PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT

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1 Merchant Banking Royalty Portfolio Denver Gold Show September 27, 2005 Equity Portfolio David Harquail Managing Director Newmont Capital Asset Portfolio Cautionary Statement PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, (i) estimates of future gold and other metals production and sales; (ii) estimates of cash flow; (iii) estimates of future cash costs; (iv) estimates of reserves, and statements regarding future exploration results and the replacement of reserves; and (v) the timing or results of permitting, construction and production activities. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries in which we operate and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company s Annual Report on Form 10-K for the year ended December 31, 2004, which is on file with the Securities and Exchange Commission, as well as the Company s other SEC filings. The Company does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. 2 1

2 Newmont The Gold Company Largest Market Capitalization - $20 Billion 1 Most Liquid Gold Stock - ~$200 M/day Only Gold Stock in the S&P 500 & Fortune 500 No Gold Hedging Philosophy Largest Gold Producer Largest Gold Reserves 1 September 21, Newmont Capital Merchant Banking Transaction Execution, Corporate Development & M&A Royalty Portfolio ~$60 M/yr Royalty Income per Annum Equity Portfolio >$800M Investment and Strategic Portfolio Asset Portfolio Alberta Heavy Oil, Coal, Iron Ore, Gas and Refineries Both a strategic advantage and profit center 4 2

3 Merchant Banking Combination of Newmont, Franco-Nevada & Normandy skill sets (February 2002) Mandate to optimize Newmont s portfolio of assets Leverage Newmont s exploration, technical and operating knowledge and skills. Building internal valuation and deal execution experience with over 100 transactions closed Over $2.2B of portfolio optimization since merger 5 Newmont Portfolio Optimization Newmont Reserves (M ozs) 59.6 TBD Acquisitions & Restructure Divestitures NDY & FN (closed Feb 02) AGR/Matthey Aber Diamonds Lihir Gold Ity mine Turquoise Ridge NFM minority Otter minority NYOL bonds Ahafo minority EGR Echo Bay TVX-NA Wiluna mine Tasiast Mt. Woods Mesquite COS Qmag Gabriel Holt Bronzewing Perama Midwest Duketon/Regis Shore Diamond Golden Grove Bermejal Ovacik Mastra Martabe Kinross Newmont reserves have continued to grow 6 3

4 Royalty Portfolio 2004 Income ~$61m Western Canada Nickel, Copper Australia 5% Other 4% Oil & Gas 45% Gold 38% Goldstrike Eskay Creek Canada 46% USA 45% PGM's 11% Stillwater Royalty Revenues by Metal Year to Date August 31, 2005 Royalty Revenues by Country Year to Date August 31, 2005 Profitable, high margin cash generator 7 Equity Portfolio (Aug 31) $911m total equity portfolio* $472m unrealized capital gains COS $641m Core *$109m realized from Kinross position in September 8 4

5 Canadian Oil Sands Trust (COS) NEM owns 6.6% of COS $200m investment now worth $641m (Aug 31) Direct interest in Syncrude JV in Alberta, the world s largest oil sands project: year mine life 50% growth post-2006 Investment Goal: Liquid investment with good yield Expect major increase in distribution Undervalued on DCF basis Provides natural oil hedge Long term cash flow to Newmont Average Cost - $45 Newmont entries 9 Asset Portfolio Alberta Heavy Oil 100% Queensland Coal 100% Guinea Iron Ore 43.5% Newmont 43.5% BHP Arctic Gas 9% Hecla & Drake Fields Petro-Canada is operator Gold Refineries 50% European Gold Refineries 40% Australian Gold Refineries 10 5

6 Alberta Heavy Oil Newmont owns 100% of 15 square miles of heavy oil leases in Alberta Neighbors 4 other significant SAGD projects Newmont managed drill programs in 2004 and 2005 (36 wells) for resource estimation In 2005 initiated environmental base line studies and engaged McDaniel & Associates for initial pre-feasibility/ scoping study Value realization strategies ongoing 11 Albert Heavy Oil (cont d) Per McDaniel & Associates report: 165m barrels recoverable by SAGD Economic project under range of current projected oil pricing scenarios Production rates up to 25,000 b/d Initial $215 million capital and self financing after 5 production years Potential production starting in 2009 Next Steps: Newmont completing environmental baselines Infill well program in Q1/ 06 Consider permit application early 07 Newmont 2004 Drilling 12 6

7 Queensland Coal 100% owned Newmont tenements in Queensland on main transport corridor 1.3B tonne resource of high volatile, low sulphur thermal coal Coal Deposit Newmont Toowoomba Queensland AUSTRALIA To Brisbane Nearby resource sold to Intergen/Millmerran Power Partners in 1999 and 840MW plant now developed Remaining leases have large potential and exploring options Millmerran Felton West Lochbar Bringalily South Felton East Millmerran Power Project 840MW 13 Guinea Iron Ore Newmont owns a 43.5% interest of Euronimba project Mining convention signed & ratified 2003 Transportation study underway jointly with BHP and RTZ Camp rehabilitation & field mapping 2004 Infill and exploration drilling 4Q 2005 Recent announcement of Mittal s potential $900m investment on adjoining Liberian iron ore assets and infrastructure Chateau Deposit Monrovia Harbor RTZ Project Existing rail bed Pierre Richaud Deposit LIBERIA Newmont Euronimba Project Mittal Liberian Project Sempre Deposit (ridge in foreground) 14 7

8 Gold Refineries & Marketing Newmont interests fabricate 20%+ of all world gold consumption Consolidated processes tonnes doré Consolidated distributes 650+ tonnes of value added products Insures physical distribution and cost effective gold promotion Australian Gold Refineries 40% Newmont 40% Western Australian government 20% Johnson Matthey European Gold Refineries 50% Newmont 50% Swiss investors 33% Credit Suisse (dist. business only) 15 Newmont Capital Portfolio Performance Royalty Portfolio Equity Portfolio Asset Portfolio Income (2004) $61m Distributions TBD Potential Appreciation (YTD) 44% Realizable Value TBD Newmont expects sustainable $100m/annum cash flow in 2-3 years plus periodic asset realizations 16 8

9 Newmont Capital Merchant Banking Have built a proven and experienced in-house team (100+ transactions valued at $2.2B) Royalty Portfolio ~$60 M/yr Royalty Income Equity Portfolio >$800 M Strategic Portfolio >$400 M Unrealized Capital Gains Assets in place for future sustainable $100m/annum cash flow Asset Portfolio Alberta Heavy Oil, Coal, Iron Ore, Gas and Refineries Both a strategic advantage and a profit center 17 Newmont The Gold Company Largest Market Capitalization - $20 Billion 1 Most Liquid Gold Stock - ~$200 M/day Only Gold Stock in the S&P 500 & Fortune 500 No Gold Hedging Philosophy Largest Gold Producer Largest Gold Reserves A strategic advantage Newmont Capital 1 September 21,