q1 2016 earnings presentation

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TSX:NMI OTCQX:NMKTF

Q1 2016 Financial Results

April 29, 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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Q1 2016 CEO Highlights Solid Q1 Gold Production of 58,057 ounces, up 9.2% over Q4 2015 and down 2.7% over Q1 2015

Record Quarterly Performance at flagship Fosterville Mine with record quarterly production of 33,138 ounces, record average grade of 7.34 g/t, up 28% year-over-year

Fosterville Achieves Low Operating Cash Costs1 of $473 and AISC1 of $723

Cosmo Production up 27% to 16,340 oz, over Q4 2015, 3.09 g/t average grade, 90.7% recovery

Strong Financial Position with $52.1 million cash balance at March 31, 2016

Essentially Debt-Free with only $1.6 million in long-term debt

Record Low consolidated AISC of $908 per ounce sold - 2016 guidance of $950 to $1,025

Operating Cash Costs of $701 per ounce sold - 2016 guidance of $650 to $725 $8.9 million Free Cash Flow based on operating cash flow less CAPEX of $9 million, after investing $3.8 million

into growth programs. Operating cash flow of $18.3 million or $0.13 per share based on basic weighted average number of shares outstanding (146.3 million), based on revenue of $66.1 million from 57,796 ounces sold

Net Income of $6.5 million or $0.04 EPS - Q1 2016 EPS reflects an increased weighted average number of shares outstanding as a result of the conversion and redemption of Debentures and the exercise of warrants in Q1

1) Operating Cash Costs and All-in sustaining costs (“AISC”) refer Non-IFRS Measures on slide 23

(All figures are in United States (“US”) dollars, unless otherwise stated)

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Q1 2016 Strong Financial Position Cash Position and Working Capital As at March 31, 2016 Cash Position of $52.1 million, reflecting an

increase of $15.6 million from December 31, 2015

Reflecting net free cash flow from mine

operations, the receipt of proceeds on the exercise of share purchase warrants, and the reduction of current debt relating to the Debentures. With the full conversion and redemption of the convertible debentures

Essentially debt-free with only $1.6 million in

long-term debt

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

Cash Balance ($ million ) $52.1

Working Capital (incl. cash)($ million) $38.6

Debt ($ million) $1.6

TSX: NMI OTCQX: NMKTF

Balance Sheet

Issued and Outstanding (million) 175.6

Options (million) 10.7

Performance Share Units (million) 3.7

Warrants 0.5

Fully Diluted (million) 190.5

Luxor Capital Group LP 19.3%

Eric Sprott 17.9%

Management/Board (basic) 7.4%

Capital Structure & Ownership

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Strong Base of Mineral Resources Consolidated Measured and Indicated (“M&I”)

Resources to 4.7 million ounces

Fosterville Mineral Reserves up 34% to 244,000 ozs. Mineral Reserve grade increased 25% to 6.95 g/t

Fosterville’s Phoenix and Lower Phoenix gold systems host M&I Mineral Resources containing 673,000 ozs grading 8.33 g/t(1)

Recent surface-based drilling programs confirm up-plunge and down-plunge potential to expand defined Mineral Resources in Lower Phoenix system. which has been traced for over 2 km and remains open for further expansion.

Stawell’s Aurora B resulted in a maiden Inferred Mineral Resource of 30,400 ounces grading 3.5 g/t. Aurora B Inferred Mineral Resource grade is 42% greater than underground Mineral Reserve grade.

Stawell Inferred Mineral Resources increased 55% to 116,400 ozs at December 31, 2015 including the Aurora B discovery within the East Flank of the Magdala System. (1) For updated Mineral Reserves and Mineral Resources refer to press release dated March 21, 2016. For detailed gold-bearing structures comprising the Phoenix and Lower Phoenix gold systems, see slide 19.

Eagle Fault Gold Zone Drill Core

Approximately $5-$10 million of

growth exploration in 2016 to support organic growth initiatives that add

quality ounces

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

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Q1 2016 FINANCIAL RESULTS REVIEW

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Financial Results (000’s US$) Q1 2016 Q1 2015 Q4 2015

Gold ounces produced 58,057 59,676 53,179

Gold ounces sold 57,796 61,294 52,290

Revenue 66,055 72,897 58,383

Cost of operations, including depletion and depreciation (48,502) (53,135) (49,669)

Mine operating income 17,553 19,762 8,714

Net income (loss) 6,463 15,703 (20,238)

Net income (loss) per share($/share) basic & diluted1 0.04 0.13 (0.15)

Operating Cash Flow 18,299 27,486 10,594

Capital Expenditures 9,434 13,460 10,870

Gold Price and Costs (US$) Q1 2016 Q1 2015 Q4 2015

Average realized gold price 1,139 1,185 1,117

Operating cash costs per ounce sold2 701 683 742

All-in sustaining cash costs per ounce sold2,3 908 938 995

Financial Results Q1 2016

1. Higher weighted avg number of shares outstanding during Q1/16 of 146.3M as a result of the redemption of 34.5 million debentures and exercise of warrants 2. See Non-IFRS Disclosures 3. All-In Sustaining Cash Costs per Ounce ("AISC") Includes Corporate General and Administrative Expenses. 4. (All figures are in United States (“U.S.”) dollars, unless stated otherwise)

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Q1 2016 OPERATING RESULTS REVIEW

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Fosterville Gold Mine Q1 2016

2016 Goals

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 operating cash costs*

Q1 2016 Highlights

Gold production of 33,198, 13.8% year over year increase

Mill feed grade of 7.34 g/t Au from 161,868 milled tonnes

Quarterly recovery of 86.8%

Increased grade as a result of the new Eagle and East dippers Gold Zones

Installation of gravity circuit on time and on budget

Q1 2016 Operating cash costs* of $473 and AISC* of $723

Highlight Lower Phoenix gold system drill result include 500.7g/t Au over 12.5 metres (ETW 4.5m UDH1501)

29,135 29,648 32,793 31,519 33,138

Q1/15 Q2/15 Q3/15 Q4/15 Q1/16

Gold Production (oz)

Commissioning of the Fosterville Gravity Circuit

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

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Fosterville Mine (Longitudinal Projection)

Harrier Drill Drive

12.5 g/t Au over 3.3m


Lower Phoenix

Phoenix

7850

mN

Drill Targets

1km step-out drilling H2/2016 drill results

NORTH SOUTH

Mineral Resources, Reserves and mining as at December 31, 2015

Harrier Decline Harrier

Proven & Probable Mineral Reserves of 244,000 ounces grading 6.95 g/t gold

Fosterville Global Measured and Indicated Mineral Resources of 2.1 million ounces grading 4.39 g/t gold

6200

mN




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Cosmo Gold Mine Q1 2016

20,612

17,073

12,672 12,898

16,340

Q1/15 Q2/15 Q3/15 Q4/15 Q1/16

2016 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 operating cash costs*

Q1 2016

27% improvement in gold production over Q4 2015 to 16,340

Q1 2016 grade of 3.09g/t gold improved over Q4 2015 grade of 2.56g/t gold, March record monthly mined grade of 4.18g/t gold.

Q1 2016 recovery increase to 90.7% over Q4 2015 of 86.9%

Improvement over previous quarter due to higher grade, reflecting a combination of mine sequencing, improvements in grade control and mill recovery

Cosmo Access Portal


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

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9,929 9,277

8,352 8,762 8,579

Q1/15 Q2/15 Q3/15 Q4/15 Q1/16

Stawell Gold Mines Q1 2016

2016 Goals

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

Advance Aurora B Discovery, mineralization remains open for potential expansion

2016 Production Guidance ~35,000 ounces 2016 Cost Guidance $900 - $975 operating cash costs*

Q1 2016

Q1 2016 8,579 ounces of gold produced

229,558 milled tonnes with an average grade of 1.43g/t gold and recoveries of 79.9%

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

Stawell’s new Aurora B discovery resulted in a maiden inferred Mineral Resource of 30,400 ounces grading 3.5g/t gold following three successful exploration programs completed during 2015

Stawell Gold Mine


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

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Q&A

Visual Gold Fosterville Gold Mine

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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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Focus on Shareholder Value Share Price Performance

Notes: Peers: Alamos, Kirkland, Lake Shore, Primero, Richmont, Regis, Saracen Daily Trading Volume reflects Canada-wide composite across all exchanges Source: FactSet, Bloomberg

43%

175%

64%

9%

0.02.04.06.08.010.012.014.016.018.020.022.024.026.028.030.032.034.036.038.040.042.044.046.048.050.0

(60%)

(40%)

(20%)

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

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

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NMI Volume GDX Index Newmarket Peer Producers Spot GoldQ1/16 Total shares traded 85.2 Million 30 Day Avg Volume 1.75M (as of April 20, 2016)

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 Corp.

Firm GMP Securities Anonymous TD Beacon CIBC Raymond J.

Merrill L. Barclays Instinet

Shares Traded

21.3 Million 20.3 Million 10.2 Million 9.4 Million 7.8 Million 5.0 Million 5.1 Million 2.7 Million 3.0 Million

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Operating Results Q1 2016 Q1 2016 Q1 2015 Q4 2015

Consolidated Ore Milled (Tonnes) 572,451 585,720 586,940

Consolidated Gold Grades (g/t) 3.63 3.58 3.30

Consolidated Recoveries (%) 86.8% 86.4% 84.0%

Consolidated Gold Produced (oz) 58,057 59,676 53,179

Fosterville Gold Mine

Ore Milled (Tonnes) 161,868 175,327 179,450 Average Grade (g/t Au) 7.34 5.75 6.33 Recovery (%) 86.8% 89.2% 86.3% Gold Produced (oz) 33,138 29,135 31,519 Cosmo Gold Mine

Ore Milled (Tonnes) 181,025 190,306 180,261 Average Grade (g/t Au) 3.09 3.70 2.56 Recovery (%) 90.7% 91.0% 86.9% Gold Produced (oz) 16,340 20,612 12,898 Stawell Gold Mines

Ore Milled (Tonnes) 229,558 220,087 227,229 Average Grade (g/t Au) 1.43 1.75 1.50 Recovery (%) 79.9% 80.2% 80.0% Gold Produced (oz) 8,579 9,929 8,762

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Classification Structure Measured Indicated Inferred

Tonnes Grade In situ Gold Tonnes Grade In situ Gold Tonnes Grade In situ Gold (kt) g/t Au (kOz) (kt) g/t Au (kOz) (kt) g/t Au (kOz)

Allwood* Lower Phoenix 5 5.59 1 110 6.30 22 170 6.48 36 Eagle* Lower Phoenix 23 16.76 12 178 10.97 63 43 27.21 37

East Dippers* Lower Phoenix 1 6.85 0 544 9.79 166 27 16.12 14

Ellesmere - - - 331 5.73 61 20 3.39 2 Harrier - - - 48 3.96 6 25 3.62 3 Kestrel 6 6.69 1 960 4.70 145 175 5.13 29

Lower Phoenix* Lower Phoenix 64 7.68 16 495 8.75 139 - - - Lower Phoenix* FW Lower Phoenix 37 10.38 12 278 8.16 73 34 4.89 5

Phoenix* Phoenix 151 7.58 37 627 6.54 132 59 4.89 9 Raven - - - 119 8.12 31 - - - Robin - - - 68 8.39 18 - - - Splays - - - 912 5.74 169 298 3.98 38

Vulture - - - 517 5.04 84 635 4.56 93 Stockpile# 27 4.65 4 - - - - - -

Total Sulphide 315 8.29 84 5,188 6.65 1,109 1,488 5.58 267 Notes: *Fosterville’s underground Measured and Indicated Mineral Resources include resources in the existing mining fronts in the Phoenix and Lower Phoenix gold system of 673,000 ounces grading 8.33 g/t Au. For the Mineral Resource estimate, the Qualified Person is Troy Fuller, MAIG, Geology Manager for Newmarket

The Mineral Resources reported are inclusive of the Mineral Reserves for the same area.

Lower cut-off grade of 3.0 g/t is applied to Lower Sulphide Mineral Resources below 5050mRL.

Mineral Resources are rounded to 1,000 tonnes, 0.01 g/t Au and 1,000 ounces. Minor discrepancies in summation may occur due to rounding. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Mineral Resource estimate used a gold price of A$1,500 per ounce.

#Stockpile Inventory includes Lower Central Area Mineral Resources contained within the Run of Mine Stockpile and Coarse Ore Stockpile as at 31st December 2015

Appendix: Mineral Resources (Dec 31. 2015)

Fosterville Central Area Lower Sulphide Mineral Resources (Inclusive of Mineral Reserves) below 5050mRL – as at Dec. 31, 2015

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Appendix: Mineral Resources (Dec 31. 2015)

Source: Newmarket Gold March 21, 2016 press release announcing 2015 year-end mineral reserves and mineral resources Note: Mineral Resources are inclusive of Mineral Reserves. Mineral Resources have been rounded to 1,000 tonnes, 0.01 g/t Au and 1,000 ounces. Minor discrepancies in summation may occur due to rounding. Mineral Resources are stated as of Dec 31, 2015. Gold Price A$ 1,500/oz used.

Measured Tonnes (kt) Gold Grade (g/t) Oz Gold (kOz)

Fosterville UG 2,086 3.25 218 Fosterville Tailings 571 7.83 144 Cosmo 1,650 3.63 193 Stawell UG 56 2.56 5 Maud Creek 1,067 5.59 192

Total Measured 5,430 4.29 752

Indicated Tonnes (kt) Gold Grade (g/t) Oz Gold (kOz)

Fosterville UG 12,950 4.57 1,904 Cosmo 2,987 2.99 288 Stawell UG 669 3.49 75 Stawell Op 3,394 1.52 166 Burnside 7,358 1.36 322 Union Reefs 3,579 2.38 273 Pine Creek 8,393 1.41 379 Maud Creek 5,426 3.04 532

Total Indicated 44,756 2.74 3,939

Total (M&I only) 50,193 2.91 4,691

Inferred Tonnes (kt) Gold Grade (g/t) Oz Gold (kOz)

Fosterville UGa 5,073 4.08 665 CosmoC 678 2.76 60 Stawell UGd 1118 3.24 116 Stawell Opf 46 1.15 2 Burnsideg 6,820 1.46 321 Union Reefsh 3,342 2.3 247 Pine Creeki 2,540 2.34 191 Maud Creeke 1,980 2.32 149

Total Inferred 21,597 2.52 1,751

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Appendix: Mineral Reserves (Dec 31. 2015)

2P Reserves Tonnes (Mt) Grade Au (g/t) Au (kozs)

Fosterville (Under Ground) 1.09 6.95 244

Fosterville (Tailings) 0.57 7.83 144

Cosmo 0.93 3.38 101

Stawell (Under Ground) 0.35 2.45 28

Stawell (Open Pit) Big Hill 3.12 1.36 138

Union Reefs (Under Ground) 0.27 4.42 39

Union Reefs (Open Pit) 0.24 1.61 12

Pine Creek 1.3 1.55 62

Total Proven & Probably Reserves 7.8 3.05 769

Source: Newmarket Gold March 21, 2016 press release announcing 2015 year-end mineral reserves and mineral resources Note: Mineral Resources have been rounded to 1,000 tonnes, 0.01 g/t Au and 1,000 ounces. Minor discrepancies in summation may occur due to rounding. Mineral Reserves have demonstrated economic viability. Processing Recoveries range between 88% and 93%, excluding Fosterville Tailings which expects recoveries of 25% (see reports for details). Mining Recoveries range from 85% and 95% (see reports for details). Gold Price of $A1,450/Oz used. Mineral Reserves as of December 31, 2015. Mining Dilution ranges from 5% to 20% (see reports for details).

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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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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 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 NEWMARKET GOLD dated March 31, 2016 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/

q1 2016 earnings presentation

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