuate as we fund our capital programs, pay dividends, and return excess cash to shareholders. In stronger price environments, we would expect our cash position to remain toward the upper end of our net cash range. If prices were to decline, entering that part of the cycle with additional cash would help us to continue funding our capital program while returning capital to shareholders consistent with our through the cycle approach to creating shareholder value.

Speaker #2: We also remain committed to maintaining a strong and flexible balance sheet, ending the quarter with $3.4 billion of net cash, modestly above the upper end of the range of our net cash target of $1 billion, plus or minus $2 billion.

Speaker #2: That position will naturally fluctuate as we fund our capital programs, pay dividends, and return excess cash to shareholders. In stronger price environments, we would expect our cash position to remain toward the upper end of our net cash range.

Speaker #2: If prices were to decline, entering that part of the cycle with additional cash would help us to continue funding our capital program while returning capital to shareholders, consistent with our through-the-cycle approach to creating shareholder value.

Speaker #2: With those priorities funded, the framework directs all excess cash to share repurchases. Since our last earnings call, we have repurchased $1.7 billion of shares under the $6 billion authorization approved in April.

Brian Tabolt: With those priorities funded, the framework directs all excess cash to share repurchases. Since our last earnings call, we have repurchased $1.7 billion of shares under the $6 billion authorization approved in April. This includes more than $600 million repurchased in July to date, leaving approximately $4.3 billion under the current authorization. Since launching our repurchase program over two years ago, we have reduced our share count by more than 100 million shares, or approximately 9%. Based on the repurchases completed to date, the formula under our framework would support a quarterly dividend of $0.27 per share at the next annual review, $0.01 above the current quarterly dividend, or $0.04 on an annualized basis, while maintaining the same targeted annual cash commitment. This would equate to an 8% increase to the dividend since we introduced the new framework only a few months ago.

Speaker #2: This includes more than $600 million repurchased in July to date, leaving approximately $4.3 billion under the current authorization. Since launching our repurchase program over two years ago, we have reduced our share count by more than 100 million shares, or approximately 9%.

Speaker #2: Based on the repurchases completed to date, the formula under our framework would support a quarterly dividend of $0.27 per share at the next annual review—$0.01 above the current quarterly dividend, or $0.04 on an annualized basis.

Speaker #2: While maintaining the same targeted annual cash commitment. This would equate to an 8% increase to the dividend since we introduced the new framework only a few months ago.

Speaker #2: Any increase would remain subject to approval and declaration by the Board, as part of its annual review next February. But we continue to execute the program consistently, reflecting our confidence in the intrinsic value of Newmont shares and the long-term benefits these repurchases deliver to shareholders.

Brian Tabolt: Any increase would remain subject to approval and declaration by the board as part of its annual review next February. We continue to execute the program consistently, reflecting our confidence in the intrinsic value of Newmont shares and the long-term benefits these repurchases deliver to shareholders. As we look to the remainder of the year, our priorities remain clear. Continue funding sustaining capital to preserve the integrity and longevity of our assets, continuing advancing our highest return development projects, maintain financial flexibility with our net cash target range, and return excess cash to shareholders through ongoing share repurchases. With that, I'll turn it back to Natascha for closing remarks.

Speaker #2: As we look to the remainder of the year, our priorities remain clear: continue funding sustaining capital to preserve the integrity and longevity of our assets.

Speaker #2: Continue advancing our highest-return development projects, maintain financial flexibility with our net cash target range, and return excess cash to shareholders through ongoing share repurchases.

Speaker #2: With that, I'll turn it back to Natascha for closing remarks.

Speaker #1: Thank you, Brian. In closing, our strong first-half performance positions us well to continue delivering on our commitments and creating value for our shareholders.

Natascha Viljoen: Thank you, Bryan. In closing, our strong H1 performance positions us well to continue delivering on our commitments and creating value for our shareholders. We remain on track to achieve our 2026 guidance, supported by solid execution across the portfolio. Our operations continue to generate significant free cash flow, allowing us to invest in the business, maintain a strong and resilient balance sheet, and return capital to shareholders through our consistent capital allocation framework. As we enter Newmont's next phase of delivery, we do so with a renewed executive leadership team that has deep knowledge of our operations and the jurisdictions in which we operate. These leaders have helped shape the company we are today, they understand our assets, our people, and the opportunities ahead, they share the clear accountability for delivering Newmont's future.

Speaker #1: We remain on track to achieve our 2026 guidance, supported by solid execution across the portfolio. Our operations continue to generate significant free cash flow, allowing us to invest in the business, maintain a strong and resilient balance sheet, and return capital to shareholders through our consistent capital allocation framework.

Speaker #1: As we enter Newmont's next phase of delivery, we do so with a renewed executive leadership team that has deep knowledge of our operations and the jurisdictions in which we operate.

Speaker #1: These leaders have helped shape the company we are today, and they understand our assets, our people, and the opportunities ahead. They share clear accountability for delivering Newmont's future.

Speaker #1: Their appointments demonstrate the depth of our internal bench strength and provide important continuity in how we execute our strategy. More importantly, the team is fully aligned around the priorities that will drive long-term value.

Natascha Viljoen: Their appointments demonstrate the depth of our internal bench strength and provide important continuity in how we execute our strategy. More importantly, the team is fully aligned around the priorities that will drive long-term value. Safe and consistent operational performance and project delivery, rigorous cost and capital discipline, and focused investment in the highest return opportunities within our portfolio. Looking ahead, we will continue to leverage our industry-leading portfolio, deep technical expertise, and experienced leadership team to build a stable and resilient future for Newmont. Finally, before we open the floor for questions, I would like to make a brief reference to our discussions with Barrick. I want to specifically refer to our notice of default, as well as our overall efforts to protect the rights and value of the Newmont shareholders.

Speaker #1: Safe and consistent operational performance and project delivery, rigorous cost and capital discipline, and focused investment in the highest return opportunities within our portfolio. Looking ahead, we will continue to leverage our industry-leading portfolio, deep technical expertise, and experienced leadership team to build a stable and resilient future for Newmont.

Speaker #1: Finally, before we open the floor for questions, I would like to make a brief reference to our discussions with Barrick. I want to specifically refer to our notice of default, as well as our overall efforts to protect the rights and value of the Newmont shareholders.

Speaker #1: We have actively engaged with Barrick over the last few months to find mutually acceptable solutions to our diverging legal, technical, and commercial views on various aspects of the joint venture’s management and past performance.

Natascha Viljoen: We have actively engaged with Barrick over the last few months to find mutually acceptable solutions to our diverging legal, technical, and commercial views on the various aspects of the joint ventures management and past performance, the proposed IPO and the potential resulting complexities, and contribution process for all excluded properties with the goal of maximizing NGM's performance both in the near and long term. We have remained resolute in protecting the interests and rights of Newmont shareholders throughout this process. While I remain hopeful of reaching a successful near-term resolution, we find ourselves nearing the end of this extensive direct engagement period with several key issues still unresolved.

Speaker #1: The proposed IPO and the potential resulting complexities, and the contribution process for all excluded properties, with the goal of maximizing NGM's performance both in the near and long term.

Speaker #1: We have remained resolute in protecting the interests and rights of Newmont shareholders throughout this process. While I remain hopeful of reaching a successful near-term resolution, we find ourselves nearing the end of this extensive direct engagement period with several key issues still unresolved. Most importantly, as I mentioned on previous calls, we remain committed to fostering a strong working relationship with Barrick, playing a role to ensure NGM delivers to its full potential, and protecting and, if required, enforcing our legal rights enshrined in the JV agreement.

Natascha Viljoen: Most importantly, as I mentioned on previous calls, we remain committed to fostering a strong working relationship with Barrick, playing a role to ensure NGM delivers to its full potential and protecting and, if required, enforcing our legal rights enshrined in the JV agreement. You will appreciate that given the ongoing discussions and sensitivities on both sides, I will not be able to answer any specific questions regarding the issue. With that, we look forward to addressing your questions about Newmont's operational and financial performance. Handing over to Neil.

Speaker #1: You will appreciate that, given the ongoing discussions and sensitivities on both sides, I will not be able to answer any specific questions regarding the issue.

Speaker #1: And with that, we look forward to addressing your questions about Newmont's operational and financial performance. Handing over to Neil.

Speaker #2: Yeah, all right. Well, hi. I think we're ready for Q&A, so I'll turn it over to you to bring up the first question.

Neil Backhouse: All right. Well, Holly, I think we're ready for Q&A, I'll turn it over to you to bring up the first question.

Speaker #1: Wonderful. We will now begin the question-and-answer session. We ask that you please limit inquiries to one follow-up question. If you'd like to ask a question, please press star, then one to raise your hand.

Operator 2: Wonderful. We will now begin the question and answer session. We ask that you please limit inquiries to one follow-up question. If you'd like to ask a question, please press star, then one to raise your hand. If you're using a speakerphone, please pick up.

Speaker #1: If you're using a speakerphone, please pick up your phone.

Speaker #2: Holly, can I just confirm that you can hear us?

Neil Backhouse: Holly, can I just confirm that you can hear us?

Speaker #1: Our next question comes from Richard Garcia Torrena with Barclays. Richard, your line is open.

Operator 2: Our first question comes from Richard Garchitorena with Barclays. Richard, your line is open.

Speaker #3: Great, thanks, and good afternoon. Can you hear me clearly? Hello? So, yeah, thanks for taking my question, and congrats on the regulatory approvals for Red Chris.

Richard Garchitorena: Great. Thanks, and good afternoon. Can you hear me clearly? Hello? Yeah, thanks for taking my question. Congrats on the regulatory approvals for Red Chris. Just wondering if you could walk us through what are the remaining milestones that we should be expecting as you move towards completing the feasibility study. Obviously, probably some refinements on some of the costs, I guess, given recent inflation pressures. Then, how should we think about FID later this year, in terms of timeline for construction?

Speaker #3: Just wondering if you could walk us through what the remaining milestones are that we should be expecting as you move toward completing the feasibility study?

Speaker #3: Obviously, we'll probably see some refinements on some of the costs, I guess, given recent inflation pressures. And then, how should we think about FID later this year in terms of the timeline for construction?

Speaker #2: Just a moment, please.

Neil Backhouse: Just a moment, please.

Speaker #1: We are currently experiencing technical difficulties. Please hold while we pause.

Operator 2: We are currently experiencing technical difficulties. Please hold while we pause.

Speaker #2: All right. Holly, can you hear us now, okay?

Neil Backhouse: All right. Holly, can you hear us now okay?

Operator 1: We are experiencing technical difficulties and have placed the call on hold. Please stay on the line. The event will resume shortly.

Speaker #4: We are experiencing technical difficulties and have placed the call on hold. Please stay on the line. The event will resume shortly.

Speaker #1: Thank you for pausing for our technical difficulties. Richard Garcia Torrena, if you could ask your question again. A reminder to unmute.

Operator 2: Thank you for pausing for our technical difficulties. Richard Garchitorena, if you could ask your question again. A reminder to unmute.

Speaker #2: Yeah, Holly, it seems like we may still be having technical difficulties. We are unable to hear Richard.

Neil Backhouse: Yeah. Holly, it seems like we may still be having technical difficulties. We are unable to hear Richard.

Speaker #1: All right. Our next question comes from Fahad Tariq with Jefferies. Your line is now open.

Operator 2: All right. Our next question comes from Fahad Tariq with Jefferies. Your line is now open.

Speaker #3: Hi. Thanks for taking my question.

Fahad Tariq: Hi. Thanks for taking my question.

Speaker #1: You're welcome.

Operator 2: Please go ahead.

Speaker #3: Hi, thanks for taking my question. Hopefully, you can hear me okay. I just want to ask about the cost pressures potentially building up in the operations.

Fahad Tariq: Hi. Thanks for taking my question. Hopefully, you can hear me okay. I just wanted to ask about the cost pressures potentially building up in the operations, just given what's happening with oil prices now elevated again, diesel costs in Australia potentially now translating because it's been so many months of elevated prices translating to higher freight costs. I just wanted to get a sense of how you're thinking about costs in the H2 of this year, and whether you still expect productivity improvements to offset the cost pressures. Thanks.

Speaker #3: Just given what's happening with oil prices—now elevated again—and diesel costs in Australia, it's potentially now translating, because it's been so many months of elevated prices, to higher freight costs.

Speaker #3: I just wanted to get a sense of how you're thinking about costs in the second half of this year, and whether you still expect productivity improvements to offset the cost pressures.

Speaker #3: Thanks.

Brian Tabolt: Hi, Fahad. This is Brian Tabolt. I'll take your question. As it relates to oil price and diesel, notably, obviously today, with the oil price jumping up to $100 a barrel. We are watching and monitoring cost pressures across the business. Notably in Q2, you'll see part of our CAS increases driven by that fuel cost of about $100 a barrel that we experience on average in Q2. We would expect that to continue in Q3 based on the current price environment. There is a bit of a lag in terms of when the price of oil hits our diesel. Each of the sites has a slightly different arrangement as it relates to the supply of oil. We will see some of that continue to flow through in Q3.

Speaker #2: Hi Fahad, this is Brian Table. I'll take your question. As it relates to oil price and diesel—notably, obviously, today, with the oil price jumping up to $100 a barrel—we are watching and monitoring cost pressures across the business.

Speaker #2: Notably, in the second quarter, you'll see part of our CAS increase is driven by that fuel cost of about $100 a barrel that we experienced on average in the second quarter.

Speaker #2: We would expect that to continue. In the third quarter, based on the current price environment, there is a bit of a lag in terms of when the price of oil hits our diesel.

Speaker #2: Each of the sites has a slightly different arrangement as it relates to the supply of oil, and so we will see some of that continue to flow through in the third quarter.

Speaker #2: As it relates to other costs, in terms of indirects, we continue to monitor that—most notably the impacts in terms of explosives, cyanide, grinding media, and then inevitably the tail, in terms of labor and contractor spend.

Brian Tabolt: As it relates to other costs in terms of indirects, we continue to monitor that, notably the impacts in terms of explosives, cyanide, grinding media, and then inevitably the tail in terms of labor contractor spend. We do see some costs as it relates to freight hitting those indirects. In terms of the escalation, we're still just in a monitoring stage in terms of that cost pressure. As we've noted in our materials, for every $10 per barrel change in the price of oil, you'll see on a full year basis about a $60 million impact. In terms of indirects, that would be a knock-on impact, but again, right now we're just monitoring to see how that cost pressure continues to persist.

Speaker #2: We do see some costs, as it relates to freight, hitting those indirects. But in terms of the escalation, we're still just in a monitoring stage in terms of that cost pressure.

Speaker #2: As we've noted in our materials, we do have about a for every $10 per barrel change in the price of oil, you'll see on a full-year basis about a $60 million impact.

Speaker #2: In terms of indirects, that would be a knock-on impact. But again, right now we're just monitoring to see how that cost pressure continues to persist.

Speaker #3: Okay, great. And then, just on Red Chris, the $500 million investment from the Canadian government—can you provide any more detail on what form that is taking?

Fahad Tariq: Okay, great. Just on Red Chris, the $500 million investment from the Canadian government, can you provide any more detail on what form that is taking? I couldn't see it in the official announcement, whether it's a grant, a loan, an equity investment, or something else, maybe some sort of tax benefit. Any color there would be helpful. Thanks.

Speaker #3: I couldn't see it in the official announcement—whether it's a grant, a loan, an equity investment, or something else; maybe some sort of tax benefit?

Speaker #3: Any color there would be helpful. Thanks.

Speaker #1: Fahad, we are still working at the moment on the MOU with a major project office in Canada to determine the full terms and conditions of the grant.

Natascha Viljoen: Fahad, we're still working at the moment on the MOU with a major project office in Canada to determine the full terms and conditions of the grant. In the meantime, we feel quite encouraged by the confidence that the Canadian government's got in the project and also just the support that we get from the Canadian government.

Speaker #1: In the meantime, we feel quite encouraged by the confidence that the Canadian government has in the project, and also by the support that we get from the Canadian government.

Speaker #3: Okay. Great. Thank you.

Fahad Tariq: Okay, great. Thank you.

Operator 2: Our next question comes from Hugo Nicolaci from Goldman Sachs. Hugo, your line is now open. Please go ahead.

Speaker #1: Our next question comes from Hugo Nicolaxi at Goldman Sachs. Hugo, your line is now open. Please go ahead.

Speaker #3: Oh, hi, Natascha. And Tom, good to see another strong quarter. First one, just on production. You've highlighted this year as a trough year on production, but can you maybe step us through the pathway back to 6 million ounces, and how dependent is that on the Cadia Cave ramp-up in 2029?

Hugo Nicolaci: Hi, Natascha and team. Good to see another strong quarter. First one's just on production. You've highlighted this year as a trough year on production, can you maybe step us through the pathway back to 6 million ounces, and how dependent is that on the Cadia Cave ramp up in 2029? Maybe are there other levers you can pull to get there without Cadia and perhaps even earlier than 2029? Thanks.

Speaker #3: Or maybe are there other levers you can pull to get there without Cadia, and perhaps even earlier than 2029? Thanks.

Speaker #1: Yeah, thank you, though. And a really good question. So we are—firstly, the development of the Cadia caves—we're less reliant on, in terms of the long-term production.

Natascha Viljoen: Thanks, Hugo, and a really good question. Firstly, the development of the Cadia Caves, we are less reliant on in terms of the long-term production. We will see certainly the new caves, BC 2-3, as it comes on. We will see that cave taking over some of the lower grade production out of BC 1, and we will see an improvement in the grades. As we said in our prepared remarks, we see predominantly the outstanding work on BC 1.2 as we think BC 2. Well, the plan is for BC 2-3 to still be handed over to the production team with the last drawbells here at the end of this year. We have all of the other elements that we continuously talk to. Ahafo North will be ramping up to full production. Cerro Negro, Tanami.

Speaker #1: We will certainly see the new CAVES BC23 as it comes on. We will see CAVES taking over some of the lower-grade production out of BC1, and we will see an improvement in the grades.

Speaker #1: As we said in our prepared remarks, we do not—we see predominantly the outstanding work on BC12. As we think, BC2, well, the plan is for BC23 to still be handed over to the production team, with the last doorbells here at the end of this year.

Speaker #1: Then we have all of the other elements that we continuously talk to. Our North will be ramping up to full production: Cerro Negro, Tanami. We will have Boddington in high-grade areas, Lihir near shore barrier, and in high-grade areas.

Natascha Viljoen: We will have Boddington in high-grade areas, Lihir nearshore barrier and in high-grade areas. Less reliant in this medium term on the caves coming on.

Speaker #1: So, we're less reliant in this medium term on the CAVES coming on.

Speaker #3: But that's helpful. And then, just a follow-up on costs, as you touched on—obviously, we're seeing the reemergence of cost inflation in the sector, not just on energy, but equipment and labor as well, particularly at underground mines.

Hugo Nicolaci: That's helpful. Just a follow-up on costs, as you touched on, obviously seeing re-emergence of cost inflation in the sector, not just on energy but equipment and labor as well, particularly at underground mines. Appreciate you touching on some of the productivity measures already, but could you maybe outline which assets you're seeing the most cost pressures at and which assets you expect to sort of offset this to meet the unchanged cost guidance?

Speaker #3: I appreciate you touching on some of the productivity measures already, but could you maybe outline which assets you're seeing the most cost pressures at, and which assets you expect to offset this in order to meet the unchanged cost guidance?

Speaker #1: So, Hugo, the biggest impact on energy would be in the mines that we have. The biggest fleet would be—typically, your open-pit mines, and that's Boddington, Peñasquito as an example.

Natascha Viljoen: Hugo, the biggest impact on energy would be in the mines that we have the biggest fleet, which would be typically your open pit mines, and that's Boddington, Peñasquito, as an example. I should have mentioned Lihir as well. You would have seen the improvements we've made on productivity across all three of those big sites. We've seen a number of the pieces of equipment that we've parked in those areas. I think I might have missed Merian as well. All of them are equal, Merian, Lihir, Boddington, and Peñasquito. It's important that we've reduced our consumption in those areas. I think that is of particular importance. Across the entire portfolio, every asset is doing work to have cost focus, productivity improvement, and obviously the increase in ounces as we step into next year will all help to offset some of our unit costs.

Speaker #1: You would have seen the improvements that we have made—I should have mentioned Lehir as well. You would have seen the improvements we've made on productivity across all three of those big sites.

Speaker #1: And we've seen a number of the pieces of equipment that we've parked in those areas. I think I might have missed Nerian as well.

Speaker #1: All of them are equal—Nerian, Lehir, Bottington, and Peñasquito—so it's important that we've reduced our consumption in those areas. I think that is of particular importance.

Speaker #1: And then, across the entire portfolio, every asset is doing work to have cost focus, productivity improvement, and obviously, the increase in ounces as we step into next year will all help to offset some of our unit cost.

Speaker #3: Great. Thanks. Pass it on.

Hugo Nicolaci: Thanks, Natascha.

Speaker #1: Your next question comes from Daniel Morgan with Bear and Joey. Daniel, you're open. Go ahead.

Operator 2: Your next question comes from Daniel Morgan with Barrenjoey. Daniel, you're open. Go ahead.

Speaker #4: Hi, Natascha. Hopefully—excuse me—you can hear me. Thank you. My first question is: What are your latest thoughts on Lehir as an asset?

Daniel Morgan: Hi, Natascha. Hopefully, excuse me, you can hear me.

Natascha Viljoen: Yes.

Daniel Morgan: Thank you. Just first question is, what are your latest thoughts on Lihir as an asset? Where is the asset at on the pathway to what you think it is capable of under Newmont ownership?

Speaker #4: Where is the asset at on the pathway to what you think it is capable of under Newmont ownership?

Speaker #1: Daniel, we feel quite positive and encouraged by the work that the team has done. And I think we'll feel particularly pleased that Lehir has contributed to the additional ounces produced in the second quarter.

Natascha Viljoen: Daniel, we feel quite positive and encouraged by the work that that team has done. I think we feel particularly pleased that Lihir has contributed to the additional ounces produced in Q2. We have seen stability through the mining operations. We see an improvement in reliability in our fixed assets. We have seen a reduction in cost and labor across the assets, and we continue to see good work happening to build strong relationships with our communities. The work that we set out to do is starting to bear fruit. We have also now got access into two high-grade areas that will allow us, with the stability in production, to see the benefit from high-grade areas through the rest of the processing facilities. I think quite encouraged with the progress that we are making at Lihir.

Speaker #1: We've seen stability through the mining operations. We see an improvement in reliability in our fixed assets. We've seen a reduction in cost and labor across the assets.

Speaker #1: And we continue to see good work happening to build strong relationships with our communities. So the work that we set out to do is starting to bear fruit.

Speaker #1: We have also now got access into two high-grade areas. That will allow us, with the stability in production, to see the benefits from high-grade areas through the rest of the processing facilities.

Speaker #1: So I think we're quite encouraged with the progress that we're making at Lehir. We just recently had our board there, in June, to go and show them the progress that we have been making.

Natascha Viljoen: We just recently had our board there, in June, to go and show them the progress that we have been making. I think all of us feel quite pleased with the team's performance.

Speaker #1: And I think all of us feel quite pleased with the team's performance.

Speaker #4: Okay, thank you. And just a second question, on projects. I know you've got Redcross coming up, but what else is in the early stages of being considered across the portfolio in terms of projects beyond that, to compete for capital in that 2027 through 2028 window?

Daniel Morgan: Okay, thank you. Just second question is, on projects. I know you have got Red Chris coming up. What else is in the early stage of being considered across the portfolio in terms of projects beyond that, to compete for capital in that sort of 2027 through 2028 window? What might logically be the next projects you look at?

Speaker #4: What might logically be the next projects you look at?

Speaker #1: Yeah, Daniel, I think I'm going to distinguish here between brownfield and greenfield opportunities. We've got brownfield opportunities in many of our assets that would be the first target areas for us to expand production.

Natascha Viljoen: Yeah. Daniel, I think, I am going to distinguish here between brownfields and greenfields opportunities. We have got brownfields opportunities in many of our assets. That would be the first target areas for us to expand production. That, of course, comes at lower risk, faster turnaround to actual production. We see some of those brownfields opportunities playing itself out in Lihir. We have got the near-shore barrier that we have recently approved. We have Cerro Negro expansion project that is underway, and that we brought back online at the beginning of the year after the productivity improvements that team has made. There are several options for us in Ghana, specifically Ahafo South underground, and also at Ahafo North. If I just consider across many of our assets, brownfields opportunities, and then we continue to invest money in the development of our projects to identify the next best value-accretive project in that greenfields projects.

Speaker #1: That, of course, comes at lower risk and offers a faster turnaround to actual production. We see some of those brownfield opportunities playing out ourselves in Lehir. We've got the Near Shore Barrier that we've recently approved, and we have the Sierra Negro expansion project that is underway, which we've brought back online at the beginning of the year after the productivity improvements that team has made.

Speaker #1: There are several options for us in Ghana—specifically, at our Ahafo South underground and also at our Ahafo North. So, if I just consider, across many of our assets, brownfields opportunities, and then, as we continue to invest money in the development of our projects, to identify the next best value-creative project in that greenfields space. And then, a little bit longer-term, we are continuing to invest money in near-mine exploration and other exploration opportunities.

Natascha Viljoen: A little bit longer term, we are continuing to invest money in near mine exploration and other exploration opportunities. If we consider near mine exploration, two areas that I want to highlight there that are also brownfields opportunities. The one is at Brucejack, where we have identified Dozer Zone, just over 700 meters from existing infrastructure. Meaning that it's very limited capital to get into that area. Merian is the other near mine exploration success that we've had, giving us another brownfield opportunity to materially increase production. If I think about the sequencing, aligned or shortly after Red Chris would certainly be these brownfields opportunities.

Speaker #1: And if we consider near-mine exploration, there are two areas that I want to highlight there, that are also brownfields opportunities. One is at Brucejack, where we have identified those as our own.

Speaker #1: Just over 700 meters from existing infrastructure, meaning that there is very limited capital required to get to that area. And then Nerian is the other near-mine exploration success that we've had, giving us another brownfield opportunity to materially increase production.

Speaker #1: So, if I think about the sequencing, aligned and or shortly after Redcross, would certainly be these brownfields opportunities.

Speaker #4: Thank you, Natascha. I appreciate the perspectives.

Daniel Morgan: Thank you, Natascha. Appreciate the perspectives.

Speaker #1: Thanks, Daniel. Your next question comes from Richard Garcitorena with Barclays. Richard, your line is now open. Please go ahead.

Natascha Viljoen: Thanks, Daniel.

Operator 2: Your next question comes from Richard Garchitorena with Barclays. Richard, your line is now open. Please go ahead.

Speaker #2: Great. And hopefully, you can hear me now. Can you hear me?

Richard Garchitorena: Great, hopefully you can hear me now. Can you hear me?

Speaker #1: Yes, we can hear you, Richard. And apologies—apologies to everyone on the call. We weren't sure what was happening there. Thank you for your patience with us.

Natascha Viljoen: Yes, we can hear you, Richard. Apologies to everybody on the call. We weren't sure what was happening there, and thank you for your patience with us.

Speaker #2: Yeah, no, no problem at all. Just quickly, again, congratulations on the regulatory approvals at Redcross BlockAve. I was wondering if you could walk us through any final milestones we should be expecting as you move towards completing the feasibility study and the FID later this year.

Richard Garchitorena: Yeah. No problem at all. Yeah, just quickly, again, congratulations on the regulatory approvals at Red Chris Block caving. I was wondering if you could walk us through any final milestones we should be expecting as you move towards completing the feasibility study and the FID later this year. How are you thinking about capital costs, which have been inflating recently, and how are you to mitigate that? Then also just remind us what the prior timeline was for construction and potential startup.

Speaker #2: How are you thinking about capital costs, which have been inflating recently, and how are you looking to mitigate that? And then also, just remind us what the prior timeline was for construction and potential startup.

Speaker #1: Okay. There's quite a bit in that question, Richard. I'm going to take it step by step. Firstly, with all the mine regulatory approvals now behind us, we continue with the final feasibility steps.

Natascha Viljoen: Okay, there's quite a bit in that question, Richard. I'm going to take it step by step. Firstly, with the main regulatory approvals now behind us, we continue with the final feasibility steps. We have a very rigorous process, both in terms of firstly technical and then financial review that's done by an internal but independent team to ensure that the development work that has been done has been meeting our standards. We will then put the right economic lens across the project, making sure that it does meet our hurdle rights. That will also consider both near-term economic parameters and long-term strategic fit for the project in enhancing the long-term strategy for Newmont, but also then considering that that is a first block cave at the start of a number of additional block caves to come and a key investment in that Golden Triangle area.

Speaker #1: We have a very rigorous process, both in terms of, firstly, technical and then financial review, that's done by an internal but independent team to ensure that the development work that has been done has been meeting our standards.

Speaker #1: We will then put the right economic lens across the project, making sure that it does meet our hurdle rates. And that will also consider both near-term economic parameters and long-term strategic fit for the project in enhancing the long-term strategy for Newmont, but also considering that this is the first block cave at the start of a number of additional block caves to come and a key investment in that Golden Triangle area.

Speaker #1: You are right that we have seen—, we expect the capital to be higher than what the original numbers were under Newcrest. And it has been predominantly driven by the inflationary costs we’ve seen around project development across the sector.

Natascha Viljoen: You are right that we expect the capital to be higher than what the original numbers were under Newcrest Mining. It has been predominantly driven by the inflationary cost we've seen around project development across the sector. Productivity rates are certainly the other area that is getting attention. We are offsetting that through this project and then project evaluation process, making sure that our engineering and capital cost is appropriate for what we are building. We did see, from the original timeline, quite a bit of delay. The reason for the delay, if you consider the last time that was under Newcrest Mining, when we brought it into the Newmont portfolio, we did take it back to full feasibility, even though the project at the time was already broadly in execution. The reason for that was twofold.

Speaker #1: And then productivity rights are certainly the other area that is getting attention. We are offsetting that through this project and then, in either the project evaluation process, making sure that our engineering and capital cost is appropriate for what we are building.

Speaker #1: We did see from the original timeline quite a bit of delay. The reason for the delay, if you consider the last time that was under Newcrest, when we brought it into the Newmont portfolio, we did take it back to full feasibility, even though the project at the time was already broadly in execution.

Speaker #1: The reason for that was twofold. One is that the regulatory approvals were not completed yet, which is not aligned with the way we run projects at Newmont.

Natascha Viljoen: One is that the regulatory approvals were not completed yet, which is not aligned with the way we run projects at Newmont. Secondly, the feasibility study was not on our standard. I think it was beneficial for us to have that delay. If you remember, we had the fall of ground last year in September. We've learned quite a bit about the design that was in place at the time. We've improved that design through our feasibility study. In the process, didn't only de-risk the project, but also improved the economics even with the expected higher capital. Overall, there has been a delay. Lastly, we envision completing it towards the end of the year to take to the board. My view on these projects, it is a material project that we are considering approving.

Speaker #1: And then secondly, the feasibility study was not up to our standard. I think it was beneficial for us to have that delay. If you remember, we had the falloff around last year in September.

Speaker #1: We've learned quite a bit about the design that was in place at the time. We've improved that design through our feasibility study. And in the process, didn't only derisk the project, but also improve the economics, even with the expected higher capital.

Speaker #1: So overall, there has been a delay, but lastly, we are envisaging completing it towards the end of the year to take to the board. My view on these projects is, as material projects, that we are considering approving.

Speaker #1: So, if we have to delay a month or three to make sure that we get everything right, and that we've closed out on all of our items, that is something we will do.

Natascha Viljoen: If we have to delay a month or three to make sure that we get everything right and that risk closed out on all of our items, that is something we will do. When we get back to the market, make the commitment of the capital allocation, we'll make sure that we can deliver against it both in time and capital.

Speaker #1: But when we get back to the market, make the commitment of the capital allocation, we'll make sure that we can deliver against it—both in time and capital.

Speaker #2: Great, thank you. That's very clear. And maybe just a question on Half and North. I believe you're expecting higher gold grades as you ramp up in the fourth quarter.

Richard Garchitorena: Great. Thank you. That's very clear. Maybe just a question on Ahafo North. I believe you're expecting higher gold grades as you ramp up in Q4. Can you remind us what type of levels we should expect from Ahafo North heading into Q4 in 2027?

Speaker #2: Can you remind us sort of what type of levels we should expect from Half and North heading into the fourth quarter in '27?

Natascha Viljoen: Into Q4 in 2027? Sorry, did you ask 2027?

Speaker #1: Into the fourth quarter in '27? Oh, sorry, did you ask '27?

Speaker #2: Oh, yeah. I was thinking, yeah, fourth quarter this year, and then sort of like the run rate.

Richard Garchitorena: Oh, yeah, I was thinking Q4 this year and then select the run rate.

Speaker #1: Oh, long term. Long term is 350,000 ounces out of Half and North. That's the kind of operating levels.

Natascha Viljoen: Long-term is 350,000 ounces out of our funnel. That's the kind of operating levels.

Speaker #2: Okay, great. Thank you very much.

Richard Garchitorena: Okay, great. Thank you very much.

Speaker #1: Our next question comes from Anita Soni with CIBC World Markets. Anita, your line is open. Please go ahead.

Operator 2: Our next question comes from Anita Soni with CIBC World Markets. Anita, your line is open. Please go ahead.

Speaker #3: Hi, thanks, Natascha, and thank you for taking my question. I just had a question with respect to Cadia and the restart activities. Has everything resumed operations at this point?

Anita Soni: Hi. Thanks, Natascha, for taking my question. I just had a question with respect to Cadia and the restart activities. Has everything resumed operations at this point? I think I read that it had, but I was just confused on the pre-call about that.

Speaker #3: I think I read that it had, but I was just confused on the pre-call about that.

Speaker #1: Yes. And, Anita, of course, let me quickly just take a step back because there are various elements that have started, and a couple of smaller elements.

Natascha Viljoen: Yes. Anita, of course, let me quickly just take a step back because there's various elements that have started and a couple of smaller elements. We've got two operating caves. The two operating caves are fully back in production in mid-June. We have all of the project development work around the two new caves, of which PC2-3 is furthest developed, and there's only a last bit of the cave establishment that is still underway. seven more drawbells and then the final maturity of the curve of the cave that's outstanding for PC2-3. All the development work's continuing at the moment. We've got approval for that. It's just the cave establishment that has been halted that we need to restart. PC1-2, similar, in that the normal development work is underway, but cave establishment has still been halted.

Speaker #1: So, we've got two operating types. The two operating types are fully back in production in mid-June. Then we have all of the project development work around the two new kites, of which PC23 is furthest developed.

Speaker #1: And there's only a last bit of, well, the type establishment that is still underway—seven more drawbells, and then the final maturity of the curve, that's, of the kite, that's outstanding for PC23.

Speaker #1: All the development work is continuing at the moment. We've got approval for that. It's just the KITE establishment that has been halted, which we need to restart.

Speaker #1: PC12 is similar in that the normal development work is underway, but KITE establishment has still been halted. The work that we are doing there is making sure that we've learned from the events.

Natascha Viljoen: The work that we are doing there is making sure that we've learned from the events. We're working with the regulator, ensuring that all of our models are accurate, updating and calibrating our latest models, making sure that all of our safety controls are in place. Then we will be able to restart the cave establishment again. Various components, and apologies if that was not clear in the script.

Speaker #1: We're working with the regulator, ensuring that all of our models are accurate, updating and calibrating our latest models, and making sure that all of our safety protocols and safety controls are in place.

Speaker #1: And then, we will be able to restart the Kite establishment again. So, various components—and apologies if that was not clear in the script.

Speaker #3: Okay, I guess I just wanted to clarify then. Why does the regulator feel that it's necessary, that it was okay to restart the operating case, but the one cave that you're just establishing right now needed that extra bit of work?

Anita Soni: Okay. I guess I just wanted to clarify. Why does the regulator feel that it's necessary, that it was okay to restart the operating caves, but the one cave that you're just establishing right now needed that extra bit of work? What's the difference between those two?

Speaker #3: What's the difference between those two?

Natascha Viljoen: The difference is in the seismic activity that exists around existing cave operations. PC1 and PC2. Because it's mature caves, has gone back to background seismicity, and there's no risk around seismicity. The nature of cave development, however, and we have been managing it through very well-established Trigger Action Response Plans, is that you do see seismic activity during the establishment of the caves. That is why we do have controls in place, like our Trigger Action Response Plans, re-entry plans, support systems underground. There's lessons to be learned from these incidents. Like we do out of learning from any incident similar to the TE2 fatality, we're learning from the incidents. We're making sure that our controls are up to standard and in place, we restart.

Speaker #1: The difference is in the seismic activity that exists around existing KCGM operations. So PC1 and PC2, because it's mature kites, have gone back to background seismicity and there's no risk around seismicity.

Speaker #1: The nature of Kite development, however—and that's just—and we have been managing it through very well-established trigger action response plans, is that you do see seismic activity during the establishment of the Kites.

Speaker #1: That is why we do have controls in place, like our trigger action response plans, re-entry plans, and support systems underground. So, there are lessons to be learned from these incidents, and like we do out of learning from any incident—similar to the TE2 fatality—we’re learning from the incidents.

Speaker #1: We're making sure that our controls are up to standard and in place, and then we restart. So these are not dissimilar to what we would do under any other circumstances where we have events that we need to learn from.

Natascha Viljoen: These are not dissimilar to what we will do under any other circumstances where we have events that we need to learn from.

Speaker #3: Okay, and then just a question around the evolving CAPEX outlook for the back half of the year. As you mentioned, it's significantly higher. I guess some of the spending that was supposed to happen in Q2 around Cadia and a couple of other assets did not happen.

Anita Soni: Okay. Just a question around the evolving CapEx outlook for the back half of the year. As you mentioned, it's significantly higher. I guess some of the spending that was supposed to happen in Q2 around Cadia and a couple of other assets did not happen. Do you think you're going to be able to spend it all by the end of the year? What does the Q3-- I know there's a split of 63% of development capital in the back half and 58% of sustaining capital in the back half. Is there a way we should think about the Q3 versus Q4, similar how you guided to the production? Can you give us a bit of a cadence on the quarters for the sustaining and the development capital?

Speaker #3: Would you do you think you're going to be able to expend at all by the end of the year? And what does the Q3, Q I know the there's a split of 63% of development capital in the back half and 58% of sustaining capital in the back half.

Speaker #3: But is there a way we should think about Q3 versus Q4, similar to how you guided us on production? Could you give us a bit of a cadence on the quarters for the sustaining and development capital?

Speaker #2: Yeah, Anita, this is Brian. As it relates to the capital, yes, we are confident in holding to our guidance for both sustaining and development capital.

Brian Tabolt: Anita, this is Brian. We are confident in holding to our guidance for both sustaining and development capital. As I mentioned in the pre-prepared remarks, the sustaining capital is about $150 million increase from Q2 to Q3, is what we are anticipating. A similar amount from a development capital perspective. The uplift in Q3 and leading into a relatively level Q3 and Q4 on a comparative basis for sustaining capital, it is driven by the tailings projects at Boddington and Cadia. As Natascha mentioned, being back up at Cadia is a big component associated with that, as well as the ongoing ventilation upgrades that we have at Tanami, which will be more in Q4. We also have increased summer construction activity at Brucejack and Red Chris. That is sustaining capital.

Speaker #2: As I mentioned in the pre-prepared remarks, the sustaining capital is about a $150 million increase from Q2 to Q3, which is what we're anticipating. And it's a similar amount from a development capital perspective.

Speaker #2: The uplift in the third quarter and then leading into a relatively level third and fourth quarter on a comparative basis is, for sustaining capital, driven by the tailings projects at Boddington and Cadia. As Natascha mentioned, being back up at Cadia is a big component associated with that, as well as the ongoing ventilation upgrades that we have at Tanami, which will be more in the fourth quarter.

Speaker #2: And then we also have increased summer construction activity at Brucejack and Red Chris, so that's sustaining capital. On the development capital side, it's going to be related to the timing of that PC12 spend deferred due to that seismic event.

Brian Tabolt: On the development capital side, it is going to be related to the timing of that PC1-2 spend deferred due to that seismic event, as well as the significant work that we have at Lihir for the nearshore barrier that is now planned to ramp up in H2, increase spend at Cerro Negro for the expansion 1.

Speaker #2: As well as the significant work that we have at Lahire for the nearshore barrier, that's now planned to ramp up in the second half.

Speaker #2: And then increased spend at Cerro Negro for the Expansion One.

Speaker #1: Your next question comes from Lawson Winder with Bank of America Securities. Lawson, your line is now open. Please go ahead.

Operator 2: Your next question comes from Lawson Winder with BofA Securities. Lawson, your line is now open. Please go ahead.

Speaker #4: Thank you, operator. Hello, Natascha and team. Thank you for today's update. And really impressive management this quarter in the face of intense cost pressures.

Lawson Winder: Thank you, operator. Hello, Natascha and team. Thank you for today's update, really impressive management this quarter in the face of intense cost pressures. If I could, I do not intend to ask at all about the situation with Newmont and Barrick in particular, I wanted to focus on the Four Mile asset and that calculation, propose that I have the sense that the market thinks about Newmont's payment to Barrick Upon Four Mile being put into the Nevada Gold Mines JV is excluding any deductions for Newmont's 38.5% interest in the existing processing facilities, and I believe that is incorrect. My question would be, how should the markets think about imputing a capital value on Newmont's interest in the processing assets that obviously are completely essential for processing the ore from Four Mile?

Speaker #4: If I could, I don’t intend to ask at all about the situation with Newmont and Barrick in particular, but I just wanted to focus on the Fourmile asset and that calculation.

Speaker #4: And I'll just propose that I have the sense that the market thinks about Newmont's payment to Barrick upon Fourmile being put into the Nevada Gold Mines JV as excluding any deductions for Newmont's 38.5% interest in the existing processing facilities.

Speaker #4: And I believe that's incorrect. My question would be: How should the market think about imputing a capital value on Newmont's interest in the processing assets that are obviously completely essential for processing the ore from Four Mile?

Speaker #1: Lawson, you are correct. They will benefit from the synergies out of the NGM operations. That will contribute to capital benefit, and that should offset.

Natascha Viljoen: Lawson, you are correct. There will be benefit from the synergies out of the NGM operations that will contribute to capital benefit and that should offset against any capital requirement from Newmont. It's absolutely an offset and that synergies do exist and will be considered.

Speaker #1: Against any capital requirement from Newmont. So it's absolutely an offset, and those synergies do exist and will be considered.

Speaker #4: Okay, that's very helpful. And then just, I mean, maybe going forward, if there's an opportunity to get some additional color on how that might be done, that would be helpful.

Lawson Winder: Okay. That's very helpful. Just maybe going forward, if there's an opportunity to get some additional color on how that might be done, that would be helpful. Maybe just a note for future calls. Just a follow-up on capital spending consideration. Newmont has suggested the year or the 2026 sustaining and development CapEx for the business should be kind of similar going forward. About $2 billion of sustaining and $1.4 billion of development. Does that hold when you add the Red Chris CapEx, assuming you'll proceed with that project?

Speaker #4: Maybe just a note for future calls. And then just a follow-up on capital spending considerations. Newmont has suggested that the 2026 sustaining and development CAPEX for the business should be kind of similar going forward.

Speaker #4: So, about $2 billion of sustaining and $1.4 billion of development. Does that hold when you add the Red Chris CAPEX, assuming you'll proceed with that project?

Speaker #2: Yeah. Lawson, the $1.4 billion was for 2026. I think, as Natascha mentioned, when we're in a position to provide an update on the Red Chris full funds decision later this year or into early Q1 '27, the impact of Red Chris would be a consideration on top of that $1.4 billion.

Brian Tabolt: Yeah, Lawson, the $1.4 billion was for 2026. I think as Natascha mentioned, when we're in a position to provide an update on the Red Chris full funds decision later this year or into early Q1 2027. The impact of Red Chris would be a consideration on top of that $1.4 billion. Again, that's 2026 only. We'll provide an update on 2027 in February.

Speaker #2: But again, that's 2026 only. We'll provide an update on '27 in February.

Speaker #1: I think Lawson.

Lawson Winder: Thank you.

Natascha Viljoen: I think it's just important to consider that some of the other projects will start to drop off in the following years because we will be completing BC 2-3, we'll be completing T2. It's just as further consideration.

Speaker #3: Yeah, just important to consider that some of the other projects will start to drop off in the following years because we will be completing PC23 and will be completing TE2.

Speaker #3: So, just as further consideration.

Speaker #4: Great. Thank you. I look forward to the next update.

Lawson Winder: Great. Thank you. I look forward to the next update.

Speaker #3: Thanks, Lawson.

Natascha Viljoen: Thanks, Lawson.

Speaker #1: Your next question comes from Josh Wolfson with RBP. Josh, your line is now open. You may go ahead.

Operator 2: Your next question comes from Josh Wilson with RBC. Josh, your line is now open. You may go ahead.

Speaker #5: Thank you very much. I noticed there was some new commentary on Ghanaian risks in the release. I'm just wondering if the company has had any engagement with the government on this topic, and if the company is thinking about how it can manage some of these risks, and what it could mean for, I guess, the half. Thank you.

Josh Wilson: Thank you very much. I noticed there was some new commentary on Ghanaian risks in the release. I'm just wondering if the company's had any engagement with the government on some of this topic and if the company is sort of thinking about how it can manage some of these risks and what it could mean for, I guess, Ahafo. Thank you.

Speaker #3: Yeah, Josh, it's a really good question. And the answer to that is yes. We, as you know, we've got longstanding relationships in Ghana. And we've had the benefit of long-term, stable relationships in Ghana, with the Ahafo district being the product of that.

Natascha Viljoen: Yeah, Josh, it's a really good question, the answer to that is yes. As you know, we've got longstanding relationships in Ghana. We had the benefit of long-term stable relationships in Ghana with the Ahafo district being the product of that. We have been in active conversations. I've personally had the opportunity to engage with the president as recently as last week. Me and my team saw the minister of lands and natural resources. All of this aiming to develop joint objectives between Ghana and Newmont. We know that the Ghanaian government is keen to ensure that there's local Ghanaian development happening, economic development, but they are very keen to ensure that they protect shareholders' interest and long-term investment.

Speaker #3: We have been in active conversations. I've personally had the opportunity to engage with the President as recently as last week. My team and I saw the Minister of Lands and Natural Resources.

Speaker #3: All of this, I mean, to develop joint objectives between Ghana and Newmont. We know that the Ghanaian government is keen to ensure that there is local Ghanaian economic development happening, but they are also very keen to ensure that they protect investment.

Speaker #3: We have entered into agreements through the Minister of Lands to create a working group for Newmont, between us and the Minister of Lands, to develop what would be a forward-looking agreement to allow us that stability that we need for future potential investments.

Natascha Viljoen: We have entered into agreements through the minister of lands to create a working group for Newmont between us and the minister of lands, to develop what would be a forward-looking agreement to allow us that stability that we need for future potential investments. Active conversations on all of the elements that you would see in the press at the moment.

Speaker #3: So, active conversations on all of the elements that you would see in the press at the moment.

Speaker #5: Great. Thank you very much.

Josh Wilson: Great. Thank you very much.

Speaker #1: The next question comes from Daniel Major with UBS. Daniel, your line is now open. Please go ahead.

Operator 2: The next question comes from Daniel Major with UBS. Daniel, your line is now open. Please go ahead.

Speaker #6: Hi, Natasha Bryan. Thanks for the questions. Yeah, the first one—and apologies, I was cut off. So, if anyone has asked this already, I apologize.

Daniel Major: Hi, Natascha, Brian, thanks for the questions. Yeah, the first one, apologies, I also got cut off, so if anyone has asked this already, I apologize. Can you just give us some color on the next steps in terms of guidance? I think you've previously spoken about looking to reestablish multi-year guidance. Can you just give us a sense of what that would entail and when?

Speaker #6: But yeah, can you just give us some color on the next steps in terms of guidance? I think you've previously spoken about looking to re-establish multi-year guidance.

Speaker #6: Can you just give us a sense of what that would entail, and when?

Speaker #3: Yeah, Daniel, I know the question wasn't answered, and apologies for the technical difficulties that we've experienced earlier. We are aiming to review the way that we give guidance in February next year.

Natascha Viljoen: Yeah. Daniel, no, the question wasn't answered, apologies for the technical difficulties that we've experienced earlier. We are aiming to review the way that we give guidance in February next year. The detail of that is under development. In the meantime, we'll continue to give you some insights and broader insights into the business that will help you. In the next quarter, we will, for instance, give you a deeper insight in our thinking about exploration and how we are taking that piece of work forward. Whilst we're working to give you multi-year guidance and what that looks like, we will certainly continue to grow the understanding of our broader business.

Speaker #3: The details of that are under development. In the meantime, we'll continue to provide you with insights and a broader view of the business that will help you.

Speaker #3: So in the next quarter, we will, for instance, give you a deeper insight into our thinking about exploration, and how we are taking that piece of work forward.

Speaker #3: So, whilst we're working to give you multi-year guidance and what that looks like, we will certainly continue to grow the understanding of our broader business.

Speaker #6: Okay, thank you. And then a follow-up, maybe for Brian, just around kind of free cash flow and capital returns. You previously indicated a $1 to $3 billion net cash range.

Daniel Major: Okay. Thank you. Then a follow-up one For Brian, just around free cash flow and capital returns. You previously indicated a $one to three billion net cash range. You're $400 million above that now. Should we therefore factor in that you will be getting back to three billion in the subsequent quarters, capital returns can exceed free cash flow in H2?

Speaker #6: You're $400 million above that now. Should we therefore factor in that you will be getting back to $3 billion in the subsequent quarter?

Speaker #6: So, capital returns can exceed free cash flow in the second half of the year.

Speaker #2: Yeah, thanks, Daniel. And, yeah, we are slightly above the high end of our target for net cash—you’re right. We’re about $400 million over.

Brian Tabolt: Yeah. Thanks, Daniel. Yeah, we are slightly above the high end of our target for net cash. You're right, though, we're about $400 million over. Some of the prepared remarks referenced some of the working capital benefits that we saw in Q2. That combined with obviously some level of seasonality. We do target on average to be within that targeted range. As it relates to share buybacks, and thinking through the excess cash component of our capital allocation framework, we do provide that flexibility for exactly that reason. Yes, there is a potential that we would leverage the utilization of that to get us back within the targeted net cash balance.

Speaker #2: Some of the prepared remarks reference some of the working capital benefits that we saw in the second quarter. That, combined with obviously some level of seasonality.

Speaker #2: So we do target, on average, to be within that targeted range. But as it relates to share buybacks, and thinking through the excess cash component of our capital allocation framework, we do provide that flexibility.

Speaker #2: For exactly that reason. So yes, there is a potential that we would leverage the utilization of that to get us back within the targeted net cash balance.

Speaker #6: Great, thank you. And if I could just squeeze one more in—and it's on the subject you don't want to talk about—but just a very specific one.

Daniel Major: Great. Thank you. If I could just squeeze one more in, and it's on the subject you don't want to talk about. Just a very specific one. You previously referenced that there was no timeline around the legal enforcement of notice of default in terms of a specific deadline. Is that still the case?

Speaker #6: You previously referenced that there was no timeline around the legal enforcement of a notice of default in terms of a specific deadline. Is that still the case?

Speaker #3: Yeah, it's still the case, Daniel.

Natascha Viljoen: Yeah. It's still the case, Daniel.

Speaker #6: Great. Thanks a lot.

Daniel Major: Great. Thanks a lot.

Speaker #3: Thanks, Daniel.

Natascha Viljoen: Thanks, Daniel.

Speaker #1: Your next question comes from Tanya Jakuskanek from Scotiabank. Tanya, your line is now open. Please go ahead.

Operator 2: Your next question comes from Tanya Jakusconek from Scotiabank. Tanya, your line is now open. Please go ahead.

Tanya Jakusconek: Great. Good evening. Can everybody hear me?

Speaker #7: Great. Good evening. Can everybody hear me?

Speaker #3: Yes, we can. Hello, Tanya.

Natascha Viljoen: Yes, we can. Hello, Tanya.

Speaker #7: Hello. Hi, Natascha. My question is about your portfolio, Natascha. You have been in the role as CEO since 2026, and you've now stabilized the assets.

Tanya Jakusconek: Oh, hi, Natascha. My question lies about your portfolio. Natascha, you've been on the role of CEO for 2026, and you've now stabilized the assets. You're looking at your projects. I'm kind of wondering how you see this portfolio evolving. Do you think you have the correct number of mines or critical mines that you have in place, or should I look at the portfolio and think that potentially there could still be some divestments? When I look at your, you talked about your growth, Wafi-Golpu didn't come up. You have some stuff in Chile didn't come up. Yanacocha's been shelved. How should I be thinking about those? Are those also non-core and potentially for sale?

Speaker #7: You're looking at your projects. I'm kind of wondering how you see this portfolio evolving. Do you think you have the correct number of minds or critical minds in place?

Speaker #7: Or should I look at the portfolio and think that potentially there could still be some divestments? And then, when I look at your—you talked about your gross WAFI goal, but it didn't come up.

Speaker #7: We have some stuff in Chile that didn't come up. Yana Coach has been shelved. How should I be thinking about those? Are those also non-core and potentially for sale?

Natascha Viljoen: A good question. Thank you, Tanya. If I look at our 12 operations, with the work that we've done over probably the last 18 months, we have found capital efficient ways of keeping every one of those assets in the portfolio. They can compete for capital. They do comply to our definition of what a world-class asset looks like. As long as they deserve their place in the portfolio and they can compete for capital, at the moment, we are very comfortable with the 12 assets because, as I've touched on earlier, we've got real meaningful brownfields opportunities on most of these assets, and they are contributing to our performance. We do, however, continually evaluate that. We don't stop making sure that they deserve their place in the portfolio.

Speaker #3: A good question. Thank you, Tanya. So, if I look at our 12 operations, with the work that we've done over probably the last 18 months, we have found capital-efficient ways of keeping every one of those assets in the portfolio.

Speaker #3: They can compete for capital. They do comply with our definition of what a world-class asset looks like. As long as they deserve their place in the portfolio and they can compete for capital, at the moment, we are very comfortable with the 12 assets because, as I've touched on earlier, we've got real meaningful brownfield opportunities on most of these assets.

Speaker #3: And they are contributing to our performance. We do, however, continually evaluate that. We don't stop. We're making sure that they deserve their place in the portfolio.

Speaker #3: I've touched earlier a little bit on greenfields and brownfields opportunities, and I've just commented on the portfolio that we have in terms of our projects pipeline.

Natascha Viljoen: I've touched earlier a little bit on greenfields and brownfields opportunities, and I've just commented on the portfolio that we have in terms of our projects pipeline. I didn't go into the details for the further greenfields projects. We do have a number of these in the pipeline, Tanya. We have evaluated them and sequenced them in terms of development because it's important that we continue to move projects through the development pipeline. I would argue, if you consider the ones that you have spoken about, we have projects in Peru, we have projects in Chile, we have Wafi-Golpu. I would argue that Wafi-Golpu would be typically one of those that's fairly far out still for us to develop. It's on the outer end of our project pipeline. Some of these others are nearer term.

Speaker #3: I didn't go into the detail for the further greenfield projects. We do have a number of these in the pipeline, Tanya. We have evaluated them and sequenced them in terms of development because it's important that we continue to move projects through the development pipeline.

Speaker #3: And I would argue, if you consider the ones that you have spoken about, we have projects in Peru, we have projects in Chile, we have Wafi-Golpu.

Speaker #3: I would argue that Wafi-Golpu would typically be one of those that's still fairly far out for us to develop. It's on the outer end of our project pipeline.

Speaker #3: Some of these others are nearer term. So, spending the right amount of capital on the development to bring these projects to a point that we can make capital allocation decisions around them is an important part of the work.

Natascha Viljoen: Spending the right amount of capital on the development to bring these projects to a point that we can make capital allocation decisions around them is important part of the work.

Speaker #7: Okay, so how I should be thinking about it is that everything still seems to be part of the portfolio, so we shouldn't really be—okay.

Tanya Jakusconek: Okay. How I should be thinking about it is that everything still seems to be a part of the portfolio, we shouldn't

Natascha Viljoen: Yeah

Tanya Jakusconek: really be Okay.

Speaker #3: Yeah. I think that yeah.

Natascha Viljoen: Yeah. I think that's Yeah.

Speaker #7: Yeah, okay. No, that's fine. And then I just wanted to circle back to the inflationary environment. I can't keep count of how many tariffs are being hit everywhere in the world.

Tanya Jakusconek: Yeah. Okay. No, that's fine. I just wanted to circle back to just the inflationary environment, and I can't keep count on how many tariffs are being hit everywhere in the world and what else is going on. Besides fuel that we've talked about in terms of any pressures for you, are you seeing anything else where you're concerned and have your suppliers on the pulse looking at for maybe underground equipment or any other input into your cost and capital that you're starting to see a little bit of a tightening of supply?

Speaker #7: And what else is going on? But besides fuel, that we've talked about, in terms of any pressures for you, are you seeing anything else where you're concerned, and have your suppliers got their finger on the pulse, looking at maybe underground equipment or any other input into your cost and capital, that you're starting to see a little bit of a tightening of supply?

Speaker #2: No, I don't think so, Tanya. We're monitoring that, again, pretty closely with our supply chain. And again, just picking up on the availability—we continue to have no concerns from an availability perspective.

Brian Tabolt: No. I don't think so, Tanya. We're monitoring that again, pretty closely with our supply chain. Again, just picking up on the availability, we continue to have no concerns from an availability perspective. We do run scenarios to consider potential mitigating action should scenarios manifest themselves. I think from a cost perspective, we're still in a monitoring brief. I think it's an element of watching, like the rest of the world, how long the conflict goes on, how long the stickiness of inflation flows through the supply chain, and ultimately how that impacts the input costs that we have or the capital dynamics, like you mentioned with equipment. At the moment, no major concerns, but we continue to monitor it like I think most companies.

Speaker #2: But we do run scenarios to consider potential mitigating action should scenarios manifest themselves. And I think, from a cost perspective, we're still on a monitoring brief.

Speaker #2: I think it's an element of watching, like the rest of the world, how long this conflict goes on—how long the stickiness of inflation flows through the supply chain.

Speaker #2: And then, ultimately, how that impacts the input costs that we have, or the capital dynamics, like you mentioned with equipment. But at the moment, no major concerns.

Speaker #2: But we continue to monitor it, like I think most companies do.

Tanya Jakusconek: Mm-hmm. I think your 2026 guidance provided an inflation expectations of about 3%. Should I still be thinking that when I think about everything within it, we are in that 3% to 5% for Newmont?

Speaker #7: I think your 2026 guidance provided an inflation expectation of about 3%. Should I still be thinking that, when I consider everything within it, we are in that 3% to 5% range for Newmont?

Speaker #2: I think that's something that we review annually as part of our guidance-setting process and budgeting process. As it relates to where we are right now, I think the component on that would be, obviously, we're guiding to an assumption in 2026 of Brent being at $70 a barrel.

Brian Tabolt: I think that's something that we review annually as part of our guidance setting process and budgeting process. As it relates to where we are right now, I think the component on that would be obviously we're guiding to assumption in 2026 of Brent being at $70 a barrel. Obviously, that dynamic has been a bit volatile. There would be a bit of an uptick associated with that. I think the broader kind of general assumption around inflation, I think that's fairly fair with, again, the caveat that we may see some of that indirect spend start to come through if oil does stick and it starts to make its way through the supply chain.

Speaker #2: Obviously, that dynamic has been a bit volatile, so there would be a bit of an uptick associated with that. But I think the broader, kind of general assumption around inflation—I think that's fairly fair, with, again, the caveat that we may see some of that indirect spend start to come through if gold does stick and it starts to make its way through the supply chain.

Operator 1: This concludes the question and answer session. Thank you for attending today's presentation. You may now disconnect. This event has now concluded. Access the Newmont USA Limited IR website for more information. This line will now disconnect.

Speaker #1: This concludes the question and answer session. Thank you for attending today's presentation. You may now disconnect.