Presentation - November 2015

1. 1
TSX:NMI
Third Quarter 2015 Financial Results
November 5, 2015

2. 2
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.

3. 3
CEO Highlights – Q3 2015
 Strong Consolidated Production:
Record production in first 9M 2015 of 169,491 ounces, up 3.7% year-over-year
 Fosterville Sets Records:
Record production of 32,793 ounces, record mill grade of 6.42 g/t and record recovery of 89.7% in
Q3 2015
 Top-End FY15 Production Guidance Reaffirmed: Approximately 220,000 ounces in 2015
 Lowering FY15 Cost Outlook:
Operating cash costs guidance lowered to $700 - $750 per ounce (prior $780 - $860)
AISC guidance lowered to $970 - $1,020 per ounce (prior $1,020 - $1,100)
 Operating cash Flow increased 34.8% year-over-year to $65.9M in first 9M 2015
 Mine Site Discoveries Drive Growth Initiatives: $7.2M invested in first 9M 2015.
Committed to investing in exploration growth programs that can have a significant positive impact
on near mine operations. Exploration yielding organic growth opportunities
 Net Earnings Including Impact of Transaction Costs:
9M 2015 net income was $17.5M or $0.14 per share, including year-to-date one-time transaction
costs of $16.7M or $0.14. Excluding one-time transaction costs, 9M 2015 net income was $34.2M,
or $0.28
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)* See Non-IFRS Disclosures on page 31 ** All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and Administrative
Expenses.

4. 4
Gold Production YTD 2015
 Nine consecutive quarters of production above 53,000 ounces at end of Q3 2015
 Record gold production at flagship mine Fosterville comprised 61% of Q3 2015 consolidated production of 53,817 ounces
 Fosterville achieved record production of 32,793 ounces, record grade of 6.42 g/t gold and record recovery 89.7% at the
end of Q3 2015. Fosterville delivered record production of 91,576 ounces for 9M 2015 and is on track to achieve a record
production year in 2015
 Cosmo production lower that expected for Q3 2015, improvements expected in Q4 2015
 Stawell produced 27,559 ounces year to date, inline with our expectations
55,909 oz
58,796 oz 59,676 oz
55,998 oz
32,793
12,672
8,352
0
10,000
20,000
30,000
40,000
50,000
60,000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
53,817 oz
Stawell
Cosmo
Fosterville
Quarterly Consolidated Gold Production (oz)

5. 5
Increasing Mill Recoveries and Gold Grade Profile
IMPROVING MILL RECOVERY
 9M 2015 Consolidated mill recoveries of 87.1% improved from 84.2% year over year
 Fosterville set a new quarterly record gold recovery of 89.7% in Q3 2015,
9M 2015 recovery of 89.4%
 Strong Cosmo Q3 2015 recovery of 92.2%, 9M 2015 92.2%
INCREASING MILL GRADE
 9M 2015 consolidated mill feed grades of 3.40 g/t gold, a 11.8% increase over the same
period in 2014
 Fosterville’s improving grade profile helping to increase consolidated mill grades
 Q3 2015 mill feed grades at Fosterville averaged 6.42 g/t gold, up 27.9% from Q3 2014
grade of 5.02 g/t gold, a fifth consecutive quarter of mill feed grade improvement.
(September 2015 mill feed grade of 7.34g/t gold)
 Exploration and growth programs at Fosterville including new Eagle Fault discovery
supports view that Fosterville grades will continue their increasing trend

6. 6
Revenue and Operating Cash Flow
9M 2015 Highlights
 9M 2015 total revenue of
$199.6 million in a lower gold
price environment
 9M 2015 average realized gold
price decreased nearly 10% to
$1,164 per ounce vs. $1,292 per
ounce compared to prior year
 9M 2015 operating cash flow
increased 34.8% to $65.9 million
compared to 9M 2014.
48,876
65,903
YTD 2014 YTD 2015
Operating Cash Flow
212,956
199,605
YTD 2014 YTD 2015
Revenue
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)
In Thousands
In Thousands

7. 7
$1,236
$984 $1,020
$905
$693
$780
2014 9M 2015 Revised 2015 Cost Guidance
Operating Cash Costs & AISC
9M 2015 Highlights
 Record low consolidated
operating cash costs of
$693, down 26.6% year-
over-year and AISC of
$984 down 23.4% year
over year
 FY 2015 costs lowered due
to impact of weaker AUD
and focus on cost
reductions, containment
initiatives and optimized
capital spending
All-in sustaining cash costs per oz*
Operating cash costs per oz*
Guidance
$970 -
$1,020
Guidance
$700 -
$750
Consolidated 2015
Gold Production (ounces) - New ~220,000
Gold Production (ounces) - Prior 205,000 - 220,000
Operational Cash Costs per ounce* - New $700 - $750
Operational Cash Costs per ounce* - Prior $780 - $860
AISC per ounce*(1) – New $970 - $1,020
AISC per ounce*(1) – Prior $1,020 - $1,100
(All figures are in United States (“U.S.”) dollars, unless stated otherwise) * See Non-IFRS Disclosures on page 31 (1) All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and
Administrative Expenses.

8. 8
Three Mine Site Growth Programs
 $7.2 million invested in growth year-to-date with three new significant gold discoveries announced
 All discoveries have potential to contribute organic growth near mine site infrastructure
 Free cash flow funding new mine site growth programs at all three mines
Mine Site Discovery Snapshot
 Fosterville, Eagle Gold Zone (highlight intercept 9.15m grading 386 g/t gold)
 Cosmo, Western Lodes, Cosmo Deeps (highlight intercepts at Western Lodes include 4.3m grading
7.42 g/t gold, potential new mining front)(Sliver includes 11.4m grading 14.79 g/t gold and 6.4m
grading 14.07 g/t gold)(Cosmo Deeps includes 5.7m grading 5.85 g/t gold)
 Stawell, Aurora B (highlight intercepts include 17.80m grading 7.06 g/t gold and 8.80m grading
8.03 g/t gold)

9. 9
Fosterville – Significant Potential at Depth
Exciting high grade discoveries drives investment for potential near term organic growth
Longitudinal Projection of Fosterville Gold Mine

10. 10
Cosmo’s drill intercepts and new Western Lodes
highlight intercepts include:
 Located only 160m away from current
development/infrastructure, potential to open new
mining front
 Western Lodes: 7.42 g/t gold over 4.3 metres (ETW 2.85
metres), 6.59 g/t gold over 6.4 metres (ETW 1.65 metres)
(potential for identifying grades and widths amenable for
underground mining and in close proximity to existing
infrastructure)
 Cosmos Inner Dolerite: 5.33 g/t gold over 7.54 metres
 Cosmos Central Internal Metasediments: 6.79 g/t gold
over 6.15 metres
 Additional drilling underway
Cosmo Mine (Expansion Opportunity)
Drill results at Cosmo have identified resource expansion potential
Discovery
Maud Creek Gold Deposit (Northern Territory)
(M&I mineral resource 871,000 ounces grading 3.50g/t gold located
110km from the Union Reef mill)1
Phase I Preliminary Economic Assessment - Q1/16
0 100
metres
1. See additionaldisclosurenoteson slide 30

11. 11
The Sliver Lode drilling is approximately 25 m from
current underground development highlighting
potential tonnes to be included in near term mine
plan
The Cosmo Deeps drilling has identified mineralization
approximately 200 m down –plunge from the base of
current resources
Sliver Lode
5.85g/t gold over 5.7 metres
(ETW 4.29 metres)
3.1 g/t gold over 6.4
metres (ETW 5.0 metres)
14.79 g/t gold over 11.4 metres (ETW11.4 metres) &
14.07 g/t gold over 6.0 m (ETW5.83 metres)
Cosmo Mine (Expansion Opportunity)
Cosmo Deeps drilling has identified
mineralization approximately200
metres down plunge from the base of
current Mineral Resources

12. 12
 Aurora A – Significant historic drill intercept includes: 13.7 g/t gold over 5.45 m (ETW 4.9 metres)
 Aurora B – Significant new discovery: 7.06 g/t gold over 17.80 m (ETW 8.3 metres), 8.03 g/t gold over 8.8 m (ETW
5.0 metres), drilling on-going
Stawell Mine Exploration (Expansion Opportunity)
Past Production of 2.3
Million Ounces Gold
* Announceddrill results July 22, 2015, September 21, 2015
Brummigans
East Flank (Aurora B) DISCOVERY* drill hole 7.06 g/t Gold over 17.80 metres

13. 13
Top Priorities For Creating Shareholder Value
Sustainable Gold
Production
Maintain production from
current assets between
210,000 oz - 220,000 oz
Convert and replace
resources in a timely
manner
Integrated company with
experienced & unified
Management Team
Growing Cash Flow
Excellent operational
execution
Lower costs and capital
requirements
Disciplined capital
investment & allocation –
Achieve positive cash flow
each quarter
Maintain Balance
Sheet Strength
Strong cash position
Low debt level
Flexibility in a volatile
gold price environment
Strategic Growth
Opportunities
Leverage deep capital
markets relationships to
target M&A that will be
accretive to existing
production and cost
profile
Unlock value from our
current land holdings
Strategic partnerships

14. 14
Equity Performance Since July 2015
Share Price Performance(1)
Firm GMP Securities Anonymous R. James TD Securities RBC Capital CIBC Canaccord Cormark Scotia
Shares
Traded
7.6 Million 5.1 Million 4.1 Million 3.7 Million 2.0 Million 1.8 Million 1.6 Million 1.0 Million 1.0 Million
Total Shares Traded:
36.4 Million
30 Day Avg Volume:
552,000 (as of Oct 30 2015)
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
(Stephen Walker)
GMP Securities
(George Albino)
Raymond James
(Chris Thompson)
Laurentian Bank
(Pierre Vaillancourt)
Cormark Securities
(Kyle McPhee)

15. 15
Gold-Focused Acquisition Strategy
 Acquisitions will be opportunistic, remaining disciplined and patient
 Grow production in mining friendly jurisdiction: Australia, North America & South America
 Targeting opportunities that produce plus 100,000 ounces annually and have significant gold
resources to sustain or expand production with a goal to increase production to 400,000
ounces – 500,000 ounces annually
 Future target acquisitions must be accretive to existing production, operating cash and AISC
costs while having a positive impact on cash flow per share
 Utilizing our team’s strong industry and capital markets relationships, combined with our
current production and positive cash flow as a foundation for growth

16. 1616
Q3 2015
FINANCIAL RESULTS REVIEW

17. 17
Q3 2015 Operating Results Summary
Operating Results Q3 2015 Q3 2014 YTD 2015
Consolidated Gold Produced (oz) 53,817 55,909 169,491
Consolidated Gold Grades (g/t) 3.32 3.14 3.40
Consolidated Recoveries(%) 86.5 86.0 87.1
Fosterville Gold Mine
Ore Milled (t) 175,687 200,708 524,337
Average Grade (g/t Au) 6.42 5.02 6.03
Recovery (%) 89.7 86.8 89.4
Gold Produced (oz) 32,793 28,313 91,576
Cosmo Gold Mine
Ore Milled (t) 161,351 198,168 544,742
Average Grade (g/t Au) 2.65 3.03 3.12
Recovery (%) 92.2 92.8 92.2
Gold Produced (oz) 12,672 17,942 50,357
Stawell Gold Mines
Ore Milled (t) 228,216 232,840 670,277
Average Grade (g/t Au) 1.42 1.62 1.58
Recovery (%) 80.0 79.5 81.1
Gold Produced (oz) 8,352 9,654 27,559
Fosterville
32,793 Fosterville
28,313
Cosmo
12,672 Cosmo
17,942
Stawell
8,352
Stawell
9,654
0
10,000
20,000
30,000
40,000
50,000
60,000
Q3 2015 Q3 2014
53,817
Gold Production (oz)
55,909

18. 18
Fosterville Gold Mine Q3 2015
2015
Follow up exploration development of the newly discovered
East Dipping, Kestrel and Eagle structures
Updating FY2015 production and cash cost guidance:
New Production Guidance 115,000 – 120,000 ounces
New Operating Cash Cost Guidance $525 - $575*
Prior Guidance 100,000 - 105,000 ounces
Prior Guidance $670 - $750* operating cash costs
Q3 2015 Highlights
Record gold production up 15.8% year over year increase in
production to 32,793 ounces
Fifth consecutive quarter of improved mill feed grade and a
Record for Fosterville of 6.41 g/t Au from 175,687 milled tonnes
Quarterly recovery of 89.7% was highest ever
September average gold grade increased to 7.34 g/t Au
28,313 29,045 29,135 29,648
32,793
Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
Gold Production (oz)
Fosterville Processing Facility
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)* See Non-IFRS Disclosures page 31

19. 19
Cosmo Gold Mine Q3 2015
17,942
20,112 20,612
17,073
12,672
Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
2015
Operational challenges with the mining contractor have been
addressed. Production is expected to drive improved results in Q4
2015
Updating FY2015 production and cash cost guidance:
New Production Guidance 60,000-65,000 ounces
New Operating Cash Cost Guidance $875 - $930 per ounce
Prior Production Guidance 75,000-85,000 ounces
Prior Operating Cash Cost Guidance $850 - $930 per ounce
Q3 2015
Q2 Gold production of 12 672 ounces decreased 29.4% from Q3
2014
Challenges with equipment availability, and changes in contractor
manpower were the main contributors to the drop in Q3 2015 and
rescheduling activities negatively impacted the grade
Achieved Mill recovery of 92.2% from a mill feed grade of 2.65 g/t
gold
Cosmo Access Portal
Gold Production (oz)
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)* See Non-IFRS Disclosures page 31

20. 20
9,654 9,639 9,929
9,277
8,352
Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
Stawell Gold Mines Q3 2015
2015
Updating FY2015 production and cash cost guidance:
New Production Guidance: ~35,000 ounces
New Operating Cash Cost Guidance: $945 - $995*
Prior Production Guidance: ~30,000 ounces
Prior Operating Cash Cost Guidance: $945 - $1,025*
Q3 2015 Highlights
8,352 ounces of gold produced
228,216 milled tonnes with an average grade of 1.42g/t gold
and recovery of 80%
Continue to operate in a sustainable way, further streamline
operations, and continue cost reductions
Stawell Gold Mine
Gold Production (oz)
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)* See Non-IFRS Disclosures. Page 31

21. 21
$73,336
$69,783
$72,897
$66,044
$60,664
56,486 58,070
61,293
55,154 54,521
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Impact of Lower Average Realized Gold Price
 Consolidated revenue of $60.7M down 17.3% from Q3 2014
 Q3 2015 average realized gold price of $1,109/oz, down 15% year-over-year compared to $1,298
 Operating cash flow of $11.3M, versus $18.2M in Q3 2014
Revenue
Gold Ounces Sold
$1,298/oz $1,202/oz $1,185/oz $1,196/oz
Average
Realized
Gold Price
$1,109/oz
In thousands
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)

22. 22
Financial Results (000’s US$) Q3 2014 Q3 2015
Gold ounces produced 55,909 53,817
Gold ounces sold 56,486 54,521
Revenue 73,337 60,664
Cost of operations, including depletion and
depreciation
(60,754) (48,082)
Mine operating income 12,583 12,582
Exploration and evaluation 654 3,771
General and administrative 1,028 1,736
Net income (loss) 8,583 (10,325)
Net income (loss) per share ($/share) basic & diluted 0.07 (0.08)
Cash generated from operating activities 18,232 11,345
Investment in mine development, property, plant and
equipment
17,645 13,794
Gold Price and Costs (US$) Q3 2014 Q3 2015
Average realized gold price 1,298 1,109
Average quoted gold price 1,282 1,124
Operating cash costs per ounce sold 898 715
All-in sustaining cash costs per ounce sold 1,233 1,011
Q3 2015 Financial Results
Q3 2015 Highlights
 AUD decreased 21.6% on average compared to Q3
2014 ($0.7045 AUD/USD Sept. 30, 2015)
 Operating cash costs per ounce sold decreased
20.4% to $715 year-over-year
 Mine operating income of $12.6 million flat
compared to Q3 2014
 24.7% decrease in operating expenses
 $3.8 million invested into exploration activities
during Q3 (driven by significant discovery success)
 G&A below peer group at approximately $27 per
ounce
 Q3 2015 include one-time transaction costs of
$15.1 million, of which $13.4 million are non-cash
items and YTD transaction costs of $16.7 million
 When transaction costs are excluded EPS is $0.04
in Q3 2015 and $0.28 year-to-date 2015
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)* See Non-IFRS Disclosures on page 31 ** All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and Administrative
Expenses.

23. 23
Operating Cash Flow – Q3 2015
Q3 2015 Highlights
 Operating cash flow of $11.3M in Q3
2015, a 37.8% decline compared to
Q3 2014. The decrease was caused
by one-time transaction costs,
increased exploration spending, a
lower gold price environment and
slightly lower gold sales
 Average realized gold price of $1,109
per ounce in Q3 2015 decreased
compared to $1,298 in Q3 2014
 Invested in several new exciting
exploration growth projects for a
total of $3.8M in Q3 2015. A total of
$7.2M spent year-to-date 2015 on
exploration growth projects.
18,232
11,345
3,771
1,749
Q3 2014 Q3 2015
Operating Cash Flow Exploration Transaction costs
In thousands
(All figures are in United States (“U.S.”) dollars, unless stated otherwise).
Transaction Cash Costs
Growth Investment

24. 24
 Mine development capital expenditures were $10.2 million in Q3 2015
 Expenditures included:
• Fosterville on tailings facility development and land
• Decline development at Cosmo, and access development to the Federal Albion area at
Stawell
 CAPEX invested into plant and equipment was $3.6 million in Q3 2015
 We expect our total sustaining CAPEX for 2015 to range between $55M - $65M, with a spend
rate in H2 2015 similar to H1 2015
 The decrease in operating cash costs supported by the AUD FX helped to improve AISC to
$1,011/oz sold, from $1,233/oz sold in Q3 2014, a 18.0% decrease
 YTD 2015 AISC/oz decreased nearly 23.4% to $984 per ounce1.
Capital Expenditures (CAPEX)
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)* See Non-IFRS Disclosures on page 31 (1) All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General
and Administrative Expenses.

25. 25
Cash and Debt Positions
Unaudited Cash Position and Working Capital as at September 30, 2015*
 Cash Position: $37.2 million
 One time transaction cash costs of $3.3 million
 Growth exploration spending increased significantly, advancing three new mine site
discoveries
 Working Capital: $22.6 million compared to $12.6 million December 31, 2014
Debt—Convertible Debenture
 Convertible debentures of C$34.5 million due April 30, 2018, with an 8% coupon and
C$1.02 conversion price. Under the agreement, interest payments may be settled in cash
or in shares.
 A total of five interest payments have been made to date on the debentures, all on time,
all settled in cash.
(*All figures are in United States (“U.S.”) dollars, unless stated otherwise)

26. 2626
Q&A

27. 27
Douglas Forster
President & CEO, Director
T: 604-559-8040
E: dforster@newmarketgoldinc.com
TSX: NMI
www.newmarketgoldinc.com
Contact Us
Ryan King
Vice President, Corporate Communications
T: 778-998-3700
E: rking@newmarketgoldinc.com
Laura Lepore
Director, Investor Relations
T: 416-728-3707
E: llepore@newmarketgoldinc.com

28. 2828
APPENDIX

29. 29
Updated 2015 Production and Cash Cost Guidance
 Consolidated production guidance of 210,000 – 220,000 ounces
 Operating cash costs per ounce are expected to be between $700 - $750
 All-in sustaining costs per ounce are expected to be between $970 - $1020
 Focused on maintaining predictable and sustainable levels of production
 Cost efficiencies will help to maintain lower operating costs throughout the business
(U.S.) $ Fosterville Cosmo Stawell Consolidated 2015
Gold Production (ounces) - New 115,000 – 120,000 60,000 – 65,000 ~35,000 ~220,000
Gold Production (ounces) - Prior 100,000 – 105,000 75,000 – 85,000 ~ 30,000 205,000 – 220,000
Operational Cash Costs per ounce* - New $525 – $575 $875 - $925 $945 - $995 $700 - $750
Operational Cash Costs per ounce* - Prior $670 – $750 $850 - $930 $945 - $1,025 $780 - $860
AISC per ounce*(1) - New $970 - $1,020
AISC per ounce*(1) - Prior $1,020 - $1,100
* See Non-IFRS Disclosures (1) All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and Administrative Expenses.

30. 30TSX:NMI
Mineral Reserves and Resources
Inferred Resources Tonnes (Mt) Grade Au (g/t) Au (kozs)
Fosterville 5.8 3.72 699
Cosmo 1.0 2.72 84
Stawell 0.8 3.07 77
Burnside 6.9 1.47 323
Maud Creek 4.2 2.55 344
Union Reefs 4.3 2.23 305
Pine Creek 2.5 2.34 191
Inferred Resources 25.5 2.48 2,024
M&I Resources (incl.) Tonnes (Mt) Grade Au (g/t) Au (kozs)
Fosterville 16.6 4.03 2,151
Cosmo 5.0 3.35 539
Stawell 4.2 1.80 243
Burnside 7.5 1.38 335
Maud Creek 7.7 3.50 871
Union Reefs 3.0 2.43 236
Pine Creek 8.4 1.41 379
M&I Resources(incl.) 52.5 2.82 4,754
Source: CrocodileGold March 31, 2015 press release announcing 2014 year-end
mineral reserves and mineralresources
2P Reserves Tonnes (Mt) Grade Au (g/t) Au (kozs)
Fosterville (Under Ground) 1.0 5.55 182
Fosterville (CIL Residues) 0.4 8.89 126
Cosmo 4.2 3.57 148
Stawell 0.8 1.50 181
Burnside 0.2 1.93 10
Maud Creek 1.1 5.40 184
Union Reefs 0.3 4.40 42
Pine Creek 1.3 1.55 62
2P Reserves 9.2 3.15 935

31. 31
Non-IFRS and Additional Information
Non-IFRS Measures
Newmarket 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 September 30, 2015.
“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 30: 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.

32. 32
Operating Cash Costs and AISC Summary
(in thousands, except ounces and per ounce amounts shown) Q3 2015 Q3 2014 YTD 2015 YTD 2014
Operating expense per the condensed interim consolidated statement of
operations, including royalties
39,066 50,848 118,688 155,894
By-product silver sales credit (80) (102) (249) (273)
Operating cash costs ($) 38,986 50,746 118,439 155,621
Sustaining mine development(1) 10,160 15,299 33,691 42,916
Sustaining capital expenditures, including capital lease payments 3,862 2,250 11,319 8,531
General and administration costs 1,736 1,028 3,647 3,191
Rehabilitation – accretion and amortization (operating sites) 297 281 827 943
Mine exploration 101 63 393 556
All-in sustaining cash costs ($) 55,142 69,667 168,316 211,757
Gold ounces sold 54,521 56,486 170,968 164,833
Operating cash costs per ounce sold ($ / ounce) 715 898 693 944
All-in sustaining cash costs per ounce sold ($ / ounce) 1,011 1,233 984 1,285
(in thousands) Q3 2015 Q3 2014 YTD 2015 YTD 2014
Expenditure on mine development per the statement of cash flows 10,183 16,092 34,121 45,851
Less: Big Hill Project developmentcosts (23) (793) (430) (2,935)
10,160 15,299 33,691 42,916
The operating cash costs per ounce and all-in sustaining costs per ounce are reconciledto the condensed interim consolidated statement of
operations as follows:
(1) Sustaining mine developmentare defined as those expenditures which do not increase annual gold production at a mine operation and exclude
expenditures for growth projects and mine development to commercialproduction. Total sustaining capital is calculated as follows: