Mr. Lloyd Miller, shareholder, reports

LLOYD I. MILLER, III ACQUIRES SECURITIES OF NEWMARKET GOLD INC.

Lloyd I. Miller III, the investment adviser to Lloyd I. Miller Trust A-4 (Trust A-4), acquired, on July 20, 2015, ownership of 626,400 common shares of Newmarket Gold Inc. through Trust A-4. The common shares were acquired at an average price of 75.19 U.S. cents per common share, or 97.61 cents per common share, which is based on the noon Bank of Canada exchange rate on July 20, 2015. The acquisition of the 626,400 common shares was made through the facilities of the Toronto Stock Exchange. Such acquisition represents approximately 0.44 per cent of the issued and outstanding common shares of Newmarket on a fully diluted basis.

Mr. Miller, through Trust A-4, Limfam LLC, Lloyd I. Miller III (LIM) and Milfam II LP (Milfam II), owns and indirectly controls an aggregate of 6,543,323 common shares, representing approximately 4.59 per cent of the outstanding common shares of Newmarket. Trust A-4 owns 3,840,535 common shares, which represent 2.7 per cent of the outstanding common shares; Limfam owns 25,537 common shares, which represent 0.02 per cent of the outstanding common shares; LIM owns 81,762 common shares, which represent 0.06 per cent of the outstanding common shares; and Milfam II owns 2,595,489 common shares, which represent 1.81 per cent of the outstanding common shares.

Mr. Miller, through personal holdings and through Limfam, Milfam II, Milfam III LLC, Trust A-4 and Marli B. Miller Revocable Trust (MBM), owns and controls an aggregate of $8,347,000 debentures. LIM owns $1.01-million debentures, which, upon conversion, would represent 992,224 common shares, and which would represent 0.7 per cent of the then-outstanding common shares (on a fully diluted basis). Lloyd I. Miller III IRA (LIM IRA) owns $339,000 debentures, which, upon conversion, would represent 333,034 common shares, and which would represent 0.23 per cent of the then-outstanding common shares (on a fully diluted basis). Lloyd I. Miller II SEP IRA (LIM SEP) owns $573,000 debentures, which, upon conversion, would represent 562,915 common shares, and which would represent 0.4 per cent of the then-outstanding common shares (on a fully diluted basis). Limfam owns $1,527,000 debentures, which, upon conversion, would represent 1,500,125 common shares, and which would represent 1.05 per cent of the then-outstanding common shares (on a fully diluted basis). Milfam II owns $2-million debentures, which, upon conversion, would represent 1,964,800 common shares, and which would represent 1.38 per cent of the then-outstanding common shares (on a fully diluted basis). Milfam III owns $250,000 debentures, which, upon conversion, would represent 245,600 common shares, and which would represent 0.17 per cent of the then-outstanding common shares (on a fully diluted basis). Trust A-4 owns $2,148,000 debentures, which, upon conversion, would represent 2,110,195 common shares, and which would represent 1.48 per cent of the then-outstanding common shares (on a fully diluted basis). MBM owns $500,000 debentures, which, upon conversion, would represent 491,200 common shares, and which would represent 0.35 per cent of the then-outstanding common shares (on a fully diluted basis).

Assuming the full conversion of the aggregate amount of $8,347,000 debentures (which represent an aggregate amount of 8,200,093 common shares), on a fully diluted basis, Miller would beneficially own, directly and indirectly, 14,743,416 common shares, representing approximately 10.35 per cent of the then-outstanding common shares.

The debentures and common shares were acquired for investment purposes. Depending on the evolution of Newmarket's business, financial condition, the market for Newmarket securities, general economic conditions and other factors, Mr. Miller and his joint actors may acquire additional securities of Newmarket, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.