Corporate Presentation
September 2013
Cautionary statement
All monetary amounts in U.S. dollars unless otherwise stated
Total cash costs shown net of by -produc...
Cautionary statement(cont’d)
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESO...
Cautionary statement(cont’d)
NON-GAAP MEASURES
TOTAL CASH COSTS
“Total cash costs” per ounce f igures are non-GAAP measure...
New Gold investment thesis
5
Assets in top
ranked
jurisdictions
One of
industry’s
lowest cost
producers
Peer leading
growt...
Asset portfolio overview
6
Blackwater
New Afton
Rainy River
Mesquite
Cerro San Pedro
El Morro
Peak Mines
Mine Life: 15+ ye...
Canada
US
Chile
Mexico
Australia
New Gold Pro Forma
Adding gold reserves/resources in Canada
7
Gold Reserves(Moz)
Gold M&I...
$875
~$1,050
~$1,100
New Gold Mid-Tier Average Senior Average
Low cost producer
• Generating ~$200 per ounce
incremental m...
440 - 480
2013 Gold Production
Guidance (koz)
Annual Production Potential
of Growth Assets (koz)
Organic growth pipeline
•...
Control two underexplored districts
10
BlackwaterRainy River
+169km2 land package
Multiple targets including
recently disc...
Management and Board of Directors
11
Collectively ~$100 million
invested in New Gold
EXECUTIVE MANAGEMENT TEAM BOARD OF DI...
12
Operations
Operational execution
13
$465
$418
$446
$421
302
383 387
412
Notes: 1. Refer to Cautionary Statement and note on total cas...
2013 consolidated guidance
14
2012 Actual
Gold production(1)
440 - 480Koz
2013
All-in sustaining costs(2)(3)
~$875/oz
Note...
New Afton
Mesquite
Cerro San Pedro
Peak Mines
2013 mine-by-mine operating results
15
2013 Second Quarter
Gold sales
(000s ...
New Afton – Successfullycommissioned
16
Highlights
• Located 10 kilometres from Kamloops, British
Columbia
• Dedicated lab...
81%
88%
Q1'13 Q2'13
12
19
Q1'13 Q2'13
0.79
0.96
Q1'13 Q2'13
83%
87%
Q1'13 Q2'13
15
22
Q1'13 Q2'13
0.67
0.78
Q1'13 Q2'13
Ne...
New Afton – Multiple avenues to unlocking value
18
• May 2013 update increased resourcesby over
300%
• Included drilling t...
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
New Afton – C...
20
Growth Pipeline
Organic pipeline of growth projects
21
Notes: 1. Refer to Cautionary Statement and note under the heading “Cautionary note...
Blackwater – 2013 exploration objectives
22
>1000 ppb Au
500-1000 ppb Au
250-500 ppb Au
50-250 ppb Au
Blackwater
Auro
Fawn...
Project development considerations
• Plan to advance Rainy River and Blackwater through remaining technical/economic studi...
24
Value Creation
Net asset value and relative performance
25
Source: Broker Reports, Company Estimates and Announcements, Bloomberg, all am...
2013 catalysts
26
2013 guidance – increased resources,productiongrowth and lower costs
New Afton C-Zone exploration update...
Establishing the leading
intermediate gold company
New Gold investment thesis
Assets in top
ranked
jurisdictions
One of
in...
Appendix
28
Appendices
Page
1. Financial information 29
2. Consolidated operating performance 35
3. Mesquite, Cerro San Pe...
Appendix 1
Capitalization and liquidity
29
Notes: 1. Cash and equivalents as at June 30, 2013.
2. $50 million of total $15...
Appendix 1
Summaryof debt
30
Undrawn Credit
Facility
Senior Unsecured Notes
(April 2012)
Senior Unsecured Notes
(November ...
Appendix 1
2012 and 2013 capital expenditures by site
31
• New Gold’s 2013 estimated capital expenditures of $290 million ...
Appendix 1
2013 capital expenditures by category
32
Direct investment for future production
• The below breaks down capita...
Appendix 1
2013 capital expenditures by category (cont’d)
33
Direct investment for future production
Cerro San Pedro - $40...
Appendix 1
2013 exploration program overview
34
• New Gold’s estimated exploration budgetfor 2013 is $50 million
• Capital...
Appendix 2
2013 second quarter highlights
35
Notes: 1. Refer to Cautionary Statement and note on total cash costs under th...
Appendix 2
Operational and financial summary
36
Notes: 1. Refer to Cautionary Statement and note on total cash costs under...
$566
$465
$428 $446 $421
$297
$522
$766
$1,014
$1,130
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2008A 2009A 2010A...
Appendix 2
2013 estimated all-in sustaining cash costs
38
Total cash costs(1)
General and administrative
Exploration expen...
Appendix 2
2013 guidance
39
• Gold productiongrowth through full year of
productionat New Afton and increased
throughput a...
Appendix 2
2012 actuals versus 2013 guidance
40
Notes: 1. Refer to Cautionary Statement and note on total cash costs under...
$465
$418
$446
$421
$350
$478
$557
$643
$738
2009 2010 2011 2012 2013E
Appendix 2
Lower costs driving margin expansion
41
...
Appendix 2
Detailed operating results/assumptions
42
Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% f...
Appendix 3
Mesquite
43
$690
2012A 2013E
142
2012A 2013E
Key assumptions and sensitivities
• Dieselcomprises ~25% of Mesqui...
Appendix 3
Cerro San Pedro
44
$232
2012A 2013E
1.9
2012A 2013E
138
2012A 2013E
Key assumptions and sensitivities
• Silver ...
Appendix 3
Peak Mines
45
$764
2012A 2013E
96
2012A 2013E
14
2012A 2013E
Key assumptions and sensitivities
• Copperprice - ...
Appendix 3
Peak corridor map
46
Great Cobar
~9 kilometres
Appendix 4
New Afton
47
28
2012A 2013E
37
2012A 2013E
2012Aversus 2013E
• New Afton entering first full year of production...
Appendix 4
New Afton (cont’d)
48
$656
2012A 2013E
($1,043)
2012A 2013E
$1.40
2012A 2013E
Key assumptions and sensitivities...
Appendix 4
New Afton drawbell development and ore columns
49
54 drawbells
in production
at end of 2012
East Cave
productio...
Appendix 4
Mill capacity
50
• Key considerations forincreased mill throughput
include:
• SAG Mill: Flexibility to optimize...
Appendix 5
Rainy River – Location
51
ProjectLocation
Kenora
Fort Frances
Thunder Bay
Rainy River Gold Project
• Mining fri...
Appendix 5
Rainy River – Mineral reserves and resources
52
MineralResourceSummary(1)
ExplorationPotential
Notes: 1. Refer ...
Appendix 6
Blackwater – A robust project
53
Measured and Indicated
Gold Resources(1) – Direct Processing
Material
8.6 Moz
...
Appendix 6
Blackwater – Indicative timeline
54
Notes: 1. Indicative timeline is dependent on permit approvals. There is no...
Appendix 6
Blackwater – Area map
55
~160km to
Prince George
~112km to
Vanderhoof
Blackwater
Project
50km
80km
Capoose
Reso...
Appendix 6
Blackwater – Project overview
56
• Start of production in 2017
• Conventional truck and shovel open pit mine wi...
Appendix 6
Blackwater PEA costs – Capital
57
Project Development Capital Costs
Description Cost ($ million)
Direct Costs
M...
Appendix 6
Blackwater PEA costs – Operating
58
Project Operating Costs
Area Unit Cost (C$/t milled) $ per gold ounce produ...
Appendix 6
Project planning, management and execution initiative
59
New Gold has engaged McKinsey & Company to collaborate...
Appendix 6
Blackwater – Resource update
60
Tonnes
(000's)
Au
(g/t)
Ag
(g/t)
Au
(Moz)
Ag
(Moz)
Tonnes
(000's)
Au
(g/t)
Ag
(...
Appendix 7
El Morro (30%)
61
• Goldcorp – 70% partner and projectoperator
• New Gold’s 30% share of capital fully-funded b...
Appendix 7
El Morro overview of updated FeasibilityStudy
62
• El Morro Feasibility Study was updated in December 2011
• Ke...
Appendix 7
El Morro project – Plan view
63
Appendix 7
La Fortuna deposit
64
2012 openpit Proven and
Probable reserves and Measured
and Indicated resources
Undergroun...
Appendix 7
El Morro (30%) – Funding structure(1)
65
• New Gold’s 30% share of development capital 100% carried
• Interest ...
Au Grade
(g/t)
Cu Grade
(%)
$91/t
$44/t
$41/t
$27/t
$53/t
$52/t
$42/t
$33/t
$31/t
$30/t
--
0.10
0.20
0.30
0.40
0.50
0.60
0...
Appendix 7
El Morro relative positioning(1)
67
Asset
Gold Reserves
(Moz)
Asset Gold Equivalent
(2)
(Moz)
Penasquito 15.7 P...
Appendix 8
Reserves and resources summary
68
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Resource upda...
Appendix 8
Reserves and resources summary (cont’d)
69
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Reso...
Appendix 8
Reserves and resources summary (cont’d)
70
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Reso...
Appendix 8
Reserves and resources summary (cont’d)
71
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Reso...
Appendix 8
Reserves and resources summary (cont’d)
72
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Reso...
Appendix 8
Reserves and resources notes
73
Mineral reserves are contained w ithin Measured and Indicated mineral resources...
Appendix 8
Reserves and resources notes (cont’d)
74
2) Mineral Resources for the company’s mineral properties have been ca...
Appendix 9
Commodity price/foreign exchange assumptions
75
Guidance assumptions
Spot:
2013
Gold price ($/oz) 1,600
Silver ...
Contact information
76
InvestorRelations
Hannes Portmann
Vice President,Corporate Development
416-324-6014
hannes.portmann...
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New Gold Corporate Presentation - September 2013

  1. 1. Corporate Presentation September 2013
  2. 2. Cautionary statement All monetary amounts in U.S. dollars unless otherwise stated Total cash costs shown net of by -product sales unless otherwise stated CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain 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. All such f orward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk 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 that 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 ferent f rom 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 licenses 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 New 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 for the Rainy Riv er 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, 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 fer 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. 2
  3. 3. Cautionary statement(cont’d) CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES Inf ormation concerning the properties and operations of New Gold and Rainy Riv er 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”, “I ndicated 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 assumed 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. Rainy Riv er Mineral Reserv es and Mineral Resources A) The Mineral Reserv es are ef f ective as of April 10, 2013 and are deriv ed f rom Mineral Resources estimates which are ef f ective as of October 10, 2012. The Mineral Reserv es are reported on a combined basis based on Open Pit Reserv es and Underground Reserv es reported by Rainy Riv er as outlined in the technical report in respect of the R ainy Riv er Gold Project, readdressed to New Gold, July 31, 2013 (the “Rainy Riv er Technical Report”), which will be f iled by New Gold on SEDAR. B) Open pit mineral reserv es hav e been estimated using a cut-of f grade of 0.30 g/t gold-equiv alent, and underground reserv es hav e been estimated using a cut-of f grade of 3.5 g/t gold- equiv alent. Open pit reserv es hav e been estimated using a dilution of 9.7% at 0.22 g/t Au and 1.31 g/t Ag, and underground reserv es hav e been estimated using a CAF dilution of 9% at 0.61 g/t Au and 4.16 g/t Ag and LH dilution of 10% at 1.56 g/t Au and 1.28 g/t Ag. Open Pit Reserv es hav e been estimated using a mine recov ery of 95%, and Underground reserv es hav e been estimated using a mine recov ery of 95%. C) Mineral resources are not mineral reserv es and do not hav e demonstrated economic v iability . Mineral resources are reported relativ e to conceptual open pit shells. On av erage, the conceptual open pit extends to an elev ation of 500 metres below surf ace. Material abov e this elev ation of f ers reasonable prospects f or economic extraction f rom an open pit because drilling results suggest that the zone of gold mineralization is broader than currently modeled and that new drilling inf ormation should positiv ely impact f uture mineral resources. Material below this elev ation is potentially mineable by underground mining methods. Mineral resources that are potentially mineable by open pit methods are reported at a cut-of f grade of 0.35 g/t gold; underground mineral resources are reported at a cut-of f grade of 2.5 g/t gold. All mineral resources are based on a gold price of US$1,100 per ounce, a silv er price of US$22.50 per ounce, a f oreign exchange rate of 1.10 Canadian dollars to 1.0 US dollar. Metallurgical recov eries include 88% f or gold in open pit resources and 90% f or gold in underground resources, with a silv er recov ery of 75% in both cases. D) The Rainy Riv er Mineral Reserv es and Mineral Resources estimates may be materially af f ected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, and other relev ant issues. For additional inf ormation with respect to the key assumptions, parameters and risk f actors relating to the estimates, please ref er to the R ainy Riv er Technical Report. 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 to 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, ac curate 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. 3
  4. 4. Cautionary statement(cont’d) 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 standard 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 is 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 similar measures presented by other mining companies. It should not be considered in isolat ion 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 will be prov ided in the MD&A accompany ing the quarterly f inancial statements. ALL-IN SUSTAINING CASH 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 the quarterly f inancial statements. RECONCILIATION OF ADJUSTED NET EARNINGS “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP f inancial measures. Net earnings hav e been adjusted and tax af f ected for the group of costs in “Other gains and losses” on the condensed consolidated income statement. The adjusted entries are also impacted f or tax to the extent that the underly ing entries are impacted f or tax in the unadjusted net earnings f rom continuing operations. The company uses this measure f or its own internal purposes and believ es the presentation of adjusted net earnings enables inv estors and analy sts to better understand the underly ing operating perf ormance of our core mining business through the ey es of management. Management periodically ev aluates the components of adjusted net earnings based on an internal assessment of perf ormance measures that are usef ul f or ev aluating the operating perf ormance of our business and a rev iew of the non-GAAP measures used by mining industry analy sts and other mining companies. Adjusted net earnings and adjusted net earnings per share 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. The measures are not necessarily indicativ e of operating prof it or cash f low f rom operations as determined under IFRS. Other companies may calculate these measures dif f erently . ADJUSTED NET CASH GENERATED FROM OPERATIONS “Adjusted net cash generated f rom operations” is a non-GAAP f inancial measure. Net cash generated f rom operations has been adjusted f or a one-time charge incurred in the second quarter related to the settlement of the company ’s legacy gold hedge position. The company believ es the presentation of adjusted net cash generated f rom operations enables inv estors and analy sts to better understand the underly ing operating perf ormance of our core mining business. Adjusted net cash generated f rom operations is intended to prov ide additional inf orm ation only and does not hav e any standardized meaning under IFRS. It should not be considered in isolation or as a substitute f or measures of perf ormance prepared in accordance with IFRS. 4
  5. 5. New Gold investment thesis 5 Assets in top ranked jurisdictions One of industry’s lowest cost producers Peer leading growth pipeline Control of two underexplored districts Significantly invested team
  6. 6. Asset portfolio overview 6 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 Mining Investment – Country Rankings(1) Notes: 1. Rankings based on 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”. DEVELOPMENT OPERATING
  7. 7. Canada US Chile Mexico Australia New Gold Pro Forma Adding gold reserves/resources in Canada 7 Gold Reserves(Moz) Gold M&I Resources(Moz)(1)(2) 7.8 11.8 29.2 +44% per share +20% per share New Gold Pro Forma Gold M&IResources (Moz)(1) Canada +62% 23.1 18.05.7 2.9 1.7 0.9 New Gold Pro Forma Notes: 1. Refer to Cautionary Statement 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% ownership of Rainy River. 4. For a detailed breakdown of Reserves and Resources, refer to: New Gold’s “Annual Information Form for the Financial Year Ended December 31, 2012” dated March 27, 2013; news release dated April 4, 2013 “New Gold Announces Increased Gold Resources at Blackwater Project”; news release 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 news release dated July 31, 2013 “New Gold Second Quarter Delivers Increased Production at Lower Costs - Second Half of 2013 Remains on Track to Provide Strong Finish to the Year”. (3) (3)
  8. 8. $875 ~$1,050 ~$1,100 New Gold Mid-Tier Average Senior Average Low cost producer • Generating ~$200 per ounce incremental margin for New Gold shareholders • Over $100 per ounce decrease in cash costs(1) from 2009 to 2013E • Copper and silver production create effective natural economic hedge 8 2013 Guidance– All-In Sustaining Costs ($/oz)(2) Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. 3. Mid-tier average includes: Alamos, Eldorado, Agnico-Eagle, Aurico and IAMGold. 4. Senior average includes: Barrick, Goldcorp, Kinross and Newmont. (3) (4)
  9. 9. 440 - 480 2013 Gold Production Guidance (koz) Annual Production Potential of Growth Assets (koz) Organic growth pipeline • Collectively, three growth projects have potential to produce ~1.75 times as much gold as New Gold does currently • Blackwater and Rainy River acquisitions increased shares outstanding by 21% for potential +150% increase in production • Each growth project expected to have below current industry average cash costs 9 Rainy River El Morro Blackwater Four current operations Three organic projects +800
  10. 10. Control two underexplored districts 10 BlackwaterRainy River +169km2 land package Multiple targets including recently discovered Intrepid Zone 2 drills active +1,000km2 land package Initial resource at Capoose 25km from main Blackwater resource Multiple regional targets 5 drills active Over 10 million ounces of gold added to Measured and Indicated resources since early 2011
  11. 11. Management and Board of Directors 11 Collectively ~$100 million invested in New Gold EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS Randall Oliphant, Executive Chairman Robert Gallagher, President & CEO Brian Penny, Executive VP & CFO 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, CEO Rainy River Resources David Emerson, Former Canadian Cabinet Minister Ernie Mast, VP Operations
  12. 12. 12 Operations
  13. 13. Operational execution 13 $465 $418 $446 $421 302 383 387 412 Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 2. 2009 costs shown based on Canadian GAAP and 2010 and beyond based on IFRS. Gold production(1) (thousand ounces) Total cash costs(1)(2) ($/ounce) 2009 Guidance 2009 Actual 2010 Guidance 2010 Actual 2011 Guidance 2011 Actual 2012 Guidance Four year track record of delivering on guidance, production growth and lower cash costs 2012 Actual 2009 Guidance 2009 Actual 2010 Guidance 2010 Actual 2011 Guidance 2011 Actual 2012 Guidance 2012 Actual
  14. 14. 2013 consolidated guidance 14 2012 Actual Gold production(1) 440 - 480Koz 2013 All-in sustaining costs(2)(3) ~$875/oz Notes: 1. Gold sales expected to be in same general range as production. 2. Refer to Cautionary Statement and note 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 Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. Gold production 412Koz 2013 Guidance +48Koz + 12% 2013 Total cash costs(2) ~$350/oz
  15. 15. New Afton Mesquite Cerro San Pedro Peak Mines 2013 mine-by-mine operating results 15 2013 Second Quarter Gold sales (000s ounces) Cash cost(1) ($/oz) ($1,104)20 $61026 $92525 $43098 $94826 $931All-in sustaining costs(2) Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. 2013 Year-to-Date Gold sales (000s ounces) Cash cost(1) ($/oz) ($958)36 $55353 $90251 $457193 $88253 $1,010
  16. 16. New Afton – Successfullycommissioned 16 Highlights • Located 10 kilometres from Kamloops, British Columbia • Dedicated labour force • Commercial and full production achieved ahead of schedule • Exploration extended mine life by two years to 14 years • Further potential in C-Zone below reserve block • Potential to double New Gold’s cash flow at today’s prices Notes: 1. Refer to Appendix 8 for detailed disclosure on Reserve and Resource calculations. 1.1 Moz Gold Reserve(1) 1.1 Blbs Copper Reserve(1)
  17. 17. 81% 88% Q1'13 Q2'13 12 19 Q1'13 Q2'13 0.79 0.96 Q1'13 Q2'13 83% 87% Q1'13 Q2'13 15 22 Q1'13 Q2'13 0.67 0.78 Q1'13 Q2'13 New Afton – Strong second quarter 17 • Average daily tonnes of ore mined and milled increased by 19% over first quarter • Mining and milling rates averaged over 11,000 tonnes per day during the second quarter • Targeting 12,000 tonne per day operations by end of 2013 +46% +21% +4% +58% Gold Copper Grade (g/t) Grade (%) Recovery (%) Recovery (%) Production (Koz) Production (Mlbs) +16% +7%
  18. 18. New Afton – Multiple avenues to unlocking value 18 • May 2013 update increased resourcesby over 300% • Included drilling through end of February 2013 • C-Zone remains open down plunge • Four drills currently active Mill Throughput IncreaseC-Zone Resource • Nameplate capacity of 11,000 tonnes per day (“tpd”) • 50 drawbells needed to support 11,000 tpd – 68 completed by mid-year • Crusher capacity – 20,000 tpd • CommissionedJanuary 2013 • Conveyor capacity ~14,500 tpd • Record daily mill throughput – 18,638 tonnes Growing C-Zone Resource base and evaluating increased mill throughput Gold Measured and Indicated Resources Copper 0.3Moz at 0.77g/t 211Mlbs at 0.77% Gold Inferred Resources Copper 0.4Moz at 0.62g/t 301Mlbs at 0.68%
  19. 19. 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 New Afton – C-Zone exploration program 19 Highlights PostC-Zone Update Interval (m)Drill Hole Gold (g/t) Copper (%) EA-9 C-Zone B-Zone Reserve C-Zone 4,900m 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 From (m) To (m)
  20. 20. 20 Growth Pipeline
  21. 21. Organic pipeline of growth projects 21 Notes: 1. Refer to Cautionary Statement and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, I ndicated and Inferred Resources”. Measured and Indicated Resources, inclusive of Reserves. At Blackwater, the 8.6 million ounces of Resources referred to above excludes 0.9 million ounces of material to be stockpiled which has been classified as Measured and Indicated Resource. Refer to note 4 on slide 9 for Reserve and Resource source information. 2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. Cash costs have been compared to industry data per GFMS reports which calculated an average, net of by-product credits, cash cost of $738 per ounce for the YE’2012. 3. El Morro production and cash costs based on updated December 2011 Feasibility Study. El Morro (30%)BlackwaterRainy River SignificantGold Resource Base Exploration Potential Jurisdiction RobustProduction/ Low Cash Costs 8.6 Moz(1) Capoose/Multiple RegionalTargets British Columbia, Canada ~500Kozat below average cash costs(2) 2.9 Moz(1) El Morro Zone/ Block Cave Potential Chile ~90KozAu/85Mlbs Cu at ~($700)cash costs(2)(3) 6.2 Moz(1) Intrepid Zone/ Multiple RegionalTargets Ontario, Canada ~225Kozat below average cash costs(2)
  22. 22. Blackwater – 2013 exploration objectives 22 >1000 ppb Au 500-1000 ppb Au 250-500 ppb Au 50-250 ppb Au Blackwater Auro Fawnie Van Tine Capoose • Blackwater: Explore for satellite deposits and test potential extensions to known resource • Capoose: Expand and upgrade resource with special focus on potential to extend gold-rich zones • Regional targets: Identify specific drill targets and complete first pass reconnaissance drilling Plan for four to six drills to be active during primary field season 10 km
  23. 23. Project development considerations • Plan to advance Rainy River and Blackwater through remaining technical/economic studies and permitting simultaneously • Continue regional exploration at both projects • Period of limited capital to advance projects to ‘construction ready’ status 23 Rainy River Second Half 2013 Project Spending(1) Blackwater Second Half 2013 Project Spending(2) • Project development/sequencing decision to be made mid-2014 Engineering/ Studies/ Environment/ Other $30mm Exploration(3) $20mm Notes: 1. For period from August through December 2013. 2. For period from July through December 2013. 3. Includes both capitalized and expensed exploration. Engineering/ Studies/ Environment/Other $20mm Exploration(3) $5mm
  24. 24. 24 Value Creation
  25. 25. Net asset value and relative performance 25 Source: Broker Reports, Company Estimates and Announcements, Bloomberg, all amounts in USD. Notes: 1. Street consensus NAV. 2. Current street consensus NAV for El Morro; Includes $50million cash payment received fromGoldcorp as part of transaction consideration. 3. New Gold purchasedRichfield and Silver Quest withthe deals closingon June 1, 2011 and December 23, 2011, respectively. 4. New Gold acquired 97% of Rainy River on August 9, 2013. 5. S&P/TSX 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. 3/4/09 Today Mesquite, Cerro San Pedro, Peak Mines New Afton El Morro(2) ~ $875 $1,126 ~ $120 $1,554 ~ $40 $421 Net Asset Value(1) Blackwater(3) $-- $800 +338% (21%) (32%) +54% (7%) Rainy River(4) $-- $471 0% 100% 200% 300% 400% 500% 600% 700% 800% 900% 4-Mar-09 31-Jul-09 27-Dec-09 25-May-10 21-Oct-10 19-Mar-11 15-Aug-11 11-Jan-12 8-Jun-12 4-Nov-12 2-Apr-13 29-Aug-13 NGD Gold Price S&P/TSX Gold Index FTSE Gold Mines Index HUI Index Announced $1.2bn business combination with Western Goldfields 30-Aug-13
  26. 26. 2013 catalysts 26 2013 guidance – increased resources,productiongrowth and lower costs New Afton C-Zone exploration update Blackwater/Rainy River/New Afton exploration updates Completionof Blackwater Feasibility Study New Afton mill to reach 12,000 tonnes perday/results of throughput increase evaluation Resolutionof El Morro temporary permit suspension Blackwater resource update Completionof Rainy River acquisition
  27. 27. Establishing the leading intermediate gold company New Gold investment thesis Assets in top ranked jurisdictions One of industry’s lowest cost producers Peer leading growth pipeline Control of two underexplored districts Significantly invested team
  28. 28. Appendix 28 Appendices Page 1. Financial information 29 2. Consolidated operating performance 35 3. Mesquite, Cerro San Pedro, Peak Mines 43 4. New Afton 47 5. Rainy River 51 6. Blackwater 53 7. El Morro 61 8. Reserves and resource notes 68 9. Commodity price/foreign exchange assumptions 75
  29. 29. Appendix 1 Capitalization and liquidity 29 Notes: 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 now due in 2020 or beyond(3) • Two senior unsecured notes offerings during 2012 ($300 million/7.00%, $500 million/6.25%) • Redemption of 10% senior secured notes • Early conversion of 5% convertible debenture • Total common shares outstanding of 502 million • Paid $66 million to eliminate legacy gold hedges on May 15, 2013Liquidity Position $563mm $100mm $663mm Cash and Equivalents(1) Undrawn Credit Facility(2)
  30. 30. Appendix 1 Summaryof debt 30 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 Notes: 1. $50 million currently allocated for Letters of Credit.
  31. 31. Appendix 1 2012 and 2013 capital expenditures by site 31 • New Gold’s 2013 estimated capital expenditures of $290 million are down 42% from 2012 • Capital includes costs related to ongoing annual sustaining capital as well as investments for future production • Capital estimates by site are shown below: Total 2013 Capital Expenditure Estimate:$290 million New Afton $110mm Peak Mines $60mm Cerro San Pedro $40mm Mesquite $20mm Blackwater $60mm Total 2012 Actual Capital Expenditures:$499 million New Afton $302mm Peak Mines $47mm Cerro San Pedro $11mm Mesquite $11mm Blackwater $128mm
  32. 32. Appendix 1 2013 capital expenditures by category 32 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 incapital • $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
  33. 33. Appendix 1 2013 capital expenditures by category (cont’d) 33 Direct investment for future production Cerro San Pedro - $40 million Mesquite - $20 million Annual sustaining capital 75% 25% 60% 40% • $30 million – final leach pad expansion and capitalized stripping forphase 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 New Gold’s 30% share of estimated El Morro capital cost of $23 million fully carried by Goldcorp Inc.
  34. 34. Appendix 1 2013 exploration program overview 34 • New Gold’s estimated exploration budgetfor 2013 is $50 million • Capitalized: $20 million • Expensed:$30 million 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
  35. 35. Appendix 2 2013 second quarter highlights 35 Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. Strong financial position with $563 million cash balance Successful acquisition of Rainy River Operations combine for solid second quarter 2013 Gold production – 102,435 ounces Total cash costs(1) – $430 per ounce sold All-in sustaining costs(2) - $931 per ounce New Afton increased quarterly gold production by 46% Production and cash flow expected to increase through second half 2013 Reiterate 2013 production and all-in sustaining costs(2) guidance On August 9, 2013, New Gold acquired 97% of Rainy River’s outstanding shares
  36. 36. Appendix 2 Operational and financial summary 36 Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. 3. Refer to Cautionary Statement and note on adjusted net earnings under the heading “Non-GAAP Measures”. 4. Refer to Cautionary Statement and note on adjusted net cash generated from operations under the heading “Non-GAAP Measures”. 2013 2012 2013 2012 Q2 Q2 Q2 Q2 Operational Financial Gold production Earnings from mine operations (000s ounces) ($ millions) Total cash costs(1) Net earnings ($/oz) ($ millions) All-in sustaining costs(2) Net earnings per share ($/oz) ($/share) Realized gold price Adjusted net earnings(3) ($/oz) ($ millions) Realized silver price Adjusted net earnings per share(3) ($/oz) ($/share) Realized copper price Adjusted net cash generated from operations (4) ($/lb) ($ millions) $931 $798 $430 $472 102 95 $3.06 $3.24 $22.08 $28.68 $1,276 $1,486 $0.03 $0.05 $15 $24 $34 $76 $43 $46 $0.01 $0.10 $4 $46
  37. 37. $566 $465 $428 $446 $421 $297 $522 $766 $1,014 $1,130 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2008A 2009A 2010A 2011A 2012A Appendix 2 Trend of expanding margins continues 37 Note: 1. Refer to Cautionary Statement and note on Total cash cost. Realized gold price (US$/oz) $863 Cash Cost(1) (US$/oz) Margin (US$/oz) $987 $1,194 $1,460 US$/oz $1,551
  38. 38. Appendix 2 2013 estimated all-in sustaining cash costs 38 Total cash costs(1) General and administrative Exploration expense Sustaining capital(2) All-in sustaining cash costs(3) $350/oz ~$60/oz ~$70/oz ~$395/oz ~$875/oz Notes: 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.
  39. 39. Appendix 2 2013 guidance 39 • 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 at beginning of 2013 (consistent with 2012): • Copper$3.50 perpound • Silver $30.00 perounce Gold production(1) 440 - 480Koz Total cash costs(2) $350/oz Notes: 1. Gold sales range forecast to be 440,000 to 480,000 ounces. 2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. • By-productsensitivities: • $0.25 per pound change in copperimpacts consolidated cashcosts by ~$45 per ounce • $1.00 per ounce change in silver impacts consolidated cashcosts by ~$3 per ounce • Year-to-date average realized copperand silver prices have been below those originally assumed,resulting in targeted total cash costs of ~$350 perounce
  40. 40. Appendix 2 2012 actuals versus 2013 guidance 40 Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. 2. By-product price assumptions: Silver - $30.00/oz; Copper - $3.50/lb. 3. New Afton co-product cost estimates: Gold - $570-$590/oz; Copper - $1.20-$1.30/lb. Gold Production (Koz) Total Cash Costs(1)(2) ($/oz) Silver Production (Moz) CopperProduction (Mlbs) Mesquite Cerro San Pedro Peak Mines New Afton Total 2012A 2013E 142 130-140 138 140-150 96 95-105 37 75-85 412 440-480 2012A 2013E -- -- 1.9 1.4-1.6 -- -- -- -- 1.9 1.4-1.6 2012A 2013E -- -- -- -- 14 12-14 28 66-74 42 78-88 2012A 2013E $690 $830-$850 $232 $375-$395 $764 $670-$690 ($1,043) ($1,410)- ($1,390)(3) $421 $265-$285 • Year-to-date average realized copperand silver prices have beenbelow those originally assumed,resulting in targeted total cash costs of ~$350 perounce
  41. 41. $465 $418 $446 $421 $350 $478 $557 $643 $738 2009 2010 2011 2012 2013E Appendix 2 Lower costs driving margin expansion 41 Notes: 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. $600 $400 $200 TotalCashCosts(US$/oz)(2) New Gold offers shareholders potential for over $375 per ounce(1) of incremental margin $800 Incremental Margin to New Gold Shareholders (3)
  42. 42. Appendix 2 Detailed operating results/assumptions 42 Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides. 2. Cerro San Pedro life-of-mine recovery: Gold – ~60%; Silver – ~25%. 2012A 2013E 2012A 2013E 2012A 2013E 2012A 2013E Tonnes processed (000 tonnes) 14,503 14,250-14,750 16,531 12,250-12,750 778 815-835 1,970 4,000-4,200 Tonnes mined (000 tonnes) 45,666 46,000-48,000 30,905 36,000-38,000 786 1,310-1,330 903 4,300-4,500 Gold grade (g/t) 0.46 0.41-0.45 0.47 0.58-0.63 4.18 4.1-4.3 0.73 0.67-0.71 Silver grade (g/t) -- -- 21.43 13.0-17.0 -- -- -- -- Copper grade (%) -- -- -- -- 0.97% 0.80-0.84% 0.78% 0.86-0.90% Gold recovery (%) (1) (1) (2) (2) 91.3% 90.0-92.0% 78.8% 88.0-90.0% Silver recovery (%) -- -- (2) (2) -- -- -- -- Copper recovery (%) -- -- -- -- 86.0% 89.0-91.0% 84.5% 88.0-90.0% Capital expenditures ($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% Mesquite Cerro San Pedro Peak Mines New Afton
  43. 43. Appendix 3 Mesquite 43 $690 2012A 2013E 142 2012A 2013E Key assumptions and sensitivities • Dieselcomprises ~25% of Mesquite’s total costs • Rack dieselprice mostcorrelated to Brent oil price • Budgeted dieselprice in 2013 8% higher than 2012 average price paid • Every 10% change in dieselprice has ~$20 per ounce impact on costs 2012Aversus 2013E • Productionexpected to decline moderately due to the planned processing of ore from an area within the mine plan that is below reserve grade • Increase in costs attributable to higher cost leach pad inventory working through sales and lower productionbase Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides. 2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. Gold Production(1) (Koz) Total Cash Costs(2) ($/oz) 140 130 $850 $830
  44. 44. Appendix 3 Cerro San Pedro 44 $232 2012A 2013E 1.9 2012A 2013E 138 2012A 2013E 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 • ~$95 per ounce of increase in costs attributable to lower silver by-productrevenue • Silver grades decreasing by ~25% Notes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%; Silver – ~25%. 2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. Gold Production(1) (Koz) Total Cash Costs(2) ($/oz)Silver Production(1) (Moz) 150 140 1.6 1.4 $395 $375
  45. 45. Appendix 3 Peak Mines 45 $764 2012A 2013E 96 2012A 2013E 14 2012A 2013E Key assumptions and sensitivities • Copperprice - $3.50 per pound (2012A- $3.51per 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 ~$10 per ounce change in Peak Mines cash costs 2012Aversus 2013E • Increased gold productiondriven by 50,000 tonne increase in tonnes processed • Similar copperproductiona result of increased tonnes processed and copperrecoveriesoffset by lower coppergrades • Reductionin estimated cash costs a result of increased gold productionand lower foreign exchange rate assumptionversus average 2012 exchange rate Gold Production (Koz) Total Cash Costs(1) ($/oz)CopperProduction(Mlbs) 105 95 14 12 $690 $670 Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
  46. 46. Appendix 3 Peak corridor map 46 Great Cobar ~9 kilometres
  47. 47. Appendix 4 New Afton 47 28 2012A 2013E 37 2012A 2013E 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 Gold Production (Koz) CopperProduction(Mlbs)
  48. 48. Appendix 4 New Afton (cont’d) 48 $656 2012A 2013E ($1,043) 2012A 2013E $1.40 2012A 2013E 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 ~$15 per ounce change in New Afton by-productcash costs Total Cash Costs(1) ($/oz) (By-Product) Total Cash Costs(1) ($/oz) (Co-ProductCopper) Total Cash Costs(1) ($/oz) (Co-ProductGold) ($1,390) ($1,410) $590 $570 $1.30 $1.20 Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
  49. 49. Appendix 4 New Afton drawbell development and ore columns 49 54 drawbells in production at end of 2012 East Cave production to begin mid-year Central Cave to be activated later in mine lifeFinal 11 drawbells in West Cave Accelerating East Cave development for added flexibility/more ore sources Height of Draw Planned development in 2013 Copper resource grades
  50. 50. Appendix 4 Mill capacity 50 • Key considerations forincreased mill throughput include: • SAG Mill: Flexibility to optimize mill power and burden level for finest possibleproductsize distribution over a wide range of ore conditions • Ball Mill: Optimize SAG screendeckand hydrocyclone cluster configurations for SAG/Ball Mill circuit balance; optimal Ball Mill feed size and classificationefficiency • Flotation: Capacity is adequate forsubstantial increase in throughput • Concentrate Filtration: Existing capacity for incremental productionincrease; ample space for installation of third filter • Tailings Pumping Capacity: Three stage variable speed pumps currently running well below maximum capacities
  51. 51. Appendix 5 Rainy River – Location 51 ProjectLocation Kenora Fort Frances Thunder Bay Rainy River Gold Project • Mining friendly Northwestern Ontario • 65km northwest of Fort Frances • 80km south of Kenora • Within 25km of rail and power • Local skilled labour force HWY 600 Site Topography
  52. 52. Appendix 5 Rainy River – Mineral reserves and resources 52 MineralResourceSummary(1) ExplorationPotential Notes: 1. Refer to Cautionary Statement regarding Rainy River Mineral Resources. 2. Measured and Indicated resources inclusive of Reserves. • Relatively underexplored region of Northwestern Ontario • Current resource situated on a trend measuring 6 kilometres along strike • Near-term exploration upside at newly discovered Intrepid Zone • Located approximately 2 kilometres east of current pit and open at depth • Zone hosts multiple high grade shoots • Potential for underground development Tonnes (Mt) Au (g/t) Ag (g/t) Au (Koz) Ag (Koz) Proven 27.7 1.14 1.94 1,015 1,728 Probable 88.6 1.06 3.01 3,017 8,587 Total Reserves 116.3 1.08 2.76 4,032 10,315 Measured 27.6 1.33 1.90 1,182 1,689 Indicated 130.9 1.18 2.77 4,985 11,649 Total M&I(2) 158.5 1.21 2.62 6,167 13,338 Inferred 93.8 0.76 2.32 2,280 6,983 Rainy River Mineral Reserve and Resource Estimate Contained metalMetal grade
  53. 53. Appendix 6 Blackwater – A robust project 53 Measured and Indicated Gold Resources(1) – Direct Processing Material 8.6 Moz • Central British Columbia near infrastructure • Year-round accessibility for drilling/ development • Total 2012 drilling over 270,000 metres project wide • Ability to fund continued exploration/ development internally • Tax synergies with New Afton • PEA completed September 2012 • Targeting annual gold production of ~500,000 ounces • Targeting completion of Feasibility Study by late 2013 • Targeting production in 2017 • Consolidated significant land position – 1,000km2 Notes: 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
  54. 54. Appendix 6 Blackwater – Indicative timeline 54 Notes: 1. Indicative timeline is dependent on permit approvals. There is no assurance this timeline will be achieved nor that the deposit will ever reach the production stage. 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
  55. 55. Appendix 6 Blackwater – Area map 55 ~160km to Prince George ~112km to Vanderhoof Blackwater Project 50km 80km Capoose Resource Blackwater Resource
  56. 56. Appendix 6 Blackwater – Project overview 56 • 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
  57. 57. Appendix 6 Blackwater PEA costs – Capital 57 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 • 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 Total development and sustaining capital estimated at $294 per recoverable gold ounce
  58. 58. Appendix 6 Blackwater PEA costs – Operating 58 Project Operating Costs Area Unit Cost (C$/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% 24% 17% 8% 6% 1% Reagents Grinding Media/liners Electricity Labour Maint materials Water Supply 59% 11% 9% 6% 4% 4% 4%2% Hauling Auxiliary Blasting G&A Drilling Loading General Maint. General Mine Processing Costs Mining Costs Blackwater’s locationnear infrastructure,low stripping ratio,access to low costpower and silver by-productrevenue expectedto resultin the Projecthaving wellbelow industryaverage cashcosts Note: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” and PEA additional cautionary note.
  59. 59. Appendix 6 Project planning, management and execution initiative 59 New Gold has engaged McKinsey & Company to collaborate with Blackwater team on establishing a Project Implementation Plan • Key objective is to maximize effectiveness of project planning to ensure delivery and execution of Blackwater is consistent with New Gold’s prior developments including: Mesquite, Cerro San Pedro and New Afton Areas of focus include: • Delivery model selection • Project team organization • Reporting metrics and management processes • Labour strategy • Procurement strategy • Governance • Risk management
  60. 60. Appendix 6 Blackwater – Resource update 60 Tonnes (000's) Au (g/t) Ag (g/t) Au (Moz) Ag (Moz) Tonnes (000's) Au (g/t) Ag (g/t) Au (Moz) Ag (Moz) Measured & Indicated Resources Direct processing material Measured 116,955 1.04 5.6 3.90 21.06 88,188 0.94 5.2 2.67 14.74 Indicated 189,044 0.78 6.0 4.73 36.47 207,958 0.81 6.2 5.40 41.45 M&I (direct processing) 305,999 0.88 5.8 8.62 57.52 296,146 0.85 5.9 8.07 56.20 Stockpile material Measured 26,521 0.30 4.1 0.26 3.50 20,156 0.31 3.8 0.20 2.46 Indicated 64,382 0.30 4.4 0.62 9.11 71,861 0.30 4.0 0.70 9.24 M&I (stockpile) 90,904 0.30 4.3 0.87 12.60 92,017 0.30 4.0 0.90 11.70 Total M&I 396,903 0.74 5.5 9.50 70.13 388,163 0.72 5.4 8.96 67.90 Inferred Resources Inferred (direct processing) 13,815 0.76 4.1 0.34 1.82 16,585 0.58 10.8 0.31 5.76 Inferred (stockpile) 3,785 0.31 3.6 0.04 0.44 6,751 0.25 8.9 0.05 1.93 Total Inferred 17,600 0.66 4.0 0.38 2.26 23,336 0.48 10.2 0.36 7.69 Notes: 4. Direct processing material defined as mineralization above a 0.4 g/t AuEq cut-off and likely to be mined and processed directly. 5. Stockpile material is defined as mineralization between 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 1above. Blackwater Mineral Resource Estimate March 2013 Mineral Resource 2012 Year End Mineral Resource 1. M ineral resources are reported within a conceptual open pit shell based on metal prices of $1,400/oz gold and $28.00/oz silver. The M arch 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 transitional oxide/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 calculated on the basis of 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 1above.
  61. 61. Appendix 7 El Morro (30%) 61 • 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 2.1 Blbs Copper Reserve(1) 2.9 Moz Gold Reserve(1) Notes: 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 commodity price 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 cost/oz by-product3 ($700)
  62. 62. Appendix 7 El Morro overview of updated FeasibilityStudy 62 • 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 Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” .
  63. 63. Appendix 7 El Morro project – Plan view 63
  64. 64. Appendix 7 La Fortuna deposit 64 2012 openpit Proven and Probable reserves and Measured and Indicated resources Underground Inferred resource with block cave potential 500 metres
  65. 65. Appendix 7 El Morro (30%) – Funding structure(1) 65 • New Gold’s 30% share of development capital 100% carried • Interest fixed at 4.58% Notes: 1. Capital estimates based on December 2011 Feasibility Study. Total Capital 100% ~ $3.9 billion 100% Average annual cash flow 70%30% 70% ~ $2.7 billion Funded by $1.2 billion interest at 4.58% 30% 80%20% Carriedfundingrepayment
  66. 66. 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% Appendix 7 Selected porphyry gold/copper deposits/mines(1) 66 Source: Company disclosure. Notes: 1. Circle sizes are representativ e of contained metal v alue of the reserv es per tonne of reserv e. Contained metal v alue calculat ed using Street research consensus long-term commodity pricing. 2. Includes “Cadia East Underground” and “Ridgeway Underground” reserv es as indicated in Newcrest’s February 8, 2013 press release; does not include “Other” Cadia prov ince reserv es. 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
  67. 67. Appendix 7 El Morro relative positioning(1) 67 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 Notes: 1. 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 within Goldcorp portfolio
  68. 68. Appendix 8 Reserves and resources summary 68 Note: 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. Gold Koz Silver Koz Copper Mlbs Gold Koz Silver Koz Copper Mlbs Proven and Probable Reserves 7,752 31,256 3,282 7,863 34,347 2,888 Measured and Indicated Resources (inclusive of Reserves) 23,075 146,247 4,223 18,797 115,268 3,946 Inferred Resources 4,542 81,376 1,187 6,323 76,856 2,202 M&I Resources (inclusive of Reserves) Mesquite 5,684 - - 5,534 - - Cerro San Pedro 1,703 57,980 - 1,812 55,860 - Peak 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 - El Morro 2,891 - 2,097 2,954 - 2,193 Total M&I 23,075 146,247 4,223 18,797 115,268 3,946 Current(1) Mineral Reserves and Resources Summary Year End 2011(2)
  69. 69. Appendix 8 Reserves and resources summary (cont’d) 69 Note: 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. Tonnes 000's 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 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 El Morro 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 Metal grade Contained metal 100% Basis Mineral Reserves statement as at December 31, 2012
  70. 70. Appendix 8 Reserves and resources summary (cont’d) 70 Note: 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. Tonnes 000's 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 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 Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012 Metal grade Contained metal
  71. 71. Appendix 8 Reserves and resources summary (cont’d) 71 Note: 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. Tonnes 000's 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 (direct processing) 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 - El Morro 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 - 2,097 100% Basis 30% Basis Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012 Metal grade Contained metal
  72. 72. Appendix 8 Reserves and resources summary (cont’d) 72 Note: 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. Tonnes 000's 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 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 - El Morro 137,555 0.99 - 0.70 1,310 - 632 Metal grade Contained metal 100% Basis 30% Basis Inferred Resource statement as at December 31, 2012
  73. 73. Appendix 8 Reserves and resources notes 73 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 - $3.00 0.20% CuEq
  74. 74. Appendix 8 Reserves and resources notes (cont’d) 74 2) Mineral Resources for the company’s mineral properties have been calculated based on the follow ing metal prices and low er cut-off criteria: Mineral resources have been estimated and reported in accordance with CIM definition standards and guidelines and Canadian NI 43-101. Mineral Property Gold (US$/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 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 $28.00/oz silver and average metal recoveries as described in Note 1 above. 4. Direct processing material is defined as mineralization above a 0.40 g/t AuEq cut-off and likely to be mined and processed directly. 5. Stockpile material is defined as mineralization betw een a 0.30 g/t AuEq and a 0.40 AuEq cut-off that is suitable for stockpiling and future processing based on average metallurgical recoveries as described in Note 1 above. 5) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualified Persons as defined under Canadian National Instrument 43-101 under the oversight and review of MarkPetersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.
  75. 75. Appendix 9 Commodity price/foreign exchange assumptions 75 Guidance assumptions Spot: 2013 Gold price ($/oz) 1,600 Silver price ($/oz) 30.00 Copper price ($/oz) 3.50 USD/AUD 1.00 USD/CAD 1.00 USD/MXN 13.00 Spot Gold price ($/oz) 1,395 Silver price ($/oz) 24.20 Copper price ($/oz) 3.30 USD/AUD 0.90 USD/CAD 0.95 USD/MXN 13.00
  76. 76. Contact information 76 InvestorRelations Hannes Portmann Vice President,Corporate Development 416-324-6014 hannes.portmann@newgold.com

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