Company Announcements

DENVER--(BUSINESS WIRE)--Feb. 20, 2025-- Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced its fourth quarter and full year 2024 results, declared a fourth quarter dividend of $0.25¹ and provided guidance for the full year of 2025.

"2024 was a transformational year for Newmont, as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform. We have deliberately streamlined Newmont into the world's best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance. Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows," said Tom Palmer, Newmont’s President and Chief Executive Officer. ”With the gold price predicted to remain strong and the proceeds from our divestiture program expected to materialize during the first half of 2025, we expect our balance sheet and liquidity remains robust. This year we are focused on continuing to improve the business across our safety, costs, and productivity performance. Looking to 2025 and beyond, our priorities are clear: maximize the potential of our Tier 1 portfolio, meet our commitments, return capital, and drive long-term value for our shareholders."

2024 Results

• Reported Net Income of $3.4 billion, Adjusted Net Income (ANI)² of $3.48 per diluted share and Adjusted EBITDA² of $8.7 billion for the year with notable fourth quarter ANI² of $1.6 billion or $1.40 per diluted share
• Generated $6.3 billion of cash from operating activities, net of working capital changes of $(1.0) billion; reported $2.9 billion in Free Cash Flow² for the year, including a record $1.6 billion in the fourth quarter
• Announced agreements to divest six non-core assets: Akyem, Cripple Creek & Victor (CC&V), Éléonore, Musselwhite, Porcupine and Telfer, along with its 70% interest in the Havieron project. Telfer and Havieron closed in December, 2024
• Potential to generate up to $4.3 billion in total proceeds from non-core asset and other investment sales, including up to $2.5 billion in cash expected to be delivered in the first half of 2025, net of taxes and closing costs
• Repurchased $1.2 billion of outstanding shares as part of the $3.0 billion total share repurchase programs, authorized by the Board of Directors through October 2026
• Declared fourth quarter dividend of $0.25 per share and delivered $1.1 billion in total dividends to shareholders in 2024
• Completed integration of Newcrest assets, solidifying Newmont as the world's largest gold producer with robust complementary copper growth opportunities
• Produced 6.8 million attributable gold ounces, primarily driven by production of 5.7 million attributable gold ounces from Newmont's Tier 1 Portfolio³, as well as 1.9 million gold equivalent ounces (GEOs)⁴ from copper, silver, lead and zinc, including 153 thousand tonnes of copper
• Maintained a flexible investment-grade balance sheet, including $3.6 billion in cash and $7.7 billion in total liquidity
• Reduced debt by $1.4 billion over the last 12 months, which includes early redemption of $928 million in 2026 Notes redeemed on February 7, 2025; reported net debt to adjusted EBITDA of 0.6x²
• Declared total Newmont reserves of 134 million attributable gold ounces and resources of 170 million attributable gold ounces⁵; significant upside to other metals, including more than 13.5 million tonnes of copper reserves

2025 Guidance ³

• Attributable production for 2025 is expected to be approximately 5.9 million gold ounces, including 0.3 million gold ounces in the first quarter from the non-core assets held for sale and 5.6 million gold ounces for the Total Tier 1 Portfolio³
• Gold AISC² for the Total Portfolio is expected to be $1,630 per ounce including production from non-core assets for the first quarter of 2025; with Gold AISC² from the Total Tier 1 Portfolio expected to be $1,620 per ounce for full year 2025
• Sustaining capital spend of approximately $1.8 billion in 2025 for the Total Tier 1 Portfolio³; Development capital spend of approximately $1.3 billion in 2025 for the Total Tier 1 Portfolio³ to progress key near-term development projects

Summary of Fourth Quarter and Full Year 2024 Results

Fourth Quarter 2024 Production and Financial Summary

Attributable gold production¹ increased 14 percent to 1,899 thousand ounces compared to the prior quarter primarily due to higher production at Peñasquito, Boddington, and Lihir and the non-managed joint venture at Nevada Gold Mines.

Average realized gold price was $2,643 per ounce, an increase of $125 per ounce compared to the prior quarter. Average realized gold price includes $2,654 per ounce of gross price received, the unfavorable impact of $2 per ounce mark-to-market on provisionally-priced sales and reductions of $9 per ounce for treatment and refining charges.

Gold CAS² totaled $2.0 billion for the quarter. Gold CAS per ounce³ decreased 9 percent to $1,096 per ounce compared to the prior quarter, primarily due to an increase in production, partially offset by higher costs.

Gold AISC per ounce³ decreased 9 percent to $1,463 per ounce compared to the prior quarter, primarily due to lower CAS per ounce.

Net income attributable to Newmont stockholders was $1,403 million or $1.24 per diluted share, an increase of $481 million from the prior quarter primarily due to higher average realized gold prices and higher sales volumes, partially offset by a loss on assets held for sale of $268 million recognized in the fourth quarter.

Adjusted net income⁴ for the quarter was $1,591 million or $1.40 per diluted share compared to $936 million or $0.81 per diluted share in the prior quarter. Net income attributable to Newmont stockholders has been adjusted to exclude a non-cash loss on assets held for sale and revisions to reclamation and remediation.

Consolidated cash from operations before working capital⁵ increased 30 percent from the prior quarter to $2.4 billion, primarily due to higher realized gold prices and higher production.

Consolidated net cash from operating activities increased 53 percent from the prior quarter to $2.5 billion, primarily due to higher consolidated cash from operations before working capital and changes in working capital.

Net cash from operating activities in the fourth quarter benefited from a $115 million increase in operating cash flow due to changes in working capital from the prior quarter, primarily from a build in accounts payable for taxes and employee benefits due in 2025, partially offset by a $160 million higher outflow in reclamation liability, primarily related to cash spent for the construction of the Yanacocha water treatment facilities.

Free Cash Flow⁷increased 115 percent from the prior quarter to $1.6 billion, primarily due to higher consolidated net cash from operating activities and stable capital expenditures of $875 million.

Balance sheet and liquidity remained strong in 2024, ending the year with $3.6 billion of consolidated cash and cash of $45 million included in Assets held for sale, with approximately $7.7 billion of total liquidity; reported net debt to adjusted EBITDA of 0.6x⁸.

Fourth Quarter 2024 Non-Managed Joint Venture and Equity Method Investments⁹

Nevada Gold Mines (NGM) attributable gold production increased 16 percent from the prior quarter to 280 thousand ounces, with a 10 percent decrease in CAS to $1,177 per ounce³. AISC decreased 11 percent from the prior quarter to $1,492 per ounce³.

Pueblo Viejo (PV) attributable gold production decreased 6 percent from the prior quarter to 62 thousand ounces. Cash distributions received from the Company's equity method investment in Pueblo Viejo totaled $56 million for the fourth quarter and $150 million for the full year. Capital contributions related to the expansion project at Pueblo Viejo were $58 million for the fourth quarter and $84 million for the full year.

Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the fourth quarter of 2024 decreased 9 percent to 39 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte totaled $15 million for the fourth quarter and $46 million for the full year.

2025 Guidance

Newmont's guidance for 2025 demonstrates the value derived from this world-class portfolio of eleven Tier 1 and emerging Tier 1 mines. Guidance for 2025 includes only first quarter expectations for the non-core assets held for sale. Newmont’s Tier 1 Portfolio also includes attributable production from the Company’s equity interest in Pueblo Viejo and Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines Joint Venture.

PRODUCTION AND COST GUIDANCE

Newmont's Managed Tier 1 Portfolio includes 11 managed operations. This portfolio is further enhanced by Non-Managed Tier 1 assets, including the Company’s ownership in the Nevada Gold Mines JV, Pueblo Viejo JV, and its equity interest in Lundin Gold. Together, these assets form the core of Newmont's Total Tier 1 Portfolio. The Total Portfolio is expected to produce 5.9 million ounces in 2025 from the Tier 1 Portfolio and first quarter production from the non-core assets held for sale.

The Company expects attributable gold production from its Total Tier 1 Portfolio to remain largely consistent with 2024 at approximately 5.6 million ounces, with a gold CAS of $1,180 per ounce and a gold AISC of $1,620 per ounce. Unit costs in 2025 include the estimated impact from slightly lower sales volumes due to the planned mine sequencing at Newmont's Tier 1 operations, a higher proportion of costs being allocated to gold versus other metals produced, higher royalties and production taxes from a stronger gold price environment, approximately 3 percent cost escalation, and higher sustaining capital to advance critical tailings work.

CAPITAL GUIDANCE

Sustaining capital is expected to be approximately $1.8 billion in 2025 for the Total Tier 1 Portfolio to support key tailings management initiatives, water and infrastructure projects, equipment, and ongoing mine development.

Development capital is expected to be approximately $1.3 billion in 2025 for the Total Tier 1 Portfolio, as the Company focuses on disciplined reinvestment in its most profitable near-term projects. 2025 guidance primarily includes spend for Tanami Expansion 2, the Cadia Panel Caves in Australia, and Ahafo North in Ghana, as well as advancing the Red Chris Block cave project in Canada toward an investment decision. In addition, development capital guidance includes spend related to the Company’s ownership interest in Nevada Gold Mines.

Development capital estimates exclude contributions to support Newmont’s 40 percent interest in the Pueblo Viejo expansion, which is accounted for as an equity method investment.

2025 GOLD PRODUCTION AND CAPITAL SEASONALITY GUIDANCE AND FIRST QUARTER COMMENTARY

H1/H2 Commentary: Attributable gold production for the Total Tier 1 Portfolio in 2025 is expected to be approximately 48 percent weighted to the first half of the year. The increase in production in the second half of the year is expected to be driven by the non-managed Nevada Gold Mines and Pueblo Viejo operations and the addition of Ahafo North to commercial production. Gold production weighting excludes non-core assets.

Sustaining capital for the Total Tier 1 Portfolio is weighted toward the first half of 2025, primarily due to the timing of scheduled work on pit design and access roads for Phase 14a at Lihir in the first half and the Q2 start of warmer weather surface work at Red Chris and Brucejack in Northern Canada. Development capital for the Total Tier 1 Portfolio is heavily weighted to the first half of 2025 driven primarily by work at Ahafo North as the project moves toward commercial production.

First Quarter Commentary: The first quarter of 2025 is expected to include 23 percent of Total Tier 1 Portfolio production and associated impacts on unit costs. The first quarter will also include 0.3 million ounces of non-core assets pending divestiture at a weighted average gold AISC of $1,830 per ounce. The weighting of Tier 1 production and the inclusion of non-core assets combined indicate that the first quarter of 2025 will have notably higher costs than subsequent quarters. First quarter free cash flow will be impacted by these dynamics as well as expected working capital changes for previously accrued tax and employee benefit payments during the quarter.

CO-PRODUCT PRODUCTION AND COST GUIDANCE

In 2025, co-product production is expected to decline due to lower copper production as Cadia processes lower grade ore and Peñasquito produces less co-product from the Peñasco pit. Copper CAS per tonne is expected to rise in 2025 due to lower production at Cadia. Copper AISC per tonne is expected to rise in 2025 due to higher CAS per tonne and higher sustaining capital at Cadia.

Refer to the 2025 Production and Cost Guidance by Site below for additional details.

EXPLORATION AND ADVANCED PROJECTS GUIDANCE

In 2025, Newmont plans to increase its investment in exploration and advanced projects to approximately $525 million, focusing on extending mine life at existing operations while continuing to develop reserves and resources. This includes an estimated $275 million dollars in exploration expense to progress organic growth around existing operations, including the Apensu and Subika Underground at Ahafo South and pit extension at Merian, and advance greenfield projects. Additionally, Newmont expects to allocate approximately $250 million to advanced project spending to support studies on its organic project pipeline.

CONSOLIDATED EXPENSE GUIDANCE

The 2025 guidance for general and administrative costs is expected to be $475 million as Newmont continues to manage a global business. Interest expense is expected to decrease to approximately $300 million due to the reduction in debt outstanding through early repayment and purchases along with higher capitalized interest. Reclamation and remediation expense is expected to increase to $475 million due to continued accretion of Newmont's closure liabilities. The adjusted tax rate is expected to remain stable at approximately 34 percent using a $2,500 per ounce gold price assumption.

ASSUMPTIONS AND SENSITIVITIES

Excluded from the sensitivity is a royalty, production tax, and workers participation impact of approximately $10 per ounce for every $100 per ounce change in gold price.

Divestiture Program Update

In February 2024, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units. To date, Newmont has announced sales agreements for all non-core operations and its 70 percent interest in the Havieron project in Western Australia. Newmont continues to advance the divestiture process for the Coffee Project in the Yukon, which may extend beyond the first quarter of 2025. The Company will provide an update once a sales agreement for that project has been agreed.

Total gross proceeds from transactions announced in 2024 are expected to be up to $4.3 billion including contingent payments and prior to closing adjustments. This includes $3.8 billion from non-core divestitures and $527 million from the sale of other investments, detailed as follows:

• Up to $475 million from the sale of the Telfer operation and Newmont's 70 percent interest in the Havieron project, closed on December 4, 2024;
• Up to $1.0 billion from the sale of the Akyem operation, expected to close in the first half of 2025;
• Up to $850 million from the sale of the Musselwhite operation, expected to close in the first quarter of 2025;
• $795 million from the sale of the Éléonore operation, expected to close in the first quarter of 2025;
• Up to $275 million for the sale of the CC&V operation, expected to close in the first quarter of 2025;
• Up to $425 million for the sale of the Porcupine operation, expected to close in the first half of 2025; and
• $527 million from the completed sale of other investments, including the sale of the Lundin Gold stream credit facility and offtake agreement, and the monetization of Newmont's Batu Hijau contingent payments.

Disciplined Reinvestment in Organic Project Pipeline

Newmont's portfolio includes the deepest organic project pipeline in the sector, expected to add new, low-cost ounces and growing free cash flow on a per share basis. Newmont's 2025 guidance includes current development capital costs and production related to the key projects in execution at Tanami Expansion 2, Ahafo North and Cadia Panel Caves.

• Tanami Expansion 2 (Australia) is expected to secure Tanami’s future as a long-life, low-cost producer by extending mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to process 3.3 million tonnes per year and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years (2028 - 2032) and significantly reduce operating costs through efficiency improvements. The project is expected to achieve commercial production in the second half of 2027, and total capital costs are estimated to be between $1.7 and $1.8 billion. Development costs (excluding capitalized interest) since approval were $1,020 million, of which $268 million related to 2024.
• Ahafo North (Ghana) is expected to expand Newmont's existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company’s Ahafo South operations. The project is expected to add between 275,000 and 325,000 ounces per year with All-In Sustaining Costs of $800 to $900 per ounce for the first five full years of production (2026 - 2030). Ahafo North includes 4.6 million ounces of Reserves and 2.6 million ounces of Measured, Indicated and Inferred Resources² with significant upside potential to extend beyond Ahafo North’s current 13-year mine life. Commercial production for the project is expected in the second half of 2025. Total capital costs are estimated to be between $950 and $1,050 million. Development costs (excluding capitalized interest) since approval were $616 million, of which $241 million related to 2024.
• Cadia Panel Caves (Australia) includes two panel caves expected to extract approximately 5.9 million ounces of gold reserves as well as 1.3 million tonnes of copper reserves¹.
  • Panel Cave 2-3 (PC2-3) is expected to produce 1.0 million ounces of gold and more than 400 thousand tonnes of copper over its ten-year cave life (2024 - 2034). During peak production (2027 - 2032), PC2-3 is expected to ramp up to deliver between 100 and 150 thousand ounces of gold per year, and between 40 and 60 thousand tonnes of copper per year. First ore was delivered during the fourth quarter of 2023 and cave establishment was achieved during the third quarter of 2024. Total capital costs for PC2-3 are estimated to be between $1.0 and $1.2 billion, which includes more than $900 million spent by Newcrest prior to the acquisition by Newmont in November 2023. Development capital spend by Newmont is estimated to be between $150 to $250 million and will continue until the last drawbell is fired, expected to be in the second half of 2026. Development capital invested (excluding capitalized interest) since acquisition is $56 million, of which $45 million related to 2024.
  • Panel Cave 1-2 (PC1-2) is expected to produce 4.0 million ounces of gold and more than 700 thousand tonnes of copper over its fifteen year cave life (2027 - 2042). During peak production (2030 - 2040), PC1-2 is expected to ramp up to deliver between 275 and 325 thousand ounces of gold per year, and between 35 and 55 thousand tonnes of copper per year. The PC1-2 project is currently under review and a more fulsome update on the project's opportunities and metrics is expected to be provided in 2025. Development capital invested (excluding capitalized interest) since acquisition is $153 million, of which $129 million related to 2024.
  • In line with the development of the Panel Caves, Newmont continues to progress tailings solutions that are planned to ensure that the tailings storage facilities are able to support the long mine life of Cadia. This work is intended to create safe and sufficient capacity for PC2-3 and PC1-2 in the medium term.

Newmont is carefully assessing its next wave of opportunities from its robust organic project pipeline, ensuring that the most promising projects are advanced at the right time and in the most capital-efficient manner. Red Chris is advancing the feasibility study, permitting activities and some underground development work to support the underground expansion project. As part of the process to prioritize the most promising projects, the Company has decided to reprioritize capital at Cerro Negro, shifting focus from ongoing underground mine life extension initiatives to surface infrastructure projects at Cerro Negro and other opportunities within its portfolio. This temporary pause in underground investment will allow Newmont to drive improvements in operational productivity and safety performance at Cerro Negro. Additionally, Newmont has chosen to continue deferring the investment decision for the Yanacocha Sulfides project. The Company remains committed to evaluating all opportunities in the surrounding regions of Peru, ensuring future investment decisions deliver the greatest value for shareholders.

Committed to Concurrent Reclamation

As mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to execute concurrent and final reclamation and remediation at our operating and legacy sites. In 2024, the Company spent $433 million, which impacted working capital, primarily related to the construction of two new water treatment plants and post-closure management at Yanacocha. Newmont anticipates spending an average of $600 million annually over the next two years on the water treatment plants at Yanacocha, with expenditures expected to decline starting in 2027 upon project completion and in line with its regulatory compliance commitment. Yanacocha’s ongoing closure planning study continues to address several complex closure issues, including water management, social impacts and tailings. The long-term water management solution under construction at Yanacocha will replace five existing water treatment facilities with two, addressing the watersheds along the continental divide.

2025 Production and Cost Guidance by Site

Managed Tier 1 Portfolio

Boddington

Boddington gold production is expected to decrease slightly in 2025 due to lower grade ore as the site continues to progress the planned laybacks in the North and South pits, positioning the site for increased production in 2026 and beyond.

Boddington gold CAS per ounce is expected to increase in 2025, primarily due to lower production volumes, increased government royalties driven by a higher gold price environment, and a greater proportion of costs being allocated to gold, driven by the reserve price change. Gold AISC per ounce is expected to increase as a result of higher gold CAS per ounce and higher sustaining capital.

Boddington copper production is also expected to decrease in 2025 due to the ongoing stripping campaign.

Boddington copper CAS per tonne is expected to increase in 2025 due to lower copper production, partially offset by lower CAS allocation to copper. Copper AISC per tonne is expected to increase due to higher copper CAS per tonne and higher sustaining capital costs.

Tanami

Tanami production is expected to decrease slightly in 2025 due to mining sequence as the site continues to progress the Tanami Expansion 2 project. Production is weighted approximately 60 percent toward the second half of the year due to higher grade stopes from the Liberator and Auron ore bodies.

Tanami gold CAS per ounce is expected to increase due to lower production volumes, higher underground mining costs and increased government royalties driven by a higher gold price environment. Gold AISC per ounce is expected to increase due to higher gold CAS per ounce and higher sustaining capital.

Cadia

Cadia gold production is expected to decrease by approximately 40 percent in 2025 due to a decline in gold grades as the site transitions to Panel Cave 2-3. Production at Cadia is expected to begin growing again in 2027 as the mine ramps up to higher gold grades from the newly-established panel cave, driving sequential production growth through 2030.

Cadia gold CAS per ounce is expected to increase due to lower gold production in 2025, increased government royalties driven by a higher gold price environment, and a greater proportion of costs being allocated to gold, driven by the reserve price change. Gold AISC per ounce is expected to increase due to higher CAS per ounce and higher capital for tailings expansion to progress tailings solutions that create safe and sufficient capacity for the current caves at Cadia.

Cadia copper production will also decrease in 2025 as the site transitions to Panel Cave 2-3 and the ongoing work to access higher grades in the future.

Cadia copper CAS per tonne is expected to increase due to lower production in 2025 for copper and less allocation of costs to copper due to reserve prices driving CAS cost allocation. Copper AISC per tonne is expected to increase due to higher CAS per tonne and higher spend year over year on sustaining capital.

Lihir

Lihir gold production is expected to decrease slightly in 2025 driven by the open pit reconfiguration work being done to deliver a more sustainable long-term mine plan. This work is anticipated to stabilize production in 2026, with higher grades from Phase 14A expected in 2027.

Lihir gold CAS per ounce is expected to be higher in 2025 due to higher operating costs, a slight decrease in production and higher government royalties and production taxes driven by the higher gold price environment. Gold AISC per ounce is expected to increase due to higher CAS per ounce, higher sustaining capital for fleet investment and stripping in Phase 14A.

Ahafo

Ahafo production is expected to remain largely consistent through the first half of 2025 before beginning to decline in the second half of 2025 as mining activities in the Subika open pit are completed as planned.

Ahafo gold CAS per ounce is expected to increase due to the decrease in production and higher government and third party royalties due to a higher gold price. Gold AISC per ounce is expected to increase due to higher CAS per ounce and higher sustaining capital.

Ahafo North

Ahafo North is expected to pour first gold in the second half of 2025 and declare commercial production in the second half of 2025. Unit costs will not be reported until commercial production is declared.

Peñasquito

Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025. Gold production in 2025 is expected to be approximately 60 percent weighted to the first half of the year.

Peñasquito gold CAS per ounce is expected to increase in 2025 due to higher direct costs, in addition to increased royalties and worker participation payments driven by a higher gold price environment. Additionally, a greater proportion of CAS is allocated to gold, driven by the reserve price change. Gold AISC per ounce is expected to increase due to higher gold CAS per ounce.

Peñasquito co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence.

Peñasquito co-product CAS unit costs are expected to increase in 2025 due to lower allocations from higher gold production and updated reserve prices, partially offset by lower production of co-product metals. Co-product AISC unit costs are expected to increase due to higher co-product CAS unit costs.

Cerro Negro

Cerro Negro production is expected to increase slightly in 2025 due to a full year of operations offset by lower tonnes of ore mined as a result of the decision to shift focus from underground mine life extension initiatives to surface work and other opportunities within the Company's portfolio.

Cerro Negro gold CAS per ounce is expected to decrease in 2025 due to higher production from a full year of operations, offsetting increased royalties driven by a higher gold price environment. Gold AISC per ounce is expected to decrease as lower gold CAS per ounce offsets higher sustaining capital.

Yanacocha

Yanacocha continues to deliver leach-only production, with production expected to increase in 2025 due to higher leach recoveries from injection leaching and higher grades placed from the final phase of Quecher Main. Fresh ore mining will cease in the fourth quarter of 2025, with residual leaching to continue beyond 2025.

Yanacocha gold CAS per ounce is expected to be lower in 2025 due to higher sales and lower stripping as the operation concludes mining, largely offset by increased government royalties, production taxes, and worker participation payments driven by a higher gold price environment. Gold AISC per ounce is expected to decrease due to lower gold CAS per ounce and lower sustaining capital.

Merian

Merian production is expected to be in line with 2024.

Merian gold CAS per ounce is expected to increase due to higher government royalties and production taxes from a higher gold price. Gold AISC per ounce is expected to decrease due to lower sustaining capital as the site completes fleet replacement, offsetting higher CAS per ounce.

Brucejack

Brucejack gold production is expected to be in line with 2024 as a slight increase in tonnes mined offsets a slight decline in grade due to planned stope sequence.

Brucejack gold CAS per ounce is expected to increase in 2025 due to an increase in government royalties from a higher gold price environment and higher underground mining development cost. Gold AISC per ounce is expected to increase due higher gold CAS per ounce and higher sustaining capital for access roads and underground development.

Red Chris

Red Chris gold production is expected to increase by approximately 50 percent in 2025 driven by the mining and processing of higher grade ore.

Red Chris gold CAS per ounce is expected to increase as a result of higher operating costs allocated to gold, driven by the reserve price change, as well as increased royalties due to a higher gold price environment. Gold AISC per ounce is expected to increase due to higher CAS per ounce and higher sustaining capital for tailings work.

Red Chris copper production is expected to be higher in 2025 due to mine sequencing.

Red Chris copper CAS per tonne is expected to decrease slightly as greater allocation to gold, driven by the reserve price change, offsets higher operating costs. Copper AISC per tonne is expected to decrease slightly due to lower copper CAS per tonne.

Non-Managed Tier 1 Portfolio