Denver Gold Forum

Denver Gold Forum
September2013

Cautionary statements
All monetary amounts in U.S. dollars unless otherwise stated
Total cash costs shown net of by -product sales unless otherwise stated
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain inf ormation contained in this presentation, including any inf ormation relating to New Gold’s f uture f inancial or operating perf ormance as well as inf ormation respecting Rainy Riv er and its assets,
may be deemed “f orward looking”. All statements in this presentation, other than statements of historical f act that address ev ents or dev elopments that New Gold expects to occur, are “f orward-looking
statements”. Forward-looking statements are statements that are not historical f acts and are generally , but not alway s, identif ied by the use of f orward-looking terminology such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “estimates”, “f orecasts”, “intends”, “anticipates”, “projects”, “potential”, “believ es” or v ariations of such words and phrases or statements that certain actions, ev ents or
results “may ”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achiev ed” or the negativ e connotation. Without limiting the f oregoing, examples of f orward-looking inf ormation in this
presentation include, among others, statements with respect to: New Gold’s guidance f or production, cash costs, all-in sustaining costs, expenditures and cash f lows, modif ications to operations, the
timing of dev elopment decisions, the estimation of mineral reserv es and resources and the realization of mineral reserv es and resources, the timing and amount of estimated f uture production (including
mining and milling rates), the expected lif e of New Gold’s mines, expected f uture production costs (including cash costs) and the timing of completion of the acquisition of Rainy Riv er.
All such f orward-looking statements are based on the reasonable opinions and estimates of management as of the date such statements are made and are subject to important risk f actors and
uncertainties, many of which are bey ond New Gold’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions. In addition to assumptions specif ically
identif ied in this presentation, the key assumptions and estimates are discussed in New Gold’s most recent interim management discussion and analy sis and technical reports f iled at www.sedar.com.
The estimates and assumptions upon which the f orward-looking statements in this presentation are based are inherently subject to known and unknown risks, uncertainties and other f actors that may
cause actual results, lev el of activ ity, perf ormance or achiev ements to be materially dif f erent from those expressed or implied by such f orward-looking statements. Such f actors include, without limitation:
signif icant capital requirements; price v olatility in the spot and f orward markets f or commodities; f luctuations in the international currency markets and in the rates of exchange of the currencies of Canada,
the United States, Australia, Mexico and Chile; impact of any hedging activ ities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and
estimated Reserv es and Resources and between actual and estimated metallurgical recov eries; changes in national and local gov ernment legislation in Canada, the United States, Australia, Mexico and
Chile or any other country in which New Gold currently or may in the f uture carry on business; taxation; controls, regulations and political or economic dev elopments in the countries in which New Gold
does or may carry on business; the speculativ e nature of mineral exploration and dev elopment, including the risks of obtaining and maintaining the v alidity and enf orceability of the necessary licences and
permits and comply ing with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits f or Blackwater and the
Rainy Riv er Gold Project; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our env ironmental authorization (EIS); and in Chile, where the courts hav e temporarily
suspended the approv al of the env ironmental permit f or El Morro; the lack of certainty with respect to f oreign legal sy stems, which may not be immune f rom the inf luence of political pressure, corruption or
other f actors that are inconsistent with the rule of law; the uncertainties inherent to current and f uture legal challenges N ew Gold is or may become a party to; diminishing quantities or grades of Reserv es;
competition; loss of key employ ees; additional f unding requirements; rising costs of labour, supplies, f uel and equipment; actual results of current exploration or reclamation activ ities; uncertainties
inherent to mining economic studies including the PEA f or Blackwater and the Rainy Riv er Feasibility Study f or the Rainy River Gold Project; changes in project parameters as plans continue to be
ref ined; accidents; labour disputes; def ectiv e title to mineral claims or property or contests ov er claims to mineral properties; New Gold may be unable to successf ully complete the acquisition of all of the
securities of Rainy Riv er or the completion of such acquisition may be delay ed or more costly than anticipated; uncertainties with respect to the successf ul integration of the business of Rainy Riv er within
the business of New Gold; unexpected delay s and costs inherent to consulting and accommodating rights of First Nations; and uncertainties with respect to obtaining all necessary surf ace rights f or the
Rainy Riv er Project. In addition, there are risks and hazards associated with the business of mineral exploration, dev elopment and mining, including env ironmental ev ents and hazards, industrial
accidents, unusual or unexpected f ormations, pressures, cav e-ins, f looding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cov er these risks) as well as
“Risk Factors” included in New Gold’s (and, in respect to inf ormation related to the acquisition of Rainy Riv er Resources Ltd. (“Rainy Riv er”), Rainy River and/or the Rainy Riv er Gold Project, in Rainy
Riv er’s) disclosure documents f iled on and av ailable at www.sedar.com. Forward-looking statements are not guarantees of f uture perf ormance, and actual results and f uture ev ents could materially dif f er
f rom those anticipated in such statements. All of the f orward-looking statements contained in this presentation are qualif ied by these cautionary statements. New Gold expressly disclaims any intention or
obligation to update or rev ise any f orward-looking statements whether as a result of new inf ormation, ev ents or otherwise, except in accordance with applicable securities laws.
All f ootnotes and endnotes hav e been shown at the conclusion of the presentation.
2

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

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

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

Invested and experienced team
Collectively ~$85 million invested in New Gold
6
Randall Oliphant Executive Chairman
Robert Gallagher President & CEO
Brian Penny Executive VP & CFO
Ernie Mast VP Operations
EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS
David Emerson Former Canadian Cabinet Minister
James Estey Former Chairman,
UBS Securities Canada
Robert Gallagher President & CEO
Vahan Kololian Founder, Terra Nova Partners
Martyn Konig Former Executive Chairman,
European Goldfields
Pierre Lassonde Chairman, Franco-Nevada
Randall Oliphant Executive Chairman
Raymond Threlkeld Mining Consultant
Significantly invested team

Among lowest-costproducers with established track record(1)
• Generating ~$200 per ounce
incremental margin
• More than $100 per ounce decrease
in cash costs(2) from 2009 to 2013E
• Copper and silver create effective hedge
2013 GUIDANCE –
ALL-IN SUSTAINING COSTS ($/OZ)(3)
New Gold Mid-Tier
Average(4)
Senior Average(5)
$875
~$1,050
~$1,100
7
Lower costs driving margin expansion

2012 ACTUAL
Gold production
412 Koz
Gold production(1)
440–480 Koz
2013 GUIDANCE
2013
Total cash costs(2)
~$350/oz
2013
All-in sustaining
costs(2)(3)
~$875/oz
8
By-product price assumptions: Copper ~$3.25 per pound; Silver ~$22.50 per ounce.
2013 GUIDANCE

New Afton hitting its stride
• Mining and milling rates averaged
more than 11,000 tonnes per day
in Q2 – a 19% increase over Q1
• Targeting throughput of 12,000
tonnes per day by year-end 2013
GOLD
0.67
0.78
Q1 2013 Q2 2013
COPPER
0.79%
0.96%
Q1 2013 Q2 2013
GRADE (g/t) GRADE (%)
83%
87%
Q1 2013 Q2 2013
81%
88%
Q1 2013 Q2 2013
RECOVERY (%) RECOVERY (%)
15
22
Q1 2013 Q2 2013
12
19
Q1 2013 Q2 2013
PRODUCTION (Koz) PRODUCTION (Mlbs)
+16%
+4%
+46%
+21%
+7%
+58%
9

Evaluating further throughput expansion potential
10
Design capacity • 11,000 tonnes perday
2013 year-endtarget • 12,000 tonnes per day
Additionalexpansion
potential
• 50 drawbells needed to support 11,000tonnes per day – 68 completed
as of mid-2013
• Crusher capacity – 20,000 tonnes per day (commissioned January 2013)
• Conveyor capacity – 14,500 tonnes per day
• Record daily mill throughput – 18,638 tonnes

New Afton C-Zone exploration program
EA-9
C-Zone
B-Zone
Reserve
4,900m
Far East Extension /
Hanging Wall Lens
Targets
Drilled
Planned
EA-31
EA-32
EA-34
EA-36
EA-35
EA-37*
EA-33
HIGHLIGHTS POST C-ZONE RESOURCE UPDATE
Drill
Hole
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
EA-31 644 708 64 0.86 1.33
EA-32 478 622 144 0.92 1.10
EA-34 744 810 66 0.90 0.93
EA-36 592 678 86 2.32 2.61
11
• May 2013 update increased
resources by more than 300%
• C-Zone remains open down plunge
C-ZONE RESOURCE SUMMARY
Measured and
Indicated
Inferred
GOLD 0.3 Moz at 0.77 g/t 0.4 Moz at 0.62 g/t
COPPER 211 Mlbs at 0.77 301 Mlbs at 0.68%

New Afton successful start with continued upside potential
• Achieved commercial and full production
ahead of schedule in mid-2012
• 2012 exploration work led to two-year
mine life extension from 12 to 14 years
• +300% increase in C-Zone resources in
May 2013
• Targeting throughput of 12,000 tonnes per
day by end of 2013
• Evaluating potential for further throughput
increases in 2014 and beyond
12

Peer-leading growth pipeline
Industry leading organic growth profile
• Growth projects expected to increase gold
production by ~1.75 times over current
operations
• Blackwater and Rainy River acquisitions
increased shares outstanding by 25% for
potential +150% increase in production
• Projecting below current industry
average cash costs at each project
Four current
operations
Three organic
projects
440–480 Koz
+800 Koz
Blackwater
Rainy River
2013 Gold
Production Guidance
Annual Production
Potential of Growth Assets
El Morro
13

Three world-class projects
Rainy River (97%) Blackwater El Morro (30%)
Significant Gold
Resource Base(1)(2) 6.2 Moz 8.6 Moz 2.9 Moz
Exploration
Potential
Intrepid Zone/Multiple
Regional Targets
Capoose/Multiple
Regional Targets
El Morro Zone/
Block Cave Potential
Jurisdiction Ontario, Canada British Columbia, Canada Chile
Robust Production/
Low Cash Costs(3)
~225 Koz at below
average cash costs
~500 Koz at below
average cash costs
~90 Koz Au/85 Mlbs Cu at
~($700) cash costs(4)
RAINY RIVER BLACKWATER EL MORRO
14

Control of two underexplored districts
• +169 km2 land package
• Multiple targets
including recently
discovered Intrepid Zone
• Two drills active
15
RAINY RIVER
Rainy River
Existing resource
Exploration targets
Intrepid
Intrepid extension
Son of Intrepid
Western Zone
Off Lake
5km

Control of two underexplored districts
• +1,000 km2 land
package
• Initial resource at
Capoose ~25 km from
main Blackwater
resource
• Multiple regional targets
• Five drills active
16
BLACKWATER
Blackwater
Capoose
Auro
Van Tine Fawnie
Existing resource
Exploration targets
10km

Limited capital required to advance projects to construction-ready status
• Simultaneously advancing Rainy River and Blackwater through remaining technical
and economic studies and permitting
• Regional exploration continues at both projects
• Project development and sequencing decision expected in second half of 2014
RAINY RIVER SECOND HALF 2013
PROJECT SPENDING(1)
BLACKWATER SECOND HALF 2013
PROJECT SPENDING(2)
Exploration(3)
$5mm
Engineering/Studies/
Environment/Other
$20mm
Exploration(3)
$20mm
Engineering/Studies/
Environment/Other
$30mm
17

(39%) (27%)
(14%)
45%
303%
A history of value creation
Increasing Net Asset Value drives share price growth
March 2009
Net Asset Value(1)
September 2013
Mesquite, Cerro San Pedro, Peak Mines
~$875 $1,138
New Afton
~$120 $1,561
El Morro(2)
~$40 $432
Blackwater(3)
$– $808
Rainy River(4)
$– $479
18
S&P/TSX Global
Gold Index
FTSE Gold
Mines Index
HUI
Index
Gold Price New Gold
PRICE PERFORMANCE SINCE BUSINESS COMBINATION WITH
WESTERN GOLDFIELDS IN MARCH 2009

A history of value creation
Near-term catalysts
2013 guidance – increased resources, production growth and lower costs
Blackwater resource update
New Afton C-Zone exploration update
Completion of Rainy River acquisition
Blackwater/Rainy River/New Afton exploration updates
Completion of Blackwater Feasibility Study
New Afton mill to reach 12,000 tonnes per day/results of throughput increase evaluation
Resolution of El Morro temporary permit suspension
19

Establishing the leading
intermediate gold company
New Gold investment thesis
Portfolio
of assets
in top-rated
jurisdictions
Invested
and
experienced
team
Among
lowest-cost
producerswith
a history of
delivering
Peer-leading
growth
pipeline
Track record
of value
creation

Appendix
21
Appendices
Page
1. Financial information 22
2. Consolidated operating performance 28
3. Mesquite, Cerro San Pedro, Peak Mines 37
4. New Afton 41
5. Rainy River 45
6. Blackwater 47
7. El Morro 55
8. Reserves and resource notes 62
9. Commodity price/foreign exchange assumptions 69

Capitalization and liquidity
22
1. Cash and equivalents as at June 30, 2013.
2. $50 million of total $150 million currently used for Letters of Credit.
3. See Appendix 1 – Summary of debt for detailed breakdown of components of debt.
• All corporate debt due in 2020
or beyond(3)
• Two senior unsecured note offerings
during 2012 ($300 million at 7.00%,
$500 million at 6.25%)
• Total common shares outstanding of
502 million
• Paid $66 million to eliminate legacy
gold hedges on May 15, 2013
Liquidity
Position
$563mm
$100mm
$663mm
Appendix 1
Cash and
Equivalents(1)
Undrawn Credit
Facility(2)

Summary of debt
23
Undrawn Credit
Facility
Senior Unsecured Notes
(April 2012)
Senior Unsecured Notes
(November 2012)
El Morro Funding
Loan
Face Value $150 million(1) $300 million $500 million $72 million
Maturity 1 year with annual
extensions permitted
April 15, 2020 November 15, 2022 n/a
Interest Rate See ‘Key features’ 7.00% 6.25% 4.58%
Payable Revolving credit Semi-annually Semi-annually Upon start of
production
Conversion price n/a n/a n/a n/a
Current trading value n/a ~102 ~96 n/a
Key features Normal financial
covenants
Interest Rate
• 3.00-4.25% over
LIBOR based on
ratios
• Standby fee of 0.75-
1.06%
• Senior unsecured
• Redeemable after April 15,
2016 at 103.5% down to
100% of face after 2018
• Unlimited dividends if
leverage ratio below 2:1
• Senior unsecured
• Redeemable after
November 15, 2017 at par
plus half coupon, declining
ratably to par
• Unlimited dividends if
leverage ratio below 2:1
New Gold to repay
Goldcorp out of
80% of its 30%
share of cash flow
once El Morro
starts production
1. $50 million currently allocated for Letters of Credit.
Appendix 1

24
• New Gold’s 2013 estimated capital expenditures of $290 million are down 42% from 2012
• Capital includes costs related to ongoing annual sustaining capital as well as investments for
future production
• Capital estimates by site are shown below:
New Afton
$110mm
Peak Mines
$60mm
Cerro San Pedro
$40mm
Mesquite
$20mm
Blackwater
$60mm
New Afton
$302mm
Peak Mines
$47mm
Cerro San Pedro
$11mm
Mesquite
$11mm
Blackwater
$128mm
2012 and 2013 capital expenditures by site
TOTAL 2012 ACTUAL CAPITAL EXPENDITURES:
$499 MILLION
TOTAL 2013 CAPITAL EXPENDITURE ESTIMATE:
$290 MILLION
Appendix 1

25
Direct investment for future production
• The below breaks down capital expenditures at each site into two categories – annual sustaining
capital and direct investments for future productiongrowth and mine life extension
New Afton - $110 million
Blackwater - $60 million
Peak Mines - $60 million
Annual sustaining capital
82%
18%
100%
50% 50%
• $90 million – continued cave and drawbell developmentas well as
related technical services
• Total of ~90 drawbells expectedto be completed by end of 2013
• Annual drawbell developmentto decrease overmine life with
commensurate decrease in capital
• $15 million – capitalized exploration
• $45 million – Feasibility and related engineering studies,permitting,
camp facilities/operation
• $30 million – underground developmentand capitalized exploration
• $30 million – equipment,mine and mill projects/maintenance
2013 capital expenditures by category
Appendix 1

26
Cerro San Pedro - $40 million
Mesquite - $20 million
75%
25%
60%
40%
• $30 million – final leach pad expansion and capitalized stripping for
phase 5 development
• $10 million – site maintenance/processing improvements
• $12 million – two additional trucks and constructionof new welding and
tire shops
• $8 million – equipmentcomponents/site maintenance
2013 capital expenditures by category
Direct investment for future production Annual sustaining capital
New Gold’s 30% share of estimated El Morro capital cost of $23 million
fully carried by Goldcorp Inc.
Appendix 1

27
• New Gold’s estimated exploration budgetfor 2013 is $50 million
• Capitalized: $20 million
• Expensed:$30 million
• Additional $5 million of exploration at Rainy River postacquisition
New Afton
40,000 metres
Peak Mines
33,000 metres
Blackwater
40,000 metres
Capitalized: $15 million
Expensed: $15 million
Capitalized: $5 million
2013 exploration program overview
Appendix 1

28
1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
2. Sustaining capital based on New Gold’s total 2013 estimated capital expenditures excluding expenditures related to growth-related initiatives.
3. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining cash costs calculated using the mid-point of New Gold’s estimated 2013 production range.
2013 estimated all-in sustaining costs
Appendix 2
Total cash costs(1)
~$350/oz
General and administrative ~$60/oz
Exploration expense ~$70/oz
Sustaining capital(2) ~$395/oz
ALL-IN SUSTAINING COSTS(3)
~$875/oz

29
• Gold productiongrowth through full year of
productionat New Afton and increased
throughput and recoveries at Peak Mines
• Copperproductionforecastto double to 78
to 88 million pounds
• Copperand silver by-products continue to
act as natural hedge to industry-wide cost
pressures
• By-productprice assumptions:
• Copper~$3.25 perpound(3)
• Silver ~$22.50 perounce(3)
1. Gold sales range forecast to be 440,000 to 480,000 ounces.
3. Based on year-to-date average realized price through June 30, 2013 and $3.25 per pound and $20 per ounce for balance of year.
• By-productsensitivities:
• $0.25 per pound change in copper
impacts consolidated cashcosts by ~$45
per ounce
• $1.00 per ounce change in silver impacts
consolidated cashcosts by ~$3 per
ounce
2013 guidance
Gold production(1)
440 - 480Koz
Total cash costs(2)
~$350/oz
Appendix 2

30
2. By-product price assumptions: Silver - ~$22.50/oz; Copper - ~$3.25/lb.
3. New Afton co-product cost estimates: Gold - $570-$590/oz; Copper - $1.20-$1.30/lb.
Gold Production
(Koz)
Silver Production
(Moz)
Copper Production
(Mlbs)
Total Cash Costs(1)(2)
($/oz)
2012A 2013E 2012A 2013E 2012A 2013E 2012A 2013E
Mesquite 142 130-140 -- -- -- -- $690 $830-$850
Cerro San Pedro 138 140-150 1.9 1.4-1.6 -- -- $232 $375-$395
Peak Mines 96 95-105 -- -- 14 12-14 $764 $670-$690
New Afton 37 75-85 -- -- 28 66-74 ($1,043)
($1,410)-
($1,390)(3)
412 440-480 1.9 1.4-1.6 42 78-88 $421 ~$350
2012 actuals versus 2013 guidance
Appendix 2

$465
$418
$446
$421
$350
$478
$557
$643
$738
$200
$400
$600
$800
2009 2010 2011 2012 2013E
31
1. Calculated based on YE’2012 GFMS industry average less mid-point of New Gold 2013 cost guidance.
3. Industry data per GFMS reports calculated net of by-product credits as at YE’2012.
TotalCashCosts(US$/oz)(2)
Incremental Margin to New Gold
Shareholders
(3)
Lower costs driving margin expansion
New Gold offers shareholders potential for over $375 per ounce(1) of incremental margin
Appendix 2

321. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.
2. Cerro San Pedro life-of-mine recovery: Gold – ~60%; Silver – ~25%.
Detailed operating results and assumptions
Mesquite Cerro San Pedro Peak Mines New Afton
2012A 2013E 2012A 2013E 2012A 2013E 2012A 2013E
Tonnes processed (000 tonnes) 14,503 14,250-14,750 16,531 12,250-12,750 778 815-835 1,970 4,000-4,200
Tonnes mined (000 tonnes) 45,666 46,000-48,000 30,905 36,000-38,000 786 1,310-1,330 903 4,300-4,500
Gold grade (g/t) 0.46 0.41-0.45 0.47 0.58-0.63 4.18 4.1-4.3 0.73 0.67-0.71
Silver grade (g/t) -- -- 21.43 13.0-17.0 -- -- -- --
Copper grade (%) -- -- -- -- 0.97% 0.80-0.84% 0.78% 0.86-0.90%
Gold recovery (%) (1) (1) (2) (2) 91.3% 90.0-92.0% 78.8% 88.0-90.0%
Silver recovery (%) -- -- (2) (2) -- -- -- --
Copper recovery (%) -- -- -- -- 86.0% 89.0-91.0% 84.5% 88.0-90.0%
Capital expenditures ($mm) $11 $20 $11 $40 $47 $60 $302 $110
Reserve grade
Gold grade (g/t) 0.57 0.50 4.99 0.65
Silver grade (g/t) -- 17.3 7.3 2.3
Copper grade (%) -- -- 1.13% 0.93%
Appendix 2

$690
2012A 2013E
142
2012A 2013E
33
Key assumptions and sensitivities
• Dieselcomprises ~25% of Mesquite’s total costs
• Rack dieselprice mostcorrelated to Brent oil price
• Budgeted dieselprice in 2013 is 8% higher
than 2012 average price paid
• Every 10% change in dieselprice has ~$20 per
ounce impact on costs
2012Aversus 2013E
• Productionexpected to decline moderately
due to the planned processing of ore from an
area within the mine plan that is below
reserve grade
• Increase in costs attributable to higher cost
leach pad inventory working through sales
and lower productionbase
1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.
140
130
$850
$830
Mesquite
GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz)
Appendix 3

$232
2012A 2013E
138
2012A 2013E
1.9
2012A 2013E
34
• Silver price - $30.00 perounce (2012A- $30.78 per
ounce)
• Mexican peso:U.S. foreignexchange – 13:1
• $1.00 per ounce change in silver equals ~$10 per
ounce change in Cerro San Pedro cash costs
• $1.00 change in Mexican peso equals ~$25 per
ounce change in Cerro San Pedro cash costs
2012Aversus 2013E
• Targeting 5% increase in gold production
• Decrease in tonnes processedoffsetby
increase in gold grade
• Increase in costs primarily driven by lower silver
by-productproductionas well as lower price
assumption
• ~$95 per ounce of increase in costs
attributable to lower silver by-productrevenue
• Silver grades decreasing by ~25%
1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%; Silver – ~25%.
150
140 1.6
1.4
$395
$375
Cerro San Pedro
GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz)SILVER PRODUCTION(1) (Moz)
Appendix 3

$764
2012A 2013E
14
2012A 2013E
96
2012A 2013E
35
• Copperprice - $3.50 per pound (2012A- $3.51 per
pound)
• Australian dollar: U.S. foreignexchange – 1:1
• $0.25 per pound change in copperequals ~$35 per
ounce change in Peak Mines cash costs
• $0.01 change in Australian dollar equals ~$10 per
ounce change in Peak Mines cash costs
2012Aversus 2013E
• Increased gold productiondriven by 50,000
tonne increase in tonnes processed
• Similar copperproductiona result of increased
tonnes processed and copperrecoveriesoffset
by lower coppergrades
• Reductionin estimated cash costs a result of
increased gold productionand lower foreign
exchange rate assumptionversus average 2012
exchange rate
105
95
14
12
$690
$670
Peak Mines
GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz)COPPER PRODUCTION(1) (Mlbs)
Appendix 3

36
Great Cobar
~9 kilometres
Peak corridor map
Appendix 3

28
2012A 2013E
37
2012A 2013E
37
2012Aversus 2013E
• New Afton entering first full year of productionin 2013 after successful2012 start-up
• Increased gold productiondriven by a full year of operations as well as continued recovery improvements,
partially offsetby lower gold grade
• Copperproductionexpected to more than double,driven by full year of productionas well as increases in
coppergrades and recoveries
85
75
74
66
New Afton
GOLD PRODUCTION(1) (Koz) COPPER PRODUCTION(1) (Mlbs)
Appendix 4

($1,043)
2012A 2013E
$656
2012A 2013E
$1.40
2012A 2013E
38
• Copperprice - $3.50 per pound (2012A- $3.58 per pound)
• Canadian dollar: U.S. foreignexchange – 1:1
• $0.25 per pound change in copperequals ~$220 per ounce change in New Aftonby-productcash costs
• $0.01 change in Canadian dollar equals ~$15 per ounce change in New Afton by-productcash costs
($1,390)
($1,410)
$590
$570
$1.30
$1.20
New Afton (cont’d)
TOTAL CASH COSTS(1) ($/oz)
(By-Product)
(Co-Product Copper)
(Co-Product Gold)
Appendix 4

39
Kenora
Fort Frances
Thunder Bay
Rainy River Gold Project
• Mining friendly Northwestern Ontario
• 65 km northwest of Fort Frances
• 80 km south of Kenora
• Within 25 km of rail and power
• Local skilled labour force
HWY 600 Site Topography
RainyRiver – Location
Appendix 5

40
• Central British Columbia near infrastructure
• Year-round accessibilityfor drilling/
development
• Total 2012 drilling over 270,000 metres
projectwide
• Ability to fund continued exploration/
developmentinternally
• Tax synergies with New Afton
• PEA completed September2012
• Targeting annual gold productionof
~500,000ounces
• Targeting completionof Feasibility Study by
late 2013
• Targeting productionin 2017
• Consolidated significantland position–
1,000 km2
1. Refer to appendix 8 for detailed disclosure on Reserve and Resource calculations.
2. Blackwater start date based on indicative timeline which is dependent on permit approvals.
• Additional Measured and Indicated
gold resources – stockpile material of
0.9 million ounces
Blackwater – A robust project
Measured and Indicated
Gold Resources(1) –
Direct Processing Material
8.6 Moz
Appendix 6

41
1. Indicative timeline is dependent on permit approvals. There is no assurance this timeline will be achieved nor that the d eposit will ever reach the production stage.
Development activity
First Nations & Public Consultation
Preliminary Economic Assessment
Base Line Environmental Studies
Feasibility Study
Engineering Procurement
Production Target
Drilling
Project Description/Terms of Reference
Environmental Assessment Reports
Provincial Approval
Federal Approval
Construction
H1 H2 H1 H2 H1 H2H1 H2 H1 H2 H1 H2
2012 2013 2014 2015 2016 2017
Reflects critical path in timeline
Blackwater – Indicative timeline
Appendix 6

42
• Start of production in 2017
• Conventional truck and shovel open pit mine with 60,000 tonnes per day
processing plant
• Life-of-mine strip ratio of ~2.4 to 1
• Low grade stockpiling strategy
• Simple, conventional flowsheet using whole ore leach process
• Life-of-mine gold and silver recoveries of 87% and 53%, respectively
• Conventional waste rock and Tailings Storage Facility
• Power supply from the hydroelectric power grid, via 133 kilometre transmission line
• Minimal off-site infrastructure required
• Good existing access road; water supply within 15 kilometres
• Low environmental risk and facility designed for closure
Blackwater – Project overview
Appendix 6

43
• Projectis located 112 kilometres southwest
from Vanderhoof and has access to low cost
hydroelectric power
• Developmentcapital estimate of $1.8 billion
is inclusive of a 24% or $346 million
contingency
• Developmentcapital estimated based on the
current cost environment
• A parity foreignexchange rate was
assumed and the capital estimate was
held constant in the economic analysis
• Sustaining capital of $537 million,
reclamation and closure costs of $95 million
and $72 million in equipmentsalvage value
Blackwater PEA costs – Capital
Total development and sustaining
capital estimated at $294 per
recoverable gold ounce
Project Development Capital Costs
Description Cost ($ million)
Direct Costs
Mining & Pre-production Development $208
On Site Infrastructure $181
Process $539
Tailing and Water Reclaim $74
Infrastructure (Power, Water, Road) $85
Total Direct Costs $1,087
Owner's and Indirect Costs
Owner's Costs $54
EPCM $112
Other Indirects $215
Total Owner's and Indirect Costs $381
Subtotal $1,468
Contingency (24%) $346
Total Project $1,814
Appendix 6

Project Operating Costs
Area Unit Cost (C$/t milled) $ per gold ounce produced
Mining $6.21 $259
Processing $7.59 $317
General and Administrative $0.95 $40
Royalty (0.6%) $0.18 $8
Refining $0.23 $9
Silver by-product sales at$22.50 per ounce silver ($2.16) ($90)
Total cash costs
(1)
net of by-product sales $13.01 $543
44
Processing Costs
1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” and PEA additional cautionary note.
Blackwater PEA costs – Operating
59%
11%
9%
6%
4%
4%
4% 2% Hauling
Auxiliary
Blasting
G&A
Drilling
Loading
General Maint.
General Mine
Mining Costs
44%
24%
17%
8%
6%
1%
Reagents
Grinding
Media/Liners
Electricity
Labour
Maint. Materials
Water Supply
Blackwater’s locationnear infrastructure,low stripping ratio,access to low costpower and silver
by-productrevenue expectedto resultin the Projecthaving wellbelow industryaverage cashcosts
Appendix 6

• Goldcorp – 70% partner and projectoperator
• New Gold’s 30% share of capital fully funded by
Goldcorp
• Current resource entirely within La Fortuna deposit
• Neighbouring El Morro depositunderexplored
• 2012 year end update added 0.4 million ounces of
gold and 229 million pounds of copperto reserves(1)
• Addressing recenttemporary suspensionof
environmental permit
• Chile evaluating various alternatives for a power
source to northern Chilean developmentprojects
45
1. New Gold’s attributable 30% share. Refer to Appendix 8 for detailed disclosure on reserve and resource calculations.
2. Refer to Cautionary Statements.
3. Refer to Cautionary Statements and note on total cash cost under the heading “Non-GAAP Measures”. Life of mine co-product costs estimated at $550/oz gold and $1.45/lb copper at commodityprice assumptions of $1,200/oz gold
and $2.75/lb copper.
Location Chile
Mine type Open Pit
Reserves1 – Gold/Copper (Moz/Mlbs) 2.9/2,097
Resources1 – Gold/Copper (Moz/Mlbs) 2.9/2,097
Estimate mine life 17 years
LOM production/yr (Au Koz/Cu Mlbs)2 90/85
LOM cash costs/oz by-product3 ($700)
El Morro (30%)
2.9 Moz
Gold Reserve(1)
2.1 Blbs
Copper Reserve(1)
Appendix 7

46
• El Morro Feasibility Study was updated in December 2011
• Key parameters for New Gold include:
• 30% share of estimated development capital, or $1.2 billion, carried by Goldcorp
– Receive cash flow from start of production
– Interest rate fixed at 4.58%
• Base 17-year mine life
• 30% share of annual production: ~90,000 ounces of gold and ~85 million pounds
of copper
• Estimated total cash costs(1), net of by-products ($700) per ounce
– Co-product gold ~$550 per ounce
– Co-product copper ~$1.45 per pound
1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” .
El Morro overview of updated FeasibilityStudy
Appendix 7

47
2012 openpit Proven and
Probable reserves and Measured
and Indicated resources
Underground Inferred
resource with block
cave potential
500 metres
La Fortuna deposit
Appendix 7

48
1. Capital estimates based on December 2011 Feasibility Study.
El Morro (30%) – Funding structure(1)
Appendix 7
Funded by
$1.2 billion
interest at 4.58%
~ $2.7 billion 70%
20% 80%
• New Gold’s 30% share of development capital 100% carried
• Interest fixed at 4.58%
30% 70%
30%
TotalCapital
100%
~ $3.9 billion
100% Average
annual
cash flow
Carried funding repayment

Au Grade
(g/t)
Cu Grade
(%)
$91/t
$44/t
$41/t
$27/t
$53/t
$52/t
$42/t
$33/t
$31/t
$30/t
--
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.20% 0.40% 0.60% 0.80% 1.00% 1.20%
49
Company disclosure.
1. Circle sizes are representative of contained metal value of the reserves per tonne of reserve. Contained metal value calculated using Street research consensus long-term commodity pricing.
2. Includes “Cadia East Underground” and “Ridgeway Underground” reserves as indicated in Newcrest’s February 8, 2013 press release; does not include “Other” Cadia province reserves.
El Morro
Producing Development
Chapada
Cadia-Ridgew ay
Alumbrera
New Afton
New Prosperity
Cobre Panama
Mt. Milligan
Cerro Casale
El Morro
Agua Rica(2)
New Afton
Selected porphyry gold/copper deposits/mines(1)
Appendix 7

501. Based on Goldcorp’s December 31, 2012 year-end resource statements.
2. Gold equivalent calculated based on the following commodity prices: Gold - $1,600/oz; Silver - $30.00/oz; Copper - $3.50/lb; Lead - $0.90/lb; Zinc - $0.90/lb.
El Morro relative positioning(1)
EL MORRO WITHIN GOLDCORP PORTFOLIO
Asset Gold Reserves (Moz) Asset Gold Equivalent(2) (Moz)
Penasquito 15.7 Penasquito 43.9
Pueblo Viejo 10.0 El Morro 17.4
Los Filos 7.4 Pueblo Viejo 11.7
El Morro 6.7 Los Filos 8.4
Cerro Negro 5.7 Cerro Negro 6.7
Appendix 7

51
1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013.
2. Year end 2011 Mineral Resources presented at Investor Day on February 2, 2012.
3. Rainy River shown on a 100% basis.
Reserves and resources summary
Mineral Reserves and Resources Summary
Current
(1)
Year End 2011
(2)
Gold
Koz
Silver
Koz
Copper
Mlbs
Gold
Koz
Silver
Koz
Copper
Mlbs
Proven and Probable Reserves 11,783 41,571 3,282 7,863 34,347 2,888
Measured and Indicated Resources (inclusive ofReserves) 29,242 159,585 4,223 18,797 115,268 3,946
Inferred Resources 6,822 88,359 1,187 6,323 76,856 2,202
M&I Resources (inclusive ofReserves)
Mesquite 5,684 - - 5,534 - -
Cerro San Pedro 1,703 57,980 - 1,812 55,860 -
Peak Mines 880 1,350 146 948 1,570 167
New Afton 2,224 7,292 1,980 1,742 5,470 1,586
Blackwater 9,497 70,128 - 5,423 25,774 -
Capoose 196 9,497 - 384 26,594 -
Rainy River 6,167 13,338 - n/a n/a n/a
El Morro 2,891 - 2,097 2,954 - 2,193
Total M&I 29,242 159,585 4,223 18,797 115,268 3,946
Appendix 8

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

53
Measured and Indicated mineral Resource statement(inclusive ofReserves) as atDecember 31,2012
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Mesquite
Measured - oxide 19,100 0.51 - - 313 - -
Indicated - oxide 274,100 0.38 - - 3,349 - -
Meqsuite M&I - oxide 293,200 0.39 - - 3,662 - -
Measured - non oxide 4,900 0.88 - - 139 - -
Indicated - non oxide 96,000 0.61 - - 1,883 - -
Mesquite M&I - non oxide 100,900 0.62 - - 2,022 - -
Total Mesquite M&I 394,100 0.45 - - 5,684 - -
Cerro San Pedro
Measured - oxide 27,100 0.34 15.0 - 303 13,100 -
Indicated - oxide 49,000 0.24 13.0 - 380 20,480 -
CSP M&I - oxide 76,100 0.28 13.7 - 683 33,580 -
Measured - sulphide 15,200 0.47 11.9 - 229 5,800 -
Indicated - sulphide 60,400 0.41 9.6 - 791 18,600 -
CSP M&I - sulphide 75,600 0.42 10.1 - 1,020 24,400 -
Total CSP M&I 151,700 0.35 11.9 - 1,703 57,980 -
Peak Mines
Measured 2,700 5.74 7.5 1.05 494 647 62
Indicated 3,200 3.75 6.8 1.19 386 703 84
Peak M&I 5,900 4.66 7.1 1.13 880 1,350 146
Appendix 8

54
Measured and Indicated mineral Resource statement(inclusive ofReserves) as atDecember 31,2012
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton
A&B Zones
Measured 33,500 0.86 2.9 1.18 929 3,160 873
Indicated 45,900 0.67 2.4 0.89 984 3,530 896
A&B Zone M&I 79,400 0.75 2.6 1.01 1,913 6,690 1,769
C-Zone
Measured 1,282 0.75 1.4 0.79 31 56 22
Indicated 11,205 0.78 1.5 0.77 280 548 189
C-Zone M&I 12,486 0.77 1.5 0.77 311 602 211
Total New Afton M&I 91,886 0.75 2.6 1.00 2,224 7,292 1,980
Blackwater
Direct processing material
Measured 116,955 1.04 5.6 - 3,896 21,057 -
Indicated 189,044 0.78 6.0 - 4,729 36,467 -
M&I (directprocessing) 305,999 0.88 5.8 - 8,624 57,524 -
Stockpile material
Measured 26,521 0.30 4.1 - 256 3,496 -
Indicated 64,382 0.30 4.4 - 617 9,108 -
M&I (stockpile) 90,903 0.30 4.3 - 873 12,604 -
Total Blackwater M&I 396,902 0.74 5.5 - 9,497 70,128 -
Capoose
Indicated 14,200 0.43 20.8 - 196 9,497 -
Rainy River
Measured 27,638 1.33 1.90 - 1,182 1,689 -
Indicated 130,885 1.18 2.8 - 4,985 11,649 -
Total Rainy River M&I 158,523 1.21 2.62 - 6,167 13,338 -
El Morro 100% Basis 30% Basis
Measured 307,949 0.57 - 0.56 1,705 - 1,135
Indicated 335,152 0.37 - 0.44 1,186 - 962
El Morro M&I 643,101 0.47 - 0.49 2,891 - 2,097
Appendix 8

55
Inferred Resource statementas atDecember 31,2012
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Mesquite
Oxide 35,200 0.33 - - 373 - -
Non oxide 15,700 0.55 - - 278 - -
Mesquite Inferred 50,900 0.40 - - 651 - -
Cerro San Pedro
Oxides 53,400 0.17 9.0 - 300 15,400 -
Sulphides 50,500 0.34 8.5 - 550 13,800 -
CSP Inferred 103,900 0.25 8.8 - 850 29,200 -
Peak Mines 1,700 2.64 4.8 1.13 144 261 42
New Afton
A&B-Zone 14,900 0.45 2.0 0.65 216 940 212
C-Zone 20,221 0.62 1.4 0.68 401 923 301
New Afton Inferred 35,121 0.56 1.5 0.68 617 1,863 513
Blackwater
Direct processing 13,815 0.76 4.1 - 337 1,821 -
Stockpile 3,785 0.31 3.6 - 38 438 -
Blackwater Inferred 17,600 0.66 4.0 - 375 2,263 -
Capoose 64,070 0.29 23.2 - 595 47,789 -
Rainy River 93,804 0.76 2.32 - 2,280 6,983 -
100% Basis 30% Basis
El Morro 137,555 0.99 - 0.70 1,310 - 632
Appendix 8

56
Mineral reserves are contained w ithin Measured and Indicated mineral resources. Measured and Indicated mineral resources that are not mineral reserves do not have demonstrated economic
viability as defined by a technicalFeasibility Study. New Gold reports its Measured and Indicated mineral resources inclusive of its mineralreserves. Inferred mineralresources are not know n
w ith the same degree of certainty as Measured and Indicated resources, do not have demonstrated economic viability, and are exclusive of mineral reserves. Mineralreserves have been
estimated and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) definition standards and guidelines and Canadian National Instrument 43-101
(‘NI 43-101’).
1) Mineral Reserves for the company’s mineral properties have been calculated based on the follow ing metal prices and low er cut-off criteria:
Mineral Property Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Lower Cut-off
Mesquite $1,300 - - 0.21 g/t Au – Oxide reserves
0.41 g/t Au – Non-oxide reserves
Cerro San Pedro $1,300 $24.00 - US$4.33 /t NSR
Peak Mines $1,300 $24.00 $3.00 A$120 – 253/t NSR
New Afton $1,300 - $3.00 US$24/t NSR
El Morro $1,350 - $3.00 0.20% CuEq
Rainy River $1,250 $25.00 - 0.30 g/t AuEq – Open Pit
3.5 g/t AuEq - Underground
Reserves and resources notes
Appendix 8

57
2) Mineral Resources for the company’s mineral properties have been calculated based on the follow ing metal prices and low er cut-off criteria:
Mineral resources have been estimated and reported in accordance with CIM definition standards and guidelines and Canadian NI 43-101.
Mineral Property Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Lower Cut-off
Mesquite $1,400 - - 0.12 g/t Au – Oxide resources
0.24 g/t Au – Non-oxide resources
Cerro San Pedro $1,400 $28.00 - 0.1g/t AuEq – Open pit oxide resources
0.4g/t AuEq – Open pit sulphide resources
Peak Mines $1,400 $28.00 $3.25 A$97 - 137/t NSR
New Afton $1,400 $28.00 $3.25 0.40% CuEq – All resources
El Morro $1,500 - $3.50 0.15% Cu – Open pit resources
0.20% Cu – Underground resources
Blackw ater $1,400 - - 0.40 g/t AuEq
Capoose $1,400 - - 0.40 g/t AuEq
Rainy River $1,100 $22.50 - 0.35 g/t AuEq – Open Pit
2.5 g/t AuEq – Underground
3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent w ith the methods most suitable for
their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and
‘underground’ have been applied to indicate envisioned mining method. Likew ise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization as
it relates to appropriate mineral processing method and expected payable metal recoveries. Additionaldetails regarding mineral resource estimation, classification and reporting parameters for
each of New Gold’s mineral properties are provided in the respective NI 43-101 TechnicalReports w hich are available on SEDAR.
4) Blackw ater April4, 2013 update:
1. Mineral resources are reported within a conceptualopen pit shell based on metal prices of $1,400/oz gold and $28.00/oz silver. The March 2013 mineral resource estimate utilizes
average metallurgical recoveries of 88.0% gold and 64.0% silver for oxide mineralization, 85.0% gold and 58.0% silver for transitionaloxide/sulfide mineralization and 85.0% gold and 44.0%
silver for sulfide mineralization. The 2012 year-end mineral resource estimate utilizes average metallurgical recoveries of 86% gold and 44.9% silver for all material types.
2. Total contained metal is calculated based on Tonnes*Grade / 31.10348 grams per troy ounce.
3. Gold-equivalent cut-off grade estimates are based on $1,400/oz gold and $28.00/oz silver and average metal recoveries as described in Note 1 above.
4. Direct processing material is defined as mineralization above a 0.40 g/t AuEq cut-off and likely to be mined and processed directly.
5. Stockpile material is defined as mineralization betw een a 0.30 g/t AuEq and a 0.40 AuEq cut-off that is suitable for stockpiling and future processing based on average metallurgical
recoveries as described in Note 1 above.
5) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualified Persons as defined under Canadian National Instrument 43-101
under the oversight and review of MarkPetersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.
Reserves and resources notes (cont’d)
Appendix 8

58
Guidance assumptions(1)
Spot:
2013
Gold price ($/oz) ~1,350
Silver price ($/oz) ~22.50
Copper price ($/oz) ~3.25
USD/AUD 1.00
USD/CAD 1.00
USD/MXN 13.00
Spot
Gold price ($/oz) 1,310
Silver price ($/oz) 21.75
Copper price ($/oz) 3.20
USD/AUD 0.93
USD/CAD 0.97
USD/MXN 12.95
1. Based on year-to-date average realized prices through June 30, 2013 and prevailing prices at time of second quarter results release on July 31, 2013.
Commodity price/foreign exchange assumptions
Appendix 9

Notes
Page 4
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”.
Page 5
1. Refer to Endnotes and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated and Inferred Resources”.
2. Measured and Indicated Resources inclusive of Reserves.
3. Pro forma figures include Rainy River and assume 100% ow nership of Rainy River.
4. For a detailed breakdow n of Reservesand Resources, referto: New Gold’s “AnnualInformation Form for the Financial Year Ended December 31, 2012” dated March 27,
2013; new s release datedApril4, 2013 “New Gold Announces Increased Gold Resources at Blackw ater Project”; new srelease dated May 1, 2013 “New Gold Announces
2013 First Quarter Results – Increases Gold and Copper Resources at New Afton C-Zone by Over 300 Percent”; and new s release dated July 31, 2013 “New Gold Second
Quarter Delivers Increased Production at Low er Costs- Second Half of 2013 Remains on Track to Provide Strong Finish to the Year”.
Page 7
1. Based on comparison w ith costs published by issuers listed in notes 4 and 5. The manner in w hich costsare determined may vary fromone issuer to another.
2. Refer to Endnotes and note on total cash costs under the heading “Non-GAAP Measures”.
3. Refer to Endnotes and note on all-in sustaining costs under the heading “Non-GAAPMeasures”.
4. Mid-tier average includes: Alamos, Eldorado, Agnico Eagle, Aurico and IAMGOLD.
5. Senior average includes: Barrick, Goldcorp, Kinross and New mont.
Page 8
1. Gold sales expected to be in same general range as production.
2. Refer to Endnotes on total cash costs under the heading “Non-GAAP Measures”. Guidance for total cash costs and all-in sustaining costs incorporates realized prices and
foreign exchange rates to June 30, 2013 and assumes commodity prices and exchange rates consistent with those at July 30, 2013 for the balance of 2013.
3. Refer to Endnotes on all-in sustaining costs under the heading “Non-GAAPMeasures”.
Page 14
1. Refer to Appendix for detailed disclosure on Reserve and Resource calculations.
2. Refer to Endnotes and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated andInferred Resources”.
Measured and Indicated Resources are inclusive of Reserves. At Blackw ater, the 8.6 million ounces of Resources referred to above excludes 0.9 million ounces of material
to be stockpiled w hich has been classified as Measured and Indicated Resource. Refer to note 4 on page 5 for Reserve and Resource source information.
3. Refer to Endnotes on total cash costs under the heading “Non-GAAPMeasures”. Cash costs have been compared to industry data per GFMS
reports w hich calculated an average, net of by-product credits, cash cost of $738 per ounce for the YE’2012.
4. El Morro production and cash costs based on updated December 2011 Feasibility Study.
59

Notes continued
Page 17
1. For period fromAugust through December 2013.
2. For period fromJuly through December 2013.
3. Includes both capitalized and expensed exploration.
Page 18
Source: Broker Reports, Company Estimates and Announcements, Bloomberg; all amounts in USD.
1. Street consensus NAV.
2. Current street consensus NAV forEl Morro; includes $50 million cash payment received fromGoldcorp as part of transaction consideration.
3. New Gold acquired Richfield and Silver Quest on June 1, 2011 and December 23, 2011, respectively.
4. New Gold acquired 97.5% of Rainy River on August 9, 2013.
5. S&P/TSX Global Gold Index includes 54 gold companies in various stages of development/production.
6. FTSE Gold Mines Index includes 26 gold producing companies.
7. HUI Index includes 15 of the major global gold producers.
60

Endnotes
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
Inf ormation concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to
similar inf ormation f or United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inf erred Mineral Resource” used in this presentation are
Canadian mining terms as def ined in accordance with National Instrument 43-101 (“NI 43-101”) under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards
on Mineral Resources and Mineral Reserv es adopted by the CIM Council on Nov ember 27, 2010. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and
“Inf erred Mineral Resource” are recognized and required by Canadian securities regulations, they are not def ined terms under standards of the United States Securities and Exchange Commission. Under
United States standards, mineralization may not be classif ied as a “Reserv e” unless the determination has been made that the mineralization could be economically and legally produced or extracted at
the time the Reserv e calculation is made. As such, certain inf ormation contained in this presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable
to similar inf ormation made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission. An “Inf erred Mineral
Resource” has a great amount of uncertainty as to its existence and as to its economic and legal f easibility . It cannot be as sumed that all or any part of an “Inf erred Mineral Resource” will ev er be
upgraded to a higher category . Under Canadian rules, estimates of Inf erred Mineral Resources may not f orm the basis of f easibility or pre-f easibility studies. Readers are cautioned not to assume that all
or any part of Measured or Indicated Resources will ev er be conv erted into Mineral Reserv es. Readers are also cautioned not to assume that all or any part of an “Inf erred Mineral Resource” exists, or is
economically or legally mineable. In addition, the def initions of “Prov en Mineral Reserv es” and “Probable Mineral Reserv es” under CIM standards dif f er in certain respects f rom the standards of the United
States Securities and Exchange Commission.
TECHNICAL INFORMATION
The scientif ic and technical inf ormation contained in this presentation relating to the Rainy Riv er Gold Project has been rev iewed and approv ed by Garett Macdonald and Kerry Sparkes, both Qualif ied
Persons under NI 43-101 and of f icers of Rainy River. The other scientif ic and technical inf ormation contained in this presentation has been rev iewed and approv ed by Mark Petersen, a Qualif ied Person
under NI 43-101 and an of f icer of New Gold.
Mineral Reserv es and Mineral Resources
The estimates of Mineral Reserv es and Mineral Resources discussed in this presentation may be materially af f ected by env ironmental, permitting, legal, title, taxation, sociopolitical, marketing and other
relev ant issues. In addition to our February 5, 2013, April 4, 2013 and July 31, 2013 news releases, f urther details regarding Mineral Reserv e and Resource estimates, including classif ications, key
assumptions and parameters used in such estimates and other related inf ormation f or each of New Gold's mineral properties are prov ided in the respectiv e NI 43-101 Technical Reports, which are
av ailable at www.sedar.com.
BLACKWATER PEA – ADDITIONAL CAUTIONARY NOTE
This note regarding the preliminary economic assessment (“PEA”) is in addition to cautionary language already included in this presentation as required under NI 43-101. The Blackwater PEA is
preliminary in nature and includes Inf erred Mineral Resources that are considered too speculativ e geologically to hav e the economic considerations applied to them that would enable them t o be
categorized as mineral reserv es, and there is no certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserv es do not hav e demonstrated
economic v iability . This presentation includes inf ormation on New Gold’s PEA with respect to the Blackwater Project, which was outlined in the PEA Technical Report f iled on October 10, 2012. As
disclosed in the presentation, New Gold has, since the date of the PEA, completed sev eral non-material updates of the mineral resource estimate f or the Blackwater Project. Although the PEA represents
usef ul, accurate and reliable inf ormation based on the inf ormation av ailable at the time of its publication, and prov ides an important indicator as to the economic potential of the Blackwater Project, the
PEA is based on mineral resources estimates with an ef f ective date of July 27, 2012, which do not ref lect drilling conducted since their ef f ective date, and the PEA does not ref lect the latest mineral
resource estimate discussed in subsequent presentation. Certain assumptions used in the PEA, some of which relate to the July 27, 2012 mineral resource estimate, may hav e changed f rom those used
f or the new resource estimate, causing a v ariation of parameters. Moreov er, the updated mineral resource estimate may impact how New Gold intends to dev elop the deposit, including pit outlines,
production rates and mine lif e.
61

Endnotes continued
NON-GAAP MEASURES
TOTAL CASH COSTS
“Total cash costs” per ounce f igures are non-GAAP measures which are calculated in accordance with a standard dev eloped by The Gold Institute, which was a worldwide association of suppliers of
gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the s tandard is widely accepted as the standard of reporting cash costs of
production in North America. Adoption of the standard is v oluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total
cash costs on a sales basis. Total cash costs include mine site operating costs such as mining, processing, administration, roy alties and production taxes, but are exclusiv e of amortization, reclamation,
capital and exploration costs. Total cash costs are reduced by any by -product rev enue and are then div ided by ounces sold to arriv e at the total by -product cash cost of sales. The measure, along with
sales, is considered to be a key indicator of a company ’s ability to generate operating earnings and cash f low f rom its mining operations. This data is f urnished to prov ide additional inf ormation and is a
non-IFRS measure. Total cash costs presented do not hav e a standardized meaning under IFRS and may not be comparable to similarmeasures presented by other mining companies. It should not be
considered in isolation as a substitute f or measures of perf ormance prepared in accordance with IFRS and is not necessarily indicativ e of operating costs presented under IFRS. A reconciliation to the
nearest IFRS measure is prov ided in the MD&A accompany ing New Gold’s most recent interim f inancial statements.
ALL-IN SUSTAINING COSTS
Consistent with the recently announced guidance f rom the World Gold Council, an association of v arious gold mining companies f rom around the world of which New Gold is a member, New Gold def ines
“all-in sustaining costs” as the sum of mine site operating costs net of copper and silv er by -product sales, general & administrativ e costs, accretion and amortization, capitalized and expensed exploration,
mine dev elopment expenditures and sustaining capital expenditures. New Gold believ es this non-GAAP measure will prov ide f urther transparency into costs associated with producing gold. All-in
sustaining costs constitute a non-GAAP measure and are intended to prov ide additional inf ormation only and do not hav e any standardized meaning under IFRS. They should not be considered in
isolation or as a substitute f or measures of perf ormance prepared in accordance with IFRS. Other companies may calculate these measures dif f erently. A reconciliation to the nearest IFRS measure will
be prov ided in the MD&A accompany ing New Gold’s most recent interim f inancial statements.
62

Contact information
63
InvestorRelations
Hannes Portmann
Vice President,Corporate Development
416-324-6014
hannes.portmann@newgold.com

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