September 2021 Quarterly Report

Quarterly Report

For the three months ended 30 September 2021

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

Q1 in line with expectations as organic growth agenda advanced

• September quarter in line with expectations and on track to meet annual guidance1,2

• 1. Gold production of 396koz3 and copper production of 25kt
  1. All-InSustaining Cost (AISC) of $1,270/oz3
  1. AISC margin of $406/oz4
  1. Gold and copper production expected to increase in the December quarter2
• Advancing Newcrest's global organic growth portfolio
• 1. Newcrest recently released the findings of the Red Chris Block Cave, Havieron Stage 1, Lihir Phase 14A and Cadia PC1-2Pre-Feasibility Studies (PFS)5:
  2. • All four organic growth options estimated to deliver an IRR of 16% or higher6,7
     • Projected 50% reduction in Newcrest's AISC per ounce by FY306,7
     • Projected gold production of approximately 2Moz per annum until at least FY306,7
     • Projected material growth (+37%) in copper production by FY30, sourced exclusively from Tier 1 jurisdictions6,7
     • Lihir projected to become a 1Mozpa+ gold producer for at least 10 years from FY246,8
     • Projected multi-decade asset lives at Cadia, Lihir and Red Chris
     • Newcrest intends to fund all four projects through operating cash flow and existing liquidity

1. Exploration decline development advancing well at Red Chris and Havieron

1. West Dome Stage 5 cutback underway, supporting the continuity of operations at Telfer2

1. Commissioning of the Moly Plant at Cadia ongoing, with first production expected in November 20212

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "Newcrest's production in the September quarter was in line with our expectations and reflects the replacement and upgrade of the SAG mill motor at Cadia, the completion of the re-bricking of Autoclave 4 at Lihir and other planned maintenance shutdowns across the Group which is consistent with prior years. We expect gold and copper production to increase in the December quarter with lower planned shutdown activities and completion of the SAG mill motor replacement and we remain on track to meet our FY22 guidance."

"We were very pleased to take a significant step forward in advancing our organic growth agenda in October. The findings of the Red Chris Block Cave, Havieron Stage 1, Lihir Phase 14A and Cadia PC1-2Pre-Feasibility Studies demonstrate the depth and quality of our global organic growth portfolio and create an exciting pathway for our future. Newcrest expects to achieve very attractive rates of return on each project, with strong growth in copper production and a reduction of more than 50% in our already low All-In Sustaining Cost expected over the next decade. These Studies outlined our base case projections and have the potential for further upside to deliver strong gold and copper production for decades to come."

"This is a genuinely exciting time for Newcrest and highlights our commitment to deliver superior returns to our shareholders. We look forward to providing further updates as we progress these compelling opportunities." said Mr Biswas.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 30 September 2021

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Overview

Gold production was 27% lower than the prior period9 mainly driven by lower mill throughput rates at Cadia, Lihir and Telfer. As foreshadowed in the June 2021 quarterly report, Cadia's mill capacity was limited by the replacement and upgrade of the SAG mill motor resulting in lower gold production during the period. Mill throughput rates were also lower at Lihir and Telfer following planned and unplanned shutdown activities.

Newcrest's AISC for the September 2021 quarter of $1,270/oz3 was higher than the prior period, reflecting lower gold and copper sales volumes, higher production stripping at Lihir with increased waste mined and a lower realised copper price. This was partially offset by the benefit of a weakening Australian dollar against the US dollar on operating costs.

Injury rates were higher than the prior period at Cadia, Telfer and Red Chris. Newcrest is focused on visible safety leadership supported by NewSafe and the Critical Control Management (CCM) program to ensure employees and contractors across all sites are using the appropriate safety practices to maintain a safe and healthy workplace.

					Metric		Sep		Jun		FY21		FY22 Guidance10
						2021 Qtr		2021 Qtr
	Group3	- gold		oz	396,214		542,332		2,093,322		1,800	- 2,000koz
		- copper			t			24,527			38,370			142,724			125 - 130kt
		- silver		oz	174,555		270,797		944,521
	Cadia	- gold			oz			109,005			194,757			764,895			540	- 610koz
		- copper		t	15,213		28,105		106,402			85 - 95kt
	Lihir	- gold			oz			141,089			176,341			737,082			700	- 800koz
	Telfer	- gold		oz	100,993		125,603		416,138		390	- 440koz
		- copper			t			3,838			4,685			13,177				~15kt
	Red Chris11	- gold		oz	10,674		10,815		45,922		40	- 42koz
		- copper			t			5,475			5,580			23,145			23 - 25kt
	Fruta del Norte3,12	- gold		oz	34,452		34,816		129,285		120	- 135koz
	Fatalities				Number	0		0		0
	TRIFR13				mhrs			3.8			1.9			2.3
	All-In Sustaining Cost3,14				$/oz	1,270		799		911
	All-In Cost15				$/oz			1,949			1,242			1,278
	All-In Sustaining Cost margin4,14		$/oz	406		975		876
	Realised gold price16				$/oz			1,722			1,780			1,796
	Realised copper price16				$/lb	4.24		4.42		3.66
	Realised copper price16				$/t			9,348			9,744			8,069
	Average exchange rate				AUD:USD	0.7354		0.7700		0.7467
	Average exchange rate				PGK:USD			0.2846			0.2843			0.2854
	Average exchange rate				CAD:USD	0.7944		0.8124		0.7789

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 30 September 2021

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Operations

Cadia, Australia

	Highlights				Metric		Sep		Jun		FY21		FY22
					2021 Qtr		2021 Qtr			Guidance10
	TRIFR13				mhrs	9.2		2.0		6.1
	Total production	- gold			oz			109,005			194,757			764,895			540 - 610koz
		- copper		t	15,213		28,105		106,402			85 - 95kt
	Head Grade	- gold			g/t			0.82			0.92			0.95
		- copper	%		0.35		0.40		0.40
	Sales	- gold			oz			105,541			201,494			766,118
		- copper		t	14,886		29,039		105,444
	All-In Sustaining Cost				$/oz			203			(377)			(109)
	All-In Sustaining Cost margin		$/oz	1,519		2,157		1,905

Cadia TRIFR of 9.2 recordable injuries per million hours was higher than the prior period, mainly driven by hand injuries. Improvement initiatives have been implemented at site to address rising injury rates, supported by visible safety leadership.

Cadia's gold production of 109koz was 44% lower than the prior period due to lower mill throughput and lower gold head grade, partially offset by higher recovery. As highlighted in the June 2021 quarterly report, mill throughput rates were limited by the replacement and upgrade of the SAG mill motor which commenced in early July 2021. Newcrest has implemented a SAG bypass for the duration of the SAG mill motor replacement and Concentrator 1 has been operating at ~60% of its normal capacity. Replacement of the SAG mill motor is progressing well and is expected to be completed in November 20212.

The lower gold head grade in the period was in line with expectations and is expected to increase in the December 2021 quarter2.

Cadia's AISC of $203/oz was higher than the record AISC of negative $377/oz achieved in the prior period. This was predominantly driven by lower gold and copper sales volumes and a lower realised copper price, partially offset by the favourable impact on operating costs from the weakening Australian dollar against the US dollar.

In August 2021, the Newcrest Board approved the Cadia PC1-2 PFS, enabling the commencement of the Feasibility Study and Early Works Program. The PFS updates and defines a significant portion of Cadia's future mine plan, with the development of PC1-2 accounting for ~20% of Cadia's current Ore Reserves. The study delivers attractive returns with an optimised mine design expected to deliver higher gold and copper grades and enable the deferral of capital expenditure in the medium term.

In summary, the Study identified the following (assuming a gold price of $1,500/oz, copper price of $3.30/lb and AUD:USD of 0.75)5,6,17,18,21:

• Internal Rate of Return (IRR) of 22%, with a 4.4 year payback19
• Net Present Value (NPV) of A$2.0 billion (US$1.5 billion)20
• The Feasibility Study is expected to be completed in the second half of CY222

Applying economic assumptions closer to prevailing rates (i.e. a gold price of $1,750/oz, copper price of $4.15/lb and AUD:USD exchange rate of 0.73) results in an estimated IRR of 28% and an estimated NPV of US$2.3 billion5,6,17,18,21.

See release titled "Cadia PC1-2 Pre-FeasibilityStudy delivers attractive returns"dated 19 August 2021 for further information.

Commissioning of the Molybdenum Plant (Moly Plant) is ongoing, with first production expected in November 20212. 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.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 30 September 2021

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Lihir, Papua New Guinea

	Highlights				Metric		Sep		Jun		FY21		FY22
					2021 Qtr		2021 Qtr			Guidance10
	TRIFR13				mhrs	0.8		0.4		0.3
	Production	- gold			oz			141,089			176,341			737,082			700 - 800koz
	Head Grade	- gold		g/t	2.32		2.45		2.40
	Sales	- gold			oz			135,582			197,651			773,146
	All-In Sustaining Cost				$/oz	1,986		1,50414		1,391
	All-In Sustaining Cost margin			$/oz			(264)			27614			405

Gold production of 141koz was 19% lower than the prior period due to lower mill throughput, grade and recovery. Lower mill throughput rates were the result of planned major maintenance shutdowns of Autoclave 4, Autoclave 2, mills and oxygen plant and associated equipment. Mill throughput is expected to improve in the December 2021 quarter2. Head grade was lower than the prior period as expected in the mine plan and recoveries were lower as a result of lower performing stockpile feed and planned maintenance shutdowns.

Mining rates were 29% higher than the prior period resulting from the mining improvement program. Higher mining rates at Lihir are expected to continue for the remainder of the year.

Lihir's AISC of $1,986/oz was 32% higher than the prior period driven by lower gold sales volumes, additional production stripping costs due to a 27% increase in waste tonnes mined primarily from Phase 16, and higher sustaining capital expenditure. Site operating costs were also higher during the period mainly driven by plant shutdown costs.

In October 2021, the Newcrest Board approved the Lihir Phase 14A PFS enabling the commencement of the Feasibility Study and Early Works Program. The Study confirms Lihir's pathway to becoming a 1 million ounce plus producer for at least 10 years from FY248. It also highlights the potential for Phase 14A wall support techniques to be applied to future cutbacks at Lihir, unlocking additional value.

In summary, the Phase 14A Study has identified the following (assuming a gold price of $1,500/oz)5,6,22,23:

• IRR of 37% (real, after tax), with a 2.6 year payback19
• NPV of $284 million20
• Increase to Ore Reserves by 1Moz to 23Moz as at 30 June 202124
• The Feasibility Study is expected to be completed in the fourth quarter of FY222

Applying economic assumptions closer to prevailing rates (i.e. a gold price of $1,750/oz) results in an estimated IRR of 47% and an estimated NPV of $365 million5,6,22,23.

See release titled "Lihir PFS supports gold production growth to 1Mozpa+ from FY24"dated 12 October 2021 for further information.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 30 September 2021

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Lihir - Material Movements

	Ore Source		Metric		Sep		Jun		FY21
			2021 Qtr		2021 Qtr
	Ex-pit crushed tonnes		kt	604		819		5,379
	Ex-pit to stockpile			kt			1,037			364			3,283
	Waste		kt	8,601		6,776		24,805

	Total Ex-pit		kt			10,242			7,959			33,467
	Stockpile reclaim	kt	1,781		2,229		7,752
	Stockpile relocation		kt			2,831			3,164			12,493
	Total Other	kt	4,612		5,393		20,244
	Total Material Moved		kt			14,854			13,352			53,712

Lihir - Processing

	Equipment		Metric		Sep		Jun		FY21
			2021 Qtr		2021 Qtr
	Crushing		kt	2,450		3,048		13,130
	Milling			kt			2,584			3,010			12,792
	Flotation		kt	2,107		2,191		9,876
	Total Autoclave			kt			1,354			1,722			6,954

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - Quarterly Report to 30 September 2021

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