New Gold is an intermediate gold producer with a portfolio of assets in top-rated jurisdictions. It has a track record of low-cost production and is among the lowest-cost gold producers. New Gold also has an industry-leading growth pipeline through its Rainy River, Blackwater, and El Morro projects which could increase annual gold production by over 1.75 times current levels. New Gold has established a history of value creation through acquisitions and exploration success that has increased its net asset value and driven share price growth.

1. Desjardins Mining
Conference
December 2013

2. Cautionary statements
All monetary amounts in U.S. dollars unless otherw ise stated
Total cash costs shown net of by-product sales unless otherwise stated
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance as well as information respecting Rainy River and
its assets may be deemed “forward looking”. All statements in this presentation, other than statements of historical fact, that address events or developments that New Gold expects to occur
are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology
such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “projec ts”, “potential”, “believes” or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation. Forward-looking statements in
this presentation include, among others, statements with respect to: guidance for production, cash costs and all -in sustaining costs (and its components); the potential difference between gold
price and cash and all -in sustaining costs, including relative to other companies; potential modifications to operations (and the cost of any such modifications) and potential opportunities to
increase throughput at New Afton exploration potential and the results of future exploration activities; expected future mining activities; the expected or potential annual production, expected
cash costs and expected development cost of New Gold’s projects; the estimation of mineral reserves and resources and the realization of such estimates; the expected life of New Gold’s
mines and projects; the timing of completion of feasibility studies or updates, reserve updates and other technical work or reports; the adequacy of capital resources; and expected capital
expenditures and exploration expenditures.
All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important ri sk factors
and uncertainties, many of which are beyond New Gold’s ability to control or predict. Material assumptions regarding our forw ard looking statements are discussed in this presentation, the
annual MD&A, the AIF and our Technical Reports. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materiall y different from those expressed or implied by such forward-looking
statements. Such factors include, without limitation: significant capital requirements; price volatility in the spot and forward markets for commodities; fluctuations in the international currency
markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; discrepancies between actual and estimated production, between actual and
estimated reserves and resources and between actual and estimated metallurgical recoveries; 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 future carry on business; taxation; controls, regulations and political or economic developments in the
countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, inc luding the risks of obtaining and maintaining the validity and
enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada,
obtaining the necessary permits for Blackwater and the Rainy River Gold Project; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental
authorization (EIS); and in Chile, where the courts had temporarily suspended the approval of the environmental permit for El Morro; the lack of certainty with respect to foreig n legal systems,
which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal
challenges New Gold is or may become a party to; diminishing quantities or grades of reserves and resources; competition; loss of key employees; additional funding requirements; rising costs
of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the PEA for Blackwater and
the Feasibility Study for the Rainy River Gold Project; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or
contests over claims to mineral properties; uncertainties with respect to the successful integration of the business of Rainy River within the business of New Gold; unexpected delays and costs
inherent to consulting and accommodating rights of First Nations; and uncertainties with respect to obtaining all necessary surface rights for the Rainy River Project. In addition, there are risks
and hazards associated with the business of mineral exploration, development and mining, including environmental events and h azards, industrial accidents, unusual or unexpected formations
,
pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s
(and, in respect to information related to the Rainy River Gold Project, in Rainy River’s) disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not
guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this
presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise an y forward-looking statements whether as a result of
new information, events or otherwise, except in accordance with applicable securities laws.
All endnotes can be found at the conclusion of the presentation and should be reviewed.
2

3. New Gold investment thesis
Portfolio
of assets
in top-rated
jurisdictions
Invested
and
experienced
team
Among
lowest-cost
producers with
solid track
record
Peer-leading
growth
pipeline
A history
of value
creation
3

4. Portfolio of assets in top-rated jurisdictions
Mining investment – country rankings (1)
Blackwater
Mine Life: 15+ years
New Afton
Mine Life: 14 years
Rainy River
#2
Mine Life: 15+ years
Mesquite
Mine Life: 10+ years
Cerro San Pedro
Mine Life: 4+ years
El Morro
Mine Life: 17 years
Peak Mines
Mine Life: 8 years
CANADA
#6
UNITED
STATES
#5
MEXICO
#3
CHILE
#1
AUSTRALIA
OPERATING
DEVELOPMENT
(1) Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
4

5. Portfolio of assets in top-rated jurisdictions
Growing gold resource base in Canada
GOLD RESERVES (Moz)(4)
GOLD M&I RESOURCES (Moz)(1)(4)
11.8
New Gold
0.9 Australia
1.7 Mexico
7.8
=
+44%
per share
New Gold &
Rainy River(3)
2.9 Chile
5.7 USA
GOLD M&I RESOURCES (Moz)(1)(2)(4)
29.2
23.1
=
+20%
per share
18.0 Canada
New Gold
New Gold &
Rainy River(3)
• 18 million ounces of M&I resources in Canada
• 84% increase in M&I resources per share
since 2009
(1) Measured and Indicated Resources inclusive of Reserves.
Canada
=
+62%
5

6. Invested and experienced team
Significantly invested team
EXECUTIVE MANAGEMENT TEAM
BOARD OF DIRECTORS
Randall Oliphant
Executive Chairman
David Emerson
Former Canadian Cabinet Minister
Robert Gallagher
President & CEO
James Estey
Former Chairman,
UBS Securities Canada
Brian Penny
Executive VP & CFO
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
Ernie Mast
VP Operations
Collectively ~$70 million invested in New Gold
6

7. Among lowest-cost producers with solid track record
Lower costs driving margin expansion
• $150 - $200 per ounce lower all-in
sustaining costs(1) results in incremental
margin(2)
• ~$100 per ounce decrease
in cash costs(3) from 2009 to 2013E
2013 GUIDANCE –
ALL-IN SUSTAINING COSTS ($/OZ)(1)
~$1,100
~$1,050
~$900
• Copper and silver create effective hedge
New Gold
Mid-Tier
Average(4)
Senior Average(5)
7

8. Among lowest-cost producers with solid track record
2013 outlook
Gold production(1)
Copper production
Silver production
390-400 Koz
78-88 Mlbs
~1.3 Moz
2013
Total cash costs(2)
~$375/oz
Assum
ptions for the fourth quarter of 2013: Gold - $1,300 per ounce; Copper - $3.25 per pound; Silver - $20.00 per ounce; AUD/USD and CDN/USD parity.
2013
All-in sustaining
costs(2)(3)
~$900/oz
8

9. Among lowest-cost producers with solid track record
New Afton hitting its stride
• Evaluating potential for further
throughput increases in 2014 and
beyond
COPPER
GRADE (g/t)
• Achieved targeted throughput
increase to 12,000 tonnes per
day three months ahead of
schedule
GOLD
GRADE (%)
0.96%
0.78
0.67
Q1 2013
0.82
Q2 2013
Q3 2013
Q1 2013
0.98%
Q2 2013
Q3 2013
0.79%
RECOVERY (%)
87%
RECOVERY (%)
88%
87%
88%
Q2 2013
Q3 2013
83%
81%
Q1 2013
Q2 2013
Q3 2013
Q1 2013
PRODUCTION (Koz)
22
PRODUCTION (Mlbs)
25
19
15
Q1 2013
21
12
Q2 2013
Q3 2013
Q1 2013
Q2 2013
Q3 2013
9

10. Peer-leading growth pipeline
Evaluating further throughput expansion potential to ~14,000 tonnes per day
DRAWBELLS
• 78 completed to date
• 85 to be completed by year-end
• 14 million tonnes, or approximately
three years, of broken reserves
accessible
CRUSHER
• 20,000 tonne per day design capacity
• Daily maximum of 18,581 tonnes in
August 2013
CONVEYOR
• 14,500 tonne per day design capacity
• During third quarter, 52 days over
14,000 tonnes per day conveyed
10

11. Peer-leading growth pipeline
Evaluating further throughput expansion potential to ~14,000 tonnes per day
• During third quarter, ran operation at 14,000
to 15,500 tonnes per day over five day period
• Mill was able to process higher throughput,
however a commensurate decrease in
recovery was seen
• Currently evaluating low capital cost
alternatives to process at higher rate and
bring recoveries into the high 80’s/low 90’s
• Potential to include:
• Addition of a tower mill for tertiary
grinding
• Additional rougher flotation capacity at
front end of the flotation circuit
• Additional cleaner capacity
11

12. Peer-leading growth pipeline
New Afton C-Zone exploration program
Looking Northwest
• Actively exploring for both near and
medium-term resource growth
• East Cave Extension represents
lateral extension of B-Zone currently
being mined
• Added two years to mine life
through 2012 exploration efforts
B Zone
Reserve
• C-Zone represents down plunge
extension of ore body
• All 2013 exploration to be
incorporated into year-end mineral
reserve and resource update
East Cave Extension
and Hanging Wall Lens
C Zone
C-ZONE RESOURCE SUMMARY(1)
Measured and Indicated
GOLD
COPPER
Inferred
0.3 Moz at 0.77 g/t
0.4 Moz at 0.62 g/t
211 Mlbs at 0.77%
301 Mlbs at 0.68%
12

13. Peer-leading growth pipeline
Three organic
projects
Industry leading organic growth profile
+800 Koz (1)
El Morro
• 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
Four current
operations
Blackwater(2)
• Projecting below current industry
average cash costs at each project
Rainy River
2013 Gold
Production
Annual Production
Potential of Growth Assets
13

14. Peer-leading growth pipeline
Three world-class projects
Rainy River
Blackwater
El Morro (30% )
Significant Gold M&I
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
RAINY RIVER
Existing resource
Exploration targets
Off Lake
Son of Intrepid
Western Zone
Rainy River
Intrepid
Intrepid
Extension
15

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
BLACKWATER
Existing resource
Exploration targets
Capoose
• Multiple regional targets
Van Tine
Fawnie
Blackwater
Auro
10km
16

17. A history of value creation
Increasing Net Asset Value drives share price growth
Net Asset Value (1)
March 2009
December 2013
PRICE PERFORMANCE SINCE BUSINESS COMBINATION WITH
WESTERN GOLDFIELDS IN MARCH 2009 (5)
Mesquite, Cerro San Pedro, Peak Mines
~$875
165%
$1,027
New Afton
~$120
$1,542
El Morro (2)
~$40
35%
$400
Blackwater (3)
$–
$720
(29% )
(48% )
Rainy River(4)
$–
$485
(41% )
S&P/TSX Global
FTSE Gold
Gold Index (6)
Mines Index (7)
HUI
Index (8)
Gold Price
New Gold
17

18. 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
New Afton mill to reach 12,000 tonnes per day
Resolution of El Morro temporary permit suspension
Completion of Blackwater Feasibility Study
Rainy River Feasibility Study Update
Blackwater/Rainy River/New Afton exploration/resource updates
New Afton throughput expansion update
18

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

20. Appendix
Appendices
Page
1.
Financial information
21
2.
Consolidated operating performance/Q3’13 summary
27
3.
New Afton
32
4.
Rainy River
38
5.
Blackwater
39
6.
El Morro
41
7.
Reserves and resource notes
47
8.
Commodity price/foreign exchange assumptions
54
20

21. Appendix 1
Capitalization and liquidity
•
•
Undrawn Credit
Facility(2)
Liquidity
Position
$429mm
Two senior unsecured note offerings
during 2012 ($300 million at 7.00%,
$500 million at 6.25%)
•
Total common shares outstanding of
503 million
•
Cash and
Equivalents (1)
All corporate debt due in 2020
or beyond(3)
Paid $66 million to eliminate legacy
gold hedges on May 15, 2013
$100mm
$529mm
1. Cash and equivalents as at Septem
ber 30, 2013.
2. $50 m
illion of total $150 m
illion currently used for Letters of Credit.
3. See Appendix 1 – Sum ary of debt for detailed breakdown of com
m
ponents of debt.
21

22. Appendix 1
Summary of debt
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
$76 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
~104
~98
n/a
Key features
•
•
•
•
•
•
•
•
1. $50 m
illion currently allocated for Letters of Credit.
Normal financial
covenants Interest
Rate
3.00-4.25% over
LIBOR based on
ratios
Standby fee of 0.751.06%
•
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
22

23. Appendix 1
2012 and 2013 capital expenditures by site
•
New Gold’s 2013 estimated capital expenditures are $315 million
•
•
•
Capital includes costs related to ongoing annual sustaining capital as well as investments for
future production
Capital estimate includes recently acquired Rainy River project
Capital estimates by site are shown below:
TOTAL 2012 ACTUAL CAPITAL EXPENDITURES:
$499 MILLION
Cerro San Pedro
$11mm
TOTAL 2013 CAPITAL EXPENDITURE ESTIMATE:
$315 MILLION
Mesquite
$11mm
Mesquite
$20mm
Peak Mines
$47mm
Rainy River
$25mm
Cerro San Pedro
$40mm
Blackwater
$128mm
New Afton
$302mm
New Afton
$110mm
Peak Mines
$60mm
Blackwater
$60mm
23

24. Appendix 1
2013 capital expenditures by category
•
The below breaks down capital expenditures at each site into two categories – annual sustaining
capital and direct investments for future production growth and mine life extension
New Afton - $110 million
•
18%
•
82%
$90 million – continued cave and drawbell development as well as
related technical services
Total of ~90 drawbells expected to be completed by end of 2013
• Annual drawbell development to decrease over mine life with
commensurate decrease in capital
Blackwater - $60 million
•
•
$15 million – capitalized exploration
$45 million – Feasibility and related engineering studies, permitting,
camp facilities/operation
•
•
100%
$30 million – underground development and capitalized exploration
$30 million – equipment, mine and mill projects/maintenance
Peak Mines - $60 million
50%
50%
Direct investment for future production
Annual sustaining capital
24

25. Appendix 1
2013 capital expenditures by category
Cerro San Pedro - $40 million
•
•
$30 million – final leach pad expansion and capitalized stripping for
phase 5 development
$10 million – site maintenance/processing improvements
•
•
$20 million – engineering, studies, environmental and other
$5 million – ongoing exploration
•
$12 million – two additional trucks and construction of new welding and
tire shops
$8 million – equipment components/site maintenance
25%
75%
Rainy River - $25 million
100%
Mesquite - $20 million
40%
•
60%
Direct investment for future production
Annual sustaining capital
New Gold’s 30% share of estimated 2013 El Morro capital cost of $10
million fully carried by Goldcorp Inc.
25

26. Appendix 1
2013 exploration program overview
•
New Gold’s estimated exploration budget for 2013 is $50 million
•
•
•
Capitalized: $20 million
Expensed: $30 million
Additional $5 million of exploration at Rainy River post acquisition
Capitalized: $5 million
Capitalized: $15 million
Expensed: $5 million
Expensed: $15 million
Peak Mines
33,000 metres
Blackwater
40,000 metres
New Afton
40,000 metres
Expensed: $10 million
26

27. Appendix 2
2013 third quarter highlights
• Gold production – 94,038 ounces
• Total cash costs(1) – $280 per ounce sold
• All-in sustaining costs(2) – $779 per ounce
• New Afton achieved targeted increase in
throughput three months ahead of schedule
• Adjusted earnings per share (3) – $0.04/share
Lowest cost
quarter in
company’s history
• Adjusted net cash generated from
operations (4) – $54 million
• Completed Rainy River acquisition(5)
• Cash and cash equivalents of $429 million
1.
2.
3.
4.
5.
Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.
Refer to Endnote on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.
97.5% of Rainy River was acquired in Q3, with the rem
aining 2.5% acquired in Q4.
27

28. Appendix 2
2013 mine-by-mine operating results
2013 THIRD QUARTER
Gold sales
(000s ounces)
costs (1)
Cash
($/oz)
2013 YEAR-TO-DATE
All-in Sustaining
costs (2) ($/oz)
Gold sales
(000s ounces)
Cash costs (1)
($/oz)
All-in Sustaining
costs (2) ($/oz)
New Afton
25
($1,310)
($365)
62
($1,104)
($191)
Cerro San Pedro
24
$723
$771
81
$605
$674
Mesquite
21
$1,017
$1,098
72
$936
$1,162
Peak Mines
24
$856
$1,332
77
$874
$1,405
94
$280
$779
291
$399
$905
2013 THIRD QUARTER
2013 YEAR-TO-DATE
New Afton co-product cash costs(1)
Gold ($/oz)
$454
$526
Copper ($/lb)
$1.05
$1.24
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
28

29. Appendix 2
Consolidated financial summary
2013 THIRD QUARTER
2012 THIRD QUARTER
$196
$196
Earnings from mine operations ($ million)
$51
$77
Net earnings ($ million)
$12
$18
$0.02
$0.04
$20
$43
$0.04
$0.09
$54
$47
Revenue ($ million)
Net earnings per share ($/share)
Adjusted net earnings(1) ($ million)
Adjusted net earnings per share(1) ($/share)
Adjusted net cash generated from operations (2) ($ million)
1. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.
2. Refer to Endnote on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.
29

30. Appendix 2
2013 estimated all-in sustaining costs
Total cash costs (1)
~$375/oz
General and administrative
~$70/oz
Exploration expense
~$80/oz
Sustaining capital(2)
~$375/oz
ALL-IN SUSTAINING COSTS(3)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Sustaining capital based on New Gold’s total 2013 estim
ated capital expenditures excluding expenditures related to growth-related initiatives.
3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
~$900/oz
30

31. Appendix 2
Lower costs driving margin expansion
New Gold offers shareholders potential for over $400 per ounce(1) of incremental margin
$782(4)
$800
$738
Total Cash Costs (US$/oz)(2)
$643
$600
$557
$478
Incremental Margin to New Gold
Shareholders
$465
$446
$400
$421
$418
$375
$200
2009
1.
2.
3.
4.
2010
2011
Calculated based on H1’2013 GFMS industry average cash costs less New Gold 2013 cash cost guidance. Assum no change to industry average cash costs for rem
es
ainder of 2013.
Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
Industry data per GFMS reports calculated net of by-product credits as at various year-ends
Industry data per GFMS reports calculated net of by-product credits at H1’2013.
2012
2013E
31

32. Appendix 3
Drawbell continuity schedule
Copper resource grades
Accelerated East
Cave development
completed June
2013
East Cave
production began
June 2013
65 drawbells
in production
In West Cave
Planned Draw bells in 2013
Planned Future Drawbells
32

33. Appendix 3
Mill schematic
Final Concentrate
To Tailings
Surface Stockpile
Potential New Facilities
33

34. Appendix 3
East Cave Extension and Hanging Wall Lens overview
Reserves Replacement
• East Cave Extension delineation and infill drilling to extend Main Zone reserve
laterally to east
• Hanging Wall Lens drilling to test potential to develop additional resources in
hanging wall to Main Zone
East Cave Extension
Hanging Wall Lens
Holes
Metres
Holes
Metres
2013 program
34
8,253
24
9,522
2012 program
8
3,177
-
-
Total to date
42
11,430
24
9,522
34

35. Appendix 3
Drill program highlights
HIGHLIGHTS FROM EAST CAVE DRILL PROGRAM
Drill
Hole
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
AF13-198
19
58
39
0.17
0.38
AF13-207
41
110
69
0.50
0.69
AF13-210
44
180
136
0.25
0.66
AF13-212
46
190
144
0.18
0.75
AF13-215
236
406
170
0.67
1.47
AF13-227
216
322
106
0.21
0.59
HIGHLIGHTS FROM HANGING WALL LENS DRILL PROGRAM
Drill
Hole
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
EA13-040
138
224
86
0.33
0.78
EA13-041
226
256
30
1.69
1.22
EA13-049
256
278
22
1.68
1.08
EA13-055
294
336
42
0.49
0.62
EA13-062
252
352
100
0.80
0.43
EA13-068
366
418
52
2.04
1.43
EA13-079B
294
462
168
1.21
0.70
3
70
67
0.54
0.15
EA13-084
1. Refer to news release dated October 21, 2013 “New Gold Achieves Targeted Throughput Increase at New Afton Ahead of Schedule” as filed on SEDAR for all assay results as well as other disclosure relating to these results.
35

36. Appendix 3
C-Zone overview
Resource Expansion
• C-Zone delineation and infill drilling to expand and upgrade resource to support
future engineering design studies
Holes
Metres
2013 program
41
26,800
2012 program
26
13,900
Total to date
67
40,700
• Exploring potential to expand C-Zone to west and down plunge
C-ZONE RESOURCE SUMMARY(1)
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%
Note: Includes all 2012 drilling plus five holes completed in early 2013
1. Refer to appendix 7 for detailed breakdown of resources and other inform
ation related to resource estim
ates.
36

37. Appendix 3
C-Zone highlights
2013 C-ZONE DRILLING HIGHLIGHTS
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
EA13-031
644
708
64
0.86
1.33
EA13-032
478
622
144
0.92
1.10
EA13-034
744
810
66
0.90
0.93
EA13-036
592
678
86
1.51
1.66
EA13-037
566
652
86
0.66
1.38
EA13-045
526
588
62
0.85
1.13
EA13-046
722
792
70
1.13
1.06
EA13-054
504
628
124
1.08
1.52
EA13-056
740
820
80
0.70
0.48
EA13-076
372
416
44
0.54
0.96
EA13-088
514
596
82
1.95
2.57
Drill Hole
• 2013 drilling program
has tripled the amount
of drill hole data
defining the C-Zone
resource
• Drill program has both
extended limits and
improved classification
confidence in C-Zone
resource
1. Refer to news release dated October 21, 2013 “New Gold Achieves Targeted Throughput Increase at New Afton Ahead of Schedule” as filed on SEDAR for all assay results as well as other disclosure relating to these results.
37

38. Appendix 4
Rainy River – Location
•
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
Kenora
Rainy River Gold Project
Fort Frances
HWY 600
Thunder Bay
Site Topography
38

39. Appendix 5
Blackwater – A robust project
Measured and Indicated
Gold Resources (1) –
Direct Processing Material
8.6 Moz
•
Additional Measured and Indicated
gold resources – stockpile material of
0.9 million ounces
•
Central British Columbia near
infrastructure
•
Year-round accessibility for drilling/
development
•
Total 2012 drilling over 270,000 metres
project wide
•
Tax synergies with New Afton
•
PEA completed September 2012
•
Targeting annual gold production of
~500,000 ounces
•
•
1. Refer to Appendix 7 for detailed disclosure on Resource calculations and other inform
ation related to resource estim
ates.
2. Blackwater’s potential is not supported by a feasibility study. See Endnote “Blackwater PEA – Additional Cautionary Note”.
Targeting completion of Feasibility
Study by late 2013
Consolidated significant land position –
1,000 km2
39

40. Appendix 5
Blackwater – Project overview
•
Conventional truck and shovel open pit mine with 60,000 tonnes per day
processing plant
•
Low grade stockpiling strategy
•
Simple, conventional flowsheet using whole ore leach process
•
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
1. Source: Septem
ber 2012 Prelim
inary Econom Assessm
ic
ent.
40

41. Appendix 6
El Morro (30%)
2.9 Moz
Gold Reserve(1)
2.1 Blbs
Copper Reserve(1)
•
Goldcorp – 70% partner and project operator
• New Gold’s 30% share of capital fully
funded by Goldcorp
Location
Chile
Mine type
Open Pit
Reserves (1) – Gold/Copper (Moz/Mlbs)
2.9/2,097
Resources (1) – Gold/Copper (Moz/Mlbs)
2.9/2,097
Estimate mine life
17 years
LOM production/yr (Au Koz/Cu Mlbs)
90/85
LOM cash costs/oz by-product(2)
($700)
•
Current resource entirely within La Fortuna
deposit
• Neighbouring El Morro deposit
underexplored
•
2012 year end update added 0.4 million
ounces of gold and 229 million pounds of
copper to reserves (1)
•
Evaluating various alternatives for a power
source to northern Chilean development
projects
1. New Gold’s attributable 30% share. Refer to Appendix 7 for detailed disclosure on reserve and resource calculations.
2. Refer to Endnote on total cash cost under the heading “Non-GAAP Measures”. Life of m
ine co-product costs estim
ated at $550/oz gold and $1.45/lb copper at com odity price assum
m
ptions of $1,200/oz gold and $2.75/lb copper.
41

42. Appendix 6
El Morro overview of updated Feasibility Study
•
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 Endnote on total cash costs under the heading “Non-GAAP Measures” .
42

43. Appendix 6
La Fortuna deposit
2012 open pit Proven and
Probable reserves and Measured
and Indicated resources
Underground Inferred
resource with block
cave potential
500 m etres
43

44. Appendix 6
El Morro (30%) – Funding structure(1)
Total Capital
100%
~ $3.9 billion
30%
100% Average
annual
cash flow
70%
Funded by
$1.2 billion
interest at 4.58%
~ $2.7 billion
30%
20%
70%
80%
Carried funding repayment
• New Gold’s 30% share of development capital 100% carried
• Interest fixed at 4.58%
1. Capital estim
ates based on Decem
ber 2011 Feasibility Study.
44

45. Appendix 6
Selected porphyry gold/copper deposits/mines (1)
Au Grade
(g/t)
0.80
New Afton
0.70
0.60
El Morro
0.50
0.40
0.30
0.20
0.10
-0.20%
0.40%
0.60%
0.80%
Producing
1.20%
(2)
Cu Grade
(%)
Development
Alumbrera
Chapada
Cadia-Ridgew ay
1.00%
New Prosperity
Mt. Milligan
El Morro
New Afton
Cobre Panama
Cerro Casale
Agua Rica
1. Based on disclosure by respective com
panies.
2. Includes “Cadia East Underground” and “Ridgeway Underground” reserves as indicated in Newcrest’s February 8, 2013 press release; does not inc lude “Other” Cadia province reserves.
45

46. Appendix 6
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
1. All reserve inform
ation taken from Goldcorp’s Decem
ber 31, 2012 year-end resource statem
ents.
2. Gold equivalent calculated based on the following com odity prices: Gold - $1,600/oz; Silver - $30.00/oz; Copper - $3.50/lb; Lead - $0.90/lb; Zinc - $0.90/lb.
m
46

47. Appendix 7
Reserves and resources summary
Mineral Reserves and Resources Summary
Year End 2012
Gold
Koz
Proven and Probable Reserves
Measured and Indicated Resources (inclusive of Reserves)
Inferred Resources
M&I Resources (inclusive of Reserves)
Mesquite
Cerro San Pedro
Peak Mines
New Afton
Blackwater
Capoose
Rainy River
El Morro
Total M&I
11,783
29,242
6,822
5,684
1,703
880
2,224
9,497
196
6,167
2,891
29,242
(1)(2)
Silver
Koz
Year End 2011
Copper
Mlbs
Gold
Koz
41,571
159,585
88,359
3,282
4,223
1,187
7,863
18,797
6,323
-
146
1,980
2,097
4,223
5,534
1,812
948
1,742
5,423
384
n/a
2,954
18,797
57,980
1,350
7,292
70,128
9,497
13,338
159,585
Silver
Koz
(3)
Copper
Mlbs
34,347
115,268
76,856
2,888
3,946
2,202
-
167
1,586
n/a
2,193
3,946
55,860
1,570
5,470
25,774
26,594
n/a
115,268
1. For additional inform
ation regarding reserve and resource estim
ates; refer to: New Gold’s “Annual Inform
ation Form for the Financial Year Ended Decem
ber 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 Rem
ains on Track to Provide Strong Finish to the Year”.
2. Year end 2012 Mineral Resources updated for Blackwater resource updates on April 4, 2013 and New Afton C -Zone update on May 1, 2013.
47
3. Year end 2011 Mineral Resources presented at Investor Day on February 2, 2012.

48. Appendix 7
Reserves and resources summary (cont’d)
Mineral Reserves statement as at December 31, 2012(1)
Metal grade
Tonnes
000s
Mesquite
Proven
Probable
Mesquite P&P
Cerro San Pedro
Proven
Probable
CSP P&P
Peak Mines
Proven
Probable
Peak P&P
New Afton
Proven
Probable
New Afton P&P
Rainy River
Proven
Probable
Rainy River P&P
El Morro
Proven
Probable
El Morro P&P
Total Proven
Total Probable
Total P&P
13,140
Gold
g/t
Contained metal
Silver
g/t
Copper
%
Gold
Koz
-
-
2,055
127,549
0.68
0.56
0.57
21,100
26,400
47,500
0.52
0.48
0.50
17.1
17.4
17.3
2,109
2,118
4,227
5.89
3.82
4.85
52,500
52,500
Silver
Koz
2,342
-
-
-
353
407
760
11,600
14,800
26,400
-
7.5
6.8
7.2
1.08
1.18
1.13
399
260
659
510
466
976
50
55
105
0.65
0.65
2.3
2.3
0.93
0.93
1,100
1,100
3,880
3,880
1,080
1,080
27,700
88,600
116,300
1.14
1.06
1.08
1.94
3.01
2.76
-
1,015
3,017
4,031
1,728
8,587
10,315
-
307,949
335,152
643,101
0.57
0.37
0.47
-
0.56
0.44
0.49
1,705
1,186
2,891
3,759
8,025
11,783
114,409
287
Copper
Mlbs
100% Basis
1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C -Zone update on May 1, 2013.
30% Basis
13,838
27,733
41,571
1,135
962
2,097
1,185
2,097
3,282
48

49. Appendix 7
Reserves and resources summary (cont’d)
Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012(1)
Metal grade
Tonnes
000s
Gold
g/t
Contained metal
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Mesquite
Measured - oxide
Indicated - oxide
Meqsuite M&I - oxide
Measured - non oxide
19,100
274,100
293,200
4,900
0.51
0.38
0.39
0.88
-
-
313
3,349
3,662
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
Cerro San Pedro
Measured - oxide
Indicated - oxide
CSP M&I - oxide
Measured - sulphide
Indicated - sulphide
CSP M&I - sulphide
Total CSP M&I
Peak Mines
Measured
Indicated
Peak M&I
New Afton
A&B Zones
Measured
Indicated
A&B Zone M&I
C-Zone
Measured
Indicated
C-Zone M&I
Total New Afton M&I
394,100
0.45
-
-
5,684
-
-
27,100
49,000
76,100
15,200
60,400
75,600
151,700
0.34
0.24
0.28
0.47
0.41
0.42
0.35
15.0
13.0
13.7
11.9
9.6
10.1
11.9
-
303
380
683
229
791
1,020
1,703
13,100
20,480
33,580
5,800
18,600
24,400
57,980
-
2,700
3,200
5,900
5.74
3.75
4.66
7.5
6.8
7.1
1.05
1.19
1.13
494
386
880
647
703
1,350
62
84
146
33,500
45,900
79,400
0.86
0.67
0.75
2.9
2.4
2.6
1.18
0.89
1.01
929
984
1,913
3,160
3,530
6,690
873
896
1,769
1,282
11,205
12,486
91,886
0.75
0.78
0.77
0.75
1.4
1.5
1.5
2.6
0.79
0.77
0.77
1.00
31
280
311
2,224
56
548
602
7,292
22
189
211
1,980
1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone update on May 1, 2013.
49

50. Appendix 7
Reserves and resources summary (cont’d)
Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012
Metal grade
Tonnes
000s
Blackwater
Direct processing material
Measured
Indicated
M&I (direct processing)
Stockpile material
Measured
Indicated
M&I (stockpile)
Total Blackwater M&I
Capoose
Indicated
Gold
g/t
(1)
Contained metal
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
116,955
189,044
305,999
1.04
0.78
0.88
5.6
6.0
5.8
-
3,896
4,729
8,624
21,057
36,467
57,524
-
26,521
64,382
90,903
396,902
0.30
0.30
0.30
0.74
4.1
4.4
4.3
5.5
-
256
617
873
9,497
3,496
9,108
12,604
70,128
-
14,200
0.43
20.8
-
196
9,497
-
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
-
Rainy River
El Morro
Measured
Indicated
El Morro M&I
Total Measured
Total Indicated
Total M&I
100% Basis
307,949
335,152
643,101
0.57
0.37
0.47
1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C -Zone update on May 1, 2013.
30% Basis
-
0.56
0.44
0.49
1,705
1,186
2,891
9,477
19,766
29,242
49,005
110,582
159,585
1,135
962
2,097
2,092
2,131
4,223
50

51. Appendix 7
Reserves and resources summary (cont’d)
Inferred Resource statement as at December 31, 2012(1)
Metal grade
Tonnes
000s
Gold
g/t
Contained metal
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
-
-
Oxides
53,400
0.17
9.0
-
300
15,400
-
Sulphides
50,500
0.34
8.5
-
550
13,800
-
103,900
0.25
8.8
-
850
29,200
-
1,700
2.64
4.8
1.13
144
261
42
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
13,815
0.76
4.1
-
337
1,821
-
Cerro San Pedro
CSP Inferred
Peak Mines
New Afton
Blackwater
Direct processing
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
El Morro
137,555
0.99
Total Inferred
1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C -Zone update on May 1, 2013.
30% Basis
-
0.70
1,310
-
632
6,822
88,359
1,187
51

52. Appendix 7
Reserves and resources notes
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 technical Feasibility Study. New Gold reports its Measured and Indicated mineral resources inclusiv e of its mineral reserves. Inferred mineral resources 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. Mineral reserves 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)
Low er 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
52

53. Appendix 7
Reserves and resources notes (cont’d)
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 Property
Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Low er 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
$28.00
-
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
Mineral resources have been estimated and reported in accordance with CIM definition standards and guidelines and Canadian NI 43-101.
3) Mineral resources are classif ied as Measured, Indicated and Inf erred resources and are reported based on technical and economic parameters consistent with the methods most suitable f or their potential commercial
exploitation. Where dif f erent mining and/or processing methods might be applied to dif f erent portions of a mineral resource, the designators ‘open pit’ and ‘underground’ hav e been applied to indicate env isioned mining
method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ hav e been applied to indicate the ty pe of mineralization as it relates to appropriate mineral processing method and expect ed pay able metal recov eries.
Additional details regarding mineral resource estimation, classif ication and reporting parameters 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
on SEDAR.
4) Blackwater April 4, 2013 update:
1. Mineral resources are reported within a conceptual open pit shell based on metal prices of $1,400/oz gold and $28.00/oz silv er. The March 2013 mineral resource estimate utilizes av erage metallurgical recov eries of
88.0% gold and 64.0% silv er f or oxide mineralization, 85.0% gold and 58.0% silv er f or transitional oxide/sulf ide mineralization and 85.0% gold and 44.0% silv er f or sulf ide mineralization. The 2012 y ear-end mineral
resource estimate utilizes av erage metallurgical recov eries of 86% gold and 44.9% silv er f or all material ty pes.
2. Total contained metal is calculated based on Tonnes*Grade / 31.10348 grams per troy ounce.
3. Gold-equiv alent cut-of f grade estimates are based on $1,400/oz gold and $28.00/oz silv er and av erage metal recov eries as described in Note 1 abov e.
4. Direct processing material is def ined as mineralization abov e a 0.40 g/t AuEq cut-of f and likely to be mined and processed directly .
5. Stockpile material is def ined as mineralization between a 0.30 g/t AuEq and a 0.40 AuEq cut-of f that is suitable f or stockpiling and f uture processing based on av erage metallurgical recov eries as described in Note 1
abov e.
5) Qualif ied Person: The preparation of New Gold’s mineral reserv e and resource statements has been done by or under the superv ision of Qualif ied Persons as def ined under Canadian NI 43-101 and they were rev iewed
and approv ed by Mark Petersen, a Qualif ied Person under NI 43-101 and an of f icer of New Gold.
6) For additional inf ormation regarding reserv e and resource estimates, ref er to: New Gold’s “Annual Inf ormation Form f or the Financial Y ear 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 Af ton
C-Zone by Ov er 300 Percent”; and news release dated July 31, 2013 “New Gold Second Quarter Deliv ers Increased Production at Lower Costs - Second Half of 2013 Remains on Track to Prov ide Strong Finish
to the Y ear”.
53

54. Appendix 8
Commodity price/foreign exchange assumptions
Guidance assumptions(1)
2013
Gold price ($/oz)
~1,300
Silver price ($/oz)
~20.00
Copper price ($/oz)
~3.25
USD/AUD
1.00
USD/CAD
1.00
USD/MXN
13.00
Spot:
Spot
Gold price ($/oz)
1,225
Silver price ($/oz)
19.40
Copper price ($/oz)
3.20
USD/AUD
0.91
USD/CAD
0.94
USD/MXN
13.05
1. Based on year-to-date average realized prices through Septem
ber 30, 2013 and assum
ptions for the fourth quarter of 2013: Gold - $1,300 per ounce; Copper - $3.25 per pound; Silver - $20.00 per ounce; AUD/USD and CDN/USD parity.
54

55. 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. Measured and Indicated Resources inclusive of Reserves.
2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated and Inferred Resources ” and “Technical Information”.
3. New Gold completed the acquisition of 100% of Rainy River on October 15, 2013.
4. Refer to Appendix 7 for detailed breakdow n of reserves and resources and information related to reserve and resource estimate
s.
Page 7
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
2. Based on comparison w ith costs published by issuers listed in notes 4 and 5. The manner in w hich costs are determined may va from one issuer to another.
ry
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
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 the same general range as production.
2. Refer to Endnote 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 September 30, 2013 and assumes commodity price assumptions of: Gold - $1,300/oz; Copper - $3.25/lb; Silver - $20.00/oz for the balance of
2013.
3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
Page 12
1. Refer to Appendix 7 for detailed disclosure on Reserve and Resource calculations and information related to reserve and resource estimates.
Page 13
1. Based on ~225Koz from Rainy River, ~500Koz from Blackw ater and ~90Koz from El Morro. Refer to slide 14 for more information.
2. Blackw ater’s potential is not supported by a feasibility study. See Endnote “Blackw ater PEA – Additional Cautionary Note”.
55

56. Notes continued
Page 14
1. Refer to Appendix 7 for detailed disclosure on Reserve and Resource calculations.
2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated and InferredResources” and “Technical Information”.
Measured and Indicated Resources are inclusive of Reserves. At Blackw ater, the 8.6 million ounces of Resources referred to ab
ove excludes 0.9 million ounces of material
to be stockpiled w hich has been classified as Measured and Indicated Resource.
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 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. Blackw ater production and cash costs based on September 2012 PEA; Rainy River production and cash costs based on April 2013 F
easibility Study; and El Morro
production and cash costs based on updated December 2011 Feasibility Study.Blackw ater’s potential is not supported by a feasibility study. See Endnote “Blackw ater PEA
– Additional Cautionary Note”.
Page 17
Source: Broker Reports, Company Estimates and Announcements, Bloomberg; all amounts in USD.
1. New Gold’s average analyst consensus NAV.
2. New Gold’s average analyst consensus NAV for El Morro; includes $50 million cash payment received from Goldcorp 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 completed the acquisition of 100% of Rainy River on October 15, 2013.
5. New Gold share price appreciation calculated using a base price of US$1.79 from the March 3, 2009 close.
6. S&P/TSX Global Gold Index includes 54 gold companies in various stages of development/production.
7. FTSE Gold Mines Index includes 26 gold producing companies.
8. HUI Index includes 15 of the major global gold producers.
56

57. Endnotes
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be
comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “In dicated Mineral Resource” and “Inferred Mineral Resource”
used in this presentation are Canadian mining terms as defined 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 Reserves adopted by the CIM Council on November 2 7, 2010. While the terms “Mineral Resource”,
“Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms
under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may no t be classified as a “Reserve” unless the determination has
been made that the mineralization could be economically and legally produced or extracted at the time the Reserve calculation is made. As such, certain information contained in this
presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar in formation made public by United States companies subject to
the reporting and disclosure requirements of the United States Securities and Exchange Commission. An “Inferred Mineral Resou rce” has a great amount of uncertainty as to its existence
and as to its economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” wil l ever be upgraded to a higher category. Under Canadian rules,
estimates of Inferred Mineral Resources may not form the basis of feasibility or pre -feasibility studies. Readers are cautioned not to assume that all or any part of Measured or Indicated
Resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists, or is economically or legally
mineable. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards diffe r in certain respects from the standards of the United States
Securities and Exchange Commission.
TECHNICAL INFORMATION
The scientific and technical information in this presentation has been reviewed and approved by Mark Petersen, a Qualified Person under National Instrument 43 -101 and officer of New Gold.
Mineral Reserves and Mineral Resources
The estimates of Mineral Reserves and Mineral Resources discussed in this presentation may be materially affected by environmenta l, permitting, legal, title, taxation, sociopolitical, marketing
and other relevant issues. In addition to our February 5, 2013, April 4, 2013 and July 31, 2013 presentations, further details regarding Mineral Reserve and Resource estimates, including
classifications, key assumptions and parameters used in such estimates and other related information for each of New Gold's mineral properties are provided in the respective NI 43-101
Technical Reports, which are available 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 Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty that the PEA based on these mineral resources will be realiz ed. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. This presentation includes information on New Gold’s PEA with respect to the Blackwater Project, which was outlined in the PEA Technical Report filed on
October 10, 2012. As disclosed in the presentation, New Gold has, since the date of the PEA, completed several non-material updates of the mineral resource estimate for the Blackwater
Project. Although the PEA represents useful, accurate and reliable information based on the information available at the time of its publication, and provides an important indicator as to the
economic potential of the Blackwater Project, the PEA is based on mineral resources estimates with an effective date of July 27, 2012, which do not reflect drilli ng conducted since their
effective date, and the PEA does not reflect the latest mineral resource estimate discussed in subsequent presentation. Certa in assumptions used in the PEA, some of which relate to the July
27, 2012 mineral resource estimate, may have changed from those used for the new resource estimate, causing a variation of parameters. Moreover, the updated mineral resource estimate
may impact how New Gold intends to develop the deposit, including pit outlines, production rates and mine life.
57

58. Endnotes continued
NON-GAAP MEASURES
TOTAL CASH COSTS
“Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The G old 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 voluntary and the cost measures presented ma y 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 min ing, processing, administration, royalties and production taxes,
but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs are reduced by any by -product revenue and is then divided by ounces sold to arrive 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 gene rate operating earnings and cash flow from its mining
operations. This data is furnished to provide additional information and is a non -IFRS measure. Total cash costs presented do not have a standardized meaning under IFRS and may not be
comparable to similar measures presented by other mining companies. It should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS
and is not necessarily indicative of operating costs presented under IFRS. Further details regarding this measure and a reconciliation to the nearest IFRS measure is provided in the MD&A
accompanying the quarterly financial statements.
ALL-IN SUSTAINING COSTS
Consistent with the guidance announced earlier in 2013 from the World Gold Council, an association of various gold mining com panies from around the world of which New Gold is a member,
New Gold defines “all-in sustaining costs” as the sum of total cash costs, sustaining capital expenditures, corporate general & administrative costs, capitalized and expensed exploration that
is sustaining in nature and environmental reclamation costs. New Gold believes this non -GAAP measure provides further transparency into costs associated with producing gold and will
assist analysts, investors and other stakeholders of the company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. Allin sustaining costs constitute a non-GAAP measure and are intended to provide additional information only and do not have any st andardized meaning under IFRS. They should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. Further details
regarding this measure and a reconciliation to the nearest IFRS measure is provided in the MD&A accompanying the quarterly financial statements.
ADJUSTED NET EARNINGS
“Adjusted net earnings” and “adjusted net earnings per share” are non -GAAP financial measures. Net earnings have been adjusted a nd tax affected for the group of costs in “Other gains and
losses” on the condensed consolidated income statement. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net
earnings from continuing operations. The company uses this measure for its own internal purposes and believes the presentation of adjusted net earnings enables investors and analysts to
better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net
earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used
by mining industry analysts and other mining companies. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any
standardized meaning under IFRS. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not
necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calcula te these measures differently. Further details regarding this
measure and a reconciliation to the nearest IFRS measure is provided in the MD&A accompanying the quarterly financial statements.
ADJUSTED NET CASH GENERATED FROM OPERATIONS
“Adjusted net cash generated from operations” is a non-GAAP financial measure. Net cash generated from operations has been adjusted for one-time expenses related to the company’s
acquisition of Rainy River in the third quarter and a one -time charge incurred in the second quarter related to the settlement o f the company’s legacy gold hedge position. The company
believes the presentation of adjusted net cash generated from operations enables investors and analysts to better understand the underlying operating performance of our core mining
business. Adjusted net cash generated from operations is intended to provide additional information only and does not have any standardized meaning under IFRS. It should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details regarding this measure and a reconciliation to the nearest IFRS
measure is provided in the MD&A accompanying the quarterly financial statements.
58

59. Contact information
Investor Relations
Hannes Portmann
Vice President, Corporate Development
416-324-6014
hannes.portmann@newgold.com
59