(figures are in US$ except where stated)

Melbourne, Australia--(Newsfile Corp. - August 18, 2021) - Newcrest (ASX: NCM) (TSX: NCM) delivers record profit and free cash flow and a 129% increase in final dividend^{(1),(2),(3),(4)}

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

• Zero fatalities and life-changing injuries, underpinned by industry-leading low injury rates⁽⁵⁾
• Goal of net zero carbon emissions by 2050⁽⁶⁾
• Cadia renewable energy contract signed - on track for 30% reduction in Group emissions intensity by 2030⁽⁷⁾

• Strong operating performance and higher prices translate to record profit and free cash flow

• Gold production of 2.1 million ounces⁽⁸⁾, with record copper production of 142.7 thousand tonnes
• Record Statutory and record Underlying profit of $1.2 billion^(9),(10), up 80% and 55% respectively
• Record annual free cash flow of $1.1 billion⁽¹⁰⁾
• All-In Sustaining Cost (AISC) of $911/oz^{(8),(10),(11)}, delivering a record AISC margin of 49% or $876/oz^{(10),(11),([12])}
• Record mine and mill performance at Cadia, underpinning record copper production and its lowest reported annual AISC of negative $109/oz

• Strong balance sheet is well positioned for growth

• Net cash position of $176 million as at 30 June 2021
• Significant liquidity with $3.9 billion in cash and committed undrawn bank facilities
• Early repayment of 2022 Corporate Bonds and renegotiation of bilateral bank debt facilities
• Next corporate bond debt repayment not due until May 2030

• Advancing multiple organic growth options

• Exploration decline development works progressing well at Red Chris and Havieron
• First production from Cadia Molybdenum Plant expected by the end of September 2021^([13])
• Board approves Cadia PC1-2 Pre-Feasibility Study to Feasibility Stage
• Board approves Telfer WDS5 cutback

• Sixth consecutive year of increased dividends

• Final fully franked dividend of US 40 cps, 129% higher than the prior year
• Record total dividends for FY21 of US 55 cps, equal to a 41% payout of FY21 free cash flow
• Earnings per share of 142.5 cents, 71% higher than prior year

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "Newcrest has delivered a strong operational and financial performance for the 2021 financial year, producing 2.1 million ounces of gold at an AISC of $911 per ounce. Together with the benefit of higher gold and copper prices, this translated into a record statutory and underlying profit of $1.2 billion and a record free Cash Flow of $1.1 billion."

"At Newcrest our Purpose of Creating a brighter future through safe and responsible mining is core to how we run our business. We are now nearly six years free of fatalities and life-changing injuries and have reported a 12% improvement in injury rates compared to the prior year. Notwithstanding the challenges brought by COVID-19, our extensive precautionary measures and focus on safety has enabled us to achieve our full year guidance. At the same time, we were also able to contribute our expertise to assist local governments and our host communities with their response to the virus."

In May 2021 we announced our goal of net zero carbon emissions by 2050. We have made solid progress implementing our sustainability objectives throughout our business and continue to target improvements in water usage, biodiversity and emissions reductions."

"The Board has approved the Cadia PC1-2 Pre-Feasibility Study to the next stage, the Feasibility Study stage. The Study updates and defines a significant part of Cadia's future mine plan. The Board also approved the Early Works program to establish critical infrastructure in parallel with the Feasibility Study. PC1-2 has an attractive rate of return and is expected to help sustain Cadia's position as a Tier 1, low-cost producer for decades to come."

Mr Biswas noted that Newcrest's strong financial position enables its investment in attractive growth projects. "We have significant financial capacity to fund our pipeline of attractive organic growth options, both from the expected Cash flow generation over the development period and our strong balance sheet."

On the increase in shareholder returns, Mr Biswas said "Our dividend policy targets total dividends for a financial year to be in the range of 30-60% of that financial year's free cashflow, with a minimum annual dividend of US 15 cents per share. Given our record free cash flow generation for FY21, strong balance sheet and positive outlook the Board has approved a final dividend of US 40 cents per share, which is 129% higher than last year's final dividend. This equates to a record total full year dividend of US 55 cents per share which represents a 41% payout of FY21's free cashflow and marks our sixth consecutive year of increasing dividends to shareholders."

"In the coming months we look forward to finalising key Pre-Feasibility Studies for Red Chris, Havieron and Lihir. We are striving to bring Havieron and the Red Chris block cave into production as soon as possible. Phase 14A at Lihir represents further upside from the current mine plan and brings forward our aspiration for Lihir to be a 1 million ounce plus annual producer" said Mr Biswas.

Summary of Operating and Financial Results

*Free cash flow in the prior period includes the acquisition of Red Chris (70%) for $769 million, the acquisition of Fruta del Norte finance facilities for $460 million, further investments in Lundin Gold of $79 million, net proceeds from divesting Gosowong of $20 million and $3 million for an interest in Antipa Minerals Ltd.

Refer to the Company's "ASX Appendix 4E and Financial Report" released on 19 August 2021, and the Operating and Financial Review in particular, for more detail on the Company's financial results.

FY21 Final Dividend

Newcrest looks to pay ordinary dividends that are sustainable over time having regard to its cash flow generation, its reinvestment options in the business and external growth opportunities, its financial policy metrics and its balance sheet strength. Newcrest targets a total annual dividend payout of 30-60% of free cash flow generated for the financial year, with the annual total dividends being at least US 15 cents per share on a full year basis.

Having regard to the above-mentioned considerations, the Newcrest Board has determined that a final fully franked dividend of US 40 cents per share will be paid on Thursday, 30 September 2021. The final dividend is 129% higher than the final dividend for FY20 and marks the sixth consecutive year of increasing dividend payments to shareholders.

The record date for entitlement is Friday, 27 August 2021. The financial impact of the FY21 final dividend amounting to $327 million has not been recognised in the Consolidated Financial Statements for the year. The Company's Dividend Reinvestment Plan remains in place.

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.

At the date of this report, the number of COVID-19 cases at Lihir remains at low 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.

All of Newcrest's 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 throughout FY22.

Newcrest established a A$20 million Community Support Fund in April 2020 to support host communities and jurisdictions in their response to the COVID-19 pandemic. In FY21, the Fund supported a range of initiatives in Australia, Papua New Guinea, British Columbia and Ecuador including the provision of emergency medical equipment, food supplies, mental health support, support for small businesses, and vaccine rollout.

Summary of Full Year Financial Results

Statutory profit and Underlying profit was a record $1,164 million in the current period.

Underlying profit of $1,164 million was $414 million (or 55%) higher than the prior period primarily driven by higher realised gold and copper prices, favourable fair value adjustments recognised on copper derivatives and Newcrest's investment in the Fruta del Norte finance facilities and record copper production from Cadia. These benefits were partially offset by lower gold sales volumes driven by lower production, increased income tax expense as a result of the Company's improved profitability in the current period, the unfavourable impact on operating costs (including depreciation) from the strengthening of the Australian dollar against the US dollar, additional costs associated with COVID-19 measures, higher treatment, refining and transportation costs and higher price-linked costs such as royalties.

Underlying profit

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Free cash flow

Newcrest's record free cash flow of $1,104 million was $1,725 million higher than the prior period, with the prior period also characterised by a net cash outflow of $1,291 million relating to M&A growth investments, compared to $21 million outflow in the current period.

'Free cash flow before M&A activity' was $455 million (or 68%) higher than the prior period, with higher operating cash flows only partially offset by an increased investment in major capital projects at Cadia, Lihir, Red Chris and Havieron, higher sustaining capital at all continuing operations and increased production stripping activity at Lihir and Red Chris.

In the current period, Newcrest received net pre-tax cashflows of $92 million from finance facilities acquired from Lundin Gold Inc, relating to the Fruta del Norte mine. This is reflected within the cash flow statement as $54 million in operating cash flow (interest payments received) and $38 million in investing cash flow (primarily principal repayments received).