Newcrest Mining : June 2023 Quarterly Report

Quarterly Report

For the three months ended 30 June 2023

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

Group FY23 gold production and AISC guidance achieved1

• Safety and sustainability

• • Record safety performance at Lihir, with no recordable injuries for a second consecutive quarter
  • Red Chris achieved its lowest annual TRIFR2 on record in FY23
  • Serious injury sustained at Cadia which is subject to investigation by the NSW Resource Regulator
  • First renewable power generated from the Rye Park Wind Farm in July and early supply has commenced under Cadia's Power Purchase Agreement
• FY23 gold production and AISC guidance achieved
• • Gold production of 556koz3 and copper production of 35kt, resulting in FY23 gold production of 2.1Moz and copper production of 133kt
  • June quarter All-In Sustaining Cost (AISC) of $1,196/oz3, delivering an AISC margin of $706/oz4
  • FY23 AISC of $1,094/oz, delivering an AISC margin of $678/oz4
• Advancing multiple gold and copper growth options
• • Wafi-GolpuFramework Memorandum of Understanding (MOU) signed with all parties working to progress the Mining Development Contract
  • Red Chris Block Cave Feasibility Study on track to be completed in H2 CY235
  • Brucejack transformation program continued to progress multiple value enhancing opportunities
  • Strong drilling results at Red Chris and Brucejack indicate further upside potential
• Newmont transaction
• • Binding agreement executed for Newmont to acquire 100% of the issued shares of Newcrest, subject to conditions, including Newcrest and Newmont shareholder and regulatory approvals
  • Newcrest Board unanimously recommends shareholders vote in favour of the transaction6
  • Transaction expected to establish a clear global leader in gold production by combining two of the world's largest producers, with a significant and growing exposure to copper
  • Newcrest permitted to pay a franked special pre-completion dividend of up to US$1.10 per share7

Newcrest Interim Chief Executive Officer, Sherry Duhe, said, "We were pleased to achieve our FY23 Group guidance for gold production and All-In Sustaining Costs following an improved operational performance in the June quarter. We also made further progress on our growth strategy, with the Wafi-Golpu Framework MOU signed in early April, marking a pivotal milestone towards development of this world class copper-gold deposit.

"In May we reached an agreement for Newmont to acquire 100% of the issued shares in Newcrest. The transaction will bring forward significant value to Newcrest shareholders through the recognition of our outstanding portfolio of long-life assets, our material and increasing exposure to copper, and our well-established organic growth pipeline. The combined group will create a clear global leader in gold production, with increased flexibility in project sequencing and growth optionality, and a market leading position in safety and sustainability. Our Board is unanimously recommending that shareholders vote in favour of the proposal which we expect will be implemented by the end of 2023.

"As we move into FY24, I want to take this opportunity to thank our people and all our stakeholders for their ongoing contribution to Newcrest's continued success," said Ms Duhe.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 June 2023

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Overview

Newcrest achieved Group gold production and AISC guidance for FY23, with copper production 1% below the guidance range, driven primarily by lower mill throughput at Cadia and Telfer.

Gold production was 9% higher than the prior period8 driven by higher mill throughput at Cadia, Lihir and Brucejack for the quarter, as well as higher gold head grade at Lihir and Brucejack. Gold production was also higher at Red Chris and Telfer compared to the prior period.

Newcrest's AISC of $1,196/oz3 for the quarter was 20% higher than the prior period, driven by higher capital expenditure mainly at Lihir, Cadia and Red Chris, and a lower realised copper price. This was partly offset by higher gold production across all operating sites during the quarter (except for Fruta del Norte) driving an increase in gold sales volumes for the Group, as well as the benefits of higher copper sales volumes and a weakening Australian dollar against the US dollar on operating costs.

Injury rates were largely in line with the prior period, reflecting Newcrest's strong focus on safety as control improvement programs continued across all sites to address major hazards. Despite a steady performance in driving down injury rates through FY23, a serious injury was sustained at Cadia during the quarter. Tragic events such as this are a bleak reminder that nothing is more important than people's health, safety and wellbeing, and Newcrest remains firmly committed to creating a work environment where everyone can go home safe and healthy every day.

Highlights	Metric	Jun	Mar	Dec	Sep	FY23	FY22	FY23
2023 Qtr	2023 Qtr	2022 Qtr	2022 Qtr	Guidance9
Group - gold3	oz	556,187	509,637	512,130	527,115	2,105,068 1,956,182 2,100-2,400koz
Group - copper	t	34,978	31,148	34,564	32,459	133,149	120,650	135-155kt
Group - silver	oz	406,505	312,970	303,537	361,957	1,384,969	1,021,719
Cadia - gold	oz	151,955	133,468	169,262	142,194	596,879	560,702	560-620koz
Cadia - copper	t	25,246	22,392	27,146	23,406	98,191	85,383	95-115kt
Lihir - gold	oz	182,223	168,404	154,143	165,243	670,013	687,445	720-840koz
Telfer - gold	oz	91,014	85,452	87,985	84,372	348,823	407,550	355-405koz
Telfer - copper	t	5,371	5,076	3,256	2,962	16,665	13,904	~20kt
Brucejack - gold10	oz	79,907	70,160	51,813	84,123	286,003	114,421	~300koz
Red Chris - gold11	oz	9,573	7,347	10,163	12,259	39,342	42,341	~30koz
Red Chris - copper11	t	4,361	3,680	4,162	6,090	18,293	21,363	~20kt
Fruta del Norte - gold3,12	oz	41,514	44,807	38,764	38,923	164,008	143,723	125-145koz
Fatalities	Number	0	0	1	0	1	0
TRIFR2	mhrs	2.70	2.6213	3.24	3.27	2.9713	4.01
All-In Sustaining Cost3	$/oz	1,196	99914	1,084	1,095	1,094	1,04315
All-In Cost16	$/oz	1,595	1,342	1,483	1,538	1,491	1,595
All-In Sustaining Cost margin4	$/oz	706	837	591	579	678	732
Realised gold price17	$/oz	1,928	1,860	1,693	1,698	1,795	1,797
Realised copper price17	$/lb	3.83	4.01	3.66	3.53	3.76	4.36
Realised copper price17	$/t	8,444	8,841	8,069	7,782	8,289	9,612
Average exchange rate	AUD:USD	0.6685	0.6847	0.6568	0.6840	0.6735	0.7260
Average exchange rate	PGK:USD	0.2819	0.2839	0.2838	0.2837	0.2833	0.2843
Average exchange rate	CAD:USD	0.7443	0.7397	0.7368	0.7669	0.7468	0.7903

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 June 2023

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Operations

Cadia, Australia

Highlights	Metric	Jun	Mar	Dec	Sep			FY23
2023 Qtr	2023 Qtr	2022 Qtr	2022 Qtr	FY23	FY22	Guidance
TRIFR2	mhrs	7.06	0.00	3.18	6.17	4.09	8.26
Total production - gold	oz	151,955	133,468	169,262	142,194	596,879	560,702	560 - 620koz
Total production - copper	t	25,246	22,392	27,146	23,406	98,191	85,383	95 - 115kt
Head grade - gold	g/t	0.78	0.79	0.84	0.81	0.81	0.87
Head grade - copper	%	0.40	0.41	0.40	0.40	0.40	0.39
Sales - gold	oz	152,125	142,011	170,456	147,470	612,061	543,029
Sales - copper	t	25,154	24,936	26,353	24,257	100,701	83,888
All-In Sustaining Cost	$/oz	188	(154)	32	107	45	(124)
All-In Sustaining Cost margin18	$/oz	1,740	2,014	1,661	1,591	1,750	1,921

Cadia TRIFR of 7.06 recordable injuries per million hours was higher than the prior period. During the quarter, a team member from one of Cadia's contracting partners sustained a serious injury which is currently subject to investigation by the NSW Resource Regulator. Newcrest is providing support to the team member, his family and work colleagues. The site remains committed to evaluating and improving its safety culture and systems to reduce injury occurrences.

Gold production of 152koz was 14% higher than the prior period, driven by higher mill throughput with lower planned and unplanned maintenance during the quarter. Gold recovery rates improved for the fourth consecutive quarter reflecting the benefits of the recovery improvement projects which were commissioned as part of the two-stage plant expansion project. This was partly offset by slightly lower gold head grade which was in line with expectations.

Cadia's AISC of $188/oz was higher than the prior period, driven by higher sustaining capital expenditure and a lower realised copper price. This was partly offset by higher gold and copper production driving an increase in gold and copper sales volumes for the quarter, together with the benefit of a weakening Australian dollar against the US dollar on operating costs.

The PC1-2 project continued with development metres increasing compared to the prior period and engineering works underway on the material handling system. Activity on the PC2-3 project also remains on track with cave ramp up progressing as planned.

During the quarter, the NSW Environment Protection Authority (EPA) issued Cadia with variations to its Environment Protection Licence and a Prevention Notice regarding the management of dust emissions and other air pollutants. The licence variations largely formalised the actions Cadia had developed in consultation with the EPA and were already undertaking across a range of measures, following dust emission exceedances from a ventilation exhaust rise and concerns from some local community members of elevated levels of contaminants in their water tanks.

Cadia received a letter from the EPA in June 2023 requiring it to immediately comply with specific statutory requirements and licence conditions. Adjustments were implemented underground, including a reduction in mining rates, modifications to the ventilation circuit and the installation of additional dust sprays and spray curtains. No material impacts to production are expected5, with mill feed supplemented by surface stockpiles whilst the planned commissioning of additional dust filtration units is progressively completed in the December 2023 quarter.

In June 2023, the 12-month study commissioned in collaboration with the local community and undertaken by the Australian Government's Australian Nuclear Science Technology Organisation (ANSTO), highlighted that all air quality standards at Cadia and the surrounding region have been met. The study also highlighted that metals of concern recently identified by the community, such as lead, nickel, selenium and chromium, were not in exceedance of any national standard and only occurred at very low levels in the measure for air quality standard (PM2.5 fraction). This study further supports the community water testing program undertaken at 144 residences surrounding the mine in March 2023, that showed water tested was safe to drink.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 June 2023

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Further to the ANSTO study, a lead fingerprinting analysis was commissioned through the University of South Australia to determine the extent to which Cadia could have contributed to community drinking water concerns. This analysis was independently interpreted and found no evidence linking Cadia to the lead sampled in district rainwater tanks.

These independent studies have been further supported by the results of historical and current continuous real time air quality monitoring data and a revised Air Quality Dispersion Model, that show site boundary and receptor point compliance limits are being met.

In September, Cadia is expecting to receive a human health risk assessment which is the last independent report in its suite of testing, to provide a comprehensive scientific picture on the overall air quality in the district, and importantly, the community's health and wellbeing.

Cadia continues to work openly and transparently with the EPA and the local community to ensure all statutory obligations are met in a way that is aligned with Newcrest values.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 June 2023

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Lihir, Papua New Guinea

Highlights	Metric	Jun	Mar	Dec	Sep			FY23
2023 Qtr	2023 Qtr	2022 Qtr	2022 Qtr	FY23	FY22	Guidance
TRIFR2	mhrs	0.00	0.00	1.65	0.53	0.56	1.18
Total production - gold	oz	182,223	168,404	154,143	165,243	670,013	687,445	720 - 840koz
Head grade - gold	g/t	2.46	2.28	2.20	2.15	2.27	2.35
Sales - gold	oz	169,174	172,401	144,194	188,311	674,080	665,993
All-In Sustaining Cost	$/oz	1,555	1,343	1,545	1,436	1,466	1,622
All-In Sustaining Cost margin18	$/oz	373	517	148	262	329	175

Lihir delivered another outstanding safety performance with zero recordable injuries for the second consecutive quarter. This reflects the significant focus on safety following a relaunch of Newcrest's NewSafe program.

Gold production of 182koz was 8% higher than the prior period due to higher gold head grade and higher mill throughput. However, Lihir's performance was below expectations with mining and milling operations impacted by extreme rainfall which followed a prolonged period of drought. Total material movement decreased compared to the prior period with rainfall reducing shovel and truck productivity and limiting access to key haul routes. Access to higher grade zones within the Phase 16 orebody was also restricted by the rainfall, and the quality of feed grade to the mill was reduced with wet ex-pit ore causing material handling issues in the crushers and on the conveyors.

Mill availability was further impacted by the March 2023 bi-annual scheduled plant shutdown extending into April 2023, as well as other unplanned outages during the quarter. Gold recovery also decreased compared to the prior period mainly due to capacity constraints in the autoclave.

Medium term weather forecasts indicate that rainfall levels in the September 2023 quarter will be more aligned with the long term average. As a result, mining volumes are expected to increase in FY245, supported by the ongoing benefits from the mine improvement program and further productivity improvements with two new large shovels expected on site in the September 2023 quarter5. Further impacts of heavy rainfall are also expected to be mitigated by additional flexibility in the pit with multiple mining faces opening up during the course of FY245.

Lihir's AISC of $1,555/oz was 16% higher than the prior period mainly due to higher sustaining capital expenditure including mobile fleet procurement. This was partly offset by lower site operating costs for the quarter with higher spend in the prior period relating to the bi-annual plant shutdown in March 2023.

Phase 14A activities continued during the quarter with ground support works ongoing in Bench 1 and civil works now at full capacity. Lihir remains on track to deliver high grade ore from Phase 14A in FY245.

Newcrest continues to evaluate a range of options to unlock additional high grade mineralisation outside the current Ore Reserve with the potential to extend the elevated production profile at Lihir beyond FY31. Work to assess the application of steep wall technologies in the northern and eastern extents of the Kapit orebody, including a lower cost and simpler seepage barrier design, is on track for completion in CY235.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 30 June 2023

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