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1 Technical Report Newcrest Mining March 2014 Prepared by Newcrest Mining Limited in accordance with the requirements of National Instrument 43-101, Standards for Disclosure of mineral Projects, of the Canadian Securities Administrators. Qualified Person: Mr Colin Moorhead BSc (Hons), FAusIMM Effective Date of Report: 31 December 2013 TECHNICAL REPORT ON THE LIHIR PROPERTY IN PAPUA NEW GUINEA i Newcrest Mining Technical Report on the Lihir Property - 31 December 2013 CONTENTS 1 SUMMARY .. 6 Introduction and Terms of Reference .. 6 Geology .. 6 Mine Production .. 6 mineral Resources .. 6 mineral Reserves .. 7 Infrastructure .. 7 Environmental and Community Management .. 8 Capital and Operating Costs.

2 8 Conclusions .. 9 Recommendations .. 9 2 INTRODUCTION .. 10 General and Terms of Reference .. 10 Report Authors .. 10 Units of Measure and Currency .. 11 3 RELIANCE ON OTHER EXPERTS .. 13 4 PROPERTY DESCRIPTION AND 14 Property Location .. 14 Land Tenure .. 14 Royalties, payments or other agreements .. 17 Integrated Benefits Package Agreement .. 17 Mining Royalty .. 17 Environmental Liabilities .. 17 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .. 18 Topography Elevation and Vegetation .. 18 Climate .. 20 Natural Hazards .. 20 Access .. 20 Surface Rights .. 21 6 HISTORY .. 22 Project Ownership .. 22 Exploration .. 22 Historic mineral Resources .. 22 Production.

3 23 7 GEOLOGICAL SETTING AND MINERALIZATION .. 24 Regional Geology .. 24 Deposit Geology .. 24 Geological Setting .. 24 Alteration .. 26 Mineralization .. 26 8 DEPOSIT TYPES .. 27 9 EXPLORATION .. 28 10 DRILLING .. 29 Overview .. 29 Drilling Statistics .. 29 Drilling Conditions .. 31 ii Newcrest Mining Technical Report on the Lihir Property - 31 December 2013 Hole 31 Core Orientation .. 31 Core Recovery .. 32 Logging and Sampling .. 32 11 SAMPLE PREPARATION, ANALYSES AND SECURITY .. 33 Historical QA/QC Summary .. 33 Drill Core Sampling .. 33 Sample Preparation .. 34 Analysis .. 34 QA/QC Procedures .. 35 Certified Reference Materials (2011 to 2013) .. 35 Blanks .. 36 Coarse Duplicates.

4 37 Pulp Replicates .. 37 Comparison of Second Laboratory with Lihir Historical Data .. 38 Additional QA/QC Practices Adopted .. 40 QA/QC Summary .. 41 12 DATA VERIFICATION .. 42 13 mineral PROCESSING AND METALLURGICAL TESTING .. 43 Introduction .. 43 Ore Type and Mineralogy .. 43 Gold Recovery .. 44 14 mineral resource estimates .. 45 Introduction .. 45 mineral Resources .. 45 Modeling and Estimation .. 45 Geological Interpretation and Domaining .. 45 Compositing and Exploration Data Analysis .. 47 Grade Capping .. 49 Variography .. 50 Estimation Parameters .. 51 resource Model Validation .. 52 resource Classification .. 53 Comparison to Previous mineral resource 54 Factors Affecting mineral resource Estimate.

5 54 15 mineral RESERVE estimates .. 55 Introduction .. 55 mineral Reserve Assumptions .. 55 Commodity Prices and Exchange Rate .. 55 Ore Processing Rates and Metallurgical Recovery .. 56 Operating Cost estimates .. 56 Cut-off Grade .. 56 Lihir mineral Reserve .. 56 mineral Reserve 56 Production Reconciliation .. 58 Estimation Procedure .. 59 Comparison to Previous mineral Reserve Estimate .. 60 Factors Affecting the mineral Reserve Estimate .. 60 16 Mining METHODS .. 62 Mining Operations .. 62 iii Newcrest Mining Technical Report on the Lihir Property - 31 December 2013 Mine Schedule .. 63 Geotechnical, Geothermal and Hydrological Considerations .. 63 Future Plans .. 64 17 RECOVERY METHODS.

6 65 Introduction .. 65 Existing Operations .. 66 Crushing and Milling .. 66 Flotation .. 66 Pressure Oxidation .. 66 CCD Washing, Neutralization and Gold Recovery .. 67 Residue Tailings .. 67 Process Reagents .. 67 Plant Performance .. 67 18 PROJECT INFRASTRUCTURE .. 69 Mine Infrastructure .. 69 Power .. 69 Water .. 70 Public Roads .. 70 Port Facilities .. 70 Air Services .. 71 71 19 MARKET STUDIES AND CONTRACTS .. 73 20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT .. 74 Statutory Environmental Approvals and Compliance .. 74 Waste and Tailings Management .. 74 Community and Social Issues .. 75 Mine Closure .. 75 21 CAPITAL AND OPERATING COSTS .. 77 Historical Costs.

7 77 Forecast Costs .. 78 22 ECONOMIC ANALYSIS .. 79 23 ADJACENT PROPERTIES .. 80 24 OTHER RELEVANT DATA AND INFORMATION .. 81 25 INTERPRETATION AND CONCLUSIONS .. 82 26 RECOMMENDATIONS .. 83 27 REFERENCES .. 84 28 QUALIFIED PERSON S CERTIFICATE .. 87 iv Newcrest Mining Technical Report on the Lihir Property - 31 December 2013 TABLES Table Lihir mineral resource Estimate at 31 December 2013 ..7 Table Lihir mineral Reserves Estimate at 31 December 2013 ..7 Table Lihir FY 2013 Actual Operating Cost ..8 Table Lihir FY 2014 Cost and Capital Guidance ..8 Table Persons who Prepared or Contributed to this Technical Report .. 10 Table Terms and Abbreviations .. 11 Table Lihir Property Land Tenure Details .. 15 Table Drilling Statistics to 31 December 2013.

8 30 Table Lihir Assay Techniques and Detection Limits .. 35 Table Precision of second laboratory pulp check assaying at ALS Brisbane and NLSO when compared to Historical Lihir analysis .. 39 Table Lihir mineral resource Estimate at 31 December 2013 .. 45 Table Lihir Modeling Domains for Au, Ag, As, Cu & Mo compared to Interpreted Fault Domain .. 48 Table Lihir Modeling Domains for Sulphide Sulphur compared to Interpreted Fault Domain .. 48 Table Lihir Modelling Domains for Dry Bulk Density compared to Interpreted Alteration Domain .. 49 Table Grade Caps Applied to Lihir resource Estimation .. 49 Table Gold Variogram Models .. 50 Table Lihir Block Model Parameters .. 51 Table Lihir Search Neighbourhood Parameters for Gold Estimation.

9 52 Table Lihir mineral Reserve Estimate at 31 December 2013 .. 57 Table Lihir Production Reconciliation .. 59 Table Lihir Current Mine Production Fleet .. 62 Table Lihir Processing Performance for the Year Ending 30 June 2013 .. 68 Table Historical Production and Costs per Ounce of Gold Produced .. 77 Table Lihir FY 2013 Actual Operating Cost .. 77 Table Historical Capital Expenditure .. 77 Table Lihir FY 2014 Costs and Capital Guidance .. 78 v Newcrest Mining Technical Report on the Lihir Property - 31 December 2013 FIGURES Figure Property Location .. 14 Figure Lihir Island Exploration and Mining Tenements .. 16 Figure Lihir Island Physiography .. 19 Figure Regional Geological Framework.

10 24 Figure Lihir Island Geology .. 25 Figure Conceptual Genetic Model for Gold Deposition at 27 Figure Cross Section 9400E .. 29 Figure Drill Hole Locations and Topography .. 30 Figure Drilling Operations at Lihir .. 31 Figure Lihir gold z-scores .. 36 Figure Lihir sulphide z-score .. 36 Figure Lihir Coarse Gold Duplicates, Precision = .. 37 Figure Lihir Coarse Sulphide Duplicates, Precision = .. 37 Figure Lihir Gold Pulp Replicates, Precision = .. 38 Figure Lihir Sulphide Pulp Replicate, Precision = .. 38 Figure Comparison of the Historical Lihir site laboratory with ALS for Gold .. 39 Figure Comparison of the Historical Lihir site laboratory with NLSO for Gold .. 40 Figure Graphical representation of the different fault domains (North top).