Newcrest Mining Limited (ASX, TSX, PNGX: NCM) is pleased to announce that the Newcrest Board has approved progression of the Cadia PC1-2 Feasibility Study (the Study) to the Execution Stage. The Study represents the next panel cave for execution at Cadia after PC2-3 and forms a key strategic milestone for Newcrest to maintain Cadia's long-life production profile, with the development of PC1-2 accounting for approximately 20% of Cadia's published Ore Reserves.

The Study contemplates a high lift, undercut block cave producing up to 25 million tonnes1,2 of crushed ore per annum at a very attractive rate of return. First production from PC1-2 is expected in FY26, with execution targeted for FY295 . The Early Works Program remains on track with key development activities and raise boring currently underway. Preliminary earthworks to support construction of the primary ventilation system are also in progress. Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said 'We are very pleased to announce the findings of the Cadia PC1-2 Feasibility Study today, which indicates strong financial returns and underscores the quality of this world class asset. Together with the Cadia Expansion Project which is nearing completion, we are confident that Cadia will continue to be an outstanding gold and copper producer for decades to come.' 'Through applying our technical expertise in deep underground mining and value breakthrough strategies, our team has further optimised the PC1-2 mine footprint since the Pre-Feasibility Study, creating a more efficient cave and substantially increasing expected ore production across the life of the project.

We now expect to deliver additional gold and copper production over the next decade and beyond, which is an outstanding achievement by our team and a great example of our innovation and creativity in action.' 'We also have significant financial headroom to fund the construction of PC1-2 through our internal cash flow and prudent use of our strong balance sheet. This further underpins Cadia's ability to continue contributing to the community and we remain focused on pursuing further optimisations during the Execution Stage of the project,' said Mr Biswas.

Summary of Study Findings1,2,3,4

Substantial gold and copper production growth compared to the Pre-Feasibility Study (PFS) in a Tier 1 jurisdiction

16 year mine life from first production, at an average of 17Mt per annum

Total ore production of 280Mt producing 3.7Moz of gold and 670kt of copper

Average annual gold production of 231koz and copper production of 42kt from PC1-2

Attractive investment returns

Estimated total capital expenditure on a real basis of ~A$1.4 billion (~US$1.1 billion) and a nominal basis of ~A$1.6 billion (~US$1.2 billion)

Real, after-tax Internal Rate of Return (IRR) of 18%

Net Present Value (NPV) of A$1.8 billion (US$1.4 billion)

Average All-In Sustaining Cost (AISC) of A$198/oz (US$148/oz) on a real basis

Enhanced footprint design and productivity compared to the PFS, including:

Adapting the well proven extraction level layout used at Cadia East to increase ore mined and significantly improve safety

Increasing gold and copper production with additional ore mined over the mine life

Optimising the materials handling system with two crushing stations north and south of the footprint to improve efficiency, utilisation and reduce production loss

Early works program funding of A$120 million (~US$90 million) approved in August 2021, with preliminary works on ventilation systems and other critical path development activities already in execution

Permitting

Cadia presently holds a major Project Approval for the Cadia East Project until calendar year 2031 (inclusive of the permit to develop PC1-2). In December 2021, Cadia received approval from the New South Wales Department of Planning, Industry & Environment for a modification to increase its permitted processing capacity from 32Mtpa to 35Mtpa6 . The modification also provided approval for Newcrest to repair the slumped section of the Northern Tailings Storage Facility and revise the footprint of the NTSF and Southern Tailings Storage Facility to allow for a change from upstream to a centreline lift design. Cadia has commenced planning for the long-term continuation of mining operations known as the Cadia Continued Operations Project (CCOP). Key aspects of the CCOP include a proposed development for a new Tailings Storage Facility adjacent to the current Southern Tailings Storage Facility

Forward Looking Statements

This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'target', 'anticipate', 'believe', 'continue', 'objectives', 'outlook' and 'guidance', or other similar words and may include, without limitation, statements regarding estimated reserves and resources, internal rates of return, expansion, exploration and development activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them; certain plans, strategies, aspirations and objectives of management, anticipated production, sustainability initiatives, dates for projects, reports, studies or construction, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines. The Company continues to distinguish between outlook and guidance. Guidance statements relate to the current financial year. Outlook statements relate to years subsequent to the current financial year. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, and achievements to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward looking statements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. For further information as to the risks which may impact on the Company's results and performance, please see the risk factors discussed in the Operating and Financial Review included in the Appendix 4E and Financial Report for the year ended 30 June 2022 and the Annual Information Form dated 6 December 2021 which are available to view at www.asx.com.au under the code 'NCM' and on Newcrest's SEDAR profile. Forward looking statements are based on management's current expectations and reflect Newcrest's good faith assumptions, judgements, estimates and other information available as at the date of this report and/or the date of Newcrest's planning or scenario analysis processes as to the financial, market, regulatory and other relevant environments that will exist and affect Newcrest's business and operations in the future. Newcrest does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Newcrest. Readers are cautioned not to place undue reliance on forward looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by global events such as geopolitical tensions, the inflationary environment and rising interest rates and the ongoing COVID19 pandemic. Forward looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Newcrest does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in assumptions on which any such statement is based.

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