Newcrest Mining : June 2020 Interim Exploration Report

Exploration Update

11 June 2020

Continuation of strong drilling results at Havieron and Red Chris

Highlights

• o Havieron step out drill result expands known mineralisation by a further 220m

• o Best significant intercept to date at Havieron - 109m @ 6.3g/t Au and 0.71% Cu from 668m

• o Infill drilling at Red Chris has confirmed continuity of high grade within East Zone

At the Havieron Project, step out drilling has expanded the footprint of mineralisation with hole HAD066 drilled 220m north-west of previous drilling intersecting 82.1m @ 2.4 g/t Au and 0.08% Cu. Drilling also continues to demonstrate geological and grade continuity over the upper 600m vertical extent of the high grade crescent sulphide zone and surrounding breccia with infill hole HAD059 returning Newcrest's best significant intercept at Havieron to date - 109m @ 6.3g/t Au and 0.71% Cu. Current drilling is focussed on the delivery of a maiden inferred resource in the second half of calendar year 2020, as well as defining the lateral and depth extents to the mineralisation.

At Red Chris, infill drilling continues to confirm the continuity of the discrete high grade 'pod' previously reported with new results including a partial intercept of 232m @ 2.6g/t Au and 1.5% Cu, including 122m @ 4.5g/t Au and 2.3% Cu, in hole RC623.

The final results from Red Chris hole RC616 (partial results reported in the Quarterly Exploration Report on 30 April 2020) were received, confirming that the hole intersected a broad zone of high grade mineralisation, 514m @ 0.81g/t Au and 0.57% Cu, including 80m @ 3.4g/t Au and 1.7% Cu. This high grade zone has not been intersected by previous drilling and confirms the potential of finding additional discrete high grade pods of mineralisation within the East Zone. Follow up drilling to define the extent of the RC616 high grade zone is underway.

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "We are excited by the drilling results at Havieron and Red Chris. At Havieron we have returned our best drill result to date and with the step out drilling result we see real potential to further expand this orebody. Getting underground is now the priority and we continue to progress the work to commence decline development by the end of this calendar year or early 2021."

Havieron significant results include:

• o HAD059 returned:

  •  109m @ 6.3g/t Au and 0.71% Cu from 668m

  •  including 55.4m @ 11g/t Au and 0.79% Cu from 676.1m

  •  including 4m @ 78g/t Au and 1.2% Cu from 718m

• o HAD059W2** returned:

  •  166m @ 2.8g/t Au and 0.23% Cu from 794m

  •  including 29m @ 12g/t Au and 0.19% Cu from 912m

• o HAD061 returned:

  •  17.4m @ 15g/t Au and 2% Cu from 526m

  •  including 1.7m @ 56g/t Au and 1.9% Cu from 534m

  •  including 1m @ 103g/t Au and 3.5% Cu from 539.4m

• o HAD062 returned:

  •  132.2m @ 4.3g/t Au and 0.49% Cu from 557.8m

  •  including 54.4m @ 9.3g/t Au and 1.1% Cu from 557.8m

  •  including 4.5m @ 66g/t Au and 2.6% Cu from 573.5m

• o HAD063 returned:

  •  101m @ 4.6g/t Au and 0.36% Cu from 636m

  •  including 26.9m @ 16g/t Au and 1% Cu from 640.1m

Newcrest Mining Limited - Exploration Update June 2020

• o HAD066 ** returned:

  •  82.1m @ 2.4g/t Au and 0.08% Cu from 557.6m

  •  including 0.2m @ 59g/t Au and 0.02% Cu from 564m

  •  and 1.5m @ 86g/t Au and 0.87% Cu from 586.5m

• o HAD071 returned:

  •  45.3m @ 8.9g/t Au and 0.63% Cu from 588.7m

  •  including 16.9m @ 20g/t Au and 1.2% Cu from 598.2m

Red Chris significant results include:

• o RC616 returned:

  • o 514m^ @ 0.81g/t Au and 0.57% Cu from 660m,

  • o including 104m^^ @ 2.7g/t Au and 1.4% Cu from 704m,

  • o including 80m^^ @ 3.4g/t Au and 1.7% Cu from 728m,

  • o including 32m^^ @ 6.2g/t Au and 3% Cu from 752m

• o RC623 returned:

  • o 232m** @ 2.6g/t Au and 1.5% Cu from 598m,

  • o including 184m** @ 3.2g/t Au and 1.8% Cu from 646m,

  • o including 122m @ 4.5g/t Au and 2.3% Cu from 648m,

  • o including 58m @ 7.6g/t Au and 3.7% Cu from 680m,

  • o including 16m @ 13g/t Au and 5.8% Cu from 692m

** partial intercept, assays pending; ^ updated intercept or ^^ previously reported in Quarterly Exploration Report dated 30 April 2020.

Havieron Project, Western Australia

The Havieron Project is operated by Newcrest under a farm-in agreement with Greatland Gold Plc. Newcrest has earned a 40% interest in the project and is now progressing Stage 3 work programs, including ongoing exploration drilling and studies to support early development options. Newcrest can earn up to a 70% joint venture interest through expenditure of US$65 million and the completion of a series of exploration and development milestones in a four-stage farm-in over a 6 year period that commenced in May 2020. Newcrest may acquire an additional 5% interest at the end of the farm-in period at fair market value. The farm-in agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration program and feasibility study, the resulting joint venture ore will be processed at Telfer.

The Havieron Project is centred on a deep magnetic anomaly located 45km east of Telfer in the Paterson Province. The target is overlain by more than 420m of post mineral cover. Newcrest commenced drilling during the June 2019 quarter and has increased drilling activity since, such that nine drill rigs are now in operation. A further 20,200m of new drilling has been completed since the end of March 2020.

At Havieron, exploration programs have focussed on infill drilling (with nominal drill spacing of 50 - 100m laterally, and 100m vertically) to support a maiden inferred resource in the second half of the calendar year 2020, and step out drilling to define the extent of the Havieron deposit. The drilling results since the last Exploration Report continue to demonstrate the geological and mineralisation continuity over the upper 600m of the high grade "crescent" sulphide zone (previously referred to as the arcuate sulphide zone) below the post mineralisation cover.

The high grade sulphide zone forms a crescent shape:

• • The upper levels of the system (-170m to -400mRL) have an internal strike of 550m, an average width estimate of 20m and a height of 230m.

• • The mid level of the system (-400m to -600mRL) has an internal strike of 400m, an average width estimate of 20m and height of 200m.

• • The lower levels (-600m to -800mRL) where drill tested, has the crescent zone which tapers in strike length to 200m, with a width of approximately 20m and a height of 200m.

The highest grade is concentrated in the upper levels of the crescent zone where it is associated with the highest concentration of sulphide mineralisation. The crescent zone is surrounded by breccia hosted mineralisation which has a footprint of 550m in length and widths in excess of 100m. The higher grades in the breccia zone occur immediately adjacent to the crescent zone as demonstrated by hole HAD059 (109m @ 6.3g/t Au and 0.71% Cu from 668m), which has intersected both crescent and well developed breccia mineralisation. Hole HAD059 represents thebest gold gram-metre intercept drilled by Newcrest at Havieron to date. Deep drilling beyond the upper 600m window (-800mRL) also confirms the crescent zone extension transitions into a breccia dominant style of mineralisation. The extent of the Havieron system is still to be defined. Encouragingly, step out drilling 220m along strike to the north-west has intersected mineralisation in HAD066, returning a partial intercept of 82.1m @ 2.4g/t Au and 0.08% Cu from 557.6m with high grade intervals (including 1.5m @ 86g/t Au and 0.87% Cu from 586.5m) consistent with the upper parts of the crescent sulphide zone. Results are pending for the remainder of this hole, though the current intercept reported is closed off.

Results to date support the continued investigation of both high grade selective and bulk mining methods.

The ongoing drilling program is designed to expand the current footprint of the mineralisation, targeting lateral and depth extents up to 1,000m below the unconformity where there is limited drilling, and on the delivery of a maiden inferred resource in the second half of calendar year 2020.

Newcrest has maintained measures to reduce and mitigate the risks of the COVID-19 pandemic to its project workforce and key stakeholders. Potential impacts of the COVID-19 pandemic on the drilling activity at the Havieron Project are being actively managed and considered as part of the studies underway. There have been no confirmed cases of COVID-19 at Havieron.

Table 1: Significant Havieron intercepts for the current report

Hole ID	From (m)	To (m)	Width (m)	Gold (g/t)	Copper (%)
HAD045W2	1023	1076	53	1.9	0.04
HAD045W3	830.4	895.4	65	2.0	0.05
HAD045W3	963	1019.9	56.9	2.3	0.10
HAD045W4	1026	1052.5	26.5	7.9	0.23
including	1042.5	1052.5	10	21	0.33
HAD054W2	1064	1261	197	1.7	0.30
including	1243.1	1253.2	10.1	9.8	0.22
HAD054W3	911.5	1077.9	166.4	1.9	0.23
including	932	961	29	4.1	0.22
including	980.8	996.6	15.8	6.8	0.56
HAD055	792.3	849.1	56.8	2.4	0.23
HAD055W2	716	844.3	128.3	0.41	0.41
HAD055W3	723.7	858.1	134.4	1.6	0.34
including	761.3	775.5	14.2	11	0.36
including	764.6	765.8	1.2	106	0.30
HAD056	590	725	135	0.71	0.07
HAD057	901.4	1008	106.6	0.87	0.24
HAD057W1	693.2	717	23.8	4.3	0.45
including	694.3	707	12.7	7.6	0.76
HAD057W2**	588	646	58	6.2	0.49
including	606.4	626.5	20.1	7.2	0.53
including	631.9	642	10.1	20	0.79
including	633	635	2	79	1.7
HAD057W2**	711.5	725.4	13.9	11	0.31
including	715.1	716	0.9	49	1.0
including	723.1	724.2	1.1	86	0.78
HAD058	550	577.1	27.1	4.6	0.21
including	551.7	575.4	23.7	5.3	0.23
HAD059	668	777	109	6.3	0.71
including	676.1	731.5	55.4	11	0.79
including	718.0	722	4.0	78	1.2
HAD059W1	683	809.9	126.9	1.2	0.58
including	776.9	807.4	30.5	3.0	1.8
Hole ID	From (m)	To (m)	Width (m)	Gold (g/t)	Copper (%)
HAD059W2**	794	960	166	2.8	0.23
including	912	941	29	12	0.19
including	940	941	1	105	0.36
HAD061	526	543.4	17.4	15	2.0
including	534	535.7	1.7	56	1.9
including	539.4	540.4	1	103	3.5
HAD062	557.8	690	132.2	4.3	0.49
including	557.8	612.2	54.4	9.3	1.1
including	573.5	578	4.5	66	2.6
HAD063	636	737	101	4.6	0.36
including	640.1	667	26.9	16	1.0
including	647.2	649.3	2.1	78	2.7
HAD066**	557.6	639.7	82.1	2.4	0.08
including	564	564.2	0.2	59	0.02
including	586.5	588	1.5	86	0.87
HAD071	588.7	634	45.3	8.9	0.63
including	598.2	615.1	16.9	20	1.2
HAD071	655.2	745	89.8	1.6	0.27

**partial intercept, assays pending.

Figure 1. Schematic oblique view (looking to the north-west) of the crescent sulphide zone, showing leapfrog grade contours and all (including holes in this and previous reports) coloured crescent sulphide zone downhole intercepts.

Geology

Hi gh Grade Crescent Sulphide ZonePostMineralDyke

Brecci a Zone 0.5g/t Au Leapfrog Shell

Brecci a Zone 1.0g/t Au Leapfrog Shell

Newcrest Mi ning (current release)

+7598000 N

+7598000 N

N

+7597800 N

+7597800 N

LEGEND SignificantIntercepts > 0.2 g/t

+7597600 N 0

+7597600 N

Figure 2. Plan view schematic of a horizontal slice at -300mRL through the crescent sulphide zone, and breccia-hosted mineralisation showing the extent of the lower grade mineralisation zone represented by 0.5 and 1.0g/t Leapfrog grade shells. New HAD066 partial intercept highlighted.

Red Chris, British Columbia, Canada

Red Chris is a joint venture between Newcrest (70%) and Imperial Metals Corporation (30%), with Newcrest having acquired its interest in the joint venture on 15 August 2019.

There are two drilling campaigns presently underway at Red Chris. The first is the East Zone Resource Definition programme which is designed to obtain geological, geotechnical and metallurgical data to support future studies for underground block cave mining. The second is the Brownfields Exploration programme searching for additional zones of higher grade mineralisation within the Red Chris porphyry corridor. A total of 10,686m of drilling has been completed since the March quarter, contributing to a total of 40,069m of completed drilling since Newcrest acquired its interest in the Red Chris Joint Venture.

The East Zone Resource Definition Programme comprises 16 angled drill holes of which all have been completed and a further 10 follow up infill holes of which 2 have been completed and 2 holes are in progress.

Drilling continues to refine the overall geometry of the system and controls to high grade gold-copper mineralisation within a sub-vertical zone approximately 600m long, 300m wide, and 600m vertically. Mineralisation is supported by extensive historical Imperial Metals' drilling data. On completion of the East Zone Resource Definition Programme, Newcrest intends to construct a new Resource Model incorporating both historical and Newcrest drilling data.

Follow up drilling continues to confirm the continuity of a discrete 'pod' of high grade mineralisation previously reported with new results including a partial intercept of 232m @ 2.6g/t Au and 1.5% Cu including 122m @ 4.5g/t Au and 2.3% Cu in hole RC623 drilled 100m above RC611(reported previously). Hole RC620, drilled 100m below RC611, has confirmed the extent of the +1g/t Au halo which surrounds the RC611 high grade pod. Follow up infill drilling continues to define the extent of this mineralisation.

The final results from hole RC616 (partial results reported in the Quarterly Exploration Report on 30 April 2020) were received, confirming that the hole intersected a broad zone of high grade mineralisation, 514m @ 0.81g/t Au and 0.57% Cu including 80m @ 3.4g/t Au and 1.7% Cu This high grade zone has not been intersected by previous drilling and confirms the potential of finding additional discrete high grade pods of mineralisation within the East Zone. Follow up drilling to define the extent of the RC616 high grade zone is underway.