Newcrest Mining Limited announced that the Newcrest Board has endorsed the Red Chris Block Cave Pre-Feasibility Study (the Study) and approved its progression to the Feasibility Stage. The Study confirms Newcrest's original investment thesis of unlocking the underground portion of this Tier 1 deposit by leveraging Newcrest's block caving expertise and developing the asset to become a mainstay of Newcrest's portfolio for decades to come. The Study is the first technical report issued by Newcrest on Red Chris since its acquisition of a 70% interest and operatorship in August 2019. Newcrest intends to release a National Instrument 43-101 (NI 43-101) technical report on Red Chris within 45 days of this release. The Study builds on Newcrest's experience and success with block cave developments in Australia, with the block cave mining method particularly well suited to the porphyry deposits found at Red Chris and throughout the Golden Triangle region of British Columbia. The Study underpins an initial Ore Reserve estimate of 8.1Moz Au and 2.2Mt Cu . The Study and ongoing drilling results indicate significant orebody optionality which will be further tested during the Feasibility Stage. Parallel studies to assess further upside are underway to consider the `early mining' of high grade pods located in the East Zone with the aim of generating additional cashflows prior to the completion of block cave construction, and accommodating the potential development of the new East Ridge discovery and further resource upside. Newcrest's experience at Cadia shows that orebodies of this type are unique and carry significant embedded optionality, providing opportunities for further value creation for shareholders over the mine life. The availability of hydro-generated grid power combined with the efficient, low cost, block cave mining method is expected to reduce the project's carbon footprint compared to other mining methods. The next major project milestone will be the Red Chris Block Cave Feasibility Study for the first of three Macro mining Blocks, MB1, which is expected to be completed in the second half of FY23. Potential Exploration Upside The Red Chris porphyry corridor has the potential to host multiple porphyry deposits as demonstrated by Newcrest's recent exploration success, including: Extending the known porphyry corridor 800m east of the Mineral Resource estimate. Discovery of East Ridge, which contains the best drill results to date outside of the East Zone. East Ridge has the potential to increase the resource base and provide additional mining fronts. A new higher grade zone has been discovered south west of the Main Zone that potentially could provide further mining optionality In addition, the Project contains a pipeline of early stage exploration targets within the surrounding exploration tenements and the nearby GJ property. The Red Chris Block Cave Feasibility Study for the implementation of MB1 is expected to be completed in the first half of CY23, with the study scope to include: Further optimisation of mill throughput rates, including for different resource growth scenarios Detailed block cave footprint design and scheduling focused on access infrastructure and MB1 Material handling system detailed design, including crusher, conveyor, and associated project infrastructure to support the LOM Processing plant optimisation and detailed design at a Feasibility Study level Design of the MB1 Tailings Impoundment Area (TIA) to Feasibility Study level and refinement of the TIA design for MB2 and MB3 Refinement and calibration of water balance and water quality models to enable better decision-making capabilities for the Project, and to mitigate impacts to the receiving environment. Enhancing water resource stewardship through optimisation of processes to minimise consumption and maximise reuse. Prioritised detailed design of the Operational Accommodation Complex to allow for early implementation. Design of the surface infrastructure to Feasibility Study level of detail. Further analysis and inclusion of next generation mining systems, including Single Pass Cave Establishment. (SPCE) and the use of electric power to offset diesel in the mining process. Finalisation of the contracting and procurement strategy for the Execution stage. Consolidation of all costs and schedules into a Feasibility Study financial estimate.