Crater Gold Mining Limited (Crater, the Company, ASX:CGN) is pleased to announce preliminary results from the recently completed XCITE Electromagnetic and Magnetic Survey (EM) flown over its polymetallic tenements, EPM's 16002 (Figure 1). EM Anomaly 5.4, located within Anomaly A5 prospect in EPM 16002, is considered to be a priority target as it is co-incident with the A5 aeromagnetic anomaly and SGH soil sampling Cu-Ag-Au anomalism. In addition, several other EM targets have been identified, including weaker strength anomalies at the A5 (EM targets 5.2 and 5.5) and A3 (EM target 3.1) aeromagnetic anomaly areas. The blue crosses on Figures 3 and 6 indicate the strongest targets, with the green crosses indicating additional moderate to weak EM anomalies. More detailed analysis will be available when the final interpretation report is received. While the levelled data from NRG has been received by the Company's consultant geophysicist, the final report is now not expected to be available until around the end of November.

Aeromagnetic Anomaly A5

Anomaly A5 was previously identified by a Queensland Government Aeromagnetic survey. The anomaly is a small, discrete, almost circular aeromagnetic low, approximately 30 nT in amplitude, 800m in diameter and located in the central western side of the EPM block (Figures 2 and 3). It occurs immediately SW of a larger aeromagnetic anomaly complex (hosting EM Anomaly 5.1) that is elongated NW-SE, is about 20km in length and about 10km in width. EM Anomaly 5.4 was also investigated by Spatiotemporal Geochemical Hydrocarbon (SGH) soil sampling. This indicated co-incident polymetallicsilver-copper anomalism which was partly overlapped by gold anomalism all of which directly overlies the central part of the main (western) A5 aeromagnetic low (Figure 4) which is a reversed magnetic high feature (refer to ASX Announcement released 12 June 2018 entitled 'Gold and Silver-Copper-Polymetallic Anomalies Identified from SGH Soil Email: info@cratergold.com.au Website: www.cratergold.com.au 2 Sampling at the A5 Anomaly Prospect, North Qld'). This has provided encouragement not only from the co-incident anomalism but also from past drilling by the Company at Anomaly A2 (EPM 13775) which intersected polymetallic mineralisation that is also associated with a magnetic low (a reversed previous magnetic high)

Contact:

Russ Parker

Managing Director

Email: info@craterg

T: +618 6188 8181

COMPETENT PERSON STATEMENT

The information contained in this report relating to exploration activities at Croydon is based on and fairly represents information and supporting documentation prepared by Mr Ken Chapple or by appropriately qualified company and consultant personnel and reviewed by Mr Chapple, who is an Associate Member of The Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Geoscientists. Mr Chapple has sufficient experience relevant to the style of mineralisation and type of deposit involved to qualify as a Competent Person as defined in the 2012 JORC Code. Mr Chapple is an independent principal geological consultant with KCICD Pty Ltd and consents to the inclusion in this report of matters based on his information in the form and context in which it appears

Forward Looking Statements

This Announcement contains certain forward looking statements. The words 'anticipate', 'believe', 'expect', 'optimism', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan', 'encouraging', 'significant' and other similar expressions are intended to identify forward looking statements. Forward-looking statements are subject to risk factors associated with the Company's business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable at the time made but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You should therefore not place undue reliance on forward-looking statements

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