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• ExxonMobil for gold mining
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Newmont (NEM) Major Products

• Gold: Newmont's primary product, this precious metal is mined globally and sold for investment, jewelry, and industrial applications.
• Copper: A significant byproduct from many of its mines, copper is an industrial metal essential for electrical wiring, construction, and various technologies.
• Silver: Often produced as a byproduct alongside gold and copper, silver is a precious metal used in jewelry, electronics, and industrial photography.
• Zinc: A base metal byproduct, zinc is primarily used for galvanizing steel to prevent rust and in other industrial applications.
• Lead: Also produced as a byproduct, lead is a heavy metal primarily used in batteries and various industrial manufacturing processes.

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Tom Palmer, Chief Executive Officer

Tom Palmer joined Newmont in 2014 and was appointed Chief Executive Officer in October 2019, becoming only the 10th CEO in Newmont's history. He has led the company through a period of strategic transformation, including the acquisition of Goldcorp in 2019, the establishment of the Nevada Gold Mines Joint Venture, and the landmark acquisition of Newcrest in November 2023. Prior to joining Newmont, he spent over 20 years with Rio Tinto, where he served as Chief Operating Officer for Pilbara Iron Ore Mines. He is scheduled to retire at the end of 2025.

Peter Wexler, Executive Vice President, Chief Legal Officer and Interim Chief Financial Officer

Peter Wexler joined Newmont in March 2024 and was appointed interim Chief Financial Officer, effective July 11, 2025. He also continues to serve as Executive Vice President and Chief Legal Officer. Peter is a seasoned legal and risk management leader with more than three decades of international experience, including managing legal, risk, compliance, M&A, antitrust, litigation, and corporate governance affairs. Before joining Newmont, he served for 15 years as Chief Legal Officer at Schneider Electric, a Global 500 business.

Natascha Viljoen, President and Chief Operating Officer

Natascha Viljoen joined Newmont in 2023 as Chief Operating Officer, overseeing the company's operations with a focus on integration of acquired assets, portfolio optimization, and talent development. She brings more than three decades of global leadership experience across multiple commodities and continents. Natascha Viljoen is set to become Newmont's next Chief Executive Officer, effective January 1, 2026, and will be the first woman to lead the company in its more than 100-year history.

Jennifer Cmil, Executive Vice President and Chief People Officer

Jennifer Cmil was appointed Executive Vice President, Human Resources in October 2019, having joined Newmont in 2010. She previously held roles as Senior Vice President, Human Resources, Group Executive, Human Resources, and Senior Director, Human Resources at Newmont. Before her tenure at Newmont, Ms. Cmil held leadership positions in human resources across various industries, including Vice President of Human Resources at Level 3 Telecommunications, Senior Human Resources Director at KB Home, and Human Resources Business Partner at Sun Microsystems, where she began her career in 1994.

Francois Hardy, Executive Vice President and Chief Technology Officer

Francois Hardy was promoted to Chief Technology Officer in May 2024. He previously served as Senior Vice President, Exploration since February 2022 and as Regional Senior Vice President, Africa since 2019. His experience at Newmont also includes serving as Regional Project Director for Newmont Australia and as the General Manager of the Tanami gold mine, where he led a team responsible for improving the operation into a Tier 1 asset.

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The most significant risk to Newmont's business is Commodity Market Volatility. As the world's leading gold producer, Newmont's revenue and profitability are directly and substantially impacted by fluctuations in the market price of gold and other metals. The company's financial performance, including its ability to generate cash flow, is highly sensitive to these price movements. A significant decline in gold prices could adversely affect revenue, net income, operating cash flow, and potentially lead to the deferral or halt of new projects and reduced funds for exploration.

Secondly, Operational Challenges and Costs pose a substantial risk. Newmont faces rising production costs, as evidenced by increases in costs applicable to sales. These challenges can erode the company's competitive advantage and profitability if not managed effectively. Furthermore, the inability to continually replace gold reserves depleted by production is a conspicuous risk that could impact long-term production levels. Operational risks also include site-specific issues such as critical equipment failures, water supply limitations, potential impacts from extreme weather events, and safety incidents, which can lead to stock dips and reputational damage.

Finally, Regulatory, Legal, and Geopolitical Risks represent another key area of concern. Newmont's extensive global presence exposes it to a complex web of regulatory environments, leading to potential legal challenges, compliance costs, and disputes (e.g., with tax authorities). Geopolitical risks and broader macroeconomic pressures, such as inflation, supply chain disruptions, and labor market uncertainties, can adversely affect Newmont's operational efficiency and cost structure. Additionally, the company faces potential legal risks related to environmental regulations, including those concerning greenhouse gas emissions and water management, and could incur increased costs due to carbon taxes or litigation.

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Newmont (NEM) operates in the mining industry, with its main products being gold, copper, and silver. The addressable markets for these products are global.

• Gold: The global gold market size was valued at approximately USD 291.68 billion in 2024.
• Copper: The global copper market size was estimated at approximately USD 241.88 billion in 2024.
• Silver: The global silver market size was valued at approximately USD 87.12 billion in 2024.

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Newmont (NEM) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Sustained Higher Gold Prices: Analysts anticipate that rising average gold prices will continue to be a significant catalyst for Newmont's revenue growth. Projections indicate gold prices could reach $4,000 per ounce by mid-2026, benefiting Newmont as the world's largest gold producer.
2. Strategic Operational Expansions and Project Development: Newmont's strategic expansion initiatives, including the integration of Newcrest Mining acquired in 2023, have broadened its production capacity and improved its overall portfolio and operational scale. The company is also advancing high-return projects like Ahafo North in Ghana, which is expected to commence gold production in the fourth quarter of 2025 and contribute an additional 150,000 to 200,000 ounces of gold per year for the initial five years (2028-2032).
3. Increased Production from Key Mines: Newmont is forecasting an increase in its overall gold production, with analysts projecting an average of approximately 6 million ounces per annum by 2028, up from 5.6 million ounces in 2025. Specific production gains are anticipated from higher gold grades at the Peñasquito mine in 2025, projected to increase gold production by 30%, and ongoing investment in stripping at the Boddington mine.
4. Portfolio Optimization and Divestment of Non-Core Assets: Newmont has been actively divesting non-core and higher-cost assets, such as six smaller mines following the Newcrest acquisition, shares in Orla Mining, the Coffee Project, Akyem, and Porcupine operations. This strategy aims to streamline operations, enhance the balance sheet, improve operational efficiency, and allow the company to concentrate on higher-margin, Tier 1 assets, thereby boosting overall profitability and cash flow.
5. Cost Optimization and Operational Efficiency Improvements: The company has implemented various cost optimization measures, including restructuring into two business units to decentralize decision-making. These efforts, coupled with technological advancements, are expected to drive positive financial performance and enhance operational efficiency. Newmont's management reduced guidance for 2025 General & Administrative (G&A), exploration, and advanced projects by approximately 15% through these restructuring and productivity initiatives.

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Share Repurchases

• In January 2021, Newmont's Board of Directors approved a share repurchase program of up to $1.0 billion.
• An additional $3.0 billion share repurchase program was approved in July 2025, increasing the total authorized amount to $6.0 billion.
• As of October 23, 2025, Newmont had executed and settled approximately $3.3 billion in common stock repurchases, with $2.7 billion remaining under the authorized programs.

Share Issuance

• Information regarding significant share issuances by Newmont was not available in the provided sources. Macrotrends data indicates net common equity issued/repurchased for 2022-2025 showing net repurchases.

Outbound Investments

• Newmont acquired Newcrest Mining Ltd. for approximately $19.1 billion in May 2023, a transaction that was finalized in November 2023, expanding Newmont's global scope and solidifying its position as the world's largest gold miner.
• The company engaged in a comprehensive divestiture program between 2024 and 2025, selling six non-core operations and two projects, generating over $3.5 billion in net cash proceeds in 2025.
• These strategic divestitures, including the monetization of equity holdings in Greatland Resources and Discovery Silver Corp for approximately $470 million, aimed to refocus the portfolio on high-margin, long-life Tier 1 assets.

Capital Expenditures

• Newmont's capital expenditures for fiscal years ending December 2020 to 2024 averaged $2.041 billion, with a peak of $3.284 billion in December 2024.
• For 2025, Newmont initially planned to invest approximately $1.8 billion in sustaining capital and $1.3 billion in development capital, totaling $3.1 billion, though forecasts improved with a $200 million reduction in capital expenditure due to optimized timing and reduced needs.
• Primary focuses for capital expenditures include extending mine life at existing operations, advancing key projects like Ahafo North and Cadia Panel Caves, tailings management (e.g., $300 million for Cadia in 2025), water and infrastructure projects, and equipment reliability.