Q4 2015 Earnings Call Presentation

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TSX:NMI

Full Year 2015 Financial Results

March 4, 2016

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Forward Looking Statements Certain information set forth in this presentation contains “forward-looking statements”, and “forward-looking information under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company’s expectations about its business and operations, and are based on the Company’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “will”, “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These statements are not guarantees of future performance or outcomes and undue reliance should not be placed on them. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are included in this presentation or incorporated by reference herein, except in accordance with applicable securities laws.

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SUSTAINABLE PRODUCER WITH A STRATEGY FOR LONG-TERM GROWTH

RECORD 222,671 oz

FLAGSHIP FOSTERVILLE GOLD MINE

3 Australian CONSOLIDATED GOLD PRODUCTION

2015 RECORD YEAR

RECORD PRODUCTION 123,095 RECORD GRADE 6.11 g/t Au RECORD RECOVERY 88.5% RECORD DRILL INTERCEPT 645g/t Au over 3.5m

CONSOLIDATED COSTS

OPERATING CASH COSTS $US 704/oz ALL-IN SUSTAINING COSTS $US 987/oz

Gold Mines

THREE NEW MINE SITE DISCOVERIES

ROBUST AUD$ GOLD PRICE

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Beginning 2016 Essentially Debt-Free

Cash Balance ($M)1 US$36.5

Working Capital (incl. Cash)($M)1 US$22.3

Debt ($M)1 (Est. as at March 30, 2016) <US$1.3

TSX:NMI OTCQX: NMKTF

1. As at December 31, 2015 2. Assuming all debenture holders elect to exercise their debentures at $1.02 for 33.9 million common shares prior to the Redemption date of March 30, 2016. 3. Excludes 11,438,820 warrants which

have a strike price of $9.16. 4. 972,000 broker warrants at $1.25 expiring on January 10, 2017.

Balance Sheet

Issued and Outstanding (M) (Est. as at March 30, 2016) 174.52

Market Capitalization (M) (as at March 3, 2016) US$235

Options (M) 10.7

Performance Share Units (M) 4.0

Warrants3,4 0.9

Fully Diluted (M) 189.9

Luxor Capital Group LP 35%

Management/Board (basic) 8%

Capital Structure & Ownership

Average Daily Volume

30 day 1,500,000

CASH $36.5 Million

Debt $1.37 Million

• 100% of outstanding convertible debentures by March 31, 2016 to be converted

• US$5.1M in proceeds from exercise of 4.25M Warrants

• Essentially debt-free balance sheet to begin 2016

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CEO Highlights – Full Year 2015 Strong Consolidated Production: Record gold production of 222,671 ounces exceeded the top end of 2015

production guidance range of 205,000 - 220,000 ounces and represented the third consecutive year of record production

Record Low Costs: operating cash costs of $704 per ounce sold down 22.2% from FY 2014 and all-in sustaining costs (“AISC”) of $987 per ounce sold down 20.1% from FY 2014

Fosterville Sets Records: Record production of 123,095 ounces, record mill grade of 6.11 g/t, record recovery of 88.5%, record operating cash costs of $516 per ounce sold and AISC of $837 for FY15

Record Operating Cash Flow: $76.5M, up 3.2% from $74.2M in 2014, despite a 9% lower average realized gold price. Operating cash flow per share of $0.61

Growth: $12.0M in growth spending, resulting in key discoveries across the Company’s operations

Earnings: Net loss of $2.8M or $0.02 per share includes a non-cash impairment charge of $26.5M relating to the Cosmo Gold Mine, accounting for a $0.21 per share loss, and also includes transaction costs of $17.0M accounting for a $0.14 per share loss. Adjusted net income was $0.32 per share, or $40.7M when excluding the impairment and transaction costs

Financial Position: Strong financial position at December 31, 2015 comprised of $36.5M cash. The recent announcement on February 12, 2016, to redeem all outstanding convertible debentures through the issuance of common shares will leave the Company largely debt-free.

(All figures are in United States (“U.S.”) dollars, unless stated otherwise)* See Non-IFRS Disclosures ** All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and Administrative Expenses.

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Three Minesite Growth Programs

$12.0M invested in growth in 2015 with key significant gold discoveries leading to organic growth

All discoveries have potential to contribute organic growth and are located near mine site infrastructure

Funding for all new mine site growth programs has come from free cash flow

Mine Site Discovery Snapshot

Fosterville, Eagle Gold Zone (Recent highlight intercept 645g/t gold over 3.5m)

Stawell, Aurora B (highlight intercepts include 17.80m grading 7.06 g/t gold and 8.80m grading 8.03g/t gold, drill drive now extended 330m )

Cosmo, Western Lodes (highlight intercepts include 4.3m grading 7.42g/t gold)

Revised 2015 National Instrument 43-101 Reserve and Resource Statements for all of our operations and development projects will be tabled in March 2016

(All figures are in United States (“U.S.”) dollars, unless stated otherwise)

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2016 Guidance

(U.S.) $ Consolidated 2015

Guidance

Consolidated 2016

Guidance

Gold Production (ounces) ~220,000 205,000 – 220,000

Operational Cash Costs per ounce* $700 - $750 $650 - $725

AISC per ounce*(1) $970 - $1,020 $950 - $1,025

Capital Expenditures excluding growth ($M) $50 - $57.5

Growth Capital Expenditures ($M) $5 - $10

Corp. General and Administrative ($M) $5 - $6

* See Non-IFRS Disclosures (1) Operating Cash Costs per ounce and AISC per ounce reflect an average FX rate of $0.75. (2) All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and

Administrative Expenses. (All figures are in United States (“U.S.”) dollars, unless stated otherwise)

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Legend Drill Intercepts Coloured by Gram-Metre

Mined Stopes Reserves Mineralization >30 5 - 15

Mined Development Mine Design Target Trend 15 – 20 1 - 5

12.8 g/t Gold over 8.5m


16.4 g/t Gold (Visible Gold) over 16.5m

73.2 g/t Gold (Visible Gold) over 7.8m

385 g/t Gold (Visible Gold) over 3.4m

Fosterville Mine (Eagle Gold Zone) (DRILLING ONGOING)

View looking North

West East


Schematic Cross Section

286 g/t Gold (Visible Gold) over 2.8m



161 g/t Gold over 4.9m 645 g/t Gold over 3.5m

Total Strike 600m x 290m vertical height, open for expansion as at Jan/16

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Fosterville Mine (Longitudinal Projection)

Harrier Drill Drive

12.5 g/t Au over 3.3m


Central Decline

Phoenix Decline


78

50

mN

4.4 g/t Au over 9.1m 4.4 g/t Au over 6.1m

Drill Targets

1km step-out drilling H2/2016 drill results

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Stawell Mine Aurora B Discovery Section

East Flank Target Aurora B

East Flank Target Aurora A

Traditionally mined West Flank

Total production to date 2.3 million ounces

8.03 g/t gold over 8.8 m


Magdala

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Cosmo Mine Discovery (Close to Infrastructure)

0 100

metres

Western

Lode

Target

Sliver Target



Cosmo Long Section

14.79 g/t gold over 11.4 m, 14.07 g/t gold over 6.4 m

5.85g/t gold over 5.7 m

10.25 g/t gold over 2.8 m Inc. 6.4 g/t gold over 3.1 m

The Cosmo Eastern Deeps drilling has identified mineralization approximately 200 m down plunge from the base of current resources

WESTERN LODE PLAN MAP

EASTERN DEEPS SECTION

Union Reefs mill has 1.2Mt of excess capacity to

treat additional ore

A B

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Focused on Creating Shareholder Value Share Price Performance(1)

Total shares traded 36.2 Million (Nov 2015- to date)

30 Day Avg Volume 1,300,000 (as of Mar 2, 2016)

Source: Capital IQ (1) Peer Group constituents (Richmont, Lakeshore, Primero, Kirkland Lake & Alamos), based on U.S. currency share price performance

Research Coverage by: RBC Capital Markets GMP Securities Raymond James BMO Capital Markets Laurentian Bank Cormark Securities Rodman & Renshaw Beacon Securities M Partners PI Financial

Firm GMP Securities Anonymous TD Securities

Beacon Securities

CIBC Canaccord Scotia RBC Barclays

Shares Traded

7.2 Million 6.7 Million 3.5 Million 3.0 Million 2.4 Million 1.9 Million 1.3 Million 980k 965k

14%

67%

44%

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15-Jul-15 15-Aug-15 15-Sep-15 15-Oct-15 15-Nov-15 15-Dec-15 15-Jan-16 15-Feb-16

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NMI Volume GDX Index Newmarket Peer Producers Spot Gold

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Q4 & FY 2015 FINANCIAL RESULTS REVIEW

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Gold Production Q4 & FY 2015 Tenth consecutive quarters of production above 53,000 ounces

Record full year consolidated gold production of 222,671 ounces exceeding 2015 guidance

Record gold production from our flagship Fosterville comprised 55% of FY 2015 consolidated production of 123,095

Q4 2015 gold production led by flagship Fosterville mine producing 31,519 ounces

FY 2015 consolidated mill recoveries of 86.2% vs 84.6% in the prior year

Fosterville set a new full-year record gold recovery of 88.5%

FY 2015 consolidated mill feed grades increased to 3.38 g/t Au compared to 3.08 g/t 2014

Fosterville improving grade profile helping to increase consolidated mill grades in 2015

58,796 59,676

55,998 53,817

31,519

12,898

8,762

0

10,000

20,000

30,000

40,000

50,000

60,000

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Fosterville Cosmo Stawell

53,179

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Operating Results

Operating Results Q4 2015 Q4 2014 FY 2015 FY 2014

Consolidated Gold Produced (oz) 53, 179 58,796 222,671 222,312

Consolidated Gold Grades (g/t) 3.30 3.21 3.38 3.08

Consolidated Recoveries (%) 84.0 85.4 86.2 84.6%

Fosterville Gold Mine

Ore Milled (Tonnes) 179,450 190,823 703,787 814,837

Average Grade (g/t Au) 6.33 5.26 6.11 4.62

Recovery (%) 86.3% 88.5% 88.5% 86.4%

Gold Produced (oz) 31,519 29,045 123,095 105,342

Cosmo Gold Mine



Recovery (%) 86.9% 90.9% 90.7% 88.9%

Gold Produced (oz) 12,898 20,112 63,255 77,740

Stawell Gold Mines



Recovery (%) 80.0% 77.6% 80.8% 78.8%

Gold Produced (oz) 8,762 9,639 36,321 39,230


Fosterville

123,095 Fosterville

105,342

Cosmo 63,255 Cosmo

77,740

Stawell 36,321

Stawell 39,230

0

50,000

100,000

150,000

200,000

250,000

FY 2015 FY 2014

222,671 oz

Gold Production (oz)

222,312 oz

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Financial Results (000’s US$) Q4 2015 Q4 2014 FY 2015 FY 2014

Gold ounces produced 53,179 58,796 222,671 222,312

Gold ounces sold 52,290 58,070 223,258 222,903

Revenue 58,383 69,783 257,988 282,739

Cost of operations, including depletion and depreciation

(49,669) (56,511) (197,412) (241,458)

Mine operating income 8,714 13,272 60,576 41,281

Net income (loss) (20,238) 10,760 (2,788) 19,952

Net income per share($/share) basic & diluted*

(0.15) 0.09 (0.02) 0.17

Operating Cash Flow 10,594 25,281 76,497 74,157

Mine development, PP&E 10,870 15,286 55,282 66,742

Gold Price and Costs (US$) FY 2015 FY 2014 FY 2015 FY 2014

Average realized gold price 1,117 1,202 1,156 1,268

Average quoted gold price 1,108 1,201 1,160 1,266

Operating cash costs per ounce sold 742 793 704 905

All-in sustaining cash costs per ounce sold 995 1,098 987 1,236

Financial Results


76,497 74,157

FY 2015 FY 2014

Operating Cash Flow

+3.2%

US$ M

FY 2015 total revenue of $258.0M in a lower gold price environment

FY 2015 Average realized gold price decreased nearly 9.0% to $1,156 per ounce vs. $1,268 per ounce in FY 2014

FY 2015 operating cash flow increased 3.2% to $76.5M compared to FY 2014

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Q4 2015 Q4 2015 Net loss of $20.2M or $0.15 EPS, due to a one-time, non-cash impairment charge of

$26.0M, or per share loss of $0.19, recorded against the carrying value of Cosmo and related plant and equipment.

Q4 2015 adjusted net income of $5.8M, or $0.04 EPS, excludes impact of impairment charge

Q4 2015 net income impacted by $4.8M in growth exploration and a deferred tax recovery of $5.3M reflecting the recognition of non-capital losses relating to its Victorian assets.

FY 2015 2015 net loss of $2.8M, or $0.02 loss per share, includes impact of the non-cash impairment

charge of $26.5M, or $0.21 EPS, recorded against the carrying value of Cosmo, and by $17.0M in Transaction costs, which accounted for a loss of $0.14 per share.

Net of the aforementioned items, adjusted net income for 2015 was $40.7M, or $0.32 EPS. Net income also included $12 million in exploration expenses as the Company has been able

to invest its increasing capital into near-term growth exploration projects.

Adjusted Net Income

* See Non-IFRS Disclosures (1) All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and Administrative Expenses.

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Mine development capital expenditures were $8.8M in Q4 2015 and $42.9M FY 2015

Expenditures included: • Fosterville: to access lower levels of the Phoenix and Lower Phoenix areas of the mine,

and at Cosmo to access Mining Block 8. • Stawell also incurred $1.3M of mine development • Cosmo: to access Mining Block 8 • Stawell: drill drive development

CAPEX invested into plant and equipment was $12.3M, FY 2015

Total sustaining CAPEX for 2015 $55.3M, FY 2015

The decrease in operating cash costs supported by the AUD FX helped to improved AISC to $987/oz sold, from $1,236/oz sold in 2014, a 20.1% decrease, note that all-in sustaining costs per ounce include corporate G&A expenses

Capital Expenditures (CAPEX)

* See Non-IFRS Disclosures (1) All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and Administrative Expenses.

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$1,236

$987 $905

$704

2014 FY 2015

Operating Cash Costs & AISC

2015 Highlights

Record low consolidated operating cash costs down 22.2% and AISC down 20.1% year over year

Operating cash costs averaged $704 per ounce sold. AISC averaged $987 per ounce sold

The Company has generally benefited from the significant drop in the Australian dollar exchange rate down 10.8% year over year (AUD$0.7285 Dec. 31 2015)

All-in sustaining cash costs per oz*

Operating cash costs per oz*

* See Non-IFRS Disclosures (1) Operating Cash Costs per ounce and AISC per ounce reflect an average FX rate of $0.75. (2) All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and

Administrative Expenses. (All figures are in United States (“U.S.”) dollars, unless stated otherwise)

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Financial Position Cash Position and Working Capital as at December 31, 2015

Cash Position of US$36.5M, reflecting:

○ Transaction costs (cash component of $3.6M)

○ 2015 growth exploration spending increased ($12.0M)

○ 2015 Investing activities reflect one-time payment to terminate the net free cash flow sharing agreement between the Company and AuRico Gold Inc. ($16.7M)

○ Working Capital: US$22.3M compared to $12.6M December 31, 2014

$5.1M in proceeds from exercise of 4.25M Warrants

Debt—Convertible Debenture

Convertible debentures of C$34.5M due April 30, 2018, with an 8% coupon and C$1.02 conversion price.

February 16, 2016, the Company announced that on March 30, 2016, the convertible debentures will be redeemed by issuing common shares of the Company, leaving the company essentially debt free.

(All figures are in United States (“U.S.”) dollars, unless stated otherwise)

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Q&A

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Douglas Forster President & CEO, Director

T: 604-559-8040 E: [email protected]

TSX: NMI www.newmarketgoldinc.com

Contact Us

Ryan King Vice President, Corporate Communications


Laura Lepore Director, Investor Relations


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APPENDIX

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Fosterville Gold Mine Q4 2015

2016Goals

Follow up exploration and development on the newly discovered East Dipping, Kestral and Eagle structures and additional target zones up and down plunge

Complete gravity installation 2016 Production Guidance 110,000 – 120,000 ounces 2016 Cost Guidance $525 - $575*(1) operating cash costs

Q4 2015 Highlights

Gold production of 31,519, 9.0% year over year increase

Mill feed grade of 6.33 g/t Au from 179,450 milled tonnes

Quarterly recovery of 86.3%

Increased grade as a result of the new Eagle Fault Gold Zone

Now tested 600m along strike by 290m vertical height

Installation of gravity circuit on time and on budget

29,045 29,135 29,648 32,793 31,519

Q4/14 Q1/15 Q2/15 Q3/15 Q4/15


Fosterville Processing Facility

(All figures are in United States (“U.S.”) dollars, unless stated otherwise)* See Non-IFRS Disclosures, (1) Operating Cash Costs per ounce and AISC per ounce reflect an average FX rate of $0.75

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Cosmo Gold Mine Q4 2015

20,112 20,612

17,073

12,672 12,898

Q4/14 Q1/15 Q2/15 Q3/15 Q4/152016 Goals

Continue improved contractor performance with operations now underway in Mining Block 8. Sustainable production in Mining Block 8 with greater continuity and drill data Continue to review Western Lodes and Eastern Deeps discoveries 2016 Production Guidance 60,000-65,000 ounces 2016 Cost Guidance $720 - $795*(1) operating cash costs

Q4 2015

Q4 gold production finished at 12,898 oz decreased 36% from the same period in 2014

Challenges with grade reconciliation and ground conditions negatively impacted production

Mill recovery achieved of 86.9% from a mill feed grade of 2.56 g/t gold

Cosmo Access Portal



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9,639 9,929 9,277

8,352 8,762

Q4/14 Q1/15 Q2/15 Q3/15 Q4/15

Stawell Gold Mines Q4 2015

2016 Goals

Continue to operate in a sustainable way, further streamline operations, and continue cost reduction

Advance Aurora B Discovery, define initial NI 43-101 resource estimate 2016 Production Guidance ~35,000 ounces 2016 Cost Guidance $900 - $975 operating cash costs*(1)

Q4 2015

Q4 2015 8,762 ounces of gold produced

227,229 milled tonnes with an average grade of 1.50g/t gold and recoveries of 80%

Continues to operate sustainability on streamlined operating activities from the upper levels in the underground mine and supplemented oxide stockpiles, with reduced manpower

Aurora B Discovery drill drive advanced approximately 330m

Stawell Gold Mine



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Non-IFRS and Additional Information

Non-IFRS Measures

Crocodile Gold believes that investors use certain indicators to assess gold mining companies. The indicators are intended to provide additional information and should not be

considered in isolation or as a substitute for measures of performance in accordance with the International Financial Reporting Standards.

“Operational Cash Costs per Ounce” is a non-IFRS performance measure which could provide an indication of the mining and processing efficiency at the operations.

The Company calculates operating cash costs per ounce by deducting silver sales revenue as a by-product from operating expenses per the consolidated statement of operations,

then dividing by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as

royalties, however excludes depletion and depreciation, share-based payments and rehabilitation costs. There are variations in the method of computation of “operational cash

costs per ounce” as determined by the Company compared with other mining companies. For more detail on the operational cash costs per ounce determination for Crocodile Gold,

please visit www.sedar.com or www.newmarketgoldinc.com and review the latest Annual Financial Statements issued on March 19, 2014.

“All-In Sustaining Costs per Ounce of Gold (“AISC”)” Effective December 31, 2013, the Company has adopted an all-in sustaining cost (“AISC”) performance measure that

reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry,

the Company’s definition conforms to the AISC definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory,

non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in

assessing operating performance and the ability to generate free cash flow from current operations. The Company defines AISC as the sum of operating cash costs (per above),

sustaining capital (capital required to maintain current operations at existing levels), capital lease repayments, corporate general and administrative expenses, in-mine exploration

expenses and rehabilitation accretion and amortization related to current operations. AISC excludes capital expenditures for significant improvements at existing operations deemed

to be expansionary in nature, exploration and evaluation related to growth projects, rehabilitation accretion and amortization not related to current operations, financing costs, debt

repayments, share-based compensation not related to operations, and taxes.

Additional Information

Notes for Page 8-11 : For information regarding mineral resource and reserve estimates, including parameters used to generate the estimates and depletion, please see the

technical reports titled: NI43-101 TECHNICAL REPORT FOSTERVILLE GOLD MINE, VICTORIA, AUSTRALIA PREPARED FOR CROCODILE GOLD CORP dated March 31,

2015 and; NI43-101 TECHNICAL REPORT – BIG HILL ENHANCED DEVELOPMENT PROJECT AT STAWELL GOLD MINE MINERAL RESOURCES & RESERVES PREPARED

FOR CROCODILE GOLD CORP dated June 6, 2014. For the Northern Territory Mineral Reserve Estimates please refer to the technical reports titled: REPORT ON THE MINERAL

RESOURCES & MINERAL RESERVES OF THE COSMO DEEPS GOLD PROJECT dated March 31, 2015; NI43-101 TECHNICAL REPORT STAWELL GOLD MINE, VICTORIA,

AUSTRALIA PREPARED FOR CROCODILE GOLD CORP dated March 31, 2015;

REPORT ON THE MINERAL RESOURCES & MINERAL RESERVES OF THE UNION REEFS GOLD PROJECT dated December 31, 2012; REPORT ON THE MINERAL

RESOURCES & MINERAL RESERVES OF THE PINE CREEK GOLD PROJECT dated December 31, 2012; REPORT ON THE MINERAL RESOURCES & MINERAL RESERVES

OF THE MAUD CREEK GOLD PROJECT dated December 31, 2012 and;

REPORT ON THE MINERAL RESOURCES & MINERAL RESERVES OF THE BURNSIDE GOLD AND BASE METAL PROJECT dated December 12, 2013.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

http://www.sedar.com/





http://www.crocgold.com/





Q4 2015 Earnings Call Presentation

Business

Transcript of Q4 2015 Earnings Call Presentation