Newcrest,Quarterly Report For the three months ended 31 March 2023.

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Algemeen advies 27/04/2023 08:55
(figures are unaudited and in US$ except where stated)

On track for Group FY23 production guidance after solid Q3 performance1,2
? Corporate update
o Newcrest granted Newmont exclusive due diligence following revised non-binding indicative proposal in April
2023 to acquire 100% of the issued shares of Newcrest
? Safety and sustainability
o Third consecutive quarter of reduced injury rates with zero recordable injuries at Cadia and Lihir
o Key trials and studies to support the Group Net Zero Emissions Roadmap progressing as planned
o Newcrest Sustainability Fund continues to support local communities with three new projects commencing
? Third quarter operating performance
o Gold production of 510koz3
and copper production of 31kt
o All-In Sustaining Cost (AISC) of $1,012/oz3
, delivering an AISC margin of $837/oz4
o Gold and copper production expected to increase in the June 2023 quarter2
? Advancing multiple gold and copper growth options
o Wafi-Golpu Framework Memorandum of Understanding (MOU) signed, marking a key milestone towards
development of the project
o East Ridge Exploration Target at Red Chris significantly enhanced following continued exploration success5
o Red Chris Block Cave Feasibility Study expected to be completed in H2 CY236
o Cadia delivered first ore from PC2-3
o Lihir Phase 14A Feasibility Study demonstrated attractive financial returns as further studies evaluate the
potential extension of Lihir’s elevated production profile beyond FY316
o Brucejack transformation program progressing multiple value opportunities as exploration success continues
Newcrest Interim Chief Executive Officer, Sherry Duhe, said, “We continued to deliver on our strategy in 2023, with
our pipeline of high-quality organic gold and copper growth projects marking a number of important milestones. At
Lihir, the Phase 14A Feasibility Study was released early in the quarter, demonstrating attractive financial returns
with upside potential as we look to unlock additional high grade mineralisation outside the current Ore Reserve. We
then significantly increased the Exploration Target at East Ridge, highlighting the exciting opportunity this discovery
presents for the future of Red Chris, and in April, the Wafi-Golpu Framework MOU was signed, moving us closer to
developing this world-class copper-gold deposit.
“Our third quarter performance has positioned us well to achieve our Group FY23 production guidance. We expect
gold and copper production to increase in the June quarter and remain on track to deliver a strong FY23 result,
supported by continued momentum in gold and copper prices.
“Following the rejection of Newmont’s two non-binding indicative proposals to acquire Newcrest during the quarter,
a further non-binding indicative proposal was received in April, valuing Newcrest at over A$29 billion and representing
a 46% premium to our share price prior to their initial proposal in February. The revised proposal highlights our
outstanding portfolio of long-life gold and copper assets, our high-quality growth and exploration pipeline, and the
achievements of our exceptional people. The Newcrest Board has agreed to provide Newmont the opportunity to
conduct confirmatory due diligence on an exclusive basis, enabling it to put forward a binding proposal. Through this
period, we will remain steadfastly focused on our business and the safety and wellbeing of our people, to continue
delivering value for our shareholders,” said Ms Duhe.
Newcrest Mining Limited – Level 8, 600 St Kilda Road, Melbourne – – Quarterly Report to 31 March 2023 2
Gold production was in line with the prior period7
with an improved operating performance at Brucejack, Lihir and
Fruta del Norte offset by lower gold production at Cadia, Telfer and Red Chris. Higher gold production at Lihir was
driven by increased mill throughput following improved rainfall during the quarter, as well as higher gold head grade.
Gold production at Brucejack also increased compared to the prior period with operations returning to full capacity
following the fatality in October 2022. Gold production at Cadia was mainly impacted by lower mill throughput
compared to the prior period.
Newcrest remains on track to deliver its full year Group production guidance for FY232
. Gold and copper production
is expected to increase in the June 2023 quarter driven by higher mill throughput across all operations with a lower
planned maintenance schedule6
. Gold head grade is also expected to increase at Lihir, Brucejack and Telfer6
. While
Brucejack successfully resumed operations following the fatality in October, gold production is now expected to be
~300koz for FY23 driven by lower mill throughput and head grade. Further details on FY23 guidance expectations
are outlined on page 9 below.
Newcrest’s AISC of $1,012/oz3
for the quarter was 7% lower than the prior period, driven by a higher copper realised
price, lower production stripping expenditure at Lihir and Telfer and lower sustaining capital expenditure at Red Chris,
Cadia and Brucejack. In addition, gold production was higher at Brucejack, Lihir and Fruta del Norte, driving an
increase in gold sales volumes for the Group. This was partly offset by the impact of a stronger Australian dollar
against the US dollar on operating costs.
Injury rates decreased during the quarter reflecting the strong focus on safety as control improvement programs
continued across all sites to address major hazards. Injury rates were reviewed during the quarter which resulted in
a restatement of the previously reported frequency rates at Brucejack and the Group. see & read more on

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