Newcrest Mining : June 2021 Quarterly Report

Quarterly Report

For the three months ended 30 June 2021

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

Strong June Quarter delivers FY21 guidance and quarterly records

• Creating a brighter future for people through safe and responsible miningo Goal of net zero carbon emissions by 2050(1)
  o Industry leading low injury rates(2) underpinned by a 27% improvement in TRIFR(3) in the June 2021 quarter
• Achieved FY21 production guidance, with Cadia exceeding the top end of its guidance range(4)

• 1. Quarterly gold production of 542koz(5) and copper production of 38kt
  1. All-InSustaining Cost (AISC) of $797/oz(5) in the June quarter
  1. June quarter AISC margin of 55% or $983/oz(6)
  1. Cadia achieved record annualised mined ore and mill throughput rates
  1. Cadia recorded its lowest reported quarterly AISC of negative $377/oz
  1. Red Chris recorded its lowest reported quarterly AISC of $651/oz
  1. FY21 AISC of $905/oz, delivering an AISC margin of 49% or $884/oz(6) for the financial year
• Advancing multiple organic growth options
• 1. Exploration decline development works progressing well at Red Chris and Havieron

1. Cadia Molybdenum Plant first production is expected by the end of September 2021(7)

1. Lihir Phase 14A Pre-Feasibility Study expected to be released by the end of September 2021(8) o Cadia PC1-2Pre-Feasibility Study expected to be released by the end of September 2021(8) o Red Chris Pre-Feasibility Study expected to be released by the end of September 2021(8)
   o Havieron Pre-Feasibility Study expected to be released in the second half of CY21(8)

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "Newcrest has safely delivered its group production and cost guidance for the year following a strong fourth quarter. Cadia exceeded the top end of its production guidance range and delivered mine and mill throughput records, showcasing the quality of this world class asset. Newcrest's All-In Sustaining Cost of $797/oz for the June quarter was underpinned by record quarterly AISC outcomes for Cadia and Red Chris, translating to an impressive All-In Sustaining Cost margin of $983/oz."

"We have made significant progress advancing our multiple organic gold and copper growth options during the quarter. At Red Chris and Havieron we commenced decline development works which are the critical path to reaching commercial production. We are also on track to release the outcomes of several of our exciting growth studies through the remainder of the calendar year which we believe will help articulate the future potential of our business."

"Following the localised seismic event at Cadia earlier this month, the Prohibition Notice has been lifted and we are currently rehabilitating the affected area. As previously disclosed, we do not expect this event to impact gold and copper production in FY22 and our development and expansion works continue uninterrupted," said Mr Biswas.

1. Relating to its operational (Scope 1 and 2) emissions. Newcrest will work across its value chain to reduce its Scope 3 emissions.
2. Injury rates are lowest quartile when compared to the International Council on Mining & Metals report titled "Safety Performance - Benchmarking progress of ICMM members in 2020".
3. Total Recordable Injury Frequency Rate (injuries per million hours).
4. See information under heading "Non-IFRS Financial Information" on Page 17 of this report for further information.
5. Includes 35koz based on Newcrest's 32% attributable share of Fruta del Norte. The AISC estimate for Fruta del Norte did not impact Newcrest's AISC from its operations for the quarter. Refer to the Appendix for calculation and further details.
6. Newcrest's AISC margin has been determined by deducting the All-In Sustaining Cost attributable to Newcrest's operations from Newcrest's realised gold price. Refer to the Appendix for details.
7. Subject to market and operating conditions and potential delays due to COVID-19 impacts.
8. Subject to Board approval.

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

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Overview

Gold production was 6% higher than the prior period(9) driven by a strong performance from Cadia and Telfer. Lihir's gold production was 4% lower in the quarter due to unplanned downtime in the autoclaves, lower head grade and recovery rates, and the overrun of the planned March 2021 shutdown.

Newcrest's AISC for the June 2021 quarter of $797/oz(5) was $96/oz lower than the prior period, reflecting the benefit of higher copper sales volumes at Cadia, Telfer and Red Chris, a higher realised copper price and higher gold sales volumes at Telfer and Cadia. These benefits were partially offset by the associated increase in treatment, refining and transportation costs and royalties.

					Metric		Jun		Mar		Dec		Sep		FY21		FY20		FY21
						2021 Qtr		2021 Qtr		2020 Qtr		2020 Qtr				Guidance(10)
	Group(5)	- gold		oz	542,332		512,424		535,477		503,089			2,093,322	2,171,118	1,950-2,150koz
		- copper			t			38,370			35,034			34,557			34,763			142,724			137,623			135-155kt
		- silver		oz	270,797		228,543		230,769		214,412		944,521		983,431
	Cadia	- gold			oz			194,757			179,546			194,088			196,504			764,895			843,338			680-760koz
		- copper		t	28,105		26,324		26,643		25,329		106,402		96,042			95-105kt
	Lihir	- gold			oz			176,341			183,231			200,173			177,337			737,082			775,978			720-820koz
	Telfer	- gold		oz	125,603		105,228		98,855		86,452		416,138		393,164			360-420koz
		- copper			t			4,685			3,666			2,443			2,384			13,177			16,278			10-20kt
	Red Chris(11)	- gold		oz	10,815		11,095		11,375		12,636		45,922		38,933			45-55koz
		- copper			t			5,580			5,044			5,471			7,050			23,145			25,302			25-30kt
	Gosowong(12)	- gold		oz	-		-		-		-		-		103,282
	Fruta del Norte(5),(13)	- gold			oz			34,816			33,324			30,986			30,160			129,285			16,422			95-110koz
	Fatalities				Number			0			0			0			0			0			0
	TRIFR(14)				mhrs	1.9		2.6		1.6		2.6		2.3		2.6
	All-In Sustaining Cost(5),(15)			$/oz			797			893(16)			963(16)			980			905			862
	All-In Cost(17)				$/oz	1,242		1,253		1,349		1,275		1,278		1,044
	All-In Sustaining Cost			$/oz			983			854			836			847			884			668
	margin(6)
	Realised gold price(18)		$/oz	1,780		1,751		1,815		1,837		1,796		1,530
	Realised copper price(18)			$/lb			4.42			3.86			3.26			2.97			3.66			2.57
	Realised copper price(18)		$/t	9,744		8,510		7,187		6,548		8,069		5,666
	Average exchange rate			AUD:USD			0.7700			0.7729			0.7303			0.7147			0.7467			0.6715
	Average exchange rate		PGK:USD	0.2843		0.2846		0.2853		0.2872		0.2854		0.2927
	Average exchange rate			CAD:USD			0.8124			0.7896			0.7667			0.7504			0.7789			0.7452

All figures are shown at 100% unless stated otherwise.

9 References to the prior period are to the March 2021 quarter.

1. Newcrest's guidance for Fruta del Norte is an annualised figure based on Lundin Gold Inc's production guidance for 1 July 2020 to 31 December 2020. See Appendix for further details.
2. The figures shown represent Newcrest's 70% share of the unincorporated Red Chris JV. Production outcomes for FY20 are reported from the date of acquisition (15 August 2019).
3. The figures shown represent 100%. Prior to the divestment on 4 March 2020, Newcrest owned 75% of Gosowong through its holding in PT Nusa Halmahera Minerals, an incorporated joint venture. Production and financial outcomes for FY20 represent Newcrest's period of ownership to the divestment date.
4. The figures shown represent Newcrest's 32% attributable share, through its 32% equity interest in Lundin Gold Inc.
5. TRIFR for FY20 includes safety results for Red Chris from acquisition.
6. Due to the negligible impact of Fruta del Norte on Newcrest's Group AISC for FY20 it has been excluded from the FY20 calculation.
7. AISC for the March 2021 and December 2020 quarters have been restated following the release of Lundin Gold's March 2021 quarterly results on 12 May 2021 and their 2020 Annual Report on 15 March 2021. This resulted in a $2/oz increase to Newcrest's previously reported AISC outcome for the March 2021 quarter and a $5/oz benefit to Newcrest's previously reported AISC outcome for the December 2020 quarter.
8. From Newcrest's operations only and does not include Newcrest's 32% attributable share of Fruta del Norte through its 32% equity interest in Lundin Gold Inc.
9. Realised metal prices are the US$ spot prices at the time of sale per unit of metal sold (net of Telfer gold production hedges), excluding deductions related to treatment and refining charges and the impact of price related finalisations for metals in concentrate. The realised price has been calculated from sales ounces generated by Newcrest's operations only (i.e. excluding Fruta del Norte).

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

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Operations

Cadia, Australia

	Highlights				Metric		Jun		Mar		Dec		Sep		FY21		FY20		FY21
					2021 Qtr		2021 Qtr		2020 Qtr		2020 Qtr				Guidance
	TRIFR				mhrs	2.0		11.3		7.5		3.6		6.1		4.9
	Total production	- gold			oz			194,757			179,546			194,088			196,504			764,895			843,338			680-760koz
		- copper		t	28,105		26,324		26,643		25,329		106,402		96,042			95-105kt
	Head Grade	- gold			g/t			0.92			0.94			0.95			1.02			0.95			1.14
		- copper	%		0.40		0.41		0.39		0.40		0.40		0.39
	Sales	- gold			oz			201,494			175,295			194,183			195,146			766,118			848,959
		- copper		t	29,039		25,332		26,477		24,596		105,444		96,437
	All-In Sustaining Cost			$/oz			(377)			(160)			(6)			113			(109)			160
	All-In Sustaining Cost margin		$/oz	2,157		1,911		1,821		1,724		1,905		1,370

Cadia achieved record annualised mined ore volumes from Cadia East of 38.1mtpa and a record annualised mill throughput rate of 34.3mtpa in the June 2021 quarter. The higher volumes of ore processed offset the reduction in grade and contributed to an 8% increase in gold production in the period. Mill throughput also benefited from no major planned shutdown events, higher plant availability and debottlenecking initiatives in Concentrator 1.

Cadia's new quarterly AISC record of negative $377/oz reflects the benefits of higher gold and copper sales volumes and a higher realised copper price. These benefits were only partially offset by associated higher royalty payments and treatment, refining and transportation costs.

On 2 July 2021, a localised seismic event occurred in the Eastern end of Panel Cave 2. No injuries were sustained and all personnel working in the affected area were accounted for and safely returned to surface in accordance with Newcrest's standard operating procedure. Mining operations in all other areas, development activities and above-ground operations all continued uninterrupted. The Prohibition Notice that was issued by the New South Wales Government Resources Regulator in respect of the event was lifted on 5 July 2021. An improvement notice has been issued and rehabilitation of the affected area is currently underway. Newcrest does not expect this event to impact gold or copper production in FY22.

As foreshadowed in Newcrest's March 2021 quarterly report, the replacement of the SAG mill motor commenced in early July 2021 and is expected to take ~19 weeks(19) to complete. Newcrest has implemented a SAG bypass for the duration of the SAG mill motor replacement and Concentrator 1 is operating at ~60% of its normal capacity, which will temporarily reduce gold and copper production and increase AISC/oz during this period.

Newcrest is on track to complete commissioning of the Molybdenum Plant (Moly Plant) and expects to achieve first production by the end of September 2021(19). The Moly Plant is expected to 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.

The Cadia PC1-2Pre-Feasibility Study is expected to be released by the end of September 2021(20).

19 Subject to market and operating conditions and potential delays due to COVID-19 impacts. 20 Subject to Board approval.

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

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Lihir, Papua New Guinea

	Highlights				Metric		Jun		Mar		Dec		Sep		FY21		FY20		FY21
					2021 Qtr		2021 Qtr		2020 Qtr		2020 Qtr				Guidance
	TRIFR				mhrs	0.4		0.4		0.0		0.5		0.3		0.6
	Production	- gold			oz			176,341			183,231			200,173			177,337			737,082			775,978			720-820koz
	Head Grade	- gold		g/t	2.45		2.58		2.27		2.34		2.40		2.38
	Sales	- gold			oz			197,651			194,356			170,308			210,831			773,146			760,724
	All-In Sustaining Cost				$/oz	1,481		1,293		1,438		1,283		1,370		1,206
	All-In Sustaining Cost margin			$/oz			299			458			377			554			426			324

Gold production of 176koz was 4% lower than the prior period reflecting the impact of unplanned downtime in the autoclaves, lower head grade and recovery rates, and the overrun of the planned March 2021 shutdown. This was partially offset by the benefit of there being no planned shutdown events in the period, which enabled a 6% increase in mill throughput. Head grade and recovery were impacted by a higher proportion of lower grade stockpile feed as access to expit ore in Phase 14 was obstructed by high rainfall events.

Scheduled maintenance activities that were planned for September 2021 have been brought forward and are expected to be completed during a period of unplanned downtime of Autoclave 4. This planned maintenance activity is currently underway, largely offsetting the impact on FY22 gold production associated with the Autoclave 4 downtime.

Lihir's AISC of $1,481/oz was 15% higher than the prior period driven by an increase in stripping activities in Phase 15, timing of sustaining capital spend and higher COVID-19 related costs. These impacts were partially offset by marginally higher gold sales volumes.

Technical and risk mitigation studies to support the Phase 14A Pre-Feasibility Study were substantially progressed during the June 2021 quarter. Newcrest expects to release the findings of the Phase 14A Pre-Feasibility Study by the end of September 2021(21). Newcrest also expects to complete the Seepage Barrier Feasibility Study by the end of September 2021.

21 Subject to Board approval.

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

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Lihir - Material Movements

	Ore Source		Metric		Jun		Mar		Dec		Sep		FY21		FY20
			2021 Qtr		2021 Qtr		2020 Qtr		2020 Qtr
	Ex-pit crushed tonnes		kt	819		1,407		1,918		1,236		5,379		5,445
	Ex-pit to stockpile			kt			364			695			615			1,610			3,283			6,585
	Waste		kt	6,776		6,967		4,793		6,269		24,805		18,055
	Total Ex-pit			kt			7,959			9,068			7,326			9,115			33,467			30,085
	Stockpile reclaim		kt	2,229		1,566		1,765		2,192		7,752		8,250
	Stockpile relocation			kt			3,164			3,139			2,884			3,306			12,493			13,599
	Total Other		kt	5,393		4,705		4,649		5,498		20,244		21,850
	Total Material Moved			kt			13,352			13,774			11,975			14,613			53,712			51,935

Lihir - Processing

	Equipment		Metric		Jun		Mar		Dec		Sep		FY21		FY20
			2021 Qtr		2021 Qtr		2020 Qtr		2020 Qtr
	Crushing		kt	3,048		2,973		3,683		3,426		13,130		13,696
	Milling			kt			3,010			2,835			3,691			3,255			12,792			13,798
	Flotation		kt	2,191		2,070		2,835		2,780		9,876		10,414
	Total Autoclave			kt			1,722			1,642			1,998			1,592			6,954			7,319

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

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