Investor Presentaiton
Five Year Outlook: Gold & Consolidated Metrics
GUIDANCE METRIC
2023E
2024E
2025E
2026E
2027E
N
Gold ($1,700/oz price assumption)
Attributable Gold Production (Moz)
5.7 -6.3
5.9-6.5
5.9 - 6.5
6.1 -6.7
6.1 - 6.7
Gold CAS ($/oz)*
$870 - $970
$850 - $950
$780 - $880
Gold AISC ($/oz)*
$1,150 $1,250
Sustaining Capital ($M)
$1,000 $1,200
$1,100 - $1,200
$1,000 $1,200
Development Capital ($M)
$1,200 $1,400
$1,200 $1,400
$1,000 $1,100
$1,000 $1,200
$800 - $1,000
$750 - $850
$1,000 $1,100
$1,000 $1,200
$500 - $700
$750 - $850
$1,000 $1,100
$1,000 - $1,200
$300 - $500
*Consolidated basis; see endnotes
(1) The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.
Assuming average prices of $1,700 per ounce for gold, $3.50 per pound for copper, $20.00 per ounce for silver, $0.90 per
pound for lead, and $1.35 per pound for zinc and achievement of current production and sales volumes and cost
estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2023 will be
between 32%-36%.
GUIDANCE METRIC
General & Administrative ($M)
Interest Expense ($M)
Depreciation and Amortization ($M)
Exploration & Advanced Projects ($M)
Adjusted Tax Rate (%) 1,2
2023E
$260 - $290
$200 - $220
(2)
$2,200 $2,400
$475 - $525
32% - 36%
FEBRUARY 2023 INVESTOR PRESENTATION
NEWMONT CORPORATION
45
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