new gold presentation march 2017 v website

1

CORPORATE PRESENTATION

March 2017

Cautionary statements

ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain 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, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not

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 the statements made under “2017 Guidance”, “2017 Consolidated Cost Guidance”, “2017 Capital

Expenditures by Category” and “Projects Update - Rainy River - 2017 Production and Cost Guidance”, as well as other statements elsewhere in this presentation, including, among others, statements with respect

to: guidance for production, operating expense, total cash costs and all-in sustaining costs, and the factors contributing to those expected results, as well as expected capital and other expenditures; planned

development activities for 2017 at the Rainy River project, including the completion and commissioning of the processing facilities; planned preparations for operations at the Rainy River project, including the

mining rate, removal of overburden and waste, and storage of water, and stock piling of ore prior to first production ; the expected production, costs, economics, grade and other operating parameters of the Rainy

River project; the capacity of the starter dam; the expected production, costs, economics and operating parameters of the Rainy River project; the capacity of the starter dam; targeted timing for permits, including

the amendment to Schedule 2 of the Metal Mining Effluent Regulations; targeted timing for commissioning, start-up, production and commercial production; and targeting timing for development and other

activities related to the Rainy River project.

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 and uncertainties,

many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this presentation, New Gold’s latest annual

management’s discussion and analysis (“MD&A”), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions

discussed in more detail elsewhere, the forward-looking statements in this presentation are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (2)

political and legal developments 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

reserve and mineral 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) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current

expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River project being consistent with New Gold’s current expectations; (8) all required permits, licenses and

authorizations, including the amendment to Schedule 2 of the Metal Mining Effluent Regulations, being obtained from the relevant governments and other relevant stakeholders within the expected timelines; (9)

the results of the feasibility study for the Rainy River project being realized; and (10) in the case of production, cost and expenditure outlooks at the operating mines and the Rainy River project for 2017,

commodity prices and exchange rates being consistent with those estimated for the purposes for 2017.

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 actual results, 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 and

the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency

markets and in the rates of exchange of the currencies of Canada, the United States, Australia and Mexico; discrepancies between actual and estimated production, between actual and estimated mineral

reserves and mineral resources and between actual and estimated metallurgical recoveries; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the

United States, Australia and Mexico or any other country in which New Gold currently or 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 speculative nature 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 the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits for the Rainy River

project; and in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization; the lack of certainty with respect to foreign legal systems, which may not be

immune from the influence of political pressure, corruption or other factors that 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 mineral reserves and mineral resources; competition; inherent uncertainties with cost estimates and estimated schedule for the construction and commencement of

production at Rainy River as contemplated; loss of key employees; 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 the Rainy River project; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or

property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays

associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the amendment to Schedule 2 of the Metal

Mining Effluent Regulations for the Rainy River project. In addition, there are risks and hazards associated 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 risks associated with the start of production of a mine, such as Rainy River, (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 Annual Information Form, MD&A and other disclosure documents filed on and

available at www.sedar.com and on EDGAR at www.sec.gov. 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-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

The footnotes, endnotes and appendix to this presentation contain important information. The endnotes and appendix are found at the end of the presentation. All amounts in US dollars unless otherwise

indicated. 2

3

New Gold overview

Invested and

Experienced

Team

Among Lowest-

Cost Producers

with Established

Track Record

Portfolio of Assets

in Top-Rated

Jurisdictions

Strong

Growth Pipeline

A History of Value

Creation

Streamline

organizational

structure and

strengthen Rainy

River Team

Enhance

Financial

Flexibility

Execute on

updated Rainy

River plan

Deliver operationally

and pursue

opportunities for

further cash flow

optimization

Advance

organic growth

projects

2017 Organizational priorities

4

Experienced, significantly invested team

Directly aligned with shareholders

5

Executive Management Team

Hannes Portmann

President & Chief Executive Officer

Brian Penny

Executive Vice President &Chief Financial Officer

Raymond Threlkeld

Interim Chief Operating Officer

Ian Pearce

Chair of the Board, New Gold

Board of Directors

David Emerson

Former Canadian Cabinet Minister

James Estey

Chairman, PrairieSky Royalty

Robert Gallagher

Former President & CEO, New Gold

Randall Oliphant

Former Executive Chairman, New Gold

Vahan Kololian

Founder, TerraNova Partners

Kay Priestly

Former Chief Executive Officer, Turquoise Hill Resources

Martyn Konig

Chief Investment Officer, T Wealth Management

Raymond Threlkeld

Interim Chief Operating Officer

All New Gold assets

Ranked in top 5 global mining jurisdictions (1)

6

Operating Mines

Development Projects

1. Source: 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”.

2. Based on 2013 Feasibility Study.

3. Six years of current B-zone reserves plus five years of C-zone.

BLACKWATER Mine Life 17 years(2)

NEW AFTON Mine Life 11 years(3)

RAINY RIVER Mine Life 14 years1

CANADA

MESQUITEMine Life 5 years

plus residual leach3

USA

CERRO SAN PEDRO Residual leach5

MEXICO

PEAK MINES Mine Life 5 years2

AUSTRALIA

7

+Ongoing Sustaining

Free Cash Flow and

Increased Cash Flow

Certainty with

Gold/Copper

Contracts in 2017

Liquidity position

1. Cash and cash equivalents as at December 31, 2016.

2. Undrawn credit facility as at December 31, 2016. $122 million of $400 million facility used for Letters of Credit and $100 million drawn at December 31, 2016.

3. From January 1, 2017 to November 2017 commercial production.

Remaining Rainy River capital $515 million(3)

Pro Forma

Liquidity

Position

$594million

Cash and cash

equivalents(1)

$186million

$178 million

Undrawn credit

facility(2)

$165million

Net proceeds

from financing

$65million

Proceeds from

El Morro stream sale

Short-term hedge program

Further enhances financial flexibility

• 120,000 ounces of New Gold’s first half

2017 gold production

• Option contracts cover 20,000 ounces of

gold per month from January to June 2017

• Guaranteed floor price of $1,300 per ounce

with exposure up to $1,400 per ounce

• 31.7 million pounds (5.3 million

pounds per month from January to

June 2017) at $2.52 per pound

• 43.7 million pounds (7.3 million

pounds per month from July to

December 2017) at $2.73 per pound

8

$1,400 /oz

Further

financial

flexibility

Upside5.3million pounds per month

$2.52 /lbat

Gold Option Contracts Copper Swaps

$1,300 /ozFloor

$1,225 /ozSpot

20,000ounces per month

7.3million pounds per month

$2.73 /lbat

Rainy River project summary

9

Gold

Reserves3.0 Moz at 1.0 g/t

Open Pit

Underground

0.9 Moz at 5.3 g/t

3.9 Moz

Gold M&I

Resources

1.7 Moz at 0.8 g/t

Open Pit

Underground

0.6 Moz at 3.7 g/t

2.3 Moz

Resource Scale(2)

1. Source: Based on 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”.

2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s December 31, 2016 MD&A. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning

estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.

• Combined open pit and underground operation

• 21,000 tonnes per day

• 14-year mine life

Country Ranking(1)

Land package over

200 square kilometres

Ontario, Canada

1

Rainy River

Project challenges

10

Open pit

• Slower than planned ramp-up in

mining rates

• Discrete areas of peat and basal till that

require smaller, contracted equipment

• Additional construction material

requirements to complete the water

management pond, tailings starter cell

and other mine infrastructure

• Three-month delay and additional

quantities of construction materials

required has led to a $195 million

increase in capital

• Remaining capital from beginning of

2017 to targeted November commercial

production of $515 million, inclusive of

$40 million contingency

11

First Production Capital Spent Project to Date Total Remaining Capital

September 2017 Through December 2016 From January 2017 through targeted

November commercial production

$777 million $515 million

Rainy River

Current status

• Mining rate currently averaging

approximately 100,000 tonnes per day

• Year-to-date mining tracking on plan

• Approximately 350,000m3 of

construction material has been placed

at the starter tailings cell

• Contractor hired to mine discrete areas

has been mobilized

• Installation of mechanical, piping,

electrical and instrumentation in

processing facilities over 65% complete

• Staged commissioning of processing

facilities scheduled to commence with

primary crusher in March 2017

• Commissioning of SAG and ball mills

during second quarter

• Dry and wet commissioning of full

process facility scheduled for August 2017

12

Rainy River the opportunity

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

New Afton

2017 Guidance Rainy River

FY 2017E Rainy River

Production 330 – 370 Koz ~325 Koz

(excluding Rainy River) (when in full production)

Mesquite

Peak Mines

Cerro San Pedro

Rainy River

Gold Operating

Expense

All-in Sustaining

Costs(1)

$710$/oz

$575$/oz

Track record of operational delivery

2016 Operational Highlights

13


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

3 Refer to Endnote on net cash generated from operations before changes in working capital under the heading “Non-GAAP Measures”.

Gold Production

382Koz

Copper Production

102Mlbs

Gold Operating Expense

All-in Sustaining Costs(1)

$692$/oz

$640$/oz

2016 Financial Highlights

Revenues

$684$mm

OperatingMargin(2)

$318$mm

Operating Cash Flow(3)

Operating Cash Flow

$282$mm

$302$mm

(before changes in working capital)

2017 Consolidated guidance


Key Input Assumptions

Gold Production

380-430Koz

Copper Production

100-110Mlbs

Gold Operating Expense

All-in Sustaining Costs(1)

$825-$865$/oz

$630-$670$/oz

Copper

$2.50/lb

Silver

$16.00/oz

CDN/USD

$1.30

AUD/USD

$1.35

MXN/USD

$20.00

New Afton C-zone opportunity(1)

15

Jurisdiction Annual Gold

Production

108 Koz

Annual Copper

Production

81 Mlbs

Mine Life

5 years

Development

Capital(2)

British Columbia,

Canada

1. Based on 2016 Feasibility Study.

2. Includes $41 million provision for capital escalation and $88 million for contingency.

$402 mm

Blackwater

Flagship project already in portfolio

16

Jurisdiction Significant Gold

Reserve(1)

8.2 Moz

Silver

Reserve(1)

60.8 Koz

Land

Package

1,058 km2

Environmental

Assessment permits

expected in 2017

1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s December 31, 2016 MD&A. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of

Mineral Reserves and Mineral Resources” and “Technical Information”.

British Columbia,

Canada

Operating Mines

Strong Canadian presence

Multiple organic growth options in portfolio

17

1. Source: 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”.

2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s December 31, 2016 MD&A. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning

estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.

Our Footprint in Canada

Top global

mining

jurisdiction(1)

>90%gold reserves(2)

in Canada

Significant

Canadian dollar

exposure

>50% of 2016 operating

margin from Canadian

operations

~25% gold production from

Canadian assets

Development Projects

NEW AFTON

(production)

1.2 Moz Gold Reserve(2)

1.0 Blb Copper Reserve(2)

2016 operating margin: $182 million

RAINY RIVER

(construction)


10.0 Moz Silver Reserve(2)

204 km2 land package

BLACKWATER

(permitting)


60.8 Moz Silver Reserve(2)

1,058 km2 land package

18

Establishing the Leading

Intermediate Gold Company

Invested and

Experienced

Team

Among Lowest-

Cost Producers

with Established

Track Record

Portfolio of Assets

in Top-Rated

Jurisdictions

Strong

Growth Pipeline

A History of Value

Creation

Appendices

Corporate 20

New Afton 28

Rainy River 29

Exploration and Reserves and Resources 30

Summary of debt

20

CREDIT FACILITYSENIOR UNSECURED

NOTES (April 2012)

SENIOR UNSECURED

NOTES (November 2012)

Face Value $400 million(1) $300 million $500 million

Maturity August 14, 2019 April 15, 2020 November 15, 2022

Interest Rate See ‘Key features’ 7.00% 6.25%

Payable Revolving credit Semi-annually Semi-annually

Key features • Interest rate spread

varies between

1.00%-3.25% based

on leverage ratio

• Current interest rate

spread of 3.25%

• Senior unsecured

• Redeemable after

April 15, 2016 at 103.5%

down to 100% of face

after 2018

• Unlimited dividends if

leverage ratio below 2:1

• Senior unsecured

• Redeemable after

November 15, 2017 at

par plus half coupon,

declining ratably to par

• Unlimited dividends if

leverage ratio below 2:1

1. $178 million undrawn credit facility as at December 31, 2016. $122 million of $400 million facility used for Letters of Credit and $100 million drawn at December 31, 2016.

Appendix 1

Credit facility overview

• $122 million(1) of the

facility was used to

issue letters of credit for

closure obligations at

New Gold’s producing

mines and development

projects

21

Current Revolving Credit Facility ($mm)

Credit Facility Financial Covenants

Revolving credit facility (expires August 14, 2019) $400

Letters of credit issued $122

Drawn $100

Undrawn credit facility $178

AT DECEMBER 31, 2016 CURRENT TERMS

Maximum

Net Debt/EBITDA2.6x Q4’16-Q2’17

Q3’17-Q4’17

Thereafter

4.5x

4.0x

3.5x

Appendix 1

1. $178 million undrawn credit facility as at December 31, 2016. $122 million of $400 million facility used for Letters of Credit and $100 million drawn at December 31, 2016.

Mine-by-mine operating results

Strong fourth quarter operating results

22

1. Operating expense: Silver - $8.75/oz, Copper - $1.14/lb.

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

3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. New Afton co-product all-in sustaining costs: Fourth quarter: Gold - $691/oz, Copper - $1.41/lb.

4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Peak Mines co-product all-in sustaining costs: Fourth quarter: Gold - $837/oz, Copper - $1.58/lb.

2016 Fourth Quarter

Gold Production

(Koz)

95,883

Gold Operating

Expense(1) ($/oz)

$780

All-in Sustaining

Costs(2) ($/oz)

$619

Appendix 1

24

39

1914

$415 $660

$815

$2,585

($253)

$771 $742

$1,045

• Cerro San Pedro impacted by $24

million heap leach inventory

write-down

Mine-by-mine operating results

Achieved production guidance at record low costs

23

1. Operating expense: Silver - $10.82/oz, Copper - $1.58/lb.

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

3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. New Afton co-product all-in sustaining costs: Full-year: Gold - $686/oz, Copper - $1.22/lb.

4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Peak Mines co-product all-in sustaining costs: Full-year: Gold - $872/oz, Copper - $1.93/lb.

Full-Year 2016

Gold Production

(Koz)

381,663

Gold Operating

Expense(1) ($/oz)

$640

All-in Sustaining

Costs(2) ($/oz)

$692

Appendix 1

98111 107

65 $415 $628 $695

$1,311

($218)

$979

$736 $959

• Cerro San Pedro impacted by $24

million heap leach inventory

write-down

Consolidated financial summary

24

Financial SummaryGOLD ($/oz)

11%

COPPER ($/lb)

13%

SILVER ($/oz)

Average Realized Prices(1)

$1,094

$1,211

$$2.16

$2.45

$$16.80

(in millions of U.S. dollars,

except per share amounts)

THREE

MONTHS

ENDED

December 31

TWELVE

MONTHS

ENDED

December 31

2016 2015 2016 2015

Revenues $170 $199 $684 $713

Operating margin(2) 56 83 318 293

Adjusted net (loss)/earnings (3) (2) 3 24 (11)

Adjusted net (loss)/earnings

per share(3) nil 0.01 0.05 (0.02)

Net (loss)/earnings (20) (10) 3 (201)

Net (loss)/ earnings per share (0.04) (0.02) 0.01 (0.40)

Cash generated from operations

before changes in non-cash

operating working capital(4)

69 88 302 276

Cash generated from operations 52 85 282 263

Appendix 1

9%

$1,149

$1,255

(8%)

$2.42

$2.23

16%

$$14.44

12%

$15.38$17.15

1. Refer to Endnote on average realized prices under the heading “Non-GAAP

Measures”.

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

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

4. Refer to Endnote on net cash generated from operations before changes in working capital under the

heading “Non-GAAP Measures”.

5. The company has included new revenue disclosures. Revenue per ounce and per pound is net of

treatment and refining changes. Fourth quarter 2016: Gold-$1,176/oz, Silver-$16.19/oz, Copper-$2.22/lb.

Full-year 2016:Gold-$1,219/oz, Silver-$16.68/oz, Copper-$2.03/lb .

2016 All-in sustaining costs sensitivities

25

CATEGORY COPPER PRICE CDN/USD AUD/USD

Base Assumption $2.50 $1.30 $1.35

Sensitivity +/-$0.25 +/-$0.05 +/-$0.05

COST PER OUNCE IMPACT

Rainy River – +/-$45 –

New Afton +/-$185 +/-$80 –

Mesquite – – –

Peak Mines +/-$40 – +/-$50

New Gold Total +/-$45 +/-$20 +/-$10


Appendix 1

2016 all-in sustaining costs(1) key sensitivities are based on the

company’s guidance presented in January 2017

2017 Capital expenditures by category

26

New Afton

Peak Mines

Mesquite

Rainy River

Blackwater

New Afton

Total Capital Expenditures

~$645 million

Growth Capital

~$540million

Sustaining

Capital

~$105million

$20 million

$30 million

$55 million

$5 million

$10 million

$515 million

Appendix 1

Peak Mines

$10 million

2017 Capital expenditures by category (cont’d)

27

Rainy River New Afton Peak Mines

• $305 million

mining,

infrastructure and

process facilities

• $170 million

owners’ costs,

indirects and other

• $40 million

contingency

• $55 million

mine development,

plant and equipment

• $5 million

C-zone exploration

• $30 million

plant and equipment

and underground

development

• $10 million

future development

of Great Cobar

Growth capital Sustaining capital

Mesquite Blackwater

• $20 million

plant and equipment,

capital components

• $10 million

permitting,

environmental

assessment

approvals and

trade-off studies

$515 million

$60 million

$40 million

$20 million

$10 million

Appendix 1

New Afton C-zone feasibility study economics

28

C-zone: Project Economics (Long-term consensus commodity prices and foreign exchange rates)

Appendix 2

Foreign Exchange (CDN/USD)

$1,200

$2.75

$1.25

Gold Price ($/oz)

Copper Price ($/lb)

2016 FEASIBILITY

STUDY

After-tax 5% NPV ($mm) 84

After-tax IRR (%) 10.3

After-tax Payback (years) 3.4

29

$195million

$40 million

$45 million

Total mining, G&A

costs, and temporary

construction camp

costs associated

with a three-month

project delay

Use of mining

contractors for

discrete areas

Contingency

$40 million

$35 million

Completion and

commissioning

of the process

facilities

Remaining capital from beginning of 2017 to the targeted November commercial production

approximately $515 million, including $40 million of contingency

Key drivers of increased capital costs:

$35 million

Earthworks costs

related to completing the

water management pond,

tailings starter cell and

other mine infrastructure

Rainy River capital costs

Appendix 3

Mineral Reserves and resources summary

301. 2015 information per Annual Information Form dated March 29, 2016.

AS AT DECEMBER 31, 2016 AS AT DECEMBER 31, 2015

GOLD Koz

SILVER Moz

COPPER Mlbs

GOLD Koz

SILVER Moz

COPPER Mlbs

Proven and Probable reserves 14,704 76 1,113 14,985 76 1,193

New Afton 1,161 4 1,033 1,228 4 1,112

Mesquite 1,179 – – 1,492 – –

Peak Mines 251 1 80 267 1 82

Cerro San Pedro – – – 13 – –

Rainy River 3,943 10 – 3,814 9 –

Blackwater 8,170 61 – 8,170 61 –

Measured and Indicated resources

(exclusive of reserves)6,222 22 1,121 6,659 34 1,065

Inferred resources 1,644 5 291 1,844 24 194

Mineral Reserves and Resources Summary

Appendix 4

31

METAL GRADE CONTAINED METAL

TONNES

000s

GOLD

g/t

SILVER

g/t

COPPER

%

GOLD

Koz

SILVER

Koz

COPPER

Mlbs

New Afton

A&B ZonesProven – – – – – – –

Probable 34,649 0.51 2.1 0.78 566 2,383 598

C-zoneProven – – – – – – –

Probable 25,687 0.72 1.8 0.77 594 1,492 435

Total New Afton P&P 60,336 0.60 2.0 0.78 1,161 3,874 1,033

Peak Mines

Southern Mine Corridor

Proven 514 6.78 15.7 0.75 112 259 8

Probable 492 5.45 13.6 0.60 86 215 7

Total Southern Mine Corridor P&P 1,006 6.13 14.7 0.68 198 475 15

Northern Mine Corridor

Proven 787 0.94 7.0 1.81 24 176 31

Probable 902 0.85 6.4 1.64 25 185 33

Total Northern Mine Corridor P&P 1,689 0.89 6.6 1.72 48 361 64

Stockpile Proven 66 1.92 8.5 0.86 4 18 1

Combined P&PProven 1,370 3.18 10.3 1.36 140 453 41

Probable 1,390 2.48 9.0 1.28 111 401 39

Total Peak Mines P&P 2,760 2.83 9.6 1.32 251 854 80

MesquiteProven 7,882 0.49 – – 123 – –

Probable 63,479 0.52 – – 1,056 – –

Total Mesquite P&P 71,361 0.51 – – 1,179 – –

Mineral Reserves Statement as at December 31, 2016

Proven and Probable

Appendix 4

32


TONNES

000s

GOLD

g/t

SILVER

g/t

COPPER

%

GOLD

Koz

SILVER

Koz

COPPER

Mlbs

Rainy River

Direct

processing

material

Open Pit

Proven 16,944 1.41 2.5 – 771 1,353 –

Probable 45,001 1.19 3.2 – 1,728 4,692 –

Open Pit P&P (direct processing) 61,946 1.25 3.0 – 2,499 6,045 –

Underground

Proven – – – – – – –

Probable 5,411 5.34 11.2 – 929 1,956 –

Underground P&P (direct processing) 5,411 5.34 11.2 – 929 1,956 –

Stockpile

materialOpen Pit

Proven 9,322 0.45 1.5 – 135 462 –

Probable 27,081 0.44 1.8 – 380 1,540 –

Open Pit P&P (stockpile) 36,403 0.44 1.7 – 516 2,002 –

Combined P&PProven 26,266 1.07 2.1 – 906 1,815 –

Probable 77,493 1.22 3.3 – 3,037 8,188 –

Total Rainy River P&P 103,760 1.18 3.0 – 3,943 10,003 –

Blackwater

Direct

processing

material

Proven 124,500 0.95 5.5 – 3,790 22,100 –

Probable 169,700 0.68 4.1 – 3,730 22,300 –

P&P (direct processing) 294,200 0.79 4.7 – 7,520 44,400 –

Stockpile

material

Proven 20,100 0.50 3.6 – 325 2,300 –

Probable 30,100 0.34 14.6 – 325 14,100 –

P&P (stockpile) 50,200 0.40 10.2 – 650 16,400 –

Total Blackwater P&P 344,400 0.74 5.5 – 8,170 60,800 –

Total P&P 14,704 75,531 1,113

Mineral Reserves Statement as at December 31, 2016

Proven and Probable continued

Appendix 4

Mineral Resources Statement as at December 31, 2016

33


TONNES

000s

GOLD

g/t

SILVER

g/t

COPPER

%

GOLD

Koz

SILVER

Koz

COPPER

Mlbs

New Afton

A&B Zones

Measured 16,081 0.66 2.1 0.85 339 1,072 302

Indicated 10,904 0.46 2.2 0.67 161 784 160

A&B Zone M&I 26,985 0.58 2.1 0.78 500 1,856 462

C-zoneMeasured 2,071 1.09 2.4 1.20 72 162 55

Indicated 16,744 0.76 2.2 0.90 410 1,156 330

C-zone M&I 18,815 0.80 2.2 0.93 483 1,318 385

HW Lens

Measured – – – – – – –

Indicated 10,764 0.51 2.1 0.43 176 713 103

HW Lens M&I 10,764 0.51 2.1 0.43 176 713 103

Total New Afton M&I 56,592 0.64 2.1 0.76 1,158 3,887 950

Mesquite

Measured 5,479 0.37 – – 64 – –

Indicated 65,002 0.47 – – 976 – –

Total Mesquite M&I 70,481 0.46 – – 1,040 – –

Peak Mines

Southern Mine CorridorMeasured 666 5.53 8.2 0.70 118 174 9

Indicated 770 4.14 10.4 0.84 103 258 14

Southern Mine Corridor M&I 1,436 4.79 9.4 0.77 216 429 25

Northern Mine Corridor

Measured 804 2.32 5.0 1.00 60 129 18

Indicated 3,030 0.99 5.1 2.02 97 489 130

Northern Mine Corridor M&I 3,840 1.28 5.1 1.80 158 619 147

Combined M&I Measured 1,470 3.78 6.4 0.87 178 303 27

Indicated 3,800 1.63 6.2 1.78 200 747 144

Total Peak Mines M&I 5,270 2.23 6.2 1.52 378 1,050 171

Measured and Indicated (Exclusive of Reserves)

Appendix 4


34


TONNES

000s

GOLD

g/t

SILVER

g/t

COPPER

%

GOLD

Koz

SILVER

Koz

COPPER

Mlbs

Rainy River

Direct

processing

material

Open Pit

Measured 3,638 1.11 2.8 – 130 329 –

Indicated 28,976 1.16 3.7 – 1,079 3,485 –

Open Pit M&I (direct processing) 32,614 1.15 3.6 – 1,209 3,814 –

Underground

Measured – – – – – – –

Indicated 5,035 3.71 10.4 – 601 1,678 –

Underground M&I (direct processing) 5,035 3.71 10.4 – 601 1,678 –

Stockpile

materialOpen Pit

Measured 2,490 0.36 2.8 – 29 223 –

Indicated 34,984 0.43 2.4 – 483 2,694 –

Open Pit M&I (stockpile) 37,474 0.42 2.4 – 512 2,917 –

Combined M&IMeasured 6,128 0.81 2.8 – 159 552 –

Indicated 68,995 0.97 3.5 – 2,163 7,857 –

Total Rainy River M&I 75,123 0.96 3.5 – 2,322 8,409 –

Blackwater

Direct

processing

material

Measured 289 1.39 6.6 – 13 61 –

Indicated 42,444 0.85 4.6 – 1,160 6,277 –

M&I (direct processing) 42,733 0.85 4.6 – 1,173 6,339 –

Stockpile

material

Measured – – – – – – –

Indicated 14,602 0.32 3.9 – 150 1,831 –

M&I (stockpile) 14,602 0.32 3.9 – 150 1,831 –

Total Blackwater M&I 57,335 0.72 4.4 – 1,323 8,169 –

Total M&I Exclusive of Reserves 6,222 21,515 1,121

Measured and Indicated (Exclusive of Reserves) continued

Appendix 4


35


TONNES

000s

GOLD

g/t

SILVER

g/t

COPPER

%

GOLD

Koz

SILVER

Koz

COPPER

Mlbs

New Afton

A&B Zones 7,344 0.35 1.3 0.35 83 304 57

C-zone 6,900 0.43 1.3 0.46 96 295 70

HW Lens 978 0.69 1.4 0.46 22 45 10

Total New Afton Inferred 15,219 0.41 1.3 0.41 200 644 137

Peak Mines

Southern Mine Corridor 440 3.66 9.6 0.63 52 133 6

Northern Mine Corridor 3,540 1.11 6.0 1.94 126 679 148

Total Peak Inferred 3,980 1.39 6.4 1.80 178 812 154

Mesquite 7,118 0.32 – – 74 – –

Rainy River

Direct

processing

material

Open Pit 5,808 1.01 2.8 – 188 528 –

Underground 5,130 3.53 2.8 – 583 467 –

Total Direct Processing 10,938 2.19 2.8 – 771 995 –

Stockpile Open Pit 8,916 0.40 1.5 – 114 435 –

Total Rainy River Inferred 19,854 1.39 2.2 – 885 1,430 –

Black Water

Direct processing 10,908 0.80 3.8 – 279 1,333 –

Stockpile 2,660 0.33 3.2 – 28 274 –

Total Blackwater Inferred 13,568 0.70 3.7 – 307 1,606 –

Inferred

Total Inferred 1,644 4,492 291

Appendix 4


36

Inferred


TONNES

000s

GOLD

g/t

SILVER

g/t

COPPER

%LEAD

%

ZINC

%

GOLD

Koz

SILVER

Koz

COPPER

MlbsLEAD

Mlbs

ZINC

Mlbs

Peak Mines

Southern Mine Corridor 1,410 0.73 35.3 0.34 5.93 6.23 33 1,640 11 194 181

Northern Mine Corridor 100 0.19 24.7 0.28 3.56 9.11 1 80 1 20 8

Peak Pb-Zn Lenses Inferred 1,510 0.69 34.6 0.34 5.78 6.42 34 1,720 11 214 189

• In addition to the Peak Mines inferred resource stated above, the below table summarizes additional inferred

resources contained in satellite lead-zinc lenses at the Chronos, Peak and Great Cobar deposits.

Appendix 4

Reserves and resources notes

37

MINERAL PROPERTYRESERVES

LOWER CUT-OFF

RESOURCES

LOWER CUT-OFF

New AftonMain Zone – B1 & B2 Block: C$ 17.00/t

All Resources: 0.40% CuEqB3 Block & C-Zone: C$ 24.00/t

GOLD

$/oz

SILVER

$/oz

COPPER

$/lb

LEAD

$/pound

ZINC

$/poundCAD/USD AUD/USD MXN/USD

Mineral Reserves $1,250 $15.00 $2.75 N/A N/A $1.25 $1.30 $17.00

Mineral Resources $1,350 $17.00 $3.00 $0.85 $1.00 $1.25 $1.30 $17.00

1. New Gold’s Mineral Reserves and Resources have been estimated in accordance with the CIM Standards, which are incorporated

by reference in NI 43-101.

2. All Mineral Resource and Mineral Reserve estimates for New Gold’s properties and projects are effective December 31, 2016.

3. New Gold’s year-end 2016 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and

foreign exchange rate criteria:

Lower cut-offs for the company’s Mineral Reserves and Mineral Resources are outlined in the following table:

BlackwaterO/P direct processing:

O/P stockpile:

0.26 – 0.38 g/t AuEq

0.32 g/t AuEqAll Resources: 0.40% AuEq

MesquiteOxide & Transitional: 0.16 g/t Au (0.005 oz/t Au) 0.12 g/t Au (0.0035 oz/t Au)

Sulphide: 0.41 g/t Au (0.012 oz/t Au) 0.24 g/t Au (0.007 oz/t Au)

Peak Mines All ore types: A$ 80/t to A$ 146/t A$ 113/t to A$ 150/t

Cerro San Pedro All ore types: US$ 6.00/t NA

Rainy River

O/P direct processing: 0.30 – 0.60 g/t AuEq 0.30 – 0.45 g/t AuEq

O/P stockpile: 0.30 g/t AuEq 0.30 g/t AuEq

U/G direct processing: 3.50 g/t AuEg 2.50 g/t AuEq

4. Lower cut-offs for the company’s Mineral Reserves and Mineral Resources are outlined in the following table:

Appendix 4

Reserves and resources notes (cont’d)

38

5. New Gold reports its Measured and Indicated Mineral Resources exclusive of Mineral Reserves. Measured and Indicated Mineral

Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a greater

amount of uncertainty as to their existence, economic and legal feasibility, do not have demonstrated economic viability, and are

likewise exclusive of Mineral Reserves. Numbers may not add due to rounding.

6. Mineral Resources are classified as Measured, Indicated and Inferred based on relative levels of confidence in their estimation and on

technical and economic parameters consistent with the methods most suitable to their potential commercial exploitation. Where

different mining and/or processing methods might be applied to different portions of a Mineral Resource, the designators ‘open pit’

and ‘underground’ are used to indicate the envisioned mining method. The designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have

likewise been applied to indicate the type of mineralization as it relates to the appropriate mineral processing method and expected

payable metal recoveries, and the designators ‘direct processing’ and ‘stockpile’ have been applied to differentiate material

envisioned to be mined and processed directly from material to be mined and stored in a stockpile for future processing. Mineral

Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical,

marketing and other risks and relevant issues. Additional details regarding Mineral Reserve and Mineral Resource estimation,

classification, reporting parameters, key assumptions and associated risks for each of New Gold’s material properties are provided in

the respective NI 43-101 Technical Reports, which are available at www.sedar.com.

7. Rainy River Project: In addition to the criteria described above, Mineral Reserves and Mineral Resources for the Rainy River project

are reported according to the following additional criteria: Underground Mineral Reserves are reported peripheral to and/or below the

open pit Mineral Reserve pit shell, which has been designed and optimized based on an $800/oz gold price. Underground Mineral

Resources are reported below a larger Mineral Resource pit shell, which has been defined based on a $1,350/oz gold price.

Approximately forty percent (40%) of the gold metal content defined as underground Mineral Reserves is derived from material

located between the Mineral Reserve pit shell and the Mineral Resource pit shell; the remaining sixty percent (60%) of the metal

content defined as underground Mineral Reserves is derived from material located below the Mineral Resource pit shell. Open pit

Mineral Resources exclude material reported as underground Mineral Reserves.

8. Qualified Person: The preparation of New Gold's Mineral Reserve and Mineral Resource estimates has been done by Qualified

Persons as defined under NI 43-101, under the oversight and review of Mr. Mark A. Petersen, a Qualified Person under NI 43-101.

Appendix 4

2017 guidance assumptions

Commodity price/foreign exchange assumptions

39

Spot

SPOT

Gold price ($/oz) 1,230

Silver price ($/oz) 17.40

Copper price ($/lb) 2.65

AUD/USD 1.30

CDN/USD 1.33

MXN/USD 19.20

2017

Silver price ($/oz) 16.00

Copper price ($/lb) 2.50

AUD/USD 1.35

CDN/USD 1.30

MXN/USD 20.00

Appendix 4

Endnotes

40

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 presentation 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 May 10, 2014 and incorporated by reference in National Instrument 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 presentation concerning descriptions of mineralization

and mineral 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 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 contained herein has been reviewed and approved by Mark A. Petersen, Vice President, Exploration of New Gold, except for the scientific and

technical information regarding capital costs at Rainy River set out under the heading "Projects Update - Rainy River - Capital Expenditures", which has been reviewed and approved

by Arshya Qureshi, Co-Founder and Project Manager at LQ Consulting and Management Inc. Mr. Qureshi is a Professional Engineer registered with Professional Engineers of Ontario.

Mr. Petersen is a SME Registered Member, AIPG Certified Professional Geologist. Mr. Petersen and Mr. Qureshi are "Qualified Persons" for the purposes of NI 43-101.

For additional technical information on New Gold’s material properties, including a detailed breakdown of Mineral Reserves and Mineral Resources by category, as well as key

assumptions, parameters and risks, refer to New Gold’s MD&A and Annual Information Form filed on www.sedar.com and included in New Gold’s Form 40-F filed at www.sec.gov.

NON-GAAP MEASURES

(1) ALL-IN SUSTAINING COSTS

“All-in sustaining costs” per ounce is a non-GAAP financial measure. 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 assists 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 IFRS 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 IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Further details regarding historical all-in sustaining costs and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold’s financial

statements filed from time to time on www.sedar.com and on EDGAR at www.sec.gov.

“Sustaining costs” is a non-GAAP financial measure. New Gold defines sustaining costs as the difference between all-in sustaining costs and total cash costs, being the sum of net

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. Management uses sustaining costs to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. The line items

between cash costs and all in sustaining costs in the tables below break down the components of sustaining costs. Sustaining costs is intended to provide additional information

only and does not have any standardized meaning under IFRS 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 IFRS.

Endnotes

41

(2) TOTAL CASH COSTS

“Total cash costs” per ounce is a non-GAAP financial measure which is calculated in accordance with a standard developed by The Gold Institute, a worldwide association ofsuppliers 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 similarlytitled 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’sperformance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. This measure, along with sales, isconsidered 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 costssuch 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 theimpact 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, andsubsequently 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 otherwiseindicated, all total cash cost information in this news release is net of by-product sales. 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 IFRS and may not be comparable to similar measures presented by other miningcompanies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flowfrom operations under IFRS or operating costs presented under GAAP. Further details regarding historical total cash costs and a reconciliation to the nearest IFRS measures areprovided in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com and on EDGAR at www.sec.gov.

(3) AVERAGE REALIZED PRICE

“Average realized price per ounce or pound sold” is a non-GAAP financial measure with no standard meaning under IFRS. Management uses this measure to better understand theprice realized in each reporting period for gold, silver, and copper sales. Average realized price is intended to provide additional information only and does not have anystandardized 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 maycalculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies. Further details regarding average realized priceand a reconciliation to the nearest IFRS measure is provided in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com and on EDGARat www.sec.gov.

(4) ADJUSTED NET (LOSS)/EARNINGS

“Adjusted net (loss)/earnings” and “adjusted net (loss)/earnings per share” are non-GAAP financial measures. Net (loss)/earnings have been adjusted and tax affected for the groupof 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 areimpacted for tax in the unadjusted net (loss)/earnings from continuing operations. The company uses this measure for its own internal purposes. Management’s internal budgetsand 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 andfinancial asset gains/losses. Consequently, the presentation of adjusted net earnings and adjusted net earnings per share enables investors and analysts to better understand theunderlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings andadjusted 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 ofthe non-GAAP measures used by mining industry analysts and other mining companies. Adjusted net (loss)/earnings and adjusted net (loss)/earnings per share are intended toprovide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Theyshould 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 operatingprofit or cash flows from operations as determined under IFRS. Further details regarding adjusted net (loss)/earnings and a reconciliation to the nearest IFRS measure is provided inthe MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com and on EDGAR at www.sec.gov.

(5) OPERATING MARGIN

“Operating margin” is a non-GAAP financial measure with no standard meaning under IFRS, which management uses to evaluate the Company’s aggregated and mine-by-minecontribution to net earnings before non-cash depreciation and depletion charges. Further details regarding operating margin and a reconciliation to the nearest IFRS measure isprovided in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com and on EDGAR at www.sec.gov.

(6) CASH GENERATED FROM OPERATIONS BEFORE CHANGES IN NON-CASH OPERATING WORKING CAPITAL

“Cash generated from operations before changes in working capital” and “cash generated from operations before changes in working capital per share” are non-GAAP financialmeasures with no standard meaning under IFRS, which exclude changes in non-cash operating working capital. Management uses this measure to evaluate the Company’s abilityto generate cash from its operations before temporary working capital changes. Further details regarding cash generated from operations before changes in working capital and areconciliation to the nearest IFRS measure is provided in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com and on EDGAR atwww.sec.gov.

JULIE TAYLOR

Director, Corporate Communications and Investor Relations

[email protected]

Investor Relations