Q3 2017 results presentation_final

Q3 2017 earnings
October 26, 2017

Newmont Mining Corporation I Q3 2017 earnings I Slide 2October 26, 2017
Cautionary statement
Cautionary statement regarding forward looking statements:
This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other
applicable laws. Such forward-looking statements may include, without limitation: (i) estimates of future production and sales; (ii) estimates of
future costs applicable to sales and All-in sustaining costs; (iii) estimates of future capital expenditures; (iv) estimates of future cost reductions and
efficiencies; (v) expectations regarding the development, growth and potential of the Company’s operations, projects and investments, including,
without limitation, profitability, returns, IRR, schedule, decision dates, mine life, commercial production, first production, development capital,
average production, average AISC and upside potential; (vi) expectations regarding future free cash flow generation, liquidity and balance sheet
strength; (vii) estimates of future closure costs and liabilities; and (viii) expectations of future dividends and returns to shareholders. Estimates or
expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are
not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting,
development, operations and expansion of the Company’s operations and projects being consistent with current expectations and mine plans; (iii)
political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate
assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v)
certain price assumptions for gold, copper and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy
of our current mineral reserve and mineralized material estimates; and (viii) other assumptions noted herein. Potential additional risks include other
political, regulatory or legal challenges and community and labor issues. Where the Company expresses or implies an expectation or belief as to
future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements
are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or
implied by the “forward-looking statements”. Other risks relating to forward looking statements in regard to the Company’s business and future
performance may include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and
variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks, community relations, conflict
resolution and outcome of projects or oppositions and governmental regulation and judicial outcomes. For a more detailed discussion of such risks
and other factors, see the Company’s 2016 Annual Report on Form 10-K, filed on February 21, 2017, with the Securities and Exchange
Commission (SEC) as well as the Company’s other SEC filings. The Company does not undertake any obligation to release publicly revisions to
any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this presentation, or to
reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any
lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-
looking statements” is at investors' own risk. Investors are reminded that this presentation should be read in conjunction with Newmont’s Form 10-
Q which has been filed on October 26, 2017 with the SEC (also available at www.newmont.com). Investors are also reminded to refer to the
endnotes at the back of this presentation and that historical safety performance, reserve statistics and financial results (including AISC and
production figures) referenced herein exclude results from the Company’s former Batu Hijau operation, which was divested by the Company in
2016.

Gary Goldberg, President and CEO

Tanami ore (Auron)
Strong third quarter results
Superior
operational
execution
Leading safety performance and top miner in DJSI for third consecutive year
Q3 AISC1 of $943/oz on strong performance in Africa, Australia and North America
Q3 attributable production of 1.3 Moz up 7% from prior year quarter
Global portfolio
of long-life
assets
Tanami Expansion completed on time and budget adding profitable production
Quecher Main approved improving profitability and extending Yanacocha’s mine life
Progressing longer-term prospects in Canada, Australia and French Guiana
Leading
profitability and
responsibility
Q3 free cash flow up 107% to $494M and adjusted EBITDA
2
of $653M
Net debt to adjusted EBITDA of 0.4x and Q3 dividend up 50% over prior year
Maintained cost, production and capital guidance on sustained improvements

0.79
0.36
ICMM
average
Newmont
2016 injury rates
Leading safety and sustainability performance
Injury rates (total recordable injuries per 200,000 hours worked)
Top sustainability performance in mining sector for three consecutive years
0.8
0.62
0.51
0.38 0.36 0.38
0
0.2
0.4
0.6
0.8
2012 2013 2014 2015 2016 2017 YTD

$1,170
$1,099
$996
$933
$912
$900 – 950
2012A 2013A 2014A 2015A 2016A 2017E
Continuous cost and efficiency improvements
Gold all-in sustaining cost ($/ounce) – 2017 outlook unchanged
YTD = $909/oz
3

4.9 5.0
4.7
4.6
4.9
5.0 – 5.4
2012A 2013A 2014A 2015A 2016A 2017E
New mines and improved throughput add production
Attributable gold production (Moz) – 2017 outlook unchanged
3
YTD = 3.9 Moz

Quecher Main to extend Yanacocha life to 2027
Metrics Quecher Main
Production* 200 Koz
Development capital $250 – $300M
First production early 2019
Commercial production Q4 2019
Internal Rate of Return >10%
From 2020 – 2025, Quecher Main delivers:
• Yanacocha production ~200 Koz/year*
• Average CAS of $750 – $850/oz**
• Average AISC of $900 – $1,000/oz**
• Bridge to development of Yanacocha sulfides
Early Works for Quecher Main
* Production represents Yanacocha (100%) from 2020-2025; ** CAS & AISC represent incremental unit costs 2020-2025

Progressing long-term growth options
• North America – UG expansions (Carlin, Twin, Long Canyon); Greenfields (Canada, US)
• South America – Expansions (Yanacocha, Sabajo); Greenfields (Colombia, Peru, Guiana Shield)
• Africa – UG expansions (Ahafo, Akyem); Greenfields (Ethiopia)
• Australia – UG expansions (Tanami); Greenfields (Australia)
Airborne geologic mapping in Ethiopia

Merian
Free Cash Flow of ~$500M generated in the quarter
Financial metric Q3 2016 Q3 2017 Change
Revenue ($M) $1,791 $1,879 +5%
Adjusted Net Income ($/diluted share)4 $0.38 $0.35 -8%
Adjusted EBITDA ($M) $666 $653 -2%
Cash from continuing operations ($M) $508 $688 +35%
Free Cash Flow ($M)5 $239 $494 +107%

Q3 adjusted net income of 35 cents per share
GAAP to adjusted net income ($/diluted share)
$0.39
$0.01 $0.01
$0.02
$0.35
Net income from
continuing
operations
Gain on asset and
investment sales
Acquisition cost
adjustments
Valuation allowance
and other tax
adjustments
Adjusted net income

$4.8
$3.8
$3.5
$1.9
$1.1
2013 2014 2015 2016 Q3 2017
Financial flexibility to execute capital priorities
Investing in profitable growth
• Growing margins, Reserves and Resources
Returning cash to shareholders
• Q3 dividend increases 50% to $0.075
Strong balance sheet; liquidity of $5.9B
• Repaid $575M convertible notes in July
• Net debt to adjusted EBITDA of 0.4x
Net debt ($B)
Ahafo gold pour

• Carlin delivering strong performance – underground production improving at Leeville
• Silverstar de-weighting underway – expecting to access ore in 2018 (represents upside)
• CC&V and Long Canyon production strong – accelerating ore on leach pads
• Twin UG produced first ore in August – project improves recovery and extends life
Continued strong performance across North America
CC&V valley leachLong Canyon

Investing in profitable growth in South America
• Merian delivering improved mine and mill performance – launching Full Potential in Q4
• Yanacocha recovering from weather, transitional ore impacts
• Quecher Main approved – first production expected early 2019
• Yanacocha sulfides advancing
Merian Chaquicocha core

• Boddington achieved record throughput in August – fourth record set this year
• Tanami Expansion completed safely, on time and budget – mill performing above design capacity
• KCGM west wall remediation underway
• Tanami Expansion 2 advancing through feasibility studies
Advancing next phase of profitable growth at Tanami
Tanami Expansion

Strong performance and prospects in Africa
Ahafo Mill ExpansionSubika Underground
• Ahafo and Akyem continue to outperform – 2017 regional cost guidance improved
• Ahafo expansions on course – mining ore at Subika UG; crusher foundation complete at mill
• Favorable investment agreement terms extended in Ghana – providing ongoing stability
• Permitting for Ahafo North, regional growth studies advancing
Ahafo Mill Expansion baseWorkshop for Subika Underground

Australia
Boddington
Kalgoorlie
− Morrison
Tanami
− Tanami Power
− Tanami Expansion 2
North America
Carlin
− Northwest Exodus
− Greater Leeville
− Pete Bajo exp.
Twin Creeks
− Twin UG
Phoenix
Long Canyon
− Long Canyon Phase 2
CC&V
South America
Merian
− Sabajo
Yanacocha
− Quecher Main
− Yanacocha Sulfides
Africa
Ahafo
− Mill exp
− Subika UG
− Awonsu
− Ahafo UG
Akyem
− Akyem UG
Ahafo North
Operations and sustaining projects
Global portfolio of long-life assets
Improvements since 2012
3 new lower cost mines
7 profitable expansions
Average project IRR > 20%
$2.8B in non-core asset sales
Improved value and risk profile
Current projects
Mid-term projects
Long-term projects
2017E gold
production
North America
41%
South America
13%
Africa
15%
Australia
31%
*Estimated attributable gold production split; see Endnote 3

Project Mine life* (yrs) Cost (AISC/oz) Production (Koz/yr) Capital ($M) IRR (%)
Northwest Exodus +7 ~$25 lower 50 – 75 $50 – $70 >30%
Tanami Expansion +3 $700 – $750 ~ 80 ~$120 ~35%
Ahafo Mill Expansion
reduced by
$250 – $350**
75 – 100 $140 – $180 >20%
Subika Underground 11 150 – 200 $160 – $200 >20%
Twin Underground 13 $650 – $750 30 – 40 $45 – $55 ~20%
Quecher Main*** 8 $900 – $1,000 ~200 $250 – $300 >10%
Investing in profitable growth across the cycle
AISC/oz & Koz/year represent first 5-year project averages except for Quecher Main (see ***) – see Endnotes 1 and 3
* Represents processing life for Twin Underground
**Average annual improvement to Ahafo compared to 2016
*** Production represents Yanacocha (100%) from 2020-2025; AISC represents incremental unit costs 2020-2025
Ghana

Morrison
Leading growth pipeline and track record
Greenfields
Conceptual/
Scoping
Prefeasibility/
Feasibility
Definitive
Feasibility
Execution
Eastern Great Basin
Peru
Guiana Shield
Ethiopia
Australia
Long Canyon Ph 2
Pete Bajo Expansion
Greater Leeville
Sabajo
Akyem Underground
Yanacocha Sulfides
Awonsu
Ahafo Underground
Ahafo North
Tanami Expansion 2
Twin Underground
Quecher Main
Northwest Exodus
Subika Underground
~10 years Current
Ahafo Mill Expansion
Yukon
Colombia
Sustaining projects
(in outlook)
Current projects
(in outlook)
Mid-term projects
(<3 years; not in outlook)
Long-term projects
(>3 years; not in outlook)
Tanami power

Advancing power project to improve risk and value
• Progressing Tanami Power project to improve costs, reliability and environmental impact
• Gas fueled power generation expected to lower costs significantly
• Pipeline expected to improve security of supply with flexibility to support future growth
• Switching to natural gas expected to lower CO2 emissions by up to 20%, add potential credits
Tanami camp

Differentiated long-term production profile
Projected production profile (Koz)3
Industry-leading long-term pipeline
Existing assets and sustaining projects
0
1,000
2,000
3,000
4,000
5,000
2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E
Divestments Current projects Mid-term projects

Superior Reserves and returns
* Competitor average includes Agnico Eagle, AngloGold, Barrick, Gold Fields, Goldcorp, Kinross, Newcrest, Randgold and Yamana and is Reserve weighted as of 12/21/2016
** Sourced from RBC Capital research report – competitor average includes Agnico Eagle, Barrick, Goldcorp and Kinross
*** Need footnote
vs gold sector
average of 77Koz
Reserves per Kshare
vs gold sector average
of 77oz per Kshare*
Operating Reserves
vs gold sector
average of 9.9 yrs**
Reserves based in
US, Australia,
Canada and Western
Europe vs gold sector
average of 29%*
Drilling data
in proprietary
exploration data base
129 oz 12 yrs 72% 40 TB
* Competitor average includes Agnico Eagle, AngloGold, Barrick, Gold Fields, Goldcorp, Kinross, Newcrest, Randgold, Yamana; Reserve weighted as of 31 Dec 2016; see Endnote 6
** Sourced from RBC Capital research report – competitor average includes Agnico Eagle, Barrick, Goldcorp and Kinross
Top quartile Total Shareholder Returns delivered since 2014

Leading in profitability and responsibility
Superior
operational
execution
Safe, stable and profitable gold production over longer horizon
Continuous cost and productivity improvement through Full Potential
Industry leading talent and robust and diverse leadership pipeline
Global portfolio
of long-life
assets
Ongoing margin growth across four anchor regions
Leading project pipeline and execution record
Differentiated reserve value and risk profile
Leading in
profitability and
responsibility
Capital discipline across all investments and cycles
Superior balance sheet and dividends
Leading environmental, social and governance performance
Tanami ore (Auron)

2017 Outlooka
a2017 Outlook in the table are considered “forward-looking
statements” and are based upon certain assumptions,
including, but not limited to, metal prices, oil prices, certain
exchange rates and other assumptions. For example, 2017
Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD
exchange rate and $55/barrel WTI; AISC and CAS estimates
do not include inflation, for the remainder of the year.
Production, CAS, AISC and capital estimates exclude projects
that have not yet been approved. The potential impact on
inventory valuation as a result of lower prices, input costs, and
project decisions are not included as part of this Outlook.
Such assumptions may prove to be incorrect and actual
results may differ materially from those anticipated. See
cautionary note on slide 2.
bAll-in sustaining costs or AISC as used in the Company’s
Outlook is a non-GAAP metric defined as the sum of costs
applicable to sales (including all direct and indirect costs
related to current production incurred to execute on the
current mine plan), reclamation costs (including operating
accretion and amortization of asset retirement costs), G&A,
exploration expense, advanced projects and R&D, treatment
and refining costs, other expense, net of one-time
adjustments and sustaining capital. See reconciliation on slide
36.
cIncludes Lone Tree operations.
dIncludes TRJV operations.
eConsolidated production for Yanacocha and Merian is
presented on a total production basis for the mine site;
attributable production represents a 51.35% interest for
Yanacocha and a 75% interest for Merian.
fBoth consolidated and attributable production are shown on a
pro-rata basis with a 50% ownership for Kalgoorlie.
gProduction outlook does not include equity production from
stakes in TMAC (28.8%) or La Zanja (46.94%).
hConsolidated expense outlook is adjusted to exclude
extraordinary items. For example, the tax rate outlook above
is a consolidated adjusted rate, which assumes the exclusion
of certain tax valuation allowance adjustments.
Consolidated Expense Outlook
h
General & Administrative $ 215 – $ 240
Interest Expense $ 210 – $ 250
Depreciation and Amortization $ 1,225 – $ 1,325
Advanced Projects & Exploration $ 325 – $ 375
Sustaining Capital $ 575 – $ 675
Tax Rate 28% – 34%
Consolidated
All-in Consolidated
Consolidated Attributable Consolidated Sustaining Total Capital
Production Production CAS Costsb
Expenditures
(Koz, Kt) (Koz, Kt) ($/oz, $/lb) ($/oz, $/lb) ($M)
North America
Carlin 935 – 1,000 935 – 1,000 775 – 825 980 – 1,040 165 – 185
Phoenixc
200 – 220 200 – 220 875 – 925 1,070 – 1,130 25 – 35
Twin Creeks
d
370 – 400 370 – 400 560 – 610 675 – 725 45 – 55
CC&V 420 – 470 420 – 470 560 – 610 680 – 730 30 – 40
Long Canyon 130 – 170 130 – 170 380 – 430 405 – 455 10 – 20
Other North America 15 – 25
Total 2,080 – 2,240 2,080 – 2,240 675 – 725 855 – 930 280 – 360
South America
Yanacochae
530 – 560 260 – 300 945 – 995 1,200 – 1,270 35 – 55
Merian 470 – 520 350 – 390 500 – 540 560 – 610 85 – 125
Other South America
Total 1,000 – 1,080 630 – 690 725 – 775 965 – 1,025 120 – 175
Australia
Boddington 735 – 785 735 – 785 700 – 750 820 – 870 75 – 85
Tanami 405 – 480 405 – 480 575 – 645 785 – 855 110 – 120
Kalgoorlie
f
375 – 425 375 – 425 585 – 635 665 – 715 15 – 25
Other Australia
Total 1,520 – 1,695 1,520 – 1,695 640 – 690 795 – 855 205 – 240
Africa
Ahafo 315 – 345 315 – 345 820 – 875 965 – 1,045 150 – 185
Akyem 455 – 485 455 – 485 535 – 575 655 – 705 30 – 40
Other Africa
Total 775 – 835 775 – 835 655 – 705 830 – 880 180 – 220
Corporate/Other 15 – 20
Total Gold
g
5,400 – 5,800 5,000 – 5,400 675 – 715 900 – 950 890 – 990
Phoenix 10 – 20 10 – 20 1.75 – 1.95 2.20 – 2.40
Boddington 30 – 40 30 – 40 1.30 – 1.50 1.60 – 1.80
Total Copper 40 – 60 40 – 60 1.45 – 1.65 1.85 – 2.05

Adjusted net income
Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for
planning and forecasting future business operations. The Company believes the use of Adjusted net
income (loss) allows investors and analysts to understand the results of the continuing operations of the
Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain
items that have a disproportionate impact on our results for a particular period. Adjustments to
continuing operations are presented before tax and net of our partners’ noncontrolling interests, when
applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is
generally calculated using the Company’s statutory effective tax rate of 35%. Management’s
determination of the components of Adjusted net income (loss) are evaluated periodically and based, in
part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss)
attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:

1. Net loss (income) attributable to Newmont stockholders from discontinued operations
relates to (i) adjustments in our Holt royalty obligation, presented net of tax expense
(benefit) of $(4), $(9), $(25) and $(32), respectively, and (ii) Batu Hijau operations,
presented net of tax expense (benefit) of $-, $90, $- and $258, respectively, and income
(loss) attributable to noncontrolling interests of $-, ($79), $- and ($229), respectively, and
(iii) the loss on classification as held for sale, which has been recorded on an attributable
basis. Amounts are presented net of tax expense (benefit) in order to conform to our
Condensed Consolidated Statements of Operations, as required under U.S. GAAP. For
additional information regarding our discontinued operations, see Note 3 to our Condensed
Consolidated Financial Statements.
2. Loss (gain) on asset and investment sales, included in Other income, net, primarily
represents a gain from the exchange of our interest in the Fort á la Corne joint venture for
equity ownership in Shore Gold in June 2017, the sale of our holdings in Regis in March
2016, income recorded in September 2016 associated with contingent consideration from
the sale of certain properties in Nevada during the first quarter of 2015 and other gains or
losses on asset sales.
3. Restructuring and other, net, included in Other expense, net, primarily represents certain
costs associated with severance and outsourcing costs, accrued legal costs in our Africa
region in 2016 and system integration costs in 2016 related to our acquisition of CC&V in
August 2015. Amounts are presented net of income (loss) attributable to noncontrolling
interests of $(1), $-, $(2) and $(2), respectively.
4. Reclamation and remediation charges, included in Reclamation and remediation, represent
revisions to remediation plans at the Company’s former historic mining operations.
5. Impairment of long-lived assets, net, included in Other expense, net, represents non-cash
write-downs of long-lived assets. Amounts are presented net of income (loss) attributable to
noncontrolling interests of $-, $-, $(1) and $(1), respectively.
6. Acquisition cost adjustments, included in Other expense, net, represent net adjustments to
the contingent consideration and related liabilities associated with the acquisition of the
final 33.33% interest in Boddington in June 2009.
7. La Quinua leach pad revision, included in Costs applicable to sales and Depreciation and
amortization, represents a significant write-down of the estimated recoverable ounces at
Yanacocha in September 2016. Amounts are presented net of income (loss) attributable to
noncontrolling interests of $-, $(25), $- and $(25), respectively.
8. Loss on debt repayment, included in Other income, net, represents the impact from the
debt tender offer on our 2019 Senior Notes and 2039 Senior Notes in March 2016 and our
Term Loan paydown in August 2016.
9. The tax effect of adjustments, included in Income and mining tax benefit (expense),
represents the tax effect of adjustments in footnotes (2) through (8), as described above,
and are calculated using the Company's statutory tax rate of 35%.
10. Valuation allowance and other tax adjustments, included in Income and mining tax benefit
(expense), predominantly represent adjustments to remove the impact of our valuation
allowances for items such as foreign tax credits, alternative minimum tax credits, capital
losses and disallowed foreign losses. We believe that these valuation allowances cause
significant fluctuations in our financial results that are not indicative of our underlying
financial performance. The adjustments in the three and nine months ended
September 30, 2017 are due to increases (decreases) in tax credit carryovers subject to
valuation allowance of $(40) and $95, respectively, and other tax adjustments of $13 and
$(2), respectively. The adjustments in the three and nine months ended
September 30, 2016 are due to a tax restructuring of $170 during the first quarter, a
carryback of 2015 tax loss to prior years of $124 during the second quarter, increases to
valuation allowance on tax credit carryovers of $6 and $68, respectively, and other tax
adjustments of $1 and $18, respectively.
Adjusted net income
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2016 2017 2016
Net income (loss) attributable to Newmont stockholders $ 206 $ (358) $ 429 $ (283)
Net loss (income) attributable to Newmont stockholders from
discontinued operations
(1)
7 527 45 454
Net income (loss) attributable to Newmont stockholders from continuing
operations 213 169 474 171
Loss (gain) on asset and investment sales
(2)
(5) (5) (21) (109)
Restructuring and other, net
(3)
1 7 8 24
Reclamation and remediation charges
(4)
— — 3 —
Impairment of long-lived assets, net
(5)
— — 2 3
Acquisition cost adjustments
(6)
(3) 9 2 11
La Quinua leach pad revision
(7)
— 26 — 26
Loss on debt repayment
(8)
— 1 — 4
Tax effect of adjustments
(9)
4 (12) 3 (24)
Valuation allowance and other tax adjustments
(10)
(27) 7 93 380
Adjusted net income (loss) $ 183 $ 202 $ 564 $ 486
Net income (loss) per share, basic $ 0.38 $ (0.67) $ 0.80 $ (0.53)
discontinued operations 0.01 0.99 0.08 0.85
operations 0.39 0.32 0.88 0.32
Loss (gain) on asset and investment sales (0.01) (0.01) (0.04) (0.21)
Restructuring and other, net — 0.02 0.01 0.05
Reclamation and remediation charges — — 0.01 —
Impairment of long-lived assets, net — — — —
Acquisition cost adjustments (0.01) 0.02 — 0.02
La Quinua leach pad revision — 0.05 — 0.05
Loss on debt repayment — — — 0.01
Tax effect of adjustments 0.01 (0.03) 0.01 (0.05)
Valuation allowance and other tax adjustments (0.03) 0.01 0.19 0.73
Adjusted net income (loss) per share, basic $ 0.35 $ 0.38 $ 1.06 $ 0.92
Net income (loss) per share, diluted $ 0.38 $ (0.67) $ 0.80 $ (0.53)
discontinued operations 0.01 0.99 0.08 0.85
operations 0.39 0.32 0.88 0.32
Loss (gain) on asset and investment sales (0.01) (0.01) (0.04) (0.21)
Restructuring and other, net — 0.02 0.01 0.05
Reclamation and remediation charges — — 0.01 —
Impairment of long-lived assets, net — — — —
Acquisition cost adjustments (0.01) 0.02 — 0.02
La Quinua leach pad revision — 0.05 — 0.05
Loss on debt repayment — — — 0.01
Tax effect of adjustments 0.01 (0.03) 0.01 (0.05)
Valuation allowance and other tax adjustments (0.03) 0.01 0.19 0.72
Adjusted net income (loss) per share, diluted $ 0.35 $ 0.38 $ 1.06 $ 0.91
Weighted average common shares (millions):
Basic 533 531 533 530
Diluted 536 533 534 532

EBITDA and Adjusted EBITDA
Management uses Earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or
certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to
evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an
alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not
necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are
frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of
Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that
Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same
manner as our management and board of directors. Management’s determination of the components of Adjusted EBITDA are evaluated
periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss)
attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
1. Net loss (income) from discontinued operations relates to (i) adjustments in our
Holt royalty obligation, presented net of tax expense (benefit) of $(4), $(9), $(25)
and $(32), respectively, and (ii) Batu Hijau operations, presented net of tax
expense (benefit) of $-, $90, $- and $258, respectively, and (iii) the loss on
classification as held for sale, which has been recorded on an attributable basis.
For additional information regarding our discontinued operations, see Note 3 to
our Condensed Consolidated Financial Statements.
2. Loss (gain) on asset and investment sales, included in Other income, net,
primarily represents a gain from the exchange of our interest in the Fort á la
Corne joint venture for equity ownership in Shore Gold in June 2017, the sale of
our holdings in Regis in March 2016, income recorded in September 2016
associated with contingent consideration from the sale of certain properties in
Nevada during the first quarter of 2015 and other gains or losses on asset sales.
3. Restructuring and other, included in Other expense, net, primarily represents
certain costs associated with severance and outsourcing costs, accrued legal
costs in our Africa region in 2016 and system integration costs in 2016 related to
our acquisition of CC&V in August 2015.
4. Reclamation and remediation charges, included in Reclamation and remediation,
represent revisions to remediation plans at the Company’s former historic mining
operations.
5. Impairment of long-lived assets, included in Other expense, net, represents non-
cash write-downs of long-lived assets.
6. Acquisition cost adjustments, included in Other expense, net, represent net
adjustments to the contingent consideration and related liabilities associated with
the acquisition of the final 33.33% interest in Boddington in June 2009.
7. La Quinua leach pad revision, included in Costs applicable to sales, represents a
significant write-down of the estimated recoverable ounces at Yanacocha in
September 2016.
8. Loss on debt repayment, included in Other income, net, represents the impact
from the debt tender offer on our 2019 Senior Notes and 2039 Senior Notes in
March 2016 and our Term Loan paydown in August 2016.
2017 2016 2017 2016
Net income (loss) attributable to Newmont stockholders $ 206 $ (358) $ 429 $ (283)
Net income (loss) attributable to noncontrolling interests (8) 45 (22) 167
Net loss (income) from discontinued operations
(1)
7 448 45 225
Equity loss (income) of affiliates (1) (2) 4 8
Income and mining tax expense (benefit) 72 90 349 555
Depreciation and amortization 327 335 928 892
Interest expense, net 56 64 187 204
EBITDA $ 659 $ 622 $ 1,920 $ 1,768
Adjustments:
Loss (gain) on asset and investment sales
(2)
$ (5) $ (5) $ (21) $ (109)
Restructuring and other
(3)
2 7 10 26
Reclamation and remediation charges
(4)
— — 3 —
Impairment of long-lived assets
(5)
— — 3 4
Acquisition cost adjustments
(6)
(3) 9 2 11
La Quinua leach pad revision
(7)
— 32 — 32
Loss on debt repayment
(8)
— 1 — 4
Adjusted EBITDA $ 653 $ 666 $ 1,917 $ 1,736

Free cash flow
Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net
cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less
Additions to property, plant and mine development as presented on the Condensed Consolidated Statements of Cash Flows. The
Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors.
Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other
companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other
companies. The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as
an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those
terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s
definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the
fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for
business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental
information to the Company’s Condensed Consolidated Statements of Cash Flows. The following table sets forth a reconciliation of Free
Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the
GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in)
investing activities and Net cash provided by (used in) financing activities.
.
1) Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.
2017 2016 2017 2016
Net cash provided by (used in) operating activities $ 685 $ 856 $ 1,584 $ 2,159
Less: Net cash used in (provided by) operating activities of
discontinued operations 3 (348) 12 (826)
Net cash provided by (used in) operating activities of continuing
operations 688 508 1,596 1,333
Less: Additions to property, plant and mine development (194) (269) (557) (832)
Free Cash Flow $ 494 $ 239 $ 1,039 $ 501
Net cash provided by (used in) investing activities
(1)
$ (181) $ (297) $ (627) $ (702)
Net cash provided by (used in) financing activities $ (641) $ (469) $ (748) $ (1,251)

Newmont has worked to develop a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as Costs applicable to sales per ounce, to provide visibility into the
economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations. Current GAAP-measures used in the mining industry,
such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides
additional information to management, investors, and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and in the investor’s visibility by
better defining the total costs associated with production. All-in sustaining cost (“AISC”) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by
GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow
from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting
frameworks such as in International Financial Reporting Standards (“IFRS”), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional
differences of sustaining versus development capital activities based upon each company’s internal policies.
The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:
Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable
to sales (“CAS”), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is
accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Condensed Consolidated Statements
of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the
CAS presented in the Company’s Condensed Consolidated Statements of Operations less the amount of CAS attributable to the production of copper at our Phoenix and Boddington mines. The copper CAS at
those mine sites is disclosed in Note 4 to the Condensed Consolidated Financial Statements. The allocation of CAS between gold and copper at the Phoenix and Boddington mines is based upon the relative
sales value of gold and copper produced during the period.
Reclamation costs. Includes accretion expense related to Asset Retirement Obligation (“ARO”) and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties.
Accretion related to the ARO and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect
the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and copper is determined using the same allocation used in
the allocation of CAS between gold and copper at the Phoenix and Boddington mines.
Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to increase or enhance current production and exploration. We note that as
current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves. As this relates to
sustaining our production, and is considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and
development and Exploration amounts presented in the Condensed Consolidated Statements of Operations less the amount attributable to the production of copper at our Phoenix and Boddington mines. The
allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines.
General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to support our corporate structure and fulfill our obligations to operate as a
public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis.
Other expense, net. We exclude certain exceptional or unusual expenses from Other expense, net, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this
adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial
measure Adjusted net income (loss). The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and
Boddington mines.
Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on our
Condensed Consolidated Statements of Operations.
Sustaining capital. We determined sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new
operations, or related to projects at existing operations where these projects will enhance production or reserves, are generally considered development. We determined the classification of sustaining and
development capital projects based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital costs are relevant to the AISC metric as these are needed to maintain
the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and copper is determined
using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines.
All-in sustaining costs

1. Excludes Depreciation and
amortization and Reclamation and
remediation.
2. Includes by-product credits of $16.
3. Includes stockpile and leach pad
inventory adjustments of $21 at
Carlin, $10 at Twin Creeks, $22 at
Yanacocha and $7 at Akyem.
4. Reclamation costs include
operating accretion of $21 and
amortization of asset retirement
costs of $11.
5. Advanced projects, research and
development and Exploration of $6
at Long Canyon, $5 at Yanacocha,
$5 at Tanami, $3 at Ahafo and $1 at
Akyem are recorded in “Other” of
the respective region for
development projects.
6. Other expense, net is adjusted for
net acquisition costs of $(3) and
restructuring and other costs of $2.
7. Excludes development capital
expenditures, capitalized interest
and changes in accrued capital,
totaling $66. The following are
major development projects:
Merian, Subika Underground, and
the Tanami and Ahafo mill
expansions.
Advanced
Projects,
Research and Treatment All-In
Costs Development General Other and All-In Ounces Sustaining
Three Months Ended Applicable Reclamation and and Expense, Refining Sustaining Sustaining (000)/Pounds Costs per
September 30, 2017 to Sales (1)(2)(3)
Costs (4)
Exploration(5)
Administrative Net (6)
Costs Capital (7)
Costs (millions) Sold oz/lb
Gold
Carlin $ 216 $ 2 $ 6 $ 2 $ — $ — $ 31 $ 257 259 $ 992
Phoenix 48 1 — 1 1 2 3 56 54 1,037
Twin Creeks 59 1 3 1 1 — 10 75 81 926
Long Canyon 17 — — 1 — — — 18 55 327
CC&V 75 1 2 — — — 9 87 110 791
Other North America — — 16 — (1) — 2 17 — —
North America 415 5 27 5 1 2 55 510 559 912
Yanacocha 150 17 6 1 1 — 9 184 138 1,333
Merian 62 1 3 — — — 10 76 125 608
Other South America — — 17 3 (1) — — 19 — —
South America 212 18 26 4 — — 19 279 263 1,061
Boddington 130 2 — — — 7 12 151 187 807
Tanami 72 1 2 — — — 17 92 115 800
Kalgoorlie 64 1 3 — — 1 4 73 95 768
Other Australia — — 7 3 (1) — 1 10 — —
Australia 266 4 12 3 (1) 8 34 326 397 821
Ahafo 57 2 3 — — — 9 71 78 910
Akyem 67 3 2 — — — 7 79 114 693
Other Africa — — 4 — — — — 4 — —
Africa 124 5 9 — — — 16 154 192 802
Corporate and Other — — 13 46 2 — 1 62 — —
Total Gold $ 1,017 $ 32 $ 87 $ 58 $ 2 $ 10 $ 125 $ 1,331 1,411 $ 943
Copper
Phoenix $ 11 $ — $ 1 $ — $ — $ — $ — $ 12 7 $ 1.71
Boddington 25 — 1 — — 2 3 31 19 1.63
Total Copper $ 36 $ — $ 2 $ — $ — $ 2 $ 3 $ 43 26 $ 1.65
Consolidated $ 1,053 $ 32 $ 89 $ 58 $ 2 $ 12 $ 128 $ 1,374

1. Excludes Depreciation and
amortization and Reclamation and
remediation.
2. Includes by-product credits of $45.
3. Includes stockpile and leach pad
inventory adjustments of $48 at
Carlin, $21 at Twin Creeks, $52 at
Yanacocha, $13 at Ahafo and $12
at Akyem.
4. Reclamation costs include operating
accretion of $63 and amortization of
asset retirement costs of $28.
5. Advanced projects, research and
development and Exploration of $16
at Long Canyon, $10 at Yanacocha,
$13 at Tanami, $8 at Ahafo and $6
at Akyem are recorded in “Other” of
the respective region for
development projects.
6. Other expense, net is adjusted for
restructuring and other costs of $10,
acquisition costs of $2 and write-
downs of $3.
7. Excludes development capital
expenditures, capitalized interest
and changes in accrued capital,
totaling $172. The following are
major development projects:
Merian, Long Canyon, Tanami
expansions, Subika Underground
and Ahafo mill expansion.
Advanced
Projects,
Research and Treatment All-In
Costs Development General Other and All-In Ounces Sustaining
Nine Months Ended Applicable Reclamation and and Expense, Refining Sustaining Sustaining (000)/Pounds Costs per
September 30, 2017 to Sales (1)(2)(3)
Costs (4)
Exploration(5)
Administrative Net (6)
Costs Capital (7)
Costs (millions) Sold oz/lb
Gold
Carlin $ 579 $ 5 $ 14 $ 3 $ — $ — $ 126 $ 727 689 $ 1,055
Phoenix 137 4 4 1 1 8 9 164 155 1,058
Twin Creeks 167 3 7 2 1 — 27 207 282 734
Long Canyon 42 1 — 1 — — 1 45 132 341
CC&V 219 3 9 1 — — 17 249 361 690
Other North America — — 33 — 2 — 4 39 — —
North America 1,144 16 67 8 4 8 184 1,431 1,619 884
Yanacocha 403 49 13 3 4 — 29 501 406 1,234
Merian 174 1 11 — — — 18 204 353 578
Other South America — — 41 9 — — — 50 — —
South America 577 50 65 12 4 — 47 755 759 995
Boddington 399 5 1 — — 16 38 459 582 789
Tanami 180 2 3 — — — 41 226 289 782
Kalgoorlie 171 2 6 — — 1 12 192 269 714
Other Australia — — 18 7 (1) — 3 27 — —
Australia 750 9 28 7 (1) 17 94 904 1,140 793
Ahafo 193 5 14 — 2 — 28 242 261 927
Akyem 202 9 3 — 1 — 17 232 372 624
Other Africa — — 16 5 — — — 21 — —
Africa 395 14 33 5 3 — 45 495 633 782
Corporate and Other — — 39 139 7 — 4 189 — —
Total Gold $ 2,866 $ 89 $ 232 $ 171 $ 17 $ 25 $ 374 $ 3,774 4,151 $ 909
Copper
Phoenix $ 45 $ 1 $ 1 $ — $ — $ 1 $ 5 $ 53 27 $ 1.96
Boddington 74 1 1 — — 8 6 90 57 1.58
Total Copper $ 119 $ 2 $ 2 $ — $ — $ 9 $ 11 $ 143 84 $ 1.70
Consolidated $ 2,985 $ 91 $ 234 $ 171 $ 17 $ 34 $ 385 $ 3,917

All-in sustaining costs – 2017 outlook
(1) Excludes Depreciation and amortization and
Reclamation and remediation.
(2) Includes stockpile and leach pad inventory
adjustments.
(3) Remediation costs include operating accretion and
amortization of asset retirement costs.
(4) Excludes development capital expenditures,
capitalized interest and change in accrued capital.
(5) The reconciliation to the left is provided for illustrative
purposes in order to better describe management’s
estimates of the components of the calculation.
Ranges for each component of the forward-looking All-
in sustaining costs per ounce are independently
calculated and, as a result, the total All-in sustaining
costs and the All-in sustaining costs per ounce may
not sum to the component ranges. While a
reconciliation to the most directly comparable GAAP
measure has been provided for 2017 AISC Gold
Outlook on a consolidated basis, a reconciliation has
not been provided on an individual site-by-site basis or
for longer-term outlook in reliance on Item
10(e)(1)(i)(B) of Regulation S-K because such
reconciliation is not available without unreasonable
efforts. See the Cautionary Statement at the end of
this news release for additional information.
Similar to the historical AISC amounts presented above, AISC outlook is also a non-GAAP financial measure. A reconciliation of the
2017 Gold AISC outlook range to the 2017 CAS outlook range is provided below. The estimates in the table below are considered
“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and
other applicable laws.
2017 Outlook - Gold Outlook range
Low High
Costs Applicable to Sales
(1) (2)
$ 3,715 $ 4,065
Reclamation Costs
(3)
110 130
Advanced Projects and Exploration 325 375
General and Administrative 215 240
Other Expense 5 30
Treatment and Refining Costs 20 40
Sustaining Capital
(4)
575 675
All-in Sustaining Costs $ 4,930 $ 5,430
Ounces (000) Sold 5,400 5,800
All-in Sustaining Costs per oz
(5)
$ 900 $ 950

Endnotes
Investors are encouraged to read the information contained in this presentation in conjunction with the following notes, the Cautionary Statement on slide 2 and the factors described
under the “Risk Factors” section of the Company’s Form 10-K, filed with the SEC on or about February 21, 2017, and Form 10-Q filed with the SEC on October 26, 2017, and
disclosure in the Company’s other recent SEC filings.
1. Historical AISC or All-in sustaining cost is a non-GAAP metric. See slides 33 to 36 for more information and a reconciliation to the nearest GAAP metric. All-in sustaining cost
(“AISC”) as used in the Company’s Outlook is a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indirect costs related to current gold
production incurred to execute on the current mine plan), reclamation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense,
advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital. See also note 4 below.
2. EBITDA is a non-GAAP financial measure calculated as Earnings before interest, taxes and depreciation and amortization. The EBITDA figures for competitors used in this
presentation were calculated by Thomson Reuters. For management’s EBITDA calculations and reconciliation to the nearest GAAP metric, please see slide 31 for more
information. Adjusted EBITDA is also a non-GAAP metric. Please refer also to slide 31 for a reconciliation of Adjusted EBITDA to the nearest GAAP metric.
3. Outlook projections used in this presentation are considered forward-looking statements and represent management’s good faith estimates or expectations of future production
results as of October 26, 2017. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions.
For example, 2017 Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and $55/barrel WTI; AISC and CAS estimates do not include inflation, for the
remainder of the year. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of
lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results
may differ materially from those anticipated. Consequently, Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and
forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur.
4. Adjusted Net Income is a non-GAAP metric. Adjusted Net Income per share refers to Adjusted Net Income per diluted share. See slides 29 and 30 for more information and
reconciliation to the nearest GAAP metric.
5. Free cash flow is a non-GAAP metric and is generated from Net cash provided by (used in) operating activities of continuing operations less Additions to property, plant and mine
development. See slide 32 for more information and for a reconciliation to the nearest GAAP metric.
6. U.S. investors are reminded that reserves were prepared in compliance with Industry Guide 7 published by the SEC. Whereas, the term resource, measured resource, indicated
resources and inferred resources are not SEC recognized terms. Newmont has determined that such resources would be substantively the same as those prepared using the
Guidelines established by the Society of Mining, Metallurgy and Exploration and defined as Mineral Resource. Estimates of resources are subject to further exploration and
development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred resources, in particular, have a great
amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part or all of the inferred resource exists, or is
economically or legally mineable. Inventory and upside potential have a greater amount of uncertainty. Investors are cautioned that drill results illustrated in certain graphics in this
presentation are not necessarily indicative of future results or future production. Even if significant mineralization is discovered and converted to reserves, during the time
necessary to ultimately move such mineralization to production the economic and legal feasibility of production may change. As such, investors are cautioned against relying
upon those estimates. For more information regarding the Company’s reserves, see the Company’s Annual Report filed with the SEC on February 21, 2017 for the Proven and
Probable reserve tables prepared in compliance with the SEC’s Industry Guide 7, which is available at www.sec.gov or on the Company’s website. Investors are further reminded
that the reserve and resource estimates used in this presentation are estimates as of December 31, 2016.

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