Analyst Note
| Jon Mills, CFA |We transfer coverage of Newcrest Mining to a new analyst with a no-moat rating and AUD 33 per share fair value estimate. This reflects our recently updated forecasts for gold and copper prices, which were incorporated into the prior fair value estimate and which we reiterate. Our higher gold and copper price forecasts are partially offset by a stronger AUD/USD rate, increased unit costs, and a reduction in our fair value estimate for the Wafi-Golpu project in Papua New Guinea.