2. 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.
2
3. 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.
3
4. 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
4
5. 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.
5
6. 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
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
Successfully completed Blackwater Focus on Feasibility Study and
Preliminary Economic Assessment Permitting
6
7. Management and Board of Directors
EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS
Randall Oliphant, Executive Chairman David Emerson, Former Canadian Cabinet Minister
Robert Gallagher, President & CEO James Estey, Former Chairman UBS Securities Canada
Brian Penny, Executive VP and CFO Robert Gallagher, President & CEO
Ernie Mast, VP Operations Vahan Kololian, Founder Terra Nova Partners
Martyn Konig, Former Executive Chairman European Goldfields
Pierre Lassonde, Chairman Franco-Nevada
Collectively over $125 million
invested in New Gold
Randall Oliphant, Executive Chairman
Raymond Threlkeld, CEO Rainy River Resources
7
8. Growing resource base in solid jurisdictions
Measured & Indicated Gold Resources per 1,000 shares
M&I Resources(2): 21.4 Moz
50
40
Blackwater
30
New Afton
20 Cerro San
Pedro
Mesquite
10
-
YE 2009 (1) YE 2010 YE 2011 YE 2012
El Morro(3)
Track record of increasing M&I gold
resources on a ‘per share’ basis Operating assets
Peak Mines
Development projects
Notes: 1. Excludes resources from Amapari which was sold in April 2010.
2. Refer to New Gold website for detailed disclosure on reserve and resource calculations. Measured and Indicated resources inclusive of reserves, and Capoose Indicated resources of 196Koz.
3. New Gold holds a fully carried 30% interest in the El Morro project.
8
9. Fourth quarter leads to strong 2012
Fourth Quarter and Full Year 2012 Gold Production (thousand ounces)
• Fourth quarter was the
strongest of 2012 and 450 412
among the best in New 300
Gold’s history 150 113
• New Afton started to hit -
Q4'12 FY2012
its stride
Fourth Quarter and Full Year 2012 Total Cash Costs ($/ounce)(1)
• Mining of higher grade
$600
areas at Peak Mines $421
$400
$254
• Fourth quarter total cash
$200
costs(1) demonstrate
company’s low costs -
Q4'12 FY2012
• Highest ever quarterly and Fourth Quarter and Full Year 2012 Average Realized Margin ($/ounce)(2)
annual average realized
$1,400 $1,324
margin $1,130
$1,100
$800
$500
Q4'12 FY2012
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
2. Average realized margin per ounce calculated as average realized gold price in fourth quarter and full year 2012 less total cash costs per ounce during fourth quarter and full year 2012.
9
10. Operational execution
Gold production(1) (thousand ounces)
412
383 387
302
2009 2009 2010 2010 2011 2011 2012 2012
Guidance Actual Guidance Actual Guidance Actual Guidance Actual
Total cash costs(1)(2) ($/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.
10
11. 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.
11
12. 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.
12
13. 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.
13
14. New Afton – Looking to unlock additional value
• Exploration work starting mid-2012 led to two year mine
life extension
• Additional positive results from C-Zone drilling
• Mill throughput averaged 11,706 tonnes per day in
fourth quarter 2012
• Daily record – 13,840 tonnes
• 65 drawbells targeted by mid-2013 to increase ore
access points
• Excess capacity – Gyratory crusher (20,000 tonnes per
day); Conveyor (14,500 tonnes per day)
• Working to optimize mill for sustained higher throughput
• First step – Targeting sustainable 12,000 tonnes per day
by end of 2013
Simultaneously evaluating additional resource potential of C-Zone and optimizing mill for
throughput increases with goal of extending 14-year mine life at higher production rates
14
15. 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 New Gold website for detailed disclosure on reserve and resource calculations.
15
16. Blackwater – A robust project
• Central British Columbia near infrastructure
Measured and Indicated
Gold Resources(1) • Year-round accessibility for drilling/
development
8.1 million ounces • Total 2012 drilling over 270,000 metres project
wide
• Ability to fund continued exploration/
development internally
• Tax synergies with New Afton
• PEA completed September 2012
• Targeting completion of Feasibility Study by
late 2013
• Targeting production in 2017
• Consolidated significant land position –
1,000km2
Notes: 1. Refer to website for detailed disclosure on Reserve and Resource calculations.
2. Blackwater start date based on indicative timeline which is dependent on permit approvals and the determination that the deposit is economically viable.
16
17. Blackwater – Area map
~112km to
Vanderhoof
Capoose
Resource
Blackwater ~160km to
Project Prince George
50km
Blackwater
Resource
80km
17
18. 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.
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. Net asset value and relative performance
Net Asset Value(1) NGD Gold Price
S&P/TSX Gold Index FTSE Gold Mines Index
500% HUI Index
6/1/09 Today
Closing of
450% Richfield
acquisition
Mesquite, Cerro San Pedro, Peak Mines
400%
~ $875 $1,775 350%
+236%
Completed $1.2bn
business
New Afton 300% combination with
Western Goldfields
250%
~ $120 $1,491
200%
+72%
El Morro(2)
150%
2%
~ $40 $697 100% (12%)
50% (16%)
Blackwater(3)
0%
$-- $1,502 25-Aug-10
13-Sep-12
1-Jun-09
18-Nov-11
28-Mar-10
22-Jan-11
21-Jun-11
16-Apr-12
29-Oct-09
6-Feb-13
Source: Broker Reports, Company Estimates and Announcements, Bloomberg, all amounts in USD.
Notes: 1. Street consensus NAV.
2. Current street consensus NAV for El Morro; Includes $50 million cash payment received from Goldcorp as part of transaction consideration.
3. New Gold purchased Richfield and Silver Quest with the deals closing on June 1, 2011 and December 23, 2011, respectively.
4. S&P/TSX Gold Index includes 54 gold companies in various stages of development/production.
20
5. FTSE Gold Mines Index includes 26 gold producing companies.
6. HUI Index includes 15 of the major global gold producers.
21. 2013 catalysts
2013 guidance – increased resources, production growth and lower costs
Blackwater regional exploration update
New Afton C-Zone exploration update
Completion of Blackwater Feasibility Study
New Afton mill to reach 12,000 tonnes per day
Resolution of El Morro temporary permit suspension
Results of New Afton throughput increase evaluation
21
22. The New Gold investment thesis
EXPERIENCED BOARD AND MANAGEMENT
FULLY FUNDED COMPANY WITH STRONG BALANCE SHEET
DIVERSIFIED ASSET BASE IN MINING FRIENDLY JURISDICTIONS
ORGANIC GROWTH OPPORTUNITIES/METAL OPTIONALITY
PRODUCTION GROWTH/MARGIN EXPANSION
INCREASING UNDERLYING ASSET VALUE
MULTIPLE CATALYSTS
COMPELLING INVESTMENT PROPOSITION
22
23. Appendix
Appendices
Page
1. Financial information 24
2. Consolidated operating performance 29
3. Mesquite, Cerro San Pedro, Peak Mines 34
4. New Afton 38
5. El Morro 47
6. Blackwater 53
7. Reserves and resource notes 58
8. Commodity price/foreign exchange assumptions 63
23
24. Appendix 1
Summary of debt
Undrawn Credit Senior Unsecured Notes Senior Unsecured Notes El Morro
Facility (April 2012) (November 2012) Funding Loan
Face Value $150 million(1) $300 million $500 million $65 million
Maturity 1 year with annual April 15, 2020 November 15, 2022 n/a
extensions permitted
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 n/a ~107 ~105 n/a
value
Key features Normal financial • Senior unsecured • Senior unsecured New Gold to
covenants • Redeemable after April • Redeemable after repay Goldcorp
15, 2016 at 103.5% November 15, 2017 at out of 80% of its
Interest Rate down to 100% of face par plus half coupon, 30% share of
• 3.00-4.25% over after 2018 declining ratably to par cash flow once El
LIBOR based on • Unlimited dividends if • Unlimited dividends if Morro starts
ratios leverage ratio below 2:1 leverage ratio below 2:1 production
• Standby fee of
0.75-1.06%
Notes: 1. $50 million currently allocated for Letters of Credit.
24
25. Appendix 1
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
25
26. Appendix 1
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
26
27. Appendix 1
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
27
28. Appendix 1
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: $10 million
28
29. Appendix 2
Fourth quarter and full year 2012 operating asset overview
Mesquite Cerro San Pedro Peak Mines New Afton Total
Q4'12 2012 Q4'12 2012 Q4'12 2012 Q4'12 2012 Q4'12 2012
Gold production (Koz) 29 142 32 138 29 96 23 37 113 412
Gold sales (Koz) 30 142 31 134 26 89 23 30 110 396
Silver production (Koz) -- -- 401 1,939 -- -- -- -- 401 1,939
Silver sales (Koz) -- -- 420 1,926 -- -- -- -- 420 1,926
Copper production (Mlbs) -- -- -- -- 3.6 14.4 17.3 28.5 20.9 42.8
Copper sales (Mlbs) -- -- -- -- 3.0 13.0 16.8 22.6 19.8 35.6
Total cash costs (1) ($/oz) $787 $690 $320 $232 $743 $764 ($1,067) ($1,043) $254 $421
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
29
31. Appendix 2
2013 guidance
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 $30.00 per ounce
Notes: 1. Gold sales range forecast to be 440,000 to 480,000 ounces.
2. Refer to Cautionary Statement and note on Total cash costs.
31
32. Appendix 2
2012 actuals versus 2013 guidance
Gold Production (Koz) Total Cash Costs(1) ($/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-$1.30/lb.
32
34. Appendix 3
Mesquite
Gold Production(1) (Koz) Total Cash Costs(2) ($/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 ~$20 per
and lower production base ounce impact on costs
Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.
2. Refer to Cautionary Statement and note on Total cash costs.
34
35. Appendix 3
Cerro San Pedro
Gold Production(1) (Koz) Silver Production(1) (Moz) Total Cash Costs(2) ($/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
• ~$95 per ounce of increase in costs ounce change in Cerro San Pedro cash costs
attributable to lower silver by-product revenue
• Silver grades decreasing by ~25%
Notes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%; Silver – ~25%.
2. Refer to Cautionary Statement and note on Total cash costs.
35
36. Appendix 3
Peak Mines
Gold Production (Koz) Copper Production (Mlbs) Total Cash Costs(1) ($/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 ~$10 per
increased gold production and lower foreign ounce change in Peak Mines cash costs
exchange rate assumption versus average 2012
exchange rate
Notes: 1. Refer to Cautionary Statement and note on Total cash costs.
36
38. Appendix 4
New Afton
Gold Production (Koz) Copper Production (Mlbs)
74
85
66
75
37 28
2012A 2013E 2012A 2013E
2012A versus 2013E
• New Afton entering first full year of production in 2013 after successful 2012 start-up
• Increased gold production driven by a full year of operations as well as continued recovery improvements,
partially offset by lower gold grade
• Copper production expected to more than double, driven by full year of production as well as increases in
copper grades and recoveries
38
39. Appendix 4
New Afton (cont’d)
Total Cash Costs(1) ($/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.
39
40. Appendix 4
Overview of New Afton mill start-up
• Successful mill start-up
2012 Mill Ramp-Up
• June 28, 2012 – first ore through mill meeting targeted
start date 14,000
• July 31, 2012 – achieved commercial production ahead 11,661
12,252
11,682
12,000 11,183
of schedule Nameplate Capacity
9,734
• September 21, 2012 – achieved full production (11,000 10,000
tonne per day design capacity) over one month ahead 8,000 7,428
of schedule
6,000
• November/December 2012 – scheduled throughput 3,799
decrease to manage stockpile/feed inventory in 4,000
advance of permanent crusher installation in January 2,000
2013
-
• Throughput averages 11,706 tonnes per day in fourth Jun Jul Aug Sep Oct Nov Dec
quarter 2012 Daily average throughput by month (tonnes per day)
• Record daily throughput of 13,840 tonnes
40
41. Appendix 4
Ore access/drawbell development/mining rate
• Drawbell development has been progressing at a
faster rate than planned
• 50 active drawbells required to source 11,000
tonnes per day of ore feed
• Completed 50th drawbell on November 22,
2012
– At December 31, 2012 – 54 drawbells had
been completed
Drawbell Development
• As a result of accelerated drawbell development, 100 ~90
took the opportunity to develop the East Cave, 80 ~65
the benefits of which include: 60 54
40
• Additional ore access points
20
• More consistent annual production profile 0
December 31, 2012 June 30, 2013 December 31, 2013
Target Target
• Added flexibility
It is expected approximately 65 active drawbells would ultimately provide ~25-30% more
ore, resulting in potential for similar increase in mining rate
41
42. Appendix 4
New Afton drawbell development and ore columns
Copper resource grades
Height of Draw
Accelerating East Cave
development for added
flexibility/more ore sources
54 drawbells
in production
at end of 2012
Central Cave
to be activated
Final 11 drawbells later in mine life East Cave
in West Cave production to begin
mid-year
Planned development 42
in 2013
43. Appendix 4
Mining rate increase timeline
• Commission gyratory crusher
• Increase underground mining rate to 11,000 tonnes per day
Q1’2013 • Complete VR7 rehab and implement push/pull ventilation
• Ventilation study to increase overall system capacity
• Increase mining rate to 11,500 tonnes per day
• Ore haulage studies to optimize scoops and trucks
Q2’2013 • Begin mining in East Cave
• Total 65 completed drawbells
Q3’2013 • Continued drawbell development
• Step up mining rate to 12,000 tonnes per day
Q4’2013 • Total 90 completed drawbells
43
44. Appendix 4
Mill capacity
• Record daily throughput of 13,840 tonnes
• 12,250 tonnes per day sustained in October 2012 with
no significant optimization efforts
• Key considerations for increased mill throughput include:
• SAG Mill: Flexibility to optimize mill power and burden
level for finest possible product size distribution over a
wide range of ore conditions
• Ball Mill: Optimize SAG screen deck and hydrocyclone
cluster configurations for SAG/Ball Mill circuit balance;
optimal Ball Mill feed size and classification efficiency
• Flotation: Capacity is adequate for substantial increase
in throughput
• Concentrate Filtration: Existing capacity for incremental
production increase; ample space for installation of third
filter
• Tailings Pumping Capacity: Three stage variable speed
pumps currently running well below maximum
capacities
44
45. Appendix 4
Mill throughput increase timeline
• Optimize crushing and conveying with gyratory crusher
Q1’2013 • Hold mill at 11,000 tonnes per day average, build-up live stockpile
• Crushing and conveying output achieves steady-state – mill matching at
Q2’2013 11,500 tonnes per day average
• Target completion of several efficiency improvements including: cyclones,
Q3’2013 Ball Mill trommel, pebble crusher, screen deck, expert system
• Increase crushing and conveying output as experience is gained
Q4’2013 • Target of mill throughput increase to 12,000 tonnes per day
45
46. Appendix 4
New Afton C-Zone exploration program - Highlights
A-Zone A-Zone
5,400m 5,400m
B-Zone
East Extension
B-Zone
4,900m 4,900m
EA-2
EA-2
EA-9
EA-9
EA-11
EA-21 C-Zone EA-21 EA-11
C-Zone
EA-19
EA-19 *
EA-24
* *
EA-24
* *
Historic “Deep C-Zone” Intercepts
AF-125: 122m @ 1.01 g/t Au, 1.23% Cu * Holes completed - Assays pending
AF-139: 92m @ 1.09 g/t Au, 1.36% Cu
Fourth Quarter 2012 C-Zone Drilling Highlights
Drill Hole From (m) To (m) Interval (m) Au g/t Cu %
EA12-7 424 494 70 1.23 1.19
Drilling highlights not
EA12-9 286 444 158 0.88 0.94
EA12-11 418 528 110 1.05 0.90
included in 2012 year
EA12-19 460 626 166 1.23 1.28
end resource update
EA12-21 488 597 109 1.06 0.95
EA12-24 574 730 156 1.01 1.02
46
47. Appendix 5
El Morro 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.
47
49. Appendix 5
La Fortuna deposit
2012 open pit Proven and
Probable reserves and Measured
and Indicated resources
Underground Inferred
resource with block
cave potential
500 metres
49
50. Appendix 5
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.
50
51. Appendix 5
Selected porphyry gold/copper deposits/mines(1)
Gold
Grade
(g/t)
0.80
0.70
0.60 $38/t $42/t
El Morro
0.50 $51/t
0.40
$27/t
$40/t
0.30
$24/t
$49/t
0.20
0.10
$29/t
Copper
-- Grade
0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% (%)
Agua Rica Alumbrera Cadia-Ridgeway (2) Cerro Casale
Chapada Cobre Panama El Morro Mt. Milligan
Source: Company disclosure.
Notes: 1. Circle sizes are representative of contained metal value of the reserves per tonne of reserve. Contained metal value calculated using Street research consensus long-term commodity pricing.
2. Includes “Cadia East Underground” and “Ridgeway Underground” reserves as indicated in Newcrest’s February 10, 2012 press release; does not include “Other” Cadia province reserves.
51
52. Appendix 5
El Morro relative positioning(1)
El Morro within Goldcorp portfolio
(2)
Gold Reserves Gold Equivalent
Asset Asset
(Moz) (Moz)
Penasquito 16.5 Penasquito 45.2
Pueblo Viejo 10.1 El Morro 15.4
Los Filos 7.8 Pueblo Viejo 11.8
El Morro 5.8 Los Filos 8.7
Cerro Negro 4.5 Cerro Negro 5.2
Notes: 1. Based on Goldcorp’s December 31, 2011 year-end resource statements.
2. Gold equivalent calculated based on the following commodity prices: Gold - $1,595/oz; Silver - $28.75/oz; Copper - $3.50/lb; Lead - $0.88/lb; Zinc - $0.86/lb.
52
53. Appendix 6
Blackwater – Project overview
• Start of production in 2017
• Conventional truck and shovel open pit mine with 60,000 tonnes per day processing plant
• Life-of-mine strip ratio of 2.4 to 1
• Low grade stockpiling strategy
• Simple, conventional flowsheet using whole ore leach process
• Life-of-mine gold and silver recoveries of 87% and 53%, respectively
• Conventional waste rock and Tailings Storage Facility
• Power supply from the hydroelectric power grid, via 133 kilometre transmission line
• Minimal off-site infrastructure required
• Good existing access road; water supply within 15 kilometres
• Low environmental risk and facility designed for closure
53
54. Appendix 6
Blackwater PEA costs – Capital
Project Development Capital Costs • Project is located 112 kilometres southwest
Description Cost ($ million) from Vanderhoof and has access to low cost
hydroelectric power
Direct Costs
Mining & Pre-production Development $208 • Development capital estimate of $1.8 billion is
inclusive of a 24% or $346 million
On Site Infrastructure $181
contingency
Process $539
• Development capital estimated based on the
Tailing and Water Reclaim $74
current cost environment
Infrastructure (Power, Water, Road) $85
Total Direct Costs $1,087
• A parity foreign exchange rate was assumed
and the capital estimate was held constant in
Owner's and Indirect Costs
the economic analysis
Owner's Costs $54
• Sustaining capital of $537 million, reclamation
EPCM $112
and closure costs of $95 million and $72 million
Other Indirects $215 in equipment salvage value
Total Owner's and Indirect Costs $381
Subtotal $1,468 Total development and sustaining
Contingency (24%) $346 capital estimated at $294 per
Total Project $1,814 recoverable gold ounce
54
55. Appendix 6
Blackwater PEA costs – Operating
Mining Costs
Project Operating Costs
4% 4%2% Hauling
Area Unit Cost (C$/t milled) $ per gold ounce produced
4% Auxiliary
Mining $6.21 $259 6% Blasting
G&A
Processing $7.59 $317 9% Drilling
59%
General and Administrative $0.95 $40 11% Loading
General Maint.
Royalty (0.6%) $0.18 $8 General Mine
Refining $0.23 $9
Silver by-product sales at $22.50 per ounce silver ($2.16) ($90) Processing Costs
1% Reagents
Total cash costs(1) net of by-product sales $13.01 $543
6%
8% Grinding
Media/liners
Electricity
17% 44%
Labour
Maint materials
24%
Water Supply
Blackwater’s location near infrastructure, low stripping ratio, access to low cost power and silver
by-product revenue expected to result in the Project having well below industry average cash costs
Note: 1. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.
55
