Newcrest Mining : Exploration Report

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Quarterly Exploration Report

For the three months ended 31 March 2023

Exploration portfolio continues to deliver on growth strategy

Newcrest continues to deliver on its global exploration growth strategy to identify Tier 1 mineral deposits which havethe potential to provide long term operations in emerging copper-goldprovinces.

At Red Chris, the application of our mining capabilities and a willingness to explore deeper have unlocked a significant mineral endowment and opportunity in an emerging world-classcopper-gold province. In March 2023, Newcrest significantly enhanced the Exploration Target for East Ridge, confirming the substantial discovery near existing infrastructure and indicating potential to support additional block caves.

• The Exploration Target defined for East Ridge (previously released) has been enhanced to between approximately 400Mt @ 0.42g/t Au & 0.49% Cu for 5.4Moz Au & 1.9Mt Cu and approximately 500Mt @ 0.39g/t Au & 0.47% Cu for 6.1Moz Au & 2.3Mt Cu. This is a significant enhancement compared to the East Ridge Exploration Target as at 30 June 20221. The Exploration Target is exclusive of the current published Mineral Resource and relates to the portion of the deposit that has not yet been adequately drill tested. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
• Ongoing drilling east of the East Ridge Exploration Target returned a significant higher grade intercept with RC860 returning 66m @ 0.53g/t Au & 0.46% Cu from 1,332m including 32m @ 0.85g/t Au & 0.63% Cu from 1,342m, including 16m @ 1.1g/t Au & 0.74% Cu from 1,352m. This intersection demonstrates the potential to define further higher grade discoveries within the Red Chris porphyry corridor.
• Target generation applying the knowledge gained from the Red Chris discoveries has identified an initial portfolio of seven high priority porphyry copper-gold targets across the 750km2 of claims which demonstrates the prospectivity of this region. A program of geological mapping, geochemical sampling and drilling is planned to commence in the September 2023 quarter.

At Brucejack, recent exploration (Pretium and Newcrest) has successfully expanded the footprint of the Valley of the Kings (VOK) deposit with the discovery of the North Block (pre-Newcrest) and 1080 HBx zones. These zones demonstrate the potential for new mining fronts within the footprint of the existing infrastructure. The VOK deposit continues to remain open in all directions and exploration drilling continues to test for new mineralised corridors. In addition, the upcoming VOK Deeps drill program is planned to test potential extensions of the deposit to depth.

• In the 1080 HBx Zone drilling continues to expand the footprint of the mineralisation (140m x 300m x 250m) and remains open outside the current Pretium published Mineral Resource, demonstrating the potential for resource growth at the VOK deposit. Results from this quarter include, VU-4749 returning 18m @ 306g/t Au from 261m, including 1m @ 5,370g/t Au from 266m.
• With our increased understanding of the Brucejack mineralised system, target generation applying the knowledge gained from North Block and the 1080 HBx Zone has identified several new opportunities within the 4km epithermal gold corridor from VOK to Golden Marmot. A surface drilling program is planned to assess these targets and de-risk future underground exploration development.

1 The Exploration Target as at 30 June 2022 has been extracted from Newcrest's release titled "Quarterly Exploration Report" dated 21 July 2022 which is available at www.asx.com.au under the code "NCM" and on Newcrest's SEDAR profile.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Exploration Report to 31 March 2023

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In Nevada, at the Spring Peak low sulfidation epithermal project, new drill results from the Disco zone have extended the continuity of the higher-grade veins and mineralised envelope up dip from the previously announced SP22-13^^2 (34.72m @ 2.7g/t Au from 256.12m, including, 2.01m @ 10g/t Au from 262.46m, 2.38m @ 16g/t Au from 275.26m, including 0.34m @ 70g/t Au from 275.96m). New results include:

• SP22-11returned 40.63m @ 1.9g/t Au from 185.38m including 0.79m @ 7.4g/t Au from 197.39m and 0.58m
• • 44g/t Au from 208.33m and SP22-12 returned 42.61m @ 0.94g/t Au from 205.59m including 0.33m @ 24g/t Au 211.96m and 1.65m @ 4.3g/t Au from 235.18m.
• RC pre-collar(SP22-10 RC) drilled 150m to the north-east of the existing Disco zone section returned 36.58m
• • 0.53g/t Au from 161.54m, extending the strike continuity of the Disco structure. A diamond tail of this pre- collar will occur in the 2023 program.

In addition, further drilling has been successful in identifying a new high grade drill target at Opal Ridge.

• RC hole SP22-14 returned 10.67m @ 2.7g/t Au from 169.16m including 1.52m @16g/t Au from 170.69m.

Learnings from the successful extension of the Disco Zone and discovery of the Opal Ridge Zone will be applied to all of the Headwater Gold Joint Venture projects and planning is currently underway for the 2023 exploration program.

At Havieron, results from growth drilling in the prior period continue to demonstrate the potential for incremental resource additions around the Eastern Breccia, Northern Breccia and other higher grade mineralised pods.

Newcrest Interim Chief Executive Officer, Sherry Duhe, said, "We continue to unlock significant value for Newcrest across our global exploration portfolio consistent with our growth strategy. East Ridge represents a very exciting opportunity for Newcrest and we were pleased to enhance the Exploration Target in March 2023, providing additional future mining optionality at Red Chris. This asset is a great example of our track record in creating value through exploration success, and we continue to pursue further opportunities with an additional seven high priority drill targets identified across this highly prospective copper-gold region.

"At Brucejack, the drilling results further highlight the potential for brownfields growth in the Valley of the Kings mineralisation, with drilling demonstrating the potential for new mining fronts within the current mine area. We are starting to apply our learnings across the mineralised corridor, with a drilling program planned in the coming months to explore new zones of mineralisation.

"Our Greenfields exploration strategy remains on track with positive results at the Spring Peak project during the quarter, and ongoing drilling at Havieron continuing to demonstrate the potential for resource growth," said Ms Duhe.

2 # drilling in progress ** partial intercept, assays pending ^ updated intercept or ^^ previously reported.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Exploration Report to 31 March 2023

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Red Chris, British Columbia, Canada(3)

Red Chris is a joint venture between Newcrest (70%) and Imperial Metals Corporation (30%) and is operated by Newcrest.

The Brownfield Exploration program is focused on the discovery of additional zones of higher-grade mineralisation within the Red Chris porphyry corridor, including targets outside of Newcrest's Mineral Resource estimate. During the quarter, there were up to four diamond drill rigs in operation. A further 10,532m of drilling has been completed during the quarter from 10 drill holes, with all drill holes intersecting mineralisation. This contributed to a total of 310,685m of drilling from 301 drill holes since Newcrest acquired its interest in the joint venture in August 2019.

At East Ridge, located adjacent to the East Zone, drilling is ongoing with 81 holes completed and 5 in progress. Assay results were received for 5 holes during the quarter. The follow up drilling is being undertaken on a nominal 100m x 100m grid to determine the footprint, understand the mineralisation, geotechnical and geometallurgical characteristics and to determine the extent of continuity of the higher-grade mineralisation. Drilling to date has tested a corridor 1,000m long, 450m wide and to a vertical extent of 1,000m where zones of higher grade mineralisation have been identified. Mineralisation remains open at depth.

An updated Exploration Target has been estimated for East Ridge (previously reported), with ranges from a lower case of approximately 400Mt @ 0.42g/t Au & 0.49% Cu for 5.4Moz Au & 1.9Mt Cu to an upper case of approximately 500Mt @ 0.39g/t Au & 0.47% Cu for 6.1Moz Au & 2.3Mt Cu. This represents a significant enhancement in the size of the Exploration Target as at 6 March 2023 in comparison with the East Ridge Exploration Target as at 30 June 2022 which was estimated to have a lower case of approximately 170Mt @ 0.5g/t Au & 0.5% Cu for 2.8Moz Au & 0.9Mt Cu and an upper case of approximately 300Mt @ 0.4g/t Au & 0.4% Cu for 4.3Moz Au & 1.3Mt Cu.

The grades and tonnages are estimates based on continuity of mineralisation defined by exploration diamond drilling results (previously reported including relevant sections and plans) within the Redstock Intrusive with the lower range estimate in the area with a nominal drill hole spacing of 100m x 100m and the upper range estimate extended into the area with a nominal drill hole spacing of 100m x 200m.

East Ridge is outside of Newcrest's published Red Chris Mineral Resource estimate. Diamond drilling continues to define the extent and continuity of this higher grade mineralisation. At least 5 additional diamond drill holes are planned to test and close out the Exploration Target and determine geotechnical and metallurgical characteristics. This drilling program is expected to be completed by the second quarter of calendar year 2023. Work will be undertaken to deliver an updated Red Chris Mineral Resource estimate including East Ridge in calendar year 20234.

Drilling continues to confirm the vertical extent of the mineralisation within the Exploration Target. Drilling has returned a further deep significant higher-grade intercept with RC865 (located 100m east of RC857, previously reported) intersecting 132m @ 0.29g/t Au & 0.45% Cu from 1,552m,106m @ 0.57g/t Au & 0.57% Cu from 1,716m including 30m @ 0.95g/t Au & 0.87% Cu from 1,730m. These results confirm the vertical extent of the higher grade mineralisation, which remains open at depth and demonstrates further support of the upside range of the Exploration Target.

Ongoing drilling east of the East Ridge Exploration Target returned a significant higher grade intercept with RC860 returning 66m @ 0.53g/t Au & 0.46% Cu from 1,332m including 32m @ 0.85g/t Au & 0.63% Cu from 1,342m, including 16m @ 1.1g/t Au & 0.74% Cu from 1,352m. This intersection located approximately 100m east of the Exploration Target, demonstrates the potential to define further discoveries beyond East Ridge.

Target generation applying the knowledge gained from the Red Chris discoveries has identified an initial portfolio of seven high priority porphyry copper-gold targets across the 750km2 of mineral claims which demonstrates the prospectivity of this region. A program of geological mapping, geochemical sampling and drilling is planned for this summer field season.

Priority targets include:

• Far West (& Gully Zone) - Located immediately west of the Red Chris Main Zone, the prospect is defined by open higher grade copper-gold porphyry intercepts in historic shallow drilling.

3	# drilling in progress ** partial intercept, assays pending ^ updated intercept or ^^ previously reported.
4	Subject to market and operating conditions and no unforeseen delays
Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Exploration Report to 31 March 2023	3

• GJ-Donnelly - Previous Exploration has defined a 10km long corridor of porphyry mineralisation which contains localised higher grade copper-gold porphyry intercepts. There is potential to expand the mineralisation and discover additional zones of higher grade.
• QC Zone - A 5km long zone of porphyry-style alteration, veining and associated geochemistry along strike from Newmont's Saddle North resource. Historic shallow drilling at QC East intersected anomalous copper and gold mineralisation associated with porphyry-style alteration and veining.
• McBride - A 2km long zone of anomalous copper in surface rock chip samples with coincident magnetic high and Induced Polarisation chargeability anomalies. The prospect is located approximately 15km north of the Red Chris mine and is untested by drilling.
• Whiterock Canyon - A 1.5km x 1km area with porphyry style alteration and coincident anomalous surface rock chip geochemistry along the western extension to the Red Chris porphyry corridor directly along strike from the Gully Zone and Far West prospects. There is no previous drilling at this prospect.
• West Whiterock Creek - A prospect defined by anomalous surface rock chip geochemistry with coincident magnetic high anomalies that displays similarities with the Red Chris porphyry deposit, including the presence of gold-bearing early quartz veins and strong hydrothermal alteration. There is no previous drilling at this prospect.
• North Powerline - A newly identified early-stage porphyry copper-gold prospect defined by anomalous gold in surface geochemistry in rock chip samples and hydrothermal alteration in geological mapping. Anomalism appears to be associated with porphyry intrusive rocks with coincident with a magnetic high anomaly.

Approximately 10,000m of growth-related drilling targeting mineralisation definition and continuity is planned for the June 2023 quarter from up to four drill rigs.

Refer to Appendix 1 for additional information, and the drill hole data table for all results reported during the period.

Figure 1. Schematic plan view map of the Red Chris porphyry corridor spanning East Ridge, East Zone, Main Zone and Gully Zone showing significant Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report), 0.3g/t Au, 1g/t Au, 0.3% Cu and 1% Cu shell projections generated from a LeapfrogTM model.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Exploration Report to 31 March 2023

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Figure 2. Long section view (looking North West) of the Red Chris porphyry corridor showing drill hole locations, gold distribution and Exploration Target (previously released).

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Exploration Report to 31 March 2023

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