2014 Second Quarter

Results WebcastJuly 31, 2014

Speaker

2

Randall Oliphant

Executive Chairman

Cautionary statements

3

All monetary amounts in U.S. dollars unless otherwise stated

Total cash costs shown net of by-product sales unless otherwise stated

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this presentation,other than statements of historical fact, which address events or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that arenot historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”,“forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”,“might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this presentation include, among others, statements with respect to:guidance for production, cash costs and all-in sustaining costs; the results of the Rainy River Feasibility Study, including the expected production, costs, grades, planned activities for each of thecompany’s projects; and targeted throughput increase at New Afton, targeted timing for commissioning and full production related to the New Afton mill expansion, Rainy River and sequencing ofBlackwater.

All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors anduncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding our forward-looking statements are discussed in this presentation, NewGold’s most recent MD&A, its Annual Information Form and its Technical Reports filed at www.sedar.com. In addition to, and subject to, such assumptions discussed in more detail elsewhere, theforward-looking statements in this presentation are also subject to the following assumptions: (1) there being no signification disruptions affecting New Gold’s operations; (2) political and legaldevelopments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserveand resource estimates; (4) the exchange rate between the Canadian dollar, Australian dollar, Mexican Peso and U.S. dollar being approximately consistent with current levels; (5) prices for diesel,natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) labour and material costs increasing on a basis consistent with New Gold’s currentexpectations; (7) permitting and arrangements with First Nations and other Aboriginal groups in respect of Rainy River and Blackwater being consistent with New Gold’s current expectations; (8) allenvironmental approvals (including the environmental assessment process for the Blackwater and Rainy River projects), required permits, licenses and authorizations being obtained from therelevant governments and other relevant stakeholders within the expected timelines; and (9) the results of the feasibility studies for the Rainy River and Blackwater projects being realized.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actualresults, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation:significant capital requirements; price volatility in the spot and forward markets for commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies ofCanada, the United States, Australia, Mexico and Chile; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual andestimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currentlyor may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculativenature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with thepermitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits for the Blackwater and Rainy River projects; inMexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization (EIS); and in Chile, certain activities by El Morro have been delayed due tolitigation relating to its environmental permit; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factorsthat are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of reserves andresources; competition; loss of key employees; additional funding requirements; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities;uncertainties inherent to mining economic studies including the feasibility studies for Rainy River and Blackwater; the uncertainty with respect to prevailing market conditions necessary for a positivedevelopment decision at Blackwater; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims tomineral properties; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Aboriginal groups; uncertainties with respect to obtaining all necessarysurface and other land use rights or tenure for Rainy River; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizationsand complying with permitting requirements, including those associated with the environmental assessment processes for Blackwater and Rainy River. In addition, there are risks and hazardsassociated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s disclosure documentsfiled on and available at www.sedar.com.

Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-lookingstatements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

The footnotes and endnotes to this presentation contain important information. The endnotes are found at the end of the presentation.

2014 second quarter highlights

4

89,460oz $745per oz

All-in sustaining costs(1)

Gold production Costs

$251per oz

Total cash costs(2)

Financial

Cash and Equivalents New Afton Rainy River

Net cash generated from

operations

$414million

Cash balance at June 30, 2014

1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.

3. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to

Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Techn ical Information”. New Afton C-zone resource per news release dated July 7, 2014.

+33%versus Q2’13

$59 /Million

$0.12Per share

Mill expansion remains on

schedule for mid-2015

+24%C-zone gold M&I resource(3)

C$180 million of capital

commitments made

Engineering, permitting

and exploration all

advanced

New Afton 26 (1,262) (678) 54 (1,273) (671)

Mesquite 18 993 1,413 44 928 1,191

Peak Mines 28 627 928 49 681 1,000

Cerro San Pedro 17 1,169 1,322 34 1,051 1,193

89 251 745 181 253 707

Margin per ounce(3) 1,053 559 1,053 599

New Afton co-product costs(1)

Gold ($/oz) 442 643 427 636

Copper ($/lb) 1.02 1.48 0.97 1.45

Mine-by-mine operating results

5

1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.

2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

3. Based on second quarter average realized gold price of $1,304 per ounce and first half 2014 average realized gold price of $1,306 per ounce.

2014 SECOND QUARTER

Gold production

(000s ounces)

Cash costs(1)

($/oz)

All-in Sustaining

costs(2) ($/oz)

2014 YEAR-TO-DATE

Gold production

(000s ounces)

Cash costs(1)

($/oz)

All-in Sustaining

costs(2) ($/oz)

Co-product

cash costs(1)

Co-product all-in

sustaining costs(2)

NEW AFTON

2014 SECOND QUARTER

Co-product

cash costs(1)

Co-product all-in

sustaining costs(2)

NEW AFTON

2014 YEAR-TO-DATE

NEW GOLD REITERATES 2014 PRODUCTION AND COST GUIDANCE

Consolidated financial summary

6

2013 SECOND QUARTER2014 SECOND QUARTER

Revenues ($ million) $178 $184

Operating margin(1) ($ million) 83 78

Adjusted net earnings(2) ($ million) 8 4

Adjusted net earnings per share(2) ($/share) 0.02 0.01

Net earnings ($ million) 16 15

Net earnings per share ($/share) 0.03 0.03

Adjusted net cash generated from operations(3) ($ million) 59 43

Net cash generated from operations ($ million) 59 (23)

1. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.

2. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.

3. Refer to Endnote on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.

7

Projects update

• Completed over 50% of detailed engineering

• Completed early construction works (relocation of water pipelines)

• Commenced excavation of tertiary grinding building

• Project remains on-time for mid-2015 commissioning and on-budget ($45 million)

• Committed to C$180 million of capital purchases

• Finalized process flow sheets and building layouts

• Anticipate final Environmental Assessment review reports during third quarter

2014

• Additional underground resource potential both west of planned open pit and

southeast of Intrepid deposit

• Filed draft Environmental Assessment report in early July

• Initiated field exploration program with drill targets confirmed in six priority areas

New Afton Mill Expansion

Rainy River

Blackwater

8

Rainy River – Project overview

1. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to

Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Techn ical Information”.

2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.

3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

1.44 g/t ~325 Koz $613/oz $736/oz

FIRST NINE YEARS – GRADE, PRODUCTION, COSTS

JURISDICTION MANAGEABLE CAPITAL RESOURCE SCALE AND POTENTIAL

Ontario, Canada

17km tie-in to power/

close to regional

infrastructure

• $885 million at $0.95

US$/C$ exchange rate

• ~70% of capital

denominated in Canadian

dollars

Reserves(1) +3.8 Moz

M&I Resources(1) +6.2 Moz

Land Package +169 km2

Average

Head Grade

Average Annual

Production

Average Total

Cash Costs(2)

Average All-In

Sustaining Costs(3)

9

Organic pipeline

• Mesquite return to run rate (2015+)

• New Afton expansion (mid-2015)

• Rainy River development (2015/2016)

• CSP to residual leaching (2016)

Existing low cost production base to be further enhanced by our

lower cost development projects(1)

• Sequence Blackwater development

• El Morro advanced

2014(2) 2017(3) Future Potential(4)

GO

LD

PR

OD

UC

TIO

N

1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Rainy River and Blackwater life-of-mine all-in sustaining costs are estimated to be $736/oz and $685/oz, respectively, based on their respective Feasibility Studies.

2. Based on mid-point of 2014 guidance.

3. Based on expected annual production from current operations according to their respective mine plans, including positive production impact of New Afton’s mill expansion targeted for mid-2015, Mesquite mine plan moving into grades more in line with

reserve grade, which is partially offset by Cerro San Pedro ceasing active mining and moving into residual leaching, and includes the first year of full production from Rainy River. Assumes on-time completion of Rainy River.

4. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in the Feasibility Studies for these projects, and production contribution from New Afton,

Mesquite and the Peak Mines according to their respective mine plans. Assumes the timely development of Blackwater and El Morro.

10

Cash flow growth and value

$79

$182$230 $236 $249

$297

~$400 ~$400

~$600

$0

$100

$200

$300

$400

$500

$600

$700

2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E

1. For 2013, figure shown is Adjusted net cash generated from operations. Net cash generated from operations in the 2013 period included certain non-recurring cash flows. Net cash generated from operations in 2013 was $172 million.

2. 2014E based on Bloomberg consensus CFPS of $0.59 multiplied by 504 million basic shares outstanding.

3. 2015 to 2017 estimates based on the following price and exchange rate assumptions (which were also used for 2014 guidance): Gold - $1,300/oz, Silver - $22.00/oz, Copper - $3.25/lb, USD/CDN - $0.90, USD/AUD - $0.88. 2015 estimated cash flow

assumes: successful mill expansion to 14,000 tonnes per day at New Afton in mid-2015, Mesquite moving into mining of higher grade areas of the open pit in 2015 in accordance with the current mine plan, Peak’s copper production increasing from 2014

levels in accordance with the current mine plan, and Cerro San Pedro mining higher grade material in its final year of active mining in accordance with the current mine plan. 2016 estimated cash flow assumes: New Afton processing for a full year at

14,000 tonnes per day, Mesquite remaining in higher grade areas in accordance with the current mine plan, Peak further increasing its copper production in accordance with the current mine plan, and Cerro San Pedro moving into its first year of residual

leaching in accordance with the current mine plan. 2017 estimated cash flow assumes: Rainy River commercial production is achieved on schedule and Rainy River has its first full year of production in 2017 with a production level consistent with the

project’s feasibility study, New Afton processing 14,000 tonnes per day, Mesquite remaining in higher grade areas in accordance with the current mine plan, Peak further increasing its copper production in accordance with the current mine plan, and

Cerro San Pedro continuing its residual leaching in accordance with the current mine plan. Assumes no non-recurring cash flows in 2014, 2015, 2016 and 2017.

4. Based on the average of the estimates by research analysts for the net asset values of the Blackwater and El Morro assets.

(2)

NET CASH FROM OPERATIONS ($ MILLIONS)

Enterprise Value $3.6 billion

Consensus Blackwater and El Morro Value(4) $0.7 billion

Enterprise Value (excluding Blackwater and El Morro) $2.9 billion

Trading at ~4.8x 2017E cash flow at 2014 guidance prices

(3)(3) (3)(1)

New Gold investment thesis

11

A history of value creation

Peer-leading growth pipeline

Amonglowest-cost

producers with established track

record

Invested and experienced

teamPortfolio of assets

in top-ratedjurisdictions

Establishing the leading

intermediate gold company

Endnotes

12

CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES

Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be

comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource”

used in this Report are Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral

Reserves adopted by CIM Council on November 27, 2010 and incorporated by reference in National Instrument 43-101 (“NI 43-101”). While the terms “Mineral Resource”, “Measured Mineral

Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms under standards of the

United States Securities and Exchange Commission. As such, certain information contained in this Report concerning descriptions of mineralization and resources under Canadian standards

is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange

Commission.

An “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. Under Canadian rules, estimates of Inferred Mineral

Resources may not form the basis of feasibility or pre-feasibility studies. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher

confidence category. Readers are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable.

Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally

produced or extracted at the time the Reserve estimation is made. Readers are cautioned not to assume that all or any part of the Measured or Indicated Mineral Resources that are not

Mineral Reserves will ever be converted into Mineral Reserves. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain

respects from the standards of the United States Securities and Exchange Commission.

TECHNICAL INFORMATION

The scientific and technical information in this presentation has been reviewed and approved by Mark A. Petersen, Vice President, Exploration of New Gold. Mr. Petersen is an AIPG Certified

Professional Geologist and a “qualified person” under National Instrument 43-101. For additional information with respect to our Mineral Resource and Reserve estimates and the Feasibility

Studies discussed herein, refer to our news release dated February 6, 2014, the Rainy River Technical Report, the Blackwater Technical Report and our other technical reports available at

www.sedar.com.

Endnotes (cont’d)

13

NON-GAAP MEASURES

(1) ALL-IN SUSTAINING COSTS

Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold

defines “all-in sustaining costs” per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and

expensed exploration that is sustaining in nature and environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. New Gold believes this non-GAAP

financial measure provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the company in assessing the company’s

operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial

measure. All-in sustaining costs presented do not have a standardized meaning under GAAP and may not be comparable to similar measures presented by other mining companies. It should

not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of cash flow from operations under GAAP or

operating costs presented under GAAP. Further details regarding all-in sustaining costs and a reconciliation to the nearest GAAP measures are provided in our MD&As accompanying our

financial statements filed from time to time on www.sedar.com.

(2) TOTAL CASH COSTS

“Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold

and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other

companies. New Gold reports total cash costs on a sales basis. The company believes that certain investors use this information to evaluate the company’s ability to generate liquidity through

operating cash flow and that this measure, along with sales, is considered to be a key indicator of the company’s ability to generate operating earnings and cash flow from its mining

operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts,

but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce

figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the cash costs to each metal produced on a

percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper sold, as the case may be, to arrive at per ounce or per pound

figures. Unless otherwise indicated, all total cash cost information in this presentation is net of by-product sales. These measures, along with sales, are considered to be a key indicator of a

company’s ability to generate operating earnings and cash flow from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial measure. Total

cash costs and co-product cash costs presented do not have a standardized meaning under GAAP and may not be comparable to similar measures presented by other mining companies. It

should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of cash flow from operations under

GAAP or operating costs presented under GAAP. Further details regarding total cash costs and a reconciliation to the nearest GAAP measures are provided in our MD&As accompanying our

financial statements filed from time to time on www.sedar.com.

(3) ADJUSTED NET EARNINGS

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial measures. Net earnings have been adjusted and tax affected for the group of costs in “Other gains and

losses” on the condensed consolidated income statement. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net

earnings from continuing operations. The company uses this measure for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect fair value

changes on senior notes and non-hedged derivatives, foreign currency translation and fair value through profit or loss and financial asset gains/losses. Consequently, the presentation of

adjusted net earnings and adjusted net earnings per share enables investors and analysts to better understand the underlying operating performance of our core mining business through the

eyes of management. Management periodically evaluates the components of adjusted net earnings and adjusted net earnings per share based on an internal assessment of performance

measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies.

Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized definition under IFRS and may not be

comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS.

Endnotes (cont’d)

14

(4) OPERATING MARGIN

“Operating margin” is a non-GAAP financial measure with no standard meaning under GAAP, which management uses to further evaluate the company’s results of operations in each

reporting period. Operating margin is calculated as revenue less operating expenses and therefore does not include depreciation and depletion. Operating margin is intended to provide

additional information only and does not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in

accordance with IFRS. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies.

(5) ADJUSTED NET CASH GENERATED FROM OPERATIONS

“Adjusted net cash generated from operations” is a non-GAAP financial measure. Net cash generated from operations has been adjusted for a one-time charge incurred in the second quarter

of 2013 related to the settlement of the company’s legacy gold hedge position. The company believes the presentation of adjusted net cash generated from operations enables investors and

analysts to better understand the underlying operating performance of our core mining business. Adjusted net cash generated from operations is intended to provide additional information only

and does not have any standardized meaning under IFRS. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Contact information

15

Investor Relations

Hannes Portmann

Vice President, Corporate Development

416-324-6014

hannes.portmann@newgold.com