Exploration Update - 9 December 2020

Author: Newcrest Mining Limited / 2023-07-27 11:13 / Source: Newcrest Mining Limited

Exploration Update - 9 December 2020

MELBOURNE,Australia,Dec. 10,2020 --

Highlights

Newcrest announces an initial Inferred Mineral Resource estimate for the Havieron Project of 52Mt @ 2.0g/t Au and 0.31% Cu for 3.4Moz Au and 160Kt Cu[1],[2] reported in accordance with the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves 2012 (JORC Code)

Brownfields exploration drilling at Red Chris was focused on the discovery of additional zones of higher grade mineralisation within the porphyry corridor

Newcrest entered into the Juri Joint Venture with Greatland Gold,which expands Newcrest's total landholding in the highly prospective Paterson Province to ~3,200km[2]

Exploration drilling has commenced at the Wilki Project in the Paterson Province,Western Australia and the Jarbidge Project in Nevada,USA

Newcrest Managing Director and Chief Executive Officer,Sandeep Biswas said,"We are excited to announce our initial Inferred Mineral Resource estimate for Havieron which is a pivotal step in the journey to fully define the potential of this project. We recently announced our expansion into the highly prospective Paterson Province through the Juri Joint Venture,which,together with our existing interest in the Wilki Project,expands our search area for the next Havieron style deposit."

Havieron - Significant results since the September 2020 Quarterly Exploration Report:

HAD056W1

- 205.8m @ 1.2g/t Au & 0.24% Cu from 598m

- Including 31.8m @ 3.1g/t Au & 0.38% Cu from 722m

HAD057W4

- 100m @ 2.1g/t Au & 0.05% Cu from 1029m

- Including 19.3m @ 6.2g/t Au & 0.07% Cu from 1089.3m

HAD097W2

- 119.2m @ 2.7g/t Au & 0.40% Cu from 937.8m

- Including 2.8m @ 65g/t Au and 0.46% Cu from 1010.6m

HAD101

- 147.2m @ 1.1g/t Au & 0.18% Cu from 1083.8m

- Including 15.7m @ 4.2g/t Au & 0.41% Cu from 1213m

- 92.5m @ 1.9g/t Au & 0.06% Cu from 1296m

- Including 14m @ 6.2g/t Au & 0.10% Cu from 1373m

- 53.3m @ 1.5g/t Au & 0.25% Cu from 1593m

HAD103

- 90.6m @ 2.3g/t Au & 0.18% Cu from 776.4m

- Including 2.4m @ 67g/t Au and 0.33% Cu from 822.7m

HAD105

- 298.8m @ 1.2g/t Au & 0.11% Cu from 801.6m

- Including 15.8m @ 3.5g/t Au & 0.22% Cu from 821m

* partial results,assays pending ** partial intercept,assays pending; ^ updated intercept or ^^ previously reported.

Red Chris - Significant resultssince the September 2020 Quarterly Exploration Report:

RC641:

- 854m@ 0.43g/t Au & 0.30% Cu from 66m

- including120m @ 0.82g/t Au & 0.87% Cu from 612m

- including12m @ 1.0g/t Au & 1.1% Cu from 716m

RC645:

- 442m@ 0.55g/t Au & 0.45% Cu from 714m

- including142m @ 0.94g/t Au & 0.72% Cu from 882m

- including54m @ 1.3g/t Au & 0.99% Cu from 960m

RC646:

- 606m@ 0.37g/t Au & 0.33% Cu from 488m

- including70m @ 0.58g/t Au & 0.51% Cu from 710m

- including22m @ 1.0g/t Au & 0.62% Cu from 858m

RC650:

- 112m@ 0.57g/t Au & 0.45% Cu from 530m

- including100m @ 0.62g/t Au & 0.50% Cu from 532m

RC658:

- 538m@ 0.41g/t Au & 0.31% Cu from 558m

- including88m @ 0.85g/t Au & 0.57% Cu from 632m

- including34m @ 1.3g/t Au & 0.84% Cu from 682m

Further information in relation to Interim Exploration Update can be found in our market release on www.asx.com.auunder the code "NCM",SEDAR or on our website at www.newcrest.com.

[1]Refer to Newcrest announcement titled "Initial Inferred Mineral Resource estimate for Havieron of 3.4Moz of gold and 160Kt of copper" dated 10 December 2020 and available on www.asx.com.auunder the code "NCM" and SEDAR and on our website at www.newcrest.com.The Inferred Mineral Resource estimate is presented on a 100% basis. As announced on 30 November 2020,Newcrest has now met the Stage 3 expenditure requirement (US$45 million) and is entitled to earn an additional 20% joint venture interest,resulting in an overall joint venture interest of 60% (Greatland Gold 40%). Newcrest can earn up to a 70% joint venture interest through total expenditure of US$65 million and the completion of a series of exploration and development milestones in a four-stage farm-in over a six year period that commenced in May 2019. Newcrest may acquire an additional 5% interest at the end of the farm-in period at fair market value.

[2]Data is reported within an A$50/t NSR shell to two significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals. The NSR/t is based on a typical NSR formula that accounts for assumed metals prices of US$1,400/oz Au and US$3.40/lb Cu,domain-specific metallurgical recoveries of 84-94% for Au and 82-92% for Cu,a AUD:USD exchange rate of 0.75,as well as treatment and refining costs,payabilities and royalties,similar to those at Telfer.

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","anticipate","believe","continue","objectives","targets","outlook" and "guidance",or other similar words and may include,without limitation,statements regarding estimated reserves and resources,certain plans,strategies,aspirations and objectives of management,anticipated production,study or construction dates,expected costs,cash flow or production outputs and anticipated productive lives of projects and mines. Newcrest 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 Newcrest's actual results,performance and achievements or industry results 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 reserves,political and social risks,changes to the regulatory framework within which Newcrest 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 Newcrest's results and performance,please see the risk factors included in the Annual Information Form dated 13 October 2020 lodged with ASX and SEDAR.

Forward looking statements are based on Newcrest's good faith assumptions 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 the COVID-19 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.

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 Limited. He is a shareholder in Newcrest Mining Limited and is entitled to participate in Newcrest's executive equity long term incentive plan,details of which are included in Newcrest's 2020 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

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