1) Strategy & Leadership - Newmont continues to focus on operational excellence, aiming to achieve its 2026 guidance. - The company emphasizes cost discipline and productivity to capitalize on higher commodity prices. - A new $6 billion share repurchase authorization has been approved, reinforcing their commitment to returning cash to shareholders. - Leadership is actively engaging with the Nevada Gold Mines joint venture partner to improve asset performance.

2) Financial & Segment Results - First quarter production included 1.3 million ounces of gold, 30,000 tonnes of copper, and 9 million ounces of silver. - Cash flow from operations reached $3.8 billion, with free cash flow at a record $3.1 billion. - Adjusted EBITDA was $5.2 billion, and adjusted net income was $2.90 per diluted share. - Gold all-in sustaining costs were $1,029 per ounce, below full-year guidance.

3) Operational Challenges & Headwinds - The company faced operational headwinds, including an earthquake at Cadia, which temporarily affected production capacity. - Increased energy prices and geopolitical tensions are being monitored for their potential impact on costs. - Seasonal working capital headwinds were noted, but overall performance remained strong despite these challenges.

4) Operational & Product Plans - Cadia is expected to return to 80% operating capacity within five weeks post-earthquake, with full recovery anticipated by the end of Q2. - Production at several sites, including Merian and Ahafo South, showed improvement due to higher grades and mining rates. - The Tanami Expansion 2 project is progressing well, with work resuming after a temporary pause. - Future production is expected to ramp up in Q3 following a lower Q2 due to temporary interruptions.

5) Guidance & Outlook / Investor Angle - Newmont maintains its full-year production guidance of 5.3 million ounces, despite a slight expected decrease in Q2 production. - The company is committed to disciplined capital allocation, prioritizing sustaining capital and dividends, while also investing in development opportunities. - There is ongoing evaluation of potential acquisitions, but the focus remains on optimizing current operations and brownfield opportunities.

Bottom line: Newmont's strong first quarter performance, characterized by record free cash flow and disciplined capital allocation, positions the company well to navigate operational challenges and maintain shareholder returns, while remaining on track to achieve its 2026 guidance.