Newcrest Mining : Quarterly Report - 31 December 2021

o Transaction approved by Pretivm Securityholders with completion expected in the March 2022 quarter5

Advancing Newcrest's global organic growth portfolio

o Red Chris Block Cave, Havieron Stage 1 and Lihir Phase 14A Pre-FeasibilityStudy findings released; Feasibility Studies and Early Works on track

o Approval received for Cadia to increase its permitted processing capacity to 35Mtpa8

Quarterly Report

For the three months ended 31 December 2021

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

Significant operating and growth milestones achieved

∙ Improved operating performance and ongoing focus on productivity improvements1

only	o Gold production of 436koz2 and copper production of 26kt
o All-In Sustaining Cost (AISC) of $1,127/oz2
		o AISC margin of $588/oz3
		o Cadia SAG mill motor successfully replaced and upgraded
		o Production expected to further increase in the March 2022 quarter4
		o On track to deliver Group FY22 guidance4
∙	Agreement entered to acquire Pretium Resources, owner of the Tier 1 Brucejack mine in British Columbia5
use	o Addition of a Tier 1 large scale, long life, low cost mine to Newcrest's portfolio of Tier 1 assets

1. Immediate increase in Newcrest's gold production by >300koz pa (~15%) to well above 2Moz4,6,7 o Accretive to Newcrest's EBITDA and cash flow
   o Immediate operational and financial diversification in a Tier 1 jurisdiction
   o Growth in a region where Newcrest already operates and has strong existing relationships

1. Significant near mine and district-scale exploration opportunity with exciting potential to realise resource and reserve growth

personal∙

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "We maintained a strong operational focus on maintenance and productivity improvements during the quarter. It was a tremendous achievement for our team to safely complete the replacement and upgrade of the SAG mill motor at Cadia, which is now operating at full capacity. It was also pleasing to receive approval to increase the permitted processing capacity at Cadia from 32Mtpa

Forto 35Mtpa during the period. Across all our operations, we are well positioned for a strong second half and remain on track to meet our FY22 guidance."

"Following the announcement early in the quarter of the significant progress made advancing our growth projects at Red Chris, Havieron and Lihir, we were very excited to take another step forward in our profitable growth journey with the agreement to acquire Pretium Resources signed in November 2021. Brucejack is an asset we have been watching and evaluating for a number of years, and we are delighted that an orebody of its grade, quality and significant potential, will become part of our already exceptional asset portfolio. We expect the acquisition to deliver immediate production, earnings and cash flow growth to Newcrest and our balance sheet will remain strong and well positioned as we progress our exciting organic growth projects at Cadia, Havieron, Lihir and Red Chris."

"We look forward to completing the transaction in the March 2022 quarter and applying our exploration and innovation expertise to unlock further value for our shareholders." said Mr Biswas.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 31 December 2021

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Overview

Gold production was 10% higher than the prior period9 mainly driven by higher mill throughput rates at Cadia, Lihir and Telfer. Cadia's mill capacity increased in the December 2021 quarter, with completion of the replacement and

upgrade of the SAG mill motor in November 2021 resulting in higher gold production during the period. Mill throughput rates were also higher at Lihir and Telfer with a reduction in planned and unplanned shutdown activities compared to the September 2021 quarter.

onlyNewcrest's AISC for the December 2021 quarter of $1,127/oz2 was 11% lower than the prior period, reflecting higher
	gold and copper sales volumes, a higher realised copper price, lower sustaining capital and production stripping
		xpenditure as well as the benefit of a weakening Australian dollar against the US dollar on Australian dollar
	d nominated operating costs. These benefits were partially offset by associated higher royalty payments and
	treatment, refining and transportation costs.
	Injury rates were lower than the prior period reflecting a strong focus on visible felt safety leadership during the quarter.
use					Metric		Dec		Sep		YTD		YTD		FY22
					2021 Qtr		2021 Qtr		FY22		FY21		Guidance10
		Group2	- gold		oz	436,085		396,214		832,298		1,038,566			1,800 - 2,000koz
				- copper			t			26,418			24,527			50,945			69,320			125 - 130kt
				- silver		oz	187,677		174,555		362,232		445,181
		Cadia		- gold			oz			115,362			109,005			224,368			390,592			540 - 610koz
				- copper		t	18,207		15,213		33,420		51,972			85 - 95kt
		Lihir		- gold			oz			163,937			141,089			305,026			377,510			700 - 800koz
		Telfer		- gold		oz	112,726		100,993		213,719		185,307			390 - 440koz
				- copper			t			3,536			3,838			7,375			4,826			~15kt
		Red Chris11	- gold		oz	9,527		10,674		20,201		24,012			40 - 42koz
				- copper			t			4,675			5,475			10,150			12,521			23 - 25kt
		Fruta del Norte2,12	- gold		oz	34,533		34,452		68,985		61,146			120 - 135koz
		Fatalities				Number	0		0		0		0
personal
		TRIFR	13				mhrs			3.1			3.8			3.5			2.2
		All-In Sustaining Cost2				$/oz	1,127		1,26914		1,19414		97215
		All-In Cost16				$/oz			1,865			1,949			1,905			1,310
		All-In Sustaining Cost margin3		$/oz	588		406		502		842
		Realised gold price17				$/oz			1,743			1,722			1,733			1,826
		Realised copper price17				$/lb	4.37		4.24		4.31		3.12
For
		Realised copper price17				$/t			9,634			9,348			9,502			6,878
		Average exchange rate				AUD:USD	0.7285		0.7354		0.7319		0.7225
		Average exchange rate				PGK:USD			0.2849			0.2846			0.2848			0.2862
		Average exchange rate				CAD:USD	0.7934		0.7944		0.7939		0.7585

Newcrest remains on track to deliver its full year production guidance following completion of major planned maintenance in the September 2021 quarter and the completion of the Cadia SAG mill motor project at Cadia4. Lihir's performance is expected to further improve in the second half through increased mining rates of higher grade ore from

Phase 14, increasing high and medium grade ore from Phase 15 and lower plant maintenance, however, it is expected to deliver at the lower end of its production guidance range for FY224.

All figures are shown at 100%, except for Red Chris which is shown at Newcrest's 70% share and Fruta del Norte which is shown at Newcrest's 32% attributable share through its 32% equity interest in Lundin Gold Inc.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 31 December 2021

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Operations

Cadia, Australia

		Highlights				Metric		Dec		Sep		YTD		YTD		FY22
						2021 Qtr		2021 Qtr		FY22		FY21		Guidance10
		TRIFR13				mhrs	6.7		9.2		8.5		5.5
		Total production	- gold			oz			115,362			109,005			224,368			390,592			540 - 610koz
			- copper		t	18,207		15,213		33,420		51,972			85 - 95kt
		Head Grade	- gold			g/t			0.83			0.82			0.82			0.98
only	- copper	%		0.38		0.35		0.37		0.39
		Sales	- gold			oz			119,314			105,541			224,854			389,329
			- copper		t	18,226		14,886		33,112		51,073
		All-In Sustaining Cost				$/oz			(19)			203			85			54
		All-In Sustaining Cost margin19		$/oz	1,762		1,519		1,648		1,772
use

Cadia's TRIFR of 6.7 recordable injuries per million hours was an improvement on the prior period. Visible felt safety leadership supported by NewSafe and the Critical Control Management (CCM) program has been an ongoing focus

at Cadia throughout the December 2021 quarter to improve injury rates and safety performance.

personalCadia's gold production of 115koz was 6% higher than the prior period driven by higher mill throughput, reflecting the completion of the planned SAG mill motor replacement and upgrade that commenced in the September 2021 quarter.

These works were completed in November 2021, allowing the SAG mill to return to full capacity in December 2021. This was partially offset by lower recovery, primarily driven by higher throughput rates and a slow ramp up of flotation circuits in December.

F llowing the previously announced localised seismic event in July 2021, remediation of Panel Cave 2 East was successfully completed in the period, allowing the mine to ramp back up to full production.

Cadia's AISC of negative $19/oz was lower than the prior period, driven by higher gold and copper sales volumes, a higher realised copper price and the benefit of a weakening Australian dollar against the US dollar on operating costs. These benefits were partially offset by associated higher royalty payments and treatment, refining and transportation costs.

Commissioning of the Molybdenum Plant is continuing with the milestone of producing a filtered moly concentrate achieved. The focus now is on ramping up plant throughput and improving concentrate quality. The Moly Plant will deliver an additional revenue stream for Cadia in the form of a molybdenum concentrate which will be recognised as a by-product credit to AISC.

ForIn 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 35Mtpa8. The modification also provides approval for Newcrest to repair the slumped section of the Northern Tailings Storage Facility (NTSF) and revise the footprint of the NTSF and Southern Tailings Storage Facility to allow for a change from upstream to a centreline lift design. The centreline lift design will meet the requirements of the Global Industry Standard on Tailings Management (GISTM) jointly published by International Council on Mining & Metals (ICMM), United Nations environment programme, and the Principles for Responsible Investment.

See release titled "Cadia receives approval to increase processing capacity" dated 14 December 2021 for further information.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 31 December 2021

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Lihir, Papua New Guinea

		Highlights				Metric		Dec		Sep		YTD		YTD		FY22
						2021 Qtr		2021 Qtr		FY22		FY21		Guidance10
		TRIFR13				mhrs	0.6		0.8		0.7		0.2
		Production	- gold			oz			163,937			141,089			305,026			377,510			700 - 800koz
only	- gold		g/t	2.17		2.32		2.24		2.30
		Head Grade
		Sales	- gold			oz			161,877			135,582			297,459			381,139
		All-In Sustaining Cost				$/oz	1,679		1,986		1,819		1,352
		All-In Sustaining Cost margin19			$/oz			64			(264)			(86)			474

Gold production of 164koz was 16% higher than the prior period, largely driven by higher mill throughput rates in the useDecember 2021 quarter. This followed completion of the planned major maintenance shutdowns, including the r placement of the brick lining in Autoclave 4, in the prior period. This was partially offset by lower head grade and recovery which were impacted by a higher proportion of lower grade stockpile feed, with access to higher grade ore from Phase 14 limited during the period due to heavy rainfall. Lower grades were also realised from Phase 15 due to

mining at the upper edges of the orebody. Phase 15 grades are expected to increase as mining progresses.

The impact on mining following significant rain events has been reduced following the successful implementation of additional pumping capacity in Phase 14 in January 2022. The combination of higher grade ore from increased mining

personalrates from Phase 14, increasing high and medium grade ore from Phase 15 and lower plant maintenance, is expected to deliver higher gold production through the second half of FY224. Lihir is expected to deliver at the lower end of its

production guidance range for FY224.

Lihir's AISC of $1,679/oz was a 15% improvement on the prior period driven primarily by higher gold sales volumes, lower site operating costs due to less planned maintenance than the prior period and lower production stripping. Improvement in AISC in the second half is expected with increasing grade and gold production.

The number of COVID-19 cases at Lihir increased during the period as PNG experienced its second outbreak, before returning to low levels. Whilst Lihir has maintained operations throughout the pandemic, the production performance has been impacted by reduced manning levels. These impacts are related to Government restrictions on travel, absenteeism, isolation requirements and logistical challenges. COVID-19 management has contributed to additional operating costs year to date. Impacts have also been experienced with capital projects due to delays to mobilisation of project contractors.

Newcrest continues to maintain strong COVID-19 controls at Lihir, focusing on containment through testing, contact tracing, isolation procedures and continuation of the vaccine rollout. There remains a risk of COVID-19 further impacting production at Lihir and this continues to be closely managed. Elevated costs related to the pandemic are expected to continue through FY22.

ForAs previously announced, the Lihir Phase 14A Pre-Feasibility Study was approved in October 2021, enabling the c mmencement of the Feasibility Study and Early Works Program. Phase 14A accelerates the realisation of Newcrest's aspiration for Lihir to be a 1 million ounce plus per annum producer from FY2418, which will also benefit landowners, all Lihirians and PNG. Phase 14A will increase Lihir's Ore Reserves, bring forward gold production and improve operational flexibility by establishing an additional independent ore source4.

Significant activities completed in the December 2021 quarter in relation to Phase 14A included trial ground support anchor drilling and installation, completion of access to commence drainage works and the procurement of mobile fleet equipment. Results from the ground support trials have been positive and have been incorporated into civil engineering designs. The Feasibility Study is expected to be completed in the fourth quarter of FY224.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 31 December 2021

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Lihir - Material Movements

Ore Source	Metric	Dec	Sep	YTD	YTD
2021 Qtr	2021 Qtr	FY22	FY21
Ex-pit crushed tonnes	kt	1,273	604	1,877	3,154

Ex-pit to stockpile	kt	610	1,037	1,647	2,225
Waste	kt	7,058	8,601	15,659	11,063
Total Ex-pit	kt	8,942	10,242	19,184	16,440
Stockpile reclaim	kt	1,881	1,781	3,662	3,957
Stockpile relocation	kt	2,240	2,831	5,071	6,190
Total Other	kt	4,121	4,612	8,734	10,147
onlyTotal Material Moved	kt	13,063	14,854	27,917	26,587
use
Lihir - Processing
Equipment	Metric	Dec	Sep	YTD	YTD
2021 Qtr	2021 Qtr	FY22	FY21
Crushing	kt	3,154	2,450	5,604	7,109
Milling	kt	3,241	2,584	5,825	6,946
Flotation	kt	2,541	2,107	4,649	5,615
personalFor	kt	1,814	1,354	3,168	3,590
Total Autoclave

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 31 December 2021

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