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Corporate presentation may 2016 (baml)

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Information about Corporate presentation may 2016 (baml)

Published on May 9, 2016

Author: newgold2011

Source: slideshare.net

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1. Corporate Presentation May 2016

2. Cautionary statements 2 ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this presentation, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this presentation include, among others, statements with respect to: guidance for production, total cash costs and all-in sustaining costs, and the factors contributing to those expected results, as well as expected capital and other expenditures; planned activities for 2016 and beyond at the Company’s projects, as well as planned exploration activities and expenses; the expected production, costs, economics and operating parameters of the Rainy River project; targeting timing for development and other activities related to the Rainy River project; expected sequencing for the Blackwater project; and statements with respect to the payment of the remaining $75 million from Royal Gold. All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this presentation, New Gold’s annual and quarterly management’s discussion and analysis (“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 mineral resource estimates; (4) the exchange rate between the Canadian dollar, Australian dollar, Mexican peso and U.S. dollar being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River and Blackwater projects being consistent with New Gold’s current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; (9) the results of the feasibility study for the Rainy River project being realized; (10) in the case of all-in sustaining cost outlooks at the Rainy River project, the assumed exchange rate being C$1.25/US$; and (11) conditions to the payment of the remaining $75 million from Royal Gold being satisfied mid-2016. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia and Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia and Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits for the Rainy River, New Afton C-zone and Blackwater projects; and in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of reserves and resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the feasibility studies for the Rainy River, New Afton C-zone and Blackwater projects; the uncertainty with respect to prevailing market conditions necessary for a positive development decision at 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; 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 process for Blackwater. 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) as well as “Risk Factors” included in New Gold’s disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. The footnotes, endnotes and appendices to this presentation contain important information. The endnotes and appendices are found at the end of the presentation.

3. 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 New Gold investment thesis 15.0 Moz gold reserves(1), >85% located in Canada C$45 million investment by Board & Management 2015 gold production exceeded guidance, 2015 all-in sustaining costs(2) of $809/oz ~800 Koz annual production potential from growth projects(3) Share price outperformed S&P/TSX Global Gold Index by >250% since beginning of 2009 1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 3. Based on 325Koz annual production from Rainy River and ~485Koz annual production from Blackwater, as outlined in the feasibility studies for the projects. 3

4. Portfolio of assets in top-rated jurisdictions 4 1. Source: 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”. Blackwater New Afton Rainy River Mesquite Cerro San Pedro Peak Mines Mine Life: 17 years Mine Life: 12+ years Mine Life: 14 years Mine Life: 7 years + residual leach Mine Life: Final year + residual leach Mine Life: 6+ years #1 CANADA #3 UNITED STATES #5 MEXICO #2 AUSTRALIA OPERATING DEVELOPMENT All Assets Ranked in Top 5 Global Mining Jurisdictions(1) Mineral Reserves(2)

5. 5 Experienced and invested team David Emerson Former Canadian Cabinet Minister James Estey Chairman, PrairieSky Royalty Robert Gallagher President & Chief Executive Officer Vahan Kololian Founder, TerraNova Partners Martyn Konig Chief Investment Officer, T Wealth Management Randall Oliphant Executive Chairman Ian Pearce Partner, X2 Resources Kay Priestly Former Chief Executive Officer, Turquoise Hill Resources Raymond Threlkeld Chairman, Newmarket Gold Randall Oliphant Executive Chairman Robert Gallagher President & Chief Executive Officer David Schummer Executive Vice President & Chief Operating Officer Brian Penny Executive Vice President & Chief Financial Officer Hannes Portmann Executive Vice President, Business Development Executive Management Team Board of Directors

6. 6 2016 first quarter highlights 90,811oz – Gold $354 per oz Total cash costs(1) $758 per oz All-in sustaining costs(2) 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 3. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce is equal to realized gold price per ounce during the period less costs (being cash costs or all-in sustaining costs, as the case may be) per ounce. Production Costs Margin Financial Balance Sheet Rainy River 25.4mlbs – Copper Overall construction currently 35% complete Plant site earthworks over 90% complete and assembly of initial mine fleet complete $82 million in capital expenditures during quarter $298 million Cash balance at March 31, 2016 Further enhanced financial flexibility and increased revenue certainty with gold option contracts $ 62 million Cash generated from operations $ 0.12 Cash flow per share $852 per oz Total cash costs margin(3) $448 per oz All-in sustaining costs margin(3)

7. 2016 consolidated guidance 71. 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”. GOLD PRODUCTION (Koz) 360-400 • Cerro San Pedro transition to residual leaching COPPER PRODUCTION (Mlbs) 81-93 • Lower copper grade at New Afton • Peak Mines focusing on more gold-rich ore bodies TOTAL CASH COSTS(1) ($/oz) $435-$475 • In line with 2015 despite lower by-product revenues ALL-IN SUSTAINING COSTS(2) ($/oz) $825-$865 • Lower gross sustaining costs allocated across a lower gold production base SILVER PRODUCTION (Moz) 1.6-1.8 • In line with 2015 KEY INPUT ASSUMPTIONS Copper $2.00/lb Silver $14.00/oz CDN/USD $1.40 AUD/USD $1.40 MXN/USD $18.00

8. 8 Strong balance sheet 1. Cash and cash equivalents as at March 31, 2016. 2. $122 million of $300 million facility used for Letters of Credit at March 31, 2016. 3. Second instalment of $75 million to be paid when 60% of development capital spent and other customary conditions are satisfied. 4. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce is equal to $1,200 per ounce gold price less mid-point of 2016E all-in sustaining costs per ounce. $551million Liquidity Position $178 million Undrawn Credit Facility(2) Cash and cash equivalents(1) $298 million $75 million Remaining proceeds Rainy River stream(3) 2016E All-in Sustaining Cost Margin(4) Ongoing Sustaining Free Cash Flow Generation ~$355 /oz

9. Reinvesting free cash flow generation 91. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce is equal to $1,200 per ounce gold price less mid-point of 2016E all-in sustaining costs per ounce. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 2016E All-in Sustaining Cost Margin(1) ~$355 /oz +75% of expected 2016 company production at lower all-in sustaining costs(2) Rainy River Opportunity to extend mine life of New Gold’s most significant cash flow generator New Afton C-zone +120% of expected 2016 company production at lower all-in sustaining costs(2) Blackwater Investing in longer-lived, larger-scale, lower-cost assets

10. 10 Rainy River project summary 1. Source: Based on 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”. 2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”. Mineral resources are exclusive of reserves. • 17km tie-in to power and close to regional infrastructure • Land package over 190 square kilometres • Supportive local government and community Ontario, Canada Gold Reserves 3.1Moz at 1.0g/t Open Pit Underground 0.7Moz at 5.0g/t 3.8Moz #1 Gold M&I Resources 2.0Moz at 0.8g/t Open Pit Underground 0.6Moz at 3.7g/t 2.6 Moz Jurisdiction Resource Scale(2) Secured low power rates through 2024

11. Rainy River overview 11 Start-up planned for mid-2017 Overall Construction 35% complete Through April 2016 Capital Spent Project to Date $394 million Through March 2016 2016 Capital Spend Estimate $500 million $82 million spent in first quarter 2016 August 2015April 2015 April 2016November 2015

12. 12 Rainy River project economics 1. Net present value discounted to March 31, 2016 and excludes historical project development costs. IRR and payback period inclusive of all project development costs. $100 million initial stream deposit not included as a net reduction to capital costs in calculating net present value. Assumes second instalment of stream proceeds of $75 million paid in mid-2016. 2. First five years. 3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. First nine years. 4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. First nine years. $670 /oz ALL-IN SUSTAINING COSTS(4) Gold Price ($/oz) Silver Price ($/oz) CDN/USD ($) $1,200 $15.00 $1.40 After-tax 5% NPV ($mm) $760 IRR (%) 15.3 Payback (years) 5.2 $570 /oz TOTAL CASH COSTS(3) Project Economics(1) Grade, Production and Cost Profiles • Capital and operating costs benefit from a depreciation of Canadian dollar • ~80% of costs denominated in Canadian dollars • In addition, operating costs expected to benefit from: proximity to infrastructure, lower power costs, ~1.5 g/t average head grade(2) and silver by-product GOLD PRODUCTION (Koz) 325 • $100 per ounce change in gold price equals ~$190 million change in after-tax NAV and 4.0% change in IRR • $0.05 change in exchange rate equals ~$55 million change in after-tax NAV and 1.3% change in IRR 14-year base case mine life

13. 13 New Afton C-zone opportunity Based on the feasibility study, during the years of full production, average annual pre-tax cash flow of ~$200 million • Feasibility Study outlined plan to mine/process 25 million tonnes of material from C-zone and potential to extend mine life by over five years • Added 583 thousand ounces of gold and 430 million pounds of copper to reserves • Development capital of $402 million, includes $41 million provision for capital escalation and $88 million for contingency • Additional drilling planned in 2016 to further expand C-zone • Resource remains open at depth and to the west Feasibility Study Highlights 1,180m C-zone Block Cave VolumeOpen to West Open at depth Main Zone Extraction Level C-zone Measured Indicated Inferred

14. Blackwater highlights 14 1. Development capital assumes $1.25 CDN/USD exchange rate. 2. Mineral resources are exclusive of reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”. 3. First nine years. 4. Gold revenue at $1,200 per ounce, silver revenue at $15 per ounce. 5. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce equal to $1,200 per ounce less all-in sustaining costs of $590 per ounce. Margin in millions (pre-tax) equal to margin per ounce multiplied by average annual gold production of 485Koz. 2 Flagship asset already in portfolio Gold Reserves(2) Annual Production(3) Sustaining Cost Margin(5) Regional Upside ~1,100km Land Package $610 /oz Life-of-Mine Revenue($B)(4) Gold Silver 485Koz 1.8Moz Gold Silver $8.4 $0.5 8.2Moz ~$295 million ~$1,576 million Development Capital(1) • 2016 Plan: Complete Federal Environmental Assessment process by late 2016/early 2017

15. Strong Canadian presence 151. Source: 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”. 2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”. OPERATING DEVELOPMENT 1.2 Moz Gold Reserve(2) 1.1 Blb Copper Reserve(2) 2015 operating margin: $187 million New Afton (production) 3.8 Moz Gold Reserve(2) 9.4 Moz Silver Reserve(2) >190km2 land package Rainy River (construction) 8.2 Moz Gold Reserve(2) 60.8 Moz Silver Reserve(2) >1,100km2 land package Blackwater (permitting) Top global mining jurisdiction(1) >85% gold reserves(2) in Canada Significant Canadian dollar exposure ~70% of cash flow generated from Canadian operations ~25% gold production from Canadian assets • >55% with Rainy River in full production Our Footprint in Canada New Gold has multiple organic growth options in its portfolio

16. 16 New Gold looking forward Organic Growth Projects(2) Current Portfolio 15+ years ~$620 /oz Average Annual Gold Production Per Asset All-in Sustaining Costs(3) Weighted Average ~7 years ~100 Koz ~$845 /oz Average Mine Life Investing in longer-lived, larger-scale, lower-cost assets ~400 Koz (1) >2x 4x ($225)/oz 1. Based on 12 years at New Afton (including C-zone), seven years at Mesquite, six years at Peak Mines and one year at Cerro San Pedro. 2. Based on 325Koz annual production from Rainy River (first nine years) and ~485Koz annual production from Blackwater (first nine years) as outlined in the feasibility studies and all-in sustaining costs for the projects as outlined in the feasibility studies. 3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

17. 17 A history of value creation Performance since beginning of 2009 1. S&P/TSX Global Gold Index includes 35 gold companies in various stages of development/production. New Gold (NYSE MKT) 216% Gold Price 44% S&P/TSX Global Gold Index(1) (37%) 17.9% 5.3% (6.3%) Compound Annual Growth Rate • New Gold/Western Goldfields business combination announced in March 2009

18. Catalysts 18 Announce strong 2015 results Complete New Afton C-zone feasibility study Advance Rainy River construction Exploration drilling on C-zone Peak Mines regional exploration Rainy River regional exploration Blackwater permitting

19. New Gold investment thesis 19 Establishing the leading intermediate gold company Invested and experienced team Portfolio of assets in top-rated jurisdictions Peer-leading growth pipeline A history of value creation Among lowest-cost producers with established track record

20. Appendices 20 Appendices Page 1. Corporate 21 2. New Afton 33 3. Other Operations – Mesquite, Peak Mines, Cerro San Pedro 40 4. Rainy River 43 5. Blackwater 50 6. Exploration and Reserves and Resources 52

21. Summary of debt 21 Undrawn Credit Facility Senior Unsecured Notes (April 2012) Senior Unsecured Notes (November 2012) Face Value $300 million(1) $300 million $500 million Maturity 4 years with annual extensions permitted April 15, 2020 November 15, 2022 Interest Rate See ‘Key features’ 7.00% 6.25% Payable Revolving credit Semi-annually Semi-annually Conversion price n/a n/a n/a Current trading value n/a ~97 ~92 Key features • See Credit Facility overview • Senior unsecured • Redeemable after April 15, 2016 at 103.5% down to 100% of face after 2018 • Unlimited dividends if leverage ratio below 2:1 • Senior unsecured • Redeemable after November 15, 2017 at par plus half coupon, declining ratably to par • Unlimited dividends if leverage ratio below 2:1 1. $122 million of $300 million facility used for Letters of Credit at March 31, 2016. Appendix 1

22. 22 • At current gold, silver and copper prices, New Gold remains below the original Net Debt/EBITDA ratio through the Rainy River construction period • Considering the recent volatility in metal prices, for additional flexibility New Gold has negotiated a higher Net Debt/EBITDA covenant Credit facility overview Current covenant terms provide greater flexibility to access credit facility in the event of lower metal prices Revolving credit facility (expires August 14, 2019) $300 Letters of credit issued $122 Undrawn credit facility $178 Revolving Credit Facility at March 31, 2016 ($mm) Prior Terms Current Terms At Mar 31, 2016 EBITDA/Interest > 3.0x > 3.0x 5.0x Maximum Net Debt/EBITDA 3.5x Q3 2016 4.0x Q4’16-Q2’17 4.5x Thereafter 3.5x 2.3x Credit Facility Financial Covenants Appendix 1

23. 25 27 20 19 23 Mine-by-mine operating results Total cash costs(1) ($/oz) All-in sustaining costs(2) ($/oz) 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. New Afton co-product cash costs: First quarter: Gold - $487/oz, Copper - $0.87/lb. 4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. New Afton co-product all-in sustaining costs: First quarter: Gold - $631/oz, Copper - $1.12/lb. 2016 First Quarter Gold production (Koz) ($641) $626 $780 $934 ($268) $1,101 $1,024 $952 GOLD PRODUCTION (oz) 90,811 TOTAL CASH COSTS(1) ($/oz) $354 ALL-IN SUSTAINING COSTS(2) ($/oz) $758 Appendix 1

24. Consolidated financial summary 24 Three months ended March 31 (in millions of U.S. dollars, except per share amounts) 2016 2015 Revenues $155 $169 Operating margin(2) 73 69 Adjusted net (loss)(3) nil (5) Adjusted net (loss) per share(3) nil (0.01) Net earnings/(loss) 27 (44) Net earnings/(loss) per share 0.05 (0.09) Cash generated from operations before changes in non-cash operating working capital(4) 62 67 Cash generated from operations 62 70 1. Refer to Endnote on average realized prices under the heading “Non-GAAP Measures”. 2. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”. 3. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”. 4. Refer to Endnote on net cash generated from operations before changes in working capital under the heading “Non-GAAP Measures”. GOLD ($/oz): (2%) COPPER ($/lb): (17%) SILVER ($/oz): (12%) Average Realized Prices(1) Financial Summary Appendix 1 $1,229 $1,206 $2.59 $2.14 $16.65 $14.72

25. Detailed operating results and assumptions 25 Appendix 1 2015A 2015A 2015A Tonnes processed (000 tonnes) 5,097 5,400 - 5,600 19,987 13,900 - 14,300 723 580 - 600 Total tonnes mined (000 tonnes) 5,255 6,900 - 7,100 58,778 56,500 - 60,500 693 600 - 620 Strip ratio -- -- - -- 1.9 3.1 - 3.2 -- -- - -- Gold grade (g/t) 0.78 0.66 - 0.70 0.34 0.43 - 0.47 4.19 4.80 - 5.00 Silver grade (g/t) -- -- - -- -- -- - -- -- -- - -- Copper grade (%) 0.90% 0.80% - 0.84% -- -- - -- 1.00% 0.60% - 0.70% Gold recovery(1) (%) 82.5% 79.0% - 81.0% 61.7% 93.0% 91.0% - 93.0% Silver recovery (%) -- -- - -- -- -- - -- -- -- - -- Copper recovery (%) 84.9% 81.0% - 83.0% -- -- - -- 88.3% 87.0% - 89.0% Production Gold production (Koz) 105.5 90.0 - 100.0 134.9 130.0 - 140.0 89.9 80.0 - 90.0 Silver production (Koz) -- -- - -- -- -- - -- -- -- - -- Copper production (Mlbs) 86.0 75.0 - 85.0 -- -- - -- 14.0 6.0 - 8.0 Reserve Grade at December 31, 2015 Gold grade (g/t) Silver grade (g/t) Copper grade (%) 1.29% 2.89 6.9 Mesquite 2016E 2016E New Afton Peak Mines 2016E ~65% 0.82% -- 0.62 0.55 2.1 -- 1. Represents implied recoveries.

26. 2016 all-in sustaining costs sensitivities 26 Appendix 1 Category Copper Price Silver Price CDN/USD AUD/USD MXN/USD Base Assumption $2.00 $14.00 $1.40 $1.40 $18.00 Sensitivity +/-$0.25 +/-$1.00 +/-$0.05 +/-$0.05 +/-$1.00 COST PER OUNCE IMPACT New Afton +/-$210 -- +/-$55 -- -- Mesquite -- -- -- -- -- Peak Mines +/-$20 -- -- +/-$35 -- Cerro San Pedro -- +/-$20 -- -- +/-$30 New Gold Total +/-$55 +/-$5 +/-$20 +/-$10 +/-$5 NEW GOLD 2016 ALL-IN SUSTAINING COSTS(1) - KEY SENSITIVITIES 1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

27. 27 2016 guidance 1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 3. Sustaining capital based on New Gold’s 2016 estimated capital expenditures including capitalized exploration and excluding expenditures related to growth-related initiatives. 4. General and administrative and other includes stock-based compensation and asset retirement obligation. All-in Sustaining Costs(1) $825-$865 /oz Total cash costs(2) Sustaining capital(3) General and administrative and other(4) Sustaining exploration expense $435-$475 ~$280 ~$80 ~$30 Gold Production (Koz) 400 360 Appendix 1

28. 28 2016 capital expenditures by category Sustaining Capital: ~$105 million Growth Capital: ~$510 million Mesquite $55 million New Afton $38 million Peak Mines $12 million Rainy River $500 million Blackwater $5 million New Afton $5 million Total Capital Expenditures ~$615 million Appendix 1

29. 29 2016 capital expenditures by category (cont’d) Rainy River Mesquite New Afton • $405 million – mining, infrastructure and process facilities • $95 million – owners’ costs, indirects and other • $35 million – capitalized stripping • $12 million – plant and equipment • $8 million – complete leach pad expansion • $38 million – mine development, plant and equipment • $5 million – C-zone studies, C-zone capitalized exploration Sustaining capital Peak Mines Blackwater • $12 million – plant and equipment and capitalized exploration • $5 million – permitting, environmental studies and site support $500 million $55 million $43 million $12 million $5 million Appendix 1

30. 2015 corporate developments 30 1. Assumes receipt of second instalment of $75 million from Royal Gold. Second instalment of $75 million is to be paid when 60% of development capital spent and other customary conditions are satisfied. ~$330 million improvement in financial position without equity issuance • The two transactions collectively increased our liquidity position by ~$235 million and eliminated $94 million of debt(1) Sale of $175 million Rainy River stream to Royal Gold Sale of 30% interest in El Morro to Goldcorp July 2015 November 2015 Appendix 1

31. Stream comparison 31 1. Does note include portion of stream attributable to silver. New Gold to deliver 60% of the project's silver production up to a total of 3.1 million ounces of silver, and 30% of the project's silver production thereafter. Royal Gold to pay 25% of the average silver spot price. 2. M&I resources are exclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”. Initial gold stream percentage 4% 6.5% Average annual stream ounces (Koz) >16 ~16 Total gold reserves(2) (Moz) 8.9 3.8 Reserves subject to stream (Koz) 357 247 Transfer price pre-threshold ($ per ounce) $400 25% of spot gold price Ounce threshold (Koz) 217 230 Gold stream percentage post-threshold 4% 3.25% M&I gold resources subject to stream (exclusive) (Koz) 49 85 Inferred resources subject to stream (Koz) 258 24 Transfer price post-threshold ($ per ounce) $400 + 1% inflation factor 25% of spot gold price El Morro Stream Retained Rainy River Stream Sold (gold portion)(1) Appendix 1

32. 2016 total liquidity 32 $336 $75 ~$135 ~$45 $184 ($52) ~($500) ~($10) $213 YE2015 Cash RGLD Stream Deposit AISC Margin Working Capital Credit Facility Interest Rainy River Capital Other Growth Capital YE2016 Total Liquidity 1. Assumes receipt of second instalment of $75 million from Royal Gold. Second instalment of $75 million is to be paid when 60% of development capital spent and other customary conditions are satisfied. 2. Refer to Endnote on all-in sustaining costs margin under the heading “Non-GAAP Measures”. Based on $1,200 per ounce gold price. Assumes mid-point of production guidance range and all-in sustaining costs guidance range, and commodity price and exchange rate assumptions used for all-in sustaining costs estimates. 3. $116 million of $300 million facility used for Letters of Credit at December 31, 2015. (2) Indicative Cash Continuity Schedule ($mm) (1) (3) Approximately $100 change in gold price equals ~$38 million change in AISC Margin Appendix 1

33. New Afton – 2016 guidance 33 ($335)-($295) $95-$135 • Gold and copper production decreases due to lower gold and copper grades • Higher costs due to lower by-product revenues • $0.25 per pound change in copper price equals ~$210 per ounce change in New Afton all-in sustaining costs(2) • $0.05 change in Canadian dollar exchange rate equals ~$55 per ounce change in New Afton all-in sustaining costs(2) 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Co-product cash costs guidance: Gold - $505-$545 per ounce, Copper - $0.90-$1.05 per pound. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Co-product all-in sustaining costs guidance: Gold - $660-$700 per ounce, Copper - $1.20-$1.35 per pound. • Gold production of ~85,000 ounces and copper production of ~80 million pounds Gold Production (Koz) Copper Production (Mlbs) Total Cash Costs(1) ($/oz) All-in Sustaining Costs(2) ($/oz) 90-100 75-85 Overview Key Sensitivities 2017 Outlook Appendix 2

34. $219 $246 $305 $432 $596 $793 $333$90 $396 $441 $557 $466 $607 $336 $701 $873 $1,153 $1,259 $940 Early 2010 Mid-2010 Early 2011 Mid-2011 Early 2012 Mid 2012 Mar 2016 New Afton value creation 34 VALUE CREATION ($mm) Capital Spend ($mm) $11million Value Creation(2) $ 940 millionCurrent NAV Net Investment(1) $ 607 million / $ 333 million $ 1.19 per sh. Significant value creation realized 12-18 months prior to start-up 1. Net investment equal to total development capital of $793 million plus sustaining and growth capital of $322 million (mid-2012 to March 31, 2016) less total operating margin of $782 million (mid-2012 to March 31, 2016). Operating margin calculated as revenue less operating expenses. 2. Value creation equal to current New Afton analyst consensus net asset value less net investment. Achieved commercial production Copper Price ($/lb) Gold Price ($/oz) Foreign Exchange (CDN/USD) ~$1,100 ~$3.25 $1.05 $1,230 $2.25 $1.27 NAV ($mm) Appendix 2

35. New Afton C-zone update 35 1,180m C-zone Block Cave Volume Open to West Open at depth Main Zone Extraction Level C-zone Measured Indicated Inferred Appendix 2

36. 361. M&I resources exclusive of reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”. New Afton C-zone reserves and resources Resource remains open at depth and to the west • Added 583 thousand ounces of gold and 430 million pounds of copper • C-zone originally identified through limited deep holes drilled from surface prior to 2007 • Since July 2012 have completed 138 holes totaling 85,585 metres and continually updated resource • Additional drilling planned in 2016 to further expand C-zone Tonnes (000s) Gold (g/t) Copper (%) Gold (Koz) Copper (Mlbs) Proven - - - - - Probable 25,040 0.72 0.78 583 430 Total P&P 25,040 0.72 0.78 583 430 Measured 2,230 1.05 1.21 75 59 Indicated 15,462 0.79 0.96 392 326 Total M&I 17,693 0.82 0.99 467 385 Inferred 6,856 0.48 0.54 106 87 2015 Year-End C-zone Reserves and Resources(1) Appendix 2

37. New Afton C-zone – Scoping study versus feasibility study 37 2015 Scoping Study 2016 Feasibility Study Total tonnes mined/processed (Mt) 21.5 25.0 Average gold grade (g/t) 0.76 0.72 Average copper grade (%) 0.80 0.78 Contained metal – Gold (Koz) 522 583 Contained metal – Copper (Mlbs) 377 430 Mine life (years) 5 5.5 Average full-year gold production (Koz) 107 108 Average full-year copper production (Mlbs) 77 81 Development capital ($mm) 349 402 Sustaining capital ($mm) 110 107 Average operating cost ($/t) 19.24 19.35 • The below table compares the 2015 scoping study to the current feasibility study results C-zone: Scoping Study versus Feasibility Study(1) 16% increase in ore tonnes Increase primarily driven by the inclusion of a $41 million provision for capital escalation given six year development timeline 1. CDN/USD exchange rate of $1.25. 12% increase in contained gold 14% increase in contained copper Appendix 2

38. New Afton C-zone indicative timeline 38 Significant capital spending to begin well after Rainy River start-up Rainy River start-up + 1 year + 2 years + 3 years + 4 years + 5 years + 6 years Targeted milestones FIRST PRODUCTION DEVELOP BLOCK CAVE PRODUCTION LEVELS COMPLETE MAIN ACCESS RAMP Over 70% of $402 million development capital expected to be spent in the final 3.5 years • Based on market conditions and the receipt of permits, development of the C-zone could begin after the start-up of Rainy River Appendix 2

39. New Afton C-zone – Feasibility study economics 39 2015 Scoping Study 2016 Feasibility Study After-tax 5% NPV ($mm) 68 84 After-tax IRR (%) 9.7 10.3 After-tax Payback (years) 3.4 3.4 Gold price ($/oz) $1,200 Copper price ($/lb) $2.75 CDN/USD ($) $1.25 C-zone: Project Economics C-zone: Key Sensitivities Based on the feasibility study, during the years of full production, average annual pre-tax cash flow of ~$200 million $0.25 per pound change in copper price ~$34 million in after-tax NPV and 1.9% change in IRR $100 per ounce change in gold price ~$18 million in after-tax NPV and 1.0% change in IRR $0.05 change in exchange rate ~$24 million in after-tax NPV and 1.5% change in IRR Appendix 2

40. Mesquite – 2016 guidance 40 $590-$630 $1,015-$1,055 • 2016 production expected to remain in line with 2015 • Decrease in costs attributable to continued operational efficiencies and lower diesel prices • Production expected to increase to over 150,000 ounces as gold grade should continue to increase • Higher production is scheduled to be coupled with lower costs 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Gold Production (Koz) Total Cash Costs(1) ($/oz) All-in Sustaining Costs(2) ($/oz) 130-140 Overview 2017 Outlook Appendix 3

41. Peak Mines – 2016 guidance 41 $800-$840 $1,020-$1,060 • Gold production expected to remain in line with 2015 • Copper production expected to decrease as 2016 mine plan intentionally focuses on mining more gold-rich ore bodies • $0.25 per pound change in copper price equals ~$20 per ounce change in Peak Mines all-in sustaining costs(2) • $0.05 change in Australian dollar exchange rate equals ~$35 per ounce change in Peak Mines all-in sustaining costs(2) 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. • Gold-copper production mix will be optimized to maximize cash flow and profitability for 2017 Gold Production (Koz) Copper Production (Mlbs) Total Cash Costs(1) ($/oz) All-in Sustaining Costs(2) ($/oz) 80-90 6-8 Overview Key Sensitivities 2017 Outlook Appendix 3

42. Cerro San Pedro – 2016 guidance 42 $755-$795 $765-$805 • Decrease in production as mine transitions to residual leaching • Costs to decrease relative to 2015 • $1.00 per ounce change in silver price equals ~$20 per ounce change in Cerro San Pedro all-in sustaining costs(2) • $1.00 change in Mexican peso exchange rate equals ~$30 per ounce change in Cerro San Pedro all-in sustaining costs(2) 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. • Gold production from residual leaching expected to be approximately 25 thousand ounces • Silver production expected to be approximately one million ounces Gold Production (Koz) Silver Production (Moz) Total Cash Costs(1) ($/oz) All-in Sustaining Costs(2) ($/oz) 60-70 1.3-1.5 Overview Key Sensitivities 2017 Outlook Appendix 3

43. Rainy River site layout 43 Appendix 4

44. Rainy River plant site construction photos 44 August 2015April 2015 Appendix 4

45. Rainy River plant site construction photos (cont’d) 45 October 2015 November 2015 Appendix 4

46. Rainy River plant site construction photos (cont’d) 46 December 2015 February 2016 Appendix 4

47. 47 Rainy River first quarter 2016 update • Overall construction currently 35% complete • Plant site earthworks – over 90% complete • Concrete placement – over 50% complete • Grinding building fully enclosed with steel erection in progress on process building • Installation of mechanical, piping, electrical and instrumentation in grinding building began in April • Power line construction – 85% complete • Construction of water and tailings management facilities impacted by ground conditions • Assembly of initial mine fleet complete • Material moved for mine development on target • No Lost Time incidents since New Gold acquired the project in 2013 Precast foundations for preleach thickener Aerial view of west side of the mill Rainy River Appendix 4

48. Rainy River 2016 capital expenditures and program 48 • Advance overall construction to 75% • Ramp-up of pre-production mining activities • Continued commissioning of mobile fleet • Process plant construction • Complete concrete and structural steel work by mid-year • Advance mechanical, piping, electrical and instrumentation installation to 50% completion • Water management pond complete; commence storage of water for start-up • Transmission line complete and energized • Advance tailings dam construction to 60% Description ($mm) Mining $47 On-Site Infrastructure 59 Process Plant 204 Tailings Facilities 71 Access Corridor 10 Off-Site Facilities 14 Indirect Costs 63 Owners’ Costs 32 Total $500 2016 Capital Expenditure Details 2016 Program Appendix 4

49. Rainy River timeline 49 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Targeted milestones Start-up planned for mid-2017 COMMISSIONING PRE-STRIP & PIT DEVELOPMENT TAILINGS & WATER MANAGEMENT FACILITIES CONSTRUCTION PROCESS PLANT CONSTRUCTION POWER LINE CONSTRUCTION Z Appendix 4

50. Blackwater project summary 50 British Columbia, Canada #1 Country Ranking(1) 8.2 Moz Gold Reserves 1.3 Moz Gold M&I Resources Complete Federal Environmental Assessment process by late 2016/ early 2017 First nine years: 485 Koz Annual Gold Production 1.8 Moz Annual Silver Production $590/oz All-in Sustaining Costs(3) 17-year Mine Life 60.8 Moz Silver Reserves 7.8 Moz Silver M&I Resources Jurisdiction and Regional Upside 2013 Feasibility Study Significant Gold and Silver Resource(4) 2016 Plan ~$1,576 million Development Capital(2) 1. Source: 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”. 2. Development capital assumes $1.25 CDN/USD exchange rate. 3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 4. Mineral resources are exclusive of reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”. ~1,100 km2 Land Package Appendix 5

51. 51 Blackwater – Project economics • Assumes construction begins in 2018 • $0.05 change in exchange rate equals ~$100 million change in after-tax NAV and 1.2% change in IRR • $100 per ounce change in gold price equals ~$240 million change in after-tax NAV and 2.3% change in IRR Gold Price ($/oz) Silver Price ($/oz) CDN/USD ($) $1,200 $15.00 $1.25 After-tax 5% NPV ($mm) $680 IRR (%) 11.9 Payback (years) 5.1 Appendix 5 17-year base case mine life

52. 2016 exploration program overview 52 Rainy River $4 million Expensed - $2 million New Afton Sustaining exploration Growth exploration $12 million Capitalized - $2 million Peak Mines Capitalized - $2 million Expensed - $6 million New Afton Expensed - $4 million Appendix 6

53. 2016 exploration program overview 53 1,180m C-zone Block Cave Volume Open to West Open at depth Main Zone Extraction Level C-zone Measured Indicated Inferred 2016 Program New Afton • Test potential to extend C-zone block cave resource to west • Underground and surface reconnaissance drilling to test newly identified satellite targets • 10,000 metre drill program Appendix 6

54. 2016 exploration program overview (cont’d) 54 2016 Program Rainy River • Continue to advance district reconnaissance and target identification Peak Mines • Chronos – underground diamond drilling to expand inferred status and upgrade central gold lens to M&I status • Anjea – surface diamond drilling to delineate resource to inferred status • Mine Corridor – surface and underground drilling to test newly identified mine corridor targets at Burrabungie, Dapville, Gladstone, Mt. Pleasant, Young Australian Positive results from initial reconnaissance drilling2016: 10,000 metres of drilling 2016: 10,000 metres of drilling Appendix 6

55. 55 1. 2014 information per Annual Information Form dated March 27, 2015. Reserves and resources summary Appendix 6 Gold Koz Silver Moz Copper Mlbs Gold Koz Silver Moz Copper Mlbs Proven and Probable reserves 14,985 76 1,193 17,646 82 2,821 New Afton 1,228 4 1,112 760 3 781 Mesquite 1,492 - - 1,679 - - Peak Mines 267 1 82 375 1 89 Cerro San Pedro 13 0 - 215 8 - Rainy River 3,814 9 - 3,772 9 - Blackwater 8,170 61 - 8,170 61 - El Morro (30%) - Sold interest during 2015 - - - 2,675 - 1,951 Measured and Indicated resources (exclusive of reserves) 6,659 34 1,065 8,094 34 1,728 Inferred resources 1,844 24 194 3,488 21 1,746 MINERAL RESERVES AND RESOURCES SUMMARY TABLE Asat December 31, 2015 Asat December 31, 2014

56. 56 Reserves and resources summary (cont’d) Appendix 6 Mineral Reserves estimate as at December 31, 2015 Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs NEW AFTON A&B Zones Proven - - - - - - - Probable 36,510 0.55 2.4 0.85 646 2,765 681 C Zone Proven - - - - - - - Probable 25,040 0.72 1.8 0.78 583 1,447 430 Total New Afton P&P 61,550 0.62 2.1 0.82 1,228 4,212 1,112 MESQUITE Proven 8,473 0.51 - - 139 - - Probable 75,807 0.56 - - 1,353 - - Total Mesquite P&P 84,280 0.55 - - 1,492 - - PEAK MINES Proven 1,520 3.31 7.2 1.30 162 349 44 Probable 1,360 2.42 6.7 1.29 105 291 38 Total Peak Mines P&P 2,870 2.89 6.9 1.29 267 640 82 CERRO SAN PEDRO Proven 289 0.35 9.7 - 3 90 - Probable 748 0.41 13.7 - 10 329 - Total CSP P&P 1,038 0.40 12.6 - 13 419 - Metal grade Contained metal

57. 57 Reserves and resources summary (cont’d) Appendix 6 Mineral Reserves estimate as at December 31, 2015 Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs RAINY RIVER Direct processing material Open Pit Proven 17,001 1.40 2.0 - 763 1,075 - Probable 52,950 1.18 2.8 - 2,003 4,690 - Open Pit P&P (direct processing) 69,952 1.23 2.6 - 2,766 5,765 - Underground Proven - - - - - - - Probable 4,499 5.00 11.8 - 723 1,709 - Underground P&P (direct processing) 4,499 5.00 11.8 - 723 1,709 - Stockpile material Open Pit Proven 5,496 0.37 1.5 - 65 259 - Probable 23,302 0.35 2.3 - 261 1,701 - Open Pit P&P (stockpile) 28,798 0.35 2.1 - 325 1,959 - Total P&P Proven 22,498 1.14 1.8 - 828 1,333 - Probable 80,752 1.15 3.1 - 2,987 8,100 - Total Rainy River P&P 103,250 1.15 2.8 - 3,814 9,433 - BLACKWATER Direct processing material Proven 124,500 0.95 5.5 - 3,790 22,100 - Probable 169,700 0.68 4.1 - 3,730 22,300 - P&P (direct processing) 294,200 0.79 4.7 - 7,520 44,400 - Stockpile material Proven 20,100 0.50 3.6 - 325 2,300 - Probable 30,100 0.34 14.6 - 325 14,100 - P&P (stockpile) 50,200 0.40 10.2 - 650 16,400 - Total Blackwater P&P 344,400 0.74 5.5 - 8,170 60,800 - Total P&P 14,985 75,504 1,193 Metal grade Contained metal

58. 58 Reserves and resources summary (cont’d) Appendix 6 Measured and Indicated Mineral Resource estimate (exclusive of Reserves) as at December 31, 2015 Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs NEW AFTON A&B zones Measured 16,940 0.69 2.1 0.87 377 1,134 325 Indicated 10,512 0.46 2.2 0.68 156 749 157 A&B Zone M&I 27,451 0.60 2.1 0.80 534 1,878 482 C-zone Measured 2,230 1.05 2.2 1.21 75 161 59 Indicated 15,462 0.79 2.2 0.96 392 1,075 326 C-zone M&I 17,693 0.82 2.2 0.99 467 1,226 386 HW Lens Measured - - - - - - - Indicated 10,560 0.51 2.1 0.44 174 703 102 HW Lens M&I 10,560 0.51 2.1 0.44 174 703 102 Total New Afton M&I 55,704 0.66 2.1 0.79 1,175 3,809 971 MESQUITE Measured 4,595 0.40 - - 60 - - Indicated 50,524 0.47 - - 771 - - Total Mesquite M&I 55,119 0.47 - - 831 - - PEAK MINES Measured 2,000 3.56 5.9 0.94 220 370 41 Indicated 2,100 3.20 8.9 1.14 220 610 53 Total Peak Mines M&I 4,100 3.37 7.5 1.04 440 980 94 CERRO SAN PEDRO Measured - - - - - - - Indicated - - - - - - - Total CSP M&I - - - - - - - Metal grade Contained metal

59. 59 Reserves and resources summary (cont’d) Appendix 6 Measured and Indicated Mineral Resource estimate (exclusive of Reserves) as at December 31, 2015 Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs RAINY RIVER Direct processing material Open Pit Measured 3,294 1.19 1.8 - 127 185 - Indicated 37,530 1.15 3.5 - 1,391 4,189 - Open Pit M&I (direct processing) 40,824 1.15 3.3 - 1,518 4,374 - Underground Measured - - - - - - - Indicated 4,834 3.74 12.6 - 581 1,952 - Underground M&I (direct processing) 4,834 3.74 12.6 - 581 1,952 - Stockpile material Open Pit Measured 1,244 0.35 1.3 - 14 51 - Indicated 36,360 0.43 2.5 - 500 2,942 - Open Pit M&I (stockpile) 37,604 0.43 2.5 - 514 2,993 - Total M&I Measured 4,538 0.97 1.6 - 141 236 - Indicated 78,724 0.98 3.6 - 2,472 9,083 - Total Rainy River M&I 83,262 0.98 3.5 - 2,613 9,319 - BLACKWATER Direct processing material Measured 289 1.39 6.6 - 13 61 - Indicated 41,128 0.86 4.5 - 1,135 5,950 - M&I (direct processing) 41,417 0.86 4.5 - 1,147 6,012 - Stockpile material Measured - - - - - - - Indicated 14,070 0.32 4.0 - 144 1,809 - M&I (stockpile) 14,070 0.32 4.0 - 144 1,809 - Total Blackwater M&I 55,487 0.72 4.4 - 1,292 7,821 - CAPOOSE Indicated 17,671 0.54 22.1 - 308 12,562 - Total M&I 6,659 34,491 1,065 Metal grade Contained metal

60. 60 Reserves and resources summary (cont’d) Appendix 6 Inferred Resource estimate as at December 31, 2015 Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs NEW AFTON A&B-zones 6,875 0.35 1.3 0.36 77 296 55 C-zone 6,856 0.48 1.5 0.54 106 328 87 HW Lens 969 0.69 1.5 0.46 21 45 10 Total New Afton Inferred 14,702 0.43 1.4 0.45 205 672 145 MESQUITE 4,858 0.37 - - 59 - - PEAK MINES 2,000 3.14 10.9 1.13 200 690 49 CERRO SAN PEDRO - - - - - - - RAINY RIVER Direct processing Open Pit 10,699 0.84 1.8 - 289 621 - Underground 2,591 4.21 7.8 - 351 646 - Total Direct Processing 13,290 1.50 3.0 - 640 1,267 - Stockpile Open Pit 9,876 0.36 1.1 - 113 339 - Total Rainy River Inferred 23,166 1.01 2.2 - 753 1,606 - BLACKWATER Direct processing 10,378 0.80 3.7 - 266 1,235 - Stockpile 2,493 0.33 3.1 - 27 248 - Total Blackwater Inferred 12,871 0.71 3.6 - 293 1,483 - CAPOOSE 23,591 0.44 26.3 - 334 19,948 - Total Inferred 1,844 24,399 194 Metal grade Contained metal

61. 61 Reserves and resources summary (cont’d) Appendix 6 NewGold Interest (4%) Tonnes 000s Gold g/t Copper % Gold Koz Copper Mlbs Gold Koz Mineral Reserves Proven 321,814 0.56 0.55 5,820 3,877 233 Probable 277,240 0.35 0.43 3,097 2,626 124 Total P&P 599,054 0.46 0.49 8,917 6,503 357 Mineral Resources Measured 19,790 0.53 0.51 340 223 14 Indicated 72,563 0.38 0.39 880 630 35 Total M&I 92,353 0.41 0.42 1,220 853 49 Inferred 678,066 0.30 0.35 6,453 5,190 258 Metal grade Contained metal El Morro Property Mineral Reserves & Resources as at December 31, 2015 (Goldcorp 50% - Teck 50% Joint Venture) The table below sets out the Mineral Reserve and Mineral Resource estimates, on a 100% basis, for the El Morro project, as well as New Gold’s 4% stream interest. The El Morro project, together with the Relincho project in Chile, is now held by a 50/50 joint venture between Goldcorp and Teck Resources Limited. The following information is based on information available to the Company as of February 17, 2016.

62. 62 1. New Gold’s Mineral Reserves and the El Morro Mineral Reserves and Resources have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, which are incorporated by reference in National Instrument 43-101 (“NI 43-101”). 2. Year-end 2015 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign exchange rate criteria: Lower cut-offs for the company’s Mineral Reserves and Mineral Resources are outlined in the following table: Reserves and resources notes Appendix 6 Gold ($/oz) Silver ($/oz) Copper ($/lb) CAD/USD AUD/USD MXN/USD Mineral Reserves $1,200 $15.00 $2.75 $1.25 $1.35 $17.00 Mineral Resources $1,300 $17.00 $3.00 $1.25 $1.35 $17.00 Reserves Resources Lower Cut-Off Lower Cut-Off New Afton Main Zone – B1 Block: C$ 21.00/t Main Zone – B2 Block: C$ 33.00/t B3 Block & C-Zone: C$ 24.00/t Mesquite Oxide & Transitional: 0.21 g/t Au (0.006 oz/t Au) 0.12 g/t Au (0.0035 oz/t Au) Sulphide: 0.41 g/t Au (0.012 oz/t Au) 0.24 g/t Au (0.007 oz/t Au) Peak Mines All ore types: A$ 110/t to A$ 156/t A$ 113/t to A$ 150/t Cerro San Pedro All ore types: US$ 6.00/t NA Rainy River O/P direct processing: 0.30 – 0.60 g/t AuEq 0.30 – 0.45 g/t AuEq O/P stockpile: 0.30 g/t AuEq 0.30 g/t AuEq U/G direct processing: 3.50 g/t AuEg 2.50 g/t AuEq Blackwater O/P direct processing: 0.26 – 0.38 g/t AuEq All Resources: 0.40% AuEq Mineral Property All Resources: 0.40% CuEq

63. 63 3. Year-End 2015 El Morro Mineral Reserves and Mineral Resources have been estimated using $1,200/oz gold, US$2.75/lb copper, and 550 Chilean Pesos to one United States dollar, and a lower cut-off of 0.20% CuEq. 4. New Gold reports its Measured and Indicated Mineral Resources exclusive of Mineral Reserves. Measured and Indicated Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a greater amount of uncertainty as to their existence, economic and legal feasibility, do not have demonstrated economic viability, and are likewise exclusive of Mineral Reserves. Numbers may not add due to rounding. 5. Mineral resources are classified as Measured, Indicated and Inferred based on relative levels of confidence in their estimation and on technical and economic parameters consistent with the methods most suitable for their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a Mineral Resource, the designators ‘open pit’ and ‘underground’ have been applied to indicate envisioned mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization as it relates to the appropriate mineral processing method and expected payable metal recoveries, and the designators ‘direct processing’ and stockpile’ have been applied to differentiate between material envisioned to be mined and processed directly and material to be mined and stored in a stockpile for future processing. Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding Mineral Reserve and Mineral Resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s material properties are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com. 6. Rainy River Project: In addition to the criteria described above, Mineral Reserves and Mineral Resources for the Rainy River project are reported according to the following additional criteria: Underground mineral reserves are reported peripheral to and/or below the open pit mineral reserve pit shell which has been designed and optimized based on an $800/oz gold price. Underground Mineral Resources are reported below a larger mineral resource pit shell which has been defined based on a $1300/oz gold price. Approximately 44% of the gold metal content defined as underground mineral reserves derives from material located between the mineral reserve pit shell and the mineral resource pit shell; the remaining 56% of mineral reserves derives from material located below the mineral resource pit shell. Open pit mineral resources exclude material reported as underground mineral reserves. 7. All Mineral Resource and Mineral Reserve estimates for New Gold’s properties and projects are effective December 31, 2015. 8. Qualified Person: The preparation of New Gold's Mineral Reserve and Mineral Resource estimates has been done by Qualified Persons as defined under NI 43-101, under the oversight and review of Mr. Mark A. Petersen, a Qualified Person under NI 43-101. Reserves and resources notes (cont’d) Appendix 6

64. 64 2016 guidance assumptions Spot: 2016 Silver price ($/oz) 14.00 Copper price ($/lb) 2.00 AUD/USD 1.40 CDN/USD 1.40 MXN/USD 18.00 Spot Gold price ($/oz) 1,285 Silver price ($/oz) 17.40 Copper price ($/lb) 2.20 AUD/USD 1.36 CDN/USD 1.29 MXN/USD 17.90 Commodity price/foreign exchange assumptions Appendix 6

65. Endnotes 65 CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” used in this presentation are Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by CIM Council on May 10, 2014 and incorporated by reference in National Instrument 43-101. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. As such, certain information contained in this presentation concerning descriptions of mineralization and mineral resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission. An “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher confidence category. Readers are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable. Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve estimation is made. Readers are cautioned not to assume that all or any part of the measured or indicated mineral resources will ever be converted into mineral reserves. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission. TECHNICAL INFORMATION The scientific and technical information 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” as defined under National Instrument 43-101. For additional technical information on New Gold’s material properties, including a detailed breakdown of Mineral Reserves and Mineral Resources by category, as well as key assumptions, parameters and risks, refer to New Gold’s Annual Information Form for the year ended December 31, 2014.

66. Endnotes (cont’d) 66 NON-GAAP MEASURES (1) ALL-IN SUSTAINING COSTS “All-in sustaining costs” per ounce is a non-GAAP financial measure. Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold defines “all-in sustaining costs” per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature and environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. New Gold believes this non-GAAP financial measure provides further transparency into costs associated with producing gold and assists analysts, investors and other stakeholders of the company in assessing the company’s operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS. Further details regarding historical all-in sustaining costs and a reconciliation to the nearest IFRS measures are provided below and in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com. (2) TOTAL CASH COSTS “Total cash costs” per ounce is a non-GAAP financial measure which is calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. The company believes that certain investors use this information to evaluate the company’s performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. This measure, along with sales, is considered to be a key indicator of the company’s ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated, all total cash cost information in this presentation is net of by-product sales. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP. Further details regarding historical total cash costs and a reconciliation to the nearest IFRS measures are provided below and in the MD&A ac

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