Newcrest Mining : March 2023 Quarterly Report

Quarterly Report

For the three months ended 31 March 2023

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

On track for Group FY23 production guidance after solid Q3 performance1,2

• Corporate update

• • Newcrest granted Newmont exclusive due diligence following revised non-binding indicative proposal in April 2023 to acquire 100% of the issued shares of Newcrest
• Safety and sustainability
• • Third consecutive quarter of reduced injury rates with zero recordable injuries at Cadia and Lihir
  • Key trials and studies to support the Group Net Zero Emissions Roadmap progressing as planned
  • Newcrest Sustainability Fund continues to support local communities with three new projects commencing
• Third quarter operating performance
• • Gold production of 510koz3 and copper production of 31kt
  • All-InSustaining Cost (AISC) of $1,012/oz3, delivering an AISC margin of $837/oz4
  • Gold and copper production expected to increase in the June 2023 quarter2
• Advancing multiple gold and copper growth options
• • Wafi-GolpuFramework Memorandum of Understanding (MOU) signed, marking a key milestone towards development of the project
  • East Ridge Exploration Target at Red Chris significantly enhanced following continued exploration success5
  • Red Chris Block Cave Feasibility Study expected to be completed in H2 CY236
  • Cadia delivered first ore from PC2-3
  • Lihir Phase 14A Feasibility Study demonstrated attractive financial returns as further studies evaluate the potential extension of Lihir's elevated production profile beyond FY316
  • Brucejack transformation program progressing multiple value opportunities as exploration success continues

Newcrest Interim Chief Executive Officer, Sherry Duhe, said, "We continued to deliver on our strategy in 2023, with our pipeline of high-quality organic gold and copper growth projects marking a number of important milestones. At Lihir, the Phase 14A Feasibility Study was released early in the quarter, demonstrating attractive financial returns with upside potential as we look to unlock additional high grade mineralisation outside the current Ore Reserve. We then significantly increased the Exploration Target at East Ridge, highlighting the exciting opportunity this discovery presents for the future of Red Chris, and in April, the Wafi-Golpu Framework MOU was signed, moving us closer to developing this world-classcopper-gold deposit.

"Our third quarter performance has positioned us well to achieve our Group FY23 production guidance. We expect gold and copper production to increase in the June quarter and remain on track to deliver a strong FY23 result, supported by continued momentum in gold and copper prices.

"Following the rejection of Newmont's two non-binding indicative proposals to acquire Newcrest during the quarter, a further non-binding indicative proposal was received in April, valuing Newcrest at over A$29 billion and representing a 46% premium to our share price prior to their initial proposal in February. The revised proposal highlights our outstanding portfolio of long-life gold and copper assets, our high-quality growth and exploration pipeline, and the achievements of our exceptional people. The Newcrest Board has agreed to provide Newmont the opportunity to conduct confirmatory due diligence on an exclusive basis, enabling it to put forward a binding proposal. Through this period, we will remain steadfastly focused on our business and the safety and wellbeing of our people, to continue delivering value for our shareholders," said Ms Duhe.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 March 2023

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Overview

Gold production was in line with the prior period7 with an improved operating performance at Brucejack, Lihir and Fruta del Norte offset by lower gold production at Cadia, Telfer and Red Chris. Higher gold production at Lihir was driven by increased mill throughput following improved rainfall during the quarter, as well as higher gold head grade. Gold production at Brucejack also increased compared to the prior period with operations returning to full capacity following the fatality in October 2022. Gold production at Cadia was mainly impacted by lower mill throughput compared to the prior period.

Newcrest remains on track to deliver its full year Group production guidance for FY232. Gold and copper production is expected to increase in the June 2023 quarter driven by higher mill throughput across all operations with a lower planned maintenance schedule6. Gold head grade is also expected to increase at Lihir, Brucejack and Telfer6. While Brucejack successfully resumed operations following the fatality in October, gold production is now expected to be ~300koz for FY23 driven by lower mill throughput and head grade. Further details on FY23 guidance expectations are outlined on page 9 below.

Newcrest's AISC of $1,012/oz3 for the quarter was 7% lower than the prior period, driven by a higher copper realised price, lower production stripping expenditure at Lihir and Telfer and lower sustaining capital expenditure at Red Chris, Cadia and Brucejack. In addition, gold production was higher at Brucejack, Lihir and Fruta del Norte, driving an increase in gold sales volumes for the Group. This was partly offset by the impact of a stronger Australian dollar against the US dollar on operating costs.

Injury rates decreased during the quarter reflecting the strong focus on safety as control improvement programs continued across all sites to address major hazards. Injury rates were reviewed during the quarter which resulted in a restatement of the previously reported frequency rates at Brucejack and the Group.

Highlights	Metric	Mar	Dec	Sep	YTD	YTD	FY23
2023 Qtr	2022 Qtr	2022 Qtr	FY23	FY22	Guidance2,8,9
Group - gold3	oz	509,637	512,130	527,115	1,548,882 1,319,150 2,100 - 2,400koz
Group - copper	t	31,148	34,564	32,459	98,171	81,979	135 - 155kt
Group - silver	oz	312,970	303,537	361,957	978,463	586,132
Cadia - gold	oz	133,468	169,262	142,194	444,924	373,936	560 - 620koz
Cadia - copper	t	22,392	27,146	23,406	72,945	56,707	95 - 115kt
Lihir - gold	oz	168,404	154,143	165,243	487,790	474,512	720 - 840koz
Telfer - gold	oz	85,452	87,985	84,372	257,809	310,107	355 - 405koz
Telfer - copper	t	5,076	3,256	2,962	11,294	10,896	~20kt
Brucejack - gold10	oz	70,160	51,813	84,123	206,096	24,013	~300koz
Red Chris - gold11	oz	7,347	10,163	12,259	29,768	28,663	~30koz
Red Chris - copper11	t	3,680	4,162	6,090	13,932	14,376	~20kt
Fruta del Norte - gold3,12	oz	44,807	38,764	38,923	122,494	107,918	125 - 145koz
Fatalities	Number	0	1	0	1	0
TRIFR13	mhrs	2.75	3.2414	3.27	3.1014	3.8715
All-In Sustaining Cost3	$/oz	1,012	1,08416	1,095	1,064	1,12017
All-In Cost18	$/oz	1,342	1,483	1,538	1,456	1,773
All-In Sustaining Cost margin4	$/oz	837	591	579	668	611
Realised gold price19	$/oz	1,860	1,693	1,698	1,750	1,767
Realised copper price19	$/lb	4.01	3.66	3.53	3.73	4.39
Realised copper price19	$/t	8,841	8,069	7,782	8,223	9,678
Average exchange rate	AUD:USD	0.6847	0.6568	0.6840	0.6752	0.7293
Average exchange rate	PGK:USD	0.2839	0.2838	0.2837	0.2838	0.2845
Average exchange rate	CAD:USD	0.7397	0.7368	0.7669	0.7477	0.7924
Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 March 2023	2

Operations

Cadia, Australia

Highlights	Metric	Mar	Dec	Sep	YTD	YTD	FY23
2023 Qtr	2022 Qtr	2022 Qtr	FY23	FY22	Guidance8
TRIFR13	mhrs	0.00	3.18	6.17	3.08	7.22
Total production - gold	oz	133,468	169,262	142,194	444,924	373,936	560 - 620koz
Total production - copper	t	22,392	27,146	23,406	72,945	56,707	95 - 115kt
Head grade - gold	g/t	0.79	0.84	0.81	0.82	0.84
Head grade - copper	%	0.41	0.40	0.40	0.40	0.38
Sales - gold	oz	142,011	170,456	147,470	459,936	351,295
Sales - copper	t	24,936	26,353	24,257	75,546	52,693
All-In Sustaining Cost	$/oz	(154)	32	107	(2)	(19)
All-In Sustaining Cost margin20	$/oz	2,014	1,661	1,591	1,752	1,786

Cadia achieved its best safety performance on record with no recordable injuries during the quarter, reflecting the benefits of a detailed safety review undertaken in the prior period. The site is focused on further embedding its safety culture to ensure everyone remains committed to identifying and addressing potential hazards and risks.

Gold production of 133koz was 21% lower than the prior period, mainly driven by lower mill throughput following an unscheduled mechanical breakdown of the concentrate filter presses at the Blayney dewatering facility. A planned shutdown to Concentrator 1 and Concentrator 2 was brought forward while maintenance activities were successfully completed at Blayney.

Mill throughput rates are expected to continue ramping up towards 35Mtpa during the June 2023 quarter with no further scheduled maintenance planned6,21. Newcrest continues to work proactively with the New South Wales Department of Planning & Environment to satisfy all conditions for the permitted processing capacity increase to 35Mtpa in a calendar year21.

Gold head grade decreased during the quarter in line with expectations. As highlighted in the December 2022 quarterly report, gold head grade is expected to decrease through FY23 as mining transitions into lower gold grade ore sources, while copper head grade is anticipated to remain consistent with prior periods6. Gold and copper recovery rates improved for the third consecutive quarter reflecting the ongoing benefits of the recovery improvement projects which were commissioned as part of the two-stage plant expansion project.

During the quarter, the PC2-3 project delivered first ore to the mill. This is a significant milestone for Cadia's next panel cave, with activity now focused on the cave establishment phase and final project completion. Activity on the PC1-2 project continued during the quarter with development commencing on the extraction level, ongoing raise boring activities and construction of the primary ventilation system now well progressed.

Cadia's AISC of negative $154/oz largely reflects the benefit of a higher realised copper price and lower sustaining capital expenditure compared to the prior period. This was partly offset by lower gold and copper production driving a decrease in gold and copper sales volumes for the quarter, as well as the impact of a stronger Australian dollar against the US dollar on operating costs.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 March 2023

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Lihir, Papua New Guinea

Highlights	Metric	Mar	Dec	Sep	YTD	YTD	FY23
2023 Qtr	2022 Qtr	2022 Qtr	FY23	FY22	Guidance8
TRIFR13	mhrs	0.00	1.65	0.53	0.83	1.3815
Total production - gold	oz	168,404	154,143	165,243	487,790	474,512	720 - 840koz
Head grade - gold	g/t	2.28	2.20	2.15	2.21	2.27
Sales - gold	oz	172,401	144,194	188,311	504,906	459,730
All-In Sustaining Cost	$/oz	1,343	1,545	1,436	1,436	1,718
All-In Sustaining Cost margin20	$/oz	517	148	262	314	49

Lihir delivered outstanding safety performance during the quarter with zero recordable injuries. This is only the second time in ten years that Lihir has achieved zero recordable injuries in a quarter, reflecting the significant focus on safety with the rollout of Newcrest's NewSafe program and improved awareness on preventing hand injuries.

Gold production of 168koz was 9% higher than the prior period mainly due to higher mill throughput, with increased rainfall during the quarter resulting in additional water supply to the plant. Medium term weather forecasts indicate rainfall levels will continue to return to normal in the June 2023 quarter. Lihir is progressing a range of activities to increase water availability, including internal water recycling, water storage solutions and improving water efficiencies within the processing plant. Despite the higher rainfall, mill availability was impacted by the bi-annual scheduled plant shutdown in March 2023, as well as other unscheduled mill downtime events during the quarter.

Gold head grade increased during the quarter reflecting additional higher grade ex-pit ore feed from Phase 15 and Phase 16. This is expected to continue in the June 2023 quarter as mining progresses into the higher grade zones within the Phase 16 orebody6. This was partly offset by lower gold recovery compared to the prior period with a lower sulphur content in the mill feed and capacity constraints in the autoclave.

Total material movement was lower than the prior period following knock on effects from increased rainfall, lower truck availability and impacts from a temporary change to haul routes. Mining volumes are expected to increase in the June 2023 quarter6, in line with the ongoing benefits from the mine improvement program.

Gold production is expected to increase in the June 2023 quarter with increased mining rates, a better quality feed blend, higher gold head grade and a lower planned maintenance schedule6. As previously highlighted, Lihir is expected to deliver around the lower end of its production guidance range for FY23 following water supply restrictions and unplanned mill downtime events in the first half.

Lihir's AISC of $1,343/oz was 13% lower than the prior period mainly due to higher gold production driving an increase in sales volumes, as well as lower production stripping and sustaining capital expenditures.

In January 2023, the Newcrest Board approved the Lihir Phase 14A Feasibility Study, endorsing the project into full implementation. Phase 14A is another step forward in realising the full potential of Lihir with the cutback expected to deliver additional high grade gold production over the next four years. Phase 14A activities continued to progress during the quarter with ground support works at Bench 1 nearing completion and mining underway in Bench 2. The civil fleet is almost completely mobilised to site and Lihir is on track to deliver high grade ore from Phase 14A in FY246.

Newcrest continues to assess a range of options to unlock additional high grade mineralisation outside the current Ore Reserve with the potential to extend the elevated production profile beyond FY31. Work to assess the application of steep wall technologies in the northern and eastern extents of the Kapit orebody, as well as an alternative lower cost and simpler seepage barrier design is underway. Design optimisation work and any associated impact on the long term production profile is on track for completion in CY236.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 March 2023

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Lihir - Material Movements

Ore Sources	Metric	Mar	Dec	Sep	YTD	YTD
2023 Qtr	2022 Qtr	2022 Qtr	FY23	FY22
Ex-pit crushed tonnes(a)	kt	1,756	2,273	2,797	6,826	3,241
Ex-pit to stockpile	kt	2,706	2,683	1,306	6,695	4,004
Waste	kt	3,788	7,234	7,059	18,082	20,472
Total Ex-pit	kt	8,251	12,190	11,161	31,602	27,717
Stockpile reclaim(a)	kt	1,095	430	537	2,062	5,438
Stockpile relocation	kt	2,695	3,000	3,606	9,301	7,981
Total Other	kt	3,790	3,430	4,143	11,363	13,419
Total Material Moved	kt	12,041	15,620	15,305	42,965	41,135

1. For the March 2023 quarter, ex-pit crushed gold head grade was 2.73g/t and sulphur grade was 6.06%. Stockpile reclaim gold head grade was 1.76g/t and sulphur grade was 5.09%.

Lihir - Processing

Equipment	Metric	Mar	Dec	Sep	YTD	YTD
2023 Qtr	2022 Qtr	2022 Qtr	FY23	FY22
Crushing	kt	2,851	2,703	3,334	8,888	8,679
Milling	kt	2,959	2,755	3,146	8,861	8,801
Flotation	kt	2,196	2,012	2,522	6,729	6,920
Autoclave	kt	1,922	1,775	1,757	5,454	4,930

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne - www.newcrest.com- Quarterly Report to 31 March 2023

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