Major Gold Miner Lowers 2025 Guidance
Research Report

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Disclosures for Jefferies, Newmont Corp., October 24, 2024

Analyst Certification: I, Matthew Murphy, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. I, David Hove, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. I, Giovanni Holmes, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. I, Christopher LaFemina, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. I, Mitch Ryan, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. Registration of non-US analysts: Matthew Murphy, CFA is employed by Jefferies Securities, Inc. , a non-US affiliate of Jefferies LLC and is not registered/ qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts: David Hove, CFA is employed by Jefferies Securities, Inc. , a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts: Giovanni Holmes is employed by Jefferies Securities, Inc. , a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts: Mitch Ryan is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgement.

Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation Published October 24, 2024 , 17:52 ET. Recommendation Distributed October 24, 2024 , 17:52 ET.

Company Specific Disclosures The Analyst has visited the material operations of Newmont. The issuer has paid or reimbursed some or all of the Analyst's travel expenses with respect to that visit

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Newmont Corp. (NEM:NYSE) unexpectedly significantly revised its operating outlook during its recent Q3/24 earnings conference call, and on the news, Jefferies lowered its target price on the gold miner by 14% to US$57 per share from US$66, reported equity analyst Matthew Murphy in an Oct. 24 research note.

"We think this sort of guidance revision will shake the market's faith in the outlook and impact the multiple," Murphy wrote. "The only saving grace is that gold prices remain well above consensus and have strong momentum."

Target Suggest 15.7% Upside

Newmont's current share price is about US$49.25, noted Murphy. As such, the new target implies a 15.7% return for investors.

The company remains a Buy.

Changes to the Model

During the conference call, Murphy noted that Newmont now expects lower production and higher costs in 2025 than it previously did, which is a "disappointing" turn of events. Management guided to production from the company's 11 core managed and unmanaged assets (excluding assets held for sale) of about 5,600,000 ounces (5.6 Moz), less than Jefferies' previous projection of 6.2 Moz. Therefore, the capital markets firm reduced its 2025 production estimate to a 2024 amount. Ventum also aligned its model with Newmont's longer-term operating estimates of 6 Moz of gold and 150,000 tons of copper.

Regarding costs, Newmont managed indicated it expects Q3/24 cost pressures to extend into Q4/24 and next year. Consequently, Ventum modeled an all-in-sustaining cost (AISC) of about US$1,315 per ounce for the next couple of years for Newmont's managed assets, an amount consistent with its Q4/24 expectations and in line with the miner's guidance.

For the entire asset portfolio in Q4/24, Ventum models an AISC in line with Newmont's Q4/24 guidance of US$1,475/oz. This includes ~US$1,337/oz for the core assets, US$1,312/oz for the managed assets, and US$1,407/oz for the unmanaged assets. Ventum maintained production and cost estimates for the Nevada Gold Mines joint venture, the Pueblo Viejo joint venture, and the Lundin Gold equity contribution. Ventum raised capex over the next few years to about US$1.8 billion per annum, an amount consistent with Newmont's guidance.

Ventum is still modeling cost improvement, but it is higher than what Newmont guided to in February.

"We do think changes in the asset mix will drive lower firm AISC, and we are also modeling a cost environment consistent with our US$2,300/oz long-term gold price," wrote Murphy.

What To Watch For

Several events could catalyze Newmont's stock, Murphy wrote. One is the gold price moving higher. Others, which are internal, include the company making progress on divesting of assets, realizing synergies from the Newcrest acquisition and providing better clarity on its asset-level operating plans.

"This quarter was a blow to confidence, but we still expect operational improvements versus Q3/24, asset sales and buyback," Murphy wrote.