Newcrest Mining : Red Chris exploration success expands East Ridge Exploration Target delivering additional mining potential

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Exploration Update

14 March 2023

Red Chris exploration success expands East Ridge Exploration Target delivering additional mining potential

At Red Chris, the Exploration Target for East Ridge has been significantly enhanced 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, as highlighted in Table 1 below. 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.

	Table 1. Red Chris Exploration Target
Scenario	Date	Mt	Au g/t	Cu %	Au Moz	Cu Mt
Lower Case	6 March 2023	400	0.42	0.49	5.4	1.9
Upper Case	6 March 2023	500	0.39	0.47	6.1	2.3
Lower Case	30 June 2022	170	0.5	0.5	2.8	0.9
Upper Case	30 June 2022	300	0.4	0.4	4.3	1.3

• 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.
• Drilling indicates East Ridge could contain higher gold and copper grades than Cave Block 2, the second East Zone block cave.
• East Ridge mineralisation could provide future mining optionality to reprioritise block cave sequencing and target these higher grade tonnes after Cave Block 1, the first East Zone block cave, to increase value at Red Chris. It could also offer potential for a second production front in parallel to the main underground development.

Newcrest Interim Chief Executive Officer, Sherry Duhe, said, "We are delighted to substantially increase our Exploration Target at East Ridge. The scale of East Ridge and its proximity to our existing infrastructure, means it has the potential to play a significant role in the long-term future of Red Chris. We believe East Ridge represents a considerable opportunity for Newcrest as we continue to pursue further options to unlock value at Red Chris. With our deep mining capabilities and proven exploration success, we are very well placed to maximise the value of this Tier 1 asset," said Ms Duhe.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne

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Red Chris, British Columbia, Canada

Red Chris is a joint venture between Newcrest (70%) and Imperial Metals Corporation (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.

At East Ridge, located adjacent to the East Zone, drilling is ongoing with 71 holes completed and 5 in progress (as of 31 December 2022, previously reported). 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 900m long, 250m 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, as described above 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.

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 10 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 20232. Work will be undertaken to deliver an updated Red Chris Mineral Resource estimate including East Ridge in calendar year 20232.

Figure 1. Schematic plan view map of the Red Chris porphyry corridor spanning East Ridge, East Zone, Main Zone and Gully Zone showing the East Ridge Exploration Target, 0.3g/t Au, 1g/t Au, 0.3% Cu and 1% Cu shell projections generated from a LeapfrogTM model.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne

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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.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne

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Appendix 1

Red Chris (70% Newcrest): JORC Table 1

Section 1: Sampling Techniques and Data

CriteriaCommentary

Sampling	Core samples are obtained from core drilling. HQ and NQ diameter diamond core was drilled on a
techniques	3, 4.5m or 6m run. Core was cut using an automatic core-cutter and half core sampled at 2m
	intervals. Cover sequences were not sampled.
Drilling techniques	Core drilling was advanced with HQ3, HQ, NQ3 and NQ diameter coring configuration.
	Core from inclined drill holes are oriented on 3, 4.5m or 6m runs using an electronic core orientation
	tool (Reflex ACTIII). At the end of each run, the bottom of hole position is marked by the driller,
	which is later transferred to the whole drill core run length with a bottom of hole reference line.

Drill sample recovery

Logging

Sub-sampling techniques and sample preparation

Quality of assay data and laboratory tests

Core recovery is systematically recorded from the commencement of coring to end of hole, by reconciling against driller's depth blocks in each core tray with data recorded in the database. Drillers depth blocks provided the depth, interval of core recovered, and interval of core drilled.

Core recoveries were typically 100%, with isolated zones of lower recovery.

Geological logging recorded qualitative descriptions of lithology, alteration, mineralisation, veining, and structure. All drill core is geologically logged.

Geotechnical measurements were recorded including Rock Quality Designation (RQD) fracture frequency, solid core recovery and qualitative rock strength measurements.

Magnetic susceptibility measurements were recorded every metre.

All geological and geotechnical logging was conducted at the Red Chris Mine.

Digital data logging was captured, validated and stored in an acQuire database.

All drill cores were photographed, prior to cutting and/or sampling the core.

Sampling, sample preparation and quality control protocols are considered appropriate for the material being sampled.

Core was cut and sampled at the Red Chris Mine core processing facility. Half core samples were collected in plastic bags together with pre-numbered sample tags and grouped in wood crates for dispatch to the laboratory. Sample weights typically varied from 5 to 10kg. Sample sizes are considered appropriate for the style of mineralisation. Drill core samples were freighted by road to the laboratory.

Sample preparation was conducted at the independent ISO 9001 certified and ISO 17025 accredited Bureau Veritas Commodities Canada Ltd Laboratory, Vancouver (Bureau Veritas). Samples were dried at 650C, and crushed to 95% passing 4.75 mm, and the split to obtain up to 1kg sub-sample, which was pulverised (using LM2) to produce a pulped product with the minimum standard of 95% passing 106μm.

Duplicate samples were collected from crush and pulp samples at a rate of 1:20. Duplicate results show an acceptable level of variability for the material sampled and style of mineralisation.

Periodic size checks (1:20) for crush and pulp samples and sample weights are provided by the laboratory and recorded in the acQuire database.

Geotechnical and metallurgical work is in progress, this work includes 12 samples each containing 20m of half drill core from East Ridge dispatched in early December 2022, to Base Metallurgical Laboratories Ltd in Kamloops. Results are pending.

Assaying of drill core samples was conducted at Bureau Veritas. All samples were assayed for 59 elements using a 4-acid digestion followed by ICP-AES/ICP-MS determination (method MA250). Gold analyses were determined by 50g fire assay with ICP-ES finish (method FA350). Carbon and Sulphur were determined by Leco (method TC000) and mercury using aqua regia digestion followed by ICP-ES/MS determination (method AQ200).

Sampling and assaying quality control procedures consisted of inclusion of certified reference material (CRMs), coarse residue and pulp duplicates with each batch (at least 1:20).

Assays of quality control samples were compared with reference samples in the acQuire database and verified as acceptable prior to use of data from analysed batches.

Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne

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Criteria	Commentary
	Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats and
	grind size results are captured in the acQuire database and assessed for accuracy and precision
	for recent data.
	Due to the limited extent of the drilling program to date, extended quality control programs are yet
	to be undertaken, whereby pulped samples will be submitted to an umpire laboratory and
	combined with more extensive re-submission programs.
	Analysis of the available quality control sample assay results indicates that an acceptable level of
	accuracy and precision has been achieved and the database contains no analytical data that has
	been numerically manipulated.
	The assaying techniques and quality control protocols used are considered appropriate for the
	data to be used for reporting exploration drilling results.
Verification of	Sampling intervals defined by the geologist are electronically assigned sample identification
sampling and	numbers prior to core cutting. Corresponding sample numbers matching pre-labelled sample tags
assaying	are assigned to each interval.
	All sampling and assay information were stored in a secure acQuire database with restricted
	access.
	Electronically generated sample submission forms providing the sample identification number
	accompany each submission to the laboratory. Assay results from the laboratory with
	corresponding sample identification are loaded directly into the acQuire database.
	Assessment of reported significant assay intervals was verified by re-logging of drill core intervals
	and assessment of high resolution core photography. The verification of significant intersections
	has been completed by company personnel and the Competent Person/Qualified Person.
	No adjustments are made to assay data, and no twinned holes have been completed. Drilling
	intersects mineralisation at various angles.
	There are no currently known drilling, sampling, recovery, or other factors that could materially
	affect the accuracy or reliability of the data.
Location of data	Drill collar locations were surveyed using a RTK GPS with GNSS with a stated accuracy of +/-
points	0.025m.
	Drill rig alignment was attained using an electronic azimuth aligner (Reflex TN14
	GYROCOMPASS). Downhole survey was collected at 9 to 30m intervals of the drill hole using
	single shot survey (Reflex EZ-SHOT). At the end of hole, all holes have been surveyed using a
	continuous gyro survey to surface (Reflex EZ-GYRO).
	Topographic control is established from PhotoSat topographic data and derived digital elevation
	model. The topography is generally low relief to flat, with an average elevation of 1500 m, with
	several deep creek gullies.
	All collar coordinates are provided in the North American Datum (NAD83 Zone 9).
Data spacing and	The drill hole spacing ranges from 100 - 200m in lateral extent within an area of 1.5km2 at the
distribution	East Ridge.
	No sample compositing is applied to samples.
Orientation of data	Drilling of reported drill holes are oriented perpendicular to the intrusive complex. The intrusive
in relation to	complex has an east-northeast orientation, with drilling established on a north-northwest
geological	orientation.
structure	Drill holes exploring the extents of the East Ridge mineral system intersected moderately dipping
	volcanic and sedimentary units cut by sub-vertical intrusive lithologies. Steeply dipping mineralised
	zones with an east-northeast orientation have been interpreted from historic and Newcrest drill
	holes.
Sample security	The security of samples is controlled by tracking samples from drill rig to database.
	Drill core was delivered from the drill rig to the Red Chris Mine core yard every shift. Geological
	and geotechnical logging, high resolution core photography and cutting of drill core was
	undertaken at the Red Chris core processing facility.
	Samples were freighted in sealed bags with security tags by road to the laboratory, and in the
	custody of Newcrest representatives.
Newcrest Mining Limited - Level 8, 600 St Kilda Road, Melbourne	5