Newcrest Mining : September 2022 Quarterly Report

Quarterly Report

For the three months ended 30 September 2022

(figures are unaudited and in US$ except where stated)

Solid operational performance as organic growth projects advance

• Safety and sustainability

• • Critical incident at the Brucejack operation on 22 October 2022
• Strong first quarter following planned maintenance and on track to meet annual guidance1
• • Gold production of 527koz2 and copper production of 32kt
  • All-InSustaining Cost (AISC) of $1,098/oz2, delivering an AISC margin of $579/oz3
  • Gold and copper production expected to increase in the December 2022 quarter4
• Advancing pipeline of organic gold and copper growth options
• • Cadia two stage plant expansion in commissioning and PC2-3 first draw bell fired; PC1-2 Feasibility Study now expected to be released in the December 2022 quarter5
  • Red Chris Block Cave and Lihir Phase 14A Feasibility Studies on track, with early works advancing
  • Havieron Feasibility Study to be extended, allowing further time to maximise project value
  • Brucejack transformation program continues to pursue value opportunities while advancing growth potential
  • Strong drilling results at Brucejack, Red Chris and Havieron expand the high-grade mineralisation and support the potential for resource growth

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "This week a colleague and team member from our mining and development contractor, Procon, was involved in a critical incident while working underground at our Brucejack operation. There is nothing more important than the safety and wellbeing of those who work with us, and our focus is on providing support to all those impacted during this distressing time as we assist with the ongoing investigation."

"While overshadowed by the upsetting news from Brucejack, Newcrest delivered a solid performance during the September quarter which reflected our normal cadence for planned major maintenance shutdowns across our operations during this period. Our group gold and copper production has increased substantially from a year ago, reflecting maintenance and productivity improvements at Cadia and Lihir, and additional ounces from Brucejack. Following this strong start to the year we expect gold and copper production to be higher in the December quarter on lower planned maintenance and remain on track to meet FY23 guidance."

"Cadia marked further significant milestones with the first draw bell for PC2-3 successfully fired to enable the commencement of undercutting and completion of the two stage plant expansion which is now in commissioning. We continued to make great progress on our Brucejack transformation program and remain relentlessly focused on disciplined capital management as we extend the Havieron Feasibility Study to allow time for further project optimisation."

"With a focus on capital management, continued strong operating performance in line with our guidance and a clear pathway to materially increase our already significant copper production in the future, I believe Newcrest's upside potential will be recognised more broadly as we strive to unlock further value for our shareholders," said Mr Biswas.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 September 2022

1

Overview

Gold production was 17% lower than the prior period6 with lower mill throughput across all operations following planned maintenance shutdowns in the September 2022 quarter, consistent with prior years. Gold production was also impacted by lower gold head grade at Lihir, Cadia and Brucejack. Gold and copper production is expected to improve in the December 2022 quarter on lower planned maintenance.

Newcrest's AISC of $1,098/oz2 for the quarter was 23% higher than the prior period, driven by lower gold and copper sales volumes with lower production following planned maintenance, and a lower realised copper price. This was partly offset by the benefit of a weakening Australian and Canadian dollar against the US dollar on operating costs. With a significant proportion of operating costs exposed to the Australian and Canadian dollars, continued weakness of these currencies against the US dollar will favourably impact AISC.

Injury rates decreased in the quarter, however, the critical incident at Brucejack is a reminder of the unwavering focus on safety that must be maintained to ensure everybody goes home safe and healthy every day. Injury rates were reviewed during the quarter with the previously reported frequency rates at Red Chris and Brucejack restated following an internal review of injury classifications at Red Chris, and an update to working hours in FY22 at Brucejack.

	Highlights		Metric			Sep			Jun			FY22				FY23
				2022 Qtr			2022 Qtr					Guidance4,7
	Group - gold2		oz			527,115			637,032			1,956,182			2,100	- 2,400koz
	Group - copper		t			32,459			38,671			120,650			135 - 155kt
	Group - silver		oz			361,957			435,587			1,021,719
	Cadia - gold		oz			142,194			186,766			560,702			560	- 620koz
	Cadia - copper		t			23,406			28,676			85,383			95 - 115kt
	Lihir - gold		oz			165,243			212,932			687,445			720	- 840koz
	Telfer - gold		oz			84,372			97,443			407,550			355	- 405koz
	Telfer - copper		t			2,962			3,008			13,904			~20kt
	Brucejack - gold8		oz			84,123			90,408			114,421			320	- 370koz
	Red Chris - gold9		oz			12,259			13,678			42,341			~30koz
	Red Chris - copper9		t			6,090			6,987			21,363			~20kt
	Fruta del Norte - gold2,10		oz			38,923			35,805			143,723			125	- 145koz
	Fatalities		Number			0			0			0
	TRIFR11		mhrs			3.16			4.4012			4.0112
	All-In Sustaining Cost2		$/oz			1,098			89513			1,04313
	All-In Cost14		$/oz			1,538			1,268			1,595
	All-In Sustaining Cost margin3		$/oz			579			958			732
	Realised gold price15		$/oz			1,698			1,854			1,797
	Realised copper price15		$/lb			3.53			4.31			4.36
	Realised copper price15		$/t			7,782			9,502			9,612
	Average exchange rate		AUD:USD			0.6840			0.7160			0.7260
	Average exchange rate		PGK:USD			0.2837			0.2834			0.2843
	Average exchange rate		CAD:USD			0.7669			0.7842			0.7903

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 September 2022

2

Operations

Cadia, Australia

	Highlights			Metric			Sep			Jun			FY22		FY23
					2022 Qtr			2022 Qtr				Guidance
	TRIFR11			mhrs			6.17			11.46			8.26
	Total production - gold			oz			142,194			186,766			560,702		560 - 620koz
	Total production - copper			t			23,406			28,676			85,383		95 - 115kt
	Head grade - gold			g/t			0.81			0.94			0.87
	Head grade - copper			%			0.40			0.43			0.39
	Sales - gold			oz			147,470			191,734			543,029
	Sales - copper			t			24,257			31,195			83,888
	All-In Sustaining Cost			$/oz			107			(315)			(124)
	All-In Sustaining Cost margin16			$/oz			1,591			2,169			1,921

Cadia TRIFR of 6.17 recordable injuries per million hours was lower than the prior period with the Safe Hands intervention program ongoing to reduce hand injuries.

Gold production of 142koz was 24% lower than the prior period, driven by lower gold head grade which was in line with expectations, as well as lower mill throughput due to planned maintenance activities to both Concentrator 1 and Concentrator 2. The two stage plant expansion has been completed and progressed into commissioning, with mill throughput rates expected to start ramping up towards 35Mtpa in the December 2022 quarter5,17.

Mining volumes decreased by 17% during the quarter with underground operations temporarily suspended following instability in a ventilation rise. Activities to stabilise the ventilation rise were safely completed in August 2022 and there was no material impact to production, with stockpiles replacing mine feed until underground operations returned to full capacity. The first draw bell for PC2-3 was successfully fired in September 2022 to enable the commencement of undercutting.

Cadia's AISC of $107/oz was higher than the prior period mainly due to lower gold and copper sales volumes, as well as a lower realised copper price. This was partly offset by the benefit of a weakening Australian dollar against the US dollar. Copper concentrate stock levels returned to normal during the quarter following shipping disruptions due to heavy rainfall in April and again in early July.

The findings of the Cadia PC1-2 Feasibility Study are now expected to be released in the December 2022 quarter5. The Study is largely complete with a final costing review and necessary approvals currently in progress. The early works program continues to progress, with preliminary works on ventilation systems and other critical path development activities on track.

The Newcrest Board approved the Northern Tailings Storage Facility embankment slump remediation Feasibility Study to execution during the quarter. Detailed design work is in progress with execution works expected to commence in the March 2023 quarter5.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 September 2022

3

Lihir, Papua New Guinea

	Highlights		Metric			Sep			Jun			FY22		FY23
				2022 Qtr			2022 Qtr				Guidance
	TRIFR11		mhrs			0.53			0.59			1.18
	Total production - gold		oz			165,243			212,932			687,445		720 - 840koz
	Head grade - gold		g/t			2.15			2.54			2.35
	Sales - gold		oz			188,311			206,262			665,993
	All-In Sustaining Cost		$/oz			1,436			1,409			1,622
	All-In Sustaining Cost margin16		$/oz			262			445			175

Lihir TRIFR of 0.53 recordable injuries per million hours was lower than the prior period, reflecting the benefits from the Safe Hands intervention program, as well as the launch of the Lihir Life Saving Rules program targeting mitigation of common behavioural factors to safety incidents.

Gold production of 165koz was 22% lower than the prior period, driven by lower gold head grade, reflecting a higher proportion of lower grade ex-pit ore from Phase 15. As highlighted in the June 2022 quarterly report, mill throughput also decreased during the quarter with a planned total plant shutdown in September 2022, in line with the site bi-annual shutdown strategy.

The La Niña weather pattern in the Pacific continued into the quarter with drought conditions being experienced in many parts of New Ireland, including Lihir. Rainfall in the catchment area for the mine was patchy with monthly aggregates almost half of the long-term average. Despite a range of water conservation and harvesting options being implemented in FY22, there were still periods in the quarter where water supply limitations restricted plant throughput, with opportunity costs amounting to ~5koz of gold production. Long-range weather forecasts indicate that La Niña will persist into 2023 and further water restrictions are anticipated in the December 2022 quarter. In response, Lihir is assessing further options to augment current water supply.

Mining volumes continued to increase during the period with Lihir delivering a record total material movement for the second consecutive quarter. Higher mining rates are expected to continue in FY23 in line with the mining improvement program5.

Lihir's AISC of $1,436/oz was 2% higher than the prior period, mainly driven by higher operating costs following scheduled plant maintenance as well as lower gold sales volumes during the quarter, largely offset by lower sustaining capital expenditure.

Newcrest continued to progress the Phase 14A Feasibility Study during the period with ground support works continuing in Bench 1 and mining now underway in Bench 2. The findings of the Phase 14A Feasibility Study remain on track to be released in the December 2022 quarter5.

The Front-End Recovery Project structures, equipment and services are completed with electrical and other services commissioned. The project is scheduled for completion in October 2022 with commissioning expected to be completed in the December 2022 quarter5. The project aims to lower gold loss through the flotation circuits by generating a high-grade flash flotation concentrate from the High Grade Ore 1 (HGO1) grinding circuit.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 September 2022

4

Lihir - Material Movements

	Ore Sources		Metric			Sep			Jun			FY22
				2022 Qtr			2022 Qtr
	Ex-pit crushed tonnes(a)		kt			2,797			2,104			5,345
	Ex-pit to stockpile		kt			1,306			1,966			5,969
	Waste		kt			7,059			6,522			26,994
	Total Ex-pit		kt			11,161			10,591			38,308
	Stockpile reclaim(a)		kt			537			1,222			6,594
	Stockpile relocation		kt			3,606			3,390			11,443
	Total Other		kt			4,143			4,612			18,038
	Total Material Moved		kt			15,305			15,203			56,346

1. For the September 2022 quarter, ex-pit crushed gold head grade was 2.26g/t and sulphur grade was 4.57%. Stockpile reclaim gold head grade was 1.83g/t and sulphur grade was 5.12%.

Lihir - Processing

	Equipment		Metric			Sep			Jun			FY22
				2022 Qtr			2022 Qtr
	Crushing		kt			3,075			3,326			12,004
	Milling		kt			3,146			3,411			12,212
	Flotation		kt			2,522			2,490			9,410
	Autoclave		kt			1,757			2,067			6,998

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 September 2022

5