This document provides an overview and summary of New Gold's portfolio of mining assets. It discusses New Gold's assets in Canada, the United States, Mexico, Chile, and Australia. It notes that New Gold has 18.5 million ounces of gold reserves across its portfolio. It also provides highlights about New Gold's management team and board, and discusses New Gold's strong financial performance in the first half of 2014, with all-in sustaining costs of $707 per ounce.

1. Denver Gold ForumSeptember 2014

2. Cautionary statements
2
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
Certaininformationcontainedinthispresentation,includinganyinformationrelatingtoNewGold’sfuturefinancialoroperatingperformanceare“forwardlooking”.Allstatementsinthispresentation, otherthanstatementsofhistoricalfact,whichaddresseventsordevelopmentsthatNewGoldexpectstooccurare“forward-lookingstatements”.Forward-lookingstatementsarestatementsthatarenothistoricalfactsandaregenerally,butnotalways,identifiedbytheuseofforward-lookingterminologysuchas“plans”,“expects”,“isexpected”,“budget”,“scheduled”,“targeted”,“estimates”, “forecasts”,“intends”,“anticipates”,“projects”,“potential”,“believes”orvariationsofsuchwordsandphrasesorstatementsthatcertainactions,eventsorresults“may”,“could”,“would”,“should”, “might”or“willbetaken”,“occur”or“beachieved”orthenegativeconnotationofsuchterms.Forward-lookingstatementsinthispresentationinclude,amongothers,statementswithrespectto: guidanceforproduction,cashcostsandall-insustainingcosts;theresultsoftheRainyRiverFeasibilityStudy,includingtheexpectedproduction,costs,grades,plannedactivitiesforeachofthecompany’sprojects;andtargetedthroughputincreaseatNewAfton,targetedtimingforcommissioningandfullproductionrelatedtotheNewAftonmillexpansion,RainyRiverandsequencingofBlackwater.
Allforward-lookingstatementsinthispresentationarebasedontheopinionsandestimatesofmanagementasofthedatesuchstatementsaremadeandaresubjecttoimportantriskfactorsanduncertainties,manyofwhicharebeyondNewGold’sabilitytocontrolorpredict.Certainmaterialassumptionsregardingourforward-lookingstatementsarediscussedinthispresentation,NewGold’smostrecentMD&A,itsAnnualInformationFormanditsTechnicalReportsfiledatwww.sedar.com.Inadditionto,andsubjectto,suchassumptionsdiscussedinmoredetailelsewhere,theforward-lookingstatementsinthispresentationarealsosubjecttothefollowingassumptions:(1)therebeingnosignificationdisruptionsaffectingNewGold’soperations;(2)politicalandlegaldevelopmentsinjurisdictionswhereNewGoldoperates,ormayinthefutureoperate,beingconsistentwithNewGold’scurrentexpectations;(3)theaccuracyofNewGold’scurrentmineralreserveandresourceestimates;(4)theexchangeratebetweentheCanadiandollar,Australiandollar,MexicanPesoandU.S.dollarbeingapproximatelyconsistentwithcurrentlevels;(5)pricesfordiesel, naturalgas,fueloil,electricityandotherkeysuppliesbeingapproximatelyconsistentwithcurrentlevels;(6)labourandmaterialcostsincreasingonabasisconsistentwithNewGold’scurrentexpectations;(7)permittingandarrangementswithFirstNationsandotherAboriginalgroupsinrespectofRainyRiverandBlackwaterbeingconsistentwithNewGold’scurrentexpectations;(8)allenvironmentalapprovals(includingtheenvironmentalassessmentprocessfortheBlackwaterandRainyRiverprojects),requiredpermits,licensesandauthorizationsbeingobtainedfromtherelevantgovernmentsandotherrelevantstakeholderswithintheexpectedtimelines;and(9)theresultsofthefeasibilitystudiesfortheRainyRiverandBlackwaterprojectsbeingrealized.
Forward-lookingstatementsarenecessarilybasedonestimatesandassumptionsthatareinherentlysubjecttoknownandunknownrisks,uncertaintiesandotherfactorsthatmaycauseactualresults,levelofactivity,performanceorachievementstobemateriallydifferentfromthoseexpressedorimpliedbysuchforward-lookingstatements.Suchfactorsinclude,withoutlimitation: significantcapitalrequirements;pricevolatilityinthespotandforwardmarketsforcommodities;fluctuationsintheinternationalcurrencymarketsandintheratesofexchangeofthecurrenciesofCanada,theUnitedStates,Australia,MexicoandChile;discrepanciesbetweenactualandestimatedproduction,betweenactualandestimatedreservesandresourcesandbetweenactualandestimatedmetallurgicalrecoveries;changesinnationalandlocalgovernmentlegislationinCanada,theUnitedStates,Australia,MexicoandChileoranyothercountryinwhichNewGoldcurrentlyormayinthefuturecarryonbusiness;taxation;controls,regulationsandpoliticaloreconomicdevelopmentsinthecountriesinwhichNewGolddoesormaycarryonbusiness;thespeculativenatureofmineralexplorationanddevelopment,includingtherisksofobtainingandmaintainingthevalidityandenforceabilityofthenecessarylicensesandpermitsandcomplyingwiththepermittingrequirementsofeachjurisdictioninwhichNewGoldoperates,including,butnotlimitedto:inCanada,obtainingthenecessarypermitsfortheBlackwaterandRainyRiverprojects;inMexico,whereCerroSanPedrohasahistoryofongoinglegalchallengesrelatedtoourenvironmentalauthorization(EIS);andinChile,certainactivitiesbyElMorrohavebeendelayedduetolitigationrelatingtoitsenvironmentalpermit;thelackofcertaintywithrespecttoforeignlegalsystems,whichmaynotbeimmunefromtheinfluenceofpoliticalpressure,corruptionorotherfactorsthatareinconsistentwiththeruleoflaw;theuncertaintiesinherenttocurrentandfuturelegalchallengesNewGoldisormaybecomeapartyto;diminishingquantitiesorgradesofreservesandresources;competition;lossofkeyemployees;additionalfundingrequirements;risingcostsoflabour,supplies,fuelandequipment;actualresultsofcurrentexplorationorreclamationactivities; uncertaintiesinherenttominingeconomicstudiesincludingthefeasibilitystudiesforRainyRiverandBlackwater;theuncertaintywithrespecttoprevailingmarketconditionsnecessaryforapositivedevelopmentdecisionatBlackwater;changesinprojectparametersasplanscontinuetoberefined;accidents;labourdisputes;defectivetitletomineralclaimsorpropertyorcontestsoverclaimstomineralproperties;unexpecteddelaysandcostsinherenttoconsultingandaccommodatingrightsofFirstNationsandotherAboriginalgroups;uncertaintieswithrespecttoobtainingallnecessarysurfaceandotherlanduserightsortenureforRainyRiver;risks,uncertaintiesandunanticipateddelaysassociatedwithobtainingandmaintainingnecessarylicenses,permitsandauthorizationsandcomplyingwithpermittingrequirements,includingthoseassociatedwiththeenvironmentalassessmentprocessesforBlackwaterandRainyRiver.Inaddition,therearerisksandhazardsassociatedwiththebusinessofmineralexploration,developmentandmining,includingenvironmentaleventsandhazards,industrialaccidents,unusualorunexpectedformations,pressures,cave- ins,floodingandgoldbullionlosses(andtheriskofinadequateinsuranceorinabilitytoobtaininsurancetocovertheserisks)aswellas“RiskFactors”includedinNewGold’sdisclosuredocumentsfiledonandavailableatwww.sedar.com.
Forward-lookingstatementsarenotguaranteesoffutureperformance,andactualresultsandfutureeventscouldmateriallydifferfromthoseanticipatedinsuchstatements.Alloftheforward- lookingstatementscontainedinthispresentationarequalifiedbythesecautionarystatements.NewGoldexpresslydisclaimsanyintentionorobligationtoupdateorreviseanyforward-lookingstatementswhetherasaresultofnewinformation,eventsorotherwise,exceptinaccordancewithapplicablesecuritieslaws.
Thefootnotesandendnotestothispresentationcontainimportantinformation.Theendnotesarefoundattheendofthepresentation.

3. Portfolio of assetsin top-ratedjurisdictions
Invested and experienced team
Amonglowest-cost producers with established track record
Peer-leading growth pipeline
A history of value creation
New Gold investment thesis
3
18.5 Moz gold reserves(1)
~$100 million investment by Board & Management
H1’14 all-in sustaining costs(2) of $707/oz
~900 Kozannual production potential from growth projects(3)
+235% increase in share price since March 2009
1.For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
2.Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
3.Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from ElMorro, as outlined in the feasibility studies for the projects.
1.For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
2.Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
3.Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from ElMorro, as outlined in the feasibility studies for the projects.

4. Portfolio of assets in top-rated jurisdictions
Blackwater
New Afton
Rainy River
Mesquite
Cerro San Pedro
El Morro
Peak Mines
Mine Life: 17 years
Mine Life: 10 years
Mine Life: 14 years
Mine Life: 8+ years
Mine Life: 2+ years
Mine Life: 17 years
Mine Life: 6+ years
#1
CANADA
#3
UNITED
STATES
#5
MEXICO
#4
CHILE
#2
AUSTRALIA
OPERATING
DEVELOPMENT
4
All Assets Ranked in Top 5 Global Mining Jurisdictions(1)
1. Based on 2014 BehreDolbearReport –“2014 Ranking of Countries for Mining Investment”.
2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
Gold
18.5 Moz
Silver
90.1 Moz
Copper
3.0 Blbs
Mineral Reserves(2)

5. Experienced and invested team
5
BOARD OF DIRECTORS
David EmersonFormer Canadian Cabinet Minister
James EsteyFormer President, UBS Securities Canada
Robert GallagherPresident & Chief ExecutiveOfficer
VahanKololianFounder, TerraNovaPartners
MartynKonigFormer Executive Chairman, European Goldfields
Pierre LassondeChairman, Franco-Nevada
Randall OliphantExecutive Chairman
Raymond ThrelkeldChairman, NewmarketGold
EXECUTIVE MANAGEMENT TEAM
RandallOliphant
Executive Chairman
Robert GallagherPresident & Chief ExecutiveOfficer
Brian PennyExecutive Vice President & Chief Financial Officer
Approximately 1 million shares purchased by insiders year-to-date
~$100 million
Collectively invested in New Gold

6. 6
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”.
Strong first half 2014 performance
New Gold is pleased to reiterate its 2014 guidance for both production and costs
GOLD PRODUCTION (Koz)
181H1 2014
380 –4202014 Guidance
SILVER PRODUCTION (Koz)
835H1 2014
1,350 –1,7502014 Guidance
COPPER PRODUCTION (Mlbs)
51H1 2014
92 –1002014 Guidance
TOTAL CASH COSTS(1)($/oz)
$253H1 2014
$320 –$3402014 Guidance
ALL-IN SUSTAINING COSTS(2)($/oz)
$707H1 2014
$815 –$8352014 Guidance

7. Low cost producer
•Peer-leading all-in sustaining costs(2) in first half 2014
•2014E all-in sustaining costs(2)to decrease by over $70 per ounce versus 2013
•Costs benefiting from depreciating Canadian and Australian dollars
•Expect to generate ~$200 per ounce incremental margin versus average of peer companies
7
Lower costs driving higher margins(1)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
2014 FIRST HALF ALL-IN SUSTAINING COSTS ($/oz)(2)
2014E FULL-YEAR ALL-IN SUSTAINING COSTS ($/oz)(2)
$707
$809
$840
$844
$849
$874
$980
$988
$1,032
$1,048
$1,287
$825
$850
$950
$950
$975
$980
$990
$1,000
$1,125
$1,135
$1,150

8. 8
New Afton –Unlocking options
87
102-112
Gold (Koz)
72
78-84
Copper (Mlbs)
2013
2014E
2013
2014E
+23%
+13%
•C-zone provides potential to extend mine life
•Resource updated in July 2014
•4 drills actively exploring
C-zone M&I Resource(3)
35 Million Tonnes
H1’14 Operating Margin(1)
$45 million
~12% increase in throughput
~2-3% increase in gold and copper recoveries
+10 Kozper year gold(2)
+10 Mlbsper year copper(2)
1. Operating margin calculated as revenue less operating expenses.
2. Based on targeted increases in throughput and recovery and year-end 2013 gold and copper reserve grade.
3. Mineral Resources are inclusive of Reserves. For detailed assumptions, risks and parameters relating to the above refer to New Gold’s Annual Information Form dated March 28, 2014. Refer also to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information” and New Gold’s New Afton C-zone resource news release dated July 7, 2014 available at www.sedar.com.
Production Outperforming 2009 Technical Report Estimates
Mill Expansion Capital
CURRENT
PERFORMANCE
NEAR-TERM
GROWTH
FUTURE
POTENTIAL
•Mid-2015: Mill expansion to be completed
At today’s prices, would increase annual cash flow by
~$30 million
$134 million
GOLD
0.77 g/t
0.9Moz
COPPER
0.87%
0.7Blbs

9. New Afton –C-zone potential
9
Tonnes (000s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
Measured
931
0.94
1.06
28
22
Indicated
33,941
0.76
0.86
832
646
Total M&I
34,872
0.77
0.87
860
668
Inferred
7,979
0.50
0.56
128
98
Total M&I
68,025
0.65
0.91
1,425
1,368
2014 MID-YEAR C-ZONE MINERAL RESOURCE ESTIMATE(1)
1. For detailed assumptions, risks and parameters relating to the above estimates refer to New Gold’s Annual Information Formdated March 28, 2014. Refer also to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information” and New Gold’s news release dated July 7, 2014 and September 11, 2014 available at www.sedar.com.
2013 YEAR-END B-ZONE MINERAL RESOURCE ESTIMATE(1)
Drill
Hole
From
(m)
To
(m)
Interval
(m)
Estimated true width (m)
Gold (g/t)
Copper (%)
EA-118
534
660
126
72
1.47
1.80
includes
534
612
78
1.96
2.36
EA-121
430
640
210
121
1.20
0.89
includes
448
524
76
1.92
1.01
EA-122
384
478
94
91
1.65
1.67
includes
394
444
50
2.39
2.30
EA-129A
658
724
66
54
1.33
1.67
includes
660
686
26
2.07
2.72
EA-132
492
582
90
80
1.30
1.89
includes
492
528
36
2.09
2.78
HIGHLIGHTS POST 2014 MID-YEAR MINERAL RESOURCE ESTIMATE(1)
Mineralized Intercept
Includes Intercept
Diamond Drill Hole Trace
Central Pierce Point
EA-132
EA-123
EA-114
EA-118
EA-127
EA-121
EA-126
EA-128
EA-133
EA-125
EA-124A
EA-131
EA-115
EA-129A
EA-120
EA-116
EA-122
EA-119
EA-117
C-Zone
Main B-Zone
Block Cave Reserve
June 2014
Resource Shell
0m
400m
EA-130

10. 10
Rainy River –Project overview
1. Based on 2014 BehreDolbearReport –“2014 Ranking of Countries for Mining Investment”.
2. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’sAnnual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
1.44 g/t
~325 Koz
$613/oz
$736/oz
FIRST NINE YEARS –GRADE, PRODUCTION, COSTS
JURISDICTION
MANAGEABLE CAPITAL
RESOURCE SCALE AND POTENTIAL
Ontario, Canada
17km tie-in to power/ close to regional infrastructure
•$885 million at $0.95 US$/C$ exchange rate
•~70% of capital denominated in Canadian dollars
Reserves(2)+3.8 Moz
M&I Resources(2)+6.2 Moz
Land Package +169 km2
Average
Head Grade
Average Annual Production
Average Total
Cash Costs(3)
Average All-in Sustaining Costs(4)
Country Ranking(1)
$0.05 change in exchange rate ~$141 million in pre-tax NAV
#1

11. 11
Rainy River –Progress milestones
2014
2015
2016
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Complete FeasibilityStudy
Submit Environmental Assessment Report
Order Long LeadEquipment
Award EPCMContract
Detailed Engineering & Procurement
ProvincialEnvironmental Assessment Approval
Federal Environmental Assessment Approval
Deliveryof Mobile Equipment
Power LineConstruction
Process Plant Construction
Tailings & Water Management Facilities Construction
CommencePre-Strip & Pit Development
Commissioning
Targeted milestones
1. Near-term milestones based on company plans which are consistent with timelines presented in the Rainy River Technical Report, entitled “Feasibility Study of the Rainy River Project, Ontario, Canada” dated February 14, 2014 and available on SEDAR.
2017 –First full year of production

12. 12
Rainy River –Progress update
Project Development Capital Costs
Description
Cost ($ million)
Direct Costs
Process Equipment
$127
Process Facilities –Construction
$170
Site Development
$111
OpenPit Mine Equipment
$81
Overburdenand Waste Stripping
$80
Tailingsand Water Management
$48
Power Line and Roads
$21
Total Direct Capital Costs
$638
Owner's and Indirect Costs
Owner's Costs
$76
EPCM
$48
Other Indirects
$53
Total Owner's&Indirect Capital Costs
$177
Subtotal
$815
Contingency
$70
Total Project (at US$/C$-0.95)
$885
43% of pricing locked in
98% of pricing locked in
AMEC engaged as EPCM partner
1. Project development capital costs based on Rainy River Technical Report, entitled “Feasibility Study of the Rainy River Project, Ontario, Canada” dated February 14, 2014 and available on SEDAR.
~70% of capital costs denominated in Canadian dollars

13. 13
Rainy River –Value creation through development
INVESTMENT
VALUE POTENTIAL
$300million
Acquisition cost
50%/
Cash
50%
Shares
$885million
Development capital estimate(1)
$1.2billion
Total investment
Average annual after-tax cash flow(2)(4)
Potential cash flow multiple range(3)
Implied value potential
$215million
10-12x
Development of Rainy River presents opportunity for $1.0 -$1.4 billion
of potential value creation
$2.2-$2.6billion
1. Based on $0.95 US$/C$ foreign exchange rate.
2. Based on first five years at $1,300 per ounce gold, $22 per ounce silver and $0.95 US$/C$ foreign exchange rate.
3. Potential multiple range based on New Gold’s current P/2014E CFPS multiple.
4. Based on the Technical Report on Feasibility Study for the Rainy River Project dated effective January 16, 2014.

14. Blackwater
14
UPSIDE
GOLD RESOURCE
British Columbia, Canada
BLACKWATER
Regional Upside
Significant Gold Resource
Jurisdiction
#1
Country Ranking(1)
~1,100 km2Land Package
Initial resource at Capoose
Multiple newly identified targets
1. Based on 2014 BehreDolbearReport –“2014 Ranking of Countries for Mining Investment”.
2. Development capital assumes $0.95 USD/CDN exchange rate.
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Total cash costs assume: Gold -$1,300/oz, Silver -$22.00/oz, USD/CDN -$0.95.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining costs assume: Gold -$1,300/oz, Silver -$22.00/oz, USD/CDN -$0.95.
5. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
2013 Feasibility Study
First nine years:
485 Koz
Annual Production
~$1,865 million
Development Capital(2)
$555/oz
Total Cash Costs(3)
$685/oz
All-in Sustaining Costs(4)
$0.05 change in exchange rate ~$270 million in pre-tax NAV
8.2 Moz
Reserves(5)
17-year
Mine Life
9.5 Moz M&I Resources(5)

15. 15
Blackwater –Value creation through development
INVESTMENT
VALUE POTENTIAL
$630million
100%
Shares
$1,865million
Development capital estimate(1)
Potential cash flow multiple range(3)
$375million
Development of Blackwater presents opportunity for $1.3 -$2.0 billion
of potential value creation
1. Based on $0.95 US$/C$ foreign exchange rate.
2. Based on first five years at $1,300 per ounce gold, $22 per ounce silver and $0.95 US$/C$ foreign exchange rate.
3. Potential multiple range based on New Gold’s current P/2014E CFPS multiple.
4. Based on the Technical Report on Feasibility Study for the Blackwater Project dated effective January 16, 2014.
Average annual after-tax cash flow(2)(4)
Acquisition cost
$2.5billion
Total investment
Implied value potential
$3.8-$4.5billion
10-12x

16. El Morro
16
Chile
EL MORRO
Unique Joint Venture Structure
Gold/Copper Reserve & Resources (30%)
Jurisdiction
2011 Feasibility Study (30%)
#4
Country Ranking(1)
Goldcorp 70% partner
Funds 100% of capital
New Gold retains portion of cash flow from mine start-up
2.7 Moz@ 0.5 g/t
Gold
2.0 Blbs@ 0.5% Copper
Life of mine:
1. Based on 2014 BehreDolbearReport –“2014 Ranking of Countries for Mining Investment”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Total cash costs assume: Gold -$1,200/oz, Copper -$2.75/lb, Chilean Peso/USD -$550.
3. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
Reserves(3)–
Open Pit
Inferred Resources(3)– Potential Block Cave
1.1 Moz@ 1.0 g/t
Gold
0.6 Blbs@ 0.8% Copper
85 Mlbs
Annual Copper Production
($700/oz)
Total Cash Costs(2)
90 Koz
Annual Gold Production

17. 17
Organic pipeline
•Mesquite return to run rate (2015+)
•New Afton expansion (mid-2015)
•Rainy River development (2015/2016)
•CSP to residual leaching (2016)
Existing low cost production base to be further enhanced by our lower cost development projects(1)
•Sequence Blackwaterdevelopment
•El Morro advanced
GOLD PRODUCTION
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Rainy River and Blackwater life-of-mine all-in sustaining costs are estimated to be $736/oz and $685/oz, respectively, based on their respective Feasibility Studies.
2. Based on mid-point of 2014 guidance.
3. Based on expected annual production from current operations according to their respective mine plans, including positive production impact of New Afton’s mill expansion targeted for mid-2015, Mesquite mine plan moving into grades more in line with reserve grade, which is partially offset by Cerro San Pedro ceasing active mining and moving into residual leaching, and includes the first year of full production from Rainy River. Assumes on-time completion of Rainy River.
4. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from ElMorro as outlined in the Feasibility Studies for these projects, and production contribution from New Afton, Mesquite and the Peak Mines according to their respective mine plans. Assumes the timely development of Blackwater and El Morro.
2014(2)
2017(3)
FuturePotential(4)

18. 2009
2010
2011
2012
2013
2014E
2015E
2016E
2017E
18
Cash flow growth and value
1. For 2013, figure shown is Adjusted net cash generated from operations. Net cash generated from operations in the 2013 period included certain non-recurring cash flows. Net cash generated from operations in 2013 was $172 million.
2. 2014E based on Bloomberg consensus CFPS of $0.60 multiplied by 504 million basic shares outstanding.
3. 2015 to 2017 estimates based on the following price and exchange rate assumptions (which were also used for 2014 guidance): Gold -$1,300/oz, Silver -$22.00/oz, Copper -$3.25/lb, USD/CDN -$0.90, USD/AUD -$0.88. 2015 estimated cash flow assumes: successful mill expansion to 14,000 tonnesper day at New Afton in mid-2015, Mesquite moving into mining of higher grade areas of the open pit in 2015 in accordance with the current mine plan, Peak’s copper production increasing from 2014 levels in accordance with the current mine plan, and Cerro San Pedro mining higher grade material in its final year of activemining in accordance with the current mine plan. 2016 estimated cash flow assumes: New Afton processing for a full year at 14,000 tonnesper day, Mesquite remaining in higher grade areas in accordance with the current mine plan, Peak further increasing its copper production in accordance with the current mine plan, and Cerro San Pedro moving into its first year of residual leaching in accordance with the current mine plan. 2017 estimated cash flow assumes: Rainy River commercial production is achieved on schedule and Rainy River has its first full year of production in 2017with a production level consistent with the project’s feasibility study, New Afton processing 14,000 tonnesper day, Mesquite remaining in higher grade areas in accordance with the current mine plan, Peak further increasing its copper production in accordance with the current mine plan, and Cerro San Pedro continuing its residual leaching in accordance with the current mine plan. Assumes no non-recurring cash flows in 2014, 2015, 2016 and 2017.
4. Based on the average of the estimates by research analysts for the net asset values of the Blackwater and El Morro assets.
NET CASH FROM OPERATIONS ($ MILLIONS)
Trading at ~4.7x 2017E cash flow at 2014 guidance prices
(2)
(3)
(3)
(1)
(3)
$3.5 billion
Enterprise Value
$0.7 billion
Consensus Blackwater and El Morro Value(4)
$2.8 billion
Enterprise Value (excluding Blackwater and El Morro)
$79
$230
$183
$236
$249
$302
~$400
~$400
~$600

19. Catalysts
19
2014 costs declining versus 2013
New Afton production and cash flow continues to increase
New Afton C-zone exploration
Rainy River regional exploration
Blackwater regional exploration
Rainy River permitting
Blackwater permitting
C-zone engineering study
New Afton mill expansion
Cash flow growth

20. A history of value creation
Performance since March 2009 New Gold/Western Goldfields merger announcement
20
S&P/TSX Global Gold Index(1)
Gold Price
New Gold (NYSE)
1. S&P/TSX Global Gold Index includes 37 gold companies in various stages of development/production.
237%
37%
(27%)

21. New Gold investment thesis
21
A history of value creation
Peer-leading
growth pipeline
Amonglowest-cost producers with established track record
Invested and experienced team
Portfolio of assetsin top-ratedjurisdictions
Establishing the leading intermediate gold company

22. Appendices
22
Appendices
Page
1.Financial information23
2.Consolidated operating performance28
3.New Afton34
4.Mesquite, Peak Mines, Cerro San Pedro 42
5.Rainy River45
6.Blackwater46
7.El Morro47
8.Exploration50
9.Reserves and Resources notes54
10.Commodity price/foreign exchange assumptions63

23. $414 mm
$256 mm
Liquidity Position
$670 mm
Cash and Equivalents(1)
Undrawn Credit Facility(2)
Strong balance sheet
23
1. Cash and equivalents as at June 30, 2014.
2. $44 million of total $300 million at August 14, 2014 used for Letters of Credit.
3. See Appendix 1 –Summary of debt for detailed breakdown of components of debt.
•Face value $886 million in long-term debt(3)
•Face value $300 million, 7.00% notes due in 2020
•Face value $500 million, 6.25% notes due in 2022
•$86 million in carried El Morro loan, payable out of El Morro project cash flow
Appendix 1

24. Summary of debt
24
Undrawn CreditFacility
SeniorUnsecured Notes (April 2012)
SeniorUnsecured Notes (November 2012)
El Morro Funding Loan
Face Value
$300 million(1)
$300million
$500 million
$86million
Maturity
4 years 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
Uponstart of production
Conversion price
n/a
n/a
n/a
n/a
Current trading value
n/a
~107
~105
n/a
Key features
•Normal financial covenants
Interest Rate
•2.00-3.25% over LIBOR based on ratios
•Standby fee of 0.45- 0.73%
•Senior unsecured
•Redeemableafter 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 Goldto repay Goldcorp out of 80% of its 30% share of cash flow once El Morro starts production
1. $44 million of total $300 million at August 14, 2014 used for Letters of Credit.
Appendix 1

25. 25
2014 capital expenditures by category
New Afton
~$340 million
Sustaining Capital: ~$145 million
Growth Capital: ~$195 million
Mesquite
Peak Mines
Cerro San Pedro
Rainy River
New Afton
Cerro San Pedro
Blackwater
Total Capital
Appendix 1
•H1’14 -$54 million
•H1’14 -$63 million

26. 26
Growth capital
•Set out below is a breakdown of expected 2014 capital expenditures at each site divided into two categories –sustaining capital and growth capital (future production growth and mine life extension)
New Afton -$115 million
Rainy River -$105 million
Mesquite -$40 million
Sustaining capital
48%
52%
100%
100%
•$60 million –~2,500 metredevelopment, two new trucks, dam raise and surface ventilation upgrade
•$35 million –mill expansion
•$20 million –C-zone scoping level engineering and capitalized exploration
•$60 million –property, plant and equipment
•$35 million –detailed engineering, studies, environmental monitoring and permitting
•$10 million –capitalized exploration
•$28 million –four new trucks and leach pad expansion
•$12 million –major components/building and tank construction
2014 capital expenditures by category
Appendix 1

27. 27
Peak Mines -$40 million
Cerro San Pedro -$28 million
100%
71%
•$20 million –two haul trucks and site maintenance
•$20 million –capitalized development and capitalized exploration
•$20 million –capitalized stripping
•$8 million –leach pad expansion
2014 capital expenditures by category
Growth capital
Sustaining capital
New Gold’s 30% share of estimated 2014 El Morro capital costs of
$6 million fully carried by Goldcorp Inc.
Blackwater -$15 million
100%
•$10 million –permitting
•$5 million –engineering studies
29%
Appendix 1

28. New Afton
26
(1,262)
(678)
54
(1,273)
(671)
Mesquite
18
993
1,413
44
928
1,191
Peak Mines
28
627
928
49
681
1,000
Cerro SanPedro
17
1,169
1,322
34
1,051
1,193
89
251
745
181
253
707
Margin per ounce(3)
1,053
559
1,053
599
New Afton co-product costs(1)
Gold ($/oz)
442
643
427
636
Copper($/lb)
1.02
1.48
0.97
1.45
28
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”.
3. Based on second quarter average realized gold price of $1,304 per ounce and first half 2014 average realized gold price of$1,306 per ounce.
2014 SECOND QUARTER
Gold production
(000s ounces)
Cash costs(1) ($/oz)
All-in Sustaining costs(2) ($/oz)
2014 YEAR-TO-DATE
Gold production
(000s ounces)
Cash costs(1) ($/oz)
All-in Sustaining costs(2) ($/oz)
Co-product
cash costs(1)
Co-product all-in sustaining costs(2)
NEW AFTON
2014 SECOND QUARTER
Co-product
cash costs(1)
Co-product all-in sustaining costs(2)
NEW AFTON
2014 YEAR-TO-DATE
2014 second quarter mine-by-mine operating results
Appendix 2

29. $465
$418
$446
$421
$377
$320 - $340
$478
$557
$643
$766 $767
29
Among lowest cost producers in industry
Industry
New Gold
2014E
Incremental
Benefit to NGD
Shareholder
2009
(2)
New Gold versus Industry Average Total Cash Costs,(1) Net of By-Product Credits
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. New Gold total cash costs based on 2014 guidance.
2. Industry data per GFMS reports calculated net of by-product credits for the year ended December 31, 2013.
Appendix 2

30. 30
2013
SECOND QUARTER
2014
SECOND QUARTER
Revenues ($ million)
$178
$184
$369
$385
Operating margin(1)($ million)
83
78
175
174
Adjusted net earnings(2)($ million)
8
4
26
25
Adjusted netearnings per share(2)($/share)
0.02
0.01
0.05
0.05
Net earnings ($ million)
16
15
14
51
Net earningsper share ($/share)
0.03
0.03
0.03
0.11
Adjustednet cash generated from operations(3)($ million)
59
43
141
102
Net cash generated from operations ($ million)
59
(23)
141
36
Averagerealized gold price ($ per ounce)
1,304
1,276
1,306
1,383
Average realized copperprice ($ per pound)
3.09
3.06
3.03
3.23
Average realized silver price ($ per ounce)
19.53
21.41
19.97
25.12
1. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.
2. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.
3. Refer to Endnote on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.
2014 second quarter financial summary
Appendix 2
2013
FIRST HALF
2014
FIRST HALF

31. 31
Detailed operating results and assumptions
Appendix 2
2013A2013A2013A2013ATonnes processed(000 tonnes)14,29713,000-13,30013,46313,400-13,800814830-8504,0874,500-4,700Tonnes mined(000 tonnes)48,20656,000-58,00031,01833,000-35,0001,1001,300-1,3204,2264,600-4,800Strip ratio2.373.31-3.361.301.46-1.54-------------- Gold grade(g/t)0.370.40-0.440.470.35-0.404.143.9-4.10.780.81-0.85Silver grade(g/t)-------20.9115.0-17.0-------------- Copper grade(%)--------------0.85%0.86%-0.90%0.93%0.93%-0.95% Gold recovery(%)63.0%51.0%92.9%91.0%-93.0%85.1%85.0%-87.0% Silver recovery(%)-------15.0%-------------- Copper recovery(%)--------------88.0%91.0%-93.0%85.9%86.0%-88.0% ProductionGold production(Koz)107.0113.0-123.0102.870.0-80.0100.795.0-105.087.2102.0-112.0Silver production (Koz)-------1,300.61,100.0-1,300.0-------------- Copper production(Mlbs)--------------13.414.0-16.072.078.0-84.0Reserve gradeGold grade(g/t) Silver grade(g/t) Copper grade(%) 3.527.11.22% 0.562.20.84% 0.60-- -- 0.4618.1-- Mesquite2014E2014ENew AftonCerro San Pedro2014EPeak Mines2014E~50% ~15% ~65%

32. 32
2014 total cash cost sensitivities
Appendix 2
Category Copper Price Silver Price AUD/USD CDN/USD MXN/USD Diesel
Base Assumption $3.25 $20.00 $1.14 $1.11 $13.00 $3.25
Sensitivity +/- $0.25 +/- $1.00 +/- $0.05 +/- $0.05 +/- $1.00 +/- $0.25
Total Cash Costs(1) - Impact
New Afton +/-$200 - - +/-$65 - -
Mesquite - - - - - +/-$15
Peak Mines +/-$40 - +/-$50 - - -
Cerro San Pedro - +/-$15 - - +/-$50 -
New Gold Consolidated +/-$60 +/-$5 +/-$15 +/-$15 +/-$10 +/-$5
Total Cash Costs(1) - Sensitivities
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.

33. 33
1. Refer to Endnote on total cash costsunder the heading “Non-GAAP Measures”.
2. General and administrative includes stock-based compensation and asset retirement obligation.
3. Sustaining capital based on New Gold’s total 2014 estimated capital expenditures excluding expenditures related to growth-related initiatives.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
2014 estimated all-in sustaining costs
Total cash costs(1)
~$330/oz
General and administrative(2)
~$90/oz
Exploration expense
~$35/oz
Sustaining capital(3)
~$370/oz
ALL-IN SUSTAINING COSTS(4)
~$825/oz
Appendix 2

34. 34
New Afton –2014 guidance
GOLD PRODUCTION (Koz)
COPPER PRODUCTION (Mlbs)
ALL-IN SUSTAINING COSTS(2)($/oz)
TOTAL CASH COSTS(1)($/oz)
102 –112
78 –84
($1,260) – ($1,240)
($620) – ($600)
TOTAL CASH COSTS(1)
$440 – $460
$1.10 – $1.20
Co-Product Gold ($/oz)
Co-Product Copper ($/lb)
•Copper price -$3.25 per pound (2013A -$3.23 per pound)
•Canadian dollar: U.S. dollar exchange – $1.11
•$0.25 per pound change in copper equals ~$200 per ounce change in New Afton total cash costs
•$0.01 change in Canadian dollar equals ~$15 per ounce change in New Afton total cash costs
•Gold and copper production expected to increase due to:
•Increase in average annual throughput rate
•Increase in gold grades
•Costs benefit from targeted increase in copper production, depreciating Canadian dollar and decrease in sustaining capital costs
OVERVIEW
KEY ASSUMPTIONS AND SENSITIVITIES
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”.
Appendix 3

35. New Facilities
To Tailings
Surface Stockpile
Mill schematic
35
North
Appendix 3

36. New Afton –Expansion timeline
36
•EPCM contract award
•Geotechnical and detailed engineering
•Early works
•Buried services relocation
•Reagent tank relocation
H1’15
•Excavation
•Foundations
•Building construction
•Building services
•Vertimilldelivery
•Piping/electrical
•Instrumentation
•Commissioning
H2’14
H1’14
Appendix 3

37. Mill expansion capital estimates
37
Engineering, Constructionand Equipment
$26 million
Building and Site Works
$12 million
Owner’s Costs
$2 million
Contingency
$5 million
ESTIMATED EXPANSION CAPITAL
$45 MILLION
•Below is a summary of the key capital estimates for the expansion project
Target: 14,000 tonnes per day at higher metal recoveries
•~$35 million of capital to be spent in 2014 with remainder in 2015
Appendix 3

38. 38
•C-zone originally identified through limited deep holes drilled from surface
•Drilling from underground commenced in second half of 2012
•During 2013 completed 41 holes totaling 26,800 metresand updated resource
•In July 2014, announced 24% increase in Measured and Indicated resource over year-end 2013 figures
•Mid-year resource includes an additional 15,143 metresof drilling in 20 core holes
Tonnes (000s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
Measured
931
0.94
1.06
28
22
Indicated
33,941
0.76
0.86
832
646
Total M&I
34,872
0.77
0.87
860
668
Inferred
7,979
0.50
0.56
128
98
2014 MID-YEAR C-ZONE(1)
1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”. C-zone resource updated on July 7, 2014.
2. 2012 information per Annual Information Form dated March 27, 2013.
2012 YEAR-END C-ZONE(2)
Tonnes (000s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
Measured
400
0.60
0.73
8
6
Indicated
2,900
0.63
0.68
58
43
Total M&I
3,300
0.62
0.68
66
49
Inferred
13,600
0.70
0.76
307
228
New Afton –C-zone resource expansion
Appendix 3
Tonnes (000s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
Measured
618
0.75
0.91
15
12
Indicated
25,223
0.84
0.91
678
504
Total M&I
25,842
0.83
0.91
693
516
Inferred
11,288
0.63
0.64
227
159
2013 YEAR-END C-ZONE(1)

39. 39
New Afton –C-zone September 2014 exploration update(1)
Appendix 3
1. For detailed assumptions, risks and parameters relating to the above estimates refer to New Gold’s Annual Information Formdated March 28, 2014. Refer also to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information” and New Gold’s news release dated July 7, 2014 and September 11, 2014 available at www.sedar.com.
Drill Hole
From (m)
To (m)
Interval (m)
True Width (m)
Au (g/t)
Cu (%)
EA14-114
0
150
150
No assays
150
707
557
0.08
0.02
EA14-115
0
300
300
No assays
300
706
406
0.13
0.03
C-Zone
706
786
80
55
1.07
1.40
Includes
728
752
24
1.82
2.51
786
819
33
0.17
0.14
EA14-116
0
100
100
No assays
100
494
394
0.13
0.03
C-Zone
494
568
74
52
0.95
0.94
Includes
494
534
40
1.49
1.50
568
601
33
0.14
0.12
EA14-117
0
2
2
No assays
2
630
628
0.08
0.04
C-Zone
630
672
42
21
0.81
0.55
672
743
71
0.13
0.07
EA14-118
0
150
150
No assays
150
534
384
0.23
0.04
C-Zone
534
660
126
72
1.47
1.80
Includes
534
612
78
1.96
2.36
660
679
19
0.13
0.03
EA14-119
0
100
100
No assays
100
418
318
0.11
0.03
C-Zone
418
534
116
89
0.59
0.71
534
587
53
0.19
0.14
EA14-120
0
300
300
No assays
300
612
312
0.10
0.02
C-Zone
612
684
72
61
0.81
0.98
684
721
37
0.26
0.16
EA14-121
0
2
2
No assays
2
430
428
0.15
0.04
C-Zone
430
640
210
121
1.20
0.89
Includes
448
524
76
1.92
1.01
EA14-122
0
100
100
No assays
100
384
284
0.08
0.03
C-Zone
384
478
94
91
1.65
1.67
Includes
394
444
50
2.39
2.30
478
528
50
0.31
0.25
528
538
10
0.08
0.04
EA14-123
0
50
50
No assays
50
502
452
0.16
0.07
C-Zone
502
600
98
87
1.49
1.97
Includes
532
574
42
2.04
2.56
Drill Hole
From (m)
To (m)
Interval (m)
True Width (m)
Au (g/t)
Cu (%)
EA14-124A
0
300
300
No assays
300
714
414
0.15
0.03
C-Zone
714
792
78
58
1.07
1.25
792
825
33
0.08
0.12
EA14-125
0
100
100
No assays
100
392
292
0.08
0.03
C-Zone
392
502
110
78
1.35
1.73
Includes
392
428
36
2.26
3.34
502
561
59
0.10
0.04
EA14-126
0
456
456
0.17
0.06
C-Zone
456
650
194
98
0.85
0.75
Includes
490
556
66
1.47
0.93
Includes
624
650
26
0.96
1.53
650
654
4
0.11
0.05
EA14-127
0
150
150
No assays
150
526
376
0.13
0.03
526
648
122
72
0.98
1.28
Includes
570
596
26
1.61
1.78
Includes
620
648
28
1.22
1.63
EA14-128
0
100
100
No assays
100
382
282
0.05
0.03
C-Zone
382
476
94
86
1.78
1.96
Includes
384
444
60
2.49
2.69
476
522
46
0.26
0.32
444
548
104
0.07
0.09
EA14-129A
0
300
300
No assays
300
658
358
0.09
0.03
C-Zone
658
724
66
54
1.33
1.67
Includes
660
686
26
2.07
2.72
724
759
35
0.40
0.08
EA14-130
1
266
265
0.17
0.04
C-Zone
520
632
112
76
0.76
0.95
Includes
550
584
34
1.60
1.62
632
718
86
0.15
0.05
EA14-131
0
100
100
No assays
100
660
560
0.16
0.03
C-Zone
660
728
68
52
1.15
1.24
Includes
660
684
24
2.08
2.12
728
758
30
0.05
0.07
EA14-132
0
150
150
No assays
150
492
342
0.17
0.05
C-Zone
492
582
90
80
1.30
1.89
Includes
492
528
36
2.09
2.78
582
630
48
0.09
0.05
EA14-133
0
300
300
No assays
300
540
240
0.29
0.04
C-Zone
540
658
118
57
1.01
1.28
Includes
594
630
36
1.99
2.27
658
712
54
0.06
0.04

40. New Afton –2014 C-zone program
40
Appendix 3
Ore Shell
Delineation & Infill
(Priority 1)
Western
ExplorationStep-out
(Priority 3)
Delineation & Infill
(Priority 2)
~30,000-35,000 metres of drilling planned in C Zone for 2014
Extraction Level
C-Zone

41. 41
New Gold has a track record of successful mine development
Mine development –Creating options
Once mines are in production –multiple options to further enhance value
Cerro San Pedro (April 2007) –~35,000 tonne per day open pit/heap leach
Mesquite (January 2008) –~40,000 tonne per day open pit/heap leach
New Afton (June 2012) –11,000 tonne per day block cave/process facility
Mine life extension (Mesquite(1), Peak Mines(2), New Afton C-zone)
Increased production rate (Cerro San Pedro(3), New Afton)
1.Mesquite’s mine life has been extended beyond the 9.5 years that were estimated when the mine re-started production in January 2008.
2.The Peak Mines originally began production in 1992 with an approximate eight year life and have operated continuously since then and continue to have six or more years of mine life.
3.During 2011 and 2012, Cerro San Pedro operated at a rate above its design capacity to increase its annual gold and silver production.
Appendix 3

42. 42
•Diesel comprises ~25% of Mesquite’s total costs
•Rack diesel price most correlated to Brent oil price
•Diesel price -$3.25 per gallon
•Every $0.25 per gallon change in diesel price has ~$15 per ounce impact on total cash costs
•Production increase driven by planned mining of higher grades versus 2013
•Increase in costs attributable to increase in total tonnes mined
•Peak year for sustaining capital at Mesquite
Mesquite –2014 guidance
GOLD PRODUCTION (Koz)
OVERVIEW
KEY ASSUMPTIONS AND SENSITIVITIES
ALL-IN SUSTAINING COSTS(2)($/oz)
TOTAL CASH COSTS(1)($/oz)
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”.
113 –123
$930 – $950
$1,310 – $1,330
Appendix 4

43. 43
•Copper price -$3.25 per pound (2013A -$3.29 per pound)
•Australian dollar: U.S. dollar exchange –$1.14
•$0.25 per pound change in copper equals ~$40 per ounce change in Peak Mines total cash costs
•$0.01 change in Australian dollar equals ~$10 per ounce change in Peak Mines total cash costs
•Gold production in line with 2013
•Increase in copper production a result of increased copper grade and recovery
•Decrease in total cash costs a result of increased copper by-product revenue, depreciating Australian dollar and increased productivity through lower turnover
Peak Mines –2014 guidance
GOLD PRODUCTION (Koz)
COPPER PRODUCTION (Mlbs)
OVERVIEW
KEY ASSUMPTIONS AND SENSITIVITIES
ALL-IN SUSTAINING COSTS(2)($/oz)
TOTAL CASH COSTS(1)($/oz)
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”.
95 –105
14 –16
$630 – $650
$1,065 – $1,085
Appendix 4

44. 44
•Silver price -$20.00 per ounce (2013A –$23.61 per ounce)
•Mexican peso: U.S. dollar exchange – $13.00
•$1.00 per ounce change in silver equals ~$15 per ounce change in Cerro San Pedro total cash costs
•$1.00 change in Mexican peso equals ~$50 per ounce change in Cerro San Pedro total cash costs
•Decrease in production reflects the increased strip ratio for Phase 5 pushback and mining of lower grade ore
•Increase in costs primarily driven by lower gold production, lower silver by- product revenue and increased volume of processing reagents
Cerro San Pedro –2014 guidance
GOLD PRODUCTION (Koz)
SILVER PRODUCTION (Moz)
OVERVIEW
KEY ASSUMPTIONS AND SENSITIVITIES
ALL-IN SUSTAINING COSTS(2)($/oz)
TOTAL CASH COSTS(1)($/oz)
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”.
70 –80
1.1 –1.3
$1,030 – $1,050
$1,125 – $1,145
Appendix 4

45. 45
•21,000 tonne per day process plan with conventional crushing, grinding, leaching and carbon-in-pulp technology
•Targeted commissioning in 2016 with first year of full production in 2017
•14-year mine life with direct processing of open pit and underground ore for first nine years and processing of a combination of stockpile and underground ore thereafter
•Development capital of $885 million inclusive of $70 million contingency (at $1.05 CDN/USD)
•Life-of-mine gold and silver recoveries of 91% and 64%
•Open pit mining schedule incorporates an elevated cut-off grade strategy during first nine years
Rainy River –Project overview
Appendix 5
Pre-tax Economics
Gold Price ($/oz)
1,150
1,300
1,300
1,450
1,600
US$/C$ exchange
0.93
0.95
0.91
0.97
1.00
5% NPV ($mm)
138
438
551
738
1,009
IRR (%)
7.8
13.1
15.3
17.6
21.1
Payback (years)
6.8
5.4
4.8
4.3
3.6
After-tax Economics
Gold Price ($/oz)
1,150
1,300
1,300
1,450
1,600
US$/C$ exchange
0.93
0.95
0.91
0.97
1.00
5% NPV ($mm)
100
314
396
520
706
IRR (%)
7.1
11.3
13.2
14.9
17.8
Payback (years)
6.8
5.5
5.0
4.4
3.8

46. 46
•Conventional truck and shovel open pit mine with 60,000 tonne per day processing plant
•Simple, conventional flowsheetusing whole ore leach process
•Low grade stockpiling strategy
•Development capital of $1,865 million inclusive of $190 million contingency (at $1.05 CDN/USD)
•Life-of-mine operational strip ratio of 1.88 to 1
•Life-of-mine gold and silver recoveries of 87% and 49%
•Conventional waste rock and Tailings Storage Facility
•Power supply from the hydroelectric power grid, via 140-kilometre transmission line
•Minimal off-site infrastructure required
•Good existing access road; water supply within 15 kilometres
•Low environmental risk and facility designed for closure
Blackwater –Project overview
Appendix 6
Pre-tax Economics
Gold Price ($/oz)
1,150
1,300
1,300
1,450
1,600
US$/C$ exchange
0.93
0.95
0.91
0.97
1.00
5% NPV ($mm)
402
991
1,209
1,582
2,120
IRR (%)
7.8
11.3
12.9
14.4
16.8
Payback (years)
7.5
6.2
5.6
5.1
4.5

47. 47
1. Capital estimates based on December 2011 Feasibility Study.
El Morro (30%) –Funding structure
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%
Total Capital
100%
~ $3.9 billion(1)
100%Average annual cash flow
Carried funding repayment
Appendix 7

48. 48
2013 open pit Proven and Probable reserves and Measured and Indicated resources
UndergroundInferredresourcewithblock cave potential
500 metres
La Fortuna deposit
Appendix 7
Reserve Grade
Gold: 0.46 g/t
Copper: 0.49%
Inferred Grade
Gold: 0.97 g/t
Copper: 0.78%

49. 49
1. All reserve information taken from Goldcorp’s December 31, 2013 year-end resource statements.
2. Gold equivalent calculated based on the following commodity prices: Gold -$1,300/oz; Silver -$22.00/oz; Copper -$3.00/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
11.6
Penasquito
30.6
Los Filos
8.0
El Morro
18.0
El Morro
6.7
Los Filos
8.9
Pueblo Viejo
6.5
Pueblo Viejo
7.5
CerroNegro
5.7
Cerro Negro
6.6
Appendix 7

50. 50
New Gold’s estimated exploration budget for 2014 is $50 million
•Capitalized: $30 million (included in sustaining capital total shown previously)
•Expensed: $20 million (approximately 70% related to current operations)
New Afton
30,000-35,000 metres
Peak Mines
45,000
metres
Blackwater
10,000-15,000 metres
2014 exploration program overview
Rainy River
35,000-40,000 metres
1. Circle proportions are representative of both capitalized and expensed exploration for each respective asset.
Appendix 8
$15 million
$15 million
$11 million
$9 million

51. Rainy River exploration
51
•Intrepid resource drilled off and incorporated into Feasibility Study
•Condemnation drilling program approximately 40% complete by year end
•Improved ability to predict prospective ore horizons beneath surface cover
2013 ACHIEVEMENTS
2014 PROGRAM
Targeting resource expansion in near-mine environment
•Complete condemnation drilling program
•Test potential to expand open pit resource to west
•Explore prospective trends south of main mine area and extending from Intrepid Zone
Intrepid Zone
Appendix 8

52. Blackwater exploration
52
2013 Achievement
•Expanded exploration targeting coverage to ~50% of claim block
•14 prospective target areas identified to date
•Seven new targets drill tested with favorable geology intercepted on six and gold mineralization intercepted on three
•Acquired Key property immediately south of Blackwater deposit area
2014 Program
•Follow up favorable results at Van Tine, Fawn and earlier stage prospects
•Initiate exploration at Key
Appendix 8

53. Peak Mines exploration
53
•Near-mine exploration and resource conversion partially offset mine depletion
•Advanced earlier stage targets along regional Rookery fault trend
2013 ACHIEVEMENTS
2014 PROGRAM
Focus on reserves replacement in near-mine environment
•Convert Measured and Indicated resources to reserves to extend mine life
•Test newly emerging targets along mine corridor
•Continue to advance earlier stage regional targets
Appendix 8

54. 54
1. 2012 information per Annual Information Form dated March 27, 2013
2. New Afton C-zone updated for July 7, 2014 news release.
Reserves and resources summary
Appendix 9
Gold KozSilver KozCopper MlbsGold KozSilver KozCopper MlbsProven and Probable Reserves18,538 90,080 2,953 7,752 31,256 3,282 Measured and Indicated Resources (inclusive of Reserves)27,672 125,018 4,505 21,403 131,847 4,061 Inferred Resources4,062 30,145 1,759 4,383 84,620 1,114 M&I Resources (inclusive of Reserves) New Afton2,464 8,305 2,140 1,979 6,830 1,818 Mesquite4,904 - - 5,684 - - Peak Mines810 1,380 158 880 1,350 146 Cerro San Pedro397 15,948 - 1,703 57,980 - Rainy River6,236 14,635 - n/an/an/aBlackwater9,500 70,130 - 8,070 56,190 - Capoose320 14,620 - 196 9,497 - El Morro3,041 - 2,207 2,891 - 2,097 Total M&I27,672 125,018 4,505 21,403 131,847 4,061 Mineral Reserves and Resources SummaryAs at December 31, 2013As at December 31, 2012(1)

55. 55
Reserves and resources summary (cont’d)
Appendix 9
1. 2012 information per Annual Information Form dated March 27, 2013.
Tonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsTonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsNew AftonProven- - - - - - - - - - - - - - Probable48,821 0.56 2.2 0.84 879 3,500 904 52,500 0.65 2.3 0.93 1,100 3,880 1,080 Total New Afton P&P48,821 0.56 2.2 0.84879 3,500 904 52,500 0.65 2.3 0.931,100 3,880 1,080 MesquiteProven3,809 0.70 - - 86 - - 13,140 0.68 - - 287 - - Probable112,094 0.60 - - 2,152 - - 114,409 0.56 - - 2,055 - - Total Mesquite P&P115,903 0.60 - - 2,237 - - 127,549 0.57 - - 2,342 - - Peak MinesProven1,820 4.35 6.7 1.16255 390 47 2,109 5.89 7.5 1.08399 510 50 Probable1,820 2.69 7.4 1.27 157 430 51 2,118 3.82 6.8 1.18 260 466 55 Total Peak Mines P&P3,640 3.52 7.1 1.22412 820 98 4,227 4.85 7.2 1.13659 976 105 Cerro San PedroProven12,982 0.47 17.5 - 197 7,311 - 21,100 0.52 17.1 - 353 11,600 - Probable13,714 0.44 18.7 - 195 8,239 - 26,400 0.48 17.4 - 407 14,800 - Total CSP P&P26,696 0.46 18.1 - 392 15,550 - 47,500 0.50 17.3 - 760 26,400 - Mineral Reserves statement as at December 31, 2013Contained metalMetal gradeMetal gradeContained metalMineral Reserves statement as at December 31, 2012

56. 56
Reserves and resources summary (cont’d)
Appendix 9
1. 2012 information per Annual Information Form dated March 27, 2013.
Tonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsTonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsRainy RiverDirect processing materialOpen PitProven15,839 1.47 2.0 - 746 1,038 - Probable46,866 1.26 3.1 - 1,896 4,594 - Open Pit P&P (direct processing)62,705 1.31 2.8 - 2,642 5,632 - UndergroundProven- - - - - - - Probable4,187 4.96 10.3 - 668 1,388 - Underground P&P (direct processing)4,187 4.96 10.3 - 668 1,388 - Stockpile materialOpen PitProven6,843 0.38 1.5 - 84 332 - Probable30,541 0.39 2.1 - 378 2,058 - Open Pit P&P (stockpile)37,384 0.38 2.0 - 462 2,390 - Total P&PProven22,681 1.14 1.9 - 830 1,370 - Probable81,594 1.12 3.1 - 2,943 8,040 - Total Rainy River P&P104,275 1.13 2.8 - 3,773 9,410 - Blackwater Direct processing materialProven124,500 0.95 5.5 - 3,790 22,100 - Probable169,700 0.68 4.1 - 3,730 22,300 - P&P (direct processing)294,300 0.79 4.7 - 7,510 44,400 - Stockpile materialProven20,100 0.50 3.6 - 330 2,300 - Probable30,100 0.34 14.6 - 330 14,100 - P&P (stockpile)50,200 0.40 10.2 - 650 16,400 - Total Blackwater P&P344,400 0.74 5.5 - 8,170 60,800 - El Morro30% BasisProven321,814 0.56 - 0.551,746 - 1,163 307,949 0.57 - 0.561,705 - 1,135 Probable277,240 0.35 - 0.43 929 - 788 335,152 0.37 - 0.44 1,186 - 962 Total El Morro P&P599,054 0.46 - 0.492,675 - 1,951 643,101 0.47 - 0.492,891 - 2,097 Total P&P18,538 90,080 2,953 7,752 31,256 3,282 100% Basis30% Basis100% BasisMineral Reserves statement as at December 31, 2013Contained metalMetal gradeMetal gradeContained metalMineral Reserves statement as at December 31, 2012

57. 57
Reserves and resources summary (cont’d)
Appendix 9
1. 2012 information per Annual Information Form dated March 27, 2013.
2. New Afton C-zone updated for July 7, 2014 news release.
Tonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsTonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsNew AftonA&B ZonesMeasured41,059 0.79 2.7 1.09 1,041 3,624 984 33,500 0.86 2.9 1.18 929 3,160 873 Indicated26,966 0.44 2.1 0.65 384 1,777 384 45,900 0.67 2.4 0.89 984 3,530 896 A&B Zone M&I68,025 0.65 2.5 0.91 1,425 5,401 1,368 79,400 0.75 2.6 1.01 1,913 6,690 1,769 C-ZoneMeasured931 0.94 1.7 1.06 28 51 22 400 0.60 1.3 0.73 8 20 6 Indicated33,941 0.76 1.9 0.86 832 2,084 646 2,900 0.63 1.3 0.68 58 120 43 C-Zone M&I34,872 0.77 1.9 0.87 860 2,141 668 3,300 0.62 1.3 0.68 66 140 49 HW LensMeasured- - - - - - - - - - - - - - Indicated11,035 0.50 2.2 0.43 179 763 104 - - - - - - - HW Lens M&I11,035 0.50 2.2 0.43 179 763 104 - - - - - - - Total New Afton M&I113,932 0.67 2.3 0.85 2,464 8,305 2,140 82,700 0.74 2.6 1.00 1,979 6,830 1,818 MesquiteMeasured9,070 0.66 - - 191 - - 24,000 0.61 - - 452 - - Indicated304,081 0.48 - - 4,713 - - 370,100 0.45 - - 5,232 - - Total Mesquite M&I313,151 0.49 - - 4,904 - - 394,100 0.45 - - 5,684 - - Peak MinesMeasured3,000 4.69 6.7 1.06 450 650 70 2,700 5.74 7.5 1.05 494 647 62 Indicated3,400 3.29 6.7 1.18 360 730 88 3,200 3.75 6.8 1.19 386 703 84 Peak Mines M&I6,400 3.95 6.7 1.12 810 1,380 158 5,900 4.66 7.1 1.13 880 1,350 146 Cerro San PedroMeasured13,387 0.46 17.3 - 199 7,459 - 42,300 0.40 14.4 - 532 18,900 - Indicated14,311 0.43 18.4 - 198 8,489 - 109,400 0.34 11.5 - 1,171 39,080 - Total CSP M&I27,698 0.45 17.9 - 397 15,948 - 151,700 0.35 11.9 - 1,703 57,980 - Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2013Contained metalMetal gradeMeasured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012Metal gradeContained metal

58. 58
Reserves and resources summary (cont’d)
Appendix 9
1. 2012 information per Annual Information Form dated March 27, 2013.
2. New Afton C-zone updated for July 7, 2014 news release.
Tonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsTonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsRainy RiverDirect processing materialOpen PitMeasured20,282 1.45 1.9 - 947 1,261 - Indicated80,411 1.35 2.6 - 3,486 6,584 - Open Pit M&I (direct processing)100,693 1.37 2.4 - 4,433 7,846 - UndergroundMeasured89 4.95 2.8 - 14 8 - Indicated5,469 4.53 11.3 - 796 1,994 - Underground M&I (direct processing)5,558 4.53 11.2 - 810 2,002 - Stockpile materialOpen PitMeasured6,294 0.37 1.3 - 74 262 - Indicated64,816 0.44 2.2 - 919 4,526 - Open Pit M&I (stockpile)71,110 0.43 2.1 - 993 4,788 - Total M&IMeasured26,665 1.21 1.8 - 1,035 1,531 - Indicated150,696 1.07 2.7 - 5,202 13,104 - Total Rainy River M&I177,361 1.09 2.6 - 6,236 14,635 - Blackwater Direct processing materialMeasured116,955 1.04 5.6 - 3,900 21,060 - Indicated189,044 0.78 6.0 - 4,730 36,470 - M&I (direct processing)305,999 0.88 5.8 - 8,620 57,520 - Stockpile materialMeasured26,521 0.30 4.1 - 260 3,500 - Indicated64,382 0.30 4.4 - 620 9,110 - M&I (stockpile)90,904 0.30 4.3 - 870 12,600 - Total Blackwater M&I396,903 0.74 5.5 - 9,500 70,130 - 296,146 0.85 5.9 - 8,070 56,190 - CapooseIndicated20,280 0.50 22.4 - 320 14,620 - 14,200 0.43 20.8 - 196 9,497 - El MorroMeasured341,604 0.56 - 0.541,848 - 1,230 307,949 0.57 - 0.561,705 - 1,135 Indicated349,803 0.35 - 0.42 1,193 - 977 335,152 0.37 - 0.44 1,186 - 962 Total El Morro M&I691,407 0.46 - 0.483,041 - 2,207 643,101 0.47 - 0.492,891 - 2,097 Total M&I27,672 125,018 4,505 21,403 131,847 4,061 Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2013Contained metal100% Basis30% BasisMetal gradeMeasured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012Metal gradeContained metal100% Basis30% Basis

59. 59
Reserves and resources summary (cont’d)
Appendix 9
1. 2012 information per Annual Information Form dated March 27, 2013.
2. New Afton C-zone updated for July 7, 2014 news release.
Tonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsTonnes000'sGoldg/tSilverg/tCopper% GoldKozSilverKozCopperMlbsNew AftonA&B-Zone5,607 0.32 1.5 0.38 59 272 46 14,900 0.45 2.0 0.65 216 940 212 C-Zone 7,979 0.50 1.5 0.56 128 387 98 13,600 0.70 1.5 0.76 307 670 228 HW Lens818 0.56 1.3 0.42 15 33 7 - - - - - - - New Afton Inferred14,404 0.50 1.5 0.52 202 692 151 28,400 0.57 1.8 0.70 523 1,610 440 Mesquite17,550 0.42 - - 238 - - 50,900 0.40 - - 651 - - Peak Mines2,000 2.34 4.7 1.17 150 300 51 1,700 2.64 4.8 1.13 144 261 42 CSP1,174 0.34 11.6 - 13 436 - 103,900 0.25 8.8 - 850 29,200 - Rainy RiverDirect processingOpen Pit9,388 0.97 2.3 - 292 687 - Underground2,641 4.46 8.3 - 379 707 - Total Direct Processing12,029 1.74 3.6 - 671 1,394 - StockpileOpen Pit8,626 0.37 1.2 - 102 323 - Rainy River Inferred20,655 1.16 2.6 - 773 1,717 - BlackwaterDirect processing13,815 0.76 4.1 - 340 1,820 - Stockpile3,785 0.31 3.6 - 40 440 - Blackwater Inferred17,600 0.66 4.0 - 380 2,260 - 16,585 0.58 10.8 - 310 5,760 - Capoose29,263 0.39 26.3 - 370 24,740 - 64,070 0.29 23.2 - 595 47,789 - El Morro - Open Pit564,217 0.16 - 0.26871 - 970 137,555 0.99 - 0.701,310 - 632 El Morro - Underground113,840 0.97 - 0.781,065 - 587 Total Inferred4,062 30,145 1,759 4,383 84,620 1,114 100% Basis30% Basis30% Basis100% BasisInferred Resource statement as at December 31, 2013Contained metalMetal gradeInferred Resource statement as at December 31, 2012Metal gradeContained metal

60. 60
New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Measured and Indicated mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a greater amount of uncertainty as to their existence and economic and legal feasibility, do not have demonstrated economic viability, and are exclusive of mineral reserves. Mineral reserves have been estimated in accordance with the Canadian Instituteof Mining, Metallurgy and Petroleum (“CIM”) definition standards and National Instrument 43-101 (“NI 43-101”).
1) Mineral Reserves for the company’s mineral properties have been estimated based on the following metal prices and lower cut-off criteria:
Mineral Property
Gold (US$/oz)
Silver (US$/oz)
Copper (US$/lb)
Lower Cut-off
New Afton
$1,300
$22.00
$3.00
US$21.00/t NSR
Mesquite
$1,300
-
-
0.21 g/t Au –Oxide and transition reserves
0.41 g/tAu –Non-oxide reserves
Peak Mines
$1,300
$22.00
$3.00
A$88 –134/t NSR
Cerro San Pedro
$1,300
$22.00
-
US$3.00/t
Rainy River
$800
$1,300
$25.00
$22.00
-
Open Pit:0.3 –0.7 g/t Au
Underground: 3.5 g/t Au
Blackwater
$1,300
$22.00
-
Direct processing:0.26 –0.38 g/t AuEq
Stockpile:0.32 g/t AuEq
El Morro
$1,300
-
$3.00
0.20% Cu
Reserves and resources notes
Appendix 9

61. 61
2) Mineral Resources for the company’s mineral properties have been estimated based on the following metal prices and lower cut-off criteria:
3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable 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. Likewise 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. Additional details regarding mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s mineral properties, other than Rainy River, are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com. Refer to the supplementary information below regarding the mineral reserve and mineral resource estimates for Rainy River.
Mineral Property
Gold (US$/oz)
Silver (US$/oz)
Copper (US$/lb)
Lower Cut-off
New Afton
$1,400
$24.00
$3.25
0.40% CuEq
Mesquite
$1,400
-
-
0.11g/t Au –Oxide and transition resources
0.22 g/t Au –Non-oxide resources
Peak Mines
$1,400
$24.00
$3.25
A$92 -125/t NSR
Cerro San Pedro
$1,400
$24.00
-
0.10 g/t AuEq –Open pit oxideresources
0.30 g/t AuEq –Open pit sulphideresources
Rainy River
$1,400
$24.00
-
OpenPit: 0.3 –0.45g/t Au
Underground: 2.5 g/t Au
Blackwater
$1,400
$24.00
-
Direct processing:0.40 g/t AuEq
Stockpile: 0.30 –0.40 g/t AuEq
Capoose
$1,400
$24.00
-
0.40 g/t AuEq
El Morro
$1,300
-
$3.00
0.20% Cu
Reserves and resources notes (cont’d)
Appendix 9

62. 62
Rainy River Mineral Reserves:
1. Open pit mineral reserves have been estimated using an optimized pit shell based on metal prices of $800 per ounce gold and $25 per ounce silver, a foreign exchange rate of C$1.05 to US$1.00, gold recovery of 89.9% (non-CAP Zone) and 74.3% (CAP Zone) and a silver recovery of 67.1% (non-CAP Zone) and 69.5% (CAPZone). The cut-off grade is based on a gold price of $1,200. Underground reserves have been estimated from mining shapes generated using a cut-off grade of 3.5 g/t gold-equivalent. Development material from stopeaccess drives above a cut-off grade of 1.5 g/t gold-equivalent is also assumed to be sent to the mill for processing. Underground breakeven cut-off grade is calculated at 2.75 g/t gold-equivalent based on metal prices of $1,300 per ounce gold and $22 per ounce silver, a foreign exchange rate of CAD $1.05 to USD $1.00, gold recoveryof 95% and a silver recovery of 75%.
2. Open pit reserves have been estimated using a dilution of 4% at 0.21 g/t Au and 1.19 g/t Ag, and underground reserves havebeen estimated using an overall dilution of 8.3%, inclusive of both rock and backfill dilution. Open pit and underground reserves have been estimated using a mining recovery of 95% and 96.5%,respectively.
3. Open pit direct processing material is defined as mineralization likely to be mined and processed directly and above a variable cut-off grade ranging from 0.3-0.7 Au g/t.
4. Stockpile material includes all material within designed open pit between variable cut-offs described above in Note 3, as well as material within the CAP Zone (code 500) that is suitable for stockpiling and future processing.
5. Mineral Reserves for the open pit are derived from the resource model effective November 2, 2013. Models for the underground reserves were derived from the August 2013 and September 2013 models for the main ODM zone and Intrepid Zone, respectively. Models were prepared by DorotaEl-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo. (APGO #1416), of SRK, both independent “Qualified Persons" as that term is defined in National Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Mark A. Petersen, (AIPG Certified Professional Geologist #10563), Vice President, Exploration for New Gold and a “Qualified Person” as defined in National Instrument 43-101. New Gold continues to implement a rigorous QA/QC program to ensure best practices in drill core sampling, analysis and data management.
6. Qualified persons -The open pit portion of the mineral reserve statement was prepared under the supervision of Patrice Live (OIQ #38991) of BBA, and the underground portion of the mineral reserve statement was prepared by ColmKeogh, P.Eng. (APEGBC #37433) of AMC Mining Consultants (Canada) Ltd., both independent “Qualified Persons" as that term is defined in National Instrument 43-101.
7. The mineral reserve estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical,marketing, and other relevant issues.
Rainy River Mineral Resources:
1. Mineral resources are reported in relation to conceptual pit shells and are inclusive of the Intrepid zone. Vertical limitof-150m msl.
2. Open pit mineral resources are reported at a cut-off grade of 0.30 gptgold, underground mineral resources are reported at a cut-off grade of 2.5 gptgold based on a gold price of $1,400 per ounce, a silver price of $24.00 per ounce, a foreign exchange rate of C$1.10 to US$1.00, gold recovery of 88% for open pit resources and 90% for underground resources with silver recovery at 75%.
3. Direct processing material is defined as mineralization above a cut-off of 0.45 g/t gold and likely to be mined and processeddirectly.
4. Stockpile material includes all material within conceptual pit shells in the gold grade range 0.30 –0.45 gptas well as all material within the CAP zone that is suitable for stockpiling and future processing based on average metallurgical recoveries of 88% gold and 75% silver.
5. Qualified Persons –The mineral resource statement was prepared by DorotaEl-Rassi, P. Eng. (APEO #100012348) and Glen Cole (APGO #1416) from SRK, both independent "Qualified Persons" as that term is defined in National Instrument 43-101.
6. Mineral resources are inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
7. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other relevant issues.
4) Qualified Person: The preparation of New Gold's mineral reserve and mineral resource statements has been done by QualifiedPersons as defined under National Instrument 43-101 under the supervision of Mark A. Petersen, a Qualified Person under National Instrument 43-101 and an officer of New Gold.
Reserves and resources notes (cont’d)
Appendix 9

63. 63
Guidance assumptions
Spot:
2014
Gold price ($/oz)
1,300
Silver price ($/oz)
20.00
Copper price ($/oz)
3.25
AUD/USD
1.14
CDN/USD
1.11
MXN/USD
13.00
Spot
Gold price ($/oz)
1,255
Silver price ($/oz)
19.05
Copper price ($/oz)
3.10
AUD/USD
1.09
CDN/USD
1.10
MXN/USD
13.20
Commodity price/foreign exchange assumptions
Appendix 10

64. Endnotes
64
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL 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”, “Indicated Mineral Resource” and “Inferred Mineral Resource” used in this Report are Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by CIM Council on November 27, 2010 and incorporated by reference in National Instrument 43-101 (“NI 43-101”). 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. As such, certain information contained in this Report concerning descriptionsof mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.
An “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher confidence category. Readers are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable.
Under United States standards, mineralization may not 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 estimation is made. Readers are cautioned not to assume that all or any part of the Measured or Indicated Mineral Resources that are not Mineral Reserves will ever be converted into Mineral Reserves. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ 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 A. Petersen, Vice President, Exploration of New Gold. Mr. Petersen is an AIPG Certified Professional Geologist and a “qualified person” under National Instrument 43-101. For additional information with respect to ourMineral Resource and Reserve estimates and the Feasibility Studies discussed herein, refer to our news release dated February 6, 2014, the Rainy River Technical Report, the Blackwater Technical Report and our other technical reports available at www.sedar.com.

65. Endnotes (cont’d)
65
NON-GAAP MEASURES
(1) ALL-IN SUSTAINING COSTS
Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold defines “all-in sustaining costs” per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature and environmental reclamation costs, all divided by the ounces of gold soldtoarrive at a per ounce figure. New Gold believes this non-GAAP financial measure provides further transparency into costs associated with producing gold and will assist analysts, investorsand other stakeholders of the company in assessing the company’s operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a standardized meaning under GAAP and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of cash flow from operations under GAAP or operating costs presented under GAAP. Further details regarding all-in sustaining costs and a reconciliation to the nearest GAAPmeasures are provided in our MD&As accompanying our financial statements filed from time to time on www.sedar.com.
(2) TOTAL CASH COSTS
“Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. The company believes that certain investors use this information to evaluate the company’s ability to generate liquidity through operating cash flow and that this measure, along with sales, is considered to be a key indicator of the company’s ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper sold,as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated, all total cash cost information in this presentation is net of by-product sales. These measures, along with sales, are considered to be a key indicator of a company’s ability to generate operating earnings and cash flow from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a standardized meaning under GAAP and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is notnecessarily indicative of cash flow from operations under GAAP or operating costs presented under GAAP. Further details regarding total cash costs and a reconciliation to the nearest GAAP measures are provided in our MD&As accompanying our financial statements filed from time to time on www.sedar.com.
(3) ADJUSTED NET EARNINGS
“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial measures. Net earnings have been adjusted and 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 theunderlying entries are impacted for tax in the unadjusted net earnings from continuing operations. The company uses this measure for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect fair value changes on senior notes and non-hedged derivatives, foreign currency translation and fair value through profit or loss and financial asset gains/losses. Consequently, the presentation of adjusted net earnings and adjusted net earnings per share 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 and adjusted net earnings per share 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 haveany standardized definition under IFRS and may not be comparable to similar measures presented by other companies. 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 flows from operations as determined under IFRS.

66. Endnotes (cont’d)
66
(4) OPERATING MARGIN
“Operating margin” is a non-GAAP financial measure with no standard meaning under GAAP, which management uses to further evaluate the company’s results of operations in each reporting period. Operating margin is calculated as revenue less operating expenses and therefore does not include depreciation and depletion. Operating margin is intended to provide additional information only and does not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently and this measure is unlikely to be comparable tosimilar measures presented by other companies.
(5) 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 a one-time charge incurred in the second quarter of 2013 related to the settlement of the company’s legacy gold hedge position. The company believes the presentation of adjustednet cash generated from operations enables investors and analysts to better understand the underlying operating performance of our core mining business. Adjusted net cash generated fromoperations 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.

67. Contact information
67
Investor Relations
Hannes Portmann
Vice President, CorporateDevelopment
416-324-6014
hannes.portmann@newgold.com