Crocodile Gold has undertaken an extensive review of its operations and projects in response to softening gold prices. Key actions include consolidating shared services, streamlining management structures, limiting capital expenditures, redistributing assets between sites, and assessing the appropriate timing of exploration projects. Production is forecast to decrease in the second half of 2013 while cash costs are expected to rise. The company also refinanced debt and unwound gold hedge positions to improve its financial position.

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4. 2012 Milestones
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5. Given the recent softening in gold prices, Crocodile Gold has done an extensive
review of its operations and projects to identify further opportunities
1. Continual Operational Review
• Operating Costs
• Consolidation of shared services in Victoria (SGM & FGM)
• Streamlined management structure at the operations (NT & SGM)
• Capital Expenditures
• Limit capital expenditures to mine development with minimal $ spend on infrastructure
• Redistribution of assets within the group, from SGM to FGM and Cosmo, reducing capital
expenditures (mobile equipment, electrical equipment, etc)
• Assets sale at SGM
• On-going optimization of Cosmo, using experience of SGM & FGM
2. Projects Review
• Exploration drilling limited to on-mine resources conversion; no greenfield
• Moving ahead only on Big Hill project at this time
• Reassessing appropriate timing for UR Prospect and Pine Creek
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6. 2012/2013 Cash Costs
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
200,000
181,214
150,000
155,524
100,000
50,000
$2,500
Cumulative Ounces Per Year
Quarterly Ounce Production
2012/2013 Production
Actual
$2,000
Forecasted
$2,028
$1,500
$1,000
$1,167 $1,176
$998
$1,150 $1,101 $1,075
$1,000
$500
0
Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13Q2 '13 Q3 '13 Q4 '13
(E)
(E)
Quarterly
$0
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013 Q3 2013(E) Q4 2013(E)
Cumulative
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8. •
Fosterville Processing Facility
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9. • Produced 73,000 oz Au in 2012
• Confirmed opportunity to economically treat
historical surface stockpile until mid 2014
• Decision to ramp-down underground mining
activities by mid 2013
Next Steps
• Exploring opportunities within the existing
mining lease
• Engagement with local stakeholders and
community
Stawell Processing Facility
Stawell 2012 Performance
Ore Milled (Tonnes)
Stawell Gold mine is an underground operation located
alongside the town of Stawell, in central Victoria,
approximately 250 km west of Melbourne. Processing
facilities use standard CIL gold recover and have a capacity
of 1.0MM TPA
850,017
Average Grade (g/t Au)
3.06
Recovery(%)
86.1
Gold Produced (Ounces)
72,602
Gold Sold (Ounces)
74,552
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12. South
Gandy’s
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Big Hill Project
Big Hill Pit
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Stawell Mill
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13. •
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$-
•
$(10,000,000)
$(20,000,000)
$(30,000,000)
Q1 2012
Q2 2012
Q3 2012
Mine operating earnings (loss)
Q4 2012
Q1 2013
Q2 2013
Operating Cash Flow
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13

14. • C$34.5 million of unsecured 8% convertible debentures were issued for net proceeds
of C$31 million
• Cash raised will be used to fund Exploration Projects and General Corporate Expenses
• Debentures are trading on the secondary market under the symbol CRK.DB
Debt—Credit Suisse Credit Facility
• Unwound gold swap (hedge) position in
April 2013
• Net proceeds of A$57.8 million were used
to pay off outstanding credit facility
• Remaining A$11.5 million debt to be
repaid in 18 monthly installment of
$630,000 from April 2013 to October 2014
Gold Price (AUD)
$1,600
$1,550
$1,500
$1,450
$1,400
$1,350
$1,300
$1,250
$1,200
$1,150
April 16, 2013: CRK Unwinds Gold Swap
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15. $0.45
$0.40
$0.35
$0.30
$0.25
$0.20
$0.15
$0.10
$0.05
$0.00
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16. $200.00
1.0x
$150.00
0.8x
0.8x
0.8x
0.7x
0.7x
0.6x
0.6x
$100.00
0.3x
$52.70
$50.00
0.3x
ORA
CRK
$25.61
$0.00
TGZ
OGC
EDV
RSG
BAA Median GSC
JAG
SBM
ORA
CRK
RSG
TGZ
OGC
SBM
GSC
JAG
EDV
BAA
Add bullets
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17. .
*Please refer to cautionary language on page 2 of this presentation
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