Newcrest Mining : December 2022 Quarterly Report

Quarterly Report

For the three months ended 31 December 2022

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

On track to deliver FY23 guidance as key growth projects advance to execution

• Solid second quarter with gold and copper production expected to increase in the March 2023 quarter1,2 o Gold production of 512koz3 and copper production of 35kt
  o All-In Sustaining Cost (AISC) of $1,082/oz3, delivering an AISC margin of $591/oz4
• Advancing multiple gold and copper growth options

• • Cadia PC1-2 Feasibility Study approved to execution with an estimated IRR of 18% and NPV of US$1.4 billion over a 16 year mine life5,6,7,8
  • Lihir Phase 14A Feasibility Study findings released and expected to deliver ~400koz of incremental gold production over the next 4 years9,10
  • West Dome Stage 8 cutback underway, extending Telfer's mine life into early FY2511
  • Red Chris Block Cave Feasibility Study expected to be completed in H1 FY2411 as further optimisation opportunities are evaluated, with no impact to development timelines expected
  • Brucejack transformation program continues to deliver positive results with the debottlenecking concept study progressed to Pre-Feasibility
  • Strong drilling results continue to expand the higher grade footprints at Brucejack, Red Chris and Havieron
• Corporate updates
• • Sherry Duhe assumed the role of Interim Chief Executive Officer effective 18 December 2022 following the announcement that Sandeep Biswas is retiring
  • Gold prepay credit facility repaid early with $173 million received from Lundin Gold

Newcrest Interim Chief Executive Officer, Sherry Duhe, said, "We were deeply saddened by the tragic fatality at our Brucejack mine in October. An extensive safety review has been conducted across all activities at site to identify major hazards and corresponding critical controls and we are applying these learnings across the business as we remain steadfastly focused on the health and safety of our people.

"Today we released the findings of the Phase 14A Feasibility Study, taking another step forward in realising the full potential of Lihir as we pursue the upside potential from unlocking additional high grade mineralisation outside Lihir's current Ore Reserve. In November, we released the findings of the Cadia PC1-2 Feasibility Study, which further highlighted Cadia's position as a world class, long life, gold and copper producer. We were also delighted to extend the life of Telfer with approval of the West Dome Stage 8 cutback.

"In January, we received $173m through the early repayment of our gold prepay credit facility by Lundin Gold, providing us with additional near-term financial flexibility. With the Red Chris Block Cave Feasibility Study expected to be released later this calendar year and another quarter of impressive drilling results across our key projects, our unique pipeline of gold and copper growth opportunities continues to set us apart from our peers."

"Following a solid start to the year we remain confident in delivering a stronger operating performance through the second half of FY23. With the continued strong momentum in gold and copper pricing, a competitive cost structure assisted by favourable exchange rates, and clear progress across our key growth projects, Newcrest is very well positioned to deliver superior returns for our shareholders," said Ms Duhe.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 December 2022

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Overview

Gold production was 3% lower than the prior period12 driven by lower mill throughput at Lihir with drought conditions continuing to limit water supply to the plant, and the temporary suspension of operations at Brucejack following the fatality in October 2022. Red Chris production also decreased during the quarter, driven by lower recovery and mill throughput. This was largely offset by higher gold production at Cadia and Telfer with the planned maintenance schedule at both sites completed in the prior period.

Newcrest remains on track to deliver its full year production guidance for FY232. Gold production at Lihir and Brucejack are expected to increase in the second half of FY23 driven by higher mill throughput across both sites (subject to increased rainfall at Lihir)11. Following the water restrictions and unplanned mill downtime events experienced at Lihir and the Brucejack fatality, both operations are anticipated to deliver at the lower end of their production guidance ranges for FY2311.

Newcrest's AISC of $1,082/oz3 for the quarter was 1% lower than the prior period, reflecting a higher proportion of lower cost ounces produced at Cadia, a higher realised copper price and the benefit of a weakening Australian and Canadian dollar against the US dollar on operating costs. This was partly offset by lower production at Lihir, Brucejack and Red Chris driving a decrease in sales volumes across these sites compared to the prior period.

Injury rates decreased during the quarter, however, the fatality at Brucejack is a tragic reminder of the ongoing focus on safety that must be maintained at all times to ensure everybody goes home safe and healthy every day. Injury rates were reviewed during the quarter with the previously reported frequency rates at Brucejack and the Group restated following an internal review.

Highlights	Metric	Dec	Sep	YTD	YTD		FY23
2022 Qtr	2022 Qtr	FY23	FY22	Guidance2,13
Group - gold3	oz	512,130	527,115	1,039,245	832,298	2,100	- 2,400koz
Group - copper	t	34,564	32,459	67,023	50,945	135 - 155kt
Group - silver	oz	303,537	361,957	665,493	362,232
Cadia - gold	oz	169,262	142,194	311,456	224,368	560	- 620koz
Cadia - copper	t	27,146	23,406	50,553	33,420	95 - 115kt
Lihir - gold	oz	154,143	165,243	319,386	305,026	720	- 840koz
Telfer - gold	oz	87,985	84,372	172,357	213,719	355	- 405koz
Telfer - copper	t	3,256	2,962	6,218	7,375	~20kt
Brucejack - gold14	oz	51,813	84,123	135,936	-	320	- 370koz
Red Chris - gold15	oz	10,163	12,259	22,421	20,201	~30koz
Red Chris - copper15	t	4,162	6,090	10,252	10,150	~20kt
Fruta del Norte - gold3,16	oz	38,764	38,923	77,688	68,985	125	- 145koz
Fatalities	Number	1	0	1	0
TRIFR17	mhrs	3.15	3.2718	3.2118	4.2019
All-In Sustaining Cost3	$/oz	1,082	1,09520	1,08920	1,19021
All-In Cost22	$/oz	1,483	1,538	1,512	1,905
All-In Sustaining Cost margin4	$/oz	591	579	585	502
Realised gold price23	$/oz	1,693	1,698	1,696	1,733
Realised copper price23	$/lb	3.66	3.53	3.60	4.31
Realised copper price23	$/t	8,069	7,782	7,937	9,502
Average exchange rate	AUD:USD	0.6568	0.6840	0.6705	0.7319
Average exchange rate	PGK:USD	0.2838	0.2837	0.2838	0.2848
Average exchange rate	CAD:USD	0.7368	0.7669	0.7517	0.7939
Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 December 2022	2

Operations

Cadia, Australia

Highlights	Metric	Dec	Sep	YTD	YTD	FY23
2022 Qtr	2022 Qtr	FY23	FY22	Guidance
TRIFR17	mhrs	3.18	6.17	4.70	8.49
Total production - gold	oz	169,262	142,194	311,456	224,368	560 - 620koz
Total production - copper	t	27,146	23,406	50,553	33,420	95 - 115kt
Head grade - gold	g/t	0.84	0.81	0.82	0.82
Head grade - copper	%	0.40	0.40	0.40	0.37
Sales - gold	oz	170,456	147,470	317,925	224,854
Sales - copper	t	26,353	24,257	50,610	33,112
All-In Sustaining Cost	$/oz	32	107	67	85
All-In Sustaining Cost margin24	$/oz	1,661	1,591	1,629	1,648

Cadia TRIFR of 3.18 recordable injuries per million hours was lower than the prior period reflecting the benefits of a detailed safety review which was undertaken to address the root cause for all injuries and high risk activity control implementation.

Gold production of 169koz was 19% higher than the prior period, mainly due to higher mill throughput reflecting the completion of planned maintenance activities in the September 2022 quarter. Gold head grade also increased during the quarter with an optimised mine plan but is expected to decrease in the second half of FY23 as mining at Cadia transitions into lower gold grade ore sources11. Copper head grade is expected to remain consistent with prior periods11.

Mill throughput rates began the ramp up towards 35Mtpa during the quarter with commissioning of the two-stage plant expansion project now complete25. Gold and copper recovery rates improved, with all surface load activities now ramping up. Construction of the underground material handling for PC2-3 is also complete with first ore production expected during the March 2023 quarter11.

Newcrest continues to work proactively with the New South Wales Department of Planning & Environment Secretary to satisfy all conditions for the permitted processing capacity increase to 35Mt in a calendar year25. Controls have been implemented to responsibly manage and minimise off-site air quality impacts, including additional dust suppression sprays and improved air quality monitoring. A detailed study into dust control technologies has been commissioned to identify measures to improve the management of dust emissions in the vent discharge on surface.

Cadia's AISC of $32/oz was 70% lower than the prior period mainly due to higher gold and copper production driving an increase in gold and copper sales volumes, as well as a higher realised copper price and the benefit of a weaker Australian dollar. This was partly offset by higher sustaining capital expenditure, primarily relating to tailings construction, with works commencing on the change to centreline lift design at the Southern Tailings Storage Facility and the Northern Tailings Storage Facility embankment remediation.

In November 2022, the Newcrest Board approved progression of the Cadia PC1-2 Feasibility Study to Execution, marking a key strategic milestone to maintain Cadia's gold and copper production profile for decades to come. The Feasibility Study demonstrated strong financial returns, with an optimised mine footprint substantially increasing expected ore mined across the life of the project, delivering additional gold and copper production compared to the Pre-Feasibility Study.

Key development activities for PC1-2 remain on track with earthworks and raise boring to support construction of the primary ventilation system progressing during the quarter. First ore production from PC1-2 is expected in FY265,11. For further information, see release titled "Cadia PC1-2Feasibility Study demonstrates strong financial returns" dated 11 November 2022 which is available on www.asx.com.au under the code "NCM" and on Newcrest's SEDAR profile.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 December 2022

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Lihir, Papua New Guinea

Highlights	Metric	Dec	Sep	YTD	YTD	FY23
2022 Qtr	2022 Qtr	FY23	FY22	Guidance
TRIFR17	mhrs	1.65	0.53	1.08	1.0319
Total production - gold	oz	154,143	165,243	319,386	305,026	720 - 840koz
Head grade - gold	g/t	2.20	2.15	2.17	2.24
Sales - gold	oz	144,194	188,311	332,505	297,459
All-In Sustaining Cost	$/oz	1,545	1,436	1,484	1,819
All-In Sustaining Cost margin24	$/oz	148	262	212	(86)

Lihir TRIFR of 1.65 recordable injuries per million hours was higher than the prior period, mainly driven by hand injuries. In response, Lihir has heightened its focus on the Safe Hands Intervention program to assess and improve controls where hands are at risk.

Gold production of 154koz was 7% lower than the prior period, largely driven by lower mill throughput as a result of unplanned mill downtime events and drought conditions continuing across the New Ireland province, limiting water supply to the plant and reducing gold production. Medium term weather forecasts indicate rainfall is expected to return to normal levels during the March 2023 quarter. Lihir has a range of water conservation and harvesting options in place and has continued to progress activities to increase water supply, including internal water recycling and the investigation of additional water sources and storage options.

Gold recovery increased during the quarter with improved flotation recovery and increased reprocessing of flotation tails. Gold head grade also increased compared to the prior period reflecting additional higher grade ex-pit ore feed from Phase 15 and Phase 16.

Mining volumes continued to progress well, delivering a third consecutive record total material movement for a quarter. Higher mining rates were driven by improved machine productivity, highlighting the benefits of the mining improvement program and maintenance excellence program.

Gold production is expected to increase in the second half of FY23 driven by higher mill throughput, subject to increased rainfall, with a lower maintenance schedule. Lihir is expected to deliver at the lower end of its production guidance range for FY23 following water supply restrictions to date11.

Lihir's AISC of $1,545/oz was 8% higher than the prior period, mainly due to lower gold production during the quarter and timing of sales. This was partly offset by lower site operating costs with reduced milling activity.

In January 2023, the Newcrest Board approved the Lihir Phase 14A Feasibility Study, endorsing the project into full implementation. Phase 14A is another step forward in realising the full potential of Lihir with the cutback expected to deliver ~400koz of incremental high grade gold production over the next four years from an additional ore source that is now well supported by geotechnical drilling9,10. Ground support works continued in Bench 1 during the quarter and mining is well underway in Bench 2. First high grade ore from Phase 14A is expected to be delivered from FY2411.

Newcrest is also investigating the potential for Phase 14A civil engineering techniques to be used to unlock additional high grade mineralisation outside the current Ore Reserve in the northern and eastern extents of the Kapit orebody. This work has the potential to extend the elevated production profile beyond FY31, before the high grade ore from Kapit declines.

In addition, further work on the Seepage Barrier Feasibility Study has identified an option for an alternative seepage barrier, the Nearshore Soil Barrier (NSB), which is expected to be a simpler and less costly solution compared to the proposed Kapit Seepage Barrier. A Pre-Feasibility Study (PFS) level assessment of the NSB option is currently underway and expected to be completed in CY2311. For further information, see release titled "Lihir Phase 14A Feasibility Study unlocks value with upside potential" dated 25 January 2023 which is available on www.asx.com.au under the code "NCM" and on Newcrest's SEDAR profile.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 December 2022

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Lihir - Material Movements

Ore Sources	Metric	Dec	Sep	YTD	YTD
2022 Qtr	2022 Qtr	FY23	FY22
Ex-pit crushed tonnes(a)	kt	2,273	2,797	5,069	1,787
Ex-pit to stockpile	kt	2,683	1,306	3,989	1,647
Waste	kt	7,234	7,059	14,293	15,659
Total Ex-pit	kt	12,190	11,161	23,351	19,093
Stockpile reclaim(a)	kt	430	537	967	3,817
Stockpile relocation	kt	3,000	3,606	6,606	5,071
Total Other	kt	3,430	4,143	7,573	8,888
Total Material Moved	kt	15,620	15,305	30,924	27,981

1. For the December 2022 quarter, ex-pit crushed gold head grade was 2.31g/t and sulphur grade was 4.42%. Stockpile reclaim gold head grade was 1.83g/t and sulphur grade was 5.15%.

Lihir - Processing

Equipment	Metric	Dec	Sep	YTD	YTD
2022 Qtr	2022 Qtr	FY23	FY22
Crushing	kt	2,703	3,334	6,037	5,604
Milling	kt	2,755	3,146	5,901	5,825
Flotation	kt	2,012	2,522	4,533	4,649
Autoclave	kt	1,775	1,757	3,532	3,168

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 December 2022

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