NCM:CC - Newcrest Exploration Update - 14 March 2023

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

Melbourne, Australia--(Newsfile Corp. - March 13, 2023) - Newcrest (ASX: NCM) (TSX: NCM) (PNGX: NCM) - 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

• 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.

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 Leapfrog^TM model.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7614/158332_bbac7c9444c70af4_003full.jpg

 
Figure 2. Long section view (looking North West) of the Red Chris porphyry corridor showing drill hole locations, gold distribution and Exploration Target.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7614/158332_bbac7c9444c70af4_004full.jpg

Appendix 1

Red Chris (70% Newcrest): JORC Table 1

Section 1: Sampling Techniques and Data

Forward-Looking Statements

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

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

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

Ore Reserves and Mineral Resources Reporting Requirements

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

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

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

Competent Person's Statement

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

Authorised by the Newcrest Disclosure Committee

For further information please contact

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

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

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

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

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

Endnotes
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¹ The Exploration Target as at 30 June 2022 has been extracted from Newcrest's release titled "Quarterly Exploration Report" dated 21 July 2022 which is available at www.asx.com.au under the code "NCM" and on Newcrest's SEDAR profile.
² Subject to market and operating conditions and no unforeseen delays.

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