#1NEWCREST MINING LIMITED Cadia New South Wales, Australia 18 November 2019#2Disclaimer Forward Looking Statements This presentation includes forward looking statements. Forward looking statements can generally be identified by the use of words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", "outlook" and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. 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. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from statements in this presentation. 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 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. Forward looking statements are based on the Company's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company 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 the Company. Readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Except as required by applicable laws or regulations, the Company 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 presentation that relates to Mineral Resources or Ore Reserves has been extracted from the release titled "Annual Mineral Resources and Ore Reserves Statement -31 December 2018" dated 14 February 2019 (the original release). Newcrest confirms that it is not aware of any new information or data that materially affects the information included in the original release and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. Newcrest confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original release. Non-IFRS Financial Information Newcrest results are reported under International Financial Reporting Standards (IFRS) including EBIT and EBITDA. This presentation also includes non-IFRS information including Underlying profit (profit after tax before significant items attributable to owners of the parent company), All-In Sustaining Cost (determined in accordance with the updated World Gold Council Guidance Note on Non-GAAP Metrics which was released in November 2018 and partially adopted by Newcrest (due to the inability to adopt the leasing changes until after 30 June 2019)), AISC Margin (realised gold price less AISC per ounce sold (where expressed as USD), or realised gold price less AISC per ounce sold divided by realised gold price (where expressed as a %), Interest Coverage Ratio (EBITDA/Interest payable for the relevant period), Free cash flow (cash flow from operating activities less cash flow related to investing activities), EBITDA margin (EBITDA expressed as a percentage of revenue) and EBIT margin (EBIT expressed as a percentage of revenue). These measures are used internally by Management to assess the performance of the business and make decisions on the allocation of resources and are included in this presentation to provide greater understanding of the underlying performance of Newcrest's operations. The non-IFRS information has not been subject to audit or review by Newcrest's external auditor and should be used in addition to IFRS information. Reliance on Third Party Information The views expressed in this presentation contain information that has been derived from sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by Newcrest. 1#3Agenda Group 1 9:00am-9:50am 9:50am - 1:30pm Induction and Introduction Underground Tour PC2 extraction level Underground fleet workshop PC1 crusher chamber Group 2 9:00am - 9:50am 9:50am 12:00pm - Induction and Introduction Ore Processing Tour Mills, flotation and hydrofloat Site Asset Operations Centre Upper Rodds Creek Dam and Cadia Hill Pit - 1:30pm 2:00pm 2:00pm - 4:00pm Lunch Ore Processing Tour Mills, flotation and hydrofloat Site Asset Operations Centre Upper Rodds Creek Dam and Cadia Hill Pit - 12:00pm 12:30pm Lunch 12:30pm 4:00pm - Underground Tour PC2 extraction level Underground fleet workshop PC1 crusher chamber 2#4Vision for Cadia Building Cadia for a 50 Year Future SAFETY We will be the safest mine in the world, supported by our culture, critical controls and process safety. PERFORMANCE We will be the lowest operating unit cost hard rock mine in Australia, through our commitment to continuous improvement. PEOPLE We will bring out the best in ourselves, we will be inspired and proud to work at Cadia. Our Values underpin all More than just a mine. we do: Caring about people Integrity and honesty Working together Innovation and problem solving High- performance 3#5Cadia - Leadership Team General Manager Peter Sharpe H&S Environment & Social Responsibility Development Manager Mining Operations Manager Ore Processing Manager Engineering & Projects Mobile Maintenance Manager Technical Planning Fixed Plant Maintenance Manager Human Resources Manager Commercial Manager Business Improvement Manager 4#610 Lihir moz 20 40 40 50 Lihir and Cadia are in a class of their own Resource & Reserve base of global majors' operating assets (moz) 1,2 60 60 NEWCREST MINING LIMITED Solid bars = ore reserve Transparent bars = mineral resource NEWMONT 30 Cadia Pueblo Viejo Porcupine Boddington Carlin Ahafo Cortez BARRICK NEWMONT LUNDINGOLD BARRICK Turquoise Ridge Kalgoorlie Penasquito Goldstrike Fruta del Norte 1 Based on producing assets held by Barrick, Newmont and Newcrest with an attributable reserve >4moz (with Telfer and Fruta del Norte included for illustration). Goldcorp assets have been shown as Newmont following the merger of the two companies. Fruta del Norte is currently under construction and has been provided as a comparison shown on a 100% basis. Source: Company reports as at 18 October 2019. Reserves reflect proven and probable gold ore reserves (contained metal) and Resources represent measured, indicated and inferred gold mineral resources (contained metal) as at 31 December 2018 (other than Newmont's Goldcorp assets which is at 30 June 2018 and Lundin Gold which is at 19 September 2018). Loulo Tanami Cerro Negro 5 Telfer#71 Cadia Stands Out - Lowest cost large scale gold operations 132 Cadia FY19 AISC/oz for lowest cost gold operations 1 ($/oz) 339 Fosterville 442 Olimpiada 580 571 558 Kumtor Blagodatnoye Cortez Data points represent the operations with the lowest AISC/oz for the 12 months ended 30 June 2019 with gold sales > 300koz. Data points have been calculated over the period using quarterly AISC data obtained from Metals Focus, on a per ounce of gold sales basis. 6#8Cadia location SOUTH AUSTRALIA WILCANNIA 132 QUEENSLAND BOURKE 71 TWEED HEADS BOGGABILLA LISMORE YETMAN BALLINA TENTERHELD NOREE GLENN 38 INNES 39 INVERELL GRAFTON WALGETT 37 55 15 NARRABRI ARMIDALE 78 COFFS HARBOUR COONABARABRAN 39 GILGANDRA 37 GUNNADAH COONAMBLE TAMWORTH HEMPSEY 34 PORT MACQUARIE 184 LTAREE UBBO 32 MUSWELLBROOK MUDGEE MAPTLAND CONDOBOLIN 86 PARK NEWCASTLE ORANGE BROKEN HILL 75 COBAR NYNGAN Cadia NOW SOUTH W WENTWORTH MILDURA 20 BALRAKALD HAY 75 HILLSTON GRIFFITH DENILIQUIN JERDERE WEST WYALONG FORBES COWRA 41 BATHURST LITHGOW SYDNEY WOLLONGONG LEETON 02 COOTAMUNDRA NARRANDERN WAGGA WAGGA ASS GOULBURN GUNDAGAI CANBERRA 41 FINLEY 31 QUEANBEYAN 52 58 HOLBROOK 18 BATEMANS BAY ALBURY COOMA VICTORIA MELBOURNE BOMBALAI 23 NATION HIGHWAY NATIONAL ROUTE STATE HIGHWAY -FREEWAY -HIGHWAY ARTERIAL ROAD 7#9Cadia - Health, Safety & Environment Key activities • NewSafe NextGen training delivered to all employees to enhance safety culture - coaches used to embed program TRIFR1,2 12 9 • Mature critical control management • • • program (more than 200% of the targeted number of checks in FY19) Increased process safety controls related to potential seismic risks (3D models) Occupational health and hygiene evolution of monitoring and control plans including onsite screening with 'iCare Lung Bus' Dedicated committees established for Water, Environmental Dust, Diesel Particulate and Silica Dust Investigation report into tailings wall slump released publicly 1 2 TRIFR - Total Recordable Injury Frequency Rate (per million hours worked). Includes all works at Cadia, including Cadia East development 6 3 0 FY13 FY14 FY15 FY16 FY17 FY18 FY19 8#10Cadia achieved our best result yet, with an overall organisation health (OH) score of 78. This is a 5-point improvement on our 2018 score, placing us once again in the top quartile of OH results, based upon global benchmarking. What actions did we commit to? Engage ✓ Vision & Direction ✓ Personal Change Story ✓ Ask and Listen Forging a Stronger Newcrest by making change leadership practical, role- modelling visible leadership, senior leaders committed to having 100,000 Conversations through time in the field and 1:1 interactions with our people Develop ✓ Each Employee has a 'Golden Thread' conversation ✓ Known Role& KRAS or STIs Development Plans in place Deliver Tailored OH Plays Embed practices into the way we work. What outcomes did we deliver? 78 (73) +22 Au since Au Au 61 2016 5656 Au Au Au Au Au I Au Au Au Au Au 45 Au Au Au Au Au Au Au Au Au Au Au Deep dive sessions delivered to share and analyse our results. 39 時 KEY INSIGHTS Cadia saw strong improvement to retain top quartile health. Biggest improvement was seen in inspirational leaders, consultative leadership and competitive insights practices. 2014 2015 2016 2017 2018 2019 All levels of Cadia workforce achieved top quartile health. Achieved top decile results in: Shared Vision, Meaningful Values, Consultative Leadership, Bottom-up Innovation, Creative & Entrepreneurial Operational Discipled. Capability: 93% agree that Newcrest has the capability and knowledge to achieve its goals. We have made improvements on embedding the following practices: Consultative Leadership, Meaningful Values, Employee Involvement, Talent Development, Open & Trusting. 9#11• • • Sustainable mines Cadia Water Saving Initiatives Net water reuse has increased from ~65-70% to -85%. Water saving efficiency measures: • • Improving the level of water recycle from the tailings thickeners in the process plant High water return from the Cadia Hill open pit tailings storage facility Increased water harvesting from the Cadia Extension Pit Net external water consumption reduced by ~30% since start of deposition into the Cadia Hill open pit tailings storage facility on a per tonne of ore milled basis. Storage (as at 31 October 2019) Cadiangullong Dam URC Dam Cadia Hill Open Pit Total Storage (ML) ~400 ~5,400 ~3,200 ~9,000 10#12Sustainable mines Potential new water sources identified • Cadia does not source water directly from sources that also supply regional centres New water sources identified • Cadia Extension Pit - 750ML - full extraction expected by April 2020 • NTSF/STSF Bore fields - potential for 1,300ML per year - not till late 2020 TWO1 W03 uting Te Anau TWG B TWO CT WOR Mino Operations Area PUE CB13 Forestry TWUR Wire Gully NTSF/STSF Bore field • Test bore applications approved Test bores and Monitoring bores completed Sustainable yield information being collected Groundwater assessment required for a project approval modification, to be drafted Community Consultation will be undertaken after the groundwater assessment has been completed. M327 TW07 11#13Sustainable mines Cadia Energy Energy represents -20% of Cadia's operating costs New energy contract announced in December 2017 Fixed price contract to the end of FY23 Investigating renewable energy solutions for Cadia Options considering both "inside and outside the fence" Investigations include a wide variety of technologies including solar and wind 12#14Sustainable mines Potential Cadia Solar Project • Single-axis tracking system. • • PV Panels: approx. 400 W Panels. Registered output power: approx. 20-25 MW. 33 kV electricity transmission line to CVO including crossing of Cadiangullong Creek. • DC to AC Inverters. Example of Trina PV Modules on tracking system www.trinasolar.com Example of 3,000 KVA SMA Inverter 13#15Cadia - Community Relations Open Day - Around 2,000 community members had the opportunity to experience life at an underground mine at Cadia's Community Open Day in April 2019. A$12,500 was raised for CanAssist Blayney, a local charity dedicated to supporting local people affected by cancer. - Tours In 2019 Cadia hosted 10 tours, bringing approximately 180 visitors to the site. Facebook - Introduction of Cadia Facebook page. Rubbish collection - Rubbish collection along public feeder roads from Orange and Millthorpe to Cadia. Accommodation Strategy – Development of Cadia Accommodation Strategy through Western Research Institute SVEDALA 14#16Cadia District Enhancement Project CADIA DISTRICT COMMUNITY The vision of the Cadia District Enhancement Project (CDEP) is to work together as a community to create environmental and community benefits for the Cadia district which will make it a more desirable place to live and work and enhance the value of the area as an agricultural, mining, and lifestyle choice. Achievements in 2019 • • • ● • ● Panuara South Telecommunications tower switched on A$10,000 distributed in educational grants 16 participants in a Chemical Accreditation course 2,405 baits distributed through fox baiting program Hosted Outdoor Movie Night - Red Dog: True Blue Free farm trees distributed • 2019 Weed Calendar distributed • Hosted Free First Aid Course 15#17Cadia - Community Partnerships Summary of FY19 Donations (A$) $2.9 million donated to support $85,000 Community Contributions Donations by Sector 26% Tourism $2,153,878 Community infrastructure 21% c> Indigenous I Education & 12% Childcare community programs, $67,500 Scholarships education and $219,500 CDEP infrastructure 12% M $398,619 Community Partnerships 12% Major Donations A$50,000 Clontarf Foundation supporting local Indigenous boys A$35,000 - Western NSW Local Health District PITCHit event - A$30,000 Orange Local Aboriginal Land Council's Designing Futures program A$27,500 Orange360 Village Tourism Program - A$25,500 - Electric car charging stations for Orange, Blayney and Cabonne Health Community 9% Disadvantaged 7% $ Good Onya & $4$ 16#18Cadia History 1992 Cadia Hill gold-copper porphyry deposit discovered by Newcrest 1994 Cadia East discovered 1996 Ridgeway discovered and Cadia East deep mineralisation discovered 1998 Open pit mining commenced at Cadia Hill 1998 Cadia Concentrator 1 commissioned 2002 Underground mining commenced at Ridgeway 2002 Cadia Concentrator 2 (Ridgeway) commissioned 2009 Bulk underground block cave mining commenced at Ridgeway Deeps 2012 Bulk underground block cave mining commenced at Cadia East PC1 2014 Bulk underground block cave mining commenced at Cadia East PC2 2016 Ridgeway mine was placed under care and maintenance 2018 Northern Tailings Dam Embankment slump occurred 2019 Cadia achieved record annual gold and copper production and record low AISC/oz 2019 Cadia expansion to 33-35mtpa commenced 17#19Cadia - Reduced costs & increased cash flow Site Process Element Mining Description Panel Cave mining from Cadia East (Panel Cave 1 and 2), with underground crushing and conveyor to surface Processing High pressure grinding rolls, SAG mills, ball mills, flotation, coarse ore flotation and gravity concentration Output Principally copper/gold concentrate, gold doré Key Statistics Gold Reserve Life: Gold Ore Reserves: Gold Mineral Resources: Copper Ore Reserves: Copper Mineral Resources: FY20 Prod. Guidance: Q1 FY20 AISC: Q1 FY20 Production: Permitted Processing: Workforce (FTE)³: Cadia 1 ~25 years 22moz 38moz 4.3mt 8.3mt 760-840koz Au, ~100kt Cu² $210/oz 172koz 32mtpa ~800 employees ~690 contractors Production (koz) 1 234 913 669 620 600 FY16 FY17 FY18 FY19 All-In Sustaining Cost ($/oz) Free Cash Flow ($m)4 965 691 482 502 274 241 171 132 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 Reserve life is indicative and calculated as proven and probable gold reserves (contained metal) as at 31 December 2018 divided by gold production for the 12 months ended 30 September 2019. The reserve life calculation does not take into account future gold production rates and therefore estimate reserve life does not necessarily equate to operating mine life. For Cadia Ore Reserves and Mineral Resources refer to slides 39 to 42. Achievement of guidance is subject to market and operating conditions. At 30 June 2019. Employees are Newcrest directly employed FTEs, contractor FTEs include full time embedded contractors and project, replacement labour and other contractors Free cash flow is before interest and tax 18#20Cadia - Site overview Commercial, administration & processing Waste rock dumps Cadia Hill open pit storage facility Cadia East subsidence Location of embankment slump Water storage Southern Tailings Storage Facility Northern Tailings Storage Facility 19#21Cadia - Process plant Ridgeway conveyor Concentrator 1 Mobile maintenance Concentrator 2 Coarse ore stockpile Administration Cadia East conveyor 20 20#22Concentrator 2 Cadia - process flow Concentrator 1 COS Secondary Crushers XXX XX Crushing & Grinding Flotation Ball Mills Rougher / Scavenger Flotation Cells Coarse Ore (HydroFloat) Flotation Cleaner Circuit Tailings Thickener T3 00HPGR Flash Float / Gravity Regrind Mill 40440 Circuit T1/T2 20MW SAG Mill Gold Doré Regrind Mill Concentrate Thickener Crushing & Grinding Secondary Crusher Pebble Primary Tertiary Cyclones Mill Crusher Rougher / Scavenger Flotation Cells Flotation Tailings Thickener Flash Float / Gravity Tertiary Crusher SAG Mill Circuit Ball Mill Gold Doré Regrind Mill Cleaners Circuit 00000 Concentrate Thickener 21 24#231 2 Stage 1 of Cadia Expansion Project Approved 1,2 Stage 1 (in Execution) Estimated capital cost - $685m Stage 2 (in Feasibility Study) Estimated capital cost - $180m further plant expansion to 35mtpa • PC2-3 mine development . materials handling system upgrades • recovery improvements associated infrastructure • study finalisation expected initial works to increase plant capacity to 33mtpa middle of CY20 • PC2-3 mine targeting first production in FY23 targeting completion in late FY22 Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. Stage 2 has been completed to a Pre-Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. As Cadia is an AUD functional currency operation, the Studies have been assessed in AUD and the outcomes in this presentation have been converted to USD using an exchange rate of AUD/USD 0.75. 22#24Cadia Expansion Stage 1 FS Findings Cadia - uniquely long life 1,2 Expected results from implementation of Stage 1 and Stage 2 PC2-3 Capital (stage 1): Expansion to 33mtpa (stage 1): Expansion to 35mtpa (stage 2): Total Project Capital: 1000 900 800 700 600 $ 595m $ 90m $ 180m $ 865m Copper Production (kt) IRR: Payback (years): NPV: 21.5% 7.6 $1,170m 140 120 100 80 80 Gold production (koz) 1 2 500 400 300 200 100 2020 2015 2010 Actuals 2065 2060 2055 2050 2045 2040 2035 2030 Cadia Expansion Study 2025 60 40 64 20 2065 2060 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 Actuals Cadia Expansion Study 23 Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. Stage 2 has been completed to a Pre-Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. The production target underpinning the forecast financial information is contained in the graphs on this slide and is based on utilisation of 100% of the Cadia East Ore Reserves. Refer to slides 41 and 42 for the Cadia East Ore Reserves as at 31 December 2018 but note that such figures are subject to depletions for the period from 1 January 2019.#25Estimated Cadia Gold Equivalent production 1.2,3 1500 1250 1000 750 Gold Equivalent production (koz) 500 250 2010 2015 2020 2025 Ore milled 2030 2035 Ore milled (actual) 2040 2045 2050 2055 -Au eq Au eq (actual) 40 33 35 30 25 22 20 2060 Ore Milled (mt) 15 10 5 0 2065 1 2 3 Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. Stage 2 has been completed to a Pre- Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. Assumptions include: Gold price of US$1,200/oz, copper price of US$3.00/lb, AUD: USD exchange rate of 0.75. Recovered Gold & Copper Production as provided in the charts on slide 23 as indicative of the forward metal sales profile. Gold-equivalent production (by-product basis) = Recovered Au oz+ (Cu Price $US/lb) x 2204.62 / (Au Price US$/oz) x (Recovered copper tonnes as provided in the chart above, as indicative of the forward production profile). Gold grades are as set out in the indicative mine production profile on slide 26. Based on LOM Au recovery of approximately 80% and approximately 85% for Cu. In the Company's opinion, all elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. The production target underpinning the forecast financial information is contained in the graphs on slide 23 and is based on utilisation of 100% of the Cadia East Ore Reserves. Refer to slides 41 and 42 for the Cadia East Ore Reserves as at 31 December 2018 but note that such figures are subject to depletions for the period from 1 January 2019. 24#262 3 Cadia's indicative cave production schedule' 1,2,3 Panel Cave Start Construction First production Ore (mt) PC2-3 (approved to execution) FY19 FY23 142 PC1-2 FY22 FY25 408 PC3-1 FY33 FY36 149 PC2-4 FY42 FY44 113 PC5001 FY44 FY47 96 PC1-4 FY48 FY50 175 PC2-5 FY51 FY54 35 55 35 Ore Production (Mtpa) 30 25 20 15 10 1 5. FYZD FY22 FY24 FY26 FY28 PC2-5 PC1-4 FY30 FY32 PC5001 FY34 FY36 FY38 PC2-4 ■PC3-1 = PC1-2 FY40 FY42 FY44 FY46 FY48 FYSO PC2-3 FYS2 FY54 PC2 FYS6 FY58 Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. Stage 2 has been completed to a Pre-Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. PC1 FY60 FY62 FY64 DEV The production target underpinning the forecast financial information is contained in the graphs on slide 23 and is based on utilisation of 100% of the Cadia East Ore Reserves. Refer to slides 41 and 42 for the Cadia East Ore Reserves as at 31 December 2018 but note that such figures are subject to depletions for the period from 1 January 2019. Processing volumes are expected to progressively ramp up to be in the range of 33-35mtpa, subject to ore presentation from the mine which will vary over time according to draw rates, cave maturity and cave interaction as further caves are developed. For financial evaluation purposes, the projected mine and processing volumes post completion of the expansion are shown at the midpoint of this 33-35mtpa range. 25#27Cadia Expansion Project - Indicative mine plan 1,2,3,4 Timing (Years) Total material movement (mt) Plant Feed (mt) Average Gold grade (g/t) Average Copper grade (%) FY20 - 22 ~92 -87 1.0 0.4 FY23-25 -99 -99 0.5 0.3 FY26-28 ~101 ~101 0.4 0.4 FY29 - 31 -102 ~102 0.4 0.3 FY32 - 34 ~102 ~102 0.4 0.3 FY35-37 ~102 ~102 0.5 0.2 FY38-40 ~102 ~102 0.6 0.2 FY41-43 ~102 ~102 0.5 0.3 FY44 - 46 ~102 ~102 0.4 0.3 FY47-49 ~102 ~102 0.4 0.3 FY50 - 52 ~102 ~102 0.4 0.3 FY53+ Remaining Ore Reserves if any, subject to ongoing study 1 2 3 4 Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. Stage 2 has been completed to a Pre-Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. The production target underpinning the forecast financial information is contained in the graphs on slide 23 and is based on utilisation of 100% of the Cadia East Ore Reserves. Refer to slides 41 and 42 for the Cadia East Ore Reserves as at 31 December 2018 but note that such figures are subject to depletions for the period from 1 January 2019. Based on the Company's knowledge and good faith assumptions as at the date of release of this presentation. The indicative mine plan will be updated on an annual basis, or sooner if there are significant changes in the underlying assumptions. Indicative estimates are provided on a Base Case basis. Further optionality and upside exists in relation to the operation, with there being a number of projects and studies in progress to pursue these 26#28Cadia - Indicative Cave Footprint¹,2 PC1 PC2W PC2E PC2-3 T20 Chamber Workshop & Fuel Bays Footprint 25m below PC2 Transfer Conveyor Crusher 2 Crusher T20 Transfer Conveyor Access to Collection & Sub Stn Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. Stage 2 has been completed to a Pre-Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. As Cadia is an AUD functional currency operation, the Studies have been assessed in AUD and the outcomes in this presentation have been converted to USD using an exchange rate of AUD/USD 0.75. 27#29Cadia Life of Mine recovery improvement¹.2 Expected LOM gold recovery rates of around 80% and copper recovery rates of around 85% Stage 2 Feasibility Study - Estimated capital of $180m The Study will investigate: Concentrator 1 • additional coarse ore flotation capacity Concentrator 2 replacing secondary and tertiary cone crushers • new Vertimills • upgrades to pumps, pumps, hoppers, hoppers, pipes and • thickeners installation of a large Jameson Cell Study completion expected middle of CY20 1 2 Stage 2 has been completed to a Pre-Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. As Cadia is an AUD functional currency operation, the Studies have been assessed in AUD and the outcomes in this presentation have been converted to USD using an exchange rate of AUD/USD 0.75. 28#30Concentrator 2 Stage 1 Expansion to 33mtpa 12 Crushing & Grinding Concentrator 1 Secondary Crushers Flotation Ball Mills Rougher / Coarse Ore Scavenger (HydroFloat) Flotation Cells Flotation Cleaner Circuit Tailings Thickener XX Look HPGR Flash Float / T3 Gravity Circuit T1/T2 COS 3rd Secondary Crusher 22MW SAG Mill Regrind Mill 4000 Regrind Mill Gold Doré Concentrate Thickener Crushing & Grinding Primary Tertiary Secondary Crusher Pebble Cyclone Mill Crusher Upgrade Rougher/ Scavenger Flotation Cells Flotation Tailings Thickener Flash Float / Gravity H Circuit Cleaners Circuit 1 2 Tertiary Crusher SAG Mill Ball Mill Gold Doré Regrind Mill Concentrate Thickener Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. As Cadia is an AUD functional currency operation, the Studies have been assessed in AUD and the outcomes in this presentation have been converted to USD using an exchange rate of AUD/USD 0.75. 29#31Stage 2 Proposed expansion to 35mtpa Crushing & Grinding 1,2 Concentrator 1 Secondary Crushers XX Look HPGR COS 3rd Secondary Crusher 22MW SAG Mill Ball Mills T3 Flash Float / Gravity Circuit T1/T2 Crushing & Grinding Secondary Crusher Upgrade Pebble Crusher Gold Doré Rougher / Coarse Ore Scavenger (HydroFloat) Flotation Cells Flotation → 000 Flotation Cleaner Circuit Tailings Thickener Regrind Mill Additional Coarse Ore Flotation Regrind Mill Concentrate Thickener Primary Cyclone Upgrade Tertiary Mill New Jameson Cell Rougher Rougher/ Scavenger Flotation Tailings Thickener Flotation Cells 1 2 Concentrator 2 Tertiary Crusher Upgrade SAG Mill Flash Float / Gravity Circuit Ball Mill Additional Tertiary Mill Gold Doré Cleaners Circuit Regrind Mill +00000 Concentrate Thickener Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. Stage 2 has been completed to a Pre-Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. As Cadia is an AUD functional currency operation, the Studies have been assessed in AUD and the outcomes in this presentation have been converted to USD using an exchange rate of AUD/USD 0.75. 30#32Cadia - SAG mill motor replacement Concentrator 1 SAG mill motor is expected to be replaced in H2 FY21. • • Replacement to increase power from 20MW to 22MW Expected to increase throughput by approximately 1mtpa Stator frame Rotor poles Mill shell Stator core • Spare motor already available at site • Surface stockpile expected to be generated during mill outage ■Stator winding overhang bracing slot wedge mica tapes stress grading coil-side corona shielding covering tape main insulation strand insulation 31#33Selective Processing' Coarse Ore Flotation • • • Coarse Ore Flotation is an aerated fluidized-bed separator that has demonstrated increased recovery of coarse particles compared to conventional flotation technology The Coarse Ore Flotation circuit treats the full flotation tailings stream from Train 3 (T3) of the Concentrator 1 flotation circuit at Cadia (~9Mtpa) The primary objective of the project is to recover gold and copper currently lost to T3 tailings in coarse composite particles (+150 μm), without additional power input for particle size reduction 1 Pictures courtesy of the Eriez Flotation Division TEETERED/ AERATED ZONE DEWATERING ZONE FEED REJECT Final Tail OVERFLOW LAUNDER FLOAT/ CONC. WATER/ AERATION 32#34Cadia - Edge performance improvement Initiative implemented Initiative • Designed and built Bucket Rolling Machine for maintenance on UG Loader Buckets. Activity • The bucket rolling machine is a large jig that the bucket attaches to, allowing a boilermaker to orientate the bucket into the best position for cutting and welding tasks without the need to mobilise a crane. Benefits . • Improves safety by reducing exposure to potential crush injuries and vehicle interaction. • Better utilisation of specialised personnel. Initiative implemented • Initiative Addressing the wear management and maintenance frequency of the HPGR Bath Tub Chute. Activity • Scoped and installed a full drop-in (rotable) ceramic lined bath tub, reducing labour intensive downtime and increasing component life. Benefits - Rotable Drop in ready to go unit reduces operational downtime and improves task safety. Ceramic lined - Increases component life reduces exposure frequency from 2 per year to 1 per 7-10 years. Yearly maintenance cost reduction of $50k - • Reduction of crane and dogman costs. Original Completed 33#35Cadia - FY19 Operating Data Production - 12 months to 30 June 2019 - AISC 12 months to 30 June 2019 Units Cadia Units Tonnes Mined Tonnes Milled kt 28,779 Gold Produced OZ Cadia 912,777 kt 29,302 Mining $/oz prod. 143 Milling $/oz prod. 233 Head Grade - Gold g/t 1.24 Administration and other $/oz prod. 83 Head Grade - Copper % 0.38 Third party smelting, refining and transporting costs¹ $/oz prod. 125 Recovery Gold % 78.4 Royalties $/oz prod. 57 Recovery Copper % 82.7 By-product credits $/oz prod. (621) Ore inventory adjustments² $/oz prod. 4 Production - Gold OZ 912,777 Net Cash Costs $/oz prod. Production Copper t 90,841 Gold Sold OZ 24 914,017 Adjusted operating costs³ $/oz sold 25 Reclamation and remediation costs $/oz sold 3 Capital expenditure (sustaining) $/oz sold 104 All-In Sustaining Cost $/oz sold 132 Capital expenditure (non-sustaining)4 $/oz sold 88 Exploration (non-sustaining) $/oz sold 2 All-In Cost $/oz sold 222 Depreciation and amortisation5 $/oz sold 205 123+ 4 5 Includes deductions related to treatment and refining charges for metals in concentrate Represents adjustment for ore inventory movements Adjusted operating costs represents net cash costs adjusted for finished goods inventory movements, divided by ounces sold Represents spend on major projects that are designed to increase the net present value of the mine are not related to current production. Significant projects in the period include key expansion projects at Cadia (including PC2-3 feasibility study, mill expansion and recovery studies. Depreciation and amortisation of mine site assets is determined on the basis of the lesser of the asset's useful economic life and the life of the mine. Life-of-mine assets are depreciated according to units of production and the remainder on a straight line basis. Depreciation and amortisation does not form part of All-In Sustaining Cost or All-in Cost with the exception of amortisation on reclamation and remediation (rehabilitation) assets. 34#36. NextGen HydroMet Molybdenum Plant Update Feasibility Study completed: Design of a molybdenum separation plant expected to generate ~6,500tpa of 52% molybdenum concentrate with a 92% recovery • Shipping and logistics parameters confirmed • Full load Commissioning expected to be completed - FY221 1,2,3 FS Key Findings IRR: Capital cost: First production: Estimated By-product credit: 12 3 14.5% ~$95m CY 2021 around $50/oz Indicative Plant Layout Subject to market and operating conditions Estimates were prepared to a Feasibility Study level with the objective of being subject to an accuracy range of ±15%. Molybdenum is not disclosed in Newcrest's Reserves & Resources statement, and production average is indicative only and should not be construed as guidance. Additional confirmatory work is required to support molybdenum minerology understanding and predictability of molybdenum recovery and grade. AISC calculated assuming average molybdenum production of 4.1m lb p.a with a range of between 80-7000ppm 35#37Technology & Innovation Development at Cadia Lower capital, higher productivity caving, low energy intensity, tailings Breakthrough challenges: • Step change reduction in cave establishment costs Low cost increase in mining capacity • Reduce energy intensity • Sustainable, low cost tailings disposal Value capture levers NextGen caving • Lower capital, single pass, undercut-less Autonomous loading & shuttle trucks • Step change productivity: auto loaders & shuttle trucks Selective processing • • Feed grade increase through cave batch draw, belt sensing & sorting Energy saving by coarser processing Sustainable mining • Lower all-in cost, geo-stable tails disposal Supplementary renewable energy TRL Mass sensing & sorting 2 3 4 5 6 7 8 g Principles & Needs Analysis Concept Application Proof of Concept Formulation Experiments Component Bench Testing Component Prototype Testing System Scale Testing System Field Trial Demo Build, Commission & Optimise Operation & Extension 36 == TRL Technology Readiness Levels. Ref EU 2020#38NextGen Caving PC2 broken through to surface mid 2017 early 2018 mid 2018 late 2018 Oct, 2019 K Comminution Zone - Rock actively flowing and breaking up Dilating Zone - Rock mass broken and dilating, but not yet flowing Yielding Zone - Major structures/faults moving; rock mass between not yet broken up. 37#39Cadia Exploration Update Targeting new high grade Au Cu deposits and extensions to the existing Cadia porphyry system Ridgeway S (Ridgeway Au- Cu) Cadia East (potential extensions) NORTH Cadia NE (Ridgeway Au-Cu) EL237 Beneree (Porphyry Au-Cu) Systematic exploration applying in excess of 25 years of in house Cadia Valley knowledge to direct drill targeting in the deeper environment within the Cadia tenure, broader province and beyond. Exploration target vectoring includes • • 3D Geochemical vectoring utilising deposit signatures from ridgeway and Cadia East Alteration vectoring including 4 acid digest data 0 Junction Reefs (Skarn Au) 242033 ELST Glendale (Ridgeway Au-Cu) • Geological and structural data Colman's Hill (Porphyry Au-Cu) • Analysis of historic data NCM JRJV kilometres Target Def. MIMDAS (Extension/infill) MIMDAS Completed New Exploration Technology techniques utilised including Deeper penetrating electrical geophysical applications including MIMDAS utilised with success (conventional systems visualise to 300m, MIMDAS can visualise to 1000m) Targets identified, work programs in progress 38#401 Newcrest's Mineral Resources and Ore Reserves 31 December 2018 Gold Mineral Resources1 2,900 Vik Singh 110 33 0.30 80 5.5 0.38 18 150 Dec-18 Mineral Resources Measured Resource Indicated Resource Inferred Resource Dec-18 Total Resource Competent Person Gold Mineral Resources (inclusive of Gold Ore Reserves) Dry Tonnes Gold Grade Dry Tonnes Gold Grade Dry Tonnes (million) (g/t Au) (million) (g/t Au) (million) Gold Grade (g/t Au) Dry Tonnes (million) Gold Grade (g/t Au) Insitu Gold (million ounces) Dry Tonnes (million) Gold Grade (g/t Au) Comparison to Dec-17 Total Resource In situ Gold (million ounces) Operational Provinces Cadia East Underground Ridgeway Underground Other Total Cadia Province Main Dome Open Pit (ind.stockpiles) West Dome Open Pit Ashok Doorgapershad 0.36 2,900 0.36 34 3,000 0.37 35 0.57 41 0.38 150 0.52 2.4 150 0.52 2.4 0.35 11 0.70 120 0.37 1.5 300 0.43 4.1 38 42 0.67 0.27 0.25 24 0.60 0.46 40 0.68 0.87 0.63 0.15 0.41 150 0.63 3.1 200 0.62 4.0 39 1.7 12 1.5 50 1.6 2.7 61 1.6 3.1 Telfer Underground Other 0.44 2.9 4.4 1.1 4.9 1.3 0.20 4.9 1.3 0.20 6A 8.2 Total Telfer Province Lihir Glenn Patterson-Kane 85 2.0 540 2.3 67 2.3 690 2.3 50 710 2.3 52 1 Gosowong Seguela Denny Lesmana Paul Kitto 2.8 10 0.57 9.2 3.3 10 1.1 3.7 10 1.2 5.8 2.3 0.43 96 100 Total Operational Provinces Non-Operational Provinces MMJV-Golpu/Wafi & Nambonga (50%)² Namosi JV (71.82%)³ David Finn/Greg Job Vik Singh 400 0.86 100 0.72 500 0.83 13 500 0.83 13 1,300 0.11 120 0.08 1,400 0.11 4.9 1,600 0.11 5.4 18 19 Total Non-Operational Provinces Total Gold Mineral Resources NOTE: 1 2 3 110 120 Data are reported to two significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals Gosowong (inclusive of Toguraci and Kencana) is owned and operated by PT Nusa Halmahera Minerals, an incorporated joint venture company (Newcrest 75%). The figures shown represent 100% of the Mineral Resource. MMJV refers to projects owned by the Morobe Mining unincorporated joint ventures between subsidiaries of Newcrest (50%) and Harmony Gold Mining Company Limited (50%). The figures shown represent 50% of the Mineral Resource. Namosi refers to the Namosi unincorporated joint venture, in which Newcrest has a 71.82% interest. The figures shown represent 71.82% of the Mineral Resource at December 2018 compared to 71.42% of the Mineral Resource at December 2017. As per Newcrest Annual Statement of Mineral Resources and Ore Reserves as at 31 December 2018. 39#41Newcrest's Mineral Resources and Ore Reserves 31 December 2018 Copper Mineral Resources1 Dec-18 Mineral Resources Copper Mineral Resources (inclusive of Copper Ore Reserves) Measured Resource Indicated Resource Inferred Resource Dec-18 Total Resource Comparison to Dec-17 Total Resource Competent Person Dry Tonnes (million) Copper Grade (% Cu) Dry Tonnes Copper Grade Dry Tonnes Copper Grade (million) (% Cu) (million) (% Cu) Dry Tonnes (million) Copper Grade (% Cu) Insitu Copper (million tonnes) Dry Tonnes (million) Copper Insitu Copper Grade (million (% Cu) tonnes) 1 Operational Provinces Cadia East Underground Ridgeway Underground Other 2,900 0.26 2,900 0.26 7.6 3,000 0.26 7.7 Vik Singh 110 0.30 41 0.40 150 0.33 0.48 150 0.33 0.48 33 0.13 80 0.19 11 0.52 120 0.20 0.25 300 0.16 0.48 8.3 8.7 5.5 0.094 18 0.093 0.27 0.013 24 0.092 0.022 33 0.077 0.026 150 0.062 0.15 0.026 150 0.062 0.095 200 0.058 0.12 39 0.39 12 0.42 50 0.40 0.20 61 0.40 0.24 14 0.37 14 0.37 0.052 14 0.37 0.052 69 0.29 9.0 0.24 78 0.29 0.22 78 0.29 0.22 0.59 0.66 8.9 9.3 Total Cadia Province Main Dome Open P it (incl.stockpiles) West Dome Open Pit Ashok Doorga pershad Telter Underground Other O'Callaghans Total Telfer Province Total Operational Provinces Non-Operational Provinces MMJV-Golpu/Waf & Nambonga (50%) Namosi JV (71.82%) 5 Total Non-Operational Provinces Total Copper Mineral Resources David Finn/Greg Job Vik Singh 340 1.1 92 0.68 440 1.0 4.4 430 1.0 4.4 1,300 0.35 330 0.37 1,600 0.35 5.7 1,600 0.35 5.4 10 10 19 NOTE: Data are reported to two significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals 4 5 MMJV refers to projects owned by the Morobe Mining unincorporated joint ventures between subsidiaries of Newcrest (50%) and Harmony Gold Mining Company Limited (50%). The figures shown represent 50% of the Mineral Resource. Namosi refers to the Namosi unincorporated joint venture, in which Newcrest has a 71.82% interest. The figures shown represent 71.82% of the Mineral Resource at December 2018 compared to 71.42% of the Mineral Resource at December 2017. As per Newcrest Annual Statement of Mineral Resources and Ore Reserves as at 31 December 2018. 19 40 40#421 Newcrest's Mineral Resources and Ore Reserves 31 December 2018 Gold Ore Reserves¹ Dec-18 Ore Reserves Proved Reserve Probable Reserve Dec-18 Total Reserve Comparison to Dec-17 Total Reserve Competent Person Dry Tonnes Gold Grade Dry Tonnes Gold Grade Dry Tonnes (million) (g/t Au) (million) (g/t Au) (million) Gold Grade (g/t Au) Insitu Gold (million ounces) Dry Tonnes Gold Grade (million) (g/t Au) In situ Gold (million ounces) Gold Ore Reserves Operational Provinces Cadia East Underground Ridgeway Underground Other Total Cadia Province Main Dome Open Pit (incl. stockpiles) West Dome Open Pit Telfer Underground Total Telfer Province Lihir Gosowong & Total Operational Provinces Non-Operational Provinces MMJV - Golpu (50%) 9 10 Namo si JV (71.82%) Total Non-Operational Provinces Total Gold Ore Reserves Note: 18 9 10 1,400 0.47 1,400 0.47 21 1,400 0.48 22 Geoffrey Newcombe 80 0.54 80 0.54 1.4 80 0.54 1.4 86 0.53 1.5 22 25 5.5 0.38 3.7 0.72 9.3 0.52 0.15 21 0.56 0.38 Otto Richter 63 0.75 63 0.75 1.5 65 0.76 1.6 4.9 1.9 4.9 1.9 0.30 8.0 1.7 0.43 2.0 2.4 Steven Butt Jimmy Suroto 85 2.0 240 2.4 330 2.3 24 340 2.3 25 1.4 8.1 1.4 8.1 0.37 1.9 8.0 0.48 49 53 Pasqualino Manca Geoffrey Newcombe 200 0.86 200 0.86 5.5 190 0.91 5.5 950 0.12 5.5 3.7 9.2 54 Data are reported to two significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals. Gosowong (inclusive of Toguraci and Kencana) is owned and operated by PT Nusa Halmahera Minerals, an incorporated joint venture company (Newcrest 75%). The figures shown represent 100% of the Ore Reserve. MMJV refers to projects owned by the Morobe Mining unincorporated joint ventures between subsidiaries of Newcrest (50%) and Harmony Gold Mining Company Limited (50%). The figures shown represent 50% of the Ore Reserve. 62 Namosi refers to the Namosi unincorporated joint venture, in which Newcrest has a 71.82% interest. The figures shown represent 71.82% of the Ore Reserve at December 2018 compared to 71.42% of the Ore Reserve at December 2017. As per Newcrest Annual Statement of Mineral Resources and Ore Reserves as at 31 December 2018. 41#431 Newcrest's Mineral Resources and Ore Reserves 31 December 2018 Copper Ore Reserves¹ Dec-18 Ore Reserves Proved Reserve Probable Reserve Dec-18 Total Reserve Comparison to Dec-17 Total Reserve Competent Person Copper Ore Reserves Dry Tonnes (million) Copper Grade (% Cu) Dry Tonnes (million) Copper Grade (% Cu) Dry Tonnes (million) Copper Grade (% Cu) Insitu Copper (million tonnes) Dry Tonnes (million) Copper Grade Insitu Copper (million (% Cu) tonnes) Operational Provinces Cadia East Underground Ridgeway Underground Other Total Cadia Province Main Dome Open Pit (incl. stockpiles) West Dome Open Pit Telfer Underground O'Callaghans Total Telfer Province Total Operational Provinces Non-Operational Provinces MMJV - Golpu (50%) 11 12 Namosi JV (71.82%) Total Non-Operational Provinces Total Copper Ore Reserves 1,400 0.30 1,400 0.30 4.1 1,400 0.28 4.0 Geoffrey Newcombe 80 0.28 80 0.28 0.23 80 0.28 023 86 0.15 013 4.3 4.3 5.5 0.094 3.7 0.080 9.3 0.088 0.0082 15 0.090 0.013 63 0.076 63 0.076 0.048 65 0.074 0.048 Otto Richter 4.9 0.29 4.9 0.29 0.014 8.0 028 0.023 44 0.29 44 0.29 0.13 44 0.29 013 0.20 0.21 4.5 4.5 Pasqualino Manca Geoffrey Newcombe 200 1.2 200 1.2 2.5 190 1.3 2.4 950 0.37 3.6 2.5 5.9 7.0 Note: Data are reported to two significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals. 11 12 10 MMJV refers to projects owned by the Morobe Mining unincorporated joint ventures between subsidiaries of Newcrest (50%) and Harmony Gold Mining Company Limited (50%). The figures shown represent 50% of the Ore Reserve. Namosi refers to the Namosi unincorporated joint venture, in which Newcrest has a 71.82% interest. The figures shown represent 71.82% of the Ore Reserve at December 2018 compared to 71.42% of the Ore Reserve at December 2017. As per Newcrest Annual Statement of Mineral Resources and Ore Reserves as at 31 December 2018. 42#44NEWCREST MINING LIMITED Board Peter Hay Sandeep Biswas Gerard Bond Philip Aiken AM Roger Higgins Non-Executive Chairman Managing Director and CEO Finance Director and CFO Non-Executive Director Non-Executive Director Forward Shareholder Enquiries to Link Market Services Tower 4, 727 Collins Street Melbourne, Victoria, 3000 Australia Telephone: 1300 554 474 Rick Lee AM Xiaoling Liu Non-Executive Director +61 1300 554 474 Non-Executive Director Facsimile: +61 (0)2 9287 0303 Vickki McFadden Non-Executive Director Email: [email protected] Peter Tomsett Non-Executive Director www.linkmarketservices.com.au Company Secretaries Francesca Lee & Claire Hannon Registered & Principal Office Level 8, 600 St Kilda Road, Melbourne, Victoria, Australia 3004 Telephone: +61 (0)3 9522 5333 Facsimile: +61 (0)3 9522 5500 [email protected] www.newcrest.com.au Email: Website: Stock Exchange Listings Australian Securities Exchange (Ticker NCM) Port Moresby Stock Exchange (Ticker NCM) New York ADR's (Ticker NCMGY) Website: Investor Enquiries Chris Maitland +61 3 9522 5717 +61 439 525 135 [email protected] Tamara Brown +1 647 255 3139 [email protected] Media Enquiries Chris Maitland +61 3 9522 5717 +61 439 525 135 [email protected] 43#45NEWCREST MINING LIMITED Lihir Niolam Island, New Ireland Province, Papua New Guinea 20 November 2019#46Disclaimer Forward Looking Statements This presentation includes forward looking statements. Forward looking statements can generally be identified by the use of words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", "outlook" and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. 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. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from statements in this presentation. 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 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. Forward looking statements are based on the Company's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company 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 the Company. Readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Except as required by applicable laws or regulations, the Company 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 presentation that relates to Mineral Resources or Ore Reserves has been extracted from the release titled "Annual Mineral Resources and Ore Reserves Statement -31 December 2018" dated 14 February 2019 (the original release). Newcrest confirms that it is not aware of any new information or data that materially affects the information included in the original release and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. Newcrest confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original release. Non-IFRS Financial Information Newcrest results are reported under International Financial Reporting Standards (IFRS) including EBIT and EBITDA. This presentation also includes non-IFRS information including Underlying profit (profit after tax before significant items attributable to owners of the parent company), All-In Sustaining Cost (determined in accordance with the updated World Gold Council Guidance Note on Non-GAAP Metrics which was released in November 2018 and partially adopted by Newcrest (due to the inability to adopt the leasing changes until after 30 June 2019)), AISC Margin (realised gold price less AISC per ounce sold (where expressed as USD), or realised gold price less AISC per ounce sold divided by realised gold price (where expressed as a %), Interest Coverage Ratio (EBITDA/Interest payable for the relevant period), Free cash flow (cash flow from operating activities less cash flow related to investing activities), EBITDA margin (EBITDA expressed as a percentage of revenue) and EBIT margin (EBIT expressed as a percentage of revenue). These measures are used internally by Management to assess the performance of the business and make decisions on the allocation of resources and are included in this presentation to provide greater understanding of the underlying performance of Newcrest's operations. The non-IFRS information has not been subject to audit or review by Newcrest's external auditor and should be used in addition to IFRS information. Reliance on Third Party Information The views expressed in this presentation contain information that has been derived from sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by Newcrest. 1#47Agenda Group 1 7:00am 8:00am 8:00am 11:15pm - 11:15pm 12:15pm 12:15pm - 4:30pm Induction and Introduction Open Pit Lunch Processing Plant Group 2 7:00am 8:00am 8:30am 11:15pm - - Induction and Introduction Processing Plant Processing Plant (continued) 11:15pm 12:15pm Lunch 12:15pm 1:15pm 1:15pm - 4:30pm Open Pit - 2#48Lihir – Leadership Team Head of Operations General Manager Chris Jordaan Head of Business Support Manager HR Manager Commercial Manager HSES Manager Mining and Mobile Maintenance Manager P&E and P&U Manager Manager Asset Process Management 3#4910 Lihir moz 20 40 40 50 Lihir and Cadia are in a class of their own Resource & Reserve base of global majors' operating assets (moz) 1,2 60 60 NEWCREST MINING LIMITED Solid bars = ore reserve Transparent bars = mineral resource NEWMONT 30 Cadia Pueblo Viejo Porcupine Boddington Carlin Ahafo Cortez BARRICK NEWMONT LUNDINGOLD BARRICK Turquoise Ridge Kalgoorlie Penasquito Goldstrike Fruta del Norte 1 Based on producing assets held by Barrick, Newmont and Newcrest with an attributable reserve >4moz (with Telfer and Fruta del Norte included for illustration). Goldcorp assets have been shown as Newmont following the merger of the two companies. Fruta del Norte is currently under construction and has been provided as a comparison shown on a 100% basis. Source: Company reports as at 18 October 2019. Reserves reflect proven and probable gold ore reserves (contained metal) and Resources represent measured, indicated and inferred gold mineral resources (contained metal) as at 31 December 2018 (other than Newmont's Goldcorp assets which is at 30 June 2018 and Lundin Gold which is at 19 September 2018). Loulo Tanami Cerro Negro 4 Telfer#50Lihir Map Huniho Volcano NORTH 5 km Airport X Mine Village Kapit Lienetz Minifie Caldera Luise Volcano Kinami Volcano LIHIR, PAPUA NEW GUINEA Lihir Group of Islands Malie Is Plant Site Lihir (Niolam) Is 5#51Lihir – Health, Safety & Environment Key activities . . . . NewSafe NextGen training delivered to all Level 2 employees in FY19 and on track to train all employees during FY20 Critical control management embedded at manager and supervisor level (more than 120,000 checks in FY19) Material risks reviewed and program for assurance of controls including senior management deep-dives applied Nil-on-foot safety project initiated for geothermally active mining areas • Wellness program including health screenings and tailored exercise plans Water and biodiversity workshops on site to support implementation of new Group policies TRIFR1 2 1.5 1 0.5 III.... 0 FY13 FY14 FY15 FY16 FY17 FY18 FY19 1 TRIFR - Total Recordable Injury Frequency Rate (per million hours worked). 6#52Lihir achieved its best result yet, with an overall organisation health (OH) score of 72. This is a 2-point improvement on our 2018 score, placing us in the second quartile of OH results, based upon global benchmarking. What actions did we commit to? Bi-weekly Extended Business Leadership Team sessions to broaden leadership participation & alignment What outcomes did we deliver? 77% Response Rate 1,835 Completed Surveys 8,356 Individual Comments 72 • Implement Trupla Learning Framework to facilitate talent & skills 67 69 70 70 AU development 50 50 Au Au Au Au Au Au Au W Au Au Au Au Au Au Au▾ Au Au Au Au Au Au Au T Au Au Encouraging two way communication through performance dialogues and Opinion Leaders involvement in safety Listening to our people Open & Trusting Talent Development 2014 2015 2016 2017 2018 2019 OH survey highlights Accountability We have communicated a clear vision and targets for our future. 74% Agree Leadership Community We have strong relationships with local communities and government. 77% Agree 7#531 Working with our community Newcrest contributes to PNG's development across the country. Newcrest's reported $37m in Lihir community expenditure1 for FY19. Under our National Engagement Strategy, we partner with reputable organisations to support PNG's national development aspirations, providing funding for programmes that: • • Protect and empower women. Support education and generate regional skills development opportunities for youth. Build human and administrative capacity through leadership and public sector training. • Support national community health initiatives. Promote the environment and biodiversity. ME Community expenditure includes native title/landowner agreements, Indigenous land use agreements, investment in local communities, donations made to charities and community department costs. 8#54Lihir - Community relations • • • What we are doing differently COO Craig Jones and GM Chris Jordaan engaging directly with community and local- level government leaders. Enhance capacity building for local business through Australian Business Volunteers. Collaborate with & empower local level government to deliver on its obligations under various agreements. • • • • Key Achievements No community disruption since June 2015 Ongoing community trust Better collaboration with local-level government New wave of opportunity for local business and income sources 9#55Lihir Agreements Review Update Status The revised MOA is with PNG's National Executive Council for endorsement • Compensation, Relocation and Development Agreements being drafted Next Steps • • Continue to liaise with Mineral Resources Authority for updates on the status of MOA Suite of Agreements to be signed once approved by relevant stakeholders AN 10#56Lihir History 1982 Mineralisation was first discovered by joint venture between Kennecott Exploration and Niugini Mining Limited 1995 Lihir Gold Limited was established (Rio Tinto Limited and Niugini Mining Limited Joint Venture) and a Special Mining Lease was granted 1997 Lihir processing plant commissioned 1997 Lihir first gold pour 2005 Rio Tinto divested itself from the Lihir Joint Venture 2007 Flotation plant installed 2008 Additional autoclave installed 2010 Newcrest acquired Lihir Gold Limited 2013 Second flotation plant installed 2014 Partial oxidation process implemented 2019 Lihir achieved 15mtpa mill throughput rate 11#57Lihir - Strong cash flow generation Production (koz) 1 234 Lihir Site Process Element Mining Description Open pit drill, blast, load and haul mining, currently in Phase 9 of Minifie Pit and Phases 14 & 15 in Lienitz. Substantial stockpiles Key Statistics Gold Reserve Life: 1 ~25 years Gold Ore Reserves: 24moz Gold Mineral Resources: 50moz FY20 Prod. Guidance: 930-1,030koz Au² Q1 FY20 AISC: Processing Crushing, grinding, flotation, pressure oxidation, NCA circuit Q1 FY20 Production: Workforce (FTE)³: $1,054/oz 218koz ~2,400 employees ~3,300 contractors Output Gold dore All-In Sustaining Cost ($/oz) Free Cash Flow ($m)4 900 940 955 933 830 858 934 887 307 353 311 301 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 Reserve life is indicative and calculated as proven and probable gold reserves (contained metal) as at 31 December 2018 divided by gold production for the 12 months ended 30 September 2019. The reserve life calculation does not take into account future gold production rates and therefore estimate reserve life does not necessarily equate to operating mine life. Full gold mineral resources and ore reserves tables can be found on slides 31 to 32 Achievement of guidance is subject to market and operating conditions At 30 June 2019. Employees are Newcrest directly employed FTEs, contractor FTEs include full time embedded contractors and project, replacement labour and other contractors Free cash flow is before interest and tax 12#58Lihir - Process plant FGO mills Flotation & grind thickener HGO mills Oxygen plants Main admin building Coarse ore stockpile Pre-ox tanks CCD NCA #1 N NCA #2 Main gate Lime & cyanide Warehousing Wharf Seawater intake & tailings outfall Diesel power Tank farm station Autoclave buildings Maintenance 13#59Lihir - Mine area Primary crushers Mine offices Geothermal plant Mobile fleet workshop Interim power station Minifie pit area Shovel pad Dyno explosives magazine Lienetz pit area Kapit flat stockpile Near shore cut- off wall (proposed) Future Kapit mine area Harbour waste platform Wharf #1 & #2 tailings barge Jaw crushers Incinerators Inner harbour 14#60Lihir - Process flow sheet Ore sources Crushing Grinding 15 MTPA Expit Car Crusher CRUOT Gyratory 100 Abon Coarse Ore Stockpile Stockpiles Jaw 1 Jaw 2 56 MITAS COM CYTH SAB CHIM Conveyor GMONG W SAG M GM001 Feed 5 Conveyor CV2012 943 W CY100 I NE LUCA 15 MTPA Flotadon Grade Ora Grinding Circul FGO Сраства CYDI Bad MIT GM002 High Grade Ove Grinding Clut HGO1 Сумка CH2001 BATHI MAN High Grade Ore Grinsing Ciru Flotation Autoclave H I HGO2 AC002 Float / autoclave bypass 8 MTPA www VEGE AC001 Pressure Oxidation EG Waste Float tails leach stage 2 Dan Sedon T Seidung Tails leach pipeline 11 MTPA Leaching 15#61Mtpa 16 15 14 13 12 11 10 9 7 186 Lihir's increased throughput lowers AISC per oz 12mtpa 13mtpa 14mtpa By December 2015 By December 2016 By December 2017 Achieved with 12.4mtpa in December 2015 Achieved with 13mtpa in December 2016 quarter × Achieved with 15mtpa in March 2018 quarter quarter 15mtpa By end June 2019 Achieved with 16mtpa in June 2019 quarter Lihir mill throughput (quarterly data annualised) AISC falls in line with increased production Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4 FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1 FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 $1,400 Sep-14 Jun-14 $1,200 Dec-14 Dec-17 Jun-15 Sep-19 Mar-15 $1,000 Sep-15 Sep- Sep-16 Mar-18 Dec-18 Sep-18 Dec-16 Mar-19 Jun-19 Mar-17 $800 Mar-16 Dec-15 Jun-17 Jun-16 Jun-18 All-In Sustaining Cost (US$/oz) $600 $400 140 190 240 290 340 Quarterly production (koz) 16#62NextGen HydroMet partial oxidation strategy - delivering results Actively manage autoclave throughput based on sulphur content of feed to maximise gold production. Microcrystalline pyrite' - appears more reactive and generally has higher gold content. Particle oxidises more rapidly in autoclave, liberating gold relatively quickly Detailed pyrite ore and oxidation response investigations 100 Crystalline (blocky) 10 pyrite' - appears less 1 reactive and 160% Change in Feed Tonnes Relative to production and Oxidation Plant upgrade generally has lower gold content. Gold on rim liberated first, but low grade, pyrite core takes substantially longer to oxidise in autoclave Change AC Tonnes 80% 150% 140% 130% 120% 110% 100% 90% 1 Shown for illustrative purposes, represent the end members of pyrite types FY13 Q3 FY13 Q4 FY14 Q1 FY14 Q2 FY14 Q3 FY14 Q4 F1521 FY15 Q2 FY15 Q3 FY15 Q4 FY16 Q1 FY16 Q2 ⚫ AC Tonnes. AC Oxidation FY16 Q3 FY16 Q4 FY17 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY18 Q1 FY18 QZ FY18 Q3 FY18 Q4 90% 85% 80% 75% 70% 65% 60% 55% 50% AC Oxidation 17#63Lihir - Indicative mine plan 1,2,3,4,5 Timing (Years) Sources Total Material Moved (Mt)³ Waste (Mt) Tonnes to Stockpiles (Mt) Ex-pit Tonnes Fed (Mt) Stockpile Tonnes Fed (Mt) Plant Feed (Mt)4 Average Feed Grade g/t Minifie & Lienetz, medium grade FY20-24 350-360 145-155 50-55 20-25 50-55 70-80 -2.6 stockpiles, and pre-strip Lienetz & Kapit, medium/low grade FY25-29 325-335 150-160 15-20 30-35 40-45 70-80 -2.6 stockpiles and pre-strip FY30-34 Lienetz & Kapit and low grade stockpiles 270-280 95-105 20-25 70-75 0-5 70-80 ~2.5 FY35-39 Kapit and low grade stockpiles 140-150 30-40 0-5 20-25 55-60 70-80 ~1.7 FY40-44 Low grade stockpiles 10-15 10-15 10-15 ~1.5 FY45+ Remaining Ore Reserves if any, subject to ongoing study 1 234 5 As at 15 August 2019. Indicative only and should not be construed as guidance. Subject to market and operating conditions, regulatory and landowner approvals and further study. See slide 32 for details as to the Ore Reserves that underpin the indicative mine plan subject to depletions for the period from 1 January 2019 Includes sheeting material and crusher rehandle. Plant feed = Ex-pit + Stockpile feed Based on the Company's knowledge and good faith assumptions as at the date of release of this presentation. The indicative mine plan will be updated on an annual basis, or sooner if there are significant changes in the underlying assumptions Indicative estimates are provided on a Base Case basis. Further optionality and upside exists in relation to the operation, with there being a number of projects and studies in progress to pursue these 18#64123 2 3 4 Lihir - FY19 Operating Data Production - 12 months to 30 June 2019 - AISC 12 months to 30 June 2019 Units Lihir Units Total Material Moved kt 53,847 Gold Produced OZ Lihir 932,784 Tonnes Milled kt 13,350 Mining $/oz prod. 192 Milling $/oz prod. 398 Head Grade - Gold g/t 2.86 Administration and other $/oz prod. 190 Recovery Gold % 76.0 Third party smelting, refining and transporting costs $/oz prod. 3 Production - Gold OZ 932,784 Royalties $/oz prod. 31 By-product credits $/oz prod. (1) Units Lihir Ore inventory adjustments¹ $/oz prod. 4 Crushing kt 13,389 Production stripping adjustments¹ $/oz prod. (67) Flotation kt 9,214 Net Cash Costs $/oz prod. Total Autoclave kt 7,601 Gold Sold OZ 750 964,553 Adjusted operating costs² $/oz sold 737 Reclamation and remediation costs $/oz sold 4 Production Stripping $/oz sold 65 Capital expenditure (sustaining) $/oz sold 80 Exploration (sustaining) $/oz sold 1 All-In Sustaining Cost $/oz sold 887 Capital expenditure (non-sustaining)³ $/oz sold 43 All-In Cost $/oz sold 930 Depreciation and amortisation4 $/oz sold 348 Represents adjustment for ore inventory movements and removal of production stripping costs Adjusted operating costs represents net cash costs adjusted for finished goods inventory movements, divided by ounces sold Represents spend on major projects that are designed to increase the net present value of the mine are not related to current production. Significant projects in the period include projects to facilitate mining of Kapit ore-body, throughput and recovery related projects at Lihir. Depreciation and amortisation of mine site assets is determined on the basis of the lesser of the asset's useful economic life and the life of the mine. Life-of-mine assets are depreciated according to units of production and the remainder on a straight line basis. Depreciation and amortisation does not form part of All-In Sustaining Cost or All-in Cost with the exception of amortisation on reclamation and remediation (rehabilitation) assets. 19#65Biannual Shut Strategy being formulated Vision "To develop, implement and sustain an optimal comprehensive shutdown strategy that maximises plant uptime and provides operational stability at the lowest cost without negatively impacting on workplace safety or asset integrity." Current Shutdown Delivery Approximately 34 weeks in a year have a major shutdown event within the Lihir Process Plant, this includes Mills, Crushers, Autoclaves etc. Opportunity - FY21 Aug/Feb Improved alignment of maintenance shutdowns in the grinding and autoclave areas has potential to improve both plant uptime and recovery. A lower frequency of major shutdowns has benefits both in terms of operational stability and improved maintenance work management. Notes: Shutdown plan at concept level of development 20 20#66Lihir - Pursuing improvement in recovery Initiative 1 Flash Flotation & Cyclone Efficiency Additional Flotation Capacity Grind Size Reduction Description Recover high grade fast floating material to reduce fines losses through flash flotation. Debottleneck and upgrade existing grinding classification. Additional roughing capacity to improve residence time Potential Recovery Uplift Capital 4 2 & 3 Target Timing 5 1.5% to 2.5% $$ FY21 ~0.5% SA FY24 Tertiary grinding to reduce grind flotation/improve flotation response size to 2% to 3% $$$ FY24 1 Initiatives are currently in Feasibility Study Phase 2 Estimated recovery uplift will be dependant on plant ore feed characteristics and throughput 3 Potential recovery uplift values are not additive when initiatives are combined. The Study will undertake full metallurgical modelling to understand interactions of combined initiatives and recommend a roadmap for recovery uplift. 4 Capital estimates range from approximately $10m to $100m 5 Estimated timing for implementation FGO Flash Flotation & Cyclone Efficiency HGO1 Flash Flotation & Cyclone Efficiency 21 21#67Lihir recovery improvement options • • • • Increase float fines recovery by Increase utilisation of installed float tails leach (FTL) facility by addressing backend capacity constraints • Autoclave improvements reduced available space in Counter Current Decantation (CCD) unit for FTL Adding low cost CCD bypass to leach circuit for full FTL use Modelling of back end system to identify equipment bottlenecks Looking to balance of float tails to be unlocked by debottlenecking Carbon In Leach and carbon systems Engineering started on shortlisted options to define capital cost and economic amount of float tails to process Optimising front end processing to improve recovery Exploring alternative classification systems to send gold streams to more optimal recovery systems Float Tails Leach cyclone pack 22 22#68• • • • • Lihir Seepage Barrier Feasibility Study Feasibility Study Status Ground investigation completed in FY19 Current alignment utilises Harbour Waste Platform and provides opportunity to access additional gold ounces Cut off wall construction using clam shell and hydromill Full scale construction field trials planned for H2 FY20 Completion of feasibility study and cost estimate Q1 FY21 New Seepage Barrier Alignment Near Shore Cut Off Wall Curre ment Cut Off Wall Sept 2018 Cu AAAAA SECTION 1:100 18107 SECTIONE 1.30 кото NOT FOR CONSTRUCTION DRAFT CHAPE Legend Near Shore Cut Off Wall (NSCO) Sept 2018 Cut Off Wall Current Alignment Cut Off Wall 0 100 200 300 m Construction Equipment for Cut off Wall Clam Shell Hydromill Cutter 23 23#69Lihir Seepage Barrier Feasibility Study Infill Initial construction (FY21-23) • • Dredge landslide and marine sediments. from Inner Harbour Infill entrance to Inner Harbour Construct Cut off Wall through Harbour Waste Platform (HWP) Working Platform Cut Off Wall Second stage construction (FY24-25) • Dewater Inner Harbour and stabilise / remove remaining marine sediments. Relocate infrastructure onto HWP (roads, power, geothermal/water pipelines) Construct tsunami bund across HWP Pit Year 27 Inner Harbour Backfill Excavation Public Access Road Haul Road Infill Harbour Waste Platform- Rock Fill Cap Work Platform Backfill Tsunami Bund Wall 24#70Pit cooling - Key activities and achievements Pre-Feasibility Study ongoing • • • Cooling the Hot Ground with cold water injection (CWI): • Drilling of 6 long directional wells completed Water treatment plant completed and 7 months of CWI successfully trialled and demonstrating cooling. Enhancing Depressurisation capability: • • Prototyping of longer horizontal steam relief wells successful Three sub-vertical steam relief wells completed and venting steam for pressure release Forward Work: • Complete CWI trials, analysis and PFS reporting through FY20 • Complete studies on additional methods for mitigating hot ground risks Directional drilling and cold water injection pad Slant CWI H2D #3 Slant Wells w/CWI HZD #4 KSP SRW Kapit Triplet Flankers KSP SRM BR 1909 Steam Relieve Wells Strategic CWI SRW1910 CW115-00 Horizontal CWIMme..00 HDMO HZD #1 SRM1903 C1902 SRM1901 HZD #2 M1911 Diagram of directional drilling 06 ARDP Site 25#71• • • Lihir Deep Sea Tailings Placement Rigorous baseline studies prior to approval DSTP approved as the preferred tailings management option from an environmental and social point of view for Lihir which has limited space for terrestrial tailings storage and is a seismically active region Ongoing monitoring of DSTP under a government approved Environmental Management and Monitoring Plan (EMMP) Lihir Environmental Management System certified to ISO14001:2015 Detailed seabed and tailings footprint surveys every five years as per EMMP requirements Periodic specialist technical reviews to assess DSTP system functioning as designed and develop ongoing research projects Tailings pipeline Mix-de-aeration tank Seawater intake pipe 0m- MLD Mixed layer depth 20- 20 Outfall pipeline 40- Mean MLD&EZD (50 m) 60- EZD Euphotic (photosynthesis) zone depth 80- 100- Outfall terminus 120- -120 m 140- Tailings travel as a density current to depths 160- >1000 m Deep ocean >1000 m 26#72. Lihir DSTP monitoring No significant operational, compliance, environmental or social issues related to the operation of the DSTP system since Newcrest's acquisition of Lihir in 2010. ~20 years of operation & scientific monitoring in accordance with the comprehensive EMMP confirms DSTP remains the most appropriate method of tailings management for Lihir. DSTP surveys conducted every five years monitor: Seabed bathymetry Ocean water quality Water quality monitoring locations +18 • Seabed physio-chemical characterisation • Abundance of deep sea marine fauna +19 10 13. +17 27#73Technology & Innovation Development at Lihir Remote mining, lower energy intensity, step change refractory processes Breakthrough challenge: • Reduce all-in Kapit hot mining costs . Step reduce energy intensity of refractory processing Convert large mineral endowments to higher margin production levels Value capture levers Robotic mining . Remote safe hot mining to reduce pit cooling costs NextGen hydromet . Further processing energy intensity savings by step reduction of selective oxidation • Alternative refractory processing for step change cost reduction and convert low margin mineral endowments Sustainable mines . • Retain and expand geothermal power K Recovery of Gold Remote mining equipment Quickly recover high gold bearing, reactive pyrites Broadened Op Range Leave more low gold bearing, less reactvie blocky pyrites Fondslidesulphur % Oxidation & Energy Intensity Refractory energy intensity reduction TRL 2 3 4 5 6 7 8 Principles & Needs Concept Application Proof of Concept Analysis Formulation Experiments Component Bench Testing Component Prototype Testing System Scale Testing System Field Trial Demo Build, Commission & Optimise = TRL Technology Readiness Levels. Ref EU 2020 Operation & Extension 28#74Lihir - Edge performance improvement Initiative implemented Initiative • PH14 Final Wall design compliance Achieved • Safer final pit walls that could be steepened • · • to mine additional ore which otherwise would have been left behind Benefits Ensure safety of people operating below O Optimal value of pit design balancing waste stripping and ore recovery Create more room for better ramp system Current initiative in progress Initiative • Float Tails Leach cyclone overflow direct to the Neutralisation Cyanidation Adsorption circuit (NCA) Activity • Design and install a bypass from the Float circuit to the NCAs when the existing Counter Current Decanter (CCD) circuit is at capacity Potential Benefits Increased gold production by lifting the current average rate of tails presented to the NCA circuit to closer to its design rate 1.34 1 1 AL PMAL SARL PRICE Start of ore 872RL bench Area of pit wall steepening 1 Bulk of ore at base of pit in South East area PH14 Design Ver5.0 with Total Material Gained 3D schematic of solution being installed 29#75Lihir Exploration Systematic regional exploration of six previously identified early stage targets Work programs currently active to assess these early stage targets include soil sampling, mapping and geological interpretation aimed at defining regional drill targets outside of the mine area. kilometres Kapit *Lienetz Minifie 30 30#761 Newcrest's Mineral Resources and Ore Reserves 31 December 2018 Gold Mineral Resources1 Dec-18 Mineral Resources Measured Resource Indicated Resource Inferred Resource Dec-18 Total Resource Competent Person Gold Mineral Resources (inclusive of Gold Ore Reserves) Dry Tonnes Gold Grade Dry Tonnes Gold Grade Dry Tonnes (million) (g/t Au) (million) (g/t Au) (million) Gold Grade (g/t Au) Dry Tonnes (million) Gold Grade (g/t Au) Insitu Gold (million ounces) Dry Tonnes (million) Gold Grade (g/t Au) Comparison to Dec-17 Total Resource In situ Gold (million ounces) Operational Provinces Cadia East Underground Ridgeway Underground 2,900 0.36 2,900 0.36 34 3,000 0.37 35 Vik Singh 110 0.57 41 0.38 150 0.52 2.4 150 0.52 2.4 Other 33 0.30 80 0.35 11 0.70 120 0.37 1.5 300 0.43 4.1 38 42 Total Cadia Province Main Dome Open Pit (ind.stockpiles) West Dome Open Pit Ashok Doorgapershad 5.5 0.38 18 0.67 0.27 0.25 24 0.60 0.46 40 0.68 0.87 150 0.63 0.15 0.41 150 0.63 3.1 200 0.62 4.0 39 1.7 12 1.5 50 1.6 2.7 61 1.6 3.1 Telfer Underground Other 0.44 2.9 4.4 1.1 4.9 1.3 0.20 4.9 1.3 0.20 6A 8.2 Total Telfer Province Lihir Glenn Patterson-Kane 85 2.0 540 2.3 67 2.3 690 2.3 50 710 2.3 52 1 Gosowong Seguela Denny Lesmana Paul Kitto 2.8 10 0.57 9.2 3.3 10 1.1 3.7 10 1.2 5.8 2.3 0.43 96 100 Total Operational Provinces Non-Operational Provinces MMJV-Golpu/Wafi & Nambonga (50%)² Namosi JV (71.82%)³ David Finn/Greg Job Vik Singh 400 0.86 100 0.72 500 0.83 13 500 0.83 13 1,300 0.11 120 0.08 1,400 0.11 4.9 1,600 0.11 5.4 18 19 Total Non-Operational Provinces Total Gold Mineral Resources NOTE: 1 2 3 110 120 Data are reported to two significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals Gosowong (inclusive of Toguraci and Kencana) is owned and operated by PT Nusa Halmahera Minerals, an incorporated joint venture company (Newcrest 75%). The figures shown represent 100% of the Mineral Resource. MMJV refers to projects owned by the Morobe Mining unincorporated joint ventures between subsidiaries of Newcrest (50%) and Harmony Gold Mining Company Limited (50%). The figures shown represent 50% of the Mineral Resource. Namosi refers to the Namosi unincorporated joint venture, in which Newcrest has a 71.82% interest. The figures shown represent 71.82% of the Mineral Resource at December 2018 compared to 71.42% of the Mineral Resource at December 2017. As per Newcrest Annual Statement of Mineral Resources and Ore Reserves as at 31 December 2018. 31#771 Newcrest's Mineral Resources and Ore Reserves 31 December 2018 Gold Ore Reserves¹ Dec-18 Ore Reserves Proved Reserve Probable Reserve Dec-18 Total Reserve Comparison to Dec-17 Total Reserve Competent Person Dry Tonnes Gold Grade Dry Tonnes Gold Grade Dry Tonnes (million) (g/t Au) (million) (g/t Au) (million) Gold Grade (g/t Au) Insitu Gold (million ounces) Dry Tonnes Gold Grade (million) (g/t Au) In situ Gold (million ounces) Gold Ore Reserves Operational Provinces Cadia East Underground Ridgeway Underground Other Total Cadia Province Main Dome Open Pit (incl. stockpiles) West Dome Open Pit Telfer Underground Total Telfer Province Lihir Gosowong & Total Operational Provinces Non-Operational Provinces MMJV - Golpu (50%) 9 10 Namo si JV (71.82%) Total Non-Operational Provinces Total Gold Ore Reserves Note: 18 9 10 1,400 0.47 1,400 0.47 21 1,400 0.48 22 Geoffrey Newcombe 80 0.54 80 0.54 1.4 80 0.54 1.4 86 0.53 1.5 22 25 5.5 0.38 3.7 0.72 9.3 0.52 0.15 21 0.56 0.38 Otto Richter 63 0.75 63 0.75 1.5 65 0.76 1.6 4.9 1.9 4.9 1.9 0.30 8.0 1.7 0.43 2.0 2.4 Steven Butt Jimmy Suroto 85 2.0 240 2.4 330 2.3 24 340 2.3 25 1.4 8.1 1.4 8.1 0.37 1.9 8.0 0.48 49 53 Pasqualino Manca Geoffrey Newcombe 200 0.86 200 0.86 5.5 190 0.91 5.5 950 0.12 5.5 3.7 9.2 54 Data are reported to two significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals. Gosowong (inclusive of Toguraci and Kencana) is owned and operated by PT Nusa Halmahera Minerals, an incorporated joint venture company (Newcrest 75%). The figures shown represent 100% of the Ore Reserve. MMJV refers to projects owned by the Morobe Mining unincorporated joint ventures between subsidiaries of Newcrest (50%) and Harmony Gold Mining Company Limited (50%). The figures shown represent 50% of the Ore Reserve. 62 Namosi refers to the Namosi unincorporated joint venture, in which Newcrest has a 71.82% interest. The figures shown represent 71.82% of the Ore Reserve at December 2018 compared to 71.42% of the Ore Reserve at December 2017. As per Newcrest Annual Statement of Mineral Resources and Ore Reserves as at 31 December 2018. 32#78NEWCREST MINING LIMITED Board Peter Hay Sandeep Biswas Gerard Bond Philip Aiken AM Roger Higgins Non-Executive Chairman Managing Director and CEO Finance Director and CFO Non-Executive Director Non-Executive Director Forward Shareholder Enquiries to Link Market Services Tower 4, 727 Collins Street Melbourne, Victoria, 3000 Australia Telephone: 1300 554 474 Rick Lee AM Xiaoling Liu Non-Executive Director +61 1300 554 474 Non-Executive Director Facsimile: +61 (0)2 9287 0303 Vickki McFadden Non-Executive Director Email: [email protected] Peter Tomsett Non-Executive Director www.linkmarketservices.com.au Company Secretaries Francesca Lee & Claire Hannon Registered & Principal Office Level 8, 600 St Kilda Road, Melbourne, Victoria, Australia 3004 Telephone: +61 (0)3 9522 5333 Facsimile: +61 (0)3 9522 5500 [email protected] www.newcrest.com.au Email: Website: Stock Exchange Listings Australian Securities Exchange (Ticker NCM) Port Moresby Stock Exchange (Ticker NCM) New York ADR's (Ticker NCMGY) Website: Investor Enquiries Chris Maitland +61 3 9522 5717 +61 439 525 135 [email protected] Tamara Brown +1 647 255 3139 [email protected] Media Enquiries Chris Maitland +61 3 9522 5717 +61 439 525 135 [email protected] 33