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1. MEMs Conference
Presentation
Gold Industry M&A
Paul Brink
Director, Newmont
Capital
April, 2007

2. Gold Industry M&A
Gold Industry Overview
Gold Market Valuation
M&A Transactions
Transaction Challenges
Newmont M&A Approach
Slide 2

3. Gold Price
Net Long/(Short) Positions & Gold Price
180,000 $750
150,000 Net Long / (Short) Position $700
Gold Price (Spot FR)
120,000 $650
90,000 $600
60,000 $550
30,000 $500
0 $450
(30,000) $400
(60,000) $350
(90,000) $300
(120,000) $250
1/00 1/01 1/02 1/03 1/04 1/05 1/06 1/07
Slide 3

4. Market Capitalization
Ba
rr i
Ne c
$0
$5,000
$10,000
$15,000
$20,000
$25,000
wm k G $30,000
on old
tM
in
in
An G g
gl ol
oG dc
or
ol
d p
As
Senior Gold Producers
ha
G nt
ol
d i
Fi
Ki el
nr ds
os
Ne s
wc G
re ol
st d
M
Ha i
rm nin
on g
y
Po G
lyu ol
s d
M
in
in
g
Slide 4

5. Senior Gold Producers – 5yr trading
Slide 5

6. Market Capitalization
Ag Ya
ni ma
co n
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$0
-E a G
ag ol
le d
M
in
Li es
M hi
er r G
id ol
d
ia
n
G
IA o
M ld
Ce G
nt OL
e D
El rra
Ra d G
Intermediate Gold Producers
nd ora ol
go do d
ld
R Go
e ld
Pe sou
te rc
DR r H es
DG amb
O r
LD o
Lt
d.
Slide 6

7. C Market Capitalization
C re
ry w
s t M Go
al i ra l d
l
$0
$200
$400
$600
$800
$1,000
$1,200
G ex m a Co
ab In r rp
rie ter Mi .
l R n a ni n
e tio g
R sou na
Al io N rc l
am a es
rc
H Mi n os G ea
ig e o
h
C Pe Ri fin d l d
um a ve e
be Au k G r G rs
D K rl an ri zo old ol d
un i r d n L
de k la R M td
e nd es ine .
Pr L ou s
e
Et R ci o ak e rce
ru ed u G s
sc B s M ol d
a
Junior Gold Producers
an
R Se ck eta
M l
G J a e s m a in s
BS g ou fo in
u g
G ar rc e Inc
N old M s .
ev in In
su Int ing c .
n ern In
R a c
es tio .
C Gl AX ou na
la en M rce l
ud c IN s
e air In
O Ce R n c
ly n e
m tu P s o Go .
pu ry a ur ld
s M ci ce
Q Ne Pa ini fi c s
ue v a ci ng Ri
e d fic m
St ns a P M Cor
A tak ac i ne p.
nd e ifi ra
re Re c G ls
w s o
G ou l d
o l rc
df e
ie s
ld
s
Slide 7

8. Exploration Companies
Company Market Company Market Company Market Company Market
Cap. Cap. Cap. Cap.
Silver Standard Resources $2,447 Gold Reserve Inc. $307 Acadian Gold $104 Canarc Resource Corp. $43
NovaGold Resources $1,627 Bear Creek Mining $291 Northern Mining $98 African Gold Group $43
Aurelian Resources Inc. $1,046 Moto Goldmines Ltd $283 Alexis Minerals $88 Cassidy Gold $41
Fronteer Development $949 Orezone Resources $283 YGC Resources Ltd. $88 Merrex Gold Inc. $40
Palmarejo Gold Corp. $740 Fortuna Silver Mines $187 Atna Resources Ltd. $87 IMA Exploration Inc. $39
Gold Eagle Mines Ltd. $707 Chesapeake Gold $183 Keegan Resources Inc. $85 SearchGold Resources $32
Seabridge Gold $605 New Gold Inc. $180 Exeter Resource Corp. $81 Sulliden Exploration $31
Osisko Exploration $585 Andina Minerals $179 Pelangio Mines $81 North Atlantic Resources $28
Metallica Resources $504 Petaquilla Minerals $178 Kimber Resources Inc. $79 Radius Gold $25
Arizona Star $494 Lake Shore Gold $177 Capital Gold Corp. $73 Gateway Gold $22
International Minerals $479 San Anton Resource $171 StrataGold Corporation $73 Temex Resources $20
Banro Corporation $419 Detour Gold Corporati $155 Mines Management Inc $68 Robex Resources $18
Guyana Goldfields $413 Rubicon Minerals $153 Queenston Mining $63 Trade Winds Ventures $18
Aquiline Resources $410 Carpathian Gold $137 Goldbelt Resources $61 Maximus Ventures Ltd. $17
Rusoro Mining Ltd $408 San Gold Corporation $135 Reunion Gold Corp. $60 Tagish Lake Gold $17
Anatolia Minerals $393 Solitario Resources $131 Plexmar Resources $56 Goldcrest Resources $15
U.S. Gold Corporation $327 Linear Gold Corp. $129 Gold-Ore Resources $52 Portal Resources $15
Southwestern Resources $323 Dynasty Metals & Mini $126 Royal Standard Minerals $52 Alturas Minerals Corp. $14
Minera Andes Inc. $316 Mansfield Minerals Inc $125 Klondex $45 Pacific Comox $14
Greystar Resources $316 Marathon PGM Corp. $105 Committee Bay Resources $45 Goldrush Resources $14
Slide 8

9. M&A Universe
175
150
31-Dec-2005 Reserve Ounces (millions oz)
125 Agnico-Eagle Barrick
Meridian
100
New m ont
Bem a
Gold
75 Fields
Lihir
Harm ony Anglo
Polyus
Gold
New crest
50
Goldcorp
25
Kinross
BUBBLE SIZE DENOTES MARKET CAP
IAMGold
Randgold
0
0.0 2.0 4.0 6.0 8.0 10.0
2007E Production (millions ozs) Slide 9

10. Gold Industry M&A
Gold Industry Overview
Gold Market Valuation
M&A Transactions
Transaction Challenges
Newmont M&A Approach
Slide 10

11. Valuation Factors
Financials Growth
NAV CFPS
CF Reserves/Share
Free Cash Flow Production/Share
Quality
Option Value
Management
Leverage
Premium deposits
Reserves/Share
Margins
Production/Share
Reserve Life
Slide 11

12. NAV Premiums – Spot Gold
NAV premiums - Senior and Intermediate Producers
160%
140%
120%
100%
80%
60%
40%
20%
0%
-20%
1/97 1/98 1/99 1/00 1/01 1/02 1/03 1/04 1/05 1/06 1/07
Slide 12

13. Price to Cash Flow
Price to Cash Flow - Senior Producers
25.0x
Sr Cur Yr Sr 1 Yr Out Sr 2 Yr Out
20.0x
15.0x
10.0x
5.0x
1/97 1/98 1/99 1/00 1/01 1/02 1/03 1/04 1/05 1/06 1/07
Slide 13

14. Gold Industry M&A
Gold Industry Overview
Gold Market Valuation
M&A Transactions
Transaction Challenges
Newmont M&A Approach
Slide 14

15. Gold Industry Transactions
Compiled by: BMO Capital Markets
Slide 15

16. Premium to NAV
Slide 16

17. NAV Accretion
Slide 17

18. Total Acquisition Cost
Slide 18

19. US/Canada Deal Structure Considerations
Tender Offer Plan of Arrangement
Cash In the market for min. 40-50 days 66.7% threshold, single process
Ability to control the transaction In the market for min. 50-60 days
documentation and transaction timing ×Target controls transaction
Ability to respond fast to competing bid documentation and timing to a greater
×90% threshold for compulsory acquisition degree
of remainder or 2nd stage “squeeze-out”
transaction (additional 45 days)
Shares In the market for min. 40-50 days 66.7% threshold, single process
Ability to control the transaction May be exempt from SEC review
documentation and transaction timing ×In the market for min. 60-70 days
Ability to respond fast to competing bid ×Target controls transaction
Tax free roll for shareholder documentation and timing to a greater
×90% threshold for compulsory acquisition degree
of remainder or 2nd stage “squeeze-out” ×43-101 compliance required
transaction (additional 45 days) ×Fairness opinion valuing acquirer
×SEC review and 43-101 compliance
required
×Fairness opinion valuing acquiror
Slide 19

20. Gold Industry M&A
Gold Industry Overview
Gold Market Valuation
M&A Transactions
Transaction Challenges
Newmont M&A Approach
Slide 20

21. Scarcity of Large Deposits
Frequency
Slide 21

22. Scarcity of Large Deposits
• Industry Data from Schodde (1985-2003)
190 deposits > 1 Moz containing 895 Moz
discovered
Discovery rate is about 10 deposits > 1Moz per year
Approximately 5 of 10 are >3Moz
Only 14 of the total 190 deposits are >10 Moz
Slide 22

23. ETF – Double Edged Sword
18000 750
16000 700
14000 650
12000 600
New Gold (JSE)
10000
GBS (ASX) 550
Lyxor GBS (LSE)
8000 GLD(NYSE) 500
Barclays iShares
6000 Gold Price 450
4000 400
2000 350
0 300
2003
Source: Murenbeeld 2004 2005 2006
Slide 23

24. Gold Price Discounted by Gold Price Discounted
Intermediates by Seniors
Intermediates at Senior Multiples
Source: BMO Nesbitt Burns
Slide 24

25. Life Cycle of a Project
• Competitive High Risk • Sponsorship Opportunities Full Value
• Potentially High Value • Few Competitors and lower Risk
10
Exploration Corporate
8 Focus Focus
Relative Value
Speculative Stock
6 Ahead Of Known Value Speculators
Leave
Orphan
4 Period Institutional
Investing
Begins
2
1 - 2 Years 2-3 Years 2 Years 1 Year Depletion
Greenfields ~4 - 5 Years Pre-Discovery Discovery Feasibility & Development Start-Up
Permitting
0
0 Years 5 7 10 12 13
Early Mover Advantage Development Projects Mergers/Acquisitions:
• Limited Information •Permitting Issues •Strategic,
• Portfolio Approach •Lack of Operating/Technical Skills •Synergistic
•Capital Constraints
Slide 25

26. Gold Industry M&A
Gold Industry Overview
Gold Market Valuation
M&A Transaction Valuation
Transaction Challenges
Newmont Growth Strategies
Slide 26

27. Reserve Additions and Depletions
Gold Majors 2001-2005
89%
99%
17%
68%
0% -15%
484% 213%
-51%
484%
0% 264%
4%
127%
65%
-100%
Slide 27

28. Exploration Spend Gold Majors
200
Barrick
180
Diamond Explorers 2006
160
Exploration Budgets (US$ Millions)
Newmont
140
Diversified Miners 2006
120
AngloGold
100
80
60
Gold Fields
40
20
0
2001 2002 2003 2004 2005 2006
Slide 28
Source: Corporate Exploration Strategies (Metals Economics Group, October 2006)

29. Growth Strategies
Core Operations
Regional Operating Units
Partnering Strategy
Stake in future large deposits
Investment/Diversification
Non-core assets
Slide 29

30. Gold Industry M&A
Thank You
Slide 30