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

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Page 1: Presentation - November 2015

1

TSX:NMI

Third Quarter 2015 Financial Results November 5, 2015

Page 2: Presentation - November 2015

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Forward Looking StatementsCertain information set forth in this presentation contains “forward-looking statements”, and “forward-lookinginformation under applicable securities laws. Except for statements of historical fact, certain information containedherein constitutes forward-looking statements, which include the Company’s expectations about its business andoperations, and are based on the Company’s current internal expectations, estimates, projections, assumptions andbeliefs, 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 notguarantees of future performance or outcomes and undue reliance should not be placed on them. Forward-lookingstatements are based on the opinions and estimates of management as of the date such statements are made and theyare subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level ofactivity, performance or achievements of the Company to be materially different from those expressed or implied bysuch forward-looking statements or forward-looking information. Although management of the Company hasattempted to identify important factors that could cause actual results to differ materially from those contained inforward-looking statements or forward-looking information, there may be other factors that cause results not to be asanticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actualresults and future events could differ materially from those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements and forward-looking information. The Company does notundertake to update any forward-looking statements or forward-looking information that are included in thispresentation or incorporated by reference herein, except in accordance with applicable securities laws.

Page 3: Presentation - November 2015

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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.

Page 4: Presentation - November 2015

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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 oz58,796 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)

Page 5: Presentation - November 2015

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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

Page 6: Presentation - November 2015

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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

212,956199,605

YTD 2014 YTD 2015

Revenue

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

In Thousands

In Thousands

Page 7: Presentation - November 2015

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$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.

Page 8: Presentation - November 2015

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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)

Page 9: Presentation - November 2015

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Fosterville – Significant Potential at DepthExciting high grade discoveries drives investment for potential near term organic growth

Longitudinal Projection of Fosterville Gold Mine

Page 10: Presentation - November 2015

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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 - Q1/160 100

metres1. See additional disclosure notes on slide 30

Page 11: Presentation - November 2015

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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 (ETW 11.4 metres) &14.07 g/t gold over 6.0 m (ETW 5.83 metres)

Cosmo Mine (Expansion Opportunity)

Cosmo Deeps drilling has identified mineralization approximately 200 metres down plunge from the base of current Mineral Resources

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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

* Announced drill results July 22, 2015, September 21, 2015

Brummigans

East Flank (Aurora B) DISCOVERY* drill hole 7.06 g/t Gold over 17.80 metres

Page 13: Presentation - November 2015

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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

Page 14: Presentation - November 2015

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Equity Performance Since July 2015Share 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)

Page 15: Presentation - November 2015

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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

Page 16: Presentation - November 2015

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Q3 2015 FINANCIAL RESULTS REVIEW

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Q3 2015 Operating Results SummaryOperating 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

Cosmo12,672 Cosmo

17,942

Stawell8,352

Stawell9,654

0

10,000

20,000

30,000

40,000

50,000

60,000

Q3 2015 Q3 2014

53,817

Gold Production (oz)

55,909

Page 18: Presentation - November 2015

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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 ouncesNew Operating Cash Cost Guidance $525 - $575*

Prior Guidance 100,000 - 105,000 ouncesPrior 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 29,64832,793

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

Page 19: Presentation - November 2015

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Cosmo Gold Mine Q3 2015

17,94220,112 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 ouncesNew Operating Cash Cost Guidance $875 - $930 per ounce

Prior Production Guidance 75,000-85,000 ouncesPrior 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 andrescheduling 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

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9,654 9,639 9,9299,277

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 ouncesNew Operating Cash Cost Guidance: $945 - $995*

Prior Production Guidance: ~30,000 ouncesPrior 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

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$73,336$69,783

$72,897

$66,044$60,664

56,486 58,07061,293

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)

Page 22: Presentation - November 2015

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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.

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Operating Cash Flow – Q3 2015Q3 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

Page 24: Presentation - November 2015

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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.

Page 25: Presentation - November 2015

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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)

Page 26: Presentation - November 2015

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Q&A

Page 27: Presentation - November 2015

27

Douglas ForsterPresident & CEO, Director

T: 604-559-8040E: [email protected]

TSX: NMIwww.newmarketgoldinc.com

Contact Us

Ryan KingVice President, Corporate Communications

T: 778-998-3700E: [email protected]

Laura LeporeDirector, Investor Relations

T: 416-728-3707E: [email protected]

Page 28: Presentation - November 2015

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APPENDIX

Page 29: Presentation - November 2015

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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.

Page 30: Presentation - November 2015

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: Crocodile Gold March 31, 2015 press release announcing 2014 year-end mineral reserves and mineral resources

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

Page 31: Presentation - November 2015

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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.

Page 32: Presentation - November 2015

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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 royalties39,066 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 development costs (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 reconciled to the condensed interim consolidated statement of operations as follows:

(1) Sustaining mine development are 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 commercial production. Total sustaining capital is calculated as follows: