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  • 1. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida May 15-17, 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 (including that the business of various transactions will be integrated successfully in the New Goldorganization) 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 bematerially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements; fluctuations in the internationalcurrency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; price volatility in the spot and forward markets for commodities;impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves and resources andbetween actual and estimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country inwhich 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 carryon business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses andpermits and complying with the permitting requirements of each jurisdiction that New Gold operates, including, but not limited to, Mexico, where New Gold is involved with ongoing challengesrelating to its environmental impact statement for the Cerro San Pedro Mine and to Chile where there are challenges related to the environmental permit for the El Morro Project; the lack ofcertainty with respect to the Mexican, Chilean and other foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that areinconsistent with the rule of law; the uncertainties inherent to current and future legal challenges the company is or may become a party to, as well as the third party claim related to the ElMorro transaction with respect to New Golds exercise of its right of first refusal on the El Morro copper-gold project in Chile and its partnership with Goldcorp Inc., which transaction and thirdparty claim were announced by New Gold in January 2010; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results ofcurrent exploration or reclamation activities; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contestsover claims to mineral properties. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards,industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover theserisks) as well as "Risk Factors" included in New Golds 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 thesecautionary 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 orotherwise, except in accordance with applicable securities laws. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 3 3
  • 4. Overview History of accretive growth Leading intermediate gold producer Three producing assets Three fully-funded growth projects C$4.0 billion market capitalization $326 million in cash(1) Strong Board and ManagementNotes: 1. Cash balance as at March 31, 2012 adjusted for net proceeds of $300 million notes offering after redemption of senior secured notes and related costs. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 4 4
  • 5. Management and Board of DirectorsEXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORSRandall Oliphant, Executive Chairman James Estey, Former Chairman UBS Securities CanadaRobert Gallagher, President & CEO Robert Gallagher, President & CEOBrian Penny, Executive VP and CFO 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 – ~$130 million investment Randall Oliphant, Executive Chairman Raymond Threlkeld, CEO Rainy River Resources Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 5 5
  • 6. 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 - $326 million(1) 0 2008 2009 2010 2011 Debt - $382 million(1)(2)Notes: 1. Cash and debt positions as of March 31, 2012 adjusted for net proceeds of $300 million notes offering after redemption of senior secured notes and related costs. 2. See Appendix 1 for detailed breakdown of components of debt. 3. Averages based on combination of all trading platforms including: TSX, Alpha, Pure and NYSE Amex. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 6 6
  • 7. Diversified asset portfolio(1) Blackwater New Afton Canada Canada 000s oz Au 000s oz Au M&I 5,467 2P 986 Inferred 2,282 M&I 1,742 Inferred 483 7.9 Moz Gold Reserve Mesquite Cerro San Pedro United States Mexico 000s oz Au 000s oz Au 2P 2,762 2P 1,006 M&I 5,534 M&I 1,812 Inferred 512 Inferred 956 18.8 Moz M&I Resource(1) Peak Mines Australia 000s oz Au El Morro Chile (2) 2P 606 000s oz Au M&I 948 2P 2,503 Inferred 259 M&I 2,954 Inferred 1,810 Operating assets Development projectsNotes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves, and Capoose Indicated Resources of 384koz. 2. Represents New Gold’s attributable share of Reserves and Resources. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 7 7
  • 8. Operational execution Gold production(1) (000s ounces) 450 400 405-445 350 383 387 300 250 302 200 233 150 100 50 0 2008 2009 2009 2010 2010 2011 2011 2012 Actual Guidance Actual Guidance Actual Guidance Actual Guidance Total cash cost(1)(2) ($/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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 8 8
  • 9. 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 9 9
  • 10. 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 10 10
  • 11. First quarter 2012 highlights First quarter gold production of 99,274 ounces of gold Averaged realized margin of $1,032 per ounce Earnings from mine operations of $78 million New Afton remains on schedule for June 2012 production start Updated Blackwater mineral resource estimate Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 11 11
  • 12. 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 12 12
  • 13. New Afton – Underground production started New Afton(100%) Remaining Capital(5) ~ $60 million Commercial Production August 2012 Average Annual Cash Flow(6) ~ $250 million Location Canada • Development capital over 90% spent Mine type Underground • Team with significant block cave experience • Underground operations running well ~705,000 Reserves1 – Gold/Copper (Moz/Mlbs) 1.0/954 tonnes stockpiled Resources1 – Gold/Copper (Moz/Mlbs) 1.7/1,586 • Production to start in June 2012 Estimate mine life 12 years • Mining and milling rate to reach full 11,000 tpd 2012E production/yr (Au koz/Cu Mlbs)2 35-45k/30-35m capacity in early 2013 • Life-of-mine average co-product costs ~$525 per 2012E cash cost/oz by-product3 ($1,200)-($1,300) ounce and ~$1.15 per pound 2012E cash cost/oz co-product (Au/Cu)4 $630-$650/$1.35-$1.45 • 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. Development capital estimate from April 1, 2012 through commercial production adjusted for offsetting Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 13 13 revenue between production and commercial production. 6. Using spot commodity prices.
  • 14. El Morro (30%) – A world class project El Morro (30%) Gold Reserve(1) 2.5 Moz Copper Reserve(1) 1.9 Blbs • Current Resource entirely within La Fortuna deposit • 1.2 Moz inferred gold resource at higher gold Location Chile and copper grades in deeper portion of La Mine type Open Pit Fortuna deposit Reserves1 – Gold/Copper (Moz/Mlbs) 2.5/1,868 • Neighbouring El Morro deposit Resources1 – Gold/Copper (Moz/Mlbs) 3.0/2,193 underexplored Estimate mine life 17 years • Capital fully-funded by 70% partner Goldcorp LOM production/yr (Au koz/Cu Mlbs)2 90/85 • Addressing recent temporary suspension of LOM cash cost/oz co-product (Au/Cu)3 $550/$1.45 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 14 14
  • 15. Blackwater – An exciting new discovery Blackwater Indicated Gold Resource(1) 5.5 Moz at 0.98 g/t Inferred Gold Resource(1) 2.3 Moz at 0.78 g/t • Latest resource included drilling through December 2011 and is based on total of 261 holes totaling 89,460 metres • Currently 11 drills active at site • Further consolidated land position (900km2) Location Canada • Year-round accessibility for drilling/ development Proposed mine type Open Pit • Central British Columbia near infrastructure M&I Resources1 – Gold/Silver (Moz) 5.5/25.8 • Ability to fund continued exploration/development Inferred Resources1 – Gold/Silver (Moz) 2.3/11.2 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 15 15
  • 16. 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 Gold/Silver Resources (Moz) M&I: 5.5/25.8 Inferred: 2.3/11.2 80km Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 16 16
  • 17. Blackwater – 2012 exploration program• $55 million program focused on combined infill and step-out drilling• Targeting ~500 holes totaling ~210,000 metres – 60-70% infill – 30-40% step-out• $4 million additional exploration program at Capoose April 17th, 2012 News Release March 7th, 2012 News Release 2012 PEA Resource Includes assays received through April 17, 2012 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 17 17
  • 18. Blackwater – 2012 year-to-date drilling highlights • Year-to-date 2012 drilling of 112 holes totaling 44,334 metres – Assays received for 67 holes totaling 26,490 metres Blackwater 2012 Drill Program Highlights Northern Half of Blackwater Deposit Southern Half of Blackwater Deposit Weighted Weighted Hole From To Interval Hole From To Interval Average Gold Average Gold ID (metres) (metres) (metres) ID (metres) (metres) (metres) Grade (g/t) Grade (g/t) BW-310 164 294 130 1.29 43 168 125 1.15 BW-317 231 368 137 1.34 BW-315 168 169 1 252.00 BW-323 191 363 172 1.04 169 242 73 0.82 BW-331 188 345 157 1.36 BW-326 12 222 210 1.38 BW-334 261 371 110 1.00 105 179 74 1.74 BW-344 BW-337 219 332 113 1.02 179 194 15 47.49 BW-343 150 210 60 1.06 BW-353 68 257 189 1.06 BW-352 325 478 153 1.63 BW-354 232 271 39 1.05 BW-366 176 248 72 1.02 Drill results per March 7th 2012 news release Drill results per April 17th 2012 news releaseNotes: 1. For complete summary of 2012 assay results, refer to New Gold website at http://www.newgold.com/Properties/Projects/Blackwater/default.aspx. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 18 18
  • 19. Blackwater – 2012 drill results April 17, 2012 334 317 310 331 326 344 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 19 19
  • 20. 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 in third7 quarter 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 20 20
  • 21. 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 21 21
  • 22. 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 22 22
  • 23. …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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 23 23
  • 24. Net asset value per share appreciation Closing of El Morro Net Asset Value $15.00 Silver Quest & Feasibility Share Price Geo Minerals Update Resource update 2011 Results 6/1/09 Today NAVPS at Blackwater and 2012 Guidance $13.00 Closing of New Afton/ Operating Portfolio(1) Richfield Blackwater Higher El Morro acquisition analyst tour Reserves and ~ $875 $1,977 $11.00 Completed $1.2bn Resources business US$ NAV and Share price combination with New Afton Western Goldfields $9.00 New Afton ~ $120 $1,243 analyst tour Exercised El Morro Right of First El Morro(2) $7.00 Refusal and announced partnership with ~ $40 $756 Goldcorp $5.00 Blackwater(3) $-- $1,135 $3.00 327% increase in NAVPS 191% increase in share price Development Projects $1.00 27-Sep-09 16-Sep-10 1-Jun-09 1-Jan-12 23-Jan-10 21-May-10 12-Jan-11 10-May-11 28-Apr-12 5-Sep-11 9-May-12 ~ $160 $3,134Source: 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 24 24
  • 25. 2012 – A year of catalysts Blackwater PEA resource update New Afton production start El Morro litigation decision New Afton commercial production Blackwater PEA El Morro engineering/development planning Blackwater/New Afton exploration Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 25 25
  • 26. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 26 26
  • 27. Appendix Appendices Page 1. Financial information 28 2. Operating performance 30 3. New Afton 33 4. El Morro 42 5. Blackwater 43 6. Reserves and resource notes 56 7. Commodity price/foreign 61 exchange assumptions Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 27 27
  • 28. 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 $36 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 ~103.3 ~$111 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 2:1 • Previous C$187 million 10% Senior Secured Notes were redeemed on May 7, 2012Notes: 1. $30 million currently allocated for Letters of Credit. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 28 28
  • 29. Appendix 1 Trend of expanding margins continues $1,575 $1,600 $1,460 $1,032 $1,400 $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 $428 $200 $0 2008A 2009A 2010A 2011A Q112ANotes: 1. Refer to Cautionary Statement and note on Total cash cost. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 29 29
  • 30. Appendix 2 Mesquite 2011 Actual & 2012 Guidance Gold production (ounces) 2011A 2012E 140,000 - 150,000 Tonnes processed 11,733 12,500 – 13,500 (000 tonnes) Tonnes mined 45,973 45,000 – 47,000 (000 tonnes) Total cash cost ($ 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 ~$15 per gold production ounce impact on costsNotes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxide; ~35% for sulphides. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 30 30
  • 31. Appendix 2 Cerro San Pedro 2011 Actual & 2012 Guidance Gold production (ounces) 2011A 2012E 140,000 - 150,000 Tonnes processed 16,763 14,000 – 15,000 (000 tonnes) Silver production (million ounces) Tonnes mined 33,276 31,000 – 33,000 1.9 - 2.1 (000 tonnes) Grade - gold (g/t) 0.48 0.55 – 0.60 Total cash cost ($ 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 ~$15 per by-product price assumption ounce change in Cerro San Pedro cash costNotes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%, Silver – ~30%. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 31 31
  • 32. Appendix 2 Peak Mines 2011 Actual & 2012 Guidance Gold production (ounces) 2011A 2012E Tonnes processed 90,000 - 100,000 783 780 – 800 (000 tonnes) Tonnes mined 755 780 – 800 Copper production (million pounds) (000 tonnes) 12 - 14 Grade - gold (g/t) 3.94 4.0 – 4.2 Grade – copper (%) 0.93 0.88 – 0.90 Total cash cost ($ 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 32 32
  • 33. Appendix 3Block cave mines Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 33 33
  • 34. Appendix 3 New Afton development capital cost breakdown 2011A 2012E(1) $43m $56m $174m $40m $74m $54m • Total capital spend during 2011 of $291 • Total remaining development capital of $150 million, excluding capitalized interest million through start of commercial production – Total project capital to be within 8% of 2009 capital estimate of C$700 million at C$765 million Underground Surface/Mill Owners Costs/ Development Construction Construction IndirectsNotes: 1. As of January 1, 2012, assumes a parity USD/CDN foreign exchange rate and includes offsetting revenue related to pre-commercial production sales of inventory that has been netted against Underground Development costs. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 34 34
  • 35. Appendix 3Drawbell continuity schedule Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 35 35
  • 36. Appendix 3 New Afton – 2012 drawbell development rate On track with 2012 monthly drawbell development 26 drawbells to• Currently meeting targeted 30 support 6,600 tpd drawbell development rate from underground – 21 drawbells completed as of April 30, 2012 Number of drawbells• On track for 26 drawbells by 20 the end of June• ~50 drawbells to support 11,000 tpd mining rate 10 - End of January February March April May June 2011 Actual 2012 Estimated Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 36 36
  • 37. Appendix 3 New Afton – Build-up of ore stockpile On track with 2012 monthly ore stockpile targets• Combination of additional Average grade comparison ~3 months of 1,000 production at full drawbells and commissioning Gold Copper capacity g/t % of conveyor system has led to 900 exponential increase in ore New Afton 0.64 0.90 800 reserves(1) Ore stockpile (thousand tonnes) stockpile Ore stockpile 0.97 1.04 700• 705,000 tonnes stockpiled on surface at April 30, 2012 600• Stockpile to provide additional 500 flexibility during ramp-up of 400 mining and milling rates 300• Ore grade above reserve 200 grade and reconciling with block models 100 - December January February March April May June 2011 Actual 2012 EstimatedNotes: 1. As at December 31, 2011. Refer to Reserve and Resource Notes in Appendix 6. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 37 37
  • 38. 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 start-up scheduled for June 2012 • Targeting two month period to reach commercial production rate (6,600 tonnes per day) – August 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 38 38
  • 39. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 39 39
  • 40. 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. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 40 40
  • 41. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 41 41
  • 42. 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 2008 Feasibility Study. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 42 42
  • 43. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 43 43
  • 44. Appendix 5 Blackwater benchmarking comparable projects • The below provides high level benchmarking of various other Canadian bulk tonnage operations(1) Range Targeted throughput (tpd) 55,000 – 60,000 Strip ratio(2) (waste:ore) 2.27 – 3.89 Development capital per 1,000 tpd(2) (million) $18 - $26 Mining cost (per tonne mined) $1.30 - $1.83 Processing cost(2) (per tonne milled) $5.71 - $6.66 G&A (per tonne milled) $0.72 - $1.22 Power cost (Kwh) ~$0.044Notes: 1. Benchmark group includes: Canadian Malartic, Detour Lake, and Mount Milligan. Figures from company disclosures including news releases and investor presentations related to project parameters. 2. Includes only Canadian Malartic and Detour Lake as gold-focused projects. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 44 44
  • 45. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 45 45
  • 46. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 46 46
  • 47. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 47 47
  • 48. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 48 48
  • 49. Appendix 5Blackwater Resource Growth – April 2012 April 17th, 2012 News Release March 7th, 2012 News Release 2012 PEA Resource Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 49 49
  • 50. Appendix 5Blackwater Block Model – March 2012 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 50 50
  • 51. Appendix 5BW Section 5892,800N – March’12 PEA Block Model $1300/oz Au pit shell Looking North Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 51 51
  • 52. Appendix 5BW Section 5892,800N – Geology & Drilling Glacial Till Rhyolite $1300/oz Au pit shell Volcanic Breccia Sediments Andesite Andesite Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 52 52
  • 53. Appendix 5BW Section 375,500E – PEA Block Model Looking West Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 53 53
  • 54. Appendix 5BW Section 375,500E – Geology & Drilling Volcanic Andesite Breccia 2012 holes labeled in Red Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 54 54
  • 55. Appendix 5Blackwater regional exploration 17 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 55 55
  • 56. 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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 56 56
  • 57. 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 174,407 0.98 4.6 - - - 5,467 25,794 - - - 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 - - Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 57 57
  • 58. 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 91,566 0.78 3.8 - - - 2,282 11,187 - - -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 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 58 58
  • 59. 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 - $2.75 0.20% Cu Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 59 59
  • 60. Appendix 6 Reserves and resource notes (cont’d)2) Mineral Resources for the company’s mining operations and development projects have been calculated based on the following metal prices and lower cut-off criteria: Mineral Property Gold Silver Copper Zinc Lead Lower Cut-off (US$/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 Au – All resources Capoose $1,025 - - - - 0.40 g/t AuEq – All resourcesMineral resources have been estimated and reported in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or theAusIMM JORC equivalent.3) Mineral resources are classified as measured, indicated and inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable fortheir potential extraction and mineral processing. Where different mining and/or processing methods might be applied to different portions of a mineralized system or metal deposit, thedesignators ‘open pit’ and ‘underground’ have been applied to indicate likely mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulfide’ have been applied to indicate the type ofmineralization as it applies to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification andreporting parameters for each of New Gold’s mines and projects are provided in the respective NI 43-101 Technical Reports and available on SEDAR.4) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualfied Persons as defined under Canadian under National Instrument 43-101under the oversight and review of Mark Petersen, a Qualified Person under National Instrument 43-101 and employee of New Gold. Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 60 60
  • 61. Appendix 7Commodity price/foreign exchange assumptions Guidance/consensus: 2012 2013 2014 Gold price ($/oz) 1,730 1,760 1,600 Silver price ($/oz) 34.69 34.38 30.00 Copper price ($/oz) 3.78 3.85 3.50 USD/AUD 1.03 1.01 0.96 USD/CAD 1.00 1.00 1.01 USD/MXN 12.71 12.35 12.50 Spot: Spot Gold price ($/oz) 1,600 Silver price ($/oz) 30.00 Copper price ($/oz) 3.70 USD/AUD 1.00 USD/CAD 0.99 USD/MXN 13.50 Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 61 61
  • 62. Contact information Investor Relations Hannes Portmann Vice President, Corporate Development 416-324-6014 hannes.portmann@newgold.com Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference | Florida | May 15-17, 2012 62 62