Newcrest – Lihir Gold

Brett FletcherExecutive General Manager PNG & Indonesia

DisclaimerForward Looking Statements

These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysisand are subject to significant uncertainties, risks and contingencies, many of which are outside of the control of, and may be unknownto, the company. Actual results and developments may vary materially from those expressed in these materials. The types ofuncertainties which are relevant to the company may include, but are not limited to, commodity prices, political uncertainty, changes tothe regulatory framework which applies to the business of the company and general economic conditions. Given these uncertainties,readers are cautioned not to place undue reliance on such forward looking statements.

Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicableForward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicablelaw or any relevant stock exchange listing rules, the company does not in providing this information undertake any obligation to publiclyupdate or revise any of the forward looking statements or any change in events, conditions or circumstances on which any suchstatement 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 Australiandisclosure requirements and standards, including the requirements of the Corporations Act 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 comply with 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 comply with the “JORC Code”.

Competent Persons Statement

The information in this presentation that relates to Exploration Results is based on information compiled by Colin Moorhead, EGMMinerals for Newcrest Mining Limited who is a Fellow of The Australasian Institute of Mining and Metallurgy, and a full-time employee ofNewcrest Mining Limited. Mr Moorhead has sufficient experience which is relevant to the styles of mineralisation and types of depositsunder consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the“JORC Code”. Mr Moorhead consents to the inclusion in this presentation of the matters based on this information in the form andcontext in which they appear.

Exploration Target

Th t ti l tit d d l t d t E l ti T t i thi t i t l i t th h b i ffi i t

2

The potential quantity and grade related to Exploration Targets in this report is conceptual in nature as there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.

Newcrest4th largest global gold producerby market capitalisation

Predominately SE Asia/Pacificgold focus

12th largest ASX listed company(A$27.5 Billion)

Largest POMSoX listed company

FY11 - Gold production – 2.7Moz and Go d p oduct o o a dCopper production of 75,600t

Proven ability to find, build andyoperate world class gold and copper mines

Strong balance sheet and technical mining

3

capability

World Class Asset Portfolio

Gosowong

LihirWafi GolpuProducing Asset

Namosi

Hidden ValleyWafi-Golpug

Advanced Project

TelferNamosi

CracowBukina FascoBukina FascoMaliMali Bukina FascoMali Mt Rawdon

Cadia ValleyYamoussoukroYamoussoukro

AbidjanAbidjan

BonikroBonikro

CÔTE D’IVOIRECÔTE D’IVOIRECÔTE D’IVOIRECÔTE D’IVOIRE

Yamoussoukro

Abidjan

Bonikro

CÔTE D’IVOIRECÔTE D’IVOIRE

AbidjanAbidjan

100 km100 km

Abidjan

100 km

410 operating mines in 4 countries

Gold InventoryReserves - 2011

80.0 MILLION OUNCES Reserves - 2010

47.3 MILLION OUNCESReserves - 2011 Post LGL Merger

77.7 MILLION OUNCES

5%5%

2% 3%

3%

17% 3%

39%

15%

3%28%

5%

37%

54%

3%

4%

33%3%

33%

4%5%

30%2% 2%30%

Resources - 2011147.5 MILLION OUNCES

Resources - 201083.6 MILLION OUNCES

Resources -2011 Post LGL Merger135.8 MILLION OUNCES

13%

6%

23%

3%11%

30%

14%

4%2%

13%

4%

30%

52%38%

4% 8%

39%

4%

5 Reserve estimates are based on Newcrest’s production interest. For details refer to the Newcrest Annual Statement of Mineral Resources and Ore Reserves. Reserves based on US$850/oz & Resources based on US$900/oz

CVO Gosowong Telfer Morobe OtherLihir Namosi

Financial Results SummarySales Revenue Growth + 46% Record Profit

A$M A$M1200

4,102

3,500

4,000

4,500

600

800

1000

776

557

1058908

2,802

2 000

2,500

3,000

0

200

400

557

Cash Flow from Operations + 33% Strong Profit Margins Maintained

Underlying Profit Statutory Profit

2,000FY10 FY11

FY10 FY11

%A$M

1,303

1,729

1,400

1,800

50

60

52 50,

1,00030

4041

38

6EBITDA Margin EBIT Margin

600

FY10 FY11

20FY10 FY11

Strong Balance Sheet

Low gearing – currently 4% at 30 June 2011)

– gearing of around 15% acceptable (BBB+ profile)

Strong unhedged cashflow– dividends increased 500% over last 3 years

– dividends evaluated each six months: cash v capital commitment

Access to liquidity Access to liquidity – as at 30 June 2011 US$500 million facility undrawn

8 b k l it t– 8 banks, equal commitments

Well placed to fund growth opportunities

7

Gold Production: Target of 4 Million Ounces in FY16

~ 50% increase in Gold production over 5 years

FY16 Target 4.0 Moz

FY17+ Large resource, low-

cost assets best th t iti

FY15

FY16

3,650 – 3,900 koz

growth opportunities

5 year growth

FY13

FY14

2,950 – 3,100 koz

3,400 – 3,600 koz primarily from Cadia and Lihir

FY12 2,775 – 2,925 koz

2 702 k

Wafi-Golpu to underpin growth beyond 4Moz

FY11 2,702 koz

4.0 Moz

y

2.7 Moz

8 Note: Gold production profile includes production from Cracow and Mt Rawdon

Current Operations New ProjectsCurrent Projects

Growth Pipeline

Concept & Prefeasibility Feasibility Execution OperationPrefeasibility

Ridgeway Block CaveHidden Valley Mine

Gosowong ExpansionLihir “MOPU” Expansion

Cadia East Mine

Bonikro Mine

Hidden Valley Expansion

Wafi - Golpu

O’Callaghans

NamosiNamosi

Two major projects two major studies

9

Two major projects, two major studies

Newcrest in PNG In just under three years Newcrest has moved from an interested observer to the major

mining house in PNGL t POMS X- Largest company on POMSoX

- Strong confidence in PNG’s ongoing support of the resource sector- Newcrest prepared to make the long-term commitment

Newcrest’s entry into PNG- Started with our Morobe Mining Joint Venture with Harmony Gold- Expanded to include the acquisition of Lihir Goldp q- Pre-feasibility of the potentially world class Wafi-Golpu

Committed to exploration- in Morobe through the Morobe Mining Joint Venture- in Morobe through the Morobe Mining Joint Venture- at Lihir- Manus Island JV with Triple Plate Junction plc, Golden Success Ltd, Pacrim

Energy Ltd & Terenure LtdEnergy Ltd & Terenure Ltd Approximately 8,500 employees and contractors in PNG out of a total global workforce

of around16,000 – of the 8,500 approximately 7,800 are Papua New GuineansNew Port Moresby office headed by Peter Aitsi

10

New Port Moresby office headed by Peter Aitsi

Newcrest PNG Operations

1.2B Kina contributed to the PNG economy in calendar 2010

Royalty5% Employment

4%National Govt. taxes, tax credit scheme & production levy

11%

Lihir Contractors27%

C it B fitCommunity Benefits8%

PNG Contractors27%

PNG Goods & Services18%

11

27%

Portfolio Overview – PNG Operations

Lihir (Reserves 31Moz & Resources 56Moz gold) MOPU delivers production from 850koz to 1.2 -

1.3Moz per year Scope for further optimisation and extension ofScope for further optimisation and extension of

mine life

Hidden Valley (Reserves 1.9Moz & Resources 2 M ld)2.7Moz gold) Stabilise production around 300 koz pa Incremental growthg

12

Lihir Gold

13

Lihir – Fast Facts

Located on Niolam Island, New Ireland Province, 900km north of Port Moresby Volcanic sea mountain rising 600m above sea level 22km long &14 5km wideVolcanic sea mountain rising 600m above sea level, 22km long &14.5km wide Ore body discovered in 1982 at Luise Caldera on east coast of island – all

known deposits located here Exploration conducted 1983 to 1995; construction phase 1995 to 1997 Exploration conducted 1983 to 1995; construction phase 1995 to 1997 Production commenced May 1997 – over 9 Moz of gold produced since then Mine consists of single ore body with 3 linked open pits Lihir processes ~ 6 Mt ore annually Current ore reserves 31 Moz & measured resources 56 Moz

14

Newcrest Lihir Gold - Overview

Lihir islandMalle island

• 900 km northeast of900 km northeast of Port Moresby

• 1,700 km northeast ,of Cairns

• 3º south of equator

15

q

• New Ireland province

Newcrest Lihir Gold - Overview

Lihir Statistics• 4800mm avg /year• 19-35 celcius• 22 km long

16

g• 14.5 km wide• Pop: 18 000

Lost Time Injury Frequency Rate (LTIFR)

2.0 Industry benchmark* = 1.8

1.551.5rs

)

1 0llion

hou

r

• 12 million hours 2009• 14 million hours 2010

0 53

1.0

IFR

(1 m

il

0.53

0.180.26

0.18 0.14

0.5LT

0.0

2005 2006 2007 2008 2009 2010

17*Minerals Council of Australia, Australian Minerals Industry Safety & Health Quarter 4 2007-08 Survey report, Feb 2009

Calender Years

Pathway to Zero Harm Focus on Behaviour Based SafetyS y

18

Sustainable Development and Community Liaison

Build trust by delivering on Build trust by delivering on commitments

Proactively working with the Proactively working with the community to meet their goalsg

Align interests where possible

Lihir Sustainable Development Plan

Social Awareness Training

19

Environmental Management

• Originally permitted in 1996

4

g y

• Re-permitted to PNG Environment Act 2000

2

Significant Environmental Incidents

• Comprehensive Management and Monitoring Plan

1 1 1

2

1 1

and Monitoring Plan

• ISO 14001 certification

0 0 0 0 0 0

98

99

00

01

02

03

04

05

06

07

08

09

10

• 20 years baseline data

• 14 years operating199

199

200

200

200

200

200

200

200

200

200

200

20114 years operating

performance

• No significant incidents >5

20

No significant incidents >5 years

Newcrest Lihir Gold - Employees

2 146 direct employees2,146 direct employees– 33% Lihirian employees

– 90% PNG nationals%

Camp and Residential65% FIFO camp resident– 65% FIFO camp resident

– 33% Lihirian local resident

– 2% Townsite resident2% Townsite resident

Rosters– FIFO 15/13 and 21/14 days

– Residential 5/2 days

21

Our People -Training

Lihirian Trainees

– 270 trainees, 1 in 8 workforce

Training Programsg g

– Competency based and accredited, RTO’s

– >90 workplace trainers

Training Centre Training Centre

– PNG National Training Council accreditedaccredited

– 96 apprentices , 11 trades

– 100% Lihirian 23% Female

22

– 100% Lihirian, 23% Female

– 2007 PNG Apprentice of the Year

People - Training and Development

• Graduate Development

– 67 graduates

– 6 Lihirian

• Tertiary Sponsorships

– 47 students– 47 students

– 60% Lihirian/NIP

P ti d R• Pre-vocation and Resource Centre

C it B ildi• Capacity Building

– Public sector and other institutions

23

institutions

People - Camp Improvement Program

Accommodation Accommodation

– 42 Person Blocks

– Lakenbut (Camp 4)

New Mess

– Officially opened Oct 2010

Amenities

– Covered walkways

– Sports field upgrade– Sports field upgrade

– TV and internet

24

Newcrest Lihir Gold - Mining

The main mine consists of distinct production pitsThe main mine consists of distinct production pits with Minifie and Lienetz pit currently in production

and the Kapit pit in development.

25

The Mining Cycle

26

Newcrest Lihir Gold – Mining OperationsPit mining conditions include high rainfall, low cloud, steam g

venting, hot water/ground, sulphur gas and PGOA.

27

Newcrest Lihir Gold - Processing

Processing plant currently undergoing a million ounceundergoing a million ounce

upgrade project.

28

Processing - History and Background

Process Plant commissioned 1997

– nameplate capacity 2.8 Mt pap p y p

Elevated cut off grade strategy

– High grade ore processed

– Lower grade ore stockpiled

Original plant design allowed for expansionp

29

Processing - Background

Gold is locked within pyrite Gold is locked within pyrite

– Direct cyanidation - only 30% gold recovered

– Greater than 90% contained pyrite needs to be oxidised

Sherritt Gordon whole ore pressure oxidation technology Sherritt-Gordon whole ore pressure oxidation technology

– High temperature, high pressure process with addition of pure oxygen 205oC 2650 kPaoxygen - 205oC, 2650 kPa

– Exothermic reaction (generates heat)

– Pyrite oxidises to ferrous sulphate

30

Processing - Background

Fl i i i Flotation circuit commissioned 2007

All i f l Allows processing of lower sulphur grade ore

Abilit t t t ti Ability to target optimum sulphur grades for autoclaves

Additional milling capacity Additional milling capacity

Improved operational flexibilityflexibility

31

Processing - Operational Improvement

Focus on two areas

• Removing Constraints– Maximising utilisation of high capital items - Autoclaves & Oxygen

PlantsC hi C i / P bbl C h / CIL / El i– Crushing Capacity / Pebble Crushers / CIL / Elution

• Optimising Autoclaves– Blending strategies– Heat recovery

Q h it– Quench capacity

32

ProcessingIncreasing Autoclave Throughput

(Tonnes/op h / t l )

g g p

175 176185

198205

215hr/autoclave)

126

146 148160

169 170 175 176

126

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

33

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Calender Years

Lihir – MOPU Project Overview

MOPU Milli O Pl t U d MOPU – Million Ounce Plant Upgrade

– Brownfields expansion on Lihir Island

– Increase plant capacity to 12 million tonnes pa.p p y p

– Increase gold output by 200-300k ounces pa.

C it l i t l A$1 3B (K3B)– Capital approximately A$1.3B (K3B)

– Progress 47% complete

– 3.5 million man hours expended to date on site

– Schedule completion December 2012

34

S p 0

Million Ounce Plant Upgrade (MOPU)

OxygenOxygen (tph)

AutoclavesGrinding

7270 10

2

AutoclavesCIL

Pre 2007

2

2007 Flotation Expansion

35

2MOPU

Geothermal - Background

2001 i iti l t di d• 2001 - initial studies commenced

• 2003 - 6 MW “pilot” plant

• 2005/7 - 50 MW commissioned

• 2007 - Exploration and Options2007 Exploration and Options studies

• 2008 - Geothermal team resources2008 Geothermal team resources strengthened

• 2009 - Power department 009 o e depa erestructured

• 2010 - Increased Resource Drilling

36

g(“big rig”)

Geothermal - Power Cycle

37

Geothermal - Carbon Credits

• 50 MW geothermal power station

• PNG’s first large scale geothermalPNG s first large scale geothermal power project

• PNG’s first Clean Development• PNG s first Clean Development Mechanism (CDM) accredited project

C tifi d E i i R d ti (CER)• Certified Emission Reductions (CER)

– 10 year crediting period from 2006 to 20152006 to 2015

– CO2 emission reductions up to 250,000 tpa

38

Geothermal - Resource Drilling

Inferred Resource

00 m

Probable Resource

Deep Upflow

2,00

Inferred Resource

Measured Resource

Zone

Deep Resource

0 m

39

2,00

0

Exploration

40

Exploration Activity – 41 Drill Rigs in Operation

Gosowong

LihirManus Island

W fi G lTandai

111 5

Mt Kasi

Hidden ValleyWafi-Golpu

35

Telfer

Mt KasiNamosi

CracowBukina FascoBukina FascoMaliMali Bukina FascoMali Mt Rawdon4

2 1

3

Cadia ValleyMarsdenYamoussoukroYamoussoukroBonikroBonikro

CÔTE D’IVOIRECÔTE D’IVOIRECÔTE D’IVOIRECÔTE D’IVOIRE

YamoussoukroBonikro

CÔTE D’IVOIRECÔTE D’IVOIRE

2

4

AbidjanAbidjan

100 km100 km

Abidjan

100 km

2

41

Drill Rigs in Operation3 Mining Operation

Advanced Project

Exploration

Emerging Project

FY11 Exploration Expenditure by Region

Total spend A$126M

38% of total expenditure in PNG K109 9M

Fiji, 3%Australia, 33%

Cote d’Ivoire, 9%

= K109.9M

Focus on near province opportunities– ~50% resource definition– ~25% brownfields exploration

Greenfield exploration in Cote d’Ivoire and the Morobe Province in PNG

PNG, 38%=K109.9M Indonesia, 17%

42

PNG, Lihir – Resource Growth

Mineralisation in drilling extends

PLAN VIEW

2011 LIHIRRESOURCE(1)

Exploration drilling extends 500m east of the existing resource

2011 LIHIR

31 Moz Au

RESOURCE(1)

Kapit NE Pacific

Target

DDHL1870 188m @ 3 0g/t Au

DDHL1924186m @ 3.9g/t Au

and remains open

Early indication56 Moz Au

2011 LIHIRRESERVE(2)

Kapit

Coastal

DDHL1870 188m @ 3.0g/t AuDDHL1871 212m @ 3.4g/t AuDDHL1875 225m @ 2.4g/t AuDDHL1876 134m @ 4.0g/t Au

Early indication that further extension at Kapit NE lik l

InferredResourceboundary

LIHIRLienetz Borefields

Link

NE likely

Resource and

PLANT

Minifie

Reserve update August 2011

43 (1) Newcrest website, market release LGL Resources, 26 August, 2009.(2) Newcrest website, market release LGL Reserves, 29 October, 2009.

1000 m

Luksave long komuniti – Aginas

44

Newcrest Lihir Gold – Questions?

45