Crocodile Gold has done an extensive review of its operations and projects given recent softening in gold prices. Key steps include: 1) Continual operational reviews to reduce operating costs and capital expenditures through consolidation, streamlining management, and limiting infrastructure spending. 2) Limiting exploration drilling to on-mine resource conversion and only advancing the Big Hill project at this time while reassessing other projects. 3) Ramping down underground mining at Stawell Gold Mine by mid-2013 while exploring opportunities within the mining lease and engaging with the local community. 4) Unwinding gold hedge positions and repaying debt to improve the company's financial position.

2. 2

3. 3
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4. 4
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2012 Milestones
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5. 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

6. 6
Actual
Forecasted
155,524
181,214
0
50,000
100,000
150,000
200,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
Q1 '12Q2 '12Q3 '12Q4 '12Q1 '13Q2 '13 Q3 '13
(E)
Q4 '13
(E)
CumulativeOuncesPerYear
QuarterlyOunceProduction
2012/2013 Production
Quarterly Cumulative
$2,028
$1,167 $1,176
$998
$1,150 $1,101 $1,075 $1,000
$0
$500
$1,000
$1,500
$2,000
$2,500
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013(E) Q4 2013(E)
2012/2013 Cash Costs

7. 7
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8. 8
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Fosterville Processing Facility

9. 9
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
Stawell Processing Facility
• 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 2012 Performance
Ore Milled (Tonnes) 850,017
Average Grade (g/t Au) 3.06
Recovery(%) 86.1
Gold Produced (Ounces) 72,602
Gold Sold (Ounces) 74,552

10. 10
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11. 11
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12. 12
South
Gandy’s
Big Hill Pit
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Stawell Mill
Big Hill Project

13. 13
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$(30,000,000)
$(20,000,000)
$(10,000,000)
$-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Mine operating earnings (loss) Operating Cash Flow

14. 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
$1,150
$1,200
$1,250
$1,300
$1,350
$1,400
$1,450
$1,500
$1,550
$1,600
Gold Price (AUD)
April 16, 2013: CRK Unwinds Gold Swap

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$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
$0.45

16. 16
Add bullets
$52.70
$25.61
$0.00
$50.00
$100.00
$150.00
$200.00
TGZ OGC EDV RSG BAA Median GSC JAG SBM ORA CRK
1.0x
0.8x 0.8x 0.8x 0.7x 0.7x
0.6x
0.6x
0.3x 0.3x
RSG TGZ OGC SBM GSC JAG EDV BAA ORA CRK
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17. 17*Please refer to cautionary language on page 2 of this presentation
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