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  • 1. Denver Gold Forum September2013
  • 2. Cautionary statements All monetary amounts in U.S. dollars unless otherwise stated Total cash costs shown net of by -product sales unless otherwise stated CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain inf ormation contained in this presentation, including any inf ormation relating to New Gold’s f uture f inancial or operating perf ormance as well as inf ormation respecting Rainy Riv er and its assets, may be deemed “f orward looking”. All statements in this presentation, other than statements of historical f act that address ev ents or dev elopments that New Gold expects to occur, are “f orward-looking statements”. Forward-looking statements are statements that are not historical f acts and are generally , but not alway s, identif ied by the use of f orward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “f orecasts”, “intends”, “anticipates”, “projects”, “potential”, “believ es” or v ariations of such words and phrases or statements that certain actions, ev ents or results “may ”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achiev ed” or the negativ e connotation. Without limiting the f oregoing, examples of f orward-looking inf ormation in this presentation include, among others, statements with respect to: New Gold’s guidance f or production, cash costs, all-in sustaining costs, expenditures and cash f lows, modif ications to operations, the timing of dev elopment decisions, the estimation of mineral reserv es and resources and the realization of mineral reserv es and resources, the timing and amount of estimated f uture production (including mining and milling rates), the expected lif e of New Gold’s mines, expected f uture production costs (including cash costs) and the timing of completion of the acquisition of Rainy Riv er. All such f orward-looking statements are based on the reasonable opinions and estimates of management as of the date such statements are made and are subject to important risk f actors and uncertainties, many of which are bey ond New Gold’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions. In addition to assumptions specif ically identif ied in this presentation, the key assumptions and estimates are discussed in New Gold’s most recent interim management discussion and analy sis and technical reports f iled at www.sedar.com. The estimates and assumptions upon which the f orward-looking statements in this presentation are based are inherently subject to known and unknown risks, uncertainties and other f actors that may cause actual results, lev el of activ ity, perf ormance or achiev ements to be materially dif f erent from those expressed or implied by such f orward-looking statements. Such f actors include, without limitation: signif icant capital requirements; price v olatility in the spot and f orward markets f or commodities; f luctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; impact of any hedging activ ities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated Reserv es and Resources and between actual and estimated metallurgical recov eries; changes in national and local gov ernment legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the f uture carry on business; taxation; controls, regulations and political or economic dev elopments in the countries in which New Gold does or may carry on business; the speculativ e nature of mineral exploration and dev elopment, including the risks of obtaining and maintaining the v alidity and enf orceability of the necessary licences and permits and comply ing with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits f or Blackwater and the Rainy Riv er Gold Project; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our env ironmental authorization (EIS); and in Chile, where the courts hav e temporarily suspended the approv al of the env ironmental permit f or El Morro; the lack of certainty with respect to f oreign legal sy stems, which may not be immune f rom the inf luence of political pressure, corruption or other f actors that are inconsistent with the rule of law; the uncertainties inherent to current and f uture legal challenges N ew Gold is or may become a party to; diminishing quantities or grades of Reserv es; competition; loss of key employ ees; additional f unding requirements; rising costs of labour, supplies, f uel and equipment; actual results of current exploration or reclamation activ ities; uncertainties inherent to mining economic studies including the PEA f or Blackwater and the Rainy Riv er Feasibility Study f or the Rainy River Gold Project; changes in project parameters as plans continue to be ref ined; accidents; labour disputes; def ectiv e title to mineral claims or property or contests ov er claims to mineral properties; New Gold may be unable to successf ully complete the acquisition of all of the securities of Rainy Riv er or the completion of such acquisition may be delay ed or more costly than anticipated; uncertainties with respect to the successf ul integration of the business of Rainy Riv er within the business of New Gold; unexpected delay s and costs inherent to consulting and accommodating rights of First Nations; and uncertainties with respect to obtaining all necessary surf ace rights f or the Rainy Riv er Project. In addition, there are risks and hazards associated with the business of mineral exploration, dev elopment and mining, including env ironmental ev ents and hazards, industrial accidents, unusual or unexpected f ormations, pressures, cav e-ins, f looding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cov er these risks) as well as “Risk Factors” included in New Gold’s (and, in respect to inf ormation related to the acquisition of Rainy Riv er Resources Ltd. (“Rainy Riv er”), Rainy River and/or the Rainy Riv er Gold Project, in Rainy Riv er’s) disclosure documents f iled on and av ailable at www.sedar.com. Forward-looking statements are not guarantees of f uture perf ormance, and actual results and f uture ev ents could materially dif f er f rom those anticipated in such statements. All of the f orward-looking statements contained in this presentation are qualif ied by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or rev ise any f orward-looking statements whether as a result of new inf ormation, ev ents or otherwise, except in accordance with applicable securities laws. All f ootnotes and endnotes hav e been shown at the conclusion of the presentation. 2
  • 3. Portfolio of assets in top-rated jurisdictions Invested and experienced team Among lowest-cost producerswith established track record Peer-leading growth pipeline A history of value creation New Gold investment thesis 3
  • 4. Portfolio of assets in top-rated jurisdictions Blackwater New Afton Rainy River Mesquite Cerro San Pedro El Morro Peak Mines Mine Life: 15+ years Mine Life: 14 years Mine Life: 15+ years Mine Life: 10+ years Mine Life: 4+ years Mine Life: 17 years Mine Life: 8 years #2 CANADA #6 UNITED STATES #5 MEXICO #3 CHILE #1 AUSTRALIA OPERATING DEVELOPMENT 4 Mining investment – country rankings(1) (1) Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”.
  • 5. Portfolio of assets in top-rated jurisdictions Growing gold resource base in Canada 18.0 Canada 5.7 USA 2.9 Chile 1.7 Mexico 0.9 Australia GOLD RESERVES (Moz) 7.8 11.8 23.1 29.2 GOLD M&I RESOURCES (Moz) (1)(2) NEW GOLD PRO FORMA GOLD M&I RESOURCES (Moz) (1) +44% per share +20% per share = Canada = = +62% • 18 million ounces in Canada • 84% increase in M&I resources per share since 2009 New Gold New Gold & Rainy River(3) New Gold New Gold & Rainy River(3) 5 (1) Measured and Indicated Resources inclusive of Reserves.
  • 6. Invested and experienced team Collectively ~$85 million invested in New Gold 6 Randall Oliphant Executive Chairman Robert Gallagher President & CEO Brian Penny Executive VP & CFO Ernie Mast VP Operations EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS David Emerson Former Canadian Cabinet Minister James Estey Former Chairman, UBS Securities Canada Robert Gallagher President & CEO Vahan Kololian Founder, Terra Nova Partners Martyn Konig Former Executive Chairman, European Goldfields Pierre Lassonde Chairman, Franco-Nevada Randall Oliphant Executive Chairman Raymond Threlkeld Mining Consultant Significantly invested team
  • 7. Among lowest-costproducers with established track record(1) • Generating ~$200 per ounce incremental margin • More than $100 per ounce decrease in cash costs(2) from 2009 to 2013E • Copper and silver create effective hedge 2013 GUIDANCE – ALL-IN SUSTAINING COSTS ($/OZ)(3) New Gold Mid-Tier Average(4) Senior Average(5) $875 ~$1,050 ~$1,100 7 Lower costs driving margin expansion
  • 8. 2012 ACTUAL Gold production 412 Koz Gold production(1) 440–480 Koz 2013 GUIDANCE 2013 Total cash costs(2) ~$350/oz 2013 All-in sustaining costs(2)(3) ~$875/oz 8 Among lowest-costproducers with established track record(1) By-product price assumptions: Copper ~$3.25 per pound; Silver ~$22.50 per ounce. 2013 GUIDANCE
  • 9. New Afton hitting its stride • Mining and milling rates averaged more than 11,000 tonnes per day in Q2 – a 19% increase over Q1 • Targeting throughput of 12,000 tonnes per day by year-end 2013 GOLD 0.67 0.78 Q1 2013 Q2 2013 COPPER 0.79% 0.96% Q1 2013 Q2 2013 GRADE (g/t) GRADE (%) 83% 87% Q1 2013 Q2 2013 81% 88% Q1 2013 Q2 2013 RECOVERY (%) RECOVERY (%) 15 22 Q1 2013 Q2 2013 12 19 Q1 2013 Q2 2013 PRODUCTION (Koz) PRODUCTION (Mlbs) +16% +4% +46% +21% +7% +58% 9 Among lowest-costproducers with established track record(1)
  • 10. Evaluating further throughput expansion potential 10 Among lowest-costproducers with established track record(1) Design capacity • 11,000 tonnes perday 2013 year-endtarget • 12,000 tonnes per day Additionalexpansion potential • 50 drawbells needed to support 11,000tonnes per day – 68 completed as of mid-2013 • Crusher capacity – 20,000 tonnes per day (commissioned January 2013) • Conveyor capacity – 14,500 tonnes per day • Record daily mill throughput – 18,638 tonnes
  • 11. New Afton C-Zone exploration program EA-9 C-Zone B-Zone Reserve 4,900m Far East Extension / Hanging Wall Lens Targets Drilled Planned EA-31 EA-32 EA-34 EA-36 EA-35 EA-37* EA-33 HIGHLIGHTS POST C-ZONE RESOURCE UPDATE Drill Hole From (m) To (m) Interval (m) Gold (g/t) Copper (%) EA-31 644 708 64 0.86 1.33 EA-32 478 622 144 0.92 1.10 EA-34 744 810 66 0.90 0.93 EA-36 592 678 86 2.32 2.61 11 Among lowest-costproducers with established track record(1) • May 2013 update increased resources by more than 300% • C-Zone remains open down plunge C-ZONE RESOURCE SUMMARY Measured and Indicated Inferred GOLD 0.3 Moz at 0.77 g/t 0.4 Moz at 0.62 g/t COPPER 211 Mlbs at 0.77 301 Mlbs at 0.68%
  • 12. New Afton successful start with continued upside potential • Achieved commercial and full production ahead of schedule in mid-2012 • 2012 exploration work led to two-year mine life extension from 12 to 14 years • +300% increase in C-Zone resources in May 2013 • Targeting throughput of 12,000 tonnes per day by end of 2013 • Evaluating potential for further throughput increases in 2014 and beyond 12 Among lowest-costproducers with established track record(1)
  • 13. Peer-leading growth pipeline Industry leading organic growth profile • Growth projects expected to increase gold production by ~1.75 times over current operations • Blackwater and Rainy River acquisitions increased shares outstanding by 25% for potential +150% increase in production • Projecting below current industry average cash costs at each project Four current operations Three organic projects 440–480 Koz +800 Koz Blackwater Rainy River 2013 Gold Production Guidance Annual Production Potential of Growth Assets El Morro 13
  • 14. Peer-leading growth pipeline Three world-class projects Rainy River (97%) Blackwater El Morro (30%) Significant Gold Resource Base(1)(2) 6.2 Moz 8.6 Moz 2.9 Moz Exploration Potential Intrepid Zone/Multiple Regional Targets Capoose/Multiple Regional Targets El Morro Zone/ Block Cave Potential Jurisdiction Ontario, Canada British Columbia, Canada Chile Robust Production/ Low Cash Costs(3) ~225 Koz at below average cash costs ~500 Koz at below average cash costs ~90 Koz Au/85 Mlbs Cu at ~($700) cash costs(4) RAINY RIVER BLACKWATER EL MORRO 14
  • 15. Peer-leading growth pipeline Control of two underexplored districts • +169 km2 land package • Multiple targets including recently discovered Intrepid Zone • Two drills active 15 RAINY RIVER Rainy River Existing resource Exploration targets Intrepid Intrepid extension Son of Intrepid Western Zone Off Lake 5km
  • 16. Peer-leading growth pipeline Control of two underexplored districts • +1,000 km2 land package • Initial resource at Capoose ~25 km from main Blackwater resource • Multiple regional targets • Five drills active 16 BLACKWATER Blackwater Capoose Auro Van Tine Fawnie Existing resource Exploration targets 10km
  • 17. Peer-leading growth pipeline Limited capital required to advance projects to construction-ready status • Simultaneously advancing Rainy River and Blackwater through remaining technical and economic studies and permitting • Regional exploration continues at both projects • Project development and sequencing decision expected in second half of 2014 RAINY RIVER SECOND HALF 2013 PROJECT SPENDING(1) BLACKWATER SECOND HALF 2013 PROJECT SPENDING(2) Exploration(3) $5mm Engineering/Studies/ Environment/Other $20mm Exploration(3) $20mm Engineering/Studies/ Environment/Other $30mm 17
  • 18. (39%) (27%) (14%) 45% 303% A history of value creation Increasing Net Asset Value drives share price growth March 2009 Net Asset Value(1) September 2013 Mesquite, Cerro San Pedro, Peak Mines ~$875 $1,138 New Afton ~$120 $1,561 El Morro(2) ~$40 $432 Blackwater(3) $– $808 Rainy River(4) $– $479 18 S&P/TSX Global Gold Index FTSE Gold Mines Index HUI Index Gold Price New Gold PRICE PERFORMANCE SINCE BUSINESS COMBINATION WITH WESTERN GOLDFIELDS IN MARCH 2009
  • 19. A history of value creation Near-term catalysts 2013 guidance – increased resources, production growth and lower costs Blackwater resource update New Afton C-Zone exploration update Completion of Rainy River acquisition Blackwater/Rainy River/New Afton exploration updates Completion of Blackwater Feasibility Study New Afton mill to reach 12,000 tonnes per day/results of throughput increase evaluation Resolution of El Morro temporary permit suspension 19
  • 20. Establishing the leading intermediate gold company New Gold investment thesis Portfolio of assets in top-rated jurisdictions Invested and experienced team Among lowest-cost producerswith a history of delivering Peer-leading growth pipeline Track record of value creation
  • 21. Appendix 21 Appendices Page 1. Financial information 22 2. Consolidated operating performance 28 3. Mesquite, Cerro San Pedro, Peak Mines 37 4. New Afton 41 5. Rainy River 45 6. Blackwater 47 7. El Morro 55 8. Reserves and resource notes 62 9. Commodity price/foreign exchange assumptions 69
  • 22. Capitalization and liquidity 22 1. Cash and equivalents as at June 30, 2013. 2. $50 million of total $150 million currently used for Letters of Credit. 3. See Appendix 1 – Summary of debt for detailed breakdown of components of debt. • All corporate debt due in 2020 or beyond(3) • Two senior unsecured note offerings during 2012 ($300 million at 7.00%, $500 million at 6.25%) • Total common shares outstanding of 502 million • Paid $66 million to eliminate legacy gold hedges on May 15, 2013 Liquidity Position $563mm $100mm $663mm Appendix 1 Cash and Equivalents(1) Undrawn Credit Facility(2)
  • 23. Summary of debt 23 Undrawn Credit Facility Senior Unsecured Notes (April 2012) Senior Unsecured Notes (November 2012) El Morro Funding Loan Face Value $150 million(1) $300 million $500 million $72 million Maturity 1 year with annual extensions permitted April 15, 2020 November 15, 2022 n/a Interest Rate See ‘Key features’ 7.00% 6.25% 4.58% Payable Revolving credit Semi-annually Semi-annually Upon start of production Conversion price n/a n/a n/a n/a Current trading value n/a ~102 ~96 n/a Key features Normal financial covenants Interest Rate • 3.00-4.25% over LIBOR based on ratios • Standby fee of 0.75- 1.06% • Senior unsecured • Redeemable after April 15, 2016 at 103.5% down to 100% of face after 2018 • Unlimited dividends if leverage ratio below 2:1 • Senior unsecured • Redeemable after November 15, 2017 at par plus half coupon, declining ratably to par • Unlimited dividends if leverage ratio below 2:1 New Gold to repay Goldcorp out of 80% of its 30% share of cash flow once El Morro starts production 1. $50 million currently allocated for Letters of Credit. Appendix 1
  • 24. 24 • New Gold’s 2013 estimated capital expenditures of $290 million are down 42% from 2012 • Capital includes costs related to ongoing annual sustaining capital as well as investments for future production • Capital estimates by site are shown below: New Afton $110mm Peak Mines $60mm Cerro San Pedro $40mm Mesquite $20mm Blackwater $60mm New Afton $302mm Peak Mines $47mm Cerro San Pedro $11mm Mesquite $11mm Blackwater $128mm 2012 and 2013 capital expenditures by site TOTAL 2012 ACTUAL CAPITAL EXPENDITURES: $499 MILLION TOTAL 2013 CAPITAL EXPENDITURE ESTIMATE: $290 MILLION Appendix 1
  • 25. 25 Direct investment for future production • The below breaks down capital expenditures at each site into two categories – annual sustaining capital and direct investments for future productiongrowth and mine life extension New Afton - $110 million Blackwater - $60 million Peak Mines - $60 million Annual sustaining capital 82% 18% 100% 50% 50% • $90 million – continued cave and drawbell developmentas well as related technical services • Total of ~90 drawbells expectedto be completed by end of 2013 • Annual drawbell developmentto decrease overmine life with commensurate decrease in capital • $15 million – capitalized exploration • $45 million – Feasibility and related engineering studies,permitting, camp facilities/operation • $30 million – underground developmentand capitalized exploration • $30 million – equipment,mine and mill projects/maintenance 2013 capital expenditures by category Appendix 1
  • 26. 26 Cerro San Pedro - $40 million Mesquite - $20 million 75% 25% 60% 40% • $30 million – final leach pad expansion and capitalized stripping for phase 5 development • $10 million – site maintenance/processing improvements • $12 million – two additional trucks and constructionof new welding and tire shops • $8 million – equipmentcomponents/site maintenance 2013 capital expenditures by category Direct investment for future production Annual sustaining capital New Gold’s 30% share of estimated El Morro capital cost of $23 million fully carried by Goldcorp Inc. Appendix 1
  • 27. 27 • New Gold’s estimated exploration budgetfor 2013 is $50 million • Capitalized: $20 million • Expensed:$30 million • Additional $5 million of exploration at Rainy River postacquisition New Afton 40,000 metres Peak Mines 33,000 metres Blackwater 40,000 metres Capitalized: $15 million Expensed: $15 million Expensed: $10 million Capitalized: $5 million Expensed: $5 million 2013 exploration program overview Appendix 1
  • 28. 28 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 2. Sustaining capital based on New Gold’s total 2013 estimated capital expenditures excluding expenditures related to growth-related initiatives. 3. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining cash costs calculated using the mid-point of New Gold’s estimated 2013 production range. 2013 estimated all-in sustaining costs Appendix 2 Total cash costs(1) ~$350/oz General and administrative ~$60/oz Exploration expense ~$70/oz Sustaining capital(2) ~$395/oz ALL-IN SUSTAINING COSTS(3) ~$875/oz
  • 29. 29 • Gold productiongrowth through full year of productionat New Afton and increased throughput and recoveries at Peak Mines • Copperproductionforecastto double to 78 to 88 million pounds • Copperand silver by-products continue to act as natural hedge to industry-wide cost pressures • By-productprice assumptions: • Copper~$3.25 perpound(3) • Silver ~$22.50 perounce(3) 1. Gold sales range forecast to be 440,000 to 480,000 ounces. 2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 3. Based on year-to-date average realized price through June 30, 2013 and $3.25 per pound and $20 per ounce for balance of year. • By-productsensitivities: • $0.25 per pound change in copper impacts consolidated cashcosts by ~$45 per ounce • $1.00 per ounce change in silver impacts consolidated cashcosts by ~$3 per ounce 2013 guidance Gold production(1) 440 - 480Koz Total cash costs(2) ~$350/oz Appendix 2
  • 30. 30 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 2. By-product price assumptions: Silver - ~$22.50/oz; Copper - ~$3.25/lb. 3. New Afton co-product cost estimates: Gold - $570-$590/oz; Copper - $1.20-$1.30/lb. Gold Production (Koz) Silver Production (Moz) Copper Production (Mlbs) Total Cash Costs(1)(2) ($/oz) 2012A 2013E 2012A 2013E 2012A 2013E 2012A 2013E Mesquite 142 130-140 -- -- -- -- $690 $830-$850 Cerro San Pedro 138 140-150 1.9 1.4-1.6 -- -- $232 $375-$395 Peak Mines 96 95-105 -- -- 14 12-14 $764 $670-$690 New Afton 37 75-85 -- -- 28 66-74 ($1,043) ($1,410)- ($1,390)(3) 412 440-480 1.9 1.4-1.6 42 78-88 $421 ~$350 2012 actuals versus 2013 guidance Appendix 2
  • 31. $465 $418 $446 $421 $350 $478 $557 $643 $738 $200 $400 $600 $800 2009 2010 2011 2012 2013E 31 1. Calculated based on YE’2012 GFMS industry average less mid-point of New Gold 2013 cost guidance. 2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 3. Industry data per GFMS reports calculated net of by-product credits as at YE’2012. TotalCashCosts(US$/oz)(2) Incremental Margin to New Gold Shareholders (3) Lower costs driving margin expansion New Gold offers shareholders potential for over $375 per ounce(1) of incremental margin Appendix 2
  • 32. 321. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides. 2. Cerro San Pedro life-of-mine recovery: Gold – ~60%; Silver – ~25%. Detailed operating results and assumptions Mesquite Cerro San Pedro Peak Mines New Afton 2012A 2013E 2012A 2013E 2012A 2013E 2012A 2013E Tonnes processed (000 tonnes) 14,503 14,250-14,750 16,531 12,250-12,750 778 815-835 1,970 4,000-4,200 Tonnes mined (000 tonnes) 45,666 46,000-48,000 30,905 36,000-38,000 786 1,310-1,330 903 4,300-4,500 Gold grade (g/t) 0.46 0.41-0.45 0.47 0.58-0.63 4.18 4.1-4.3 0.73 0.67-0.71 Silver grade (g/t) -- -- 21.43 13.0-17.0 -- -- -- -- Copper grade (%) -- -- -- -- 0.97% 0.80-0.84% 0.78% 0.86-0.90% Gold recovery (%) (1) (1) (2) (2) 91.3% 90.0-92.0% 78.8% 88.0-90.0% Silver recovery (%) -- -- (2) (2) -- -- -- -- Copper recovery (%) -- -- -- -- 86.0% 89.0-91.0% 84.5% 88.0-90.0% Capital expenditures ($mm) $11 $20 $11 $40 $47 $60 $302 $110 Reserve grade Gold grade (g/t) 0.57 0.50 4.99 0.65 Silver grade (g/t) -- 17.3 7.3 2.3 Copper grade (%) -- -- 1.13% 0.93% Appendix 2
  • 33. $690 2012A 2013E 142 2012A 2013E 33 Key assumptions and sensitivities • Dieselcomprises ~25% of Mesquite’s total costs • Rack dieselprice mostcorrelated to Brent oil price • Budgeted dieselprice in 2013 is 8% higher than 2012 average price paid • Every 10% change in dieselprice has ~$20 per ounce impact on costs 2012Aversus 2013E • Productionexpected to decline moderately due to the planned processing of ore from an area within the mine plan that is below reserve grade • Increase in costs attributable to higher cost leach pad inventory working through sales and lower productionbase 1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides. 2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 140 130 $850 $830 Mesquite GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz) Appendix 3
  • 34. $232 2012A 2013E 138 2012A 2013E 1.9 2012A 2013E 34 Key assumptions and sensitivities • Silver price - $30.00 perounce (2012A- $30.78 per ounce) • Mexican peso:U.S. foreignexchange – 13:1 • $1.00 per ounce change in silver equals ~$10 per ounce change in Cerro San Pedro cash costs • $1.00 change in Mexican peso equals ~$25 per ounce change in Cerro San Pedro cash costs 2012Aversus 2013E • Targeting 5% increase in gold production • Decrease in tonnes processedoffsetby increase in gold grade • Increase in costs primarily driven by lower silver by-productproductionas well as lower price assumption • ~$95 per ounce of increase in costs attributable to lower silver by-productrevenue • Silver grades decreasing by ~25% 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%; Silver – ~25%. 2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 150 140 1.6 1.4 $395 $375 Cerro San Pedro GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz)SILVER PRODUCTION(1) (Moz) Appendix 3
  • 35. $764 2012A 2013E 14 2012A 2013E 96 2012A 2013E 35 Key assumptions and sensitivities • Copperprice - $3.50 per pound (2012A- $3.51 per pound) • Australian dollar: U.S. foreignexchange – 1:1 • $0.25 per pound change in copperequals ~$35 per ounce change in Peak Mines cash costs • $0.01 change in Australian dollar equals ~$10 per ounce change in Peak Mines cash costs 2012Aversus 2013E • Increased gold productiondriven by 50,000 tonne increase in tonnes processed • Similar copperproductiona result of increased tonnes processed and copperrecoveriesoffset by lower coppergrades • Reductionin estimated cash costs a result of increased gold productionand lower foreign exchange rate assumptionversus average 2012 exchange rate 105 95 14 12 $690 $670 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. Peak Mines GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz)COPPER PRODUCTION(1) (Mlbs) Appendix 3
  • 36. 36 Great Cobar ~9 kilometres Peak corridor map Appendix 3
  • 37. 28 2012A 2013E 37 2012A 2013E 37 2012Aversus 2013E • New Afton entering first full year of productionin 2013 after successful2012 start-up • Increased gold productiondriven by a full year of operations as well as continued recovery improvements, partially offsetby lower gold grade • Copperproductionexpected to more than double,driven by full year of productionas well as increases in coppergrades and recoveries 85 75 74 66 New Afton GOLD PRODUCTION(1) (Koz) COPPER PRODUCTION(1) (Mlbs) 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. Appendix 4
  • 38. ($1,043) 2012A 2013E $656 2012A 2013E $1.40 2012A 2013E 38 Key assumptions and sensitivities • Copperprice - $3.50 per pound (2012A- $3.58 per pound) • Canadian dollar: U.S. foreignexchange – 1:1 • $0.25 per pound change in copperequals ~$220 per ounce change in New Aftonby-productcash costs • $0.01 change in Canadian dollar equals ~$15 per ounce change in New Afton by-productcash costs ($1,390) ($1,410) $590 $570 $1.30 $1.20 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. New Afton (cont’d) TOTAL CASH COSTS(1) ($/oz) (By-Product) TOTAL CASH COSTS(1) ($/oz) (Co-Product Copper) TOTAL CASH COSTS(1) ($/oz) (Co-Product Gold) Appendix 4
  • 39. 39 Kenora Fort Frances Thunder Bay Rainy River Gold Project • Mining friendly Northwestern Ontario • 65 km northwest of Fort Frances • 80 km south of Kenora • Within 25 km of rail and power • Local skilled labour force HWY 600 Site Topography RainyRiver – Location Appendix 5
  • 40. 40 • Central British Columbia near infrastructure • Year-round accessibilityfor drilling/ development • Total 2012 drilling over 270,000 metres projectwide • Ability to fund continued exploration/ developmentinternally • Tax synergies with New Afton • PEA completed September2012 • Targeting annual gold productionof ~500,000ounces • Targeting completionof Feasibility Study by late 2013 • Targeting productionin 2017 • Consolidated significantland position– 1,000 km2 1. Refer to appendix 8 for detailed disclosure on Reserve and Resource calculations. 2. Blackwater start date based on indicative timeline which is dependent on permit approvals. • Additional Measured and Indicated gold resources – stockpile material of 0.9 million ounces Blackwater – A robust project Measured and Indicated Gold Resources(1) – Direct Processing Material 8.6 Moz Appendix 6
  • 41. 41 1. Indicative timeline is dependent on permit approvals. There is no assurance this timeline will be achieved nor that the d eposit will ever reach the production stage. Development activity First Nations & Public Consultation Preliminary Economic Assessment Base Line Environmental Studies Feasibility Study Engineering Procurement Production Target Drilling Project Description/Terms of Reference Environmental Assessment Reports Provincial Approval Federal Approval Construction H1 H2 H1 H2 H1 H2H1 H2 H1 H2 H1 H2 2012 2013 2014 2015 2016 2017 Reflects critical path in timeline Blackwater – Indicative timeline Appendix 6
  • 42. 42 • Start of production in 2017 • Conventional truck and shovel open pit mine with 60,000 tonnes per day processing plant • Life-of-mine strip ratio of ~2.4 to 1 • Low grade stockpiling strategy • Simple, conventional flowsheet using whole ore leach process • Life-of-mine gold and silver recoveries of 87% and 53%, respectively • Conventional waste rock and Tailings Storage Facility • Power supply from the hydroelectric power grid, via 133 kilometre transmission line • Minimal off-site infrastructure required • Good existing access road; water supply within 15 kilometres • Low environmental risk and facility designed for closure Blackwater – Project overview Appendix 6
  • 43. 43 • Projectis located 112 kilometres southwest from Vanderhoof and has access to low cost hydroelectric power • Developmentcapital estimate of $1.8 billion is inclusive of a 24% or $346 million contingency • Developmentcapital estimated based on the current cost environment • A parity foreignexchange rate was assumed and the capital estimate was held constant in the economic analysis • Sustaining capital of $537 million, reclamation and closure costs of $95 million and $72 million in equipmentsalvage value Blackwater PEA costs – Capital Total development and sustaining capital estimated at $294 per recoverable gold ounce Project Development Capital Costs Description Cost ($ million) Direct Costs Mining & Pre-production Development $208 On Site Infrastructure $181 Process $539 Tailing and Water Reclaim $74 Infrastructure (Power, Water, Road) $85 Total Direct Costs $1,087 Owner's and Indirect Costs Owner's Costs $54 EPCM $112 Other Indirects $215 Total Owner's and Indirect Costs $381 Subtotal $1,468 Contingency (24%) $346 Total Project $1,814 Appendix 6
  • 44. Project Operating Costs Area Unit Cost (C$/t milled) $ per gold ounce produced Mining $6.21 $259 Processing $7.59 $317 General and Administrative $0.95 $40 Royalty (0.6%) $0.18 $8 Refining $0.23 $9 Silver by-product sales at$22.50 per ounce silver ($2.16) ($90) Total cash costs (1) net of by-product sales $13.01 $543 44 Processing Costs 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” and PEA additional cautionary note. Blackwater PEA costs – Operating 59% 11% 9% 6% 4% 4% 4% 2% Hauling Auxiliary Blasting G&A Drilling Loading General Maint. General Mine Mining Costs 44% 24% 17% 8% 6% 1% Reagents Grinding Media/Liners Electricity Labour Maint. Materials Water Supply Blackwater’s locationnear infrastructure,low stripping ratio,access to low costpower and silver by-productrevenue expectedto resultin the Projecthaving wellbelow industryaverage cashcosts Appendix 6
  • 45. • Goldcorp – 70% partner and projectoperator • New Gold’s 30% share of capital fully funded by Goldcorp • Current resource entirely within La Fortuna deposit • Neighbouring El Morro depositunderexplored • 2012 year end update added 0.4 million ounces of gold and 229 million pounds of copperto reserves(1) • Addressing recenttemporary suspensionof environmental permit • Chile evaluating various alternatives for a power source to northern Chilean developmentprojects 45 1. New Gold’s attributable 30% share. Refer to Appendix 8 for detailed disclosure on reserve and resource calculations. 2. Refer to Cautionary Statements. 3. Refer to Cautionary Statements and note on total cash cost under the heading “Non-GAAP Measures”. Life of mine co-product costs estimated at $550/oz gold and $1.45/lb copper at commodityprice assumptions of $1,200/oz gold and $2.75/lb copper. Location Chile Mine type Open Pit Reserves1 – Gold/Copper (Moz/Mlbs) 2.9/2,097 Resources1 – Gold/Copper (Moz/Mlbs) 2.9/2,097 Estimate mine life 17 years LOM production/yr (Au Koz/Cu Mlbs)2 90/85 LOM cash costs/oz by-product3 ($700) El Morro (30%) 2.9 Moz Gold Reserve(1) 2.1 Blbs Copper Reserve(1) Appendix 7
  • 46. 46 • El Morro Feasibility Study was updated in December 2011 • Key parameters for New Gold include: • 30% share of estimated development capital, or $1.2 billion, carried by Goldcorp – Receive cash flow from start of production – Interest rate fixed at 4.58% • Base 17-year mine life • 30% share of annual production: ~90,000 ounces of gold and ~85 million pounds of copper • Estimated total cash costs(1), net of by-products ($700) per ounce – Co-product gold ~$550 per ounce – Co-product copper ~$1.45 per pound 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” . El Morro overview of updated FeasibilityStudy Appendix 7
  • 47. 47 2012 openpit Proven and Probable reserves and Measured and Indicated resources Underground Inferred resource with block cave potential 500 metres La Fortuna deposit Appendix 7
  • 48. 48 1. Capital estimates based on December 2011 Feasibility Study. El Morro (30%) – Funding structure(1) Appendix 7 Funded by $1.2 billion interest at 4.58% ~ $2.7 billion 70% 20% 80% • New Gold’s 30% share of development capital 100% carried • Interest fixed at 4.58% 30% 70% 30% TotalCapital 100% ~ $3.9 billion 100% Average annual cash flow Carried funding repayment
  • 49. Au Grade (g/t) Cu Grade (%) $91/t $44/t $41/t $27/t $53/t $52/t $42/t $33/t $31/t $30/t -- 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 49 Company disclosure. 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 8, 2013 press release; does not include “Other” Cadia province reserves. El Morro Producing Development Chapada Cadia-Ridgew ay Alumbrera New Afton New Prosperity Cobre Panama Mt. Milligan Cerro Casale El Morro Agua Rica(2) New Afton Selected porphyry gold/copper deposits/mines(1) Appendix 7
  • 50. 501. Based on Goldcorp’s December 31, 2012 year-end resource statements. 2. Gold equivalent calculated based on the following commodity prices: Gold - $1,600/oz; Silver - $30.00/oz; Copper - $3.50/lb; Lead - $0.90/lb; Zinc - $0.90/lb. El Morro relative positioning(1) EL MORRO WITHIN GOLDCORP PORTFOLIO Asset Gold Reserves (Moz) Asset Gold Equivalent(2) (Moz) Penasquito 15.7 Penasquito 43.9 Pueblo Viejo 10.0 El Morro 17.4 Los Filos 7.4 Pueblo Viejo 11.7 El Morro 6.7 Los Filos 8.4 Cerro Negro 5.7 Cerro Negro 6.7 Appendix 7
  • 51. 51 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013. 2. Year end 2011 Mineral Resources presented at Investor Day on February 2, 2012. 3. Rainy River shown on a 100% basis. Reserves and resources summary Mineral Reserves and Resources Summary Current (1) Year End 2011 (2) Gold Koz Silver Koz Copper Mlbs Gold Koz Silver Koz Copper Mlbs Proven and Probable Reserves 11,783 41,571 3,282 7,863 34,347 2,888 Measured and Indicated Resources (inclusive ofReserves) 29,242 159,585 4,223 18,797 115,268 3,946 Inferred Resources 6,822 88,359 1,187 6,323 76,856 2,202 M&I Resources (inclusive ofReserves) Mesquite 5,684 - - 5,534 - - Cerro San Pedro 1,703 57,980 - 1,812 55,860 - Peak Mines 880 1,350 146 948 1,570 167 New Afton 2,224 7,292 1,980 1,742 5,470 1,586 Blackwater 9,497 70,128 - 5,423 25,774 - Capoose 196 9,497 - 384 26,594 - Rainy River 6,167 13,338 - n/a n/a n/a El Morro 2,891 - 2,097 2,954 - 2,193 Total M&I 29,242 159,585 4,223 18,797 115,268 3,946 Appendix 8
  • 52. 52 Reserves and resources summary (cont’d) Mineral Reserves statementas atDecember 31,2012 Metal grade Contained metal Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Mesquite Proven 13,140 0.68 - - 287 - - Probable 114,409 0.56 - - 2,055 - - Mesquite P&P 127,549 0.57 - - 2,342 - - Cerro San Pedro Proven 21,100 0.52 17.1 - 353 11,600 - Probable 26,400 0.48 17.4 - 407 14,800 - CSP P&P 47,500 0.50 17.3 - 760 26,400 - Peak Mines Proven 2,109 5.89 7.5 1.08 399 510 50 Probable 2,118 3.82 6.8 1.18 260 466 55 Peak P&P 4,227 4.85 7.2 1.13 659 976 105 New Afton Proven - - - - - - - Probable 52,500 0.65 2.3 0.93 1,100 3,880 1,080 New Afton P&P 52,500 0.65 2.3 0.93 1,100 3,880 1,080 Rainy River Proven 27,700 1.14 1.94 - 1,015 1,728 - Probable 88,600 1.06 3.01 - 3,017 8,587 - Rainy River P&P 116,300 1.08 2.76 - 4,031 10,315 - El Morro 100% Basis 30% Basis Proven 307,949 0.57 - 0.56 1,705 - 1,135 Probable 335,152 0.37 - 0.44 1,186 - 962 El Morro P&P 643,101 0.47 - 0.49 2,891 - 2,097 Appendix 8 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013. 2. Rainy River shown on a 100% basis.
  • 53. 53 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013. Reserves and resources summary (cont’d) Measured and Indicated mineral Resource statement(inclusive ofReserves) as atDecember 31,2012 Metal grade Contained metal Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Mesquite Measured - oxide 19,100 0.51 - - 313 - - Indicated - oxide 274,100 0.38 - - 3,349 - - Meqsuite M&I - oxide 293,200 0.39 - - 3,662 - - Measured - non oxide 4,900 0.88 - - 139 - - Indicated - non oxide 96,000 0.61 - - 1,883 - - Mesquite M&I - non oxide 100,900 0.62 - - 2,022 - - Total Mesquite M&I 394,100 0.45 - - 5,684 - - Cerro San Pedro Measured - oxide 27,100 0.34 15.0 - 303 13,100 - Indicated - oxide 49,000 0.24 13.0 - 380 20,480 - CSP M&I - oxide 76,100 0.28 13.7 - 683 33,580 - Measured - sulphide 15,200 0.47 11.9 - 229 5,800 - Indicated - sulphide 60,400 0.41 9.6 - 791 18,600 - CSP M&I - sulphide 75,600 0.42 10.1 - 1,020 24,400 - Total CSP M&I 151,700 0.35 11.9 - 1,703 57,980 - Peak Mines Measured 2,700 5.74 7.5 1.05 494 647 62 Indicated 3,200 3.75 6.8 1.19 386 703 84 Peak M&I 5,900 4.66 7.1 1.13 880 1,350 146 Appendix 8
  • 54. 54 Reserves and resources summary (cont’d) Measured and Indicated mineral Resource statement(inclusive ofReserves) as atDecember 31,2012 Metal grade Contained metal Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs New Afton A&B Zones Measured 33,500 0.86 2.9 1.18 929 3,160 873 Indicated 45,900 0.67 2.4 0.89 984 3,530 896 A&B Zone M&I 79,400 0.75 2.6 1.01 1,913 6,690 1,769 C-Zone Measured 1,282 0.75 1.4 0.79 31 56 22 Indicated 11,205 0.78 1.5 0.77 280 548 189 C-Zone M&I 12,486 0.77 1.5 0.77 311 602 211 Total New Afton M&I 91,886 0.75 2.6 1.00 2,224 7,292 1,980 Blackwater Direct processing material Measured 116,955 1.04 5.6 - 3,896 21,057 - Indicated 189,044 0.78 6.0 - 4,729 36,467 - M&I (directprocessing) 305,999 0.88 5.8 - 8,624 57,524 - Stockpile material Measured 26,521 0.30 4.1 - 256 3,496 - Indicated 64,382 0.30 4.4 - 617 9,108 - M&I (stockpile) 90,903 0.30 4.3 - 873 12,604 - Total Blackwater M&I 396,902 0.74 5.5 - 9,497 70,128 - Capoose Indicated 14,200 0.43 20.8 - 196 9,497 - Rainy River Measured 27,638 1.33 1.90 - 1,182 1,689 - Indicated 130,885 1.18 2.8 - 4,985 11,649 - Total Rainy River M&I 158,523 1.21 2.62 - 6,167 13,338 - El Morro 100% Basis 30% Basis Measured 307,949 0.57 - 0.56 1,705 - 1,135 Indicated 335,152 0.37 - 0.44 1,186 - 962 El Morro M&I 643,101 0.47 - 0.49 2,891 - 2,097 Appendix 8 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013. 2. Rainy River shown on a 100% basis.
  • 55. 55 Reserves and resources summary (cont’d) Inferred Resource statementas atDecember 31,2012 Metal grade Contained metal Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs Mesquite Oxide 35,200 0.33 - - 373 - - Non oxide 15,700 0.55 - - 278 - - Mesquite Inferred 50,900 0.40 - - 651 - - Cerro San Pedro Oxides 53,400 0.17 9.0 - 300 15,400 - Sulphides 50,500 0.34 8.5 - 550 13,800 - CSP Inferred 103,900 0.25 8.8 - 850 29,200 - Peak Mines 1,700 2.64 4.8 1.13 144 261 42 New Afton A&B-Zone 14,900 0.45 2.0 0.65 216 940 212 C-Zone 20,221 0.62 1.4 0.68 401 923 301 New Afton Inferred 35,121 0.56 1.5 0.68 617 1,863 513 Blackwater Direct processing 13,815 0.76 4.1 - 337 1,821 - Stockpile 3,785 0.31 3.6 - 38 438 - Blackwater Inferred 17,600 0.66 4.0 - 375 2,263 - Capoose 64,070 0.29 23.2 - 595 47,789 - Rainy River 93,804 0.76 2.32 - 2,280 6,983 - 100% Basis 30% Basis El Morro 137,555 0.99 - 0.70 1,310 - 632 Appendix 8 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013. 2. Rainy River shown on a 100% basis.
  • 56. 56 Mineral reserves are contained w ithin Measured and Indicated mineral resources. Measured and Indicated mineral resources that are not mineral reserves do not have demonstrated economic viability as defined by a technicalFeasibility Study. New Gold reports its Measured and Indicated mineral resources inclusive of its mineralreserves. Inferred mineralresources are not know n w ith the same degree of certainty as Measured and Indicated resources, do not have demonstrated economic viability, and are exclusive of mineral reserves. Mineralreserves have been estimated and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) definition standards and guidelines and Canadian National Instrument 43-101 (‘NI 43-101’). 1) Mineral Reserves for the company’s mineral properties have been calculated based on the follow ing metal prices and low er cut-off criteria: Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off Mesquite $1,300 - - 0.21 g/t Au – Oxide reserves 0.41 g/t Au – Non-oxide reserves Cerro San Pedro $1,300 $24.00 - US$4.33 /t NSR Peak Mines $1,300 $24.00 $3.00 A$120 – 253/t NSR New Afton $1,300 - $3.00 US$24/t NSR El Morro $1,350 - $3.00 0.20% CuEq Rainy River $1,250 $25.00 - 0.30 g/t AuEq – Open Pit 3.5 g/t AuEq - Underground Reserves and resources notes Appendix 8
  • 57. 57 2) Mineral Resources for the company’s mineral properties have been calculated based on the follow ing metal prices and low er cut-off criteria: Mineral resources have been estimated and reported in accordance with CIM definition standards and guidelines and Canadian NI 43-101. Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off Mesquite $1,400 - - 0.12 g/t Au – Oxide resources 0.24 g/t Au – Non-oxide resources Cerro San Pedro $1,400 $28.00 - 0.1g/t AuEq – Open pit oxide resources 0.4g/t AuEq – Open pit sulphide resources Peak Mines $1,400 $28.00 $3.25 A$97 - 137/t NSR New Afton $1,400 $28.00 $3.25 0.40% CuEq – All resources El Morro $1,500 - $3.50 0.15% Cu – Open pit resources 0.20% Cu – Underground resources Blackw ater $1,400 - - 0.40 g/t AuEq Capoose $1,400 - - 0.40 g/t AuEq Rainy River $1,100 $22.50 - 0.35 g/t AuEq – Open Pit 2.5 g/t AuEq – Underground 3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent w ith the methods most suitable for their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and ‘underground’ have been applied to indicate envisioned mining method. Likew ise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization as it relates to appropriate mineral processing method and expected payable metal recoveries. Additionaldetails regarding mineral resource estimation, classification and reporting parameters for each of New Gold’s mineral properties are provided in the respective NI 43-101 TechnicalReports w hich are available on SEDAR. 4) Blackw ater April4, 2013 update: 1. Mineral resources are reported within a conceptualopen pit shell based on metal prices of $1,400/oz gold and $28.00/oz silver. The March 2013 mineral resource estimate utilizes average metallurgical recoveries of 88.0% gold and 64.0% silver for oxide mineralization, 85.0% gold and 58.0% silver for transitionaloxide/sulfide mineralization and 85.0% gold and 44.0% silver for sulfide mineralization. The 2012 year-end mineral resource estimate utilizes average metallurgical recoveries of 86% gold and 44.9% silver for all material types. 2. Total contained metal is calculated based on Tonnes*Grade / 31.10348 grams per troy ounce. 3. Gold-equivalent cut-off grade estimates are based on $1,400/oz gold and $28.00/oz silver and average metal recoveries as described in Note 1 above. 4. Direct processing material is defined as mineralization above a 0.40 g/t AuEq cut-off and likely to be mined and processed directly. 5. Stockpile material is defined as mineralization betw een a 0.30 g/t AuEq and a 0.40 AuEq cut-off that is suitable for stockpiling and future processing based on average metallurgical recoveries as described in Note 1 above. 5) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualified Persons as defined under Canadian National Instrument 43-101 under the oversight and review of MarkPetersen, a Qualified Person under National Instrument 43-101 and employee of New Gold. Reserves and resources notes (cont’d) Appendix 8
  • 58. 58 Guidance assumptions(1) Spot: 2013 Gold price ($/oz) ~1,350 Silver price ($/oz) ~22.50 Copper price ($/oz) ~3.25 USD/AUD 1.00 USD/CAD 1.00 USD/MXN 13.00 Spot Gold price ($/oz) 1,310 Silver price ($/oz) 21.75 Copper price ($/oz) 3.20 USD/AUD 0.93 USD/CAD 0.97 USD/MXN 12.95 1. Based on year-to-date average realized prices through June 30, 2013 and prevailing prices at time of second quarter results release on July 31, 2013. Commodity price/foreign exchange assumptions Appendix 9
  • 59. Notes Page 4 1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”. Page 5 1. Refer to Endnotes and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated and Inferred Resources”. 2. Measured and Indicated Resources inclusive of Reserves. 3. Pro forma figures include Rainy River and assume 100% ow nership of Rainy River. 4. For a detailed breakdow n of Reservesand Resources, referto: New Gold’s “AnnualInformation Form for the Financial Year Ended December 31, 2012” dated March 27, 2013; new s release datedApril4, 2013 “New Gold Announces Increased Gold Resources at Blackw ater Project”; new srelease dated May 1, 2013 “New Gold Announces 2013 First Quarter Results – Increases Gold and Copper Resources at New Afton C-Zone by Over 300 Percent”; and new s release dated July 31, 2013 “New Gold Second Quarter Delivers Increased Production at Low er Costs- Second Half of 2013 Remains on Track to Provide Strong Finish to the Year”. Page 7 1. Based on comparison w ith costs published by issuers listed in notes 4 and 5. The manner in w hich costsare determined may vary fromone issuer to another. 2. Refer to Endnotes and note on total cash costs under the heading “Non-GAAP Measures”. 3. Refer to Endnotes and note on all-in sustaining costs under the heading “Non-GAAPMeasures”. 4. Mid-tier average includes: Alamos, Eldorado, Agnico Eagle, Aurico and IAMGOLD. 5. Senior average includes: Barrick, Goldcorp, Kinross and New mont. Page 8 1. Gold sales expected to be in same general range as production. 2. Refer to Endnotes on total cash costs under the heading “Non-GAAP Measures”. Guidance for total cash costs and all-in sustaining costs incorporates realized prices and foreign exchange rates to June 30, 2013 and assumes commodity prices and exchange rates consistent with those at July 30, 2013 for the balance of 2013. 3. Refer to Endnotes on all-in sustaining costs under the heading “Non-GAAPMeasures”. Page 14 1. Refer to Appendix for detailed disclosure on Reserve and Resource calculations. 2. Refer to Endnotes and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated andInferred Resources”. Measured and Indicated Resources are inclusive of Reserves. At Blackw ater, the 8.6 million ounces of Resources referred to above excludes 0.9 million ounces of material to be stockpiled w hich has been classified as Measured and Indicated Resource. Refer to note 4 on page 5 for Reserve and Resource source information. 3. Refer to Endnotes on total cash costs under the heading “Non-GAAPMeasures”. Cash costs have been compared to industry data per GFMS reports w hich calculated an average, net of by-product credits, cash cost of $738 per ounce for the YE’2012. 4. El Morro production and cash costs based on updated December 2011 Feasibility Study. 59
  • 60. Notes continued Page 17 1. For period fromAugust through December 2013. 2. For period fromJuly through December 2013. 3. Includes both capitalized and expensed exploration. Page 18 Source: Broker Reports, Company Estimates and Announcements, Bloomberg; all amounts in USD. 1. Street consensus NAV. 2. Current street consensus NAV forEl Morro; includes $50 million cash payment received fromGoldcorp as part of transaction consideration. 3. New Gold acquired Richfield and Silver Quest on June 1, 2011 and December 23, 2011, respectively. 4. New Gold acquired 97.5% of Rainy River on August 9, 2013. 5. S&P/TSX Global Gold Index includes 54 gold companies in various stages of development/production. 6. FTSE Gold Mines Index includes 26 gold producing companies. 7. HUI Index includes 15 of the major global gold producers. 60
  • 61. Endnotes CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES Inf ormation concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar inf ormation f or United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inf erred Mineral Resource” used in this presentation are Canadian mining terms as def ined in accordance with National Instrument 43-101 (“NI 43-101”) under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserv es adopted by the CIM Council on Nov ember 27, 2010. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inf erred Mineral Resource” are recognized and required by Canadian securities regulations, they are not def ined terms under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may not be classif ied as a “Reserv e” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the Reserv e calculation is made. As such, certain inf ormation contained in this presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar inf ormation made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission. An “Inf erred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal f easibility . It cannot be as sumed that all or any part of an “Inf erred Mineral Resource” will ev er be upgraded to a higher category . Under Canadian rules, estimates of Inf erred Mineral Resources may not f orm the basis of f easibility or pre-f easibility studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources will ev er be conv erted into Mineral Reserv es. Readers are also cautioned not to assume that all or any part of an “Inf erred Mineral Resource” exists, or is economically or legally mineable. In addition, the def initions of “Prov en Mineral Reserv es” and “Probable Mineral Reserv es” under CIM standards dif f er in certain respects f rom the standards of the United States Securities and Exchange Commission. TECHNICAL INFORMATION The scientif ic and technical inf ormation contained in this presentation relating to the Rainy Riv er Gold Project has been rev iewed and approv ed by Garett Macdonald and Kerry Sparkes, both Qualif ied Persons under NI 43-101 and of f icers of Rainy River. The other scientif ic and technical inf ormation contained in this presentation has been rev iewed and approv ed by Mark Petersen, a Qualif ied Person under NI 43-101 and an of f icer of New Gold. Mineral Reserv es and Mineral Resources The estimates of Mineral Reserv es and Mineral Resources discussed in this presentation may be materially af f ected by env ironmental, permitting, legal, title, taxation, sociopolitical, marketing and other relev ant issues. In addition to our February 5, 2013, April 4, 2013 and July 31, 2013 news releases, f urther details regarding Mineral Reserv e and Resource estimates, including classif ications, key assumptions and parameters used in such estimates and other related inf ormation f or each of New Gold's mineral properties are prov ided in the respectiv e NI 43-101 Technical Reports, which are av ailable at www.sedar.com. BLACKWATER PEA – ADDITIONAL CAUTIONARY NOTE This note regarding the preliminary economic assessment (“PEA”) is in addition to cautionary language already included in this presentation as required under NI 43-101. The Blackwater PEA is preliminary in nature and includes Inf erred Mineral Resources that are considered too speculativ e geologically to hav e the economic considerations applied to them that would enable them t o be categorized as mineral reserv es, and there is no certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserv es do not hav e demonstrated economic v iability . This presentation includes inf ormation on New Gold’s PEA with respect to the Blackwater Project, which was outlined in the PEA Technical Report f iled on October 10, 2012. As disclosed in the presentation, New Gold has, since the date of the PEA, completed sev eral non-material updates of the mineral resource estimate f or the Blackwater Project. Although the PEA represents usef ul, accurate and reliable inf ormation based on the inf ormation av ailable at the time of its publication, and prov ides an important indicator as to the economic potential of the Blackwater Project, the PEA is based on mineral resources estimates with an ef f ective date of July 27, 2012, which do not ref lect drilling conducted since their ef f ective date, and the PEA does not ref lect the latest mineral resource estimate discussed in subsequent presentation. Certain assumptions used in the PEA, some of which relate to the July 27, 2012 mineral resource estimate, may hav e changed f rom those used f or the new resource estimate, causing a v ariation of parameters. Moreov er, the updated mineral resource estimate may impact how New Gold intends to dev elop the deposit, including pit outlines, production rates and mine lif e. 61
  • 62. Endnotes continued NON-GAAP MEASURES TOTAL CASH COSTS “Total cash costs” per ounce f igures are non-GAAP measures which are calculated in accordance with a standard dev eloped by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the s tandard is widely accepted as the standard of reporting cash costs of production in North America. Adoption of the standard is v oluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. Total cash costs include mine site operating costs such as mining, processing, administration, roy alties and production taxes, but are exclusiv e of amortization, reclamation, capital and exploration costs. Total cash costs are reduced by any by -product rev enue and are then div ided by ounces sold to arriv e at the total by -product cash cost of sales. The measure, along with sales, is considered to be a key indicator of a company ’s ability to generate operating earnings and cash f low f rom its mining operations. This data is f urnished to prov ide additional inf ormation and is a non-IFRS measure. Total cash costs presented do not hav e a standardized meaning under IFRS and may not be comparable to similarmeasures presented by other mining companies. It should not be considered in isolation as a substitute f or measures of perf ormance prepared in accordance with IFRS and is not necessarily indicativ e of operating costs presented under IFRS. A reconciliation to the nearest IFRS measure is prov ided in the MD&A accompany ing New Gold’s most recent interim f inancial statements. ALL-IN SUSTAINING COSTS Consistent with the recently announced guidance f rom the World Gold Council, an association of v arious gold mining companies f rom around the world of which New Gold is a member, New Gold def ines “all-in sustaining costs” as the sum of mine site operating costs net of copper and silv er by -product sales, general & administrativ e costs, accretion and amortization, capitalized and expensed exploration, mine dev elopment expenditures and sustaining capital expenditures. New Gold believ es this non-GAAP measure will prov ide f urther transparency into costs associated with producing gold. All-in sustaining costs constitute a non-GAAP measure and are intended to prov ide additional inf ormation only and do not hav e any standardized meaning under IFRS. They should not be considered in isolation or as a substitute f or measures of perf ormance prepared in accordance with IFRS. Other companies may calculate these measures dif f erently. A reconciliation to the nearest IFRS measure will be prov ided in the MD&A accompany ing New Gold’s most recent interim f inancial statements. 62
  • 63. Contact information 63 InvestorRelations Hannes Portmann Vice President,Corporate Development 416-324-6014 hannes.portmann@newgold.com