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  • 1. Corporate Presentation August 2012
  • 2. Cautionary statementAll monetary amounts in U.S. dollars unless otherwise statedCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain information contained in this presentation, including any information relating to New Golds future financial or operating performance may be deemed "forward looking". All statementsin 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 statementsare 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 estimatesof management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Golds 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 causeactual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, withoutlimitation: 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 andChile; 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 estimatedproduction, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in international, national and local governmentlegislation 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 andpolitical 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 ofobtaining 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 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 theapproval 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,; diminishingquantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or reclamation activities; changes in projectparameters 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 andhazards 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 Golds disclosuredocuments 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 fromthose anticipated in such statements. All of the forward-looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims anyintention 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. Corporate Presentation | August 2012 2 2
  • 3. Cautionary statement (cont’d)CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCESInformation concerning the properties and operations discussed in this presentation has been prepared in accordance with Canadian standards under applicable Canadian securities laws, andmay not be comparable to similar information for United States companies. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred MineralResource" 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 StatesSecurities and Exchange Commission. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralizationcould 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 ofmineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirementsof 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. Itcannot 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 notform 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 MineralReserves. 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 "ProvenMineral Reserves" and "Probable Mineral Reserves" under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.TECHNICAL INFORMATIONThe scientific and technical information in this presentation has been reviewed by Mark Petersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.TOTAL CASH COST“Total cash cost” 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 productsand 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 inNorth 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 totalcash cost on a sales basis. Total cash cost 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 cost is reduced by any by-product revenue and is then divided by ounces sold to arrive at the total by-product cash cost of sales. Themeasure, 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 provideadditional information and is a non-IFRS measure. Total cash cost presented does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measurespresented 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 indicativeof operating costs presented under IFRS. A reconciliation will be provided in the MD&A accompanying the quarterly financial statements. Corporate Presentation | August 2012 3 3
  • 4. Overview History of accretive growth Leading intermediate gold producer Four producing assets(1) Two fully-funded growth projects C$4.7 billion market capitalization $230 million in cash(2) Strong Board and ManagementNotes: 1. New Afton achieved commercial production on July 31, 2012. 2. Cash balance as at June 30, 2012. Corporate Presentation | August 2012 4 4
  • 5. Management and Board of DirectorsEXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORSRandall Oliphant, Executive Chairman David Emerson, Former Canadian Cabinet MinisterRobert Gallagher, President & CEO James Estey, Former Chairman UBS Securities CanadaBrian Penny, Executive VP and CFO Robert Gallagher, President & CEOErnie Mast, VP Operations Vahan Kololian, Founder Terra Nova Partners Martyn Konig, Former Executive Chairman European Goldfields• Board and Management hold 15 million shares of Company Pierre Lassonde, Chairman Franco-Nevada – ~$155 million investment Randall Oliphant, Executive Chairman Raymond Threlkeld, CEO Rainy River Resources Corporate Presentation | August 2012 5 5
  • 6. Diversified asset portfolio(1) Gold Reserve Blackwater 7.9 Moz New Afton Cerro San Pedro Mesquite M&I Resource(1) 20.5 Moz El Morro(2) Operating assets Peak Mines Development projectsNotes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves, and Capoose Indicated Resources of 384koz. 2. New Gold holds a fully carried 30% interest in the El Morro project. Corporate Presentation | August 2012 6 6
  • 7. Operational execution Gold production(1) (000s ounces) 450 400 405-445 350 383 387 300 250 302 200 233 150 100 50 0 2008 2009 2009 2010 2010 2011 2011 2012 Actual Guidance Actual Guidance Actual Guidance Actual Guidance Total cash cost(1)(2) ($/oz) $600 $500 $566 $400 $465 $446 $418 $410-430 $300 $200 $100 $0 2008 2009 2009 2010 2010 2011 2011 2012 Actual Guidance Actual Guidance Actual Guidance Actual GuidanceNotes: 1. Refer to Cautionary Statement and note on Total cash cost. 2. 2009 and 2008 costs shown based on Canadian GAAP. Corporate Presentation | August 2012 7 7
  • 8. Cost trends: New Gold versus industry(1)(2) $700 $643 $600 Total Cash Costs (US$/oz)(2) $557 $566 $500 $478 $464 $465 $446 $400 $418 $410-$430 $300 2008 2009 2010 2011 2012E New Gold provides leverage to gold price Margin +241% (US$/oz) $297 $1,014 Gold price +69% (US$/oz) $863 $1,460Notes: 1. Industry data per GFMS reports calculated net of by-product credits. 2. Refer to Cautionary Statement and note on Total cash cost. Corporate Presentation | August 2012 8 8
  • 9. Second quarter 2012 operating results Second Quarter 2012 First Six Months 2012 Earning from Earning from Gold sales Cash cost(1) Gold sales Cash cost(1) Mine Operations Mine Operations (000s ounces) ($/oz) (000s ounces) ($/oz) ($mm) ($mm) Mesquite • Strong start to 2012 leads to solid 37 $657 $18 81 $641 $46 earnings contribution Cerro San Pedro • Significant cash flow generator at low 36 $168 $41 69 $199 $82 cash costs Peak Mines • Mine sequencing moving to higher 24 $645 $17 41 $759 $27 grade areas with continued improvement in recoveries 97 $472 $76 191 $507 $154Note: 1. Refer to Cautionary Statement and note on Total cash cost. Corporate Presentation | August 2012 9 9
  • 10. 2012 guidance Gold production(1) Total cash cost(1) 405 - 445Koz $410 - $430/oz 2012 cash cost estimate assumes: 2012 Guidance • $30.00 per ounce silver Gold production Total cash cost(1) • $3.50 per pound copper (ounces) ($/oz) • Parity Australian dollar Mesquite 140,000 - 150,000 $710 - $730 • Parity Canadian dollar Cerro San Pedro 140,000 - 150,000 $250 - $270 Total company cash cost subject to following sensitivities: Peak Mines 90,000 - 100,000 $640 - $660 • +/- $1.00 per ounce silver ~ +/- $5 per ounce • +/- $0.25 per pound copper ~ +/- $25 per ounce New Afton 35,000 - 45,000 ($1,200) - ($1,300) • +/- $0.05 AUD FX ~ +/- $10 per ounce Total 405,000 - 445,000 $410 - $430 • +/- $0.05 CDN FX ~ +/- $5 per ounceNotes: 1. Refer to Cautionary Statement and note on Total cash cost. Corporate Presentation | August 2012 10 10
  • 11. New Afton – Achieves commercial production New Afton(100%) Production Started June 28, 2012 Commercial Production July 31, 2012 Average Annual Cash Flow(5) ~ $240 million Location Canada • Met targeted June 2012 production start • Stockpile of one million tonnes at production start Mine type Underground • First concentrate trucked on July 5, 2012 Reserves1 – Gold/Copper (Moz/Mlbs) 1.0/954 • Achieved commercial production on July 31, 2012 Resources1 – Gold/Copper (Moz/Mlbs) 1.7/1,586 – Average daily mill throughput approaching Estimate mine life 12 years nameplate capacity • Run-rate average annual expectations: 2012E production/yr (Au koz/Cu Mlbs)2 35-45k/30-35m – Production: 85koz gold/75Mlbs copper 2012E cash cost/oz by-product3 ($1,200)-($1,300) – Cash cost: ($1,750)/oz by product; 2012E cash cost/oz co-product (Au/Cu)4 $630-$650/$1.35-$1.45 $525/oz/$1.15/lb co-product • Underground exploration program to start in Q3’12Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. 2. Production includes all production including the gold and copper produced prior to commercial production. 3. Refer to Cautionary Statement and note on Total cash cost. 4. Co-product cash cost calculated based on relative percentage of gold and copper revenue, respectively. 5. Using spot commodity prices. Corporate Presentation | August 2012 11 11
  • 12. El Morro (30%) – A world class project El Morro (30%) Gold Reserve(1) 2.5 Moz Copper Reserve(1) 1.9 Blbs • On June 27, 2012 Ontario Superior Court of Justice validated New Gold/Goldcorp partnership at El Morro Location Chile – Period for Barrick to appeal has elapsed • Current Resource entirely within La Fortuna deposit Mine type Open Pit • 1.2 Moz inferred gold resource at higher gold and Reserves1 – Gold/Copper (Moz/Mlbs) 2.5/1,868 copper grades in deeper portion of La Fortuna Resources1 – Gold/Copper (Moz/Mlbs) 3.0/2,193 deposit Estimate mine life 17 years • Neighbouring El Morro deposit underexplored LOM production/yr (Au koz/Cu Mlbs)2 90/85 • Capital fully-funded by 70% partner Goldcorp LOM cash cost/oz co-product (Au/Cu)3 $550/$1.45 • Addressing recent temporary suspension of environmental permitNotes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves. El Morro Reserves and Resources shown on attributable 30% basis. 2. Refer to Cautionary Statements. 3. Refer to Cautionary Statements and note on Total cash cost. Life of mine co-product costs based $1,200/oz gold and $2.75/lb copper. Corporate Presentation | August 2012 12 12
  • 13. Blackwater – Continuing to grow Blackwater Indicated Gold Resource(1) 7.1 Moz at 0.96 g/t Inferred Gold Resource(1) 2.5 Moz at 0.77 g/t • Latest resource included drilling through May 14, 2012 and is based on total of 417 holes totaling 147,619 metres • Currently 19 drills active at site • Further consolidated land position – 1,000km2 Location Canada • Year-round accessibility for drilling/development Proposed mine type Open Pit • Central British Columbia near infrastructure M&I Resources1 – Gold/Silver (Moz) 7.1/34.0 • Ability to fund continued exploration/development Inferred Resources1 – Gold/Silver (Moz) 2.5/24.4 internally Targeted production2 2017 • Tax synergies with New AftonNotes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. 2. Blackwater start date based on indicative timeline which is dependent on continued exploration success, environmental approvals and the determination that the deposit is economically viable. Corporate Presentation | August 2012 13 13
  • 14. Blackwater – Area map ~100km to Vanderhoof Capoose Resource Blackwater ~160km to Project Prince George50km Gold/Silver Resources (Moz) M&I: 0.4/26.6 Inferred: 0.4/29.5 • Two drills actively exploring Gold/Silver Resources (Moz) M&I: 7.1/34.0 Inferred: 2.5/24.4 • 17 drills active • 13 exploration-focused • Three testing infrastructure sites • One geotechnical-focused 80km Corporate Presentation | August 2012 14 14
  • 15. Blackwater – Overview of potential project parameters 60,000 tpd operation PEA considerations Conventional open pit truck and shovel1 operation 1.00 6252 Good existing road access Several viable options for powerline Gold production (thousand ounces) 0.983 access to BC Hydro grid ($0.04/KwH) 600 Gold grade (g/t)4 Non-refractory ore 0.96 Recoveries by conventional direct 575 cyanidation and/or flotation process 0.94 ~90%5 Process plant capacity of 60,000 tpd 0.92 550 Several viable options identified for6 tailings and waste disposal 0.90 525 Targeting completion of PEA in7 September 2012 85% 86% 87% 88% 89% 90% Gold recovery (%)• ~4.6 g/t silver at 50% recovery would yield ~1.7 million ounces silver annually Corporate Presentation | August 2012 15 15
  • 16. Blackwater – Indicative timeline • The below provides a preliminary indicative targeted timeline through exploration, development and into production(1) – New Gold will continue to refine this 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 Terms of Reference Environmental Assessment Reports Provincial Approval Federal Approval Feasibility Study Engineering Procurement Construction Production Target Reflects critical path in timelineNotes: 1. Indicative timeline is dependent on continued exploration success, permit approvals and the determination that the deposit is economically viable. There is no assurance this timeline will be achieved nor that the deposit will ever reach the production stage. Corporate Presentation | August 2012 16 16
  • 17. Near-term production and cash flow increases… $1,750 $1,600 $1,600 600 $1,460 $1,180 ~$1,425 500 $1,400 $1,014 Gold production (thousand ounces) ~450 - 500 405 - 445 400 $1,050 387 US$/oz 300 $700 200 $350 $446 $410 - $430 100 ~$150 - $200 $0 0 2011A 2012E 2013E Cash Cost(1) Margin Realized gold price (US$/oz) (US$/oz) (US$/oz) Gold productionNotes: 1. Refer to Cautionary Statement and note on Total cash cost. Corporate Presentation | August 2012 17 17
  • 18. …and a future of growth• El Morro and Blackwater expected to more than double New Gold’s gold production by 2017 at low cost 1,000 800 Gold production (thousand ounces) 600 ~450 - 500 405 - 445 400 387 200 2011A 2012E 2013E 2017E Corporate Presentation | August 2012 18 18
  • 19. Net asset value per share appreciation Net Asset Value $15.00 High Share price ~1.5x 6/1/09 Today NAVPS Closing of $13.00 P/NAV Richfield acquisition Operating Portfolio(1) Current ~ $875 $1,888 $11.00 High ~1.0x Completed $1.2bn ~1.5x US$ NAV and Share price business New Afton combination with Western Goldfields $9.00 ~ $120 $1,250 High ~1.5x $7.00 El Morro(2) Low ~0.7x ~ $40 $745 High $5.00 ~1.5x Blackwater(3) 311% increase in NAVPS $3.00 $-- $1,133 238% increase in share price Development Projects $1.00 27-Jul-12 21-Mar-12 1-Jun-09 3-Mar-11 7-Oct-09 9-Jul-11 26-Oct-10 20-Jun-10 14-Nov-11 12-Feb-10 31-Jul-12 ~ $160 $3,128Source: Broker Reports, Company Estimates and Announcements, Bloomberg.Notes: 1. Street consensus NAV for Mesquite, Cerro San Pedro and Peak Mines. 2. Current street consensus NAV for El Morro; Includes $50mm cash payment received from Goldcorp as part of transaction consideration. 3. New Gold purchased Richfield for C$480 million and Silver Quest for C$110 million. The deals closed on June 1, 2011 and December 23, 2011, respectively. Corporate Presentation | August 2012 19 19
  • 20. Near-term value opportunity Enterprise Value $4.8 billion Consensus El Morro NAV $0.8 billion Consensus Blackwater NAV $1.1 billion Enterprise value (ex growth assets) $2.9 billion Consensus 2013E cash flow from operations $522 million(1) New Gold trading at ~5.6x 2013E cash flow Historical cash flow multiple range in industry of 5 to 20 timesNotes: 1. Based on analyst consensus cash flow per share estimate of $1.13 per share times 462 million shares outstanding. Corporate Presentation | August 2012 20 20
  • 21. 2012 – A year of catalysts Blackwater resource update New Afton production start El Morro litigation decision Further Blackwater PEA resource update New Afton commercial production Blackwater PEA El Morro engineering/development planning Blackwater/New Afton exploration Corporate Presentation | August 2012 21 21
  • 22. The New Gold investment thesis EXPERIENCED BOARD AND MANAGEMENT FULLY FUNDED COMPANY WITH STRONG BALANCE SHEETDIVERSIFIED ASSET BASE IN MINING FRIENDLY JURISDICTIONS ORGANIC GROWTH OPPORTUNITIES/METAL OPTIONALITY PRODUCTION GROWTH/MARGIN EXPANSION INCREASING UNDERLYING ASSET VALUE MULTIPLE CATALYSTS COMPELLING INVESTMENT PROPOSITION Corporate Presentation | August 2012 22 22
  • 23. Appendix Appendices Page 1. Financial information 24 2. Operating performance 28 3. New Afton 31 4. El Morro 36 5. Blackwater 39 6. Reserves and resource notes 50 7. Commodity price/foreign 55 exchange assumptions Corporate Presentation | August 2012 23 23
  • 24. Appendix 1 Capitalization and liquidity April 2012 Senior Note Financing Average Daily Trading(3) • Completed $300 million 7% unsecured note financing on April 5th and announced 8 ~7.3mm redemption of C$187 million 10% senior ~7.0mm secured notes 7 • Multiple benefits 6 ~5.5mm – Lower interest rate – 7% vs. 10% 5 Million shares – Extended term – 2020 vs. 2017 4 – Enhanced flexibility – ability to institute dividend; notes are unsecured 3 – Additional $90 million cash on balance 2 sheet post redemption/costs ~1.0mm 1 Cash and equivalents - $230 million(1) 0 2008 2009 2010 2011 Debt - $385 million(1)(2)Notes: 1. Cash and debt positions as of June 30, 2012. 2. See Appendix 1 for detailed breakdown of components of debt. 3. Averages based on combination of all trading platforms including: TSX, Alpha, Pure and NYSE Amex. Corporate Presentation | August 2012 24 24
  • 25. Appendix 1 Summary of debt Undrawn Credit Convertible Senior Notes El Morro Funding Loan Facility Debentures Face Value $150 million(1) $300 million C$55 million $46 million Maturity 3 years with annual April 15, 2020 June 28, 2014 n/a extensions permitted Interest Rate See ‘Key features’ 7% 5% 4.58% Payable Revolving credit Semi-annually Semi-annually Upon start of production Conversion price n/a n/a C$9.35 n/a Current trading value n/a ~104 ~$122 n/a Key features Normal financial • Senior unsecured Redeemable after New Gold to repay covenants • Redeemable after January 1, 2012 with Goldcorp out of 80% of April 15, 2016 at between 30 and 60 its 30% share of cash Interest Rate 103.5% down to days notice provided flow once El Morro starts • 3% over LIBOR based 100% of face after shares trading over production on ratios 2018 C$11.69 • Standby fee of 0.75% • Unlimited dividends if leverage ratio below 2:1Notes: 1. $30 million currently allocated for Letters of Credit. Corporate Presentation | August 2012 25 25
  • 26. Appendix 1 Trend of expanding margins continues $1,575 $1,600 $1,460 $1,486 $1,032 $1,400 $1,014 $1,014 $1,194 $1,200 Realized gold price (US$/oz) $987 $766 $1,000 $863 Margin $522 (US$/oz) US$/oz $800 $297 Cash Cost(1) (US$/oz) $600 $566 $543 $400 $465 $446 $472 $428 $200 $0 2008A 2009A 2010A 2011A Q112 Q212Notes: 1. Refer to Cautionary Statement and note on Total cash cost. Corporate Presentation | August 2012 26 26
  • 27. Appendix 1 Track record of per share growth outperforming gold Average gold price increased by 62% from 2009 through 2011 Adjusted earnings per share Net cash generated from operations per share $0.44 267% 104% $0.53 $0.48 $0.30 $0.26 $0.12 2009 2010 2011 2009 2010 2011 Net asset value per share(1)(2) Measured & Indicated gold resource per 1,000 shares(3) $11.02 25% 348% 40.8 32.7 $6.68 $2.46 6/1/09 12/31/10 12/31/11 12/31/10 12/31/11Notes: 1. Net asset value as at June 1, 2009 based on New Gold and Western Goldfields business combination. 2. Based on average of consensus net asset value per share ascribed by analysts covering New Gold. 3. Measured and Indicated gold resource shown inclusive of reserves. Corporate Presentation | August 2012 27 27
  • 28. Appendix 2 Mesquite 2011 Actual & 2012 Guidance Gold production (ounces) 2011A 2012E 140,000 - 150,000 Tonnes processed 11,733 12,500 – 13,500 (000 tonnes) Tonnes mined 45,973 45,000 – 47,000 (000 tonnes) Total cash cost ($ per ounce) Grade - gold (g/t) 0.57 0.50 – 0.55 $710 - $730 Capital 19 ~14 ($ million) 2011A versus 2012E Key assumptions and sensitivities • Lower strip ratio to result in higher ore tonnes • Diesel comprises ~20% of Mesquite’s total costs processed • Rack diesel price most correlated to Brent oil price • Gold grade is expected to decline from 2011 − Brent oil price increased by 13% since levels beginning of 2011 • Increase in costs primarily driven by lower • Every 10% change in diesel price has ~$15 per gold production ounce impact on costsNotes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxide; ~35% for sulphides. Corporate Presentation | August 2012 28 28
  • 29. Appendix 2 Cerro San Pedro 2011 Actual & 2012 Guidance Gold production (ounces) 2011A 2012E 140,000 - 150,000 Tonnes processed 16,763 14,000 – 15,000 (000 tonnes) Silver production (million ounces) Tonnes mined 33,276 31,000 – 33,000 1.9 - 2.1 (000 tonnes) Grade - gold (g/t) 0.48 0.55 – 0.60 Total cash cost ($ per ounce) Grade – silver (g/t) 24 20 – 25 $250 - $270 Capital 7 ~16 ($ million) 2011A versus 2012E Key assumptions and sensitivities • Expected production of gold and silver consistent • Silver price - $30 per ounce (2011A - $35.15/oz) with 2011 • Mexican Peso: U.S. foreign exchange – 13:1 • Decrease in tonnes processed offset by • $1.00 per ounce change in silver equals ~$15 per grade and recovery movements ounce change in Cerro San Pedro cash cost • Increase in costs primarily driven by lower silver • 1.0 change in Mexican Peso equals ~$15 per by-product price assumption ounce change in Cerro San Pedro cash costNotes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%, Silver – ~30%. Corporate Presentation | August 2012 29 29
  • 30. Appendix 2 Peak Mines 2011 Actual & 2012 Guidance Gold production (ounces) 2011A 2012E Tonnes processed 90,000 - 100,000 783 780 – 800 (000 tonnes) Tonnes mined 755 780 – 800 Copper production (million pounds) (000 tonnes) 12 - 14 Grade - gold (g/t) 3.94 4.0 – 4.2 Grade – copper (%) 0.93 0.88 – 0.90 Total cash cost ($ per ounce) Recovery – gold (%) 89 88 – 90 $640 - $660 Recovery – copper (%) 82 85 - 87 Capital 50 ~60 ($ million)2011A versus 2012E Key assumptions and sensitivities• Increased gold production driven by increases in • Copper price - $3.50 per pound (2011A - $3.78/lb) tonnes processed, gold grades and recoveries • Australian dollar: U.S. foreign exchange – 1:1• Similar copper production a result of increased • $0.25 per pound change in copper equals ~$35 per tonnes processed and copper recoveries offset ounce change in Peak cash cost by lower copper grades • 0.01 change in Australian dollar equals ~$10 per ounce change in Peak cash cost Corporate Presentation | August 2012 30 30
  • 31. Appendix 3Block cave mines Corporate Presentation | August 2012 31 31
  • 32. Appendix 3 New Afton – 2012 production start-up • The combination of over six months of active underground mining and the existence of the ore stockpile should lead to an efficient mill start-up • Mill started on June 28, 2012 • Commercial production achieved on July 31, 2012Tonnes per day15,000 Period of drawdown of stockpile inventory Mill reaches 11,00012,500 tpd10,000 7,500 Mining/milling rate reach 11,000 tpd run- 5,000 rate level Mill starts in June and reaches 2,500 6,600 tpd commercial rate in August - January March May July September November January March 2012 2013 Mine tpd Mill feed tpd Corporate Presentation | August 2012 32 32
  • 33. Appendix 3Production and sales New Afton 2012 Guidance Gold production (ounces) Tonnes processed (000 tonnes) 1,900 – 2,200 35,000 - 45,000 Grade - gold (g/t) 0.75 – 0.85 Grade - copper (%) 0.85 – 0.95 Copper production (million pounds) Recovery – gold (%) 88 – 90 30 - 35 Recover – copper (%) 88 – 90 Gold sales (ounces) • Difference between production and sales a result of pre-commercial production 20,000 - 30,000 commodity sales being net against capital costs and timing of certain concentrate sales Copper sales (million pounds) 20 - 25 Corporate Presentation | August 2012 33 33
  • 34. Appendix 3 Operating costs • Operating costs ~$25 per tonne in first five months of commercial production(1) – Life-of-mine average ~$18 - $22 per tonne ~$6.20/t ~$4.60/t ~$9.20/t Processing Mining G&A 2012 co-product cash cost(3) 2012 by-product cash cost(2) $630 - $650 per ounce, ($1,200) - ($1,300) per ounce $1.35 - $1.45 per pound • Costs expected to be lower in future years as ‘per tonne’ cost reaches steady-state level – Life-of-mine average by-product cost ~($1,750)(4) – Life-of-mine average co-product costs(4) of ~$525 per ounce gold and ~$1.15 per pound copperNotes: 1. Includes treatment and refining charges and assumes parity Canadian/U.S. dollar foreign exchange rate. 2. Assumes $3.50 per pound copper price and parity Canadian/U.S. dollar foreign exchange rate. 3. Co-product costs calculated on a percentage of revenue basis and assume a gold price of $1,600 per ounce. 4. Based on assumption of $1,600 per ounce gold, $3.50 per pound copper and a parity foreign exchange rate. Corporate Presentation | August 2012 34 34
  • 35. Appendix 3 New Afton – C Zone exploration• 3 phase underground core drilling program totaling 40,000 meters commencing Q3 2012• Phase 1: ~15,000 meters to delineate eastern limits of C-zone and assess potential to lower block cave extraction level for B3 reserve block - estimated completion by end Q1’13• Phases 2 & 3: ~25,000 meters to explore extensions to west and at depth - estimated completion Q4’13 C Zone Resource (2010) Tonnes Au Cu Gold Copper 000’s g/t % Koz Mlbs M&I 3,637 0.78 0.96 92 76 Inferred 11,317 0.60 0.75 218 186 Cross Long Section Section Looking South Looking East Corporate Presentation | August 2012 35 35
  • 36. Appendix 4 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. Based on 2011 Feasibility Study. Corporate Presentation | August 2012 36 36
  • 37. Appendix 4 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. MilliganSource: 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. Corporate Presentation | August 2012 37 37
  • 38. Appendix 4 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 5.2Notes: 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. Corporate Presentation | August 2012 38 38
  • 39. Appendix 5Blackwater drill program Cumulative number Cumulative number Assay cut-off date of holes of metres March 2011 December 31, 2010 77 24,563 Initial Resource September 2011 July 31, 2011 148 49,223 Resource update Year-end 2011 November 30, 2011 218 67,848 Resource update March 2012 December 31, 2011 261 89,460 Resource update April 2012 March 5, 2012 328 115,9502012 assays received July 2012 May 14, 2012 417 147,619 Resource update Corporate Presentation | August 2012 39 39
  • 40. Appendix 5Blackwater Resource Growth - March 2011 March 2011 Indicated Inferred Mt Au g/t Mt Au g/t 53.4 1.06 75.4 0.96 1.8 Moz 2.3 Moz Cumulative Drilling Holes Metres 77 24,563 $1000 pit shell Corporate Presentation | August 2012 40 40
  • 41. Appendix 5Blackwater Resource Growth - September 2011 September 2011 Indicated Inferred Mt Au g/t Mt Au g/t 165.2 1.01 38.8 0.94 5.3 Moz 1.2 Moz Cumulative Drilling Holes Metres 148 49,223 $1000 pit shell $1200 pit shell Corporate Presentation | August 2012 41 41
  • 42. Appendix 5Blackwater Resource Growth – Year-end 2011 Year-end 2011 Indicated Inferred Mt Au g/t Mt Au g/t 163.6 1.03 69.3 0.84 5.4 Moz 1.9 Moz Cumulative Drilling Holes Metres 218 67,848 $1000 pit shell $1200 pit shell $1300 pit shell Corporate Presentation | August 2012 42 42
  • 43. Appendix 5Blackwater Resource Growth – March 2012 March 2012 Indicated Inferred Mt Au g/t Mt Au g/t 174 0.98 92 0.78 5.5 Moz 2.3 Moz Cumulative Drilling Holes Metres 261 89,460 $1000 pit shell $1200 pit shell $1300 pit shell Corporate Presentation | August 2012 43 43
  • 44. Appendix 5Blackwater Resource Growth – July 2012 July 2012 Indicated Inferred Mt Au g/t Mt Au g/t 230 0.96 98 0.77 7.1 Moz 2.5 Moz Cumulative Drilling Holes Metres 417 147,619 Corporate Presentation | August 2012 44 44
  • 45. Appendix 5 Blackwater – July 2012 drill results July 18, 2012Notes: 1. For complete summary of 2012 assay results, refer to New Gold website at www.newgold.com. Corporate Presentation | August 2012 45 45
  • 46. Appendix 5Blackwater Block Model – July 2012 NW Silver Zone Corporate Presentation | August 2012 46 46
  • 47. Appendix 5BW Section 5892,800N – July 2012 Block Model Corporate Presentation | August 2012 47 47
  • 48. Appendix 5BW Section 375,500E – July 2012 Block Model Silver Zone Corporate Presentation | August 2012 48 48
  • 49. Appendix 5Blackwater regional exploration 17 Corporate Presentation | August 2012 49 49
  • 50. Appendix 6Reserves and resource notes Mineral Reserves statement as at December 31, 2011 Metal grade Contained metal Tonnes Gold Silver Copper Gold Silver Copper 000s g/t g/t % Koz Koz Mlbs Mesquite Proven 14,548 0.67 - - 313 - - Probable 138,796 0.55 - - 2,448 - - Mesquite P&P 153,345 0.56 - - 2,762 - - Cerro San Pedro Proven 23,972 0.58 16.99 - 447 13,091 - Probable 35,267 0.49 15.30 - 559 17,352 - Cerro San Pedro P&P 59,239 0.53 15.98 - 1,006 30,443 - Peak Proven 1,608 6.33 8.4 0.82 327 434 29 Probable 1,811 4.80 6.7 0.92 279 390 37 Peak P&P 3,419 5.50 7.5 0.87 606 824 66 New Afton Proven - - - - - - - Probable 47,900 0.64 2.0 0.90 986 3,080 954 New Afton P&P 47,900 0.64 2.0 0.90 986 3,080 954 El Morro 100% 30% Proven 308,036 0.58 - 0.57 1,716 - 1,153 Probable 212,167 0.38 - 0.51 787 - 715 El Morro P&P 520,024 0.50 - 0.54 2,503 - 1,868 Corporate Presentation | August 2012 50 50
  • 51. Appendix 6Reserves and resource notes (cont’d) Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2011 Metal grade Contained metal Tonnes Gold Silver Copper Zinc Lead Gold Silver Copper Zinc Lead 000s g/t g/t % % % Koz Koz Mlbs Mlbs Mlbs Mesquite Measured - oxide 19,182 0.51 - - - - 316 - - - - Indicated - oxide 269,872 0.39 - - - - 3,407 - - - - Mesquite M&I - oxide 289,054 0.40 - - - - 3,723 - - - - Measured - non oxide 4,688 0.91 - - - - 137 - - - - Indicated - non oxide 79,851 0.65 - - - - 1,674 - - - - Mesquite M&I - non oxide 84,539 0.66 - - - - 1,811 - - - - Total Mesquite 373,594 0.46 - - - - 5,534 - - - - Cerro San Pedro Measured - open pit oxide 25,722 0.44 15.36 - - - 367 12,706 - - - Indicated - open pit oxide 55,647 0.31 12.28 - - - 546 21,976 - - - CSP M&I - open pit oxide 81,369 0.35 13.26 - - - 913 34,682 - - - Measured - open pit sulphide 13,317 0.54 13.60 - 0.64 0.10 232 5,823 - 187 29 Indicated - open pit sulphide 46,697 0.44 10.23 - 0.55 0.08 667 15,355 - 566 77 CSP M&I - open pit sulphide 60,014 0.47 10.98 - 0.57 0.08 899 21,178 - 753 106 Total CSP M&I - open pit 1,812 55,860 Peak Measured 3,092 4.89 7.3 1.14 - - 486 726 78 - - Indicated 3,697 3.89 7.1 1.09 - - 462 844 89 - - Peak M&I 6,789 4.30 7.2 1.11 - - 948 1,570 167 - - New Afton Measured 36,500 0.90 2.7 1.24 - - 1,058 3,194 1,002 - - Indicated 33,300 0.64 2.1 0.80 - - 685 2,276 584 - - New Afton M&I 69,800 0.78 2.4 1.03 - - 1,742 5,470 1,586 - - Blackwater Blackwater Indicated 230,125 0.96 4.6 - - - 7,132 34,034 - - - Capoose Indicated 31,216 0.38 26.5 - - - 384 26,594 - - - El Morro 100% 30% Measured - open pit 343,088 0.55 - 0.54 - - 1,836 - 1,233 - - Indicated - open pit 333,312 0.35 - 0.44 - - 1,117 - 960 - - El Morro M&I - open pit 676,400 0.45 - 0.49 - - 2,954 - 2,193 - - Corporate Presentation | August 2012 51 51
  • 52. Appendix 6Reserves and resource notes (cont’d) Inferred Resource statement as at December 31, 2011 Metal grade Contained metal Tonnes Gold Silver Copper Zinc Lead Gold Silver Copper Zinc Lead 000s g/t g/t % % % Koz Koz Mlbs Mlbs MlbsMesquite 38,633 0.41 - - - - 512 - - - -Cerro San PedroInferred - open pit oxide 40,355 0.17 8.55 - - - 214 11,091 - - -Inferred - open pit sulphide 24,736 0.47 7.40 - 0.50 0.07 374 5,882 - 271 39 588 16,972 - 271 39Manto Underground sulphides 6,270 1.83 94.51 - 3.09 1.09 368 19,052 - 427 151Peak 3,147 2.56 4.8 1.54 - - 259 486 107 - -New Afton 29,200 0.51 1.6 0.61 - - 483 1,478 390 - -BlackwaterBlackwater 98,382 0.77 7.7 - - - 2,448 24,356 - - -Capoose 37,256 0.37 24.6 - - - 443 29,518 - - - 100% 30%El MorroOpen pit 637,495 0.10 - 0.25 - - 605 - 1,045 - -Underground 128,280 0.97 - 0.78 - - 1,205 - 660 - -El Morro Inferred 1,810 1,705 Corporate Presentation | August 2012 52 52
  • 53. Appendix 6 Reserves and resource notes (cont’d)Mineral reserves are contained within measured and indicated mineral resources. Measured and indicated mineral resources that are not mineral reserves do not have demonstrated economicviability as defined by a technical feasibility study. Inferred mineral resources are not known with the same degree of certainty as measured and indicated resources, do not have demonstratedeconomic viability, and are exclusive of mineral reserves. Mineral Reserves have been estimated and reported in accordance with the CIM Standards and National Instrument 43-101, or theAusIMM JORC equivalent.1) Mineral Reserves for the company’s mining operations and development projects have been calculated based on the following metal prices and lower cut-off criteria: Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off Mesquite $1,200 - - 0.21 g/t Au – Oxide reserves 0.41 g/t Au – Non-oxide reserves Cerro San Pedro $1,200 $20.00 - US$3.49/t NSR Peak Mines $1,300 $25.00 $2.75 A$130 – 184/t NSR New Afton $1,200 $20.00 $2.50 US$24/t NSR El Morro $1,200 - $2.75 0.20% Cu Corporate Presentation | August 2012 53 53
  • 54. Appendix 6 Reserves and resource notes (cont’d)2) Mineral Resources for the company’s mining operations and development projects have been calculated based on the following metal prices and lower cut-off criteria: Mineral Property Gold Silver Copper Zinc Lead Lower Cut-off (US$/oz) (US$/oz) (US$/lb) (US$/lb) (US$/lb) Mesquite $1,300 - - - - 0.11 g/t Au – Oxide resources 0.22 g/t Au – Non-oxide resources Cerro San Pedro $1,300 $24.00 - $1.00 $1.00 0.1g/t AuEq – Oxide resources 0.4g/t AuEq – Open pit Sulphide resources 2.5g/t AuEq – Underground manto resources Peak Mines $1,300 $24.00 $2.75 $0.85 $0.65 A$103 - 137/t NSR New Afton $1,300 $24.00 $2.75 - - 0.40% CuEq – All resources El Morro $1,350 - $3.25 - - 0.15% Cu – Open pit resources 0.20% Cu – Underground resources Blackwater $1,300 - - - - 0.40 g/t AuEq – All resources Capoose $1,025 - - - - 0.40 g/t AuEq – All resourcesMineral resources have been estimated and reported in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or theAusIMM JORC equivalent.3) Mineral resources are classified as measured, indicated and inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable fortheir potential extraction and mineral processing. Where different mining and/or processing methods might be applied to different portions of a mineralized system or metal deposit, thedesignators ‘open pit’ and ‘underground’ have been applied to indicate likely mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulfide’ have been applied to indicate the type ofmineralization as it applies to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification andreporting parameters for each of New Gold’s mines and projects are provided in the respective NI 43-101 Technical Reports and available on SEDAR.4) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualfied Persons as defined under Canadian under National Instrument 43-101under the oversight and review of Mark Petersen, a Qualified Person under National Instrument 43-101 and employee of New Gold. Corporate Presentation | August 2012 54 54
  • 55. Appendix 7Commodity price/foreign exchange assumptions Guidance/consensus: 2012 2013 2014 Gold price ($/oz) 1,600 1,760 1,600 Silver price ($/oz) 30.00 34.38 30.00 Copper price ($/oz) 3.50 3.85 3.50 USD/AUD 1.00 1.01 0.96 USD/CAD 1.00 1.00 1.01 USD/MXN 13.00 12.35 12.50 Spot: Spot Gold price ($/oz) 1,625 Silver price ($/oz) 28.25 Copper price ($/oz) 3.45 USD/AUD 1.05 USD/CAD 1.00 USD/MXN 13.25 Corporate Presentation | August 2012 55 55
  • 56. Contact information Investor Relations Hannes Portmann Vice President, Corporate Development 416-324-6014 hannes.portmann@newgold.com Corporate Presentation | August 2012 56 56