Newcrest Mining : Quarterly Exploration Report - three mths ended 31 Mar 2022

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Quarterly Exploration Report

For the three months ended 31 March 2022

Exciting growth opportunities at Brucejack, Red Chris and Havieron continue to deliver high grade results

At Brucejack, drilling confirms the potential for resource growth at the Valley of the Kings deposit, with further high grade returned from North Block and 1080 Level East, which are both located outside the current resource.

•  At North Block, VU-3489 returned 28.5m @ 262g/t Au from 70.5m, including 1.0m @ 7,400g/t Au from 87m.

•  At 1080 Level East, VU-3570 returned 17m @ 41g/t Au from 189m, including 1m @ 662g/t Au from 205m, and 16.5m @ 35g/t Au from 252m, including 1m @ 205g/t Au from 252m and including 1m @ 316g/t Au from 266m, and 34.5m @ 16g/t Au from 286.5m, including 1m @ 359g/t Au from 301m.

Drilling has also expanded the footprint of the high grade mineralisation at Golden Marmot, located 3.5 kilometres north of the Brucejack Mine.

•  At Golden Marmot, SU-786 returned 20.0m @ 187g/t Au from 268m, including 0.5m @ 6,700g/t Au from 270.5m and including 0.5m @ 770g/t Au from 285m. In addition, SU-843 returned 38.5m @ 27g/t Au from 106.5m, including 0.5m @ 1,925g/t Au from 138.3m, and 21m @ 6.9g/t Au from 187.5m, including 0.5m @ 250g/t Au from 188.4m.

At Red Chris, drilling continues to expand the footprint and confirm continuity of higher grade mineralisation at East Ridge.

•  RC750W returned 96m @ 0.77g/t Au & 0.61% Cu from 1,454m, including 46m @ 1.3g/t Au & 1.0% Cu from 1,502m and 82m @ 0.69g/t Au & 0.61% Cu from 1,578m, including 32m @ 1.2g/t Au & 1.0% Cu from 1,582m. RC779 returned 560m @ 0.35g/t Au & 0.45% Cu from 1,216m, including 98m @ 0.59g/t Au & 0.72% Cu from 1,502m, including 12m @ 1.1g/t Au & 1.2% Cu from 1,542m. Both RC750W and RC779 remain open at depth.

•  RC785 extended the corridor to the east, a further 100m beyond RC740 (previously reported) returning 214m @ 0.26g/t Au & 0.37% Cu from 1,532m, including 24m @ 0.83g/t Au & 1.1% Cu from 1,532m. RC785 is also the deepest significant intercept returned from East Ridge and remains open at depth and to the east.

•  Drilling to define the extent of the East Ridge mineralised corridor is ongoing.

At Havieron, growth drilling continues to expand the system footprint and identify high grade extensions to the mineralisation in the Eastern Breccia, South East Crescent Zone, Northern Breccia and North West Pod target areas. Highlights include:

•  In the Eastern Breccia, new results from HAD145W1 returned 150.1m @ 3.7g/t Au & 0.15% Cu from 1,827.9m, including 42.3m @ 8.6g/t Au & 0.4% Cu from 1,854m. The intercept is approximately 100m to the north west of HAD104^^ which returned 62.5m @ 5.9g/t Au & 0.30% Cu from 1,546.5m, including 49.4m @ 7.1g/t Au & 0.38% Cu from 1,554.6m. These intercepts confirm the potential for the North West trending Eastern Breccia corridor to host Crescent style high grade mineralisation.

•  In the South East Crescent, results for HAD133W6^ were received which finalises the reported intercept to 173.2m @ 1.9g/t Au & 0.18% Cu from 1,424.6 m, including 43.1m @ 3.7g/t Au & 0.34% Cu from 1,425.9m. This intercept is the deepest high-grade mineralised intercept for the project to date, at approximately 250m below the current Mineral Resource and demonstrates that the high grade mineralisation remains open at depth.

•  In the Northern Breccia and North West Pod targets, crescent-like intercepts have been returned in infill drilling with HAD089W4 intersecting 52.7m @ 7.1g/t Au & 0.04% Cu from 1,074m including 31.4m @ 12g/t Au & 0.03% Cu from 1,094.9m on the northwest margin of the breccia. In addition, HAD085W6 intersected 52m @ 3.0g/t Au & 0.09% Cu from 1,327m including 17.9m @ 7.7g/t Au & 0.07% Cu from 1,361.1m within the Northern Breccia Inferred Resource.

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "We are absolutely delighted to release the exceptional drilling results at Brucejack today, following completion of the Pretium transaction in March 2022. Brucejack is very early in its mine life and offers significant exploration upside with the land package largely unexplored. The drilling results today confirm the significant upside potential adjacent to and beyond the Valley of the Kings deposit with high grade intercepts identified in a number of targets outside of the current resource. Golden

Marmot has also delivered incredible results, further expanding the footprint of high grade mineralisation and creating exciting potential."

"The results at our East Ridge discovery at Red Chris continue to expand the higher grade footprint of the mineralised corridor, with the strike extents of this prospect remaining open to the east and at depth. Havieron also continues to deliver encouraging results, with several high grade drill results in target areas including the Eastern Breccia that sit outside of our Inferred Mineral Resource estimate." said Mr Biswas.

Brucejack, British Columbia, Canada(1)

In March 2022, Newcrest completed the acquisition of Pretium Resources Inc. (Pretium), owner of the Brucejack mine located 65km northwest of Stewart in northern British Columbia, Canada.

The Brucejack Property hosts the Valley of the Kings high-grade gold deposit. The nature of the mineralisation at the Valley of the Kings deposit is characterised by multiple occurrences of higher grade 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 4kms of the mine area. Both work programs delivered very strong results for the period.

Resource expansion drilling was focused on newly defined targets in the 1080 HBx Zone, Eastern Promises and Bridge Zone. A total of 12,278m in 65 drill holes were completed using 3 drill rigs and assays are pending. During the quarter, final assay results were received from the North Block Phase 4, 1080 Level East and Golden Marmot programs.

At North Block Phase 4, 11,465m of resource expansion drilling was completed in 60 drill holes extending the footprint of the mineralisation. All drill holes intersected gold mineralisation, with 11 of the 60 drill holes intersecting higher grade, in excess of 5 grams per tonne gold. Phase 4 drilling extended the North Block an additional 100 meters to the west, with the majority of the high-grade gold mineralisation located within 25m of existing infrastructure.

Drilling at North Block has now expanded the zone over an area 375m wide, 350m long, and 300m high. North Block remains open to the north and at depth and is currently outside the existing Mineral Resource estimate. Definition drilling is currently underway.

Results for the reporting period include:

•  VU-3469

  • o 60m @ 31g/t Au from 39m

  • o including 1m @ 527g/t Au from 39m

  • o including 1m @ 1,235g/t Au from 79m

•  VU-3474

  • o 46.5m @ 20g/t Au from 6m

  • o including 1m @ 911g/t Au from 21.7m

•  VU-3478

  • o 16.5m @ 34g/t Au from 42m

  • o including 1m @ 547g/t Au from 42m

•  VU-3489

  • o 28.5m @ 262g/t Au from 70.5m

  • o including 1m @ 7,400g/t Au from 87m

At 1080 Level East, 15,618m of drilling was completed in 65 drill holes. Fifty-nine (59) drill holes intersected gold mineralisation, with 13 of the 65 drill holes intersecting higher grade, in excess of 5 grams per tonne gold. Drilling was planned to infill the initial 4 drill fans completed in 2020, with the results showing continuity of gold mineralisation up to 100 meters east and 200 meters below the existing Mineral Resource Estimate.

Drilling at 1080 East Level has now expanded the zone over an area 150m wide, 250m long, and 200m high. 1080 East Level remains open to the south, east, and at depth. Follow up drilling is currently underway in the 1080 HBx Zone towards the south, where extended drill holes from the 2021 program encountered gold mineralisation, with drilling also planned for Eastern Promises towards the east.

Results for the reporting period include:

•  VU-3417

  • o 21m @ 15g/t Au from 72m

  • o including 1m @ 252g/t Au from 83.5m

•  VU-3490

  • o 22m @ 17g/t Au from 180m

  • o including 1m @ 248g/t Au from 201m

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

•  VU-3568

  • o 19.5m @ 21g/t Au from 214.5m

  • o including 1m @ 370g/t Au from 227.1m

•  VU-3570

  • o 17m @ 41g/t Au from 189m

  • o including 1m @ 662g/t Au from 205m

  • o 16.5m @ 35g/t Au from 252m

  • o including 1m @ 205g/t Au from 252m

  • o including 1m @ 316g/t Au from 266m

  • o 34.5m @ 16g/t Au from 286.5m

  • o including 1m @ 359g/t Au from 301m

At Golden Marmot, brownfield activities included 8,378m of drilling in 26 drill holes. All drill holes intersected gold mineralisation, with 7 of 26 drill holes intersecting higher grade, in excess of 5 grams per tonne gold.

Golden Marmot is part of a four-kilometre trend of highly altered rocks which outcrop from Hanging Glacier in the northwest to Bridge Zone in the southeast. The area is accessible via exploration trail from the Brucejack Mine. Mineralisation at Golden Marmot occurs as coarse-grained electrum hosted in strongly quartz-sericite-pyrite altered volcanic and sedimentary facies of the Lower Hazelton Group. Results from the initial drilling identified 7 preliminary mineralisation domains broadly trending east-west and north-south. To date, these domains extend over an area 250m wide, 300m long, and 300m high and display many of the salient geological features that characterise the Valley of the Kings deposit immediately to the south.

Mineralisation at Golden Marmot remains open in all directions and to depth. Golden Marmot is a new discovery located outside of the Mineral Resource estimate. Follow up drilling is currently being planned for the 2022 exploration field season.

Results for the reporting period include:

	SU-772
o	19m @ 36g/t Au from 114m
o	including 1m @ 268g/t Au from 124m
o	including 1m @ 233g/t Au from 130.9m^^
	SU-786
o	20m @ 187g/t Au from 268m
o	including 0.5m @ 6,700g/t Au from 270.5m
o	including 0.5m @ 770g/t Au from 285m^^
	SU-800
o	17m @ 32g/t Au from 192m
o	including 0.5m @ 1,055g/t Au from 198m
o	30.9m @ 16g/t Au from 272.5m
o	including 1.04m @ 351g/t Au from 282.42m
	SU-843
o	38.5m @ 27g/t Au from 106.5m
o	including 0.5m @ 1,925g/t Au from 138.3m
o	21m @ 6.9g/t Au from 187.5m
o	including 0.5m @ 250g/t Au from 188.4m

Approximately 54,000m of resource expansion drilling and 35,000 meters of brownfield exploration drilling targeting mineralisation definition and continuity are planned during calendar year 2022 with three drill rigs underground and four drill rigs on surface.

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

Figure 1. Plan view map of the Brucejack Property, spanning the 4km gossanous trend from Golden Marmot in the north to Bridge Zone in the South. Cross section for Figure 2 views parallel to the Brucejack Fault.

Figure 2. Long section view (looking west) of the Brucejack Property.