While Newcrest has previously downgraded its recent financial year production guidance to 2.7 million ounces, MPW said these results would be little surprise to the market.

"We believe that risk remains to the upside as the market continues to progress its understanding of Newcrest's project pipeline," analysts said.

"Traditionally Newcrest has provided an update of its five year production and capex forecasts with the release of its annual report in August.

"As a result of its live bid for Lihir Gold in August 2010, this information was not provided last year.

"We believe the comprehensive review of the combined entity will be positively received by the market as it is likely to highlight the depth and quality of Newcrest's project portfolio."

Newcrest half owns the Morobe Mining Joint Ventures with South Africa's Harmony Gold and this JV operates the Hidden Valley mine and the promising Wafi-Golpu copper and gold project.

Newcrest also kicked off surveying over the Manus Island project it shares with London-based Triple Plate Junction in northern PNG last month.

The long-flagged million ounce production upgrade project at the Lihir mine is expected to ramp up output during 2013.

In a presentation to a mining conference in Spain in May, outgoing Newcrest managing director Ian Smith put PNG at the top of his list in a slide for exploration opportunities, followed by Indonesia, Fiji and Telfer in Western Australia.

MPW has set a 12-month price target of $A45 for Newcrest shares, which closed up 36c to $40.77 yesterday.