Update – Phase 1 Doris North Project and Phase 2 Hope Bay Belt Project

Mineral Development Advisory Group Meeting – October 26-27, 2010 Chris Hanks – Director ESR, Hope Bay Mining Ltd.

Presentation Overview

1. Newmont Overview

• • Objectives Long Term Planning/Phased Development Approach

2. Hope Bay Belt Exploration Update 3. Phase 1 Doris North Project Status Report

• 2010-2011 Construction Status • Compliance Overview • Socioeconomic Initiatives • Proposed Changes to Doris North Project

4. Phase 2 Hope Bay Belt Project Proposal

4/28/2020 2

Newmont Vision + Values Vision: We will be the most valued and respected mining company through industry leading performance

4/28/2020 3

Newmont Vision + Values Values

• Act with integrity, trust and respect • Determination to excel and a commitment to action • Demonstrate leadership in safety, stewardship of the environment and social responsibility • Honest and transparent communication • Promote positive change by encouraging innovation and applying agreed upon practices 4 4/28/2020

Newmont Priorities

1. Business excellence through safety 2. Environmentally sustainable approach to economic staged development of Hope Bay 3. Demonstration of social responsibility to our community and Inuit stakeholders 4. Environmental compliance for existing Doris North and exploration operations

4/28/2020 5

Commitment to Success

Newmont is committed to the success of the Hope Bay district in many ways, including:

• Environmental integrity and sustainability • Local business opportunities • Local employment • Local training 4/28/2020 6

Hope Bay Belt: Phased Development Approach

4/28/2020 7

Phased Development Hope Bay District

Phase 1a:

Doris North Mine (2010 – 2016)

• Development of Doris Deposit (Doris North, Lower, Central, Connector) via existing Doris North decline and infrastructure • Requires small changes to infrastructure Phase 1b:

Exploration to support Phase 2 (2012 – 2014)

• Bulk samples for Patch 14 via new exploration decline

Phase 2: Hope Bay Belt-wide Production (2015 – 2029)

• Open Pit and Underground Mining at Madrid and Boston 4/28/2020 8

Phase 1b: Advanced Exploration Hope Bay belt development depends on Advanced Exploration success Currently includes:

•Exploration support infrastructure •District exploration •Underground bulk samples in Q3 2011 at Patch 14 4/28/2020 9

Phase 1b: Advanced Exploration

Patch 14 exploration portal

•Activity to proceed in Q3 2011 •Associated infrastructure includes roads, fuel tanks •November 2010 application to amend Type B Water Licence 2BE-HOP012 • No other regulatory approvals identified to date (need KIA approval) •Will reconfirm once detailed design is complete 4/28/2020 10

All Weather Exploration Road Construction Status

Doris North Project Update

• Construction status • Environmental initiatives • Socioeconomic initiatives • Regulatory update • Proposed changes/amendments 4/28/2020 12

Doris North Project: Construction Status

Mill Site/Camp: Construction Status

Airstrip Corridor: Construction Status

Airstrip Cooridor 15

Roberts Bay: Construction Status

Doris North Decline: Construction Status

Environmental & Social Responsibility

18

Doris North Project: Environmental Awareness

Doris North: 2010 Environmental Initiatives HBML took significant steps to improve spill response capability during 2010

• Canada Shipping Act-compliant Oil Pollution Prevention Oil Pollution Emergency Plan • Specialists in marine spill response provided custom on-site training between July 23-25 and Aug 6-8 – More than 50 participants including Craig Miller of TC 4/28/2020 20

Doris North Project: 2010 Environmental Initiatives Spill Response cont.

• • • • Detailed site spill response equipment inventory and equipment testing Marine spill response experts present on site during open water fuel transfers Joined the Mackenzie Delta Spill Response Corporation Identified need for improvements to airstrip –These are planned for 2011 –Larger aircraft can land at site and bring resources in an emergency 4/28/2020 21

Doris North Project: Regulatory Status Doris North Project permitting is substantially complete

•NIRB Project Certificate No. 003 •Type A Water Licence No. 2AM-DOH 0713 •Fisheries Act Authorization No. NU-02-0117 •Navigable Waters Protection Act Approval No. 82000-02 6565 •Tail Lake added to Schedule 2 of MMER •Fisheries Act Authorization for Tail Lake expected to be issued before end of December 2010 4/28/2020 22

Doris North Project: Regulatory Status

Required plans have been submitted or are in progress

•In 2009 submitted the following updated plans to NWB: – Spill Contingency Plan – Emergency Response Plan – Incinerator Management Plan – Noise Abatement Plan – Hazardous Waste Management Plan – Quality Assurance and Quality Control Plan – Sewage Management Plan 4/28/2020 23

Doris North Project: Regulatory Status

• Following plans were submitted and approved

during 2010:

–Aquatic Effects Monitoring Program Plan –Oil Pollution Prevention/Oil Pollution Emergency Plan • Submission in process for the following plans during

2010/2011:

–Water Management Plan –Doris Ore and Waste Rock Management Plan –Geotechnical Engineer’s Inspection Report –Monitoring and Follow-Up Plan • Negotiations ongoing with GN regarding Wildlife

Monitoring Plan

Doris North Project: Socioeconomic Initiatives

The following slides provide an overview of Project benefits to Inuit and Nunavut to date

4/28/2020 25

Doris North Project: Socio-Economic Monitoring

Socio-economic benefits are evident:

• Local Inuit employment • Local business opportunities for Inuit-owned organizations • Socio-Economic Monitoring Committee (SEMC) has been established 4/28/2020 26

Doris North Project: Training and Skills Development Training opportunities to date:

• Diamond Drilling training program (2008) – With Corona College, NL • Kimberlite Summer Trades Camp (2008, 2009) • Geo-technician training program 4/28/2020 Community Consultation: August 2010 27

Doris North Project: Training Strategy Foundational Skills for Work Program (2010-2012):

• Newmont, Bow Valley College, Nunavut Arctic College and Kitikmeot communities • Funded by Newmont • Assessment of all interested Inuit from KIA region • 16 week program with focus on literacy, essential skills, employment skills and preparation • Committed to developing at least 8 apprenticeships • Mill Operator training also available 4/28/2020 28

Doris North Project: Local Talent Pipeline Approach Selection of top 100 Selection of top 50 Aptitude review

Up to 600 people

TOWES testing

Up to 400 people

Ready to Work Training (Phase 1) Program

Up to 100 people

Ready to Work Training (Phase 2) Program Up to 50 people Apprenticeships

2 to 8 people

Traineeships

8 - 10 people

Contactor candidates or Further Skill Development- 6 to 39 people

4/28/2020 29

Doris North Project: Employment Statistics

HBML Employees (Inuit/Total) Contractors (Inuit/Total)

TOTAL ALL HOPE BAY 2008

24% 25%

24.5% 2009

24% 8%

13% 2010

Year to date 26% 17%

20%

Doris North Project: Contract Statistics

% Kitikmeot Corporation / Kitikmeot Based Business % KC / KBB Business

Total Inuit %

2010 estimates based on existing budget

2008

28% 26%

27% 2009

12% 51%

31% 2010

n/a 60% + n/a

Doris North Project: Economic Impact Modeling

Using the Arctic Impact Model (AIM) to predict the economic impact of the project • Predicted contribution to Nunavut economy 1% to 6% (for Doris North) • Help build economic stability of the territory 4/28/2020 32

Doris North Project: Community Relations Guided by Hope Bay Mining’s

Community Relations Plan

• Inuit employment and training opportunities • Trying to be consistent with stakeholders’ expectations • Regional office located in Cambridge Bay 4/28/2020 33

Doris North Project: Ongoing Project Planning

The following slides provide a high level overview of the proposed changes to permit the Doris North Project to proceed

4/28/2020 34

Doris North Project: Ongoing Project Planning After regulatory approvals are issued for mines, there are often changes

•Knowledge of the resource increases •Final engineering for construction identifies improvements 4/28/2020 35

Doris North Project: Ongoing Project Planning

For example, the following changes to existing approvals were required to proceed with 2010 construction:

•Change to portal location – Modification of Type A Water Licence •50 m shift of Doris North Tank Farm at mill site – NWB notified – Will be reported in As-Built drawings to NWB •Move explosives manufacturing plant 5km on site 4/28/2020 – Amendment to Type A Water Licence 36

Doris North Project: Ongoing Project Planning Following changes will be required to proceed with construction and development in 2011:

•New tanks at Roberts Bay increase site capacity from 14 to 36 ML •Build bypass road and expand airstrip •Increase waste rock storage/disposal flexibility •Improved design of cyanide/reagent facilities •Revisions to jetty (INAC/TC considering existing approvals) 4/28/2020 37

Doris North Project: Ongoing Project Planning

Following changes will be required to proceed with construction and development in 2012/2013

•Mine plan changes – Doris Lower/Connector/Central via existing DN portal – 2-4 year extension to original mine life estimates •Doris North Camp changes (360 beds and switch water source to Windy Lake) •Addition of a water treatment plant for Tail Lake to ensure discharge compliance at end of pipe •Management of additional groundwater 4/28/2020 38

Phased Development Hope Bay District Doris North Project was originally estimated to be a 2 year project

• Exploration of the Doris deposit since 2008, suggests the Doris North Project may now have at least a 4 year life • Doris North changes are not pre-builds for Phase 2 but are required for Doris North Project sustainability • Phase 2 expansion is permitting development south of Doris North, which was not assessed during the assessment of the Doris North Project 4/28/2020 39

Phased Development Hope Bay District Proceeding with Doris North changes

• Extends project benefits, sustaining positive economic impacts to Inuit and Kitikmeot • Reduces risk of disruption to workers/Inuit caused by fluctuations 4/28/2020 40

Phased Development Hope Bay District Newmont has a long term investment in Nunavut

• Goal sustained employment and project benefits • Limit potential for “boom and bust” • Project shutdown not acceptable socio-economic business decision

Delinks Doris North Project from Phase 2 permitting

4/28/2020 41

Phase 2: Hope Bay Belt Project Phase 2 Hope Bay Belt Project

• New mines at Madrid/Patch and Boston • Additional mill infrastructure at Boston • Additional infrastructure including port, camps, roads and airstrips • Target to have Phase 2 approvals in place for 2015 4/28/2020 42

Phase 2: Hope Bay Belt Project Phase 2 Hope Bay Belt Project Proposal will present a number of different alternatives

• At each step of planning and permitting, these alternatives will be narrowed down • By the time the Project is ready to apply for a Type A Water Licence, the final “options” will have been determined • Through this process of looking all alternatives, Phase 2 will include the best environmental and social options 4/28/2020 43

Key Steps in the Phase 2 EIS Process

Phase 2 Hope Bay Belt Project Proposal will be formally submitted to NIRB in Q1 2011  Advance discussions with regulators  Ongoing community consultation Outcomes of consultation will be included in permit applications Baseline information will be used to prepare the draft and final

Environmental Impact Statement (EIS )

4/28/2020 44

Hope Bay District Exploration: Phase 3 and Beyond?

Exploration of “blue sky” potential of the Hope Bay Belt is essential for long term sustainability Newmont plans to continue its significant exploration investment at Hope Bay for the foreseeable future Development of future Phase 3 is a real possibility that will evolve over the next few years

Thank You – Questions?

4/28/2020 46