TELFER PROJECT. Status Report. Graham Howard MANAGER GEOLOGY. Presented by

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1 TELFER PROJECT Status Report Presented by Graham Howard MANAGER GEOLOGY Exploration Investor Analysis April 2003

2 TELFER GOLD MINE Telfer Feasibility Project Peer Review and Audit Telfer Resource Development Summary Near Mine Exploration Potential

3 Perth Telfer From Telfer To: Direct km Nifty 70 Woodie Woodie 110 Gregory Range ~110 Marble Bar 270 Newman 320 Port Hedland 450 Perth 1,300 TELFER

4 TELFER FEASIBILITY PROJECT

5 PROJECT SUMMARY Feasibility Study completed Strategies in place for re-establishment of operations Operation to treat 17-19Mtpa Definition Engineering / Capex / Opex completed The new operation will produce: 18.4 Moz of gold recovered (770,000 oz average LOM) 640,000 t of copper recovered (27,800 t average LOM)

6 TELFER OPEN OPEN PIT PIT Probable Reserve Main Dome West Dome Reserve Tonnes (Mt) Au (g/t) Cu (%) MAIN DOME WEST DOME TELFER DEEPS DEEPS Probable Reserve Reserve Tonnes (Mt) 32 Au (g/t) 3.0 Cu (%) 0.56 TELFER DEEPS

7 Main Dome West Dome TOTAL TELFER OPEN OPEN PIT PIT Resource Tonnes (Mt) Au (g/t) Cu (%) Au (Moz) Cu (Kt) Over 1 million samples from ~20,000 drillholes were utilised to produce the Open Pit resource estimate Over 33,000 samples from 200 drillholes were utilised to produce the Telfer Deeps resource estimate MAIN DOME WEST DOME Resource TELFER DEEPS DEEPS Resource Tonnes (Mt) 57 Au (g/t) 2.6 Cu (%) 0.50 Au (Moz) 4.8 Cu (Kt) 290 TELFER DEEPS

8 GEOLOGY Telfer ranks within the top 10 gold deposits in the world. Resource estimated using large amounts of high quality data QA/QC validated all data. Internal and external audit process. Resource boundaries understood Confirmed by close spaced drilling and bulk sampling. Project based on Likely Case RC calibrations.

9 NEWCREST GLOBAL RESERVE POSITION Witwatersrand Grasberg Betze-Post / Goldstrike Minera Yanacocha Telfer Pascua-Lama Lihir Bulyanhulu Carlin Kalgoorlie Superpit Boddington Batu Hijau Cadia/Ridgeway Veladero Cortez Geita Cripple Creek Tarkwa Zarafshan Porgera Phoenix Twin Creeks Hemlo TELFER International District Gold Reserves Comparison Gold Reserve - Moz +166Moz

10 Newcrest Mining Limited TELFER PROJECT Main Dome Resource Classification Percentage of of gold metal per resource classification 5500 mrl 5500 mrl M30 PIT M50 PIT 5000 mrl MONOCLINE PIT 5000 mrl Cumulative Breakdown Measured Indicated Inferred 35% 65% M30 PIT 1% 12% 47% 52% 49% 39% M50 PIT MONOCLINE PIT

11 GEOLOGY PEER REVIEW / AUDIT The following groups / individuals have been involved with the geological peer review or audits for the Telfer Feasibility Study: Snowden Mining Industry Consultants Vivienne Snowden, Director Hackchester Pty Ltd Peter Stoker Behre Dolbear Australia (BDA) Malcolm Hancock, Executive Director SRK Consulting Cam McCuaig, Principal Manager Geology MRDI Dominique Francois Bongarcon, Vice President Geostatistics and Sampling Newcrest Mining - Foy Leckie, Chief Geologist Mining and Development

12 Mining history Bulk sampling QA/QC Classification in payback period Size TELFER 20 years oxide mining 10 years underground mining Development bulk sampling in open pit and underground material and close spaced drilling is equivalent to 10 years of production from standard eastern goldfields operation Better than industry standard QA/QC with more checks and types of checks than usual and a dedicated QA/QC professional Open Pit - 65% Measured and 35% Indicated Underground - 85% Indicated, 15% Inferred 26 Moz Au+ previously mined 6 Moz Au INDUSTRY STANDARD Not common - mostly greenfields projects Unusual to have exploration decline for underground bulk sampling, surface bulk sampling is also rare Average of 60% Measured and 40% Indicated in payback period 1 Moz Au to 5 Moz Au

13 TELFER RESOURCE DEVELOPMENT SUMMARY

14 SUMMARY OF OPEN PIT RESOURCE HISTORY JUNE g/t Au (8 (8 Moz) 25 x 25m spaced RC drilling Definition of ore zone boundaries Close spaced drilling and bulk sampling define calibrations JUNE g/t Au (21 Moz)

15 TELFER OPEN PIT MINERAL RESOURCE KPI s Open Pit Statistics within $650 Au resource shell Resource Total Drilling Metres Tonnes (Mt) Tonnes/ m Au (Moz) oz/m Cadia Hill 156, , Telfer Open Pit 881, Open Pit Resource Definition = $1.69 Au oz (Total including Bulk Sampling Program )

16 TELFER PROJECT MAIN DOME METAL DISTRIBUTION WITHIN THE M30 PIT DESIGN Reefs = 35% of gold metal in resource: Reconciled to 2.08Mt of production Stockworks = 65% of gold metal in resource: Reconciled with 8 Mt of close spaced RC Reconciled with 87 kt of bulk samples Supported by 7.7 Mt of blastholes

17 SUMMARY OF TELFER DEEPS RESOURCE HISTORY JUNE g/t Au (1.5Moz) Additional drilling Definition of stockwork resource in addition to narrow vein reefs Close spaced drilling and bulk sampling define calibrations JUNE g/t Au (4.8Moz)

18 TELFER DEEPS MINERAL RESOURCE KPI s Underground Statistics within $650 Au resource shell Resource Total Drilling Metres Tonnes (Mt) Tonnes/ m Au (Moz) oz/m Ridgeway 38, , Telfer Deeps 33, , Deeps Resource Definition = $8.20 Au oz (Total including Bulk Sampling Program )

19 TELFER TELFER DEEPS DEEPS Bulk Bulk Sample Schematic 0m 200m VR8 N 4650E 4625E 4550 Decline SUMMARY STATISTICS 72,000 tonnes sampled 11 bulk samples drives 361 bulk sample units 3,912 assays Bulk sampling of deeper material in progress 4575E 4620E I30 Quartz Reef

20 TELFER NEAR MINE EXPLORATION POTENTIAL

21 GEOLOGICAL POTENTIAL Work in progress has identified additional potential Au Cu mineralisation outside the current Telfer Mineral Resource Mineralisation adjacent to current Telfer Deeps SLC Project Beneath SLC Vertical Stockwork Corridor (VSC) West of SLC Western Flank Stockwork (WFS) Drillholes intersected potential Au Cu Mineralisation at West Dome at depth similar to Telfer Deeps

22 TELFER TELFER DEEPS DEEPS Telfer Deeps Resource Potential 0m Geological Geological Domains Domains 500m CURRENT SLC DESIGN LIMITS 4600mRL 4600mRL Western Flank Stockworks (WFS) Vertical Stockwork Corridor (VSC) with high grade pods 4400mRL 4200mRL WFS Mineralisation High Grade Veins & Lower Limey Unit LEGEND Limey Unit Mineralisation defined +400m below the SLC Still open at depth Wide Spaced Drill data intersected Au mineralisation over 800m strike Length 4400mRL 4200mRL Stockwork Corridor Stockwork Zones 60000mE 60500mE 61000mE SLC Design

23 TELFER TELFER DEEPS DEEPS Current Bulk Bulk Sample Program 0m 500m CURRENT SLC DESIGN LIMITS 4600mRL 4600mRL 4400mRL 4400mRL 4200mRL Planned Decline Current bulk sampling design intersects mineralisation below and to the west of the SLC 4200mRL LEGEND Limey Unit Stockwork Corridor Stockwork Zones 60000mE 60500mE 61000mE SLC Design

24 TELFER DEEPS POTENTIAL - WFS Au Cu mineralisation intersected west of SLC by recent diamond drilling program & currently testing by UG bulk samples occurs in: Lower Limey Unit Grades 2-20 g/t Au, % Cu over 4-12 m thickness Several hundred metres down dip, >800 m strike length High Grade Veins System Grades g/t Au, % Cu over m thickness 5 vein systems identified to date, >250 m strike length, down dip >150 m

25 TELFER TELFER DEEPS DEEPS West Flank Domains Limey Limey Unit Unit Zones Zones Mineralised Limey Unit DE GREY OAKOVER 300m High grade intersection of Limey Unit and north dipping vein sets RUDALL N Limey Unit

26 TELFER TELFER DEEPS DEEPS West Flank Domains Photographs of of High High Grade Grade Vein Vein Mineralisation

27 TELFER TELFER DEEPS DEEPS West Flank Domains Photographs of of Lower Lower Limey Limey Unit Unit Mineralisation Bulk Sample Drive Lower Limey Unit

28 TELFER DEEPS POTENTIAL - VSC Au Cu mineralisation intersected beneath SLC by recent diamond drilling program >800m strike length & open north >400m down dip & open at depth High grade stockwork zones in lower grade envelope

29 4600mRL TELFER TELFER DEEPS DEEPS Vertical Stockwork Corridor Uncalibrated Uncalibrated Drillhole Drillhole Results Results Cross Cross Section Section mn mn CURRENT SLC DESIGN LIMITS 4600mRL Lower Limey Unit 0.5, , mRL 0.8, , mRL 0.6, 0.3 MUC , , 0.4 MUC mRL 1.4, mRL 3.5, 0.6 MUC12607 LEGEND Limey Unit 2.0, 0.5 Uncalibrated Results Au g/t, Cu % Stockwork Corridor Stockwork Zones 60000mE MUC12609 MUC mE MUC mE SLC Design

30 TELFER TELFER DEEPS DEEPS Vertical Stockwork Corridor Uncalibrated Uncalibrated Drillhole Drillhole Results Results Cross Cross Section Section mn mn CURRENT SLC DESIGN LIMITS 4600mRL 4600mRL Lower Limey Unit 0.9, , , mRL 1.0, , mRL 2.3, , mRL LEGEND Limey Unit 2, , , 0.5 MRC14535 MUC14019 MUC14015 MUC14020 MUC , , mRL Uncalibrated Results Au g/t, Cu % Stockwork Corridor Stockwork Zones SLC Design 60000mE 1.0, 0.2 MUC14643 MUC mE MUC14014 MUC mE

31 WEST DOME POTENTIAL Geologically similar to the Telfer Deeps system Recent drilling program identified potential strike length > 1000 m, similar depth as Telfer Deeps Au Cu grades from wide spaced drill data similar tenor to parts of Telfer Deeps system

32 TELFER TELFER PROJECT PROJECT WEST 5500mRL DOME DEEPS Interpretation of of Existing Drilling 12500mN 5500mRL 5000mRL Siltstone Package Sandstone Package Quartzite Package LATEST DRILLHOLE 5000mRL 4500mRL 4500mRL WEST DOME DEEPS Low Copper Pod WEST DOME DEEPS High Copper Pod 4000mRL 4000mRL 60000mE 59000mE 58000mE 57000mE

33 TELFER TELFER PROJECT PROJECT WEST DOME DEEPS Uncalibrated Drilling Results Results LATEST DRILLHOLE Note: Current drillhole (WRC25046) is 250 m south of the nearest deep drillhole (W27563W1). Other drillholes shown are projected from >500 m to the north. WRC29044 W27563W1 W30070W1 0.8, , , , mRL 1.2, mRL 0.7, , , mRL OSM 5000mRL 11.0, mRL RSM / MSM / FSM MQM 4500mRL 1.5, 0.2 LOWER LIMEY UNIT 1.0, 0.3 incl 2.8, m WRC mRL 4000mRL 57000mE 58000mE 59000mE 60000mE Uncalibrated Results Au g/t, Cu %

34 TELFER TELFER PROJECT PROJECT WEST DOME DEEPS Drillhole Location Schematic Latest drillhole WRC m south of nearest intersection 250m WEST DOME DEEPS 2 Pods of Mineralisation N 0m 1000m WRC25046

35 TELFER TELFER PROJECT PROJECT RESOURCE POTENTIAL Looking Looking NNE NNE MAIN DOME WEST DOME DEEPS TELFER DEEPS 1 km

36 IMPLICATION FOR TELFER PROJECT Risk management Definition of mineralisation adjacent to existing infrastructure provides added flexibility and upside to the Project Evaluation of this potential does not jeopardise the focus on the main game which is development of the Telfer Project

37 IMPLICATION FOR TELFER DISTRICT The understanding gained during the Feasibility Project can significantly improve our ability to optimise district resources Demonstrated improvements at Telfer Dome include: structural controls on stockwork mineralisation stratigraphic controls for reef mineralisation at depth geochemical signature for the Telfer deposits potential hazards of using raw drillhole grades

38 IMPLICATION FOR TELFER DISTRICT Areas where the this understanding improves district exploration: Trotman s Dome deposits Connaughton s Dome deposits