Q3 2016 Financial Results Presentation

1
TSX:NMI
OTCQX:NMKTF
Q3 2016 Financial Results
November 3, 2016

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.
All amounts are presented in United States dollars ("$") unless otherwise stated. References in this document to “C$” are to Canadian dollars and
references to "A$" are to Australian dollars.
Certain non-IFRS measures are included in this presentation, including operating cash cost per ounce, all-in sustaining costs (“AISC”) per ounce, and
operating cash cost per tonne milled in Australian dollars. In the gold mining industry, these are common performance measures but may not be
comparable to similar measures presented by other issuers. Newmarket Gold believes that these measures, in addition to that information prepared in
accordance with IFRS, provides investors with useful information to evaluate the Company’s performance and ability to generate cash flow from its
operations. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. For further information, refer to the “Non-IFRS Measures” section of the latest quarterly MD&A.
Qualified Person
Simon Hitchman, FAusIMM (CP), MAIG, Principal Geologist, Newmarket Gold, is a “qualified person” as such term is defined in National Instrument 43-
101 and has reviewed and approved the technical information and data included in this presentation.

3
Q3 2016 CEO Highlights
 Newmarket & Kirkland Lake Gold Inc. announced a business combination to create a new mid-tier gold producer with annual
production of over 500,000 ounces in Tier 1 mining jurisdictions
 Combined Company Cornerstone Assets: Macassa, Fosterville and Taylor mines will produce 65% of the annual gold production
with low operating and all-in-sustaining costs (H1/16 <US$800) and exceptional exploration upside
 Record YTD Production: Quarterly consolidated gold production of 55,794 ounces with record YTD 2016 consolidated gold
production of 175,041 ounces, led by high grade, low cost production from Fosterville, which produced 107,350 ounces.
 Continued Improving Cash Position: Cash balance of $82.5 million (equivalent to C$108 million), an increase of 126% from $36.5
million at Q4 2015. Working capital position of $64.4 million. The Company is essentially debt-free with only $5.9 million in capital
lease obligations and other loans.
 Generating Free Cash Flow: Operating cash flow for Q3 2016 of $25.4 million or $0.14 per basic share based on revenue of $71.9
million. Q3 2016 free cash flow of $11.9 million based on operating cash flow less capital expenditures of $13.5 million, after
investing $3.3 million into growth programs. YTD free cash flow of $38.2 million after investing $10.7 million in growth programs.
 Fosterville Achieves Strong Quarterly Performance: Gold production of 36,967 ounces based on average mill grade of 6.91 g/t Au
and quarterly recovery of 89.7%. Fosterville attained productivity improvements through increased mine tonnage rates and mill
throughput rates.
 Fosterville Achieves Low Quarter Operating Cost & Low AISC: Q3 2016 Operating cash cost per ounce sold of $471 and All-in-
sustaining costs (“AISC”) per ounce sold of $765.
 Consolidated YTD Operating Cash Cost & Low AISC: YTD 2016 Operating cash costs per ounce sold of $714 and AISC per ounce
sold of $971.

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Q3 2016 Strong Financial Position
(All figures are in United States (“U.S.”) dollars, unless stated otherwise)
Cash Balance($ million) US$82.5
Working Capital ($ million) US$64.4
Debt ($ million) US$5.9
TSX: NMI OTCQX: NMKTF
Balance Sheet (Sept 30th, 2016)
Issued and Outstanding (million) 178.0
Options & PSU’s (million) 13.2
Warrants 0.4
Fully Diluted (million) 191.6
Officers, Directors & Principal Shareholders –
Locked up in voting agreements in support of the
transaction
21.3%
Capital Structure & Ownership (Sept 30th, 2016)
 Cash position of $82.5 million (equivalent to
C$108 million), an increase of 126% from
$36.5 million at Q4 2015
 Reflecting free cash flow of $11.9 million
during Q3 2016.
 Working capital of $64.4 million, up from
$22.3 million at Q4 2015.
 Essentially debt-free with only $5.9 million in
debt.

5
Fosterville Mine Drilling Success
Harrier Drill Drive
12.5 g/t Au over 2.4m
Lower Phoenix
Drill Targets
NORTHSOUTH
Mineral Resources, Reserves and mining as at December 31, 2015
Harrier Decline
Harrier
 Consistently intersecting high grade gold in multiple zones:
Harrier, Lower Phoenix, Lower Phoenix South and Lower
Phoenix North with grade increasing at depth on all zones
 Key intercepts Lower Phoenix South and North: 12.75 g/t
Au over 4.5 metres , 13.4g/t Au over 3.8m, 12.5 g/t Au over
2.4 metres, & 7.3 g/t Au over 13.9 metres
 *New High Grade Visual Gold intercepts Harrier Gold
Zone; 64.8 g/t Au over 4.3m, 46.2 g/t Au over 6.6m
6,000mN
9.2 g/t Au
over 11.8m
7.3 g/t Au
over 13.9m
8050mN
First recorded visual
Gold from Harrier
16.6 g/t Au
over 3.05m
112 g/t Au
over 11.9m
645 g/t Au
over 3.4m
501 g/t Au over 4.5m
9 Drill Rigs Operating
(VG)
46.2 g/t Au
over 6.6m
(VG)

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Cosmo Mine Discovery Success
New Discovery Redbelly Gold Zone
New Discovery Taipan Gold Zone
Sliver Gold Zone
Highlight intercepts:
Highlight intercepts: 4.29 g/t Au over 11.8m
Highlight intercepts:
6.23 g/t Au over 21.45m including,
11.34 g/t Au over 10.15m
Cosmo Pit
Mine Portal
open
open
Four diamond drill
rigs operating during Q3
2016
Note: For further information on drill results see Newmarket Gold’s News Release dated August 22, 2016 located at www.newmarketgoldinc.com, displayed intervals are down-hole lengths

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Highlights – Kirkland Lake & Newmarket Gold Combination
New low cost, mid-tier gold
producer
Combined 2016E1 gold production of +500 kozs with cash costs
<US$650/oz and AISC <US$1,015/oz
Production from high-grade,
low cost core assets
Macassa, Fosterville and Taylor mines will produce +330koz, at cash
costs of <US$600/oz and AISC <US$800/oz
Commitment to exploration
across prolific mining districts
Positioned for sustainable growth in district-scale properties in
established gold camps in Australia and Canada
Tier 1 mining Jurisdictions
Located in low-risk, Tier 1 jurisdictions in Canada and Australia with a
solid pipeline of high-quality projects with significant exploration upside
Strong financial position
Pro-forma company Q3 2016 cash balance +C$300 million & superior
free cash flow generation
Combined synergies
Further value creation possibilities for two autonomous business units
that are profitable and have superior free cash flow
Re-rating opportunity
With diversified production, a superior growth profile, strong balance
sheet, and improved market presence, the combined company is well
positioned for value creation for shareholders
1 2016 combined production is based on mid-point of company guidance for Kirkland Lake and Newmarket. Refer to Slide 2 “Forward Looking Information”. Refer to Slide 2 “Use of Non-GAAP Measures”.

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High Grade, Low Cost Cornerstone Assets
Production & cash flow anchored by three high grade, low cost operations:
MACASSA MINE COMPLEX, FOSTERVILLE MINE and the TAYLOR MINE account for 65% of
pro-forma production and have the opportunity to generate significant free cash flow.
Macassa Mine
Complex
Fosterville
Mine
Taylor
Mine
Consolidated
Reserve Grades (g/t Au) 19.2 g/t 7.0 g/t 6.3 g/t 13.7 g/t
2016E Production
(mid-point of guidance)
165k oz 135k oz 40k oz > 330k oz
Cash Costs (US$/Oz Sold)
H1/16A
US$600 US$475 US$460 < US$600/oz
AISC (US$/Oz Sold)
H1/16A
US$900 US$775 US$640 < US$800/oz
Source: Company Guidance.
Refer to Slide 44 “NI 43-101 Disclosure”. Refer to slide 2 “Cautionary Language” use of Non-GAAP measures..

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Fosterville Gold Mine
2016 Q3 & YTD Highlights
• Record 2016 YTD Production of 107,350 oz
• Q3 gold production of 36,967oz, up 13% over Q3 2015
• YTD average mill grade of 7.24 g/t Au
• Q3 mill recovery of 89.7%
• Q3 2016 Operating Cash Costs of $471/oz & AISC of $765/oz
• Fosterville attained productivity improvements through
increased mine tonnage rates and mill throughput rates.
Investment into new larger capacity haulage trucks has contributed
to an increase in mined tonnes during the quarter
36,967
Full Year 2016
• Continued investment in exploration programs targeting
increasing mineral resources & reserves to extend mine life
• 2016 Production Guidance: 130,000 – 140,000 oz
• 2016 Operating Cash Costs: $450 - $525/ oz
32,793
31,519
33,138
37,245 36,967
Q3/ 2015 Q4/ 2015 Q1/ 2016 Q2/ 2016 Q3/ 2016
Gold Production (oz)

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Cosmo Gold Mine
Full Year 2016
• Focus on building resources and reserves including progressing
Sliver Lode and the newly discovered Redbelly & Taipan Lode.
• Progress Maud Creek feasibility tender process
• 2016 Production Guidance ~60,000 oz
• 2016 Operating Cash Cost Guidance $975 - $1,050 / oz
• Q3 gold production of 10,677oz
• Record Q3 mill recovery of 95.3%
• YTD gold production of 42,459 oz
• Q3 drilling has identified additional ore sources near existing
infrastructure.
Cosmo Access Portal
12,672 12,898
16,340 15,442
10,677
Q3/ 2015 Q4/ 2015 Q1/ 2016 Q2/ 2016 Q3/ 2016

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Stawell Gold Mine
Full Year 2016
• Advance Aurora B discovery, mineralization remains open for
potential expansion
• Work with regulators to establish a path forward for Big Hill
• Revised 2016 Production Guidance ~35,000 ounces
• Revised 2016 Operating Cash Cost Guidance $1,050 - $1,125
• Gold production of 8,150 ounces, YTD production of 25,233 oz
• 218,702 tonnes milled tonnes at an average grade of 1.45 g/t Au and
80.1% recovery
• Continue to operate sustainably on streamlined operating activities
from the upper levels in the underground mine and supplemented
oxide stockpiles, with reduced manpower
Stawell Gold Mine
8,352
8,762 8,579 8,504
8,150
Q3/ 2015 Q4/ 2015 Q1/ 2016 Q2/ 2016 Q3/ 2016

1313
Q3 2016 Financial Results

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Q3 2016 CFO Highlights
 Generating Free Cash Flow: Operating cash flow for Q3 2016 of $25.4 million or $0.14 per basic share based on
revenue of $71.9 million. Q3 2016 free cash flow of $11.9 million based on operating cash flow less capital
expenditures of $13.5 million, after investing $3.3 million into growth programs. YTD free cash flow of $38.2
million after investing $10.7 million in growth programs.
 Record YTD Mine Operating Income: Q3 2016 Mine Operating Income of $22.1 million, up 75.5% from Q3 2015
as a result of a higher average realized gold price. Record YTD mine operating income of $67.7 million was the
result of increased ounces sold and a higher gold price environment.
 Net Income: $7.1 million or $0.04 Basic EPS in Q3 2016 and $30.3 million or $0.18 Basic EPS YTD, with the
current quarter impacted by a higher total tax expense relating mainly to the exceptional performance at
Fosterville in a strong Australian gold price environment, accounting for a loss of $0.05 per basic share.

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Financial Results (000’s US$ except per share amounts) Q3 2016 Q3 2015 YTD 2016 YTD 2015
Gold ounces produced 55,794 53,817 175,041 169,491
Gold ounces sold 54,053 54,521 174,072 170,968
Revenue 71,940 60,664 216,034 199,605
Cost of operations, including depletion & depreciation (49,861) (48,082) (148,316) (147,743)
Mine operating income 22,079 12,582 67,718 51,862
Net income (loss) 7,069 (10,325) 30,292 17,450
Net income (loss) per share($/share) basic 0.04 (0.08) 0.18 0.14
Operating Cash Flow 25,438 11,345 74,740 65,903
Capital Expenditures 13,508 13,794 36,586 44,412
Gold Price and Cost per Ounce (US$) Q3 2016 Q3 2015 YTD 2016 YTD 2015
Average realized gold price 1,329 1,109 1,240 1,164
Operating cash costs per ounce sold 777 715 714 693
All-in sustaining cash costs per ounce sold 1,076 1,011 971 984
Financial Results Q3 2016 All figures are in United States (“U.S.”) dollars, unless stated otherwise

16
Douglas Forster
President & CEO, Director
T: 604-559-8040
E: dforster@newmarketgoldinc.com
TSX: NMI
www.newmarketgoldinc.com
Contact Us
Ryan King
Vice President, Investor Relations
T: 778-998-3700
E: rking@newmarketgoldinc.com
Q&A

18
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. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
1. Newmarket Gold announced a Preliminary Economic Assessment on the Maud Creek Gold Project May 16, 2016. A NI 43-101 Technical Report is available at www.newmarketgoldinc.com and under the companies profile on sedar.ca.
The Maud Creek Mineral Resources summarize both the open pit and underground resource estimates as included in the PEA. The open pit Mineral Resource is exclusive of the underground mineral resource and reported at a 0.5g/t cut-
off grade. The underground Mineral Resource is exclusive of the open pit Mineral Resource and reported at a 1.5g/t cut-off grade.
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 Creek1 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 Creek1 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 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).
Additional Information
Notes for Pages 24-26: 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 INC dated March 21, 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 21, 2016; NI 43-101 TECHNICAL REPORT
STAWELL GOLD MINE, VICTORIA, AUSTRALIA PREPARED FOR NEWMARKET GOLD INC dated March 21, 2016;
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;Technical Report Preliminary Economic Assessment of the Maud Creek Gold Project, Northern Territories, Australia dated May 18, 2016 and;
REPORT ON THE MINERAL RESOURCES & MINERAL RESERVES OF THE BURNSIDE GOLD AND BASE METAL PROJECT dated December 12, 2013. All reports available on SEDAR under the Newmarket Gold Inc.
profile or on www.newmarketgoldinc.com
Mineral resources that are not mineral reserves do not have demonstrated economic viability.

20
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

21
Quarterly Operating Results
Operating Results Q3 2016 Q3 2015 Q2 2016 Q1 2016
Consolidated Gold Produced (oz) 55,794 53,817 61,191 58,057
Consolidated Gold Grades (g/t) 3.58 3.32 3.75 3.63
Consolidated Recoveries (%) 89.1 86.5 89.8% 86.8%
Fosterville Gold Mine
Ore Milled (Tonnes) 185,071 175,687 169,884 161,868
Average Grade (g/t Au) 6.91 6.42 7.50 7.34
Recovery (%) 89.7 89.7 90.8% 86.8%
Gold Produced (oz) 36,967 32,793 37,245 33,138
Cosmo Gold Mine
Recovery (%) 95.3 92.2 94.2% 90.7%
Gold Produced (oz) 10,677 12,672 15,442 16,340
Stawell Gold Mines
Recovery (%) 80.1 80.0 79.3% 79.9%
Gold Produced (oz) 8,150 8,352 8,504 8,579

22
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
7.06 g/t gold over 17.80 m
Magdala

23
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 Newmarket Gold, please visit www.sedar.com or www.newmarketgoldinc.com and review the latest Annual Financial Statements.
“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
prepared in accordance with National Instrument 43-101 supporting the 2015 Mineral Reserve and Mineral Resource estimates. The reports are titled as follows: Report
on the Mineral Resources & Mineral Reserves of the Fosterville Gold Mine, Victoria, Australia, dated March 21, 2016 and effective December 31, 2015. Report on the
Mineral Resources & Mineral Reserves of the Northern Territory Operations in the Northern Territory, Australia, dated March 21, 2016 and effective December 31, 2015.
Report on the Mineral Resources & Mineral Reserves of the Stawell Gold Mine in the State of Victoria, Australia, dated March 21, 2016 and effective December 31,
2015. Technical Report Mineral Resources of the Maud Creek Gold Project, Northern Territory, Australia dated March 21, 2016 and effective December 31, 2015.

Q3 2016 Financial Results Presentation

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Q3 2016 Financial Results Presentation