Newmont Corporation Files Early Warning Report

Goldcorp Musselwhite Mine
Goldcorp Musselwhite Mine

VANCOUVER – MINING – Newmont Corporation (“Newmont”), will file an early warning report (the “Early Warning Report“) advising of its holdings in common shares (“Shares“) of Sirios Resources Inc. (TSXV: SOI) (“Sirios“).

On February 29, 2024, Newmont Corporation (“Newmont“), through its subsidiary Goldcorp Inc. (“Goldcorp“), indirectly disposed of an aggregate of 24,982,352 common shares and directly disposed of an aggregate of 5,410,020 common shares (the “Shares“) of Sirios pursuant to a private purchase agreement (the “Transaction“).

Newmont, through Goldcorp, received aggregate cash proceeds in the amount of C$1,300,000 from the Transaction, representing an average price per Share of C$0.0428. Prior to the Transaction, Newmont through Goldcorp, held 24,982,352 Shares and directly held 5,410,020 Shares, representing approximately 10.98% of the issued and outstanding Shares of Sirios on a fully diluted basis and no convertible securities. The Shares represent 10.98% of the issued and outstanding Shares of Sirios. As a result of the Transaction, Goldcorp and Newmont hold and Newmont beneficially holds, no common shares or convertible securities of Sirios.

Newmont, through Goldcorp, disposed of the Shares as a result of investment considerations. Depending on market conditions and other factors, Goldcorp or Newmont may from time to time acquire and/or dispose of common shares or other securities of Sirios, directly or indirectly, whether in the open market, by private placement issuance, by private negotiated agreement or otherwise.

Newmont to Sell Off Properties

Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced key actions that together will deliver on its clear and consistent strategy.

This includes a sale of the Newmont Musselwhite mine in Northern Ontario.

“Newmont’s go-forward portfolio is the new standard for gold and copper mining,” said Tom Palmer, Newmont’s President and Chief Executive Officer. “This portfolio provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector, each with the scale and mine life to generate strong free cash flows, and all located in the world’s most favorable mining jurisdictions. It is from this platform that Newmont has established a balanced shareholder return framework, designed to return capital to shareholders through a stable base dividend and share repurchase program. As we look forward to this very important year of integration and transformation, I am confident in the quality of our assets and the capability of our team to deliver on our commitments, return capital to shareholders and justify our position as the benchmark gold equity.”

Announced a Focused Tier 1 Portfolio*

  • Intend to divest six non-core assets including Éléonore, Musselwhite, Porcupine, CC&V, Akyem and Telfer, as well as two non-core projects including Havieron and Coffee
  • Focusing management efforts on portfolio of Tier 1 assets and emerging Tier 1 assets
  • Sequencing development projects to focus on enhancing project development capabilities to bring forward the gold industry’s best pipeline of gold and copper projects
  • Identified an additional $500 million of cost and productivity improvements over and above initial synergy commitments**

Provided Long-Term Outlook for the Tier 1 Portfolio**

  • 6.7 million ounces of gold production targeted by 2028; gold equivalent ounce (GEO) production of 8.3 million by 2028
  • Average annual sustaining capital spend of $1.5 billion expected over the next five years to support key tailings management, water and infrastructure projects, as well as fixed and mobile equipment reliability
  • Average annual development capital spend of $1.3 billion expected over the next five years focused on advancing the most value-accretive opportunities at the right time and in the right order

Established Balanced Capital Allocation Strategy and Return of Capital Framework***

  • Commitment to an investment grade balance sheet, targeting approximately $7 billion in available liquidity, including $3 billion of cash with an increased $4-billion five-year corporate revolving credit facility
  • Near-term debt reduction of $1 billion to approximately $8 billion through free cash flow and divestment proceeds from sale of non-core assets
  • Disciplined development capital spend of approximately $1.3 billion per annum with a focus on safely and efficiently bringing forward opportunities that are aligned with the Company’s strategy
  • Continued focus on return of capital to shareholders through a fixed dividend of $1.00 per share annualized*** and a $1 billion share repurchase program to be executed over the next 24 months with excess free cash flow and proceeds from asset divestitures**
  • Declared a dividend of $0.25 per share of common stock for the fourth quarter of 2023 payable on March 28, 2024 to holders of record at the close of business on March 5, 2024

This news release is being issued as required by National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an Early Warning Report dated February 29, 2024. The Early Warning Report respecting this acquisition will be filed on Sirios’ profile on the System for Electronic Document Analysis and Retrieval (“SEDAR+“).

About Newmont

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. Newmont’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North AmericaSouth AmericaAustralia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925.

Newmont is incorporated under the laws of Delaware and their head office is located at 6900 E. Layton Ave., Suite 700, Denver, CO, 80237.

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