Melbourne - Newcrest (ASX: NCM) (TSX: NCM) (PNGX: NCM) Managing Director and Chief Executive Officer, Sandeep Biswas, said, 'Newcrest has delivered a strong performance in FY22 with our operations producing just under two million ounces of gold at an All-In Sustaining Cost of $1,043 per ounce.

We were particularly pleased with our costs trending lower in the second half of the year, with Cadia achieving its lowest ever annual All-In Sustaining Cost of negative $124 per ounce. Our balance sheet has also remained extremely robust with significant liquidity available to support our growth aspirations.'

'Works have continued to advance across our global organic growth portfolio, with Cadia, Red Chris, Havieron and Lihir all expected to reach key study milestones throughout FY23. Our track record of exploration success has also continued at Brucejack, Red Chris and Havieron, with strong drilling results supporting our view of significant resource growth potential.'

'We are very pleased to have a substantial and increasing exposure to copper, a critical metal of the future with a positive long term outlook that will allow us to participate in the potential opportunities presented by a global shift to decarbonisation.'

'In March 2022, we completed the acquisition of Pretium Resources, adding the high grade Brucejack mine to our quality portfolio. We are now the leading gold miner in the Tier 1 jurisdiction of British Columbia, with global exposure to six Tier 1 orebodies and a significant long-life advantage compared to our peers. Brucejack has generated immediate production and cash flows for the Group and our three phase transformation program has already made exciting progress with a number of initiatives underway to maximise the long-term potential of this asset and district.'

'We remain relentlessly focused on the safety and wellbeing of our workforce and the local communities in which we operate. Pleasingly, we are now nearly seven years free of fatalities, which is a credit to our people and testament to how far safety is embedded into our culture. We continue to make inroads into building a high performing, inclusive and psychologically safe workplace, and remain steadfastly focused on eliminating sexual assault and sexual harassment in our workplace. We've also continued to progress our sustainability agenda through the development of our Group Net Zero Emissions Roadmap, which will outline the pathway for Newcrest to deliver its goal of net zero carbon emissions by 2050. We are particularly proud of the care we have provided to many communities through the Newcrest Community Support Fund and have a significant opportunity to drive strategic social investments with the recently established Newcrest Sustainability Fund.'

'Newcrest remains committed to disciplined capital management and we are pleased to announce a fully franked final dividend of 20 cents per share, bringing our total dividends for the 2022 financial year to 27.5 cents per share, which exceeds the minimum payout targeted by our dividend policy.'

'We are delighted with the progress made against our Forging an Even Stronger Newcrest aspirations this year and are well positioned for a very bright future, with our strong exploration and technical capabilities, a robust balance sheet, and a clear, well understood growth strategy,' said Mr Biswas.

COVID-19

Newcrest did not experience any material COVID-19 related disruptions to production or to the supply of goods and services during the period. Some project activities have experienced a level of disruption as a result of COVID-19 with efforts made to minimise their impact on the overall cost and schedule. The operating cost of managing COVID-19 risks in the current period was approximately $52 million (of which $41 million related to Lihir), including additional costs related to flights, transport, rosters, leave, screening and testing (excludes additional COVID-19 costs related to capital projects).

Cadia underground operations update

Activities to remediate instability in one of the ventilation rises at Cadia have been completed and underground mining has safely resumed. Cave production has steadily ramped up over recent days, with the mine now returned to full capacity. Development of PC2-3 has also recommenced with critical path activities restored.

Contact:

Tom Dixon

Tel: +61 3 9522 5570

Email: Tom.Dixon@newcrest.com.au

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