Corporate Presentation December 2014 Cautionary statements All - - PowerPoint PPT Presentation

SLIDE 1

Corporate Presentation

December 2014

SLIDE 2

Cautionary statements

2

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 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,

• ther 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 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, among others, statements with respect to: guidance for production, total cash costs and all-in sustaining costs; the results of the Rainy River Feasibility Study, including the expected production and costs; production potential and costs at New Gold’s other projects planned activities for 2014 and beyond at the company’s projects; the timing of permitting activities and environmental assessment processes; targeted throughput and recovery increase at New Afton; and targeted timing for completion of the New Afton mill expansion. 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 our forward-looking statements are discussed in this presentation, New Gold’s MD&As, 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, the forward- 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 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 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 current expectations; (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) all environmental approvals (including the environmental assessment process for the Blackwater and Rainy River projects), required permits, licenses and authorizations being obtained from the relevant 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 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; 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 of Canada, the United States, Australia, Mexico and Chile; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated 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 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 Blackwater and Rainy River projects; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization (EIS); and in Chile, where certain activities at El Morro have been delayed due to litigation 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 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 reserves and resources; 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 positive development or construction decision at each of Blackwater and Rainy River; 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 First Nations and other Aboriginal groups; uncertainties with respect to obtaining all necessary surface and other land use rights or tenure for Rainy River; 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 environmental assessment processes for Blackwater and Rainy River. 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 the risk of inadequate insurance or inability to

• btain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s disclosure documents filed 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-looking statements 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.

SLIDE 3

Portfolio

• f assets

in top-rated jurisdictions Invested and experienced team Among lowest-cost producers with established track record Peer-leading growth pipeline A history

• f value

creation

New Gold investment thesis

3

18.5 Moz gold reserves(1) ~$75 million investment by Board & Management All-in sustaining costs(2) of $754/oz through first nine months of 2014 ~900 Koz annual production potential from growth projects(3) 150% increase in share price since March 2009

• 1. 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 “Technical Information”.

• 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
• 3. 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 the projects.
• 1. 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 “Technical Information”.

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

SLIDE 4

Portfolio of assets in top-rated jurisdictions

Blackwater New Afton Rainy River Mesquite Cerro San Pedro El Morro Peak Mines Mine Life: 17 years Mine Life: 10 years Mine Life: 14 years Mine Life: 8+ years Mine Life: 2+ years Mine Life: 17 years Mine Life: 6+ years

#1

CANADA

#3

UNITED STATES

#5

MEXICO

#4

CHILE

#2

AUSTRALIA

OPERATING DEVELOPMENT

4

All Assets Ranked in Top 5 Global Mining Jurisdictions(1)

• 1. Based on 2014 Behre Dolbear Report – “2014 Ranking of Countries for Mining Investment”.
• 2. 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 “Technical Information”.

Gold 18.5 Moz Silver 90.1 Moz Copper 3.0 Blbs

Mineral Reserves(2)

SLIDE 5

Experienced and invested team

5

BOARD OF DIRECTORS David Emerson Former Canadian Cabinet Minister James Estey Chairman, PrairieSky Royalty Robert Gallagher President & Chief Executive Officer Vahan Kololian Founder, TerraNova Partners Martyn Konig Former Executive Chairman, European Goldfields Pierre Lassonde Chairman, Franco-Nevada Randall Oliphant Executive Chairman Raymond Threlkeld Chairman, Newmarket Gold EXECUTIVE MANAGEMENT TEAM Randall Oliphant Executive Chairman Robert Gallagher President & Chief Executive Officer Brian Penny Executive Vice President & Chief Financial Officer David Schummer Executive Vice President & Chief Operating Officer

Approximately 1 million shares purchased by insiders year-to-date

~$75 million

Collectively invested in New Gold

SLIDE 6

2014 third quarter highlights

6

$848per oz

All-in sustaining costs(1)

Production Costs

$311per oz

Total cash costs(2)

Financial Cash and Equivalents Rainy River Corporate

$416million

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

Positive Provincial and Federal Environmental Assessment reports released Further strengthened management team – David Schummer, Chief Operating Officer

93,367oz - Gold 25.6mlbs - Copper

$58million

Net cash generated from operations

$79million

Net cash generated from operations before changes in working capital(3)

SLIDE 7

7

• 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. As at September 30, 2014.

Strong first nine months 2014 performance

New Gold is pleased to reiterate its 2014 guidance for both production and costs

GOLD PRODUCTION (Koz)

274

YTD 2014(3)

380 – 420

2014 Guidance SILVER PRODUCTION (Koz)

1,066

YTD 2014(3)

1,350 – 1,750

2014 Guidance COPPER PRODUCTION (Mlbs)

77

YTD 2014(3)

92 – 100

2014 Guidance TOTAL CASH COSTS(1) ($/oz)

$272

YTD 2014(3)

$320 – $340

2014 Guidance ALL-IN SUSTAINING COSTS(2) ($/oz)

$754

YTD 2014(3)

$815 – $835

2014 Guidance

SLIDE 8

Low cost producer

• Peer-leading all-in sustaining costs(2)

in first nine months 2014

• 2014E all-in sustaining costs(2) to

decrease by over $70 per ounce versus 2013

• Costs benefiting from depreciating

Canadian and Australian dollars

• Expect to generate ~$200 per ounce

incremental margin versus average

• f peer companies

8

Lower costs driving higher margins(1)

• 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”.

2014 FIRST NINE MONTHS ALL-IN SUSTAINING COSTS ($/oz)(2) 2014E FULL-YEAR ALL-IN SUSTAINING COSTS ($/oz)(2)

$754 $784 $829 $844 $915 $947 $954 $1,018 $1,031 $1,032 $1,250 $825 $850 $900 $950 $970 $975 $980 $990 $1,050 $1,135 $1,150

SLIDE 9

9

New Afton – Unlocking options

87 102-112

Gold (Koz)

72 78-84

Copper (Mlbs)

2013 2014E 2013 2014E

+23% +13%

• C-zone provides potential

to extend mine life

• Resource updated in

July 2014

• 4 drills actively exploring

C-zone M&I Resource(4)

35 Million Tonnes

YTD’14 Operating Margin(1) $45 million

~12% increase in throughput ~2-3% increase in gold and copper recoveries +10 Koz per year gold(2) +10 Mlbs per year copper(2)

• 1. Operating margin calculated as revenue less operating expenses. As at September 30, 2014.
• 2. Based on targeted increases in throughput and recovery and year-end 2013 gold and copper reserve grade.
• 3. Based on $1,300 per ounce gold and $3.25 per pound copper.
• 4. Mineral Resources are inclusive of Reserves. For detailed assumptions, risks and parameters relating to the above refer to New Gold’s Annual Information Form dated March 28, 2014. Refer also to Endnotes under the heading “Cautionary note to U.S.

readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information” and New Gold’s New Afton C-zone resource news release dated July 7, 2014 available at www.sedar.com.

Production Outperforming 2009 Technical Report Estimates

Mill Expansion Capital CURRENT PERFORMANCE NEAR-TERM GROWTH FUTURE POTENTIAL

• Mid-2015: Mill expansion

to be completed Potential to increase annual cash flow by ~$30 million(3) $194 million GOLD 0.77 g/t 0.9Moz COPPER 0.87% 0.7Blbs

SLIDE 10

New Afton – C-zone potential

10 Tonnes (000s) Gold (g/t) Copper (%) Gold (Koz) Copper (Mlbs) Measured 931 0.94 1.06 28 22 Indicated 33,941 0.76 0.86 832 646 Total M&I 34,872 0.77 0.87 860 668 Inferred 7,979 0.50 0.56 128 98 Total M&I 68,025 0.65 0.91 1,425 1,368

2014 MID-YEAR C-ZONE MINERAL RESOURCE ESTIMATE(1)

• 1. For detailed assumptions, risks and parameters relating to the above estimates refer to New Gold’s Annual Information Form dated March 28, 2014. Refer also to Endnotes under the heading “Cautionary note to U.S. readers concerning

estimates of Mineral Reserves and Mineral Resources” and “Technical Information” and New Gold’s news release dated July 7, 2014 and September 11, 2014 available at www.sedar.com.

2013 YEAR-END B-ZONE MINERAL RESOURCE ESTIMATE(1)

Drill Hole From (m) To (m) Interval (m) Estimated true width (m) Gold (g/t) Copper (%) EA-118 534 660 126 72 1.47 1.80 includes 534 612 78 1.96 2.36 EA-121 430 640 210 121 1.20 0.89 includes 448 524 76 1.92 1.01 EA-122 384 478 94 91 1.65 1.67 includes 394 444 50 2.39 2.30 EA-129A 658 724 66 54 1.33 1.67 includes 660 686 26 2.07 2.72 EA-132 492 582 90 80 1.30 1.89 includes 492 528 36 2.09 2.78 HIGHLIGHTS POST 2014 MID-YEAR MINERAL RESOURCE ESTIMATE(1)

Mineralized Intercept Includes Intercept Diamond Drill Hole Trace Central Pierce Point

EA-132 EA-123 EA-114 EA-118 EA-127 EA-121 EA-126 EA-128 EA-133 EA-125 EA-124A EA-131 EA-115 EA-129A EA-120 EA-116 EA-122 EA-119 EA-117

C-Zone Main B-Zone Block Cave Reserve

June 2014 Resource Shell

0m 400m EA-130

SLIDE 11

11

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 “Technical Information”.

FIRST FIVE YEARS – GRADE AND PRODUCTION 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

• $0.05 change in exchange

rate ~$141 million in pre-tax NAV

Reserves(1) +3.8 Moz M&I Resources(1) +6.2 Moz Land Package +190 km2

Average Mill Head Grade (g/t)

Underground Grade (g/t) Open Pit Grade (g/t)

200 250 300 350

Open Pit Underground

1.4 1.5 1.5 1.4 1.4

Thousand ounces

1.4

• 1.5

4.7 1.4 4.5 1.3 5.1 1.1 5.5

SLIDE 12

12

Rainy River – Near-term focus

• Advancing permitting – both

Provincial and Federal comment periods now complete

• Permits expected late

2014/early 2015

• Completing detail engineering and

mine planning

• November 10th – announced

proposed acquisition of Bayfield Ventures

SLIDE 13

13

Rainy River – Value creation through development

INVESTMENT VALUE POTENTIAL

$300million

Acquisition cost

50% /

Cash

50%

Shares

$885million

Development capital estimate(1)

$1.2billion

Total investment Average annual after-tax cash flow(2)(4) Potential cash flow multiple range(3) Implied value potential

$215million

~10x

Development of Rainy River presents opportunity for $1.0 billion

• f potential value creation

~$2.2billion

• 1. Based on $0.95 US$/C$ foreign exchange rate.
• 2. Based on first five years at $1,300 per ounce gold, $22 per ounce silver and $0.95 US$/C$ foreign exchange rate.
• 3. Potential multiple range based on New Gold’s current P/2014E CFPS multiple.
• 4. Based on the Technical Report on Feasibility Study for the Rainy River Project dated effective January 16, 2014.

SLIDE 14

Blackwater

14

UPSIDE GOLD RESOURCE

British Columbia, Canada

BLACKWATER Regional Upside Significant Gold Resource Jurisdiction

#1

Country Ranking(1)

~1,100 km2

Land Package

Initial resource at Capoose Multiple newly identified targets

• 1. Based on 2014 Behre Dolbear Report – “2014 Ranking of Countries for Mining Investment”.
• 2. Development capital assumes $0.95 USD/CDN exchange rate.
• 3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Total cash costs assume: Gold - $1,300/oz, Silver - $22.00/oz, USD/CDN - $0.95.
• 4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining costs assume: Gold - $1,300/oz, Silver - $22.00/oz, USD/CDN - $0.95.
• 5. 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 “Technical Information”.

2013 Feasibility Study

First nine years:

485 Koz

Annual Production

~$1,865 million

Development Capital(2)

$555/oz

Total Cash Costs(3)

$685/oz

All-in Sustaining Costs(4)

$0.05 change in exchange rate ~$270 million in pre-tax NAV

8.2 Moz

Reserves(5)

17-year

Mine Life

9.5 Moz

M&I Resources(5)

SLIDE 15

El Morro

15 Chile

EL MORRO Unique Joint Venture Structure Gold/Copper Reserve & Resources (30%) Jurisdiction 2011 Feasibility Study (30%)

#4

Country Ranking(1) Goldcorp 70% partner Funds 100% of capital New Gold retains portion of cash flow from mine start-up

2.7 Moz @ 0.5 g/t

Gold

2.0 Blbs @ 0.5%

Copper Life of mine:

• 1. Based on 2014 Behre Dolbear Report – “2014 Ranking of Countries for Mining Investment”.
• 2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Total cash costs assume: Gold - $1,200/oz, Copper - $2.75/lb, Chilean Peso/USD - $550.
• 3. 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 “Technical Information”.

Reserves(3) – Open Pit Inferred Resources(3) – Potential Block Cave

1.1 Moz @ 1.0 g/t

Gold

0.6 Blbs @ 0.8%

Copper

85 Mlbs

Annual Copper Production

($700/oz)

Total Cash Costs(2)

90 Koz

Annual Gold Production

SLIDE 16

Multiple growth initiatives

Construction

• New Afton mill expansion –

increased throughput and recoveries Permitting

• Rainy River – 325 Koz at all-in

sustaining costs of $736 per

• unce(1)
• Blackwater – 485 Koz at all-in

sustaining costs of $685 per

• unce(1)

Engineering/Planning

• 30% carried interest in El Morro

Rainy River El Morro

16

2014E Gold Production Blackwater New Afton Expansion

• 1. Based on ~325Koz annual production from Rainy River (first nine years), ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in the feasibility studies for the projects. Refer to Endnote on all-in

sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining costs assume: Gold - $1,300/oz, Silver - $22.00/oz, USD/CDN - $0.95.

380 – 420 Koz New Gold has multiple organic growth options in its portfolio

SLIDE 17

Catalysts

17

2014 costs declining versus 2013 New Afton production and cash flow continues to increase New Afton C-zone exploration Rainy River regional exploration Blackwater regional exploration Rainy River permitting C-zone engineering study New Afton mill expansion Blackwater permitting Cash flow growth

SLIDE 18

A history of value creation

Performance since March 2009 New Gold/Western Goldfields merger announcement

18

S&P/TSX Global Gold Index(1) Gold Price New Gold (NYSE)

• 1. S&P/TSX Global Gold Index includes 37 gold companies in various stages of development/production.

150%

30%

(41%)

SLIDE 19

New Gold investment thesis

19

A history

• f value

creation Peer-leading growth pipeline Among lowest-cost producers with established track record Invested and experienced team Portfolio

• f assets

in top-rated jurisdictions

Establishing the leading intermediate gold company

SLIDE 20

Appendices

20

Appendices Page 1. Financial information 21 2. Consolidated operating performance 26 3. New Afton 32 4. Mesquite, Peak Mines, Cerro San Pedro 40 5. Rainy River 43 6. Blackwater 46 7. El Morro 47 8. Exploration 50 9. Reserves and Resources notes 54

• 10. Commodity price/foreign exchange assumptions

63

SLIDE 21

$416 mm $257 mm Liquidity Position

$673 mm

Cash and Equivalents(1) Undrawn Credit Facility(2)

Strong balance sheet

21

• 1. Cash and equivalents as at September 30, 2014.
• 2. $43 million of total $300 million at September 30, 2014 used for Letters of Credit.
• 3. See Appendix 1 – Summary of debt for detailed breakdown of components of debt.
• Face value $887 million in

long-term debt(3)

• Face value $300 million,

7.00% notes due in 2020

• Face value $500 million,

6.25% notes due in 2022

• $87 million in carried El Morro

loan, payable out of El Morro project cash flow

Appendix 1

SLIDE 22

Summary of debt

22

Undrawn Credit Facility Senior Unsecured Notes (April 2012) Senior Unsecured Notes (November 2012) El Morro Funding Loan Face Value $300 million(1) $300 million $500 million $87 million Maturity 4 years with annual extensions permitted April 15, 2020 November 15, 2022 n/a Interest Rate See ‘Key features’ 7.00% 6.25% 4.58% Payable Revolving credit Semi-annually Semi-annually Upon start of production Conversion price n/a n/a n/a n/a Current trading value n/a ~101 ~97 n/a Key features

• Normal financial

covenants Interest Rate

• 2.00-3.25% over

LIBOR based on ratios

• Standby fee of 0.45-

0.73%

• 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 New Gold to repay Goldcorp out of 80% of its 30% share of cash flow

• nce El Morro

starts production

• 1. $43 million of total $300 million at September 30, 2014 used for Letters of Credit.

Appendix 1

SLIDE 23

23

2014 capital expenditures by category

New Afton

~$290 million

Sustaining Capital: ~$145 million Growth Capital: ~$145 million

Mesquite Peak Mines Cerro San Pedro Rainy River New Afton Cerro San Pedro Blackwater

Total Capital

Appendix 1

• YTD’14 - $91 million
• YTD’14 - $97 million
• 1. YTD’14 as at September 30, 2014.

SLIDE 24

24

Growth capital

• Set out below is a breakdown of expected 2014 capital expenditures at each site divided into two

categories – sustaining capital and growth capital (future production growth and mine life extension)

New Afton - $100 million Rainy River - $90 million Mesquite - $40 million

Sustaining capital

48% 52% 100% 100%

• $60 million – ~2,500 metre development, two new trucks, dam raise and

surface ventilation upgrade

• $20 million – mill expansion
• $20 million – C-zone scoping level engineering and capitalized exploration
• $50 million – property, plant and equipment
• $30 million – detailed engineering, studies, environmental monitoring and

permitting

• $10 million – capitalized exploration
• $28 million – four new trucks and leach pad expansion
• $12 million – major components/building and tank construction

2014 capital expenditures by category

Appendix 1

SLIDE 25

25

Peak Mines - $40 million Cerro San Pedro - $28 million

100% 71%

• $20 million – two haul trucks and site maintenance
• $20 million – capitalized development and capitalized exploration
• $20 million – capitalized stripping
• $8 million – leach pad expansion

2014 capital expenditures by category

Growth capital Sustaining capital

New Gold’s 30% share of estimated 2014 El Morro capital costs of $6 million fully carried by Goldcorp Inc.

Blackwater - $15 million

100%

• $10 million – permitting
• $5 million – engineering studies
• Offset by $20 million exploration tax credit

29%

Appendix 1

SLIDE 26

New Afton 26 (1,245) (700) 79 (1,264) (680) Mesquite 26 951 1,625 70 937 1,354 Peak Mines 28 568 873 77 641 955 Cerro San Pedro 13 1,604 1,701 47 1,185 1,317 93 311 848 274 272 754 Margin per ounce(4) 925 388 1,011 529 New Afton co-product costs(1) Gold ($/oz) 383 560 413 612 Copper ($/lb) 1.04 1.51 0.99 1.47

Mine-by-mine operating results

26

• 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. Nine months ended September 30, 2014.
• 4. Based on third quarter average realized gold price of $1,236 per ounce and first nine months 2014 average realized gold price of $1,283 per ounce.

2014 THIRD QUARTER

Gold production (000s ounces) Cash costs(1) ($/oz) All-in Sustaining costs(2) ($/oz)

2014 YEAR-TO-DATE(3)

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 THIRD QUARTER

Co-product cash costs(1) Co-product all-in sustaining costs(2)

NEW AFTON 2014 YEAR-TO-DATE(3)

Appendix 2

SLIDE 27

$465 $418 $446 $421 $377 $320 - $340 $478 $557 $643 $766 $767 27

Among lowest cost producers in industry

Industry New Gold

2014E

Incremental Benefit to NGD Shareholder

2009

(2)

New Gold versus Industry Average Total Cash Costs,(1) Net of By-Product Credits

• 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. New Gold total cash costs based on 2014 guidance.
• 2. Industry data per GFMS reports calculated net of by-product credits for the year ended December 31, 2013.

Appendix 2

SLIDE 28

28

2013 THIRD QUARTER 2014 THIRD QUARTER

Revenues ($ million) $169 $196 $538 $581 Operating margin(1) ($ million) 75 94 250 268 Adjusted net earnings(2) ($ million) 5 20 32 45 Adjusted net earnings per share(2) ($/share) 0.01 0.04 0.06 0.09 (Loss)/net earnings ($ million) (60) 12 (45) 64 (Loss)/net earnings per share ($/share) (0.12) 0.02 (0.09) 0.13 Adjusted net cash generated from operations before changes in working capital(3) ($ million) 79 68 241 187 Net cash generated from operations ($ million) 58 36 199 72 Average realized gold price ($ per ounce) 1,236 1,359 1,283 1,375 Average realized copper price ($ per pound) 3.11 3.25 3.06 3.24 Average realized silver price ($ per ounce) 19.66 21.15 19.90 24.13

2014 third quarter financial summary

Appendix 2

2013 FIRST NINE MONTHS 2014 FIRST NINE MONTHS

• 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 before changes in working capital under the heading “Non-GAAP Measures”.

SLIDE 29

29

Detailed operating results and assumptions

Appendix 2

2013A 2013A 2013A 2013A Tonnes processed

(000 tonnes)

14,297 13,000

• 13,300

13,463 13,400

• 13,800

814 830

• 850

4,087 4,500

• 4,700

Tonnes mined

(000 tonnes)

48,206 56,000

• 58,000

31,018 33,000

• 35,000

1,100 1,300

• 1,320

4,226 4,600

• 4,800

Strip ratio 2.37 3.31

• 3.36

1.30 1.46

• 1.54
• Gold grade

(g/t)

0.37 0.40

• 0.44

0.47 0.35

• 0.40

4.14 3.9

• 4.1

0.78 0.81

• 0.85

Silver grade

(g/t)

• 20.91

15.0

• 17.0
• Copper grade

(%)

• 0.85%

0.86%

• 0.90%

0.93% 0.93%

• 0.95%

Gold recovery

(%)

63.0% 51.0% 92.9% 91.0%

• 93.0%

85.1% 85.0%

• 87.0%

Silver recovery

(%)

• 15.0%
• Copper recovery

(%)

• 88.0%

91.0%

• 93.0%

85.9% 86.0%

• 88.0%

Production Gold production

(Koz)

107.0 113.0

• 123.0

102.8 70.0

• 80.0

100.7 95.0

• 105.0

87.2 102.0

• 112.0

Silver production

(Koz)

• 1,300.6

1,100.0

• 1,300.0
• Copper production

(Mlbs)

• 13.4

14.0

• 16.0

72.0 78.0

• 84.0

Reserve grade Gold grade

(g/t)

Silver grade

(g/t)

Copper grade

(%)

3.52 7.1 1.22% 0.56 2.2 0.84% 0.60

• 0.46

18.1

• Mesquite

2014E 2014E New Afton Cerro San Pedro 2014E Peak Mines 2014E ~50% ~15% ~65%

SLIDE 30

30

2014 total cash cost sensitivities

Appendix 2

Category Copper Price Silver Price AUD/USD CDN/USD MXN/USD Diesel Base Assumption $3.25 $20.00 $1.14 $1.11 $13.00 $3.25 Sensitivity +/- $0.25 +/- $1.00 +/- $0.05 +/- $0.05 +/- $1.00 +/- $0.25 Total Cash Costs(1) - Impact New Afton +/-$200

• +/-$65
• Mesquite
• +/-$15

Peak Mines +/-$40

• +/-$50
• Cerro San Pedro
• +/-$15
• +/-$50
• New Gold Consolidated

+/-$60 +/-$5 +/-$15 +/-$15 +/-$10 +/-$5 Total Cash Costs(1) - Sensitivities

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

SLIDE 31

31

• 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
• 2. General and administrative includes stock-based compensation and asset retirement obligation.
• 3. Sustaining capital based on New Gold’s total 2014 estimated capital expenditures excluding expenditures related to growth-related initiatives.
• 4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

2014 estimated all-in sustaining costs

Total cash costs(1) ~$330/oz General and administrative(2) ~$90/oz Exploration expense ~$35/oz Sustaining capital(3) ~$370/oz

ALL-IN SUSTAINING COSTS(4)

~$825/oz

Appendix 2

SLIDE 32

32

New Afton – 2014 guidance

GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs) ALL-IN SUSTAINING COSTS(2) ($/oz) TOTAL CASH COSTS(1) ($/oz)

102 – 112 78 – 84 ($1,260) – ($1,240) ($620) – ($600)

TOTAL CASH COSTS(1)

$440 – $460 $1.10 – $1.20

Co-Product Gold ($/oz) Co-Product Copper ($/lb)

• Copper price - $3.25 per pound

(2013A - $3.23 per pound)

• Canadian dollar: U.S. dollar exchange –

$1.11

• $0.25 per pound change in copper

equals ~$200 per ounce change in New Afton total cash costs

• $0.01 change in Canadian dollar equals

~$15 per ounce change in New Afton total cash costs

• Gold and copper production expected to

increase due to:

• Increase in average annual

throughput rate

• Increase in gold grades
• Costs benefit from targeted increase in

copper production, depreciating Canadian dollar and decrease in sustaining capital costs

OVERVIEW KEY ASSUMPTIONS AND SENSITIVITIES

• 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”.

Appendix 3

SLIDE 33

New Facilities

To Tailings Surface Stockpile

Mill schematic

33

North Appendix 3

SLIDE 34

New Afton – Expansion timeline

34

• EPCM contract award
• Geotechnical and detailed

engineering

• Early works
• Buried services relocation
• Reagent tank relocation

H1’15

• Excavation
• Foundations
• Building construction
• Building services
• Vertimill delivery
• Piping/electrical
• Instrumentation
• Commissioning

H2’14 H1’14

Appendix 3

SLIDE 35

Mill expansion capital estimates

35

Engineering, Construction and Equipment $26 million Building and Site Works $12 million Owner’s Costs $2 million Contingency $5 million

ESTIMATED EXPANSION CAPITAL

$45 MILLION

• Below is a summary of the key capital estimates for the expansion project

Target: 14,000 tonnes per day at higher metal recoveries

• ~$20 million of capital to be spent in 2014 with remainder in 2015

Appendix 3

SLIDE 36

36

• C-zone originally identified through

limited deep holes drilled from surface

• Drilling from underground commenced

in second half of 2012

• During 2013 completed 41 holes totaling

26,800 metres and updated resource

• In July 2014, announced 24% increase

in Measured and Indicated resource

• ver year-end 2013 figures
• Mid-year resource includes an

additional 15,143 metres of drilling in 20 core holes

Tonnes (000s) Gold (g/t) Copper (%) Gold (Koz) Copper (Mlbs) Measured 931 0.94 1.06 28 22 Indicated 33,941 0.76 0.86 832 646 Total M&I 34,872 0.77 0.87 860 668 Inferred 7,979 0.50 0.56 128 98

2014 MID-YEAR C-ZONE(1)

• 1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and

“Technical Information”. C-zone resource updated on July 7, 2014.

• 2. 2012 information per Annual Information Form dated March 27, 2013.

2012 YEAR-END C-ZONE(2)

Tonnes (000s) Gold (g/t) Copper (%) Gold (Koz) Copper (Mlbs) Measured 400 0.60 0.73 8 6 Indicated 2,900 0.63 0.68 58 43 Total M&I 3,300 0.62 0.68 66 49 Inferred 13,600 0.70 0.76 307 228

New Afton – C-zone resource expansion

Appendix 3

Tonnes (000s) Gold (g/t) Copper (%) Gold (Koz) Copper (Mlbs) Measured 618 0.75 0.91 15 12 Indicated 25,223 0.84 0.91 678 504 Total M&I 25,842 0.83 0.91 693 516 Inferred 11,288 0.63 0.64 227 159

2013 YEAR-END C-ZONE(1)

SLIDE 37

37

New Afton – C-zone September 2014 exploration update(1)

Appendix 3

• 1. For detailed assumptions, risks and parameters relating to the above estimates refer to New Gold’s Annual Information Form

dated March 28, 2014. Refer also to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information” and New Gold’s news release dated July 7, 2014 and September 11, 2014 available at www.sedar.com. Drill Hole From (m) To (m) Interval (m) True Width (m) Au (g/t) Cu (%) EA14-114 150 150 No assays 150 707 557 0.08 0.02 EA14-115 300 300 No assays 300 706 406 0.13 0.03 C-Zone 706 786 80 55 1.07 1.40 Includes 728 752 24 1.82 2.51 786 819 33 0.17 0.14 EA14-116 100 100 No assays 100 494 394 0.13 0.03 C-Zone 494 568 74 52 0.95 0.94 Includes 494 534 40 1.49 1.50 568 601 33 0.14 0.12 EA14-117 2 2 No assays 2 630 628 0.08 0.04 C-Zone 630 672 42 21 0.81 0.55 672 743 71 0.13 0.07 EA14-118 150 150 No assays 150 534 384 0.23 0.04 C-Zone 534 660 126 72 1.47 1.80 Includes 534 612 78 1.96 2.36 660 679 19 0.13 0.03 EA14-119 100 100 No assays 100 418 318 0.11 0.03 C-Zone 418 534 116 89 0.59 0.71 534 587 53 0.19 0.14 EA14-120 300 300 No assays 300 612 312 0.10 0.02 C-Zone 612 684 72 61 0.81 0.98 684 721 37 0.26 0.16 EA14-121 2 2 No assays 2 430 428 0.15 0.04 C-Zone 430 640 210 121 1.20 0.89 Includes 448 524 76 1.92 1.01 EA14-122 100 100 No assays 100 384 284 0.08 0.03 C-Zone 384 478 94 91 1.65 1.67 Includes 394 444 50 2.39 2.30 478 528 50 0.31 0.25 528 538 10 0.08 0.04 EA14-123 50 50 No assays 50 502 452 0.16 0.07 C-Zone 502 600 98 87 1.49 1.97 Includes 532 574 42 2.04 2.56 Drill Hole From (m) To (m) Interval (m) True Width (m) Au (g/t) Cu (%) EA14-124A 300 300 No assays 300 714 414 0.15 0.03 C-Zone 714 792 78 58 1.07 1.25 792 825 33 0.08 0.12 EA14-125 100 100 No assays 100 392 292 0.08 0.03 C-Zone 392 502 110 78 1.35 1.73 Includes 392 428 36 2.26 3.34 502 561 59 0.10 0.04 EA14-126 456 456 0.17 0.06 C-Zone 456 650 194 98 0.85 0.75 Includes 490 556 66 1.47 0.93 Includes 624 650 26 0.96 1.53 650 654 4 0.11 0.05 EA14-127 150 150 No assays 150 526 376 0.13 0.03 526 648 122 72 0.98 1.28 Includes 570 596 26 1.61 1.78 Includes 620 648 28 1.22 1.63 EA14-128 100 100 No assays 100 382 282 0.05 0.03 C-Zone 382 476 94 86 1.78 1.96 Includes 384 444 60 2.49 2.69 476 522 46 0.26 0.32 444 548 104 0.07 0.09 EA14-129A 300 300 No assays 300 658 358 0.09 0.03 C-Zone 658 724 66 54 1.33 1.67 Includes 660 686 26 2.07 2.72 724 759 35 0.40 0.08 EA14-130 1 266 265 0.17 0.04 C-Zone 520 632 112 76 0.76 0.95 Includes 550 584 34 1.60 1.62 632 718 86 0.15 0.05 EA14-131 100 100 No assays 100 660 560 0.16 0.03 C-Zone 660 728 68 52 1.15 1.24 Includes 660 684 24 2.08 2.12 728 758 30 0.05 0.07 EA14-132 150 150 No assays 150 492 342 0.17 0.05 C-Zone 492 582 90 80 1.30 1.89 Includes 492 528 36 2.09 2.78 582 630 48 0.09 0.05 EA14-133 300 300 No assays 300 540 240 0.29 0.04 C-Zone 540 658 118 57 1.01 1.28 Includes 594 630 36 1.99 2.27 658 712 54 0.06 0.04

SLIDE 38

New Afton – 2014 C-zone program

38

Appendix 3

Ore Shell

Delineation & Infill (Priority 1) Western Exploration Step-out (Priority 3) Delineation & Infill (Priority 2)

~30,000-35,000 metres of drilling planned in C Zone for 2014

Extraction Level C- Zone

SLIDE 39

39

New Gold has a track record of successful mine development

Mine development – Creating options

Once mines are in production – multiple options to further enhance value

Cerro San Pedro (April 2007) – ~35,000 tonne per day open pit/heap leach Mesquite (January 2008) – ~40,000 tonne per day open pit/heap leach New Afton (June 2012) – 11,000 tonne per day block cave/process facility Mine life extension (Mesquite(1), Peak Mines(2), New Afton C-zone) Increased production rate (Cerro San Pedro(3), New Afton)

• 1. Mesquite’s mine life has been extended beyond the 9.5 years that were estimated when the mine re-started production in January 2008.
• 2. The Peak Mines originally began production in 1992 with an approximate eight year life and have operated continuously since then and continue to have six or more years of mine life.
• 3. During 2011 and 2012, Cerro San Pedro operated at a rate above its design capacity to increase its annual gold and silver production.

Appendix 3

SLIDE 40

40

• Diesel comprises ~25% of Mesquite’s

total costs

• Rack diesel price most correlated to

Brent oil price

• Diesel price - $3.25 per gallon
• Every $0.25 per gallon change in diesel

price has ~$15 per ounce impact on total cash costs

• Production increase driven by planned

mining of higher grades versus 2013

• Increase in costs attributable to

increase in total tonnes mined

• Peak year for sustaining capital at

Mesquite

Mesquite – 2014 guidance

GOLD PRODUCTION (Koz) OVERVIEW KEY ASSUMPTIONS AND SENSITIVITIES ALL-IN SUSTAINING COSTS(2) ($/oz) TOTAL CASH COSTS(1) ($/oz)

• 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”.

113 – 123 $930 – $950 $1,310 – $1,330

Appendix 4

SLIDE 41

41

• Copper price - $3.25 per pound

(2013A - $3.29 per pound)

• Australian dollar: U.S. dollar

exchange – $1.14

• $0.25 per pound change in copper

equals ~$40 per ounce change in Peak Mines total cash costs

• $0.01 change in Australian dollar equals

~$10 per ounce change in Peak Mines total cash costs

• Gold production in line with 2013
• Increase in copper production a result of

increased copper grade and recovery

• Decrease in total cash costs a result of

increased copper by-product revenue, depreciating Australian dollar and increased productivity through lower turnover

Peak Mines – 2014 guidance

GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs) OVERVIEW KEY ASSUMPTIONS AND SENSITIVITIES ALL-IN SUSTAINING COSTS(2) ($/oz) TOTAL CASH COSTS(1) ($/oz)

• 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”.

95 – 105 14 – 16 $630 – $650 $1,065 – $1,085

Appendix 4

SLIDE 42

42

• Silver price - $20.00 per ounce

(2013A – $23.61 per ounce)

• Mexican peso: U.S. dollar exchange –

$13.00

• $1.00 per ounce change in silver equals

~$15 per ounce change in Cerro San Pedro total cash costs

• $1.00 change in Mexican peso equals

~$50 per ounce change in Cerro San Pedro total cash costs

• Decrease in production reflects the

increased strip ratio for Phase 5 pushback and mining of lower grade ore

• Increase in costs primarily driven by

lower gold production, lower silver by- product revenue and increased volume

• f processing reagents

Cerro San Pedro – 2014 guidance

GOLD PRODUCTION (Koz) SILVER PRODUCTION (Moz) OVERVIEW KEY ASSUMPTIONS AND SENSITIVITIES ALL-IN SUSTAINING COSTS(2) ($/oz) TOTAL CASH COSTS(1) ($/oz)

• 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”.

70 – 80 1.1 – 1.3 $1,030 – $1,050 $1,125 – $1,145

Appendix 4

SLIDE 43

43

• 21,000 tonne per day process plan with

conventional crushing, grinding, leaching and carbon-in-pulp technology

• 14-year mine life with direct processing of
• pen pit and underground ore for first nine

years and processing of a combination of stockpile and underground ore thereafter

• Development capital of $885 million

inclusive of $70 million contingency (at $1.05 CDN/USD)

• Life-of-mine gold and silver recoveries of

91% and 64%

• Open pit mining schedule incorporates an

elevated cut-off grade strategy during first nine years

Rainy River – Project overview

Appendix 5

Pre-tax Economics Gold Price ($/oz) 1,150 1,300 1,450 1,600 US$/C$ exchange 0.93 0.95 0.97 1.00 5% NPV ($mm) 138 438 738 1,009 IRR (%) 7.8 13.1 17.6 21.1 Payback (years) 6.8 5.4 4.3 3.6 After-tax Economics Gold Price ($/oz) 1,150 1,300 1,450 1,600 US$/C$ exchange 0.93 0.95 0.97 1.00 5% NPV ($mm) 100 314 520 706 IRR (%) 7.1 11.3 14.9 17.8 Payback (years) 6.8 5.5 4.4 3.8

SLIDE 44

44

Rainy River – Progress update

Project Development Capital Costs Description Cost ($ million) Direct Costs Process Equipment $127 Process Facilities – Construction $170 Site Development $111 Open Pit Mine Equipment $81 Overburden and Waste Stripping $80 Tailings and Water Management $48 Power Line and Roads $21 Total Direct Capital Costs $638 Owner's and Indirect Costs Owner's Costs $76 EPCM $48 Other Indirects $53 Total Owner's & Indirect Capital Costs $177 Subtotal $815 Contingency $70 Total Project (at US$/C$ - 0.95) $885

• 1. Project development capital costs based on Rainy River Technical Report, entitled “Feasibility Study of the Rainy River Project, Ontario, Canada” dated February 14, 2014 and available on SEDAR.

~70% of capital costs denominated in Canadian dollars

Appendix 5

SLIDE 45

45

Bayfield location

Appendix 5 B Block Burns Block C Block

SLIDE 46

46

• Conventional truck and shovel open pit mine

with 60,000 tonne per day processing plant

• Simple, conventional flowsheet using whole
• re leach process
• Low grade stockpiling strategy
• Development capital of $1,865 million

inclusive of $190 million contingency (at $1.05 CDN/USD)

• Life-of-mine operational strip ratio of 1.88 to 1
• Life-of-mine gold and silver recoveries of

87% and 49%

• Conventional waste rock and Tailings

Storage Facility

• Power supply from the hydroelectric power

grid, via 140-kilometre transmission line

• Minimal off-site infrastructure required
• Good existing access road; water supply

within 15 kilometres

• Low environmental risk and facility designed

for closure

Blackwater – Project overview

Appendix 6

Pre-tax Economics Gold Price ($/oz) 1,150 1,300 1,450 1,600 US$/C$ exchange 0.93 0.95 0.97 1.00 5% NPV ($mm) 402 991 1,582 2,120 IRR (%) 7.8 11.3 14.4 16.8 Payback (years) 7.5 6.2 5.1 4.5

SLIDE 47

47

• 1. Capital estimates based on December 2011 Feasibility Study.

El Morro (30%) – Funding structure

Funded by $1.2 billion interest at 4.58% ~ $2.7 billion 70% 20% 80%

• New Gold’s 30% share of development capital 100% carried
• Interest fixed at 4.58%

30% 70% 30%

Total Capital 100% ~ $3.9 billion(1) 100% Average annual cash flow

Carried funding repayment

Appendix 7

SLIDE 48

48

2013 open pit Proven and Probable reserves and Measured and Indicated resources Underground Inferred resource with block cave potential

500 metres

La Fortuna deposit

Appendix 7

Reserve Grade Gold: 0.46 g/t Copper: 0.49% Inferred Grade Gold: 0.97 g/t Copper: 0.78%

SLIDE 49

49

• 1. All reserve information taken from Goldcorp’s December 31, 2013 year-end resource statements.
• 2. Gold equivalent calculated based on the following commodity prices: Gold - $1,300/oz; Silver - $22.00/oz; Copper - $3.00/lb; Lead - $0.90/lb; Zinc - $0.90/lb.

El Morro relative positioning(1)

EL MORRO WITHIN GOLDCORP PORTFOLIO

Asset Gold Reserves (Moz) Asset Gold Equivalent(2) (Moz) Penasquito 11.6 Penasquito 30.6 Los Filos 8.0 El Morro 18.0 El Morro 6.7 Los Filos 8.9 Pueblo Viejo 6.5 Pueblo Viejo 7.5 Cerro Negro 5.7 Cerro Negro 6.6

Appendix 7

SLIDE 50

50

New Gold’s estimated exploration budget for 2014 is $50 million

• Capitalized: $30 million (included in sustaining capital total shown previously)
• Expensed: $20 million (approximately 70% related to current operations)

New Afton 30,000-35,000 metres Peak Mines 45,000 metres Blackwater 10,000-15,000 metres

2014 exploration program overview

Rainy River 35,000-40,000 metres

• 1. Circle proportions are representative of both capitalized and expensed exploration for each respective asset.

Appendix 8

$15 million $15 million $11 million $9 million

SLIDE 51

Rainy River exploration

51

• Intrepid resource drilled off and incorporated into Feasibility Study
• Condemnation drilling program approximately 40% complete by year end
• Improved ability to predict prospective ore horizons beneath surface cover

2013 ACHIEVEMENTS 2014 PROGRAM

Targeting resource expansion in near-mine environment

• Complete condemnation drilling program
• Test potential to expand open pit resource to west
• Explore prospective trends south of main mine area and extending

from Intrepid Zone

Intrepid Zone

Appendix 8

SLIDE 52

Blackwater exploration

52

2013 Achievement

• Expanded exploration targeting coverage to ~50% of claim block
• 14 prospective target areas identified to date
• Seven new targets drill tested with favorable geology intercepted on six

and gold mineralization intercepted on three

• Acquired Key property immediately south of Blackwater deposit area

2014 Program

• Follow up favorable results at Van Tine, Fawn and earlier stage prospects
• Initiate exploration at Key

Appendix 8

SLIDE 53

Peak Mines exploration

53

• Near-mine exploration and resource conversion partially offset mine depletion
• Advanced earlier stage targets along regional Rookery fault trend

2013 ACHIEVEMENTS 2014 PROGRAM

Focus on reserves replacement in near-mine environment

• Convert Measured and Indicated resources to reserves to extend mine life
• Test newly emerging targets along mine corridor
• Continue to advance earlier stage regional targets

Appendix 8

SLIDE 54

54

• 1. 2012 information per Annual Information Form dated March 27, 2013
• 2. New Afton C-zone updated for July 7, 2014 news release.

Reserves and resources summary

Appendix 9

Gold Koz Silver Koz Copper Mlbs Gold Koz Silver Koz Copper Mlbs Proven and Probable Reserves 18,538 90,080 2,953 7,752 31,256 3,282 Measured and Indicated Resources (inclusive of Reserves) 27,672 125,018 4,505 21,403 131,847 4,061 Inferred Resources 4,062 30,145 1,759 4,383 84,620 1,114 M&I Resources (inclusive of Reserves) New Afton 2,464 8,305 2,140 1,979 6,830 1,818 Mesquite 4,904

• 5,684
• Peak Mines

810 1,380 158 880 1,350 146 Cerro San Pedro 397 15,948

• 1,703

57,980

• Rainy River

6,236 14,635

• n/a

n/a n/a Blackwater 9,500 70,130

• 8,070

56,190

• Capoose

320 14,620

• 196

9,497

• El Morro

3,041

• 2,207

2,891

• 2,097

Total M&I 27,672 125,018 4,505 21,403 131,847 4,061 Mineral Reserves and Resources Summary As at December 31, 2013 As at December 31, 2012(1)

SLIDE 55

55

Reserves and resources summary (cont’d)

Appendix 9

• 1. 2012 information per Annual Information Form dated March 27, 2013.

Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs New Afton Proven

• Probable

48,821 0.56 2.2 0.84 879 3,500 904 52,500 0.65 2.3 0.93 1,100 3,880 1,080 Total New Afton P&P 48,821 0.56 2.2 0.84 879 3,500 904 52,500 0.65 2.3 0.93 1,100 3,880 1,080 Mesquite Proven 3,809 0.70

• 86
• 13,140

0.68

• 287
• Probable

112,094 0.60

• 2,152
• 114,409

0.56

• 2,055
• Total Mesquite P&P

115,903 0.60

• 2,237
• 127,549

0.57

• 2,342
• Peak Mines

Proven 1,820 4.35 6.7 1.16 255 390 47 2,109 5.89 7.5 1.08 399 510 50 Probable 1,820 2.69 7.4 1.27 157 430 51 2,118 3.82 6.8 1.18 260 466 55 Total Peak Mines P&P 3,640 3.52 7.1 1.22 412 820 98 4,227 4.85 7.2 1.13 659 976 105 Cerro San Pedro Proven 12,982 0.47 17.5

• 197

7,311

• 21,100

0.52 17.1

• 353

11,600

• Probable

13,714 0.44 18.7

• 195

8,239

• 26,400

0.48 17.4

• 407

14,800

• Total CSP P&P

26,696 0.46 18.1

• 392

15,550

• 47,500

0.50 17.3

• 760

26,400

• Mineral Reserves statement as at December 31, 2013

Contained metal Metal grade Metal grade Contained metal Mineral Reserves statement as at December 31, 2012

SLIDE 56

56

Reserves and resources summary (cont’d)

Appendix 9

• 1. 2012 information per Annual Information Form dated March 27, 2013.

Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Rainy River Direct processing material Open Pit Proven 15,839 1.47 2.0

• 746

1,038

• Probable

46,866 1.26 3.1

• 1,896

4,594

• Open Pit P&P (direct processing)

62,705 1.31 2.8

• 2,642

5,632

• Underground

Proven

• Probable

4,187 4.96 10.3

• 668

1,388

• Underground P&P (direct processing)

4,187 4.96 10.3

• 668

1,388

• Stockpile material

Open Pit Proven 6,843 0.38 1.5

• 84

332

• Probable

30,541 0.39 2.1

• 378

2,058

• Open Pit P&P (stockpile)

37,384 0.38 2.0

• 462

2,390

• Total P&P

Proven 22,681 1.14 1.9

• 830

1,370

• Probable

81,594 1.12 3.1

• 2,943

8,040

• Total Rainy River P&P

104,275 1.13 2.8

• 3,773

9,410

• 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)

294,300 0.79 4.7

• 7,510

44,400

• Stockpile material

Proven 20,100 0.50 3.6

• 330

2,300

• Probable

30,100 0.34 14.6

• 330

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

• El Morro

30% Basis Proven 321,814 0.56

• 0.55

1,746

• 1,163

307,949 0.57

• 0.56

1,705

• 1,135

Probable 277,240 0.35

• 0.43

929

• 788

335,152 0.37

• 0.44

1,186

• 962

Total El Morro P&P 599,054 0.46

• 0.49

2,675

• 1,951

643,101 0.47

• 0.49

2,891

• 2,097

Total P&P 18,538 90,080 2,953 7,752 31,256 3,282 100% Basis 30% Basis 100% Basis Mineral Reserves statement as at December 31, 2013 Contained metal Metal grade Metal grade Contained metal Mineral Reserves statement as at December 31, 2012

SLIDE 57

57

Reserves and resources summary (cont’d)

Appendix 9

• 1. 2012 information per Annual Information Form dated March 27, 2013.
• 2. New Afton C-zone updated for July 7, 2014 news release.

Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs New Afton A&B Zones Measured 41,059 0.79 2.7 1.09 1,041 3,624 984 33,500 0.86 2.9 1.18 929 3,160 873 Indicated 26,966 0.44 2.1 0.65 384 1,777 384 45,900 0.67 2.4 0.89 984 3,530 896 A&B Zone M&I 68,025 0.65 2.5 0.91 1,425 5,401 1,368 79,400 0.75 2.6 1.01 1,913 6,690 1,769 C-Zone Measured 931 0.94 1.7 1.06 28 51 22 400 0.60 1.3 0.73 8 20 6 Indicated 33,941 0.76 1.9 0.86 832 2,084 646 2,900 0.63 1.3 0.68 58 120 43 C-Zone M&I 34,872 0.77 1.9 0.87 860 2,141 668 3,300 0.62 1.3 0.68 66 140 49 HW Lens Measured

• Indicated

11,035 0.50 2.2 0.43 179 763 104

• HW Lens M&I

11,035 0.50 2.2 0.43 179 763 104

• Total New Afton M&I

113,932 0.67 2.3 0.85 2,464 8,305 2,140 82,700 0.74 2.6 1.00 1,979 6,830 1,818 Mesquite Measured 9,070 0.66

• 191
• 24,000

0.61

• 452
• Indicated

304,081 0.48

• 4,713
• 370,100

0.45

• 5,232
• Total Mesquite M&I

313,151 0.49

• 4,904
• 394,100

0.45

• 5,684
• Peak Mines

Measured 3,000 4.69 6.7 1.06 450 650 70 2,700 5.74 7.5 1.05 494 647 62 Indicated 3,400 3.29 6.7 1.18 360 730 88 3,200 3.75 6.8 1.19 386 703 84 Peak Mines M&I 6,400 3.95 6.7 1.12 810 1,380 158 5,900 4.66 7.1 1.13 880 1,350 146 Cerro San Pedro Measured 13,387 0.46 17.3

• 199

7,459

• 42,300

0.40 14.4

• 532

18,900

• Indicated

14,311 0.43 18.4

• 198

8,489

• 109,400

0.34 11.5

• 1,171

39,080

• Total CSP M&I

27,698 0.45 17.9

• 397

15,948

• 151,700

0.35 11.9

• 1,703

57,980

• M easured and Indicated mineral R eso urce statement (inclusive o f R eserves) as at D ecember 31, 2013

Contained metal Metal grade M easured and Indicated mineral R eso urce statement (inclusive o f R eserves) as at D ecember 31, 2012 Metal grade Contained metal

SLIDE 58

58

Reserves and resources summary (cont’d)

Appendix 9

• 1. 2012 information per Annual Information Form dated March 27, 2013.
• 2. New Afton C-zone updated for July 7, 2014 news release.

Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Rainy River Direct processing material Open Pit Measured 20,282 1.45 1.9

• 947

1,261

• Indicated

80,411 1.35 2.6

• 3,486

6,584

• Open Pit M&I (direct processing)

100,693 1.37 2.4

• 4,433

7,846

• Underground

Measured 89 4.95 2.8

• 14

8

• Indicated

5,469 4.53 11.3

• 796

1,994

• Underground M&I (direct processing)

5,558 4.53 11.2

• 810

2,002

• Stockpile material

Open Pit Measured 6,294 0.37 1.3

• 74

262

• Indicated

64,816 0.44 2.2

• 919

4,526

• Open Pit M&I (stockpile)

71,110 0.43 2.1

• 993

4,788

• Total M&I

Measured 26,665 1.21 1.8

• 1,035

1,531

• Indicated

150,696 1.07 2.7

• 5,202

13,104

• Total Rainy River M&I

177,361 1.09 2.6

• 6,236

14,635

• Blackwater

Direct processing material Measured 116,955 1.04 5.6

• 3,900

21,060

• Indicated

189,044 0.78 6.0

• 4,730

36,470

• M&I (direct processing)

305,999 0.88 5.8

• 8,620

57,520

• Stockpile material

Measured 26,521 0.30 4.1

• 260

3,500

• Indicated

64,382 0.30 4.4

• 620

9,110

• M&I (stockpile)

90,904 0.30 4.3

• 870

12,600

• Total Blackwater M&I

396,903 0.74 5.5

• 9,500

70,130

• 296,146

0.85 5.9

• 8,070

56,190

• Capoose

Indicated 20,280 0.50 22.4

• 320

14,620

• 14,200

0.43 20.8

• 196

9,497

• El Morro

Measured 341,604 0.56

• 0.54

1,848

• 1,230

307,949 0.57

• 0.56

1,705

• 1,135

Indicated 349,803 0.35

• 0.42

1,193

• 977

335,152 0.37

• 0.44

1,186

• 962

Total El Morro M&I 691,407 0.46

• 0.48

3,041

• 2,207

643,101 0.47

• 0.49

2,891

• 2,097

Total M&I 27,672 125,018 4,505 21,403 131,847 4,061 M easured and Indicated mineral R eso urce statement (inclusive o f R eserves) as at D ecember 31, 2013 Contained metal 100% Basis 30% Basis Metal grade M easured and Indicated mineral R eso urce statement (inclusive o f R eserves) as at D ecember 31, 2012 Metal grade Contained metal 100% Basis 30% Basis

SLIDE 59

59

Reserves and resources summary (cont’d)

Appendix 9

• 1. 2012 information per Annual Information Form dated March 27, 2013.
• 2. New Afton C-zone updated for July 7, 2014 news release.

Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Tonnes 000's Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs New Afton A&B-Zone 5,607 0.32 1.5 0.38 59 272 46 14,900 0.45 2.0 0.65 216 940 212 C-Zone 7,979 0.50 1.5 0.56 128 387 98 13,600 0.70 1.5 0.76 307 670 228 HW Lens 818 0.56 1.3 0.42 15 33 7

• New Afton Inferred

14,404 0.50 1.5 0.52 202 692 151 28,400 0.57 1.8 0.70 523 1,610 440 Mesquite 17,550 0.42

• 238
• 50,900

0.40

• 651
• Peak Mines

2,000 2.34 4.7 1.17 150 300 51 1,700 2.64 4.8 1.13 144 261 42 CSP 1,174 0.34 11.6

• 13

436

• 103,900

0.25 8.8

• 850

29,200

• Rainy River

Direct processing Open Pit 9,388 0.97 2.3

• 292

687

• Underground

2,641 4.46 8.3

• 379

707

• Total Direct Processing

12,029 1.74 3.6

• 671

1,394

• Stockpile

Open Pit 8,626 0.37 1.2

• 102

323

• Rainy River Inferred

20,655 1.16 2.6

• 773

1,717

• Blackwater

Direct processing 13,815 0.76 4.1

• 340

1,820

• Stockpile

3,785 0.31 3.6

• 40

440

• Blackwater Inferred

17,600 0.66 4.0

• 380

2,260

• 16,585

0.58 10.8

• 310

5,760

• Capoose

29,263 0.39 26.3

• 370

24,740

• 64,070

0.29 23.2

• 595

47,789

• El Morro - Open Pit

564,217 0.16

• 0.26

871

• 970

137,555 0.99

• 0.70

1,310

• 632

El Morro - Underground 113,840 0.97

• 0.78

1,065

• 587

Total Inferred 4,062 30,145 1,759 4,383 84,620 1,114 100% Basis 30% Basis 30% Basis 100% Basis Inferred Resource statement as at December 31, 2013 Contained metal Metal grade Inferred Resource statement as at December 31, 2012 Metal grade Contained metal

SLIDE 60

60

New Gold reports its Measured and Indicated mineral resources inclusive of its 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 and economic and legal feasibility, do not have demonstrated economic viability, and are exclusive of mineral reserves. Mineral reserves have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definition standards and National Instrument 43-101 (“NI 43-101”). 1) Mineral Reserves for the company’s mineral properties have been estimated based on the following metal prices and lower cut-off criteria: Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off New Afton $1,300 $22.00 $3.00 US$21.00/t NSR Mesquite $1,300

• 0.21 g/t Au – Oxide and transition reserves

0.41 g/t Au – Non-oxide reserves Peak Mines $1,300 $22.00 $3.00 A$88 – 134/t NSR Cerro San Pedro $1,300 $22.00

• US$3.00/t

Rainy River $800 $1,300 $25.00 $22.00

• Open Pit: 0.3 – 0.7 g/t Au

Underground: 3.5 g/t Au Blackwater $1,300 $22.00

• Direct processing: 0.26 – 0.38 g/t AuEq

Stockpile: 0.32 g/t AuEq El Morro $1,300

• $3.00

0.20% Cu

Reserves and resources notes

Appendix 9

SLIDE 61

61

2) Mineral Resources for the company’s mineral properties have been estimated based on the following metal prices and lower cut-off criteria: 3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable for 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’ have been applied to indicate envisioned mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization as it relates to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s mineral properties, other than Rainy River, are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com. Refer to the supplementary information below regarding the mineral reserve and mineral resource estimates for Rainy River. Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off New Afton $1,400 $24.00 $3.25 0.40% CuEq Mesquite $1,400

• 0.11 g/t Au – Oxide and transition resources

0.22 g/t Au – Non-oxide resources Peak Mines $1,400 $24.00 $3.25 A$92 - 125/t NSR Cerro San Pedro $1,400 $24.00

• 0.10 g/t AuEq – Open pit oxide resources

0.30 g/t AuEq – Open pit sulphide resources Rainy River $1,400 $24.00

• Open Pit: 0.3 – 0.45 g/t Au

Underground: 2.5 g/t Au Blackwater $1,400 $24.00

• Direct processing: 0.40 g/t AuEq

Stockpile: 0.30 – 0.40 g/t AuEq Capoose $1,400 $24.00

• 0.40 g/t AuEq

El Morro $1,300

• $3.00

0.20% Cu

Reserves and resources notes (cont’d)

Appendix 9

SLIDE 62

62

Rainy River Mineral Reserves:

• 1. Open pit mineral reserves have been estimated using an optimized pit shell based on metal prices of $800 per ounce gold and $25 per ounce silver, a foreign exchange rate of C$1.05 to

US$1.00, gold recovery of 89.9% (non-CAP Zone) and 74.3% (CAP Zone) and a silver recovery of 67.1% (non-CAP Zone) and 69.5% (CAP Zone). The cut-off grade is based on a gold price of $1,200. Underground reserves have been estimated from mining shapes generated using a cut-off grade of 3.5 g/t gold-equivalent. Development material from stope access drives above a cut-off grade of 1.5 g/t gold-equivalent is also assumed to be sent to the mill for processing. Underground breakeven cut-off grade is calculated at 2.75 g/t gold-equivalent based on metal prices of $1,300 per ounce gold and $22 per ounce silver, a foreign exchange rate of CAD $1.05 to USD $1.00, gold recovery of 95% and a silver recovery of 75%.

• 2. Open pit reserves have been estimated using a dilution of 4% at 0.21 g/t Au and 1.19 g/t Ag, and underground reserves have been estimated using an overall dilution of 8.3%, inclusive of

both rock and backfill dilution. Open pit and underground reserves have been estimated using a mining recovery of 95% and 96.5%, respectively.

• 3. Open pit direct processing material is defined as mineralization likely to be mined and processed directly and above a variable cut-off grade ranging from 0.3-0.7 Au g/t.
• 4. Stockpile material includes all material within designed open pit between variable cut-offs described above in Note 3, as well as material within the CAP Zone (code 500) that is suitable for

stockpiling and future processing.

• 5. Mineral Reserves for the open pit are derived from the resource model effective November 2, 2013. Models for the underground reserves were derived from the August 2013 and

September 2013 models for the main ODM zone and Intrepid Zone, respectively. Models were prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo. (APGO #1416), of SRK, both independent “Qualified Persons" as that term is defined in National Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Mark A. Petersen, (AIPG Certified Professional Geologist #10563), Vice President, Exploration for New Gold and a “Qualified Person” as defined in National Instrument 43-101. New Gold continues to implement a rigorous QA/QC program to ensure best practices in drill core sampling, analysis and data management.

• 6. Qualified persons - The open pit portion of the mineral reserve statement was prepared under the supervision of Patrice Live (OIQ #38991) of BBA, and the underground portion of the

mineral reserve statement was prepared by Colm Keogh, P.Eng. (APEGBC #37433) of AMC Mining Consultants (Canada) Ltd., both independent “Qualified Persons" as that term is defined in National Instrument 43-101.

• 7. The mineral reserve estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, and other relevant issues.

Rainy River Mineral Resources:

• 1. Mineral resources are reported in relation to conceptual pit shells and are inclusive of the Intrepid zone. Vertical limit of -150m msl.
• 2. Open pit mineral resources are reported at a cut-off grade of 0.30 gpt gold, underground mineral resources are reported at a cut-off grade of 2.5 gpt gold based on a gold price of $1,400

per ounce, a silver price of $24.00 per ounce, a foreign exchange rate of C$1.10 to US$1.00, gold recovery of 88% for open pit resources and 90% for underground resources with silver recovery at 75%.

• 3. Direct processing material is defined as mineralization above a cut-off of 0.45 g/t gold and likely to be mined and processed directly.
• 4. Stockpile material includes all material within conceptual pit shells in the gold grade range 0.30 – 0.45 gpt as well as all material within the CAP zone that is suitable for stockpiling and

future processing based on average metallurgical recoveries of 88% gold and 75% silver.

• 5. Qualified Persons – The mineral resource statement was prepared by Dorota El-Rassi, P. Eng. (APEO #100012348) and Glen Cole (APGO #1416) from SRK, both independent "Qualified

Persons" as that term is defined in National Instrument 43-101.

• 6. Mineral resources are inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
• 7. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other relevant issues.

4) Qualified Person: The preparation of New Gold's mineral reserve and mineral resource statements has been done by Qualified Persons as defined under National Instrument 43-101 under the supervision of Mark A. Petersen, a Qualified Person under National Instrument 43-101 and an officer of New Gold.

Reserves and resources notes (cont’d)

Appendix 9

SLIDE 63

63

Guidance assumptions Spot:

2014 Gold price ($/oz) 1,300 Silver price ($/oz) 20.00 Copper price ($/oz) 3.25 AUD/USD 1.14 CDN/USD 1.11 MXN/USD 13.00 Spot Gold price ($/oz) 1,190 Silver price ($/oz) 16.20 Copper price ($/oz) 3.00 AUD/USD 1.17 CDN/USD 1.13 MXN/USD 13.77

Commodity price/foreign exchange assumptions

Appendix 10

SLIDE 64

Endnotes

64

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.

SLIDE 65

Endnotes (cont’d)

65

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

• perating 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

• perating 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
• perating 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
• perations. 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.

SLIDE 66

Endnotes (cont’d)

66

(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 BEFORE CHANGES IN NON-CASH OPERATING WORKING CAPITAL “Adjusted net cash generated from operations before changes in non-cash operating working capital” is a non-GAAP financial measure. Net cash generated from operations has been adjusted for one-time charges incurred in the second quarter of 2013 related to the settlement of the company’s legacy gold hedge position and in the third quarter of 2013 related to the company’s acquisition of the Rainy River project. There is also an adjustment to remove the impact of the change in non-cash operating working capital. The company believes the presentation of adjusted net cash generated from operations before changes in non-cash operating working capital enables investors and analysts to better understand the underlying operating performance

• f our core mining business. Adjusted net cash generated from operations before changes in non-cash operating working capital 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.

SLIDE 67

Contact information

67

Investor Relations Hannes Portmann Vice President, Corporate Development 416-324-6014 hannes.portmann@newgold.com