Newcrest Mining : Quarterly Report - three months ended 31 March 2022

Quarterly Report

For the three months ended 31 March 2022

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

Brucejack added to the portfolio as operating performance improves

•  Creating a brighter future for people through safe and responsible mining

  • o Reduction in injury rates reflecting strong focus on safety

  • o Development of the Group Net Zero Emissions Roadmap progressing well

  • o New Community Support Fund approved to commence in July 2022

•  Stronger performance in the March 2022 quarter1

  • o Gold production of 480koz2 and copper production of 31kt

  • o All-In Sustaining Cost (AISC) of $1,008/oz2

  • o AISC margin of $809/oz3

  • o Production expected to further increase in the June 2022 quarter4

•  Acquisition of Pretium Resources completed on 9 March 2022; Group FY22 guidance updated

  • o Addition of a Tier 1 mine in a world class jurisdiction to Newcrest's unrivalled asset portfolio

  • o Three phase transformation program initiated to optimise operations, realise full uplift potential and deliver Mineral Resource and Ore Reserve growth

  • o Intensive drilling program continues to explore significant near mine and district-scale opportunities, with excellent drilling results released today

•  Advancing Newcrest's global organic growth portfolio

  • o Cadia PC1-2, Red Chris Block Cave and Havieron Stage 1 Feasibility Studies on track, with works advancing on all projects

  • o Lihir Phase 14A and Cadia PC1-2 Feasibility Studies expected to be released during the September 2022 quarter4

  • o Strong drilling results at Red Chris and Havieron continue to expand the higher grade footprint

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "Newcrest delivered an excellent operational and safety performance during the quarter, building momentum for a strong finish to the financial year and positioning us well to meet our updated Group FY22 guidance, which reflects the addition of Brucejack and our operating and financial performance to date. With the Cadia SAG mill motor operating at full capacity and an improved performance at Lihir, gold and copper production increased for the third consecutive quarter, driving the continued decline in our All-In Sustaining Cost. It was also very pleasing to see further reductions in our injury rates and progress made against our sustainability commitments."

"In March 2022, we completed the Pretium acquisition, adding the world class Brucejack mine to our already exceptional asset portfolio, generating immediate gold production and cash flows this quarter. We have commenced the early stages of our three phase transformation program at Brucejack to maximise its long-term potential and unlock further value for our shareholders. We are also focused on exploring the significant near mine, extensional and district-scale opportunity across the Brucejack district. The excellent drilling results released today already support the potential for significant resource growth beyond the Valley of the Kings deposit, as well as expanding the footprint of high-grade mineralisation at Golden Marmot." said Mr Biswas.

Overview

Gold production was 10% higher than the prior period5 driven by higher mill throughput at Cadia following completion of the SAG mill motor replacement and upgrade in the December 2021 quarter, the addition of production from Brucejack following completion of the transaction on 9 March 2022, and improved gold head grade and recovery at Lihir.

Newcrest has updated its Group guidance for FY22 following completion of the Pretium transaction on 9 March 2022. Higher gold production and a lower All-In Sustaining Cost is now anticipated, with production stripping and major capital expenditure expected to be lower due to COVID-19 related disruptions to projects and reduced activity at Lihir4. Refer to page 9 for an updated Group guidance table for FY22.

Lihir is expected to deliver around the bottom of its original production guidance range (~700koz) for FY22 with a strong fourth quarter anticipated due to lower planned maintenance and improved pumping capacity in Phase 14 which is expected to increase delivery of higher grade ore to the mill4.

Newcrest's AISC for the March 2022 quarter of $1,008/oz2 was 10% lower than the prior period, reflecting a higher realised copper price, higher gold and copper sales volumes, lower sustaining capital expenditure and the benefit of a weakening Australian dollar against the US dollar on Australian dollar denominated operating costs.

Injury rates continued to decrease in the quarter reflecting a strong focus on visible felt safety leadership. The Safe Hands intervention program is now underway to focus on reducing the risk of hand injuries.

MetricMar 2022 QtrDec 2021 QtrSep 2021 QtrYTD FY22

YTD FY21

FY22

Guidance6

Group2

• - gold

  oz

• - copper

• - silver

t oz

479,839 31,035 215,461

436,085 26,418 187,677

396,214 24,527 174,555

1,312,138

81,979 577,693

1,550,990 104,354 673,724

1,925 - 2,025koz

125 - 130ktCadia

- gold

- copperoz t

149,568 23,287

115,362 18,207

109,005 15,213

373,936 56,707

570,138 78,297

540 - 610koz 85 - 95kt

Lihir Telfer

• - gold

• - gold

• - copperoz oz t

169,486 96,388 3,521

163,937 112,726 3,536

141,089 100,993 3,838

474,512 310,107 10,896

560,741 290,535 8,492

~700koz 390 - 440koz ~15kt

Brucejack7 Red Chris8

• - gold

• - gold

• - copperoz oz t

17,001 8,463 4,226

- 9,527 4,675

- 10,674 5,475

17,001 28,663 14,376

- 35,107 17,565

95 - 115koz 40 - 42koz 23 - 25kt

Fruta del Norte2,9

- goldoz

38,933

34,533

34,452

107,918

94,469

140-145kozFatalities TRIFR10

Number mhrs

0 2.7

0 3.1

0 3.8

0 3.2

0 2.4

All-In Sustaining Cost2 All-In Cost13

All-In Sustaining Cost margin3 Realised gold price14 Realised copper price14 Realised copper price14 Average exchange rate Average exchange rate Average exchange rate

$/oz $/oz $/oz $/oz $/lb $/t

1,008

1,12011

1,26911

1,127

95311,12

1,529

1,865

1,949

1,773

1,291

809

588

406

611

838

1,828

1,743

1,722

1,767

1,801

4.54

4.37

4.24

4.39

3.36

10,009

9,634

9,348

9,678

7,408

AUD:USD PGK:USD CAD:USD

0.7237

0.7285

0.7354

0.7293

0.7390

0.2840

0.2849

0.2846

0.2845

0.2857

0.7892

0.7934

0.7944

0.7924

0.7684

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.

Operations

Cadia, Australia

Highlights

MetricMar 2022 QtrDec 2021 QtrSep 2021 Qtr

YTD FY22

YTD FY21

FY22

Guidance6

TRIFR10

Total production - gold

mhrs oz

4.1 149,568

6.7 115,362

9.2 109,005

7.2 373,936

7.4 570,138

540 - 610koz

- copper

Head Grade - gold

t g/t

23,287 0.86

18,207 0.83

15,213 0.82

56,707 0.84

78,297 0.97

85 - 95kt

- copper

%

0.40

0.38

0.35

0.38

0.40

Sales

- gold

- copperoz t

126,441 19,581

119,314 18,226

105,541 14,886

351,295 52,693

564,624 76,405

All-In Sustaining Cost

All-In Sustaining Cost margin15

$/oz $/oz

(205) 2,033

(19) 1,762

203 1,519

(19) 1,786

(13) 1,814

Cadia TRIFR of 4.1 recordable injuries per million hours was an improvement on the prior period with visible felt safety leadership and other improvement plans continuing to be an ongoing focus.

Gold production of 150koz was 30% higher than the prior period, driven primarily by higher mill throughput with the SAG mill returning to full capacity in December 2021 following its successful replacement and upgrade in the prior period.

Gold head grade also increased in the quarter with a higher proportion of high grade stockpile fed to the mill to reduce stockpile levels following the SAG mill motor replacement in the prior period. Mining rates were also impacted by a scheduled underground shutdown in March 2022.

Cadia's AISC of negative $205/oz was significantly lower than the prior period driven by higher gold and copper sales volumes and a higher realised copper price. Copper concentrate shipments were disrupted by the partial closure of the rail network in New South Wales following significant rainfall during the quarter. The rail network reopened in late March 2022 with additional rail services being utilised to transport the copper concentrate backlog to port. Heavy rainfall continues in the region, however stock levels are expected to return to normal volumes during the June 2022 quarter4.

Commissioning of the Molybdenum Plant was completed during the period with the focus now on ramping up mill throughput and improving recovery. The first molybdenum concentrate shipment is scheduled for the June 2022 quarter, which will deliver an additional revenue stream for Cadia and a by-product credit to AISC4.

In March 2022, Cadia commenced early consultation with the community for a proposed modification to the footprint of the Southern and Northern Tailings Storage Facilities. The modification also includes construction of a new access road, realignment of an existing road and other minor infrastructure changes. In addition, it includes an option to potentially restart the Ridgeway underground mine, which could provide further optionality of ore supplies pending further studies, reviews and assessments16.

The two-stage Cadia Expansion Project is on track for completion during the September 2022 quarter with key activities well progressed including the development of Panel Cave 2-3, increasing mill capacity to 35Mtpa17, improvements to enhance gold and copper recovery, and other associated infrastructure4. Although the project remains on track, COVID-19 related disruptions continue to impact resourcing and costs remain under pressure due to inflation.

In April 2022, Newcrest settled an insurance claim in relation to the Northern Tailings Storage Facility slump on 9 March 2018. The settlement amount of US$75 million is expected to be received during the June 2022 quarter.

Lihir, Papua New Guinea

Highlights

MetricMar 2022 QtrDec 2021 QtrSep 2021 QtrYTD FY22

YTD FY21

FY22

Guidance6

TRIFR10 Production Head Grade Sales

mhrs

1.4

0.6

0.8

0.9

0.3

• - gold

• - gold

• - gold

All-In Sustaining Costoz g/t oz $/oz

169,486 2.33 162,271 1,533

163,937 2.17 161,877 1,679

141,089 2.32 135,582 1,986

474,512 2.27 459,730 1,718

560,741 2.38 575,495 1,35312

~700kozAll-In Sustaining Cost margin15

$/oz

295

64

(264)

49

448

Lihir TRIFR of 1.4 recordable injuries per million hours was higher than the prior period, mainly driven by a number of minor hand related injuries. The Safe Hands intervention program is now underway to focus on reducing the risk of hand injuries, supported by visible safety leadership across the site.

Gold production of 169koz was 3% higher than the prior period, largely driven by higher head grade and recovery, reflecting an increase in higher grade expit ore feed from Phase 15 as mining progressed into the orebody. This was partly offset by lower mill throughput, due to planned and unplanned shutdowns.

There was a significant improvement in mined volumes in Phase 14 compared to the prior period despite heavy rain continuing throughout the quarter. Additional pumping capacity is now operating effectively at the bottom of the pit along with an improved set-up of the mining benches and other successful water diversion strategies to enable access to higher grade ore. Lihir have also commissioned two new shovels and the truck re-build program is nearing completion, which will further improve equipment availability and increase mining rates.

During the June 2022 quarter, mining will continue to focus on Phase 14 and Phase 15 to increase delivery of higher grade ore to the mill, which is well supported by resource definition drilling in these targeted ore zones. Mill throughput is also expected to improve in the June quarter following completion of a scheduled plant shutdown in March 2022. Together with the increased mining rates, higher gold head grade and lower maintenance schedule, Lihir is expected to deliver around the bottom of its original production guidance range (~700koz) for FY224.

Lihir's AISC of $1,533/oz was 9% lower than the prior period mainly due to lower site operating costs. This was partly offset by higher sustaining capital expenditure and inventory movements associated with an increase in gold-in-circuit and lower stockpile feed during the quarter.

The number of COVID-19 cases at Lihir decreased during the period with the site successfully moving to the 'endemic' phase of COVID-19, resulting in reduced isolation requirements and improved productivity on site. There were no material COVID-19 related disruptions to production, although some project activities experienced interruptions with efforts being made to minimise their impact on the overall cost and schedule.

Newcrest continued to progress the Phase 14A Feasibility Study during the period with significant activities including completion of shotcrete trials, upper drainage, shotcrete and ground support works, key project team and contractor mobilisation and procurement of specialised civil engineering equipment and materials. As previously announced, Phase 14A will bring forward higher grades to improve gold production and operational flexibility by establishing an additional independent ore source at Lihir4. The findings of the Feasibility Study are expected to be released during the September 2022 quarter4.

Lihir - Material Movements

Ore Source

MetricMar 2022 QtrDec 2021 QtrSep 2021 QtrYTD FY22

YTD FY21

Ex-pit crushed tonnes Ex-pit to stockpile Waste

Total Ex-pit Stockpile reclaim Stockpile relocation Total Other

Total Material Moved

Lihir - Processing

Equipment

Crushing Milling Flotation

Total Autoclave

kt kt kt kt kt kt kt kt

1,363 2,357 4,813 8,533 1,711 2,981 4,692 13,225

1,273 610 7,058 8,942 1,881 2,240 4,121 13,063

604 1,037 8,601 10,242 1,781 2,831 4,612 14,854

Metric

3,241 4,004 20,472 27,717 5,373 8,053 13,426 41,142

Mar 2022 Qtr

4,560 2,919 18,029 25,508 5,523 9,329 14,851 40,359

Dec 2021 QtrSep 2021 QtrYTD FY22

YTD FY21

kt kt kt kt

3,074 2,975 2,271 1,763

3,154 3,241 2,541 1,814

2,450 2,584 2,107 1,354

8,679 8,801 6,920 4,479

10,082 9,781 7,685 5,232

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 31 March 2022

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