Newcrest Mining Limited - Quarterly Exploration Report - 31 March 2023

Exploration portfolio continues to deliver on growth strategy

Melbourne, April 26, 2023 - Newcrest (ASX: NCM) (TSX: NCM) (PNGX: NCM) continues to deliver on its global exploration growth strategy to identify Tier 1 mineral deposits which have the potential to provide long term operations in emerging copper-gold provinces.

At Red Chris, the application of our mining capabilities and a willingness to explore deeper have unlocked a significant mineral endowment and opportunity in an emerging world-class copper-gold province. In March 2023, Newcrest significantly enhanced the Exploration Target for East Ridge, confirming the substantial discovery near existing infrastructure and indicating potential to support additional block caves.

• The Exploration Target defined for East Ridge (previously released) has been enhanced to between approximately 400Mt @ 0.42g/t Au & 0.49% Cu for 5.4Moz Au & 1.9Mt Cu and approximately 500Mt @ 0.39g/t Au & 0.47% Cu for 6.1Moz Au & 2.3Mt Cu. This is a significant enhancement compared to the East Ridge Exploration Target as at 30 June 2022¹. The Exploration Target is exclusive of the current published Mineral Resource and relates to the portion of the deposit that has not yet been adequately drill tested. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

• Ongoing drilling east of the East Ridge Exploration Target returned a significant higher grade intercept with RC860 returning 66m @ 0.53g/t Au & 0.46% Cu from 1,332m including 32m @ 0.85g/t Au & 0.63% Cu from 1,342m, including 16m @ 1.1g/t Au & 0.74% Cu from 1,352m. This intersection demonstrates the potential to define further higher grade discoveries within the Red Chris porphyry corridor.

• Target generation applying the knowledge gained from the Red Chris discoveries has identified an initial portfolio of seven high priority porphyry copper-gold targets across the 750km² of claims which demonstrates the prospectivity of this region. A program of geological mapping, geochemical sampling and drilling is planned to commence in the September 2023 quarter.

At Brucejack, recent exploration (Pretium and Newcrest) has successfully expanded the footprint of the Valley of the Kings (VOK) deposit with the discovery of the North Block (pre-Newcrest) and 1080 HBx zones. These zones demonstrate the potential for new mining fronts within the footprint of the existing infrastructure. The VOK deposit continues to remain open in all directions and exploration drilling continues to test for new mineralised corridors. In addition, the upcoming VOK Deeps drill program is planned to test potential extensions of the deposit to depth.

• In the 1080 HBx Zone drilling continues to expand the footprint of the mineralisation (140m x 300m x 250m) and remains open outside the current Pretium published Mineral Resource, demonstrating the potential for resource growth at the VOK deposit. Results from this quarter include, VU-4749 returning 18m @ 306g/t Au from 261m, including 1m @ 5,370g/t Au from 266m.

• With our increased understanding of the Brucejack mineralised system, target generation applying the knowledge gained from North Block and the 1080 HBx Zone has identified several new opportunities within the 4km epithermal gold corridor from VOK to Golden Marmot. A surface drilling program is planned to assess these targets and de-risk future underground exploration development.

In Nevada, at the Spring Peak low sulfidation epithermal project, new drill results from the Disco zone have extended the continuity of the higher-grade veins and mineralised envelope up dip from the previously announced SP22-13^^² (34.72m @ 2.7g/t Au from 256.12m, including, 2.01m @ 10g/t Au from 262.46m, 2.38m @ 16g/t Au from 275.26m, including 0.34m @ 70g/t Au from 275.96m). New results include:

• SP22-11 returned 40.63m @ 1.9g/t Au from 185.38m including 0.79m @ 7.4g/t Au from 197.39m and 0.58m @ 44g/t Au from 208.33m and SP22-12 returned 42.61m @ 0.94g/t Au from 205.59m including 0.33m @ 24g/t Au 211.96m and 1.65m @ 4.3g/t Au from 235.18m.

• RC pre-collar (SP22-10 RC) drilled 150m to the north-east of the existing Disco zone section returned 36.58m @ 0.53g/t Au from 161.54m, extending the strike continuity of the Disco structure. A diamond tail of this pre-collar will occur in the 2023 program.

In addition, further drilling has been successful in identifying a new high grade drill target at Opal Ridge.

• RC hole SP22-14 returned 10.67m @ 2.7g/t Au from 169.16m including 1.52m @16g/t Au from 170.69m.

Learnings from the successful extension of the Disco Zone and discovery of the Opal Ridge Zone will be applied to all of the Headwater Gold Joint Venture projects and planning is currently underway for the 2023 exploration program.

At Havieron, results from growth drilling in the prior period continue to demonstrate the potential for incremental resource additions around the Eastern Breccia, Northern Breccia and other higher grade mineralised pods.

Newcrest Interim Chief Executive Officer, Sherry Duhe, said, "We continue to unlock significant value for Newcrest across our global exploration portfolio consistent with our growth strategy. East Ridge represents a very exciting opportunity for Newcrest and we were pleased to enhance the Exploration Target in March 2023, providing additional future mining optionality at Red Chris. This asset is a great example of our track record in creating value through exploration success, and we continue to pursue further opportunities with an additional seven high priority drill targets identified across this highly prospective copper-gold region.

"At Brucejack, the drilling results further highlight the potential for brownfields growth in the Valley of the Kings mineralisation, with drilling demonstrating the potential for new mining fronts within the current mine area. We are starting to apply our learnings across the mineralised corridor, with a drilling program planned in the coming months to explore new zones of mineralisation.

"Our Greenfields exploration strategy remains on track with positive results at the Spring Peak project during the quarter, and ongoing drilling at Havieron continuing to demonstrate the potential for resource growth," said Ms Duhe.

Red Chris, British Columbia, Canada⁽³⁾

Red Chris is a joint venture between Newcrest (70%) and Imperial Metals Corp. (30%) and is operated by Newcrest.

The Brownfield Exploration program is focused on the discovery of additional zones of higher-grade mineralisation within the Red Chris porphyry corridor, including targets outside of Newcrest's Mineral Resource estimate. During the quarter, there were up to four diamond drill rigs in operation. A further 10,532m of drilling has been completed during the quarter from 10 drill holes, with all drill holes intersecting mineralisation. This contributed to a total of 310,685m of drilling from 301 drill holes since Newcrest acquired its interest in the joint venture in August 2019.

At East Ridge, located adjacent to the East Zone, drilling is ongoing with 81 holes completed and 5 in progress. Assay results were received for 5 holes during the quarter. The follow up drilling is being undertaken on a nominal 100m x 100m grid to determine the footprint, understand the mineralisation, geotechnical and geometallurgical characteristics and to determine the extent of continuity of the higher-grade mineralisation. Drilling to date has tested a corridor 1,000m long, 450m wide and to a vertical extent of 1,000m where zones of higher grade mineralisation have been identified. Mineralisation remains open at depth.

An updated Exploration Target has been estimated for East Ridge (previously reported), with ranges from a lower case of approximately 400Mt @ 0.42g/t Au & 0.49% Cu for 5.4Moz Au & 1.9Mt Cu to an upper case of approximately 500Mt @ 0.39g/t Au & 0.47% Cu for 6.1Moz Au & 2.3Mt Cu. This represents a significant enhancement in the size of the Exploration Target as at 6 March 2023 in comparison with the East Ridge Exploration Target as at 30 June 2022 which was estimated to have a lower case of approximately 170Mt @ 0.5g/t Au & 0.5% Cu for 2.8Moz Au & 0.9Mt Cu and an upper case of approximately 300Mt @ 0.4g/t Au & 0.4% Cu for 4.3Moz Au & 1.3Mt Cu.

The grades and tonnages are estimates based on continuity of mineralisation defined by exploration diamond drilling results (previously reported including relevant sections and plans) within the Redstock Intrusive with the lower range estimate in the area with a nominal drill hole spacing of 100m x 100m and the upper range estimate extended into the area with a nominal drill hole spacing of 100m x 200m.

East Ridge is outside of Newcrest's published Red Chris Mineral Resource estimate. Diamond drilling continues to define the extent and continuity of this higher grade mineralisation. At least 5 additional diamond drill holes are planned to test and close out the Exploration Target and determine geotechnical and metallurgical characteristics. This drilling program is expected to be completed by the second quarter of calendar year 2023. Work will be undertaken to deliver an updated Red Chris Mineral Resource estimate including East Ridge in calendar year 2023⁴.

Drilling continues to confirm the vertical extent of the mineralisation within the Exploration Target. Drilling has returned a further deep significant higher-grade intercept with RC865 (located 100m east of RC857, previously reported) intersecting 132m @ 0.29g/t Au & 0.45% Cu from 1,552m,106m @ 0.57g/t Au & 0.57% Cu from 1,716m including 30m @ 0.95g/t Au & 0.87% Cu from 1,730m. These results confirm the vertical extent of the higher grade mineralisation, which remains open at depth and demonstrates further support of the upside range of the Exploration Target.

Ongoing drilling east of the East Ridge Exploration Target returned a significant higher grade intercept with RC860 returning 66m @ 0.53g/t Au & 0.46% Cu from 1,332m including 32m @ 0.85g/t Au & 0.63% Cu from 1,342m, including 16m @ 1.1g/t Au & 0.74% Cu from 1,352m. This intersection located approximately 100m east of the Exploration Target, demonstrates the potential to define further discoveries beyond East Ridge.

Target generation applying the knowledge gained from the Red Chris discoveries has identified an initial portfolio of seven high priority porphyry copper-gold targets across the 750km² of mineral claims which demonstrates the prospectivity of this region. A program of geological mapping, geochemical sampling and drilling is planned for this summer field season.

Priority targets include:

• Far West (& Gully Zone) - Located immediately west of the Red Chris Main Zone, the prospect is defined by open higher grade copper-gold porphyry intercepts in historic shallow drilling.
• GJ-Donnelly - Previous Exploration has defined a 10km long corridor of porphyry mineralisation which contains localised higher grade copper-gold porphyry intercepts. There is potential to expand the mineralisation and discover additional zones of higher grade.
• QC Zone - A 5km long zone of porphyry-style alteration, veining and associated geochemistry along strike from Newmont's Saddle North resource. Historic shallow drilling at QC East intersected anomalous copper and gold mineralisation associated with porphyry-style alteration and veining.
• McBride - A 2km long zone of anomalous copper in surface rock chip samples with coincident magnetic high and Induced Polarisation chargeability anomalies. The prospect is located approximately 15km north of the Red Chris mine and is untested by drilling.
• Whiterock Canyon - A 1.5km x 1km area with porphyry style alteration and coincident anomalous surface rock chip geochemistry along the western extension to the Red Chris porphyry corridor directly along strike from the Gully Zone and Far West prospects. There is no previous drilling at this prospect.
• West Whiterock Creek - A prospect defined by anomalous surface rock chip geochemistry with coincident magnetic high anomalies that displays similarities with the Red Chris porphyry deposit, including the presence of gold-bearing early quartz veins and strong hydrothermal alteration. There is no previous drilling at this prospect.
• North Powerline - A newly identified early-stage porphyry copper-gold prospect defined by anomalous gold in surface geochemistry in rock chip samples and hydrothermal alteration in geological mapping. Anomalism appears to be associated with porphyry intrusive rocks with coincident with a magnetic high anomaly.

Approximately 10,000m of growth-related drilling targeting mineralisation definition and continuity is planned for the June 2023 quarter from up to four drill rigs.

Refer to Appendix 1 for additional information, and the drill hole data table for all results reported during the period.

Figure 1. Schematic plan view map of the Red Chris porphyry corridor spanning East Ridge, East Zone, Main Zone and Gully Zone showing significant Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report), 0.3g/t Au, 1g/t Au, 0.3% Cu and 1% Cu shell projections generated from a Leapfrog^TM model.

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Figure 2. Long section view (looking North West) of the Red Chris porphyry corridor showing drill hole locations, gold distribution and Exploration Target (previously released).

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Figure 3. Schematic plan view map of the Red Chris porphyry Cu-Au district spanning the Red Chris, Mc Bride, GJ and QC porphyry corridors showing portfolio of targets.

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Brucejack, British Columbia, Canada⁽⁵⁾

The Brucejack Property hosts the Valley of the Kings (VOK) high-grade gold deposit. The VOK is characterised by multiple occurrences of higher grade mineralisation over selected intervals hosted within broader zones of stockwork and vein arrays. Growth activities are focused on both resource expansion within the existing mine area, as well as brownfields exploration activities within 4km of the mine area.

Resource expansion drilling during the quarter was focused on targets in Eastern Promises, Bridge Zone North, and West VOK. A total of 15,137m in 60 drill holes was completed using three underground diamond drill rigs. Assay results were received for two drill fans in Eastern Promises and two drill fans completed in the previous quarter in the 1080 HBx Zone. All other assays are pending.

At 1080 HBx Zone, assays were received for 20 drill holes (two drill fans). All drill holes intersected gold mineralisation, with 7 of the 20 drill holes intersecting higher grade mineralisation, in excess of 5 grams per tonne. Drilling continues to expand the existing footprint of the mineralisation (140m x 300m x 250m). All drill results reported are outside the current Pretium published Mineral Resource, demonstrating the potential for resource growth at the Valley of the Kings (VOK) deposit. Results from this quarter include:

• VU-4749
  • 18m @ 306g/t Au from 261m
  • including 1m @ 5,370g/t Au from 266m
• VU-4824
  • 25.5m @ 21g/t Au from 75m
  • including 1.5m @ 331g/t Au from 94.5m

Drill holes VU-4823 and VU-4825 were extended by 250 meters and 120 meters respectively to test for new mineralised corridors to the south of the HBx Domain, with VU-4823 intersecting higher grade mineralisation from 480m.

• VU-4823
  • 10.5m @ 5.6 g/t Au from 480m
• VU-4825
  • 15m @ 35g/t Au from 244.5m
  • including 1m @ 516g/t Au from 253m

Future drilling will be conducted from a new exploration platform on the 1020 level to test down dip.

At Eastern Promises, drilling has commenced and is ongoing to demonstrate continuity and expand high grade mineralisation to the east. A full summary will be provided in the June Quarter. Eastern Promises is located immediately east of the 1080 HBx Zone with the intersection of the Domain 20 mineralisation.

With our increased understanding of the Brucejack mineralised system, target generation applying the knowledge gained from North Block and the 1080 HBx Zone has identified several opportunities within the 4km epithermal gold corridor from VOK to Golden Marmot. A surface drilling program is planned to assess these targets and de-risk future underground exploration development.

Assessment of the regional targets outside of the Brucejack epithermal corridor is planned for this upcoming field season, which is expected to commence in the June 2023 quarter. Work will focus on the key priority target American Creek (located 20km south east of the mine) where previous exploration has outlined an 8km long epithermal gold corridor.

Approximately 20,000m of resource expansion drilling targeting mineralisation definition and continuity is planned for the June 2023 quarter from up to six drill rigs operating underground and four drill rigs operating on surface during.

Refer to Appendix 2 for additional information, and the drill hole data table for all results reported during the period.

Figure 4. Plan view map of the Brucejack Property, spanning the 4km gossanous trend from Golden Marmot and Hanging Glacier in the northwest to Bridge Zone in the southeast.

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Figure 5. Long section view (looking west) of the Brucejack Property. Refer to figure 4 for the location of the cross section. Viewing window is +/- 100 meters.

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Figure 6. Schematic plan view map of the Brucejack epithermal Au district spanning the Brucejack and American Creek epithermal trends.

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Western USA

Spring Peak Project, Nevada

In August 2022, Newcrest entered into four separate definitive option and earn-in agreements with Headwater Gold Inc. (Headwater Gold) and purchased a 9.9% equity interest in the company (previously reported). Newcrest has the option to acquire up to a 75% interest individually in each of the Agate Point, Midas North and Spring Peak Projects in Nevada and the Mahogany Project in Oregon.

The Spring Peak project is located approximately 35km southwest of Hawthorn, Nevada in the Aurora mining district. In 2022 Headwater Gold completed a total of 3,170m drilled in 10 holes across the project area including both RC pre-collar with diamond tails and three RC only holes. During the quarter, all outstanding assays from the 2022 drill program were received which identified additional high-grade mineralisation at the Disco zone and the new high-grade Opal Ridge zone.

Exploration to date has defined a low sulfidation epithermal system over an interpreted area of 2.5km x 1.5km. Surface indications include high level sinters and veinlets associated with multiple structures. Initial work has focused on the Disco Zone.

Figure 7. Plan view of the Spring Peak project illustrating the location of the Disco Zone, Opal Ridge, drilling, and drill constrained cross sections. Coordinates are NAD83 UTM Zone 11 north.

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New drill results from the Disco zone have extended the continuity of the higher-grade veins and mineralised envelope up dip from the previously announced SP22-13^^ (34.72m @ 2.7g/t Au from 256.12m, including, 2.01m @ 10g/t Au from 262.46m, 2.38m @ 16g/t Au from 275.26m, including 0.34m @ 70g/t Au from 275.96m).

SP22-11 returned 40.63m @ 1.9g/t Au from 185.38m including 0.79m @ 7.4g/t Au from 197.39m and 0.58m @ 44g/t Au from 208.33m and SP22-12 returned 42.61m @ 0.94g/t Au from 205.59m including 0.33m @ 24g/t Au 211.96m and 1.65m @ 4.3g/t Au from 235.18m and SP22-07 returned 14.78m @ 0.93g/t Au from 175.87m. Diamond drill hole SP22-11 is a twin of RC drill hole SP21-03 and has increased both the thickness and grade of the RC intersection.

The Disco Zone occupies the footwall margin of a northeast-striking fault zone that is oriented similarly to vein trends at the adjacent past-producing Aurora mine complex (historic production estimated at 2.2Moz Au @ 10g/t Au⁶). Within the Disco Zone, holes SP22-07, SP22-11, SP22-12 and SP22-13 intersected multiple discrete veins with textures indicative of boiling, including ginguro banding, silica replacement of lattice bladed calcite and vein sediment.

The four holes that intersected the target structure were drilled on a single fence with mineralisation open down-dip and along strike. Early indications from drill data suggest that as per other epithermal systems globally the Disco zone demonstrates increasing grade with depth.

RC pre-collar (SP22-10 RC) drilled 150m to the north-east of the existing Disco zone section returned 36.58m @ 0.53g/t Au from 161.54m, extending the strike continuity of the Disco structure. A diamond tail of this pre-collar will occur in the 2023 program.

In addition, further drilling has been successful in identifying a new high grade drill target at Opal Ridge located 900m west of the Disco zone and is characterised by banded quartz vein material and fine-grained sulphide stringers. RC hole SP22-14 returned 10.67m @ 2.7g/t Au from 169.16m including 1.52m @ 16g/t Au from 170.69m.

Learnings from the successful extension of the Disco Zone and discovery of the Opal Ridge Zone will be applied to all of the Headwater Gold Joint Venture projects and planning is currently underway for the 2023 exploration program.

Refer to Appendix 3 for additional information and drill hole data table for all results reported during the period.

Figure 8. Geological and geophysical cross section of the Disco Zone with drill results from SP22-07, SP22-11, SP22-12 and SP22-13* (previously reported in Newcrest December 2022 Exploration Quarterly dated 25 January 2023*) illustrating the continuity of the mineralised envelope and the high-grade veins. The structure is open both down dip and along strike. A drill program to further test the zone is currently being planned. Section view is to the southwest.

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Figure 9. Geological cross section of the Opal Ridge Target with results from SP22-14. Drillhole LDH-3* drilled by Labradex in 1983 and historic assay data compiled and released by Headwater Gold (2 March 2023*). Section view is to the northwest.

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Figure 10. Geological and geophysical cross section illustrating the broad zone of hanging wall mineralisation intersected in RC precollar SP22-10 and its position relative the projected location of the disco zone structure. Section view is to the southwest.

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Havieron Project, Western Australia, Australia⁽⁷⁾

The Havieron Project is operated by Newcrest under a Joint Venture Agreement (JVA) with Greatland Gold Plc (Greatland). Newcrest is the manager and holds a 70% interest in the Havieron Project (Greatland holds a 30% interest). The JVA includes tolling principles reflecting the intention of the parties that, subject to a successful exploration program, Feasibility Study and a positive decision to mine, the resulting joint venture mineralised material will be processed at Telfer.

The Havieron Project is centred on a deep magnetic anomaly located 45km east of Telfer in the Paterson Province. The deposit is overlain by more than 420m of post mineral Permian cover. The Joint Venture commenced drilling during the June 2019 quarter and has completed 298,428m of drilling from 335 drill holes to date (excluding holes in progress, abandoned holes, or drill holes which have not been sampled).

Drilling activities in the quarter have produced a further 9,764m of drilling from 8 holes with up to 3 drill rigs operating during the quarter. This includes 7 infill drillholes within the current Crescent Inferred Resource which are not included in this report. New assay results are reported from 8 drill holes (all were assays pending from the previous quarter). Of the reported holes, 3 holes returned significant assay intercepts in excess of 50 gram metres gold (Au ppm x length m).

Growth drilling targeted resource additions outside of the existing Indicated and Inferred Mineral Resource limits and included:

• Extensions of the Eastern Breccia incorporating definition of identified internal higher-grade zones - assay results reported for 2 drill holes.
• Extensions to the Northern Breccia at depth between the current Northern Breccia Resource and Eastern Breccia Resource - assay results reported for 4 drill holes
• Drilling to assess geophysical targets outside of the main Havieron system - 2 drill hole results from step-out drilling to the northwest and southeast of the Havieron system.

The Eastern Breccia is developed below the 4,100RL with a footprint of over 500m in strike, up to 200m in width, and over 250m in vertical extent. Within this zone, multiple northwest trending internal higher-grade (>1 g/t Au) sulphide dominated domains are observed. HAD098W9 intersected 31.1m @ 4.9g/t Au & 0.13% Cu from 1,635m, including 10m @ 13g/t Au & 0.14 % Cu from 1,655m ~ 50m to the north west of the current Eastern Breccia Resource. HAD164W3 intersected 57m @ 2.1 g/t Au and 0.19% Cu from 1262 m, including 10m @ 8.5g/t Au & 0.29% Cu from 1307m ~200m vertically above the existing Eastern Breccia Mineral Resource.

Drilling in the Northern Breccia zone further highlights potential for incremental extensions to the Current Mineral Resource. Results include: HAD098W8, 22m @ 8.1g/t Au & 0.14% Cu from 1,287m, HAD098W9, 29.9m @ 3.9g/t Au & 0.01% Cu from 945.1m.

Drilling to test geophysical targets outside of the known Havieron mineralised system, including evaluating the Havieron system to along strike to the northwest and southeast, revealed no significant intercepts from two drill holes (HAD169 and HAD170).

The current campaign of growth programs for Havieron is now complete and will support ongoing resource assessment. Drilling is currently focussed on infill drilling on the lower SE Crescent zone with three rigs continuing into the June 2023 quarter.

Refer to Appendix 4 for additional information and drill hole data table for all results reported during the period.

Figure 11. 3D Plan view schematic showing the spatial association of the South East Crescent, Northern Breccia, North West Pod and Eastern Breccia in relation to the current exploration growth target areas and the Mineral Resource extents. Also highlighted are selected previously reported and new labelled intercepts >100 gram metres (Au ppm x length) that have been intersected outside of the Inferred Mineral Resource. Intercepts are projected to the 4600RL.

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Figure 12. 3D oblique view of the Havieron system viewed from the south-east, showing the position of high-grade intercepts (previously^^ reported and new labelled) and mineralised zones >100 gram metres (Au ppm x length) that have been intersected outside of the Mineral Resource extents. Further higher-grade mineralisation and assay results continue to support incremental expansion of the Northern Breccia and Southeast Crescent, as well as extensions to the Eastern Breccia (refer to Figure 5 for spatial relationship of drill holes and zones).

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Figure 13. Plan view schematic of a horizontal slice at 3900mRL through the Crescent Sulphide Zone and Breccia-hosted Zones, showing the extents of the 0.5 and 1.0 g/t Au Leapfrog^TM grade shells with highlighted newly reported intercepts for this period. This diagram highlights >50 gram metres intersections drilled during the period, refer to inset diagram for relationship to all Havieron drilling.

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Western USA

Appaloosa Project, Nevada

In September 2022, Newcrest entered into an option and earn-in agreement (previously reported) with Gunpoint Exploration Ltd. (Gunpoint) to acquire up to 75% of the Appaloosa property located in Nevada, USA (with an option to acquire the remaining 25% of Appaloosa post the earn-in period). Appaloosa is an underexplored mineralised structural zone situated within Gunpoint's Talapoosa gold-silver project. During 2022, Newcrest undertook target definition work including mapping, geophysics, rock chip and channel sampling that defined multiple drill targets on the property. In January 2023, Newcrest provided notice to Gunpoint to enter into the Option Phase of the option and earn-in agreement at Appaloosa. During the quarter, a Notice of Intent (NOI) was lodged with the Bureau of Land Management (BLM) to undertake drill testing of multiple targets during the June 2023 quarter. Drill testing is planned to commence in April 2023.

Australia

Wilki Project, Western Australia

The Wilki Project is an exploration farm-in and joint venture with Antipa Minerals Limited (Antipa). The project area covers a strategic landholding of ~1,470km² (post the return of certain tenements to Antipa during the quarter in exchange for a royalty) surrounding the Telfer operation and is adjacent to the Havieron Project. Newcrest entered into this exploration farm-in and joint venture agreement with Antipa in March 2020. Newcrest currently also has a 9.9% shareholding in Antipa.

As previously highlighted, Newcrest has elected to proceed to the next stage (Stage 1) of the farm-in agreement following completion of the initial exploration expenditure commitment (A$6 million). Newcrest has the potential to earn a 51% joint venture interest in the Wilki Project through expenditure of a further A$10 million by March 2025 during Stage 1. As of 1 July 2022, Newcrest is the manager and operator of the Wilki Project.

Field activities were suspended for the summer period and will resume in the first half of calendar year 2023, with planned soil sampling and follow up drilling to be completed, subject to successful attainment of heritage clearances.

Juri Joint Venture, Western Australia

The Juri Joint Venture is a farm-in and joint venture agreement with Greatland with respect to the Black Hills and Paterson Range East projects, located within the Paterson Province approximately 50km from the Telfer operation and in proximity to the Havieron Project. The joint venture covers an area of approximately 248km². Newcrest currently has a 51% interest in the Juri Joint Venture, and the Joint Venture is currently managed by Greatland. Under the terms of the agreement, Newcrest has the potential to earn an additional 24% joint venture interest through expenditure of a further A$17 million by October 2024.

Field activities remained suspended during the summer period with ongoing target generation and project review activities conducted.

Mount Coolon Project, Queensland

In October 2022, Newcrest entered into a farm-in agreement with GBM Resources Ltd (GBM) in relation to the Mount Coolon Project to advance gold exploration in the Drummond Basin in Queensland. The agreement provides the potential for Newcrest to acquire up to a 75% interest in the Mount Coolon Project tenements by spending A$25M and completing a series of exploration milestones in a 3 stage farm-in over six years.

Newcrest considers the Drummond Basin to be highly prospective for discovery of new higher grade gold resources related to known epithermal gold deposits within the Mount Coolon Project area. The project is undergoing establishment activities, and initial targeting has identified a number of high priority targets below and along strike to previously identified gold-bearing low-sulphidation epithermal veining.

Project establishment activities have commenced, with initial preparation of reconnaissance and support programs undertaken during the quarter. Ground geophysical surveys, surface geochemical sampling and review of historic exploration areas will commence in the field from April 2023.

Northern Andes

Gamora Project, Ecuador

A second phase of scout drilling commenced at the Gamora Project, located in southeast Ecuador. This work is being conducted by Newcrest as the operator under an earn-in agreement with Lundin Gold Inc. (Lundin Gold) pursuant to which Newcrest can earn up to a 50% interest in eight exploration concessions. The concession areas cover strategic landholdings to the north and south of Lundin Gold's Fruta del Norte mining operation.

The current phase of diamond core drilling at Gamora is focused on testing priority copper-gold targets in the Mirador copper porphyry district. The program is planned to finish in the June 2023 quarter.

Appendix 1

Red Chris (70% Newcrest): JORC Table 1
Section 1: Sampling Techniques and Data

Section 2: Reporting of Exploration Results

Drillhole data⁽¹⁾

Red Chris Project, British Columbia, Canada
Reporting Criteria: Intercepts reported are downhole drill width (not true width) Au >0.1ppm (0.1g/t Au) and minimum 20m downhole width with maximum consecutive internal dilution of 10m. Also highlighted are high grade intervals of Au >0.5ppm (0.5g/t Au), Au >1ppm (1g/t Au), Au > 5ppm (5g/t Au), Au >10ppm (10g/t Au) and minimum 10m downhole width with maximum consecutive internal dilution of 10m. Gold and copper grades are reported to two significant figures. Samples are from core drilling which is HQ or NQ in diameter. Core is photographed and logged by the geology team before being cut. Half core HQ and NQ samples are prepared for assay and the remaining material is retained in the core farm for future reference. Each assay batch is submitted with duplicates and standards to monitor laboratory quality. Total depth (end of hole) is rounded to one decimal place for reporting purposes.

# drilling in progress, **partial intercept, assays pending. ^updated intercept ^^previously reported intercept

Figure 14. Schematic plan view map of East Ridge showing drill hole locations (Newcrest & Imperial) and significant Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report, and in prior Newcrest exploration releases). 0.3 g/t Au, 1 g/t Au, 0.3% Cu and 1% Cu shell projections generated from a Leapfrog^TM model.

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Figure 15. Schematic cross section of RC861 (Section Line 34N - as shown on Figure 14) showing Newcrest and Imperial drill holes and Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report, and in prior Newcrest exploration releases) 0.1 g/t Au, 0.5 g/t Au and 1 g/t Au shell projections generated from Leapfrog^TM model. Due to window size (+/- 50m) and section orientation (150˚) hole may appear on multiple sections.

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Figure 16. Schematic cross section of RC859 (Section Line 35N - as shown on Figure 14) showing Newcrest and Imperial drill holes and Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report, and in prior Newcrest exploration releases) 0.1 g/t Au, 0.5 g/t Au and 1 g/t Au shell projections generated from Leapfrog^TM model. Due to window size (+/- 50m) and section orientation (150˚) hole may appear on multiple sections.

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Figure 17. Schematic cross section of RC865 (Section Line 37N - as shown on Figure 14) showing Newcrest and Imperial drill holes and Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report, and in prior Newcrest exploration releases) 0.1 g/t Au, 0.5 g/t Au and 1 g/t Au shell projections generated from Leapfrog^TM model. Due to window size (+/- 50m) and section orientation (150˚) hole may appear on multiple sections.

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Figure 18. Schematic cross section of RC863 (Section Line 42N - as shown on Figure 14) showing Newcrest and Imperial drill holes and Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report, and in prior Newcrest exploration releases) 0.1 g/t Au, 0.5 g/t Au and 1 g/t Au shell projections generated from Leapfrog^TM model. Due to window size (+/- 50m) and section orientation (150˚) hole may appear on multiple sections.

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Figure 19. Schematic cross section of RC860 & RC866 (Section Line 43N - as shown on Figure 14) showing Newcrest and Imperial drill holes and Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report, and in prior Newcrest exploration releases) 0.1 g/t Au, 0.5 g/t Au and 1 g/t Au shell projections generated from Leapfrog^TM model. Due to window size (+/- 50m) and section orientation (150˚) hole may appear on multiple sections.

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Appendix 2

Brucejack (100% Newcrest): JORC Table 1
Section 1: Sampling Techniques and Data

Section 2: Reporting of Exploration Results

Drillhole data⁽¹⁾

Brucejack, British Columbia, Canada
Reporting Criteria: Intervals are reported as length-weighted averages using a cut-off of 1.0 g/t Au and a minimum length of 7.5m, with less than 7.5m of consecutive internal dilution. Also reported are intervals greater than 100g/t Au. Intervals below a cutoff of 1.0gt Au were not reported as significant results. Gold grades are reported to two significant figures. Samples are from core drilling which is HQ in diameter. Core is photographed and logged by the geology team before being whole core sampled and sent for assay. Each assay batch is submitted with duplicates and standards to monitor laboratory quality.

¹ # drilling in progress, **partial intercept, assays pending. ^updated intercept ^^previously reported intercept

Figure 20. Plan view of the 1080 Level in the VOK, showing Domain 13, Domain 20, and the newly defined HBX Domain. The previously published Pretium resource is outlined in red.

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Figure 21. Cross section for drill fan 1080_37_WLAT19_33 (location shown on Figure 20) showing all drill holes and significant intercepts. Due to window size (+/- 15m) and section orientation (270˚) holes may appear on multiple sections.

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Figure 22. Cross section for drill fan 1080_37_ELAT17_41_L3 (location shown on Figure 20) showing all drill holes and significant intercepts. Due to window size (+/- 15m) and section orientation (270˚) holes may appear on multiple sections.

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Figure 23. Cross section for drill fan 1080_43_L1 (as shown on Figure 20) showing all drill holes and significant intercepts. Due to window size (+/- 15m) and section orientation (270˚) holes may appear on multiple sections.

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Appendix 3

Spring Peak (Headwater Gold Inc., Farm-In Agreement): JORC Table 1
Section 1: Sampling Techniques and Data

Section 2: Reporting of Exploration Results

Drillhole data⁽¹⁾

Spring Peak, Nevada USA
Reporting Criteria: Intervals are reported as length-weighted averages using a cut-off of 0.2 g/t Au and a minimum length of 0.3m, with less than 30% total internal dilution. Also reported are intervals greater than 2.0g/t Au. Intervals below a cutoff of 0.2g/t Au were not reported as significant results. Gold grades are reported to two significant figures. Samples are from RC drilling and core drilling which is HQ in diameter. Core is photographed and logged by the geology team before being half- core sampled and sent for assay. Each assay batch is submitted with duplicates and standards to monitor laboratory quality.

¹ # drilling in progress, **partial intercept, assays pending. ^updated intercept ^^previously reported intercept

Appendix 4

Havieron Project (Greatland Gold Plc - Joint Venture Agreement): JORC Table 1
Section 1: Sampling Techniques and Data

Section 2: Reporting of Exploration Results

Drillhole data⁽¹⁾

Havieron Project, Paterson Province, Western Australia
Reporting Criteria: Intercepts reported are downhole drill width (not true width) Au >0.20ppm (0.2g/t Au) and minimum 20m downhole width with maximum consecutive internal dilution of 10m. Average grades are based on length-weighting of samples grades. Also highlighted are high grade intervals of Au >1.0ppm (1g/t Au) and minimum 10m downhole width with maximum consecutive internal dilution of 5m, and intervals of >30g/t which are greater or equal to 30 gram metres (Au_ppm x length) are tabled. Gold and copper grades are reported to two significant figures, the downhole lengths are rounded to 0.1m which may cause some apparent discrepancies in interval widths. Samples are from core drilling which is PQ, HQ or NQ in diameter. Core is photographed and logged by the geology team before being cut. Half core PQ, HQ and NQ samples are prepared for assay and the remaining material is retained in the core farm for future reference. Each assay batch is submitted with duplicates and standards to monitor laboratory quality. Total depth (end of hole) is rounded to one decimal place for reporting purposes. Collars denoted with a * show partial results, with further significant assays to be reported in subsequent exploration updates.

¹ # drilling in progress, **partial intercept, assays pending. ^updated intercept ^^previously reported intercept, ⁺intercept within published resource

Figure 24. Schematic plan view map showing drill hole locations and significant intercepts reported in this release superimposed on the interpreted geology. Previously reported holes are not shown for the sake of clarity. Note some holes and results appear on multiple sections due to the sections orientation and sections overlap.

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Figure 25. Schematic cross section of geology and significant new drillhole intercepts (looking northwest, Section Line S1, +/-50m section width, as shown in Figure 24). Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period. Reported drill holes are outside of the existing resource.

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Figure 26. Schematic cross section of geology and significant new drillhole intercepts (looking northwest, Section Line S2, +/-50m section width, as shown in Figure 24). Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period. Reported drill holes are outside of the existing resource.

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Forward Looking Statements

This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as "may", "will", "expect", "intend", "plan", "estimate", "target", "anticipate", "believe", "continue", "objectives", "outlook" and "guidance", or other similar words and may include, without limitation, statements regarding estimated reserves and resources, internal rates of return, expansion, exploration and development activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them; certain plans, strategies, aspirations and objectives of management, anticipated production, sustainability initiatives, climate scenarios, dates for projects, reports, studies or construction, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines. The Company continues to distinguish between outlook and guidance. Guidance statements relate to the current financial year. Outlook statements relate to years subsequent to the current financial year.

These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, and achievements to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward looking statements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. For further information as to the risks which may impact on the Company's results and performance, please see the risk factors discussed in the Operating and Financial Review included in the Appendix 4E and Financial Report for the year ended 30 June 2022 and the Annual Information Form dated 14 December 2022 which are available to view at www.asx.com.au under the code "NCM" and on Newcrest's SEDAR profile.

Forward looking statements are based on management's current expectations and reflect Newcrest's good faith assumptions, judgements, estimates and other information available as at the date of this report and/or the date of Newcrest's planning or scenario analysis processes as to the financial, market, regulatory and other relevant environments that will exist and affect Newcrest's business and operations in the future. Newcrest does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Newcrest. Readers are cautioned not to place undue reliance on forward looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by global events such as geopolitical tensions and the ongoing COVID19 pandemic. Forward looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Newcrest does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in assumptions on which any such statement is based.

Ore Reserves and Mineral Resources Reporting Requirements

As an Australian Company with securities listed on the Australian Securities Exchange (ASX), Newcrest is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should note that it is a requirement of the ASX Listing Rules that the reporting of Ore Reserves and Mineral Resources in Australia is in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and that Newcrest's Ore Reserve and Mineral Resource estimates and reporting comply with the JORC Code.

Newcrest is also subject to certain Canadian disclosure requirements and standards, as a result of its secondary listing on the Toronto Stock Exchange (TSX), including the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). Investors should note that it is a requirement of Canadian securities law that the reporting of Mineral Reserves and Mineral Resources in Canada and the disclosure of scientific and technical information concerning a mineral project on a property material to Newcrest comply with NI 43-101.

Newcrest's material properties are currently Cadia, Lihir, Red Chris and Wafi-Golpu. Copies of the NI 43-101 Reports for Cadia, Lihir and Wafi-Golpu, which were released on 14 October 2020, and Red Chris, which was released on 30 November 2021, are available at www.newcrest.com and on Newcrest's SEDAR profile.

Competent Person's Statement

The information in this document that relates to Exploration Targets, Exploration Results, and related scientific and technical information, is based on and fairly represents information compiled by Mr F. MacCorquodale. Mr MacCorquodale is the General Manager - Greenfields Exploration and a full-time employee of Newcrest Mining Ltd.. He is a shareholder in Newcrest Mining Ltd. and is entitled to participate in Newcrest's executive equity long term incentive plan, details of which are included in Newcrest's 2022 Remuneration Report. He is a Member of the Australian Institute of Geoscientists. Mr MacCorquodale has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code and as a Qualified Person under NI 43-101. Mr MacCorquodale approves the disclosure of scientific and technical information contained in this document and consents to the inclusion of material of the matters based on his information in the form and context in which it appears.

Authorised by the Newcrest Disclosure Committee

For further information please contact

Investor Enquires
Tom Dixon
+61 3 9522 5570
+61 450 541 389
Tom.Dixon@newcrest.com.au

Rebecca Lay
+61 3 9522 5298
+61 438 355 511
Rebecca.Lay@newcrest.com.au

North American Investor Enquiries
Vlada Cvijetinovic
+1 604 335 9202
+1 604 240 2998
Vlada.Cvijetinovic@newcrest.com.au

Media Enquiries
Tim Salathiel
+61 3 9522 4263
+61 407 885 272
Tim.Salathiel@newcrest.com.au

This information is available on our website at www.newcrest.com.

¹ The Exploration Target as at 30 June 2022 has been extracted from Newcrest's release titled "Quarterly Exploration Report" dated 21 July 2022 which is available at www.asx.com.au under the code "NCM" and on Newcrest's SEDAR profile.
^{2 #} drilling in progress ** partial intercept, assays pending ^ updated intercept or ^^ previously reported.
^{3 #} drilling in progress ** partial intercept, assays pending ^ updated intercept or ^^ previously reported.
⁴ Subject to market and operating conditions and no unforeseen delays.
^{5 #} drilling in progress ** partial intercept, assays pending ^ updated intercept or ^^ previously reported.
⁶ Data on Aurora past production sourced from MinEx Consulting 2020 Global Deposit Database.
⁷ # drilling in progress ** partial intercept, assays pending ^ updated intercept or ^^ previously reported.

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