DENVER--(BUSINESS WIRE)--May 5, 2020--Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced first quarter 2020 results.

COVID-19 response

• Fully mobilized rapid response crisis management teams and business continuity plans and are working closely with host and indigenous communities, regional and national governments and medical experts to protect Newmont's workforce and nearby communities
• Implemented wide-ranging controls at the Company's operations and offices to put the health, safety, and overall wellbeing of Newmont's people and communities above all else, including significantly minimized staffing levels at the Company's operations
• Established global supply chain task force to assess potential risks and develop viable contingency plans
• Two operations temporarily in care and maintenance while sites representing approximately 90 percent of the Company's planned 2020 production are operating
• Established $20 million Global Community Support Fund focused on employee and community health, food security and local economic resilience through partnerships with local governments, medical institutions, charities and non-governmental organizations to address the greatest needs

First quarter 2020 highlights

• Produced 1.5 million attributable ounces of gold^* and reported CAS^* of $781 per ounce and AISC^* of $1,030 per ounce and produced 339 thousand attributable gold equivalent ounces from co-products
• Generated $939 million of cash from continuing operations and $611 million of Free Cash Flow^*
• Received $1.4 billion in cash proceeds from the sale of KCGM, Continental Gold and Red Lake
• Refinanced $1.0 billion of outstanding debt at historically low coupon of 2.25 percent
• Executed ~$300 million of share repurchases at average price of $45 with 80 percent of $1 billion buyback program now complete
• Reported $3.7 billion of consolidated cash with $6.6 billion of liquidity and a net debt to pro forma adjusted EBITDA^* ratio of 0.7x
• Declared first quarter dividend of $0.25 per share, an increase of 79 percent over prior year quarter

“We are responding to COVID-19 from a position of strength, taking proactive steps to prioritize the well-being of our employees and the communities in which we operate. These unprecedented times further highlight the importance of a proven operating model, talented workforce and the ability to adapt to dynamic circumstances quickly and with care for all stakeholders," said Tom Palmer, President and Chief Executive Officer. “Our world-class diversified portfolio of assets and resilient team delivered solid first quarter performance with $1.1 billion in adjusted EBITDA and $611 million in free cash flow. Our robust balance sheet provides us with significant financial flexibility to continue allocating capital where it is needed most during this time of uncertainty, while maintaining our industry-leading returns to shareholders."

*See footnotes provided at end of release, as well as the cautionary statement at end of release regarding forward-looking statements, including with respect to financial and operating outlook and expected returns to shareholders.