Comet Resources' Quarterly Activities Report – June 2021

Comet Resources Limited (Comet or the Company) (ASX:CRL), is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2021 (the Quarter). The Company proactively progressed various exploration programs across its projects and successfully completed the acquisition of a portfolio of copper-gold and base metals assets in Australia's Northern Territory. Post Quarter end, the Company provided an update regarding the status of ongoing metallurgical test work on graphite from its Springdale Graphite Project located in Western Australia.

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Activities Report for Quarter Ended 30 June 2021

Highlights

  • Final investment decision (FID) made to complete full development of Abra Mine, with first production scheduled for Q1 CY2023
  • Cash balance as at Quarter-end A$96.2M following final A$40M investment tranche received from Abra Joint Venture partner, Toho Zinc of Japan, and first US$30M drawn under the Taurus Project Debt Facilities
  • Early stage / enabling construction works continued during the Quarter with a further 2% of the Project being completed, taking cumulative Project completion to 17%
  • Achievement of 2020 Abra drilling objectives announced together with updated Mineral Resource estimate
  • Managing Director role transitioned to Mr Tony James, a Mining Engineer with considerable project development and operational experience in Western Australia

GALENA MINING LTD. ("Galena" or the "Company") (ASX: G1A) reports on its activities for the quarter ending 30 June 2021 (the "Quarter"), largely focused on advancing its 60%-owned Abra Base Metals Project ("Abra" or the "Project") located in the Gascoyne region of Western Australia.

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Newcrest Mining Limited – Quarterly Report for the Three Months Ended 30 June 2021

Strong June Quarter delivers FY21 guidance and quarterly records Creating a brighter future for people through safe and responsible miningGoal of net zero carbon emissions by 2050 Industry leading low injury rates underpinned by a 27% improvement in TRIFR in the June 2021 quarter Achieved FY21 production guidance, with Cadia exceeding the top end of its guidance range Quarterly gold production of 542koz and copper …

(figures are unaudited and in US$ except where stated)

Strong June Quarter delivers FY21 guidance and quarterly records

  • Creating a brighter future for people through safe and responsible mining

    • Goal of net zero carbon emissions by 2050(1)
    • Industry leading low injury rates(2) underpinned by a 27% improvement in TRIFR(3) in the June 2021 quarter
  • Achieved FY21 production guidance, with Cadia exceeding the top end of its guidance range(4)
  • Quarterly gold production of 542koz(5) and copper production of 38kt
  • All-In Sustaining Cost (AISC) of $797/oz(5)in the June quarter
  • June quarter AISC margin of 55% or $983/oz(6)
  • Cadia achieved record annualised mined ore and mill throughput rates
  • Cadia recorded its lowest reported quarterly AISC of negative $377/oz
  • Red Chris recorded its lowest reported quarterly AISC of $651/oz
  • FY21 AISC of $905/oz, delivering an AISC margin of 49% or $884/oz(6) for the financial year
  • Advancing multiple organic growth options
  • Exploration decline development works progressing well at Red Chris and Havieron
  • Cadia Molybdenum Plant first production is expected by the end of September 2021(7)
  • Lihir Phase 14A Pre-Feasibility Study expected to be released by the end of September 2021(8)
  • Cadia PC1-2 Pre-Feasibility Study expected to be released by the end of September 2021(8)
  • Red Chris Pre-Feasibility Study expected to be released by the end of September 2021(8)
  • Havieron Pre-Feasibility Study expected to be released in the second half of CY21(8)

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, “Newcrest has safely delivered its group production and cost guidance for the year following a strong fourth quarter. Cadia exceeded the top end of its production guidance range and delivered mine and mill throughput records, showcasing the quality of this world class asset. Newcrest’s All-In Sustaining Cost of $797oz for the June quarter was underpinned by record quarterly AISC outcomes for Cadia and Red Chris, translating to an impressive All-In Sustaining Cost margin of $983oz.”

“We have made significant progress advancing our multiple organic gold and copper growth options during the quarter. At Red Chris and Havieron we commenced decline development works which are the critical path to reaching commercial production. We are also on track to release the outcomes of several of our exciting growth studies through the remainder of the calendar year which we believe will help articulate the future potential of our business.”

“Following the localised seismic event at Cadia earlier this month, the Prohibition Notice has been lifted and we are currently rehabilitating the affected area. As previously disclosed, we do not expect this event to impact gold and copper production in FY22 and our development and expansion works continue uninterrupted,” said Mr Biswas.

Overview

Gold production was 6% higher than the prior period(9) driven by a strong performance from Cadia and Telfer. Lihir’s gold production was 4% lower in the quarter due to unplanned downtime in the autoclaves, lower head grade and recovery rates, and the overrun of the planned March 2021 shutdown.

Newcrest’s AISC for the June 2021 quarter of $797/oz(5) was$96/oz lower than the prior period, reflecting the benefit of higher copper sales volumes at Cadia, Telfer and Red Chris, a higher realised copper price and higher gold sales volumes at Telfer and Cadia. These benefits were partially offset by the associated increase in treatment, refining and transportation costs and royalties.


Metric Jun 2021 Qtr Mar
2021 Qtr
Dec 2020 Qtr Sep
2020 Qtr
FY21 FY20 FY21 Guidance(10)
Group(5)
– gold
oz 542,332 512,424 535,477 503,089 2,093,322 2,171,118 1,950-2,150koz
– copper t 38,370 35,034 34,557 34,763 142,724 137,623 135-155kt
– silver oz 270,797 228,543 230,769 214,412 944,521 983,431
Cadia – gold oz 194,757 179,546 194,088 196,504 764,895 843,338 680-760koz
– copper t 28,105 26,324 26,643 25,329 106,402 96,042 95-105kt
Lihir – gold oz 176,341 183,231 200,173 177,337 737,082 775,978 720-820koz
Telfer – gold oz 125,603 105,228 98,855 86,452 416,138 393,164 360-420koz
– copper t 4,685 3,666 2,443 2,384 13,177 16,278 10-20kt
Red Chris(11) – gold oz 10,815 11,095 11,375 12,636 45,922 38,933 45-55koz
– copper t 5,580 5,044 5,471 7,050 23,145 25,302 25-30kt
Gosowong(12) – gold oz 103,282
Fruta del Norte(5),(13) – gold oz 34,816 33,324 30,986 30,160 129,285 16,422 95-110koz









Fatalities Number 0 0 0 0 0 0
TRIFR(14) mhrs 1.9 2.6 1.6 2.6 2.3 2.6
All-In Sustaining Cost(5),(15) $/oz 797 893(16) 963(16) 980 905 862
All-In Cost(17) $/oz 1,242 1,253 1,349 1,275 1,278 1,044
All-In Sustaining Cost margin(6) $/oz 983 854 836 847 884 668
Realised gold price(18) $/oz 1,780 1,751 1,815 1,837 1,796 1,530
Realised copper price(18) $/lb 4.42 3.86 3.26 2.97 3.66 2.57
Realised copper price(18) $/t 9,744 8,510 7,187 6,548 8,069 5,666
Average exchange rate AUD:USD 0.7700 0.7729 0.7303 0.7147 0.7467 0.6715
Average exchange rate PGK:USD 0.2843 0.2846 0.2853 0.2872 0.2854 0.2927
Average exchange rate CAD:USD 0.8124 0.7896 0.7667 0.7504 0.7789 0.7452

All figures are shown at 100% unless stated otherwise.

Operations

Cadia, Australia

Highlights Metric Jun 2021 Qtr Mar
2021 Qtr
Dec
2020 Qtr
Sep
2020 Qtr
FY21 FY20 FY21
Guidance
TRIFR mhrs 2.0 11.3 7.5 3.6 6.1 4.9
Total production – gold oz 194,757 179,546 194,088 196,504 764,895 843,338 680-760koz
– copper t 28,105 26,324 26,643 25,329 106,402 96,042 95-105kt
Head Grade
– gold g/t 0.92 0.94 0.95 1.02 0.95 1.14
– copper % 0.40 0.41 0.39 0.40 0.40 0.39
Sales
– gold oz 201,494 175,295 194,183 195,146 766,118 848,959
– copper t 29,039 25,332 26,477 24,596 105,444 96,437
All-In Sustaining Cost $/oz (377) (160) (6) 113 (109) 160
All-In Sustaining Cost margin $/oz 2,157 1,911 1,821 1,724 1,905 1,370

Cadia achieved record annualised mined ore volumes from Cadia East of 38.1mtpa and a record annualised mill throughput rate of 34.3mtpa in the June 2021 quarter. The higher volumes of ore processed offset the reduction in grade and contributed to an 8% increase in gold production in the period. Mill throughput also benefited from no major planned shutdown events, higher plant availability and debottlenecking initiatives in Concentrator 1.

Cadia’s new quarterly AISC record of negative $377/oz reflects the benefits of higher gold and copper sales volumes and a higher realised copper price. These benefits were only partially offset by associated higher royalty payments and treatment, refining and transportation costs.

On 2 July 2021, a localised seismic event occurred in the Eastern end of Panel Cave 2. No injuries were sustained and all personnel working in the affected area were accounted for and safely returned to surface in accordance with Newcrest’s standard operating procedure. Mining operations in all other areas, development activities and
above-ground operations all continued uninterrupted. The Prohibition Notice that was issued by the New South Wales Government Resources Regulator in respect of the event was lifted on 5 July 2021. An improvement notice has been issued and rehabilitation of the affected area is currently underway. Newcrest does not expect this event to impact gold or copper production in FY22.

As foreshadowed in Newcrest’s March 2021 quarterly report, the replacement of the SAG mill motor commenced in early July 2021 and is expected to take ~19 weeks(19) to complete. Newcrest has implemented a SAG bypass for the duration of the SAG mill motor replacement and Concentrator 1 is operating at ~60% of its normal capacity, which will temporarily reduce gold and copper production and increase AISC/oz during this period.

Newcrest is on track to complete commissioning of the Molybdenum Plant (Moly Plant) and expects to achieve first production by the end of September 2021(19). The Moly Plant is expected to deliver an additional revenue stream for Cadia in the form of a molybdenum concentrate which will be recognised as a by-product credit to AISC.

The Cadia PC1-2 Pre-Feasibility Study is expected to be released by the end of September 2021(20).

Lihir, Papua New Guinea

Highlights Metric Jun 2021 Qtr Mar
2021 Qtr
Dec
2020 Qtr
Sep
2020 Qtr
FY21 FY20 FY21
Guidance
TRIFR mhrs 0.4 0.4 0.0 0.5 0.3 0.6
Production – gold oz 176,341 183,231 200,173 177,337 737,082 775,978 720-820koz
Head Grade
– gold g/t 2.45 2.58 2.27 2.34 2.40 2.38
Sales
– gold oz 197,651 194,356 170,308 210,831 773,146 760,724
All-In Sustaining Cost $/oz 1,481 1,293 1,438 1,283 1,370 1,206
All-In Sustaining Cost margin $/oz 299 458 377 554 426 324

Gold production of 176koz was 4% lower than the prior period reflecting the impact of unplanned downtime in the autoclaves, lower head grade and recovery rates, and the overrun of the planned March 2021 shutdown. This was partially offset by the benefit of there being no planned shutdown events in the period, which enabled a 6% increase in mill throughput. Head grade and recovery were impacted by a higher proportion of lower grade stockpile feed as access to expit ore in Phase 14 was obstructed by high rainfall events.

Scheduled maintenance activities that were planned for September 2021 have been brought forward and are expected to be completed during a period of unplanned downtime of Autoclave 4. This planned maintenance activity is currently underway, largely offsetting the impact on FY22 gold production associated with the Autoclave 4 downtime.

Lihir’s AISC of $1,481/oz was 15% higher than the prior period driven by an increase in stripping activities in Phase 15, timing of sustaining capital spend and higher COVID-19 related costs. These impacts were partially offset by marginally higher gold sales volumes.

Technical and risk mitigation studies to support the Phase 14A Pre-Feasibility Study were substantially progressed during the June 2021 quarter. Newcrest expects to release the findings of the Phase 14A Pre-Feasibility Study by the end of September 2021(21). Newcrest also expects to complete the Seepage Barrier Feasibility Study by the end of September 2021.

Lihir – Material Movements

Ore Source Metric Jun 2021 Qtr Mar 2021 Qtr Dec 2020 Qtr Sep 2020 Qtr FY21 FY20
Ex-pit crushed tonnes kt 819 1,407 1,918 1,236 5,379 5,445
Ex-pit to stockpile kt 364 695 615 1,610 3,283 6,585
Waste kt 6,776 6,967 4,793 6,269 24,805 18,055
Total Ex-pit kt 7,959 9,068 7,326 9,115 33,467 30,085
Stockpile reclaim kt 2,229 1,566 1,765 2,192 7,752 8,250
Stockpile relocation kt 3,164 3,139 2,884 3,306 12,493 13,599
Total Other kt 5,393 4,705 4,649 5,498 20,244 21,850
Total Material Moved kt 13,352 13,774 11,975 14,613 53,712 51,935

Lihir – Processing

Equipment Metric Jun 2021 Qtr Mar 2021 Qtr Dec 2020 Qtr Sep 2020 Qtr FY21 FY20
Crushing kt 3,048 2,973 3,683 3,426 13,130 13,696
Milling kt 3,010 2,835 3,691 3,255 12,792 13,798
Flotation kt 2,191 2,070 2,835 2,780 9,876 10,414
Total Autoclave kt 1,722 1,642 1,998 1,592 6,954 7,319

Telfer, Australia

Highlights Metric Jun
2021 Qtr
Mar
2021 Qtr
Dec 2020 Qtr Sep 2020 Qtr FY21 FY20 FY21
Guidance
TRIFR mhrs 4.3 5.2 1.8 4.6 4.2 4.9
Production – gold oz 125,603 105,228 98,855 86,452 416,138 393,164 360-420koz
– copper t 4,685 3,666 2,443 2,384 13,177 16,278 10-20kt
Head Grade – gold g/t 0.87 0.88 0.94 0.86 0.89 0.90
– copper % 0.13 0.12 0.09 0.09 0.11 0.14
Sales
– gold oz 135,799 102,449 87,992 85,096 411,336 391,339
– copper t 5,098 3,000 2,152 2,311 12,560 16,283
All-In Sustaining Cost $/oz 1,203 1,489 1,560 1,797 1,473 1,281
All-In Sustaining Cost margin(22) $/oz 577 262 255 40 323 249

Gold production of 126koz was 19% higher than the prior period driven by higher throughput and recovery, partially offset by lower head grade and a reduction in dump leach ounces. Mill throughput was 20% higher in the June 2021 quarter reflecting the increased operational run time. The increase in gold recovery is a result of successful sulphur blending strategies together with other recovery improvement initiatives.

Telfer’s AISC of $1,203/oz was 19% lower than the prior period primarily driven by higher gold and copper sales volumes and a higher realised copper price. These benefits were partially offset by an increase in sustaining capital expenditure and higher treatment, refining and transportation costs and royalty payments.

Red Chris, Canada

Highlights(23) Metric Jun 2021 Qtr Mar 2021 Qtr Dec 2020 Qtr Sep 2020 Qtr FY21 FY20 FY21
Guidance
TRIFR mhrs 6.6 4.1 1.8 11.1 6.6 12.7
Production – gold oz 10,815 11,095 11,375 12,636 45,922 38,933 45-55koz
– copper t 5,580 5,044 5,471 7,050 23,145 25,302 25-30kt
Head Grade – gold g/t 0.35 0.42 0.42 0.40 0.39 0.39
– copper % 0.40 0.43 0.45 0.46 0.44 0.54
Sales – gold oz 10,390 10,778 12,641 11,834 45,643 37,271
– copper t 5,299 4,988 6,072 6,642 23,002 24,432
All-In Sustaining Cost $/oz 651 2,169 3,278 2,621 2,248 1,703
All-In Sustaining Cost margin $/oz 1,129 (418) (1,463) (784) (452) (173)

Gold production of 11koz was in line with the prior period, with higher throughput and recovery offset by lower gold head grade.

Red Chris’ AISC of $651/oz is 70% lower than the prior period and is a quarterly record for the site. This record outcome reflects Phase 7 stripping costs being of a non-sustaining nature, the benefit of a higher copper price, higher copper sales volumes and the completion of production stripping activities in Phase 5. These benefits were partially offset by an increase in sustaining capital expenditure and lower gold sales volumes.

In the period, production stripping costs relating to Phase 7 have been classified as Non-Sustaining in accordance with World Gold Council guidance, reflecting the multi-year nature of the stripping and that the associated ore production phase is expected to be more than five years. These costs will continue to be classified as Non-Sustaining over the expected duration of the Phase 7 stripping campaign.

During FY21, Newcrest invested in a number of additional improvement initiatives across the site including a new fleet management system, the replacement of the conventional CAT 793 truck tubs with high performance trays and a new cleaner column that was commissioned in the June 2021 quarter and is expected to improve recoveries. These initiatives have contributed to elevated full year AISC expenditures but are expected to help deliver reductions in site unit costs in the longer term.

The latest drilling results for Red Chris are included in the June 2021 Quarterly Exploration Report which was also released today. An update on the Red Chris Block Cave studies and associated activity is contained later in this report.

Fruta Del Norte, Ecuador

Newcrest acquired the gold prepay and stream facilities and an offtake agreement in respect of Lundin Gold Inc’s Fruta del Norte mine for $460 million in April 2020.

In the June 2021 quarter, Newcrest received net pre-tax cash flows of ~$33 million from these financing facilities, and has received a total of ~$95 million net pre-tax cash flows since acquisition of the facilities.

Included within Newcrest’s gold production for the June 2021 quarter is 35koz relating to Newcrest’s 32% equity interest in Lundin Gold Inc, the owner of the Fruta del Norte mine.

Project Development

Red Chris, Canada

Newcrest commenced development of the exploration decline at Red Chris following receipt of regulatory approval at the end of April 2021. Other achievements include:

  • Box cut excavation has been completed
  • Exploration decline has advanced 21 metres as at 14 July 2021
  • Surface earthworks, offices and other infrastructure is in place to support the decline development
  • Pre-permitting activities for the next stages of the early works program are underway

Newcrest expects to release its Red Chris Block Cave Pre-Feasibility Study by the end of September 2021(24).

Havieron, Western Australia

The Havieron Project is located 45km east of Newcrest’s Telfer operation and is operated by Newcrest under a Joint Venture Agreement with Greatland Gold plc.

Newcrest received the required regulatory approvals to commence construction of an exploration decline at Havieron following approval of the Water Management Plan on 30 April 2021.

Construction activities are progressing to plan with achievements as at 14 July 2021 including:

  • Box cut and portal completed in May 2021
  • Exploration decline commenced on 14 May 2021 and has advanced 69 metres
  • Decline contractor has moved to 24 hour operations
  • All surface support infrastructure is nearing completion

Works to progress the necessary approvals and permits that are required to commence the development of an operating underground mine and associated infrastructure at the Project are ongoing(25).

Newcrest expects to release its Havieron Pre-Feasibility Study in the second half of CY21(24).

The latest drilling results for the Havieron Project are included in the June 2021 Quarterly Exploration Report which was also released today.

Wafi-Golpu, Papua New Guinea

In December 2020 an Environment Permit for the Wafi-Golpu Project was granted.

As previously advised, subsequent to the grant of the Environment Permit, the Governor of Morobe Province and the Morobe Provincial Government commenced legal proceedings in the National Court in Papua New Guinea seeking judicial review of the decision to issue the Environment Permit. The participants in the Wafi-Golpu Joint Venture (including Newcrest) are not defendants to the proceedings. The National Court is yet to determine this judicial review application. At this stage, project and permitting activities can still progress.

Newcrest, together with its Wafi-Golpu Joint Venture partner Harmony, is currently engaging with the State of Papua New Guinea to progress permitting of the Wafi-Golpu Project and has commenced discussions in relation to the Special Mining Lease.

Exploration

See the separately released “Quarterly Exploration Report” for the June 2021 quarter.

COVID-19 Update

To date, Newcrest has not experienced any material COVID-19 related disruptions to production or to the supply of goods and services.

The number of COVID-19 cases at Lihir remains at levels that are within the capability of the care and treatment and isolation facilities, with the majority of these cases continuing to be asymptomatic. Newcrest continues to strengthen its COVID-19 controls at Lihir, focusing on containment through extensive contact tracing and isolation procedures. Charter flights with restricted capacity are operating between Papua New Guinea and Australia, as are limited commercial flights between Port Moresby and Brisbane.

There were no material COVID-19 related events impacting gold production at Lihir during the financial year. However, as advised in the March 2021 quarterly report, the ability to attract labour, travel restrictions, contact tracing and associated isolation requirements has impacted total material mined. Delays have also been experienced on development projects (including Phase 14A ground support trials) and shutdown performance due to difficulty in mobilising and accommodating labour. There remains a risk of COVID-19 impacting production at Lihir and this continues to be closely managed.

There is currently a COVID-19 related lockdown in the Orange district of New South Wales in which the Cadia operation is located. Cadia has escalated the controls under its Pandemic Response Plan in order to manage risks pertaining to the health and safety of its workforce and ongoing operations.

All Newcrest operations have business continuity plans and contingencies in place which strive to minimise disruptions due to the pandemic and to best position the operations to continue producing. Should any material impacts arise, Newcrest will inform the market in line with its continuous disclosure obligations.

In FY21, Newcrest incurred ~$70 million in COVID-19 management costs, of which $53 million related to Lihir. Costs associated with managing COVID-19 risks in FY21 were around $30 million higher than anticipated due to more extensive testing, longer quarantining periods, additional accommodation, rostering and other labour costs, and other preventative actions. Elevated costs related to the pandemic are expected to continue through FY22.

Corporate

Goal of Net Zero Carbon Emissions

As previously announced, Newcrest has set a goal of net zero carbon emissions by 2050 which relates to its operational (Scope 1 and Scope 2) emissions. Additionally, Newcrest will continue to work across its value chain to reduce its Scope 3 emissions. See release titled “Newcrest sets goal of net zero carbon emissions by 2050” dated 18 May 2021 for further information.

Community Support Fund

Newcrest’s A$20 million Community Support Fund was established in April 2020 in response to the COVID-19 pandemic. Since its inception it has supported a variety of initiatives ranging from immediate health assistance to livelihood restoration and economic recovery across Papua New Guinea, Australia, Canada (British Columbia) and Ecuador. Recent initiatives have included:

  • A commitment of ~US$1.8 million to support vaccine rollout (and additional in-kind logistical support) as part of the UNICEF Australia COVID Vaccination Alliance in Papua New Guinea with a focus on New Ireland Province.
  • The establishment of the first Intensive Care Unit (ICU) in the Province of Zamora-Chinchipe (Ecuador) which Newcrest completed in partnership with Lundin Gold, SolGold, and Ecuadorian authorities. The ICU will provide much needed care in response to the COVID-19 pandemic. In the longer term the ICU is expected to support other critical health needs and emergency response capabilities of the regional Yantzaza Hospital.

Board and Executive Announcements

In May 2021, Newcrest announced the impending retirement of Gerard Bond, the Company’s Finance Director and Chief Financial Officer. Mr Bond is the longest serving member of Newcrest’s Executive Committee and Board and he will retire on 3 January 2022 after 10 years in the role. The process to select Mr Bond’s successor has commenced. See separate release titled “Senior Management Announcement – Finance Director & CFO to retire” dated 5 May 2021 for further information.

Ms Jane McAloon was appointed to the Board as an independent Non-Executive Director and a member of the Human Resources and Remuneration Committee, effective from 1 July 2021. See release titled “Newcrest Board Appointment” dated 24 June 2021 for further information.

Interactive Analyst CentreTM

Newcrest’s financial and operational information can now be viewed via the Interactive Analyst CentreTMwhich is locatedunder the Investor tab on Newcrest’s website (www.newcrest.com). This interactive tool allows users to chart and export Newcrest’s current and historical results for further analysis.

Sandeep Biswas
Managing Director and Chief Executive Officer

Gold Production Summary

June 2021
Quarter
Mine Production Tonnes
(000’s)(26)
Tonnes Treated
(000’s)
Head
Grade
(g/t Au)
Gold Recovery
(%)
Gold Production (oz) Gold Sales (oz) All-In Sustaining Cost
($/oz)(5)
Cadia East Panel Cave 1 1,057
Cadia East Panel Cave 2 8,189
Cadia East Panel Cave 2-3 263
Cadia(27) 9,509 8,550 0.92 77.3 194,757 201,494 (377)
Telfer Open Pit 10,209 4,821 0.81 79.5 99,360
Telfer Underground 543 598 1.40 84.7 22,873
Telfer Dump Leach 3,370
Telfer 10,752 5,419 0.87 80.4 125,603 135,799 1,203
Lihir 7,959 3,010 2.45 74.5 176,341 197,651 1,481
Red Chris 6,765 1,745 0.35 55.4 10,815 10,390 651
Fruta del Norte(28) 34,816 34,816 800
Total 34,986 18,725 1.10 76.3 542,332 580,149 797

All figures are shown at 100%, except for Red Chris which is shown at Newcrest’s 70% share and Fruta del Norte which is shown at Newcrest’s 32% attributable share through its 32% equity interest in Lundin Gold Inc.

Copper Production Summary

June 2021
Quarter
Copper Grade
(%)
Copper Recovery
(%)
Concentrate Produced
(tonnes)
Metal Production
(tonnes)
Cadia 0.40 82.7 119,617 28,105
Telfer Open Pit 0.10 61.2 29,075 3,062
Telfer Underground 0.30 91.4 17,644 1,623
Telfer 0.13 69.1 46,718 4,685
Red Chris 0.40 79.6 25,573 5,580
Total 0.29 80.3 191,909 38,370

All figures are shown at 100%, except for Red Chris which is shown at Newcrest’s 70% share.

Silver Production Summary

June 2021
Quarter
Tonnes Treated
(000’s)
Silver Production
(oz)
Cadia 8,550 166,024
Telfer 5,419 58,896
Lihir 3,010 12,715
Red Chris 1,745 33,162
Total 18,725 270,797

All figures are shown at 100%, except for Red Chris which is shown at Newcrest 70% share.

All-In Sustaining Cost – June 2021 Quarter

3 Months to 30 June 2021
Units Cadia Telfer Lihir Red Chris Corp/
Other
Group(29)
Gold Produced oz 194,757 125,603 176,341 10,815 507,516
Mining $/oz prod. 162 576 259 1,906 335
Milling $/oz prod. 287 376 576 1,221 429
Administration and other $/oz prod. 145 206 410 1,188 274
Lease adjustments $/oz prod (3) (24) (6) (218) (14)
Third party smelting, refining and transporting costs(30) $/oz prod. 201 182 4 722 139
Royalties $/oz prod. 118 74 47 93 82
By-product credits $/oz prod. (1,476) (407) (1) (4,923) (772)
Ore inventory adjustments(31) $/oz prod. (16) (3) 97 (331) 20
Production stripping adjustments(31) $/oz prod. (111) (512) (49)
AOD adjustments(31) $/oz prod. 6 1
Net Cash Costs $/oz prod. (582) 986 1,275 (854) 445
Gold Sold oz 201,494 135,799 197,651 10,390 545,334
Adjusted operating costs(32) $/oz sold (532) 1,015 1,261 (1,110) 492
Corporate general & administrative costs(33),(34) $/oz sold 68 68
Reclamation and remediation costs $/oz sold 6 3 9 73 8
Production stripping (sustaining)(35) $/oz sold 76 (3) 27
Advanced operating development $/oz sold (5) (1)
Capital expenditure (sustaining) $/oz sold 146 143 128 1,429 19 182
Exploration (sustaining) $/oz sold 15 2 169 8
Leases (sustaining) $/oz sold 3 32 5 93 13
All-In Sustaining Cost $/oz sold (377) 1,203 1,481 651 87 797
Growth and development costs(34) $/oz sold 4 4
Production stripping (non-sustaining)(35) $/oz sold 23 536 18
Capital expenditure (non-sustaining)(36) $/oz sold 708 131 1,655 25 365
Exploration (non-sustaining) $/oz sold 1 5 355 43 51
Leases (non-sustaining) $/oz sold 5 5 7
All-In Cost $/oz sold 337 1,208 1,635 3,197 164 1,242
Depreciation and amortisation(37) $/oz sold 277 274 395 2,316 12 370

All figures are shown at 100%, except for Red Chris which is shown at 70%. AISC and AIC may not calculate based on amounts presented in these tables due to rounding.

All-In Sustaining Cost – Year ended 30 June 2021

12 Months to 30 June 2021
Units Cadia Telfer Lihir Red
Chris
Corp/ Other Group(38)
Gold Produced oz 764,895 416,138 737,082 45,922 1,964,037
Mining $/oz prod. 171 731 254 1,683 356
Milling $/oz prod. 318 425 554 1,107 447
Administration and other $/oz prod. 117 202 331 1,268 242
Lease Adjustments $/oz prod (3) (28) (6) (53) (10)
Third party smelting, refining and transporting costs(39) $/oz prod. 175 139 3 665 114
Royalties $/oz prod. 103 61 47 78 73
By-product credits $/oz prod. (1,138) (261) (1) (3,982) (592)
Ore inventory adjustments(40) $/oz prod. (1) (17) 83 (52) 26
Production stripping adjustments(40) $/oz prod. (163) (606) (75)
AOD adjustments(40) $/oz prod. 9 2
Net Cash Costs $/oz prod. (258) 1,261 1,102 108 583
Gold Sold oz 766,118 411,336 773,146 45,643 1,996,243
Adjusted operating costs(41) $/oz sold (258) 1,273 1,079 64 583
Corporate general & administrative costs(42),(43) $/oz sold 55 55
Reclamation and remediation costs $/oz sold 5 4 10 66 8
Production stripping (sustaining)(44) $/oz sold 135 488 63
Advanced operating development $/oz sold (9) (2)
Capital expenditure (sustaining) $/oz sold 139 146 140 1,538 13 186
Exploration (sustaining) $/oz sold 2 19 1 38 6
Leases (sustaining) $/oz sold 3 40 5 54 13
All-In Sustaining Cost $/oz sold (109) 1,473 1,370 2,248 68 912
Growth and development costs(43) $/oz sold 5 5
Production stripping (non-sustaining)(44) $/oz sold 21 122 11
Capital expenditure (non-sustaining)(45) $/oz sold 601 91 636 14 294
Exploration (non-sustaining) $/oz sold 1 4 476 40 52
Leases (non-sustaining) $/oz sold 6 1 4
All-In Cost $/oz sold 499 1,477 1,482 3,482 128 1,278
Depreciation and amortisation(46) $/oz sold 260 252 358 1,538 12 337

All figures are shown at 100%, except for Red Chris which is shown at 70%. AISC and AIC may not calculate based on amounts presented in these tables due to rounding.


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Simplified Lihir Pit Material Flow – June 2021 Quarter

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Simplified Lihir Process Flow – June 2021 Quarter

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Corporate Information
Board

Peter Hay Non-Executive Chairman
Sandeep Biswas Managing Director and CEO
Gerard Bond Finance Director and CFO
Philip Aiken AM Non-Executive Director
Roger Higgins Non-Executive Director
Sally-Anne Layman Non-Executive Director
Jane McAloon Non-Executive Director
Vickki McFadden Non-Executive Director
Peter Tomsett Non-Executive Director

Company Secretaries
Maria Sanz Perez and 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: corporateaffairs@newcrest.com.au
Website: www.newcrest.com

Stock Exchange Listings

Australian Securities Exchange (Ticker NCM)
Toronto Stock Exchange (Ticker NCM)
PNGX Markets Limited (Ticker NCM)
New York ADR’s (Ticker NCMGY)

Forward Shareholder Enquiries to:

Australia:
Link Market Services
Tower 4, 727 Collins Street
Docklands, Victoria, 3008
Australia
Telephone: 1300 554 474
+61 (0)2 8280 7111
Facsimile: +61 (0)2 9287 0303
Email: registrars@linkmarketservices.com.au
Website: www.linkmarketservices.com.au

Canada:
AST Trust Company (Canada)
P.O. Box 700, Station B
Montreal, Quebec, H3B 3K3
Canada
+1 800 387 0825
inquiries@astfinancial.com
www.astfinancial.com

Substantial Shareholder(s)(47) at 30 June 2021

Allan Gray / Orbis Group 9.9%
BlackRock Group 9.1%

Issued Share Capital
At 30 June 2021, Newcrest’s issued capital was 817,289,692 ordinary shares.

Quarterly Share Price Activity

High Low Close
A$ A$ A$
Apr – Jun 2021 28.79 25.05 25.28

Forward Looking Statements

This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “targets”, “outlook” and “guidance”, or other similar words and may include, without limitation, statements regarding estimated reserves and resources, certain plans, strategies, aspirations and objectives of management, anticipated production, study or construction dates, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines. Newcrest continues to distinguish between outlook and guidance. Guidance statements relate to the current financial year. Outlook statements relate to years subsequent to the current financial year.

These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Newcrest’s actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Newcrest operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. For further information as to the risks which may impact on Newcrest’s results and performance, please see the risk factors included in the Annual Information Form dated 13 October 2020 lodged with ASX and SEDAR.

Forward looking statements are based on Newcrest’s good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Newcrest’s business and operations in the future. Newcrest does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Newcrest. Readers are cautioned not to place undue reliance on forward looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Newcrest does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in assumptions on which any such statement is based.

Non-IFRS Financial Information

Newcrest results are reported under International Financial Reporting Standards (IFRS). This document includes non-IFRS financial information within the meaning of ASIC Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC and within the meaning of Canadian Securities Administrators Staff Notice 52-306 – Non-GAAP Financial Measures. Such information includes All-In Sustaining Cost (AISC) and All-In Cost (AIC) as per updated World Gold Council Guidance Note on Non-GAAP Metrics released in November 2018. AISC will vary from period to period as a result of various factors including production performance, timing of sales and the level of sustaining capital and the relative contribution of each asset. AISC Margin reflects the average realised gold price less AISC per ounce sold.

These measures are used internally by Newcrest management to assess the performance of the business and make decisions on the allocation of resources and are included in this document 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. Such non-IFRS information/non-GAAP measures do not have a standardised meaning prescribed by IFRS and may be calculated differently by other companies. Although Newcrest believes these non-IFRS/non-GAAP financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-IFRS financial information/non-GAAP financial measures included in this document. When reviewing business performance, this non-IFRS information should be used in addition to, and not as a replacement of, measures prepared in accordance with IFRS, available on Newcrest’s website and the ASX and SEDAR platforms.

Technical and Scientific Information

The technical and scientific information contained in this document relating to Wafi-Golpu and Lihir was reviewed and approved by Craig Jones, Newcrest’s Chief Operating Officer PNG, FAusIMM and a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). The technical and scientific information contained in this document relating to Cadia was reviewed and approved by Philip Stephenson, Newcrest’s Chief Operating Officer Australia and Americas, FAusIMM and a Qualified Person as defined in NI 43-101.

Authorised by the Newcrest Disclosure Committee

For further information please contact

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

Ben Lovick
+61 3 9522 5334
+61 407 269 478
Ben.Lovick@newcrest.com.au

North American Investor Enquiries
Ryan Skaleskog
+1 866 396 0242
+61 403 435 222
Ryan.Skaleskog@newcrest.com.au

Media Enquiries
Tom Dixon
+61 3 9522 5570
+61 450 541 389
Tom.Dixon@newcrest.com.au

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

Appendix

Reconciliation of Newcrest’s operational performance including its 32% attributable share of Fruta del Norte through its 32% equity interest in Lundin Gold Inc.

Gold production Metric Jun
2021 Qtr
Mar
2021 Qtr
Dec
2020 Qtr
Sep
2020 Qtr
FY21 FY20
Gold production – Newcrest operations oz 507,516 479,100 504,491 472,929 1,964,037 2,154,696
Gold production – Fruta del Norte (32%) oz 34,816 33,324 30,986 30,160 129,285 16,422
Gold production oz 542,332 512,424 535,477 503,089 2,093,322 2,171,118

All-In Sustaining Cost Metric Jun
2021 Qtr(48)
Mar
2021 Qtr(49)
Dec
2020 Qtr(50)
Sep
2020 Qtr(51)
FY21
All-in Sustaining Cost – Newcrest operations $m 434 433 455 498 1,820
All-in Sustaining Cost – Fruta del Norte (32%) $m 28 22 26 14 90
All-In Sustaining Cost $m 462 455 481 512 1,910
Gold ounces sold – Newcrest operations oz 545,334 482,878 465,125 502,907 1,996,243
Gold ounces sold – Fruta del Norte (32%) oz 34,816 26,178 33,981 19,891 114,866
Total gold ounces sold oz 580,149 509,056 499,105 522,798 2,111,109
All-In Sustaining Cost – Newcrest operations $/oz 797 897 979 990 912
All-In Sustaining – Fruta del Norte (32%) $oz 800 830 747 728 779
All-In Sustaining Cost $/oz 797 893 963 980 905

All-In Sustaining Cost margin Metric Jun
2021 Qtr
Mar
2021 Qtr
Dec
2020 Qtr
Sep
2020 Qtr
FY21
Realised gold price(52) $/oz 1,780 1,751 1,815 1,837 1,796
All-In Sustaining Cost – Newcrest operations $/oz 797 897 979 990 912
All-In Sustaining Cost margin $/oz 983 854 836 847 884

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