Newcrest Mining : June 2023 Quarterly Exploration Report

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Quarterly Exploration Report

For the three months ended 30 June 2023

Drilling results demonstrate further upside at Red Chris and Brucejack

At Red Chris, drilling has intersected a new higher-grade zone of mineralisation east of the East Ridge Exploration Target (Far East Ridge) which has the potential to become the fifth porphyry centre along the Red Chris porphyry corridor.

• At Far East Ridge (outside of the previously released East Ridge Exploration Target) drilling of hole RC876 returned 274m @ 0.67g/t Au & 0.45% Cu from 998m including 42m @ 1.5g/t Au & 1.1% Cu from 1,080m, 14m @ 1.7g/t Au & 0.63% Cu from 1,144m and 26m @ 1.1g/t Au & 0.5% Cu from 1,170m. Mineralisation remains open to the east and at depth.
• Drilling within the East Ridge Exploration Target has also successfully confirmed continuity of the higher- grade mineralisation across the vertical extent of the deposit with a partial intercept in RC875# returning 406m @ 1.1g/t Au & 1.0% Cu from 486m**, including 248m @ 1.6g/t Au & 1.4% Cu from 644m**.

At Brucejack, growth drilling continues to intersect significant mineralisation outside of the Valley of the Kings (VOK) current Mineral Resource.

• Drilling during the quarter has extended the HBX domain by approximately 200m to the east. The HBX domain now has dimensions of 350m x 300m x 250m and remains open to the west and at depth, outside of the current Pretium published Mineral Resource estimate. Results from the quarter include VU-5145 returning 38.5m @ 49g/t Au from 48m, including 1m @ 1,735g/t Au from 63.75m.
• The surface exploration program commenced during the quarter to test the potential of the VOK deposit beyond the limits of current underground development, with three drill rigs targeting opportunities around the VOK. Drilling is currently in progress at Flow Dome Zone and Bridge Zone.

At Havieron, all growth related drilling activities were completed in May 2023.

In the Western USA Newcrest has entered into an additional option and earn-in agreement with Headwater Gold Inc (Headwater Gold) to acquire up to a 75% interest in the Lodestar project located in Nevada, USA, north of the Spring Peak project. This has significantly expanded Newcrest's high grade epithermal search space in the highly prospective Aurora district. In addition, as part of Newcrest's strategy of gaining exposure to quality copper assets within Tier 1 jurisdictions, Newcrest also acquired a 9.5% strategic equity interest in Metallic Minerals Corp. which owns the La Plata Copper exploration project located in Colorado, USA.

Newcrest Interim Chief Executive Officer, Sherry Duhe, said, "The June quarter delivered another set of excellent exploration results across our global exploration portfolio.

"At Red Chris, we are exploring potential extensions to the Red Chris porphyry corridor and it was pleasing to deliver some impressive drilling results beyond the East Ridge Exploration Target, highlighting the potential for a fifth porphyry centre. Growth drilling at Brucejack also delivered some exciting results, with the potential for further brownfields growth in several targets outside the Valley of the Kings current resource.

"We also continued to expand our global exploration footprint with another emerging project in the Western USA added to our portfolio during the quarter.

"We have demonstrated considerable exploration success across our portfolio in FY23 and remain well positioned to leverage our exploration capabilities and high-quality exploration pipeline into the future," said Ms Duhe.

# drilling in progress, **partial intercept, assays pending

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Exploration Report to 30 June 2023

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Red Chris, British Columbia, Canada(1)

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 6,947m of drilling has been completed during the quarter from 11 drill holes, with all drill holes intersecting mineralisation. This contributed to a total of 317,632m of drilling from 312 drill holes since Newcrest acquired its interest in the joint venture in August 2019.

At East Ridge, located adjacent to the East Zone, 85 holes have now been completed. Assay results were received for 8 holes during the quarter, with assay results from 1 hole pending. The drilling was 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 and to the east.

An updated Exploration Target has been estimated for East Ridge (previously reported2), 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. The updated 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.

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. Geotechnical and metallurgical studies are currently in progress with the aim to deliver an updated Red Chris Mineral Resource estimate including East Ridge in calendar year 20233.

A series of three diamond holes drilling from south to north, the opposite direction to most of the drilling to date has commenced. The aim of the drilling is to confirm the continuity of the mineralisation and test for any bias from the original drill orientation. The results from the first hole RC875# returned a partial intercept 406m** @ 1.1g/t Au & 1.0% Cu from 486m, including 248m** @ 1.6g/t Au & 1.4% Cu from 644m. This result successfully confirms the continuity of the higher-grade mineralisation across the vertical extent of the deposit. The program will recommence in the upcoming winter, when access conditions improve, subject to no further unforeseen delays.

Ongoing drilling east of the East Ridge Exploration Target has returned another significant higher-grade intercept, 100m east of RC860 (reported last quarter) with RC876 returning 274m @ 0.67g/t Au & 0.45 % Cu from 998m including 42m @ 1.5g/t Au & 1.1% Cu from 1,080m, 14m @ 1.7g/t Au & 0.63% Cu from 1,144m and 26m @ 1.1g/t Au & 0.5% Cu 1,170m. This intersection located approximately 200m east of the Exploration Target, demonstrates the prospectivity of this area for further discoveries. This new discovery, at Far East Ridge, has the potential to become the fifth porphyry centre along the Red Chris porphyry corridor. Follow up drilling is planned for calendar year 20243.

A regional exploration program commenced during the quarter, with a program of geological mapping, geochemical sampling and drilling, testing targets generated from the application of the knowledge gained from the Red Chris discoveries. Several high priority porphyry copper-gold targets across the 750km2 of claims (previously reported) demonstrate the prospectivity of this region. Approximately 4,000m of growth-related drilling targeting higher-grade

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

• The Exploration Target as at 6 March 2023 has been extracted from Newcrest's release titled "Red Chris exploration success expands East Ridge Exploration Target delivering additional mining potential" dated 14 March 2023 which is available at www.asx.com.au the code "NCM" and on Newcrest's SEDAR profile.

• Subject to market and operating conditions and no unforeseen delays

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Exploration Report to 30 June 2023

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mineralisation within the Red Chris porphyry corridor at Far West and Gully Zone is planned for the September 2023 quarter utilising one drill rig3.

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 Far East Ridge, East Ridge, East Zone and Main 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 30 June 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 30 June 2023

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Brucejack, British Columbia, Canada(4)

The Brucejack Property hosts the Valley of the Kings (VOK) high grade gold deposit. The VOK is characterised by multiple occurrences of higher-grade mineralisation over selected intervals hosted within broader zones of stockwork and vein arrays. Growth activities are focused on both resource expansion within the existing mine area, as well as brownfields exploration activities within 4km of the mine area. Underground resource expansion drilling during the quarter was focused on targets in the Bridge Zone and Deep VOK. A total of 17,595m was completed in 52 drill holes using two underground diamond drill rigs. Assay results were received for three drill fans completed in Eastern Promises during the March 2023 quarter. All other assays are pending.

Assays results have been received for 5 of the 6 drill fans testing the Eastern Promises target and HBX Domain. Results from the HBX Domain have extended this zone by an additional 210m to the east and confirm the continuity of the higher-grade mineralisation. Mineralisation within the HBX Domain encompassing both 1080 HBX (previously reported) and Eastern Promises now has a footprint of 350m x 300m x 250m. This represents a highly prospective area for potential resource growth at the VOK. Highlights from the drilling include:

• VU-5144

• • 13.9m @ 36g/t Au from 61.5m
  • Including 1m @ 434g/t Au from 74.4m
• VU-5145
• • 38.5m @ 49g/t Au from 48m
  • including 1m @ 1,735g/t Au from 63.75m

A surface exploration program at Brucejack commenced during the quarter, with approximately 23,500m of drilling planned to test the potential of the VOK deposit in multiple areas beyond the limits of current underground development, including:

• Flow Dome Zone, located 200m east of Eastern Promises, testing what is interpreted as the extension to the HBX Domain, east of the VOK;
• Bridge Zone, located approximately 400m south of the VOK;
• West VOK and Lookout Zone, both located west of the VOK on the west side of the Brucejack Fault; and
• Gossan Hill to Golden Marmot, multiple targets along the 4km epithermal corridor north of the VOK.

These areas are future targets of potential resource growth at the VOK. All assays are pending.

Refer to Appendix 2 for additional information, and the drill hole data table for all results reported during the period.

4 # 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 30 June 2023

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