1. Investor Day 2013
February 5, 2013
Arcadian Loft
1

2. Discussion topics
Company Overview Randall Oliphant
2012 Operating Performance and 2013 Outlook Ernie Mast
Health, Safety and Corporate Social Responsibility Bob Gallagher
Development Projects Bob Gallagher
Reserves and Resources and Exploration Update Mark Petersen
New Afton Value Enhancing Initiatives Kurt Keskimaki
Conclusion Randall Oliphant
2

3. Cautionary statement
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 may be deemed "forward looking". All statements
in this presentation, other than statements of historical fact, that 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", "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. All such forward-looking statements 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.
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; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and
Chile; price volatility in the spot and forward markets for commodities; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated
production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in international, 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 that New Gold operates,
including, but not limited to obtaining the necessary permits for the Blackwater project, in Mexico where the Cerro San Pedro mine has a history of ongoing legal challenges related to our EIS
and Chile where the courts have temporarily suspended the approval of the environmental permit for the El Morro project; 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 the
company is or may become a party to,; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or
reclamation activities; 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. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual
or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk
Factors" included in New Gold's disclosure 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.
3

4. Cautionary statement (cont’d)
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
Information concerning the properties and operations discussed in this presentation 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 accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves adopted by the CIM
Council on December 11, 2005. While the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian regulations,
they are not defined terms under standards of the United States Securities and Exchange Commission. 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 calculation is made. As such, certain information contained in this presentation 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. It cannot be assumed that all or any part of an
"Inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Readers are
cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an "Inferred Mineral
Resource" exists, or is economically or legally mineable. 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 by Mark Petersen, a Qualified Person under National Instrument 43-101 and an employee of New Gold.
(1) TOTAL CASH COSTS
“Total cash costs” per ounce figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North
American gold producers. The Gold Institute ceased operations in 2002, but the standard is widely accepted as the standard of reporting cash cost of production in North America. 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. Total cash costs includes mine site operating costs
such as mining, processing, administration, royalties and production taxes, but is exclusive of amortization, reclamation, capital and exploration costs. Total cash costs are reduced by any by-product revenue and are then
divided by ounces sold to arrive at the total by-product cash costs of sales. The measure, along with sales, is 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-IFRS measure. Total cash costs presented does not have a standardized meaning prescribed by IFRS and may not be comparable
to similar measures presented by other mining companies. It should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of
operating costs presented under IFRS. A reconciliation will be provided in the MD&A accompanying the quarterly financial statements.
(2) ALL-IN SUSTAINING CASH COSTS
The company is working with the World Gold Council and is in the process of adopting an “all-in sustaining cash costs” measure that the company believes more fully defines the total costs associated with producing gold.
Although the definition is still preliminary, all-in sustaining cash costs, as currently defined, includes: by-product cash costs, corporate general and administrative expenses, exploration expense and sustaining capital.
This metric is a non-IFRS measure.
(3) PEA – ADDITIONAL CAUTIONARY NOTE
This note regarding the Preliminary Economic Assessment (“PEA”) is in addition to cautionary language already included within the news release as required under NI 43-101. The Blackwater PEA is preliminary in nature
and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no
certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
This note regarding the preliminary economic assessment (“PEA”) is in addition to cautionary language already included in this news release as required under NI 43-101. The Blackwater PEA is preliminary in nature and
includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no
certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This news release includes information on New
Gold’s PEA with respect to the Blackwater Project, which was outlined in the PEA Technical Report filed on October 10, 2012. As disclosed in the news release, New Gold has, since the date of the PEA, updated the
mineral resource estimate for the Blackwater Project. Although the PEA represents useful, accurate and reliable information based on the information available at the time of its publication, and provides an important
indicator as to the economic potential of the Blackwater Project, the PEA is based on mineral resources estimates with an effective date of July 27, 2012, which do not reflect drilling conducted since their effective date,
and the PEA does not reflect the latest mineral resource estimate. Certain assumptions used in the PEA, some of which relate to the July 27, 2012 mineral resource estimate, may have changed from those used for the
new resource estimate, causing a variation of parameters. Moreover, the updated mineral resource estimate may have an impact on New Gold’s plans on how it intends to develop the deposit, including pit outlines,
production rates and mine life.
4

5. Company Overview
5

6. New Gold overview
Focus on Value Enhancement Established Track Record
Experienced/Invested Team Low Cost/High Margin
Growing Resources Doubling Gold Production Organically
Strong Balance Sheet Accretive ‘per share’ Growth
ESTABLISHING THE LEADING INTERMEDIATE GOLD COMPANY
6

7. 2012 to 2013 – The path forward
2012 Achievements 2013 Objectives
Forecasting additional 12% gold
6% gold production growth
production growth
Targeting a further ~$145 per
Total cash costs(1) declined by $25
ounce reduction in total cash
per ounce
costs(1)
Average realized margin of $1,130 Margin expected to grow to
per ounce $1,325(2) per ounce
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
2. 2013 estimated margin per ounce based on mid-point of range of total cash costs of $275 per ounce and an assumed gold price of $1,600 per ounce.
7

8. 2012 to 2013 – The path forward (cont’d)
2012 Achievements 2013 Objectives
New Afton achieved full production Evaluation of New Afton mill
ahead of schedule (September throughput increase/C-Zone
2012) exploration
Successfully completed Blackwater Focus on Feasibility Study and
Preliminary Economic Assessment Permitting
Measured and Indicated resources
Increase resources organically at
increased by 10% per share; New
Blackwater, New Afton C-Zone and
Afton extended mine life by two
Peak Mines
years
8

9. 2012 to 2013 – The path forward (cont’d)
2012 Achievements 2013 Objectives
Increased liquidity and balance Build increased flexibility through
sheet strength free cash flow generation
Strengthened team with additions of
Continuously look for
David Emerson to the Board of
opportunities to add talented
Directors and Ernie Mast as VP
people
Operations
Outperformed S&P/TSX gold index(1) Strive to further history of
by 25% outperformance
Notes: 1. S&P/TSX Gold Index includes 54 gold companies in various stages of development/production.
9

10. Board of Directors
David Emerson, Former Canadian Cabinet Minister Martyn Konig, Former Chairman European Goldfields
James Estey, Former Chairman UBS Canada Pierre Lassonde, Chairman Franco-Nevada
Robert Gallagher, President & CEO Randall Oliphant, Executive Chairman
Vahan Kololian, Founder Terra Nova Partners Raymond Threlkeld, CEO Rainy River Resources
Collectively over $125 million invested in New Gold
10

11. Growing resource base in solid jurisdictions
Measured & Indicated Gold Resources per 1,000 shares
M&I Resources(2): 21.4 Moz
50
40
Blackwater
30
New Afton
20 Cerro San
Pedro
Mesquite
10
-
YE 2009 (1) YE 2010 YE 2011 YE 2012
El Morro(3)
Track record of increasing M&I gold
resources on a ‘per share’ basis Operating assets
Peak Mines
Development projects
Notes: 1. Excludes resources from Amapari which was sold in April 2010.
2. Refer to Appendix 4 for detailed disclosure on reserve and resource calculations. Measured and Indicated resources inclusive of reserves, and Capoose Indicated resources of 196Koz.
3. New Gold holds a fully carried 30% interest in the El Morro project.
11

12. Capitalization and liquidity
• All corporate debt now due in 2020 or
beyond(3)
• Two senior unsecured notes offerings
during 2012 ($300 million/7.00%, $500
Cash and million/6.25%)
$688mm
Equivalents(1)
• Redemption of 10% senior secured
notes
• Early conversion of 5% convertible
debenture
Undrawn Credit • Total common shares outstanding of 476
$100mm
Facility(2) million
Liquidity
Position $788mm
Notes: 1. Cash and equivalents as at December 31, 2012. The cash balance provided is an unaudited figure and may differ slightly from the final result included in the 2012 annual audited financial statements and MD&A.
2. $50 million of total $150 million currently used for Letters of Credit.
3. See Appendix 1 for detailed breakdown of components of debt.
12

13. Fourth quarter leads to strong 2012
Fourth Quarter and Full Year 2012 Gold Production (thousand ounces)
• Fourth quarter was the
strongest of 2012 and 450 412
among the best in New 300
Gold’s history 150 113
• New Afton started to hit -
Q4'12 FY2012
its stride
Fourth Quarter and Full Year 2012 Total Cash Costs ($/ounce)(1)
• Mining of higher grade
$600
areas at Peak Mines $421
$400
• Fourth quarter total cash $254
$200
costs(1) demonstrate
company’s low costs -
Q4'12 FY2012
• Highest ever quarterly and Fourth Quarter and Full Year 2012 Average Realized Margin ($/ounce)(2)
annual average realized
$1,400 $1,324
margin $1,130
$1,100
$800
$500
Q4'12 FY2012
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
2. Average realized margin per ounce calculated as average realized gold price in fourth quarter and full year 2012 less total cash costs per ounce during fourth quarter and full year 2012.
13

14. Operational execution
Gold production(1) (thousand ounces)
412
383 387
302
2009 2009 2010 2010 2011 2011 2012 2012
Guidance Actual Guidance Actual Guidance Actual Guidance Actual
Total cash costs(1)(2) ($/ounce)
$465
$446
$418 $421
2009 2009 2010 2010 2011 2011 2012 2012
Guidance Actual Guidance Actual Guidance Actual Guidance Actual
Four year track record of delivering on guidance, production growth and lower cash costs
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
2. 2009 costs shown based on Canadian GAAP and 2010 and beyond based on IFRS.
14

15. 2013 consolidated guidance
2012 Actual 2013 Guidance
+48Koz
Gold production + 12% Gold production(1)
412Koz 440 - 480Koz
Total cash costs(2) Total cash costs(2)
$421/oz ($146/oz) $265 - $285/oz
(35%)
Notes: 1. Gold sales expected to be in same range as production.
2. Refer to Cautionary Statement and note on Total cash costs.
15

16. 2013 consolidated guidance and sensitivities
Gold production(1) Total cash costs(2)
440 - 480Koz $265 - $285/oz
• Gold production growth through full year of • By-product sensitivities:
production at New Afton and increased • $0.25 per pound change in copper impacts
throughput and recoveries at Peak Mines consolidated cash costs by ~$45 per ounce
• Copper production forecast to double to 78 to 88 • $1.00 per ounce change in silver impacts
million pounds consolidated cash costs by ~$3 per ounce
• Copper and silver by-products continue to act as • At spot commodity prices and foreign exchange
natural hedge to industry-wide cost pressures rates, total cash costs(2) would be below $250
• By-product price assumptions (consistent with per ounce
2012):
• Copper $3.50 per pound
• Silver $30.00 per ounce
Notes: 1. Gold sales range forecast to be 440,000 to 480,000 ounces.
2. Refer to Cautionary Statement and note on Total cash costs.
16

17. Lower costs driving margin expansion
New Gold offers shareholders potential for over $450 per ounce(1) of incremental margin
$800
(3)
$736
$643
Total Cash Costs (US$/oz)(2)
$600 $557
Incremental Margin to New Gold
$478 Shareholders
$465
$400 $446
$418 $421
$265-$285
$200
2009 2010 2011 2012 2013E
Notes: 1. Calculated based on Q3’2012 GFMS industry average less mid-point of New Gold 2013 cost guidance.
2. Refer to Cautionary Statement and note on Total cash costs.
3. Industry data per GFMS reports calculated net of by-product credits as at Q3’2012.
17

18. 2013 estimated all-in sustaining cash costs
Total cash costs(1) $275/oz
General and administrative ~$60/oz
Exploration expense ~$70/oz
Sustaining capital(2) ~$470/oz
All-in sustaining cash costs(3) ~$875/oz
Notes: 1. Refer to Cautionary Statement and note on Total cash costs. $275 per ounce based on mid-point of 2013 guidance.
2. Sustaining capital based on New Gold’s total 2013 estimated capital expenditures excluding expenditures related to growth-related initiatives.
3. All-in sustaining cash costs calculated using the mid-point of New Gold’s estimated 2013 production range.
18

19. A future of growth
Peer leading growth with targeted doubling of production by 2017
1,000
800
Gold Production (thousand ounces)
600
~440 - 480
412
400 387
200
2011A 2012A 2013E 2017E
19

20. History of growth leading to outperformance
New Gold
Gold Production Growth Margin Growth(1)
Trailing 3 Years
S&P/TSX Gold Index (9%)
FTSE Gold Mines Index (8%)
+36% +116% HUI Index
Gold Price
3%
53%
New Gold (US$) 203%
(50%) 0% 50% 100% 150% 200% 250%
2012
S&P/TSX Gold Index (16%)
FTSE Gold Mines Index (15%)
+6% +11% HUI Index
Gold Price
(11%)
7%
New Gold (US$) 9%
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
2011
FTSE Gold Mines Index (16%)
S&P/TSX Gold Index (14%)
+1% +32% HUI Index
New Gold (US$)
(13%)
3%
Gold Price 10%
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
2010
S&P/TSX Gold Index 26%
FTSE Gold Mines Index 29%
+27% +47% Gold Price
HUI Index
30%
33%
New Gold (US$) 168%
0% 20% 40% 60% 80% 100% 120% 140% 160% 180%
Notes: 1. Margin per ounce calculated as average realized gold price less total cash costs per ounce.
2. Bloomberg. All amounts in USD.
3. S&P/TSX Gold Index includes 54 gold companies in various stages of development/production.
4. FTSE Gold Mines Index includes 26 gold producing companies.
5. HUI Index includes 15 of the major global gold producers.
20

21. 2012 Operating Performance
and 2013 Outlook
21

22. 2012 guidance versus actuals
Gold Production (Koz)
• Achieved consolidated
405-445
production and sales 150
guidance for each of
gold, silver and copper 100
142 138
412
• Total cash costs(1)
also 50 96
within guidance range 37
-
• Each asset a meaningful Mesquite Cerro San
Pedro
Peak New Afton Consolidated
contributor to overall Reflects 2012
guidance range
portfolio
Total Cash Costs(1) ($/oz)
• Portfolio mix $410-$430
continues to be $1,000
effective with by- $500
$764
$690 $232
products providing -
$421
offset to cost ($500) ($1,043)
pressures ($1,000)
($1,500)
Mesquite Cerro San Peak New Afton Consolidated
Pedro
Reflects 2012
guidance range
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
22

23. 2012 actuals versus 2013 guidance
Gold Production (Koz) Total Cash Costs(1) ($/oz)
+ 48Koz ($146/oz)
+ 12% 480 (35%)
440 $421 $285
412
$265
2012A 2013E 2012A 2013E
2013 Guidance Summary
Gold production Silver production Copper production Total cash costs(1)(2)
(Koz) (Moz) (Mlbs) ($/oz)
Mesquite 130 - 140 -- -- $830 - $850
Cerro San Pedro 140 - 150 1.4 - 1.6 -- $375 - $395
Peak Mines 95 - 105 -- 12 - 14 $670 - $690
New Afton 75 - 85 -- 66 - 74 ($1,410) - ($1,390)(3)
Total 440 - 480 1.4 - 1.6 78 - 88 $265 - $285
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
2. By-product price assumptions: Silver - $30.00/oz; Copper - $3.50/lb.
3. New Afton co-product cost estimates: Gold - $570-$590/oz; Copper - $1.20-$1.30/lb.
23

24. Mesquite
Gold Production(1) (Koz) Total Cash Costs(2) ($/oz)
$850
140
$830
142 $690
130
2012A 2013E 2012A 2013E
2012A versus 2013E Key assumptions and sensitivities
• Production expected to decline moderately • Diesel comprises ~25% of Mesquite’s total costs
due to the planned processing of ore from an • Rack diesel price most correlated to Brent oil price
area within the mine plan that is below
reserve grade • Budgeted diesel price in 2013 8% higher than
2012 average price paid
• Increase in costs attributable to higher cost
leach pad inventory working through sales • Every 10% change in diesel price has ~$20 per
and lower production base ounce impact on costs
Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.
2. Refer to Cautionary Statement and note on Total cash costs.
24

25. Cerro San Pedro
Gold Production(1) (Koz) Silver Production(1) (Moz) Total Cash Costs(2) ($/oz)
150
$395
140
138 1.6
1.9 $375
1.4
$232
2012A 2013E 2012A 2013E 2012A 2013E
2012A versus 2013E Key assumptions and sensitivities
• Targeting 5% increase in gold production • Silver price - $30.00 per ounce (2012A - $30.78 per
• Decrease in tonnes processed offset by ounce)
increase in gold grade • Mexican Peso: U.S. foreign exchange – 13:1
• Increase in costs primarily driven by lower silver • $1.00 per ounce change in silver equals ~$10 per
by-product production as well as lower price ounce change in Cerro San Pedro cash costs
assumption • $1.00 change in Mexican Peso equals ~$25 per
• ~$95 per ounce of increase in costs ounce change in Cerro San Pedro cash costs
attributable to lower silver by-product revenue
• Silver grades decreasing by ~25%
Notes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%; Silver – ~25%.
2. Refer to Cautionary Statement and note on Total cash costs.
25

26. Peak Mines
Gold Production (Koz) Copper Production (Mlbs) Total Cash Costs(1) ($/oz)
105
14
96 95 $764 $690
14
12
$670
2012A 2013E 2012A 2013E 2012A 2013E
2012A versus 2013E Key assumptions and sensitivities
• Increased gold production driven by 50,000 • Copper price - $3.50 per pound (2012A - $3.51per
tonne increase in tonnes processed pound)
• Similar copper production a result of increased • Australian dollar: U.S. foreign exchange – 1:1
tonnes processed and copper recoveries offset • $0.25 per pound change in copper equals ~$35 per
by lower copper grades ounce change in Peak Mines cash costs
• Reduction in estimated cash costs a result of • $0.01 change in Australian dollar equals ~$10 per
increased gold production and lower foreign ounce change in Peak Mines cash costs
exchange rate assumption versus average 2012
exchange rate
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
26

27. New Afton
Gold Production (Koz) Copper Production (Mlbs)
74
85
66
75
37 28
2012A 2013E 2012A 2013E
2012A versus 2013E
• New Afton entering first full year of production in 2013 after successful 2012 start-up
• Increased gold production driven by a full year of operations as well as continued recovery improvements,
partially offset by lower gold grade
• Copper production expected to more than double, driven by full year of production as well as increases in
copper grades and recoveries
27

28. New Afton (cont’d)
Total Cash Costs(1) ($/oz) Total Cash Costs(1) ($/oz) Total Cash Costs(1) ($/oz)
(By-Product) (Co-Product Gold) (Co-Product Copper)
2012A 2013E $590
$656 $1.30
$570 $1.40
$1.20
($1,043)
($1,390)
2012A 2013E 2012A 2013E
($1,410)
Key assumptions and sensitivities
• Copper price - $3.50 per pound (2012A - $3.58 per pound)
• Canadian dollar: U.S. foreign exchange – 1:1
• $0.25 per pound change in copper equals ~$220 per ounce change in New Afton by-product cash costs
• $0.01 change in Canadian dollar equals ~$15 per ounce change in New Afton by-product cash costs
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
28

29. 2012 and 2013 capital expenditures by site
• New Gold’s 2013 estimated capital expenditures of $290 million are down 42% from 2012
• Capital includes costs related to ongoing annual sustaining capital as well as investments for future
production
• Capital estimates by site are shown below:
Total 2012 Actual Capital Expenditures: $497 million Total 2013 Capital Expenditure Estimate: $290 million
Mesquite
Cerro San Pedro $11mm
$15mm
Mesquite
$20mm
Peak Mines
$47mm
Cerro San
Pedro
$40mm New Afton
$110mm
Blackwater New Afton
$127mm $297mm Peak Mines
$60mm
Blackwater
$60mm
29

30. 2013 capital expenditures by category
• The below breaks down capital expenditures at each site into two categories – annual sustaining capital
and direct investments for future production growth and mine life extension
New Afton - $110 million
• $90 million – continued cave and drawbell development as well as related
18% technical services
• Total of ~90 drawbells expected to be completed by end of 2013
82%
• Annual drawbell development to decrease over mine life with commensurate
decrease in capital
Blackwater - $60 million
• $15 million – capitalized exploration
• $45 million – Feasibility and related engineering studies, permitting, camp
100% facilities/operation
Peak Mines - $60 million
• $30 million – underground development and capitalized exploration
• $30 million – equipment, mine and mill projects/maintenance
50% 50%
Direct investment for future production Annual sustaining capital
30

31. 2013 capital expenditures by category (cont’d)
Cerro San Pedro - $40 million
• $30 million – final leach pad expansion and capitalized stripping for phase 5
25% development
75%
• $10 million – site maintenance/processing improvements
Mesquite - $20 million
• $12 million – two additional trucks and construction of new welding and tire shops
• $8 million – equipment components/site maintenance
40%
60%
New Gold’s 30% share of estimated El Morro capital cost of $23 million fully carried by
Goldcorp Inc.
Direct investment for future production Annual sustaining capital
31

32. Health, Safety and Corporate
Social Responsibility
32

33. Overview
Policy Governance
• At New Gold, our commitment to corporate • The HSE & CSR Committee of our Board of
social responsibility is specified in our Health, Directors provides oversight of our progress
Safety, Environment and Corporate Social and adherence to the principles of our Policy
Responsibility (“HSE & CSR”) Policy
Commitment
• On the ground wherever we work, the organization, resources and commitment of our people are in
place to actualize the Policy
• New Gold is a business participant of the UN Global Compact and has committed to its principles in
the areas of human rights, labor, environment and anti-corruption
• New Gold is a signatory to the International Cyanide Management Code
• Our Sustainability Report is published annually
33

34. Safety, environmental and social responsibility highlights
Safety • Cerro San Pedro – over one million man hours without a
Lost Time Incident (“LTI”)
New Gold is the sum total of our employees’ strengths – it
is a company-wide policy to develop their careers and • New Afton continues as one of the lowest LTI
protect their health and safety underground mines
Environment • Mesquite – certified under the International Cyanide
Management Code
New Gold takes a pro active risk-management approach to
safeguarding the environment guided by high international
• Cerro San Pedro – re-certified ISO 14001 Environmental
and national standards Management System for 2011-2014 period
• Cerro San Pedro – recognized as a socially responsible
Social Responsibility
company for the third straight year by Mexican Centre
New Gold fosters open communication with local residents for Philanthropy
and community leaders and strives to be a full partner in
the long-term sustainability of the communities and
• Opened local Vanderhoof office and sample preparation
regions in which we operate laboratory to support the Blackwater Project
• New Afton – working together with local First Nations on
project contracts
34

35. Safety performance
8.0
6.0
New Gold 2011
Industry Average 2011
4.0
New Gold 2012
2.0
0.0
Peak
New Afton
Blackwater
Cerro San
Mesquite
All Operations
Pedro
Notes: 1. Industry stats are supplied by those jurisdictions in which each mine is operating and is reflective of underground and surface operations as appropriate.
2. “All Operations” compares the average rate of injury for all New Gold operations versus average rate for all Regulatory jurisdictions based on 200,000 hours.
35

36. 2012 recognitions
New Afton
2011 Mining and Sustainability Award
Corporate Advocate for Aboriginal Business Award
Viola R. MacMillan Award for company or mine development
Blackwater
Northern British Columbia Prospector/Developer of the Year Award
Cerro San Pedro
Mexican Mining Chamber Award for Excellence in Safety
Peak Mines
Cobar Business Award for Environmental Achievement
36

37. 2013 key objectives
ISO 14001 certification for all New Gold operations
Pre-approval for International Cyanide Management Code at Cerro San Pedro and
Peak Mines
Formalize community engagement and feedback systems at all sites
Continue active engagement with First Nations at Blackwater and New Afton
Initiate certification process for ‘Towards Sustainable Mining’ at Blackwater
Begin filing Environmental Impact Assessment with federal and provincial
environmental assessment agencies for Blackwater
37

38. Development Projects
38

39. Two growth projects sharing key characteristics
Blackwater El Morro (30%)
Significant resource base
Continued exploration potential
Located in areas with strong mining tradition
Estimating below industry average costs
Robust production and cash flow generation potential
39

40. A future of further gold and copper leverage
• Blackwater and El Morro combine to provide New Gold shareholders with significant gold and
copper resource exposure
• The two assets combined should double the company’s production base at low costs
Measured & Indicated Potential Annual Gold/Copper
Inferred Resources(1)(3)
Resources(1)(2) Production(4)
Gold Copper Gold Copper Gold Copper
(Moz) (Blbs) (Moz) (Blbs) (Koz) ~600 (Mlbs)
12 11.2 6 12 6 600 250
El Morro
10 10 500
El Morro 200
8 4 8 4 400
150
6 6 300
Blackwater
2.1 ~85 100
4 Blackwater 2 4 2 200
2.2
El Morro El Morro 50
2 2
El Morro
0.6 100
Blackwater
- - - - - -
Gold Copper Gold Copper Gold Copper
Notes: 1. Refer to Appendix 4 for detailed disclosure on reserve and resource calculations. El Morro shown at New Gold’s attributable 30% share.
2. Blackwater Measured and Indicated resources inclusive of Capoose Indicated resources of 196Koz.
3. Blackwater Inferred resources inclusive of Capoose Inferred resources of 595Koz.
4. El Morro shown at New Gold’s attributable 30% share.
40

41. Blackwater
41

42. Site snapshot
42

43. Project overview
• Acquired in mid-2011 through acquisition of
Richfield Ventures
• Conducted aggressive exploration drill
program to increase size and quality of
mineral resource
• Completed Preliminary Economic British Columbia
Assessment (“PEA”) in September 2012
• 2012 year end resource included additional Vanderhoof
101,056 metres in 466 holes beyond PEA Prince George
• Total 2012 drilling over 270,000 metres Blackwater
project wide
• Targeting completion of Feasibility Study by
late 2013
New Afton
Vancouver
Victoria
43

44. Blackwater area map
~112km to
Vanderhoof
Capoose
Resource
Blackwater ~160km to
Project Prince George
50km
Blackwater
Resource
80km
44

45. 2012 key achievements
Signing of two exploration agreements with First Nations
Approval of Multi-Year Area Based exploration permit
Opened regional office and sample preparation lab in Vanderhoof
Completion of Preliminary Economic Assessment
Confirmed point of access to B.C. Hydro power connection
Initiated Federal and Provincial environmental processes
Completed Geotechnical Investigation Program
Completed Environmental Baseline Program
Completed 2012 year end mineral resource estimate
45

46. Mineral resource update since PEA
• 2012 year end resource update successfully upgraded majority of mineralization into
Measured and Indicated resource categories
• 33% of Measured and Indicated resource contained gold ounces now at Measured
classification whereas previously all classified as Indicated
• Infill drilling now complete on main Blackwater mineral resource
• Incorporation of infill drilling and updated geologic resource constraints post-PEA resulted in a
decline in the overall resource inventory offset by a significant increase in confidence
Year End 2012 Mineral Resources September 2012 Mineral Resource Estimate
(0.4 AuEq g/t cut-off) (0.3 AuEq g/t cut-off)
Tonnes Au Ag Gold Silver Tonnes Au Ag Gold Silver
Category Category
(000’s) (g/t) (g/t) (Koz) (Koz) (000’s) (g/t) (g/t) (Koz) (Koz)
Measured 88,188 0.94 5.2 2,670 14,740 Measured -- -- -- -- --
Indicated 207,958 0.81 6.2 5,400 41,450 Indicated 267,145 0.88 4.3 7,520 36,930
Total M&I 296,146 0.85 5.9 8,070 56,190 Total M&I 267,145 0.88 4.3 7,520 36,930
Inferred 16,585 0.58 10.8 310 5,760 Inferred 120,478 0.69 7.3 2,660 28,280
46

47. Mineral resource update since PEA (cont’d)
• In assessing the updated mineral resource estimate, New Gold is focused on the highest
quality tonnes and ounces to maximize profitability rather than global resource inventory
• Increased resource reporting cut-off to 0.4 gold-equivalent grams per tonne (“AuEq g/t”)
from PEA resource cut-off (0.3 AuEq g/t) to maximize grade of tonnes to be mined at
expense of more marginal resources
– Intend to stockpile material below 0.4 AuEq g/t cut-off for processing later in
Blackwater’s mine life
• Continue to target a variable cut-off strategy for mine planning to process most profitable
ore tonnes in early years to maximize internal rate of return and payback period
– 2012 year end resource expected to support a steadier production profile in first 10
years when compared to PEA which saw higher production in first five years at expense
of lower production levels in years six through 10
• Total estimated gold production in first 10 years is expected to remain consistent with
that of the PEA
47

48. General update since PEA
$1.8 billion (inclusive of $346 million contingency) per PEA
Development Capital
remains consistent with current expectations
Trade-off studies ongoing, however, total mining, processing
Operating Cost Per Tonne and G&A cost per tonne expected remain in line with PEA
estimates
Subject to ongoing scheduling optimizations through
Mine Plan completion of Feasibility Study. Focus on mining/processing
of most profitable ounces
Strip Ratio Remains in line with PEA estimate
48

49. 2013 plans and initiatives
Update process flowsheet, throughput and grinding plant selection studies
Update infrastructure trade-off studies
Mine planning and optimized production schedule
Detailed design of tailings facility, powerline, access road and fresh water supply route
Complete Feasibility Study
Complete Environmental Assessment Report
Continue discussions with First Nations regarding Participation Agreements
49

50. Project planning, management and execution initiative
New Gold has engaged McKinsey & Company to collaborate with Blackwater team on
establishing a Project Implementation Plan
• Key objective is to maximize effectiveness of project planning to ensure delivery and
execution of Blackwater is consistent with New Gold’s prior developments including:
Mesquite, Cerro San Pedro and New Afton
Areas of focus include:
• Delivery model selection
• Project team organization
• Reporting metrics and management processes
• Labour strategy
• Procurement strategy
• Governance
• Risk management
50

51. Blackwater – Indicative timeline
2012 2013 2014 2015 2016 2017
Development activity H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
First Nations & Public Consultation
Drilling
Preliminary Economic Assessment
Base Line Environmental Studies
Project Description/Terms of Reference
Environmental Assessment Reports
Provincial Approval
Federal Approval
Feasibility Study
Engineering Procurement
Construction
Production Target
Reflects critical path in timeline
Notes: 1. Indicative timeline is dependent on permit approvals. There is no assurance this timeline will be achieved nor that the deposit will ever reach the production stage.
51

52. El Morro
52

53. El Morro (30%)
2.9 Moz 2.1 Blbs
Gold Reserve(1) Copper Reserve(1)
• Goldcorp – 70% partner and project operator
• New Gold’s 30% share of capital fully-funded by
Goldcorp
• Current resource entirely within La Fortuna deposit
• Neighbouring El Morro deposit underexplored
• 2012 year end update added 0.4 million ounces of
gold and 229 million pounds of copper to reserves(1)
• Addressing recent temporary suspension of
environmental permit
• Resolution targeted prior to end of 2013
• Chile evaluating various alternatives for a power
source to northern Chilean development projects
Notes: 1. New Gold’s attributable 30% share. Refer to Appendix 4 for detailed disclosure on reserve and resource calculations.
53

54. El Morro (30%) – Funding structure(1)
Total Capital 100%
100% Average annual
~ $3.9 billion cash flow
30% 70%
Funded by
~ $2.7 billion
$1.2 billion 30% 70%
interest at 4.58%
20% 80%
Carried funding repayment
• New Gold’s 30% share of development capital 100% carried
• Interest fixed at 4.58%
Notes: 1. Capital estimates based on December 2011 Feasibility Study.
54

55. El Morro project – Plan view
55

56. La Fortuna deposit
2012 open pit Proven and
Probable reserves and Measured
and Indicated resources
Underground Inferred
resource with block
cave potential
500 metres
56

57. Overview of updated Feasibility Study
• El Morro Feasibility Study was updated in December 2011
• Key parameters for New Gold include:
• 30% share of estimated development capital, or $1.2 billion, carried by Goldcorp
– Receive cash flow from start of production
– Interest rate fixed at 4.58%
• Base 17-year mine life
• 30% share of annual production: ~90,000 ounces of gold and ~85 million pounds of copper
• Estimated total cash costs(1), net of by-products ($700) per ounce
– Co-product gold ~$550 per ounce
– Co-product copper ~$1.45 per pound
• At today’s prices, approximates $290 million in annual EBITDA
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
57

58. Reserves and Resources
and Exploration Update
58

59. Gold reserves and resources
Year End 2011 Year End 2012
Proven and Probable Reserves
Proven and Probable Reserves (Moz)
• Mine depletion at four operating assets
partially offset by year-over-year
reserve increases at New Afton and
Peak Mines 7.9 7.7
• New Afton reserve update adds ~2
years to mine life
Measured and Indicated Resources (Moz)(2)
Measured and Indicated Resources
• 10% increase in resources per share
18.8 21.4
Inferred Resources (Moz)
6.3 4.4
Notes: 1. Refer to Appendix 4 for detailed disclosure on reserve and resource calculations.
2. Measured and Indicated resources inclusive of reserves.
59

60. Exploration growing resources
Measured & Indicated Gold Resources
(million ounces, inclusive of reserves)
22.0
3.2 21.4
21.0
20.0
19.0 18.8
18.0 (0.6)
17.0
16.0
15.0
12/31/2011 Ounces Mined Ounces added through 12/31/2012
2012 exploration/updated
resource estimates
Blackwater New Afton
Mesquite Peak Mines Cerro San Pedro
Notes: 1. Refer to Appendix 4 for detailed disclosure on reserve and resource calculations.
60

61. Increasing gold leverage per share
• 10% increase in Measured and Measured and Indicated Resources(1)
Indicated gold resources per share
• 49% increase in Blackwater 50
resources
Gold Resources (ounces per 1,000 shares)
40
• 14% increase in New Afton
resources
30
• Fourth consecutive year with ‘per
share’ growth in Measured and
20
Indicated resources
10
-
YE 2009 YE 2010 YE 2011 YE 2012
Notes: 1. Measured and Indicated resources inclusive of reserves.
61

62. Measured and Indicated resource contribution
Gold M&I Resources(2) Silver M&I Resources(2) Copper M&I Resources(2)
21.4 Moz 132 Moz 4.1 Blbs
Capoose
Peak Mines
Cerro San Pedro
New Afton
El Morro
Mesquite
Peak Mines
New Afton
Capoose
Blackwater Blackwater
El Morro
Cerro San Pedro
December 31, 2012
Blackwater El Morro Cerro San Pedro Capoose
Mesquite New Afton Peak Mines
Notes: 1. Refer to Appendix 4 for detailed disclosure on reserve and resource calculations.
2. Measured and Indicated resources inclusive of reserves.
62

63. 2013 exploration program overview
• New Gold’s estimated exploration budget for 2013 is $50 million
• Capitalized: $20 million
• Expensed: $30 million
Capitalized: $5 million
Capitalized: $15 million
Expensed: $5 million
Expensed: $15 million
Peak Mines
33,000 metres Blackwater
40,000 metres
New Afton
40,000 metres
Expensed: $10 million
63

64. Blackwater area map
~112km to
Vanderhoof
Capoose
Resource
Blackwater ~160km to
Project Prince George
50km
Blackwater
Resource
80km
64

65. Blackwater area geology
Glacial till
Post-mineral andesites
Blackwater host volcanics
Siltstones
5 km
65

66. Blackwater development footprint
Glacial till
Post-mineral andesites
Blackwater host volcanics
Siltstones
5 km
66

67. Blackwater 2013 objectives
• Blackwater: Explore for satellite deposits and test
potential extensions to known resource
• Capoose: Expand and upgrade resource with special
focus on potential to extend gold-rich zones
>1000 ppb Au • Regional targets: Identify specific drill targets and
500-1000 ppb Au complete first pass reconnaissance drilling
250-500 ppb Au
50-250 ppb Au
Capoose
Fawnie
Van Tine
Blackwater
Auro
Plan for four to six drills to be active during primary field season
67

68. Peak corridor map
Great Cobar
~9 kilometres
68