1. Investor Day 2014
February 6, 2014

2. Agenda – February 6, 2014
10:00 – 11:30am
Investor Day Presentation including Q&A
11:30 – 12:00pm
Additional discussion and Q&A
12:00 – 1:00pm
Lunch
2

3. Discussion topics
Introduction and company overview
Randall Oliphant
2013 operational results
Ernie Mast
2014 outlook
Ernie Mast/
Brian Penny
Development projects
Robert Gallagher
Health, safety and corporate social responsibility
Robert Gallagher
2013 year-end reserves, resources and exploration
Mark Petersen
New Afton performance review, expansion project details and C-zone update
Kurt Keskimaki/
Mark Petersen
Conclusion
Randall Oliphant
3

4. Cautionary statements
All monetary amounts in U.S. dollars unless otherw ise 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, other than
statements of historical fact, which address events or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that 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 of such terms. Forward-looking statements in this presentation include, among others, statements with respect to: guidance for production, cash costs and all-in sustaining costs (and its
components) and for growth capital expenditures, including the expected drivers of those figures and the nature and amount of particular expected expenditures; the expected throughput and recovery rates at New
Afton; planned modifications to the New Afton Mine and mill, the expected timeline, outcomes, cost and payback period of any such modifications; planed modifications to other operations; expected future mining
activities; planned exploration expenditures (and their accounting treatment) and drilling activities and costs; exploration potential and the goals and expected results of future exploration activities; the estimation of
mineral reserves and resources and the realization of such estimates; the results of the Rainy River and Blackwater feasibility studies, including the expected production, costs, stripping ratio, mining and
processing method and rate, stockpiling plan, recovery rates, mine life, infrastructure, NPV, IRR and payback period (and related sensitivities associated with each project; the potential annual production, cash
costs and capital costs, and the potential for a block cave, at the El Morro project; the timing of permitting activities and environmental asse ssment processes; and the timeline for development of Rainy River,
including targeted timing for commissioning and full production.
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&A, its Annual
Information Form and its Technical Reports filed at www.sedar.com. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are
also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the
future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and 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 asse ssment 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 projectsbeing 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; 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
the courts have temporarily suspended the approval of the environmental permit for El Morro; 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; 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 processe s 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 obtain insurance to cover these risks) a s 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 preliminary information provided for production, sales, total cash costs(1) and all-in sustaining costs(2) are approximate figures and may differ from the final results in the 2013 annual audited financial
statements and management’s discussion and analysis. The footnotes to this presentation contain important information, refer to appendices and endnotes found at the end of the presentation. For those viewing
the webcast, the full presentation including appendices and endnotes isavailable on New Gold’s website at www.newgold.com.

5. New Gold investment thesis
Portfolio
of assets
in top-rated
jurisdictions
Invested
and
experienced
team
Among
lowest-cost
producers with
established
track record
Peer-leading
growth
pipeline
A history
of value
creation
18.5 Moz gold
reserves
~$80 million
investment by
Board &
Management
Targeting
~$825/oz all-in
sustaining
costs(1)
~900 Koz annual
production
potential from
growth projects
+300% increase
in share price
since 2009
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
5

6. 2013 highlights
OPERATIONS
$44/oz
REDUCTION IN TOTAL CASH COSTS(1)
EXPLORATION/DEVELOPMENT
+127%
Gold Reserves PER SHARE
• New Afton achieved ramp-up ahead of schedule
+22%
• Lowest total cash costs(1) in company history
Gold M&I Resources(2) PER SHARE
• Achieved updated production outlook
Largest Gold Reserve in New Gold’s History
CORPORATE DEVELOPMENT
COMPLETED RAINY RIVER ACQUISITION
• Minimal dilution - 5.5% increase in shares
outstanding
• Increased Canadian footprint
BALANCE SHEET
$414 million in cash at end of 2013
Prioritizing lower capital cost Rainy River
project
• 325 Koz annual production potential at low cost
• Continued exploration potential
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. 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 estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
6

7. Collectively ~$80 million invested in New Gold
BOARD OF DIRECTORS
David Emerson
Former Canadian Cabinet Minister
James Estey
Former Chairman, UBS Securities Canada
Robert Gallagher
President & Chief Executive Officer
Vahan Kololian
Founder, Terra Nova Partners
Martyn Konig
Former Executive Chairman, European Goldfields
Pierre Lassonde
Chairman, Franco-Nevada
Randall Oliphant
Executive Chairman
Raymond Threlkeld
Mining Consultant
7

8. Portfolio of assets in top-rated jurisdictions
Mining investment – country rankings (1)
Blackwater
Mine Life: 17 years
New Afton
Mine Life: 10 years
Rainy River
#2
Mine Life: 14 years
Mesquite
Mine Life: 8+ years
Cerro San Pedro
Mine Life: 2+ years
El Morro
Mine Life: 17 years
Peak Mines
Mine Life: 6+ years
CANADA
#6
UNITED
STATES
#5
MEXICO
#3
CHILE
#1
AUSTRALIA
OPERATING
DEVELOPMENT
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
8

9. Lowest costs in company’s history
FOURTH QUARTER AND FULL YEAR 2013
•
•
•
•
Fourth quarter was the highest
production quarter of 2013
Met full year production and cost
outlook
2013 lowest total cash costs (1) in
New Gold’s history
Fourth quarter and full year total
cash costs (1) and all-in sustaining
costs (2) further establish
company’s low cost profile
GOLD PRODUCTION (Koz)
398
107
Q4'13
FY 2013
TOTAL CASH COSTS(1) ($/oz)
$377
$316
Q4'13
FY 2013
ALL-IN SUSTAINING COSTS(2) ($/oz)
$883
Q4'13
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”.
$899
FY 2013
9

10. Significant increase in gold reserves per share
•
Gold reserves increased
by 10.7 million ounces
during the year
•
•
Attributable to
establishing Blackwater
reserves and accretive
acquisition of Rainy River
GOLD RESERVES(1) (Moz)
18.5
+127%
per share
7.8
YE 2012
Silver reserves increased by
58.8 million ounces and
copper reserves remained
significant at 3.0 billion
pounds
YE 2013
GOLD M&I RESOURCES(1) (Moz)
+22%
per share
27.5
21.4
YE 2012
YE 2013
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 estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
10

11. Strong balance sheet
•
Face value $878 million in
long-term debt(3)
•
Undrawn Credit
Facility (2)
Liquidity
Position
$414 mm
•
Face value $500 million,
6.25% notes due in 2022
•
Cash and
Equivalents (1)
Face value $300 million,
7.00% notes due in 2020
$78 million in carried El Morro
loan, payable out of El Morro
project cash flow
$100 mm
$514 mm
1. Cash and equivalents as at Decem
ber 31, 2013.
2. $50 m
illion of total $150 m
illion at year-end used for Letters of Credit.
3. See Appendix 1 – Sum ary of debt for detailed breakdown of com
m
ponents of debt.
11

12. 2014 consolidated guidance
2013 ACTUAL
•
•
•
•
Continued gold production
increases at New Afton offset
by lower production forecast
at Cerro San Pedro
2014 GUIDANCE
Gold production(1)
380 –
420 Koz
398 Koz
Copper production to increase
by approximately 12 percent
Total cash costs(2)
Depreciation of Canadian and
Australian dollars benefits
New Gold costs
$320 –
$340/oz
$377/oz
Total cash costs (2) and all-in
sustaining costs (3) well below
industry average
All-in sustaining costs(3)
$899/oz
$815 –
$835/oz
1. Gold sales expected to be in the sam range as production.
e
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. All total cash cost estim
ates (excluding historical am
ounts) in this presentation assum com odity price assum
e
m
ptions of: Gold - $1,300 per ounce, Silver - $20.00 per
ounce, Copper - $3.25 per pound, and CDN/USD - $1.11, AUD/USD - $1.14, MXN/USD - $13.00.
3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All all-in sustaining cost estim
ates (excluding historical am
ounts) in this presentation assum com odity price assum
e
m
ptions of: Gold - $1,300 per ounce,
Silver - $20.00 per ounce, Copper - $3.25 per pound, and CDN/USD - $1.11, AUD/USD - $1.14, MXN/USD - $13.00.
12

13. Among lowest cost producers in industry
New Gold versus Industry Average Total Cash Costs(1)
$782(2)
Industry
$478
$465
Incremental
Benefit to NGD
Shareholder
$377
2009
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. New Gold total cash costs as at year-end 2013.
2. Industry data per GFMS reports calculated net of by-product credits for the nine m
onths ended Septem
ber 2013.
New Gold
2013
13

14. 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)
1.
2.
3.
4.
Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
General and adm
inistrative includes stock-based com
pensation and asset retirem
ent obligation.
Sustaining capital based on New Gold’s total 2014 estim
ated capital expenditures excluding expenditures related to growth-related initiatives.
Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
~$825/oz
14

15. New Afton – A special asset
Jurisdiction
Production
102-112
British Columbia,
Canada
Gold
(Koz)
87
2013
2014E
78-84
Country
Ranking(1)
#2
Copper
(Mlbs)
2015 to
benefit
further
from mill
expansion
72
2013
2014E
NEW AFTON
Upside
Contribution
First nine months of
2013 earnings from
mine operations
New Afton
Near-term mill expansion
Longer-term C-zone
potential
= +58%
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
15

16. Peer-leading growth pipeline
•
•
•
Growth projects’ production
potential equivalent to over 2x
today’s production
Blackwater and Rainy River
acquisitions increased shares
outstanding by 25% in total for
potential ~175% increase in
production
Rainy River and Blackwater benefit
significantly from Canadian dollar
depreciation
Organic projects
+900 Koz (1) per year
Future Organic Growth Potential
New Afton
Expansion
El Morro
Blackwater
Rainy River
Four current
operations
2014E Gold Production
•
Rainy River $0.05 change in
exchange rate equivalent to
$141 million/2.8% change in
pre-tax NAV/IRR
•
Blackwater $0.05 change in
exchange rate equivalent to
$270 million/1.9% change in
pre-tax NAV/IRR
1. 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.
16

17. A history of value creation
Cumulative five-year share price outperformance versus
gold price and S&P/TSX Global Gold Index
New Gold (NYSE)
Gold Price
S&P/TSX Global Gold
310%
Index(1)
168%
155%
24% 23%
42%
30% 34%
3% 10%
9%
7%
(14%)
(16%)
(28%)
(52%)
2009
2010
1. S&P/TSX Global Gold Index includes 37 gold com
panies in various stages of developm
ent/producti on.
2011
2012
(52%)
2013
(35%)
Since January 2009
17

18. 2013 operational results
18

19. 2013 operations summary
• Achieved target throughput of 12,000 tonnes per day ahead of schedule
New Afton
• During fourth quarter, 62 days at throughput rate above 12,500 tonnes per day
• Exceeded production guidance
• Negative model reconciliation led to mining of lower grade ore and updated production outlook
Mesquite
• Deeper areas of pit not as well defined
• Conducted infill drilling late in 2013 to support mine planning
• Slightly below production outlook range
• Achieved record annual throughput
Peak Mines
• Gold production increased by 5% over the prior year
• Achieved production guidance
• Pit wall movement led to adjusted 2013 mine plan and updated production outlook
Cerro San
Pedro
• Mined lower grade ore at lower recoveries
• Fourth quarter began to demonstrate increased recoveries
• Above high end of production outlook range
19

20. 2013 consolidated operational results
GOLD PRODUCTION (Koz)
SILVER PRODUCTION (Moz)
COPPER PRODUCTION (Mlbs)
398
1.6
85
• High end of outlook
• New Afton and Peak
Mines met guidance
• In line with outlook
• High end of guidance
TOTAL CASH COSTS(1) ($/oz)
ALL-IN SUSTAINING COSTS(2) ($/oz)
$377
$899
• In line with outlook
• In line with outlook
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”.
20

21. 2013 fourth quarter mine-by-mine operating results
•
•
New Afton continues to
perform well
Mesquite had strongest
quarter of 2013 as planned
with higher grades
2013 FOURTH QUARTER
Gold production
(Koz)
Total cash costs (1)
($/oz)
All-in sustaining costs (2)
($/oz)
•
Peak Mines all-in sustaining
costs (2) decreased by over
$200 per ounce from third
quarter of 2013
Cerro San Pedro achieved
higher recoveries in each
consecutive month during
the quarter
25
($1,428)
$12
Mesquite
35
$841
$988
Peak Mines
•
New Afton
24
$778
$1,106
Cerro San Pedro
22
$911
$1,076
107
$316
$883
2013 FOURTH QUARTER
New Afton co-product cash costs(1)
Gold ($/oz)
Copper ($/lb)
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”.
$391
$1.08
21

22. 2013 full year mine-by-mine operating results
•
New Afton throughput higher
in each consecutive quarter
during the year
2013 FULL YEAR
Gold production
(Koz)
Total cash costs (1)
($/oz)
All-in sustaining costs (2)
($/oz)
New Afton
•
•
($1,196)
($133)
Mesquite
107
$907
$1,108
Peak Mines
101
$850
$1,331
Cerro San Pedro
5% increase in gold
production at Peak Mines
versus previous year
87
103
$676
$766
398
$377
$899
Lowest total cash costs (1) in
company’s history
2013 FULL YEAR
New Afton co-product cash costs(1)
Gold ($/oz)
Copper ($/lb)
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”.
$486
$1.19
22

23. 2014 outlook
23

24. 2014 consolidated guidance
GOLD PRODUCTION (Koz)
SILVER PRODUCTION (Moz)
COPPER PRODUCTION (Mlbs)
380 – 420
1.35 – 1.75
92 – 100
• Increased production at high
margin New Afton offset by lower
production at Cerro San Pedro
• Consistent with 2013
• 12% increase with both New
Afton and Peak Mines higher
TOTAL CASH COSTS(1) ($/oz)
ALL-IN SUSTAINING COSTS(2) ($/oz)
$320 – $340
$815 – $835
• Decrease driven by higher copper
production and depreciation of
Canadian and Australian dollars
• ~$75 per ounce decrease driven
by lower total cash costs(1) and
lower sustaining capital
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”.
24

25. New Afton
GOLD PRODUCTION (Koz)
COPPER PRODUCTION (Mlbs)
OVERVIEW
• Gold and copper production expected to
increase due to:
102 – 112
78 – 84
• Increase in average annual
throughput rate
• Increase in gold grades
TOTAL CASH COSTS (1) ($/oz)
ALL-IN SUSTAINING COSTS (2) ($/oz)
($1,260) –
($1,240)
($620) –
($600)
$440 –
$460
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”.
KEY ASSUMPTIONS AND SENSITIVITIES
• Copper price - $3.25 per pound
(2013A - $3.23 per pound)
• Canadian dollar: U.S. dollar exchange –
$1.11
TOTAL CASH COSTS(1)
Co-Product Gold ($/oz)
• Costs benefit from targeted increase in
copper production, depreciating
Canadian dollar and decrease in
sustaining capital costs
Co-Product Copper ($/lb)
$1.10 –
$1.20
• $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
25

26. Mesquite
GOLD PRODUCTION (Koz)
OVERVIEW
• Production increase driven by planned
mining of higher grades versus 2013
• Increase in costs attributable to
increase in total tonnes mined
113 – 123
TOTAL CASH COSTS (1) ($/oz)
• Peak year for sustaining capital at
Mesquite
ALL-IN SUSTAINING COSTS (2) ($/oz)
KEY ASSUMPTIONS AND SENSITIVITIES
• Diesel comprises ~25% of Mesquite’s
total costs
$930 –
$950
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”.
$1,310 –
$1,330
• 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
26

27. Peak Mines
GOLD PRODUCTION (Koz)
COPPER PRODUCTION (Mlbs)
OVERVIEW
• Gold production in line with 2013
• Increase in copper production a result of
increased copper grade and recovery
95 – 105
14 – 16
• Decrease in total cash costs a result of
increased copper by-product revenue,
depreciating Australian dollar and
increased productivity through lower
turnover
TOTAL CASH COSTS (1) ($/oz)
ALL-IN SUSTAINING COSTS (2) ($/oz)
KEY ASSUMPTIONS AND SENSITIVITIES
• Copper price - $3.25 per pound
(2013A - $3.29 per pound)
$630 –
$650
$1,065 –
$1,085
• 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
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”.
27

28. Cerro San Pedro
GOLD PRODUCTION (Koz)
SILVER PRODUCTION (Moz)
OVERVIEW
• Decrease in production reflects the
increased strip ratio for Phase 5
pushback and mining of lower grade ore
70 – 80
1.1 – 1.3
TOTAL CASH COSTS (1) ($/oz)
ALL-IN SUSTAINING COSTS (2) ($/oz)
• Increase in costs primarily driven by
lower gold production, lower silver byproduct revenue and increased volume
of processing reagents
KEY ASSUMPTIONS AND SENSITIVITIES
• Silver price - $20.00 per ounce
(2013A – $23.61 per ounce)
$1,030 –
$1,050
$1,125 –
$1,145
• 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
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”.
28

29. 2014 capital expenditures by category
Total Capital
~$340
million
Sustaining Capital: ~$145 million
Cerro San
Pedro
Growth Capital: ~$195 million
Blackwater
Cerro San
Pedro
Peak
Mines
New
Afton
Rainy
River
New Afton
Mesquite
29

30. 2014 capital expenditures by category
•
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 - $115 million
•
52%
48%
•
•
$60 million – ~2,500 metre development, two new trucks, dam raise and
surface ventilation upgrade
$35 million – mill expansion
$20 million – C-zone scoping level engineering and capitalized exploration
Rainy River - $105 million
•
100%
•
•
$60 million – property, plant and equipment
$35 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
Mesquite - $40 million
100%
Growth capital
Sustaining capital
30

31. 2014 capital expenditures by category
Peak Mines - $40 million
•
•
100%
$20 million – two haul trucks and site maintenance
$20 million – capitalized development and capitalized exploration
Cerro San Pedro - $28 million
•
•
29%
$20 million – capitalized stripping
$8 million – leach pad expansion
•
•
$10 million – permitting
$5 million – engineering studies
71%
Blackwater - $15 million
100%
Growth capital
Sustaining capital
New Gold’s 30% share of estimated 2014 El Morro capital costs of
$6 million fully carried by Goldcorp Inc.
31

32. Development projects
32

33. Rainy River
33

34. Rainy River
Jurisdiction
2014 Feasibility Study
First nine years:
1.44 g/t
325 Koz
Gold Grade
Annual Production
Ontario, Canada
$613/oz
Total Cash Costs(2)
Country
Ranking(1)
#2
$736/oz
All-in Sustaining Costs(3)
RAINY RIVER
Situated for Mine
Development
Gold Resource/Upside
+3.8 Moz
Reserves(4)
Flat terrain
+169 km2
+6.2 Moz
Land Package
Close to infrastructure
M&I Resources(4)
17km tie-in to power
Multiple regional targets
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
4. 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 estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
34

35. Rainy River – Project overview
•
21,000 tonne per day process plan with conventional crushing, grinding, leaching and
carbon-in-pulp technology
•
Targeted commissioning in 2016 with first year of full production in 2017
•
14-year mine life with direct processing of open 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)
•
$837 million at $1.11 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
35

36. Indicative timeline
Project Schedule
2014
2015
2016
2017
Feasibility Study
First Nations & Public Consultation
Engineering/Procurement
Environmental Assessment
Permitting
Construction
Production
Ongoing consultation
Final construction during commissioning
1. Indicative tim
eline is dependent on perm approvals and other variables. There is no assurance this tim
it
eline will be achieved or that the deposit will ever reach the production stage.
36

37. Blackwater
37

38. Blackwater
Jurisdiction
2013 Feasibility Study
First nine years:
British Columbia,
Canada
17-year
485 Koz
Mine Life
Annual Production
$555/oz
Total Cash Costs(3)
Country
Ranking(1)
#2
$685/oz
All-in Sustaining Costs(4)
BLACKWATER
Significant Gold Resource
GOLD RESOURCE
8.2 Moz
Regional Upside
UPSIDE
Reserves(2)
~1,100 km2
9.5 Moz
Initial resource at
Capoose
Land Package
M&I Resources(2)
Multiple newly
identified targets
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. 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 estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
38

39. Blackwater – Project overview
•
Conventional truck and shovel open pit mine with 60,000 tonne per day processing plant
•
Simple, conventional flowsheet using whole ore leach process
•
Low grade stockpiling strategy
•
Development capital of $1,865 million inclusive of $190 million contingency (at $1.05 CDN/USD)
•
$1,764 million at $1.11 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
39

40. El Morro

41. El Morro
Jurisdiction
2011 Feasibility Study (30%)
Life of mine:
90 Koz
Chile
Annual Gold Production
85 Mlbs
Annual Copper Production
Country
Ranking(1)
#3
($700/oz)
Total Cash Costs(2)
EL MORRO
Gold/Copper Reserve (30%)
+ Upside
Unique Joint Venture
Structure
2.7 Moz
Gold Reserve (3)
2.0 Blbs
Copper Reserve (3)
Goldcorp 70% partner
Funds 100% of capital
New Gold retains portion of
cash flow from mine start-up
Higher Grade Block Cave Potential
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
3. 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 estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
41

42. El Morro (30%) – Funding structure
Total Capital
100%
~ $3.9 billion(1)
30%
100% Average
annual
cash flow
70%
Funded by
$1.2 billion
interest at 4.58%
~ $2.7 billion
30%
20%
70%
80%
Carried funding repayment
•
New Gold’s 30% share of development capital 100% carried
•
Interest fixed at 4.58%
1. Capital estim
ates based on Decem
ber 2011 Feasibility Study.
42

43. Health, safety and corporate social responsibility

44. Overview
POLICY
•
At New Gold, our commitment to
corporate social responsibility is
specified in our Health, Safety,
Environment and Corporate Social
Responsibility (“HSE & CSR”) Policy
(the “Policy”)
COMMITMENT
•
The HSE & CSR Committee of our
Board of Directors provides oversight
of our progress and adherence to the
principles of our Policy
GOVERNANCE
•
•
•
•
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, labour, environment and anti-corruption
New Gold is a signatory to the International Cyanide Management Code
Our Sustainability Report, including detailed current and historical statistics, is published annually
44

45. 2013 highlights
SAFETY
•
•
•
Four operations without a lost time incident
Completed corporate safety management system
and standards implementation
Completed safety system audits on all operations
ENVIRONMENT
•
•
•
•
The New Gold Environmental Management
Standards were developed
New Afton received ISO 14001 and 50001
certification
Cerro San Pedro – Achieved substantial compliance
with International Cyanide Management Code
Mesquite – Additional trucks with increased fuel
efficiency
SOCIAL RESPONSIBILITY
•
•
Cerro San Pedro – Fourth consecutive year
recognized as socially responsible company by
Mexican Centre for Philanthropy
Procedures implemented for compliance with
World Gold Council Conflict Free Gold Standard
45

46. Safety performance
New Gold 2012
New Gold 2013
2012 regional regulatory average
3.5
Lost Time Injury Frequency Rate(1)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Peak Mines
Blackwater
Rainy River
New Afton
1. Industry stats are supplied by those jurisdictions in which each m
ine are operating and is reflective of underground and surface operations as appropriate.
2. ‘New Gold’ com
pares the average rate of injury for all New Gold operations versus average rate for all regulatory jurisdictions based on 200,000 hours.
CSP
Mesquite
(2)
New Gold
46

47. 2013 recognition
New Afton has completed the safety system
audit for the Work Safe Certificate of
Recognition for safety system excellence
New Afton 2013 provincial underground mine
rescue champions
Peak Mines received 2013 Environmental
Achievement award
Cerro San Pedro received national recognition
as socially responsible company
47

48. 2014 key objectives
Develop corporate safety orientation program
Complete implementation of Environment Management Standards at all operations
Achieve full compliance under cyanide code for Cerro San Pedro and Peak Mines
Advance environmental assessment for Rainy River and Blackwater
Implement community engagement and development management standards
48

49. 2013 year-end reserves, resources and exploration
49

50. Gold reserves and resources summary
Proven and Probable
Reserves
• Increase in gold reserves attributable to:
• Blackwater conversion to reserves from completion of Feasibility
Study
• Accretive acquisition of Rainy River
Measured and Indicated
Resources
• 22% increase in resources per share
• Over 18 million ounces now in Canada
YEAR-END 2012(1)
YEAR-END 2013(2)
Proven and Probable
Resources
7.8 Moz
18.5 Moz
Measured and
Indicated Resources
21.4 Moz
27.5 Moz
Inferred Resources
4.4 Moz
4.2 Moz
1. Year-end 2012 Mineral Reserve and Resource inform
ation per Annual Inform
ation Form dated March 27, 2013.
2. 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 estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
50

51. Geographic breakdown
GOLD RESERVES (Moz) – 18.5 Moz
GOLD M&I RESOURCES (1) (Moz) – 27.5 Moz
0.4 Australia 0.4 Mexico
0.8 Australia
2.2 USA
0.4 Mexico
3.0 Chile
2.7 Chile
4.9 USA
12.8 Canada
18.4 Canada
1. Reserves and Resources are as of Decem
ber 31, 2013. 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
estim
ates of Mineral Reserves and Mineral Resources” and “Technical Inform
ation”. Measured and Indicated Resources are inclus of Reserves.
ive
51

52. Growing resource base
M&I GOLD RESOURCES (1) (Moz)
6.8
(0.7)
27.5
21.4
12/31/2012
(2)
45 ounces per
1,000 shares
Ounces mined 2013
Ounces added through
exploration/updated resource
estimates/accretive acquisition
+22%
12/31/2013
55 ounces per
1,000 shares
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 estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves
.
2. Year-end 2012 Mineral Reserve and Resource inform
ation per Annual Inform
ation Form dated March 27, 2013.
52

53. Increasing gold leverage per share
Track record of ‘per share’ growth in Measured and Indicated resources
Year-end 2012 to Year-end 2013
•
M&I GOLD RESOURCES (1)(2) PER 1,000 SHARES
6.1 million ounce increase in
Measured and Indicated gold
resources
55
45
•
16% increase in New Afton
resources driven by C-zone
•
33
18% increase in Blackwater
resources
•
41
Accretive Rainy River
acquisition
YE 2010
YE 2011
YE 2012
YE 2013
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 estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves
.
2. Year-end 2010, 2011 and 2012 Mineral Reserve and Resource inform
ation per Annual Inform
ation Form dated March 31, 2011, March 26, 2012 and March 27, 2013.
s
53

54. Measured and Indicated resource contribution
CSP
New
Afton
Peak
Mines
New
Afton
Peak
Mines
Peak
Mines
El MorroRiver
Rainy
Blackw ater (1)
El Morro
GOLD
27.5 Moz
SILVER
CSP
COPPER
125 Moz
El Morro
4.4 Blbs
New Afton
Blackw ater (1)
Mesquite
Rainy River
On a gold-equivalent basis at guided commodity prices, New Gold has
~41 million ounces (2) of Measured and Indicated resources (3)
1.
2.
3.
of
Blackwater inclusive of Capoose M&I resources.
Based on com odity price assum
m
ptions of: Gold - $1,300/oz; Silver - $20.00/oz; Copper - $3.25/lb.
Mineral Resources are as of Decem
ber 31, 2013. 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 estim
ates
Mineral Reserves and Mineral Resources” and “Technical Inform
ation”. Measured and Indicated Resources are inclusive of Res
erves.
54

55. 2014 exploration program overview
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)
Peak Mines
45,000
metres
Rainy River
35,000-40,000
metres
Blackwater
10,000-15,000
metres
New Afton
30,000-35,000
metres
55
1. Circle proportions are representative of both capitalized and expensed exploration for each respective asset.

56. Rainy River exploration
2013 ACHIEVEMENTS
•
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
2014 PROGRAM
Intrepid Zone
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
56

57. Blackwater exploration
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
57

58. Peak Mines exploration
2013 ACHIEVEMENTS
•
Near-mine exploration and resource conversion partially offset mine depletion
•
Advanced earlier stage targets along regional Rookery fault trend
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
58

59. New Afton performance review, expansion
project details and C-zone update
59

60. 2013 highlights
New Afton moved successfully
beyond design capacity
•
•
•
Gyratory crusher commissioned in
January 2013
Completed construction of
32 drawbells in 2013
Achieved increase to 12,000 tonnes
per day three months ahead of
schedule in September 2013
QUARTERLY AVERAGE THROUGHPUT
THROUGHPUT (tonnes per day)
11,967
12,460
Q3 2013
Q4 2013
25
11,055
25
Q3 2013
Q4 2013
9,262
Q1 2013
Q2 2013
PRODUCTION (Koz)
GOLD
PRODUCTION (Koz)
22
15
•
Successfully evaluated potential for
further throughput increases going
forward
Q1 2013
Q2 2013
COPPER
PRODUCTION (Mlbs)
•
10-fold increase in C-zone Measured
and Indicated resources
19
21
21
Q3 2013
Q4 2013
12
Q1 2013
Q2 2013
60

61. Expansion evaluation
Process of evaluating further throughput increase
•
Ran operation at 14,000 to 15,500 tonnes per day over multi-day periods in August and
December 2013
•
Mill was able to process higher throughput, however a decrease in recovery was seen
•
Began evaluating low capital cost alternatives to increase recoveries at higher throughput
•
Identified that tertiary grinding and increased flotation capacity would be required to maintain
recoveries
•
Worked with third party engineering firm on the capital cost estimate
61

62. Mill expansion capital estimates
•
Below is a summary of the key capital estimates for the expansion project
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
Note: $35 million of capital to be spent in 2014 with remainder in 2015
Target: 14,000 tonnes per day at higher metal recoveries
62

63. Value creation through mill expansion
2014 TARGETED
AVERAGES
RUN RATE TARGETED AVERAGES
WITH MILL EXPANSION
Throughput
12,500
+12%
14,000
Gold recovery
~85%
+2-3%
~87-88%
Copper recovery
~86%
+2-3%
~88-89%
IRR of +50% and payback period of less than two years
63

64. Mill schematic
To Tailings
Surface Stockpile
New Facilities
64

65. Expansion timeline
H1’14
H2’14
H1’15
• EPCM contract award
• Excavation
• Vertimill delivery
• Geotechnical and detailed
engineering
• Foundations
• Piping/electrical
• Building construction
• Early works
• Instrumentation
• Building services
• Commissioning
• Buried services relocation
• Reagent tank relocation
65

66. C-zone overview
Isometric view looking NE
Main
A&B Zone
C-zone
66

67. C-zone resource expansion
•
•
C-zone originally identified through
limited deep holes drilled from
surface
YEAR-END 2012 C-ZONE(1)
Tonnes
(000’s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
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
13,600
0.57
0.76
307
228
Measured
Drilling from underground
commenced in second half of 2012
Inferred
•
During 2013 completed 41 holes
totaling 26,800 metres
•
Increased tonnes and grade of
Measured and Indicated resource
resulting in 10-fold increase in
contained gold and copper
•
Incremental increase to Inferred
resource
YEAR-END 2013 C-ZONE(2)
Tonnes
(000’s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
618
0.75
0.91
15
12
Indicated
25,223
0.84
0.91
678
504
Total M&I
25,842
0.80
0.91
693
516
Inferred
11,288
0.63
0.64
227
159
Measured
1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.
2. 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 estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”.
67

68. 2014 C-zone program
•
Convert Inferred resource to Measured and Indicated
•
Expand resource laterally to east and west as well as vertically
•
Underground delineation and infill – 30,000 to 35,000 metres
68

69. Conclusion
69

70. New Gold review
Growing in the
Right Jurisdictions
• Organic growth at New Afton through mill expansion and C-zone
• Accretive acquisition of Rainy River
• Increased resources at Blackwater and completed Feasibility Study
Invested
Team
• Board and senior management hold significant stake in company
• Focused on ‘per share’ growth
Lowest Cost
Producer
• Significantly lower total cash costs (1) versus industry average and
continuing to decline in 2014
• 2014E all-in sustaining costs (2) of $825 per ounce
Growth
Pipeline
• Industry leading organic growth profile
• Large scale, low cost projects
Value
Creation
• Cumulative five year outperformance versus gold price and S&P/TSX
Global Gold Index
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

71. Among lowest-cost producers, established track record
Lower costs driving higher margins (1)
• 2014E all-in sustaining costs (2) to
decrease by over $70 per ounce
versus 2013
• Costs benefiting from depreciating
Canadian and Australian dollar
• Generating over $200 per ounce
incremental margin versus average of
peer-company’s (3) that have provided
2014 guidance
1.
2.
3.
4.
2014E GUIDANCE –
ALL-IN SUSTAINING COSTS ($/OZ)(2)
2014 Reported Average (4)
New Gold
~$825
~$825
~$1,060/oz
Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
Based on com
parison with costs published by issuers listed in note 4. The m
anner in which costs are determ
ined m vary from one issuer to another.
ay
Average includes: Alam
os, Detour, Eldorado, Goldcorp, IAMGOLD and Newm
ont. The m
anner in which costs are determ
ined m vary from one issuer to another .
ay
~$825/oz
71

72. Industry leading growth pipeline
Rainy River
Blackwater
El Morro (30% )
Jurisdiction
Ontario, Canada
British Columbia, Canada
Chile
Significant Gold
Reserve(1)
3.8 Moz
8.2 Moz
2.7 Moz
Significant Gold M&I
Resource Base(1)
6.2 Moz
9.5 Moz
3.0 Moz
Robust Production/
Low Cash Costs(2)(3)
~325 Koz at $613/oz
total cash costs
~485 Koz at $555/oz
total cash costs
~90 Koz Au/85 Mlbs Cu at
~($700)/oz total cash costs
Three
world-class
projects
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 estim
ates of Mineral Reserves and Mineral Resources” and
“Technical Inform
ation”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
3. Based on first nine years for Rainy River and Blackwater and life-of-m
ine averages for El Morro as outlined in the feasibility studies for the projects.
72

73. A history of value creation
Generated significant value for shareholders over
last four years on a ‘per share’ basis
Reserves per share
+75%
Analyst consensus
net asset value per share (1)
+75%
Share price performance(1)
+71%
1. Net asset value per share and Canadian dollar share price perform
ance as at February 4, 2013.
73

74. Near-term catalysts
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
Blackwater permitting
New Afton mill expansion
74

75. New Gold investment thesis
Portfolio
of assets
in top-rated
jurisdictions
Invested
and
experienced
team
Among
lowest-cost
producers with
a history of
delivering
Peer-leading
growth
pipeline
Establishing the leading
intermediate gold company
Track record
of value
creation

76. Appendices
Appendices
Page
1.
Summary of debt
77
2.
Reserves and Resources notes
78
76

77. Appendix 1
Summary of debt
Undrawn Credit
Facility
Senior Unsecured Notes
(April 2012)
Senior Unsecured Notes
(November 2012)
El Morro Funding
Loan
Face Value
$150 million(1)
$300 million
$500 million
$78 million
Maturity
1 year 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
~103
~96
n/a
Key features
•
•
•
•
•
New Gold to repay
Goldcorp out of
80% of its 30%
share of cash flow
once El Morro
starts production
1. $50 m
illion currently allocated for Letters of Credit.
Normal financial
covenants
Interest Rate
• 3.00-4.25% over
LIBOR based on
ratios
• Standby fee of 0.751.06%
•
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
77

78. Appendix 2
Reserves and resources summary
Mineral Reserves and Resources Summary
As at December 31, 2012 (1)
As at December 31, 2013
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)
27,505
124,499
4,353
21,403
131,847
4,061
4,161
30,360
1,821
4,383
84,620
1,114
New Afton
2,297
7,786
1,988
1,979
6,830
1,818
Mesquite
4,904
-
-
5,684
-
-
810
1,380
158
880
1,350
146
Inferred Resources
M&I Resources (inclusive of Reserves)
Peak Mines
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
3,041
14,620
-
2,207
196
2,891
9,497
-
2,097
27,505
124,499
4,353
21,403
131,847
4,061
El Morro
Total M&I
1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.
78

79. Appendix 2
Reserves and resources summary (cont’d)
Mineral Reserves statement as at December 31, 2013
Metal grade
Tonnes
000's
Gold
g/t
Silver
g/t
Contained metal
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton
Proven
-
-
-
-
-
-
-
Probable
48,821
0.56
2.2
0.84
879
3,500
904
Total New Afton P&P
48,821
0.56
2.2
0.84
879
3,500
904
Mesquite
Proven
3,809
0.70
-
-
86
-
-
Probable
112,094
0.60
-
-
2,152
-
-
Total Mesquite P&P
115,903
0.60
-
-
2,237
-
-
Proven
1,820
4.35
6.7
1.16
255
390
47
Probable
1,820
2.69
7.4
1.27
157
430
51
Total Peak Mines P&P
3,640
3.52
7.1
1.22
412
820
98
Probable
12,982
13,714
0.47
0.44
17.5
18.7
-
197
195
7,311
8,239
-
Total CSP P&P
26,696
0.46
18.1
-
392
15,550
-
Peak Mines
Cerro San Pedro
Proven
79

80. Appendix 2
Reserves and resources summary (cont’d)
Mineral Reserves statement as at December 31, 2013
Metal grade
Tonnes
000's
Gold
g/t
Silver
g/t
Contained metal
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
-
Proven
22,681
1.14
1.9
-
830
1,370
-
Probable
81,594
1.12
3.1
-
2,943
8,040
-
104,275
1.13
2.8
-
3,773
9,410
-
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
-
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
-
344,400
0.74
5.5
-
8,170
60,800
-
Total P&P
Total Rainy River P&P
Blackwater
Direct processing material
Stockpile material
Total Blackwater P&P
El Morro
Proven
100% Basis
30% Basis
Probable
321,814
277,240
0.56
0.35
-
0.55
0.43
Total El Morro P&P
599,054
0.46
-
0.49
Total P&P
1,746
-
929
-
1,163
788
2,675
-
1,951
18,538
90,080
2,953
80

81. Appendix 2
Reserves and resources summary (cont’d)
Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2013
Metal grade
Tonnes
000's
Gold
g/t
Silver
g/t
Contained metal
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton
A&B Zones
Measured
Indicated
41,059
26,966
0.79
0.44
2.7
2.1
1.09
0.65
1,041
384
3,624
1,777
984
384
A&B Zone M&I
68,025
0.65
2.5
0.91
1,425
5,401
1,368
Indicated
618
25,223
0.75
0.84
1.5
2.0
0.91
0.91
15
678
30
1,589
12
504
C-Zone M&I
25,842
0.83
2.0
0.91
693
1,620
516
11,035
0.50
2.2
0.43
179
763
104
C-Zone
Measured
HW Lens
Measured
Indicated
HW Lens M&I
11,035
0.50
2.2
0.43
179
763
104
104,901
0.68
2.3
0.86
2,297
7,786
1,988
Indicated
9,070
304,081
0.66
0.48
-
-
191
4,713
-
-
Total Mesquite M&I
313,151
0.49
-
-
4,904
-
-
Indicated
3,000
3,400
4.69
3.29
6.7
6.7
1.06
1.18
450
360
650
730
70
88
Peak Mines M&I
6,400
3.95
6.7
1.12
810
1,380
158
Indicated
13,387
14,311
0.46
0.43
17.3
18.4
-
199
198
7,459
8,489
-
Total CSP M&I
27,698
0.45
17.9
-
397
15,948
-
Total New Afton M&I
Mesquite
Measured
Peak Mines
Measured
Cerro San Pedro
Measured
81

82. Appendix 2
Reserves and resources summary (cont’d)
Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2013
Metal grade
Tonnes
000's
Gold
g/t
Silver
g/t
Contained metal
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Rainy River
Direct processing material
Open Pit
Measured
20,282
80,411
1.45
1.35
1.9
2.6
-
947
3,486
1,261
6,584
-
100,693
1.37
2.4
-
4,433
7,846
-
Indicated
89
5,469
4.95
4.53
2.8
11.3
-
14
796
8
1,994
-
Underground M&I (direct processing)
5,558
4.53
11.2
-
810
2,002
-
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
-
Indicated
26,665
150,696
1.21
1.07
1.8
2.7
-
1,035
5,202
1,531
13,104
-
Total Rainy River M&I
177,361
1.09
2.6
-
6,236
14,635
-
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
-
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
-
396,903
0.74
5.5
-
9,500
70,130
-
20,280
0.50
22.4
-
320
14,620
-
Indicated
Open Pit M&I (direct processing)
Underground
Measured
Stockpile material
Open Pit
Total M&I
Measured
Blackwater
Direct processing material
Stockpile material
Total Blackwater M&I
Capoose
Indicated
100% Basis
El Morro
Measured
30% Basis
Indicated
341,604
349,803
0.56
0.35
-
0.54
0.42
Total El Morro M&I
691,407
0.46
-
0.48
Total M&I
1,848
-
1,230
977
3,041
-
2,207
27,505
124,499
4,353
1,193
82

83. Appendix 2
Reserves and resources summary (cont’d)
Inferred Resource statement as at December 31, 2013
Metal grade
Tonnes
000's
Gold
g/t
Silver
g/t
Contained metal
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton
A&B-Zone
5,607
0.32
1.5
0.38
59
272
46
HW Lens
11,288
818
0.63
0.56
1.7
1.3
0.64
0.42
227
15
602
33
159
7
New Afton Inferred
17,713
0.53
1.6
0.54
301
907
212
Mesquite
17,550
0.42
-
-
238
-
-
Peak Mines
2,000
2.34
4.7
1.17
150
300
51
CSP
1,174
0.34
11.6
-
13
436
-
9,388
2,641
0.97
4.46
2.3
8.3
-
292
379
687
707
-
12,029
1.74
3.6
-
671
1,394
-
8,626
0.37
1.2
-
102
323
-
20,655
1.16
2.6
-
773
1,717
-
Stockpile
13,815
3,785
0.76
0.31
4.1
3.6
-
340
40
1,820
440
-
Blackwater Inferred
17,600
0.66
4.0
-
380
2,260
-
29,263
0.39
26.3
-
370
24,740
-
-
970
C-Zone
Rainy River
Direct processing
Open Pit
Underground
Total Direct Processing
Stockpile
Open Pit
Rainy River Inferred
Blackwater
Direct processing
Capoose
100% Basis
30% Basis
El Morro - Open Pit
564,217
0.16
-
0.26
871
El Morro - Underground
113,840
0.97
-
0.78
1,065
-
587
4,161
30,360
1,821
Total Inferred
83

84. Appendix 2
Reserves and resources notes
New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Measured and Indicated miner al 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 ec onomic 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 follow ing metal prices and low er cut-off criteria:
Mineral Property
Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Low er Cut-off
New Afton
$1,300
$22.00
$3.00
US$21.00/t NSR
Mesquite
$1,300
-
-
Peak Mines
$1,300
$22.00
$3.00
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
Blackw ater
$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
0.21 g/t Au – Oxide and transition reserves
0.41 g/t Au – Non-oxide reserves
A$88 – 134/t NSR
0.20% Cu
84

85. Appendix 2
Reserves and resources notes (cont’d)
2) Mineral Resources for the company’s mineral properties have been estimated based on the follow ing metal prices and low er cut-off criteria:
Mineral Property
Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Low er Cut-off
New Afton
$1,400
$24.00
$3.25
Mesquite
$1,400
-
-
Peak Mines
$1,400
$24.00
$3.25
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
Blackw ater
$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
0.40% CuEq
0.11 g/t Au – Oxide and transition resources
0.22 g/t Au – Non-oxide resources
A$92 - 125/t NSR
0.20% Cu
3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent w ith 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. Likew ise 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 r espective NI 43-101 Technical Reports w hich are available at
www.sedar.com. Refer to the supplementary information below regarding the mineral reserve and mineral resource estimates for Rainy River.
85

86. Appendix 2
Reserves and resources notes (cont’d)
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 recov ery 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 var iable cut-off grade ranging from 0.3-0.7 Au g/t.
4. Stockpile material includes all material w ithin designed open pit betw een variable cut-offs described above in Note 3, as w ell as material w ithin 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 w ere 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 Tow nship 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 w as prepared under the supervision of Patrice Live (OIQ #38991) of BBA, and the underground portion of the
mineral reserve statement w as 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, sociopolitic al, 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 w ithin conceptual pit shells in the gold grade range 0.30 – 0.45 gpt as w ell as all material w ithin 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 w as 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 demonstr ated 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.
86

87. Endnotes
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 unde r applicable Canadian securities laws, and may not be comparable to
similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Minera l 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 f or 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 greater amount of uncertainty as to its existence and as to its economic and legal feasi bility. Under Canadian rules, estimates of Inferred Mineral Resources may not
form the basis of feasibility of 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 tha t 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 Indi cated 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 st andards 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.
NON-GAAP MEASURES
(1) TOTAL CASH COSTS
“Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The G old 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 com parable to other similarly titled measures of other companies. New Gold
reports total cash costs on a sales basis. Total cash costs include mine site operating costs such as mining, processing, adm inistration, royalties and production taxes, but are exclusive of amortization,
reclamation, capital and exploration costs. Total cash costs are reduced by any by-product revenue and then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs are
calculated based on total cash costs, prior to any reduction for by-product revenue, being apportioned to each metal produced on a percentage of revenue basis and subsequently divided by ounces of gold
or silver sold or pounds of copper sold to arrive at per ounce or per pound figures. These measures, along with sales, are co nsidered 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 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 operating costs presented under GAAP. Furth er details regarding our non-GAAP measures and a reconciliation to the
nearest GAAP measures are provided in our MD&A’s accompanying our financial statements filed from time to time on www.sedar.c om.
(2) ALL-IN SUSTAINING COSTS
Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from ar ound 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, sustaining capital expenditures, corporate general and administra tive 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 th is non-GAAP 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 expected operating performance, ability to generate free cash flow and its overall value.
This data is furnished to provide additional information and is a non -GAAP 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 operating costs presented under GAAP. Further details regarding our non -GAAP measures and a reconciliation to the nearest GAAP measures are provided in our MD&A’s accompanying our financial
statements filed from time to time on www.sedar.com.
87

88. Contact information
Investor Relations
Hannes Portmann
Vice President, Corporate Development
416-324-6014
hannes.portmann@newgold.com
88