Investor day presentation

Investor Day 2016
February 18, 2016

Agenda – February 18, 2016
2:00 – 3:30 pm Investor Day Presentation
3:30 – 4:00 pm Additional Discussion and Q&A
4:00 pm onwards Reception
2

Presentation agenda
Gold market overview Randall Oliphant
Company update
Randall Oliphant /
Robert Gallagher
New Gold overview Hannes Portmann
2015 operational results, 2016 outlook and New Afton update David Schummer
Mineral reserves and resources update and exploration update Mark Petersen
Rainy River development Peter Marshall
2015 financial results Brian Penny
Conclusion Randall Oliphant
3

Cautionary statements
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this
presentation, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”.
Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”,
“is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking
statements in this presentation include, among others, statements with respect to: guidance for production, total cash costs and all-in sustaining costs, and the factors contributing to
those expected results, as well as expected capital and other expenditures; grades expected to be mined at the Company’s operations; planned activities for 2016 and beyond at the
Company’s operations and projects, as well as planned exploration activities and expenses; the expected production, costs, economics and operating parameters of the Rainy River
project and the New Afton C-zone; targeting timing for development, first production and other activities related to the Rainy River project; plans to advance the New Afton C-zone project;
expected production, costs and timing for the Blackwater project; and statements with respect to the payment of the remaining $75 million from Royal Gold.
All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk
factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this
presentation, New Gold’s annual and quarterly management’s discussion and analysis (“MD&A”), its Annual Information Form and its Technical Reports filed at www.sedar.com. In
addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are also subject to the following assumptions: (1)
there being no significant disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being
consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian
dollar, Australian dollar, Mexican peso and U.S. dollar being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being
approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First
Nations and other Aboriginal groups in respect of the Rainy River and Blackwater projects being consistent with New Gold’s current expectations; (8) all required permits, licenses and
authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; (9) the results of the feasibility studies for the Rainy River,
New Afton C-zone and Blackwater projects being realized; (10) in the case of production, cost and expenditure outlooks at operating mines for 2016 and 2017, commodity prices and
exchange rates being consistent with those estimated for the purposes for 2016 guidance; and (11) conditions to the payment of the remaining $75 million from Royal Gold being satisfied
mid-2016.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause
actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without
limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for
metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia and Mexico;
discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical
recoveries; changes in national and local government legislation in Canada, the United States, Australia and Mexico or any other country in which New Gold currently or may in the future
carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of
mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the
permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits for the Rainy River, New Afton C-zone
and Blackwater projects; and in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization; the lack of certainty with respect to
foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to
current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key
employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including
the feasibility studies for Rainy River, New Afton C-zone and Blackwater; the uncertainty with respect to prevailing market conditions necessary for a positive development decision at
Blackwater; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral
properties; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Aboriginal groups; risks, uncertainties and unanticipated delays
associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the environmental
assessment process for Blackwater. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events
and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain
insurance to cover these risks) as well as “Risk Factors” included in New Gold’s disclosure documents filed on and available at www.sedar.com.
Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the
forward-looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
The footnotes, endnotes and appendices to this presentation contain important information. The endnotes and appendices are found at the end of the presentation.
ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED
4

GOLD MARKET OVERVIEW
Randall Oliphant, Executive Chairman
5

Gold market overview
Factors influencing the gold price
Gold market fundamentals
Impact of India and China
6

Global demand – Gold market diversity and growth
North
America
6% China
24%
Europe
18%
Asia
23%
1%
India
24%
Others
4%
South
America
1. Source: GFMS, Thomson Reuters. Based on 2014 tonnage, demand includes jewellery, bar and coin, and technology. Excludes ETFs and OTC investment. Does not include revisions subsequent to the Gold Survey 2014.
7

0
50
100
150
200
250
300
0
1,000
2,000
3,000
4,000
5,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US$bnTonnes
Gold demand* Gold demand value (rhs)
Gold demand
Volume and Value(1) Changing Composition(2)
1. Gold demand comprises jewellery, investment (excl. OTC and stock flows), technology and official sector purchases. Source: Metals Focus; GFMS, Thomson Reuters; ICE Benchmark Administration; World Gold Council.
2. Source: Metals Focus; GFMS, Thomson Reuters; World Gold Council.
588t
878t
331t
2,415t
14%
21%
8%
57%
(1,000)
0
1,000
2,000
3,000
4,000
5,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Tonnes
Jewellery Technology Investment Central bank net purchases
8

0
250
500
750
1,000
1,250
1,500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Tonnes
Jewellery Demand Investment (Bar & Coin) Demand Consumer Demand (rolling 5y average)
China’s gold consumer demand
China’s Gold Consumer Demand Since 2005(1)
1. Source: Metals Focus; GFMS, Thomson Reuters; ICE Benchmark Administration; World Gold Council.
9

Gold supply
Changing Composition(1) Lack of Major New Discoveries(1)
1. Source: Metals Focus; GFMS, Thomson Reuters; World Gold Council.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
1,000
2,000
3,000
4,000
5,000
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
US$MTonnes
3-year running average AU in discoveries*
Discovery-oriented gold budget** (rhs)
(1,000)
0
1,000
2,000
3,000
4,000
5,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Tonnes
Mine production Net producer hedging Recycled gold
3-year running average gold in discoveries
10

India and China
India China
15% of world gold stock
24% of annual global demand
Strong traditional affinity to gold
Largest import after oil
In 2013, became the world’s number one market
for gold
Country has experienced 10 years of rapid
growth and middle class affluence
Gold market growth increasing
Traditional affinity to gold
Domestic gold prices remain strong
0
20,000
40,000
60,000
80,000
100,000
GoldPrice(RUP/oz)
0
2,000
4,000
6,000
8,000
10,000
12,000
GoldPrice(CNY/oz)
11

Gold bull and bear cycles
• Gold has experienced five bear and bull cycles since the 1970s
• The most recent bear cycle is not far off the mean
Bull Market Bear Market
Dates Length (months) Cumulative Return Dates Length (months) Cumulative Return
Jan 1970 – Jan 1975 61 451.4% Jan 1975 – Sep 1976 20 (46.4%)
Oct 1976 – Feb 1980 41 721.3% Feb 1980 – Mar 1985 61 (55.9%)
Mar 1985 – Dec 1987 33 75.8% Dec 1987 – Mar 1993 63 (34.7%)
Apr 1993 – Feb 1996 35 27.2% Feb 1996 – Sep 1999 43 (39.1%)
Oct 1999 – Sep 2011 144 649.6% Sep 2011 – Dec 2015 52 (44.1%)
Average 63 385.1% Average 47 (44.0%)
Median 41 451.4% Median 52 (42.7%)
1. Defining a bull market as a period where the US dollar gold price rose for at least two consecutive years and bear markets as the subsequent periods where price generally fell for a sustained time.
2. Source: Bloomberg, ICE Benchmark Administration Ltd, World Gold Council.
3. As at February 12, 2016.
• Gold price is up 17% since beginning of 2016(3)
12

Gold market outlook
Central banks remain net purchasers
Investment demand from most populous countries remains strong
Jewellery demand from most populous countries remains strong
Mine production on course to plateau / decline
13

COMPANY UPDATE
Robert Gallagher, President and CEO
14

Experienced and invested team
David Emerson Former Canadian Cabinet Minister
James Estey Chairman, PrairieSky Royalty
Robert Gallagher President & Chief Executive Officer
Vahan Kololian Founder, TerraNova Partners
Martyn Konig Chief Investment Officer, T Wealth Management
Pierre Lassonde Chairman, Franco-Nevada
Randall Oliphant Executive Chairman
Kay Priestly Former Chief Executive Officer, Turquoise Hill Resources
Raymond Threlkeld Chairman, Newmarket Gold
Randall Oliphant
Executive Chairman
Robert Gallagher
President & Chief Executive Officer
David Schummer
Executive Vice President &
Chief Operating Officer
Brian Penny
Chief Financial Officer
Hannes Portmann
Executive Vice President,
Business Development
Executive Management Team Board of Directors
$60 million collectively invested in New Gold
15

Executive leadership team
Randall Oliphant
Executive Chairman
David Schummer
Chief Operating Officer
Brian Penny
Chief Financial Officer
Hannes Portmann
Executive Vice President,
Business Development
Operations/Projects
Business Improvement
Health and Safety
Information Technology
Finance
Treasury
Legal
Concentrate Marketing
Corporate Development
Investor Relations
Exploration
Human Resources
New Gold’s President and CEO, Robert Gallagher, to retire in June 2016 after eight
successful years in the role and over 35 great years in the mining industry
16

Portfolio
of assets
in top-rated
jurisdictions
Invested and
experienced
team
Among
lowest-cost
producers with
established
track record
Peer-leading
growth pipeline
A history
of value
creation
New Gold investment thesis
15.0 Moz gold
reserves(1), >85%
located in Canada
$60 million
investment by
Board &
Management
2015 gold production
exceeded guidance,
2015 all-in
sustaining costs(2)
of $809/oz
~800 Koz annual
production
potential from
growth projects(3)
Share price
outperformed
S&P/TSX Global
Gold Index by >150%
since beginning
of 2009
1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”. 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 and ~485Koz annual production from Blackwater, as outlined in the feasibility studies for the projects.
17

Reinvesting free cash flow generation
1. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce is equal to realized gold price per ounce during the period less costs (being cash costs or all-in sustaining costs, as the case may be) per ounce.
2015 All-in Sustaining Cost Margin(1)
$340 /oz
+75% of expected 2016 company production
at lower all-in sustaining costs(2)
Rainy River
Opportunity to extend mine life of New Gold’s
most significant cash flow generator
New Afton C-zone
+120% of expected 2016 company production
at lower all-in sustaining costs(2)
Blackwater
Investing in longer-lived, larger-scale, lower-cost assets
18

Rainy River project economics
1. Net present value discounted to December 31, 2015 and excludes historical project development costs. IRR and payback period inclusive of all project development costs. Stream proceeds included as a net reduction to capital costs. Assumes second
instalment of stream proceeds paid in mid-2016.
2. First five years.
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. First nine years.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. First nine years.
• $100 per ounce change in gold price equals ~$175 million change
in after-tax NAV and 3.4% change in IRR
• $0.05 change in exchange rate equals ~$50 million change in
after-tax NAV and 1.3% change in IRR
$670 /oz
ALL-IN SUSTAINING COSTS(4)
Gold Price ($/oz)
Silver Price ($/oz)
CDN/USD ($)
$1,200
$15.00
$1.40
After-tax
5% NPV ($mm) $759
IRR (%) 14.8
Payback (years) 5.3
$570 /oz
TOTAL CASH COSTS(3)
Project Economics(1)
Grade, Production and Cost Profiles
• Capital and operating costs benefit from
a depreciation of Canadian dollar
• ~80% of costs denominated in
Canadian dollars
• In addition, operating costs expected to
benefit from: proximity to infrastructure,
lower power costs, ~1.5 g/t average
head grade(2) and silver by-product
GOLD PRODUCTION (Koz)
325
19

New Afton C-zone – Feasibility study economics
2015 Scoping
Study
2016 Feasibility
Study
After-tax 5% NPV ($mm) 68 84
After-tax IRR (%) 9.7 10.3
After-tax Payback (years) 3.4 3.4
Gold price ($/oz) $1,200
Copper price ($/lb) $2.75
CDN/USD ($) $1.25
C-zone: Project Economics C-zone: Key Sensitivities
Based on the feasibility study, during the years of full production,
average annual pre-tax cash flow of ~$200 million
$0.25 per pound change in copper
price ~$34 million in after-tax NPV
and 1.9% change in IRR
$100 per ounce change in gold
price ~$18 million in after-tax NPV
and 1.0% change in IRR
$0.05 change in exchange rate
~$24 million in after-tax NPV and
1.5% change in IRR
20

Blackwater project summary
British Columbia,
Canada
#1
Country
Ranking(1)
8.2 Moz
Gold Reserves
1.3 Moz
Gold M&I Resources
Complete Federal
Environmental
Assessment
process by late 2016/
early 2017
First nine years:
485 Koz
Annual Gold Production
1.8 Moz
Annual Silver Production
$590/oz
All-in Sustaining Costs(3)
17-year
Mine Life
60.8 Moz
Silver Reserves
7.8 Moz
Silver M&I Resources
Jurisdiction and Regional Upside 2013 Feasibility Study
Significant Gold and Silver Resource(4) 2016 Plan
~$1,576 million
Development Capital(2)
1. Source: 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”.
2. Development capital assumes $1.25 CDN/USD exchange rate.
4. Mineral resources are exclusive of reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold
production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”.
~1,100 km2
Land Package
21

NEW GOLD OVERVIEW
Hannes Portmann, EVP Business Development
22

2015 operational highlights
436 thousand oz
100 million lbs
Copper
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
On schedule for mid-2017
$877 million total
development capital
Overall construction
25% complete
Mill expansion completed
ahead of schedule and
under budget
Completed C-zone
feasibility study
EXCEEDED PRODUCTION GUIDANCE AND BEAT COST OUTLOOK
2015 Gold Production 2015 Copper/Silver Production 2015 Costs
Corporate Developments New Afton Rainy River
Record full-year production
1.9 million oz
Silver
$443 per oz
Total cash costs(1)
$809 per oz
All-in sustaining costs(2)
Further strengthened financial
flexibility through two
transactions:
• Rainy River stream
• Sale of El Morro
23

2015 corporate developments
1. Assumes receipt of second instalment of $75 million from Royal Gold. Second instalment of $75 million is to be paid when 60% of development capital spent and other customary conditions are satisfied.
~$330 million improvement in financial position
without equity issuance
• The two transactions collectively increased our liquidity position by ~$235 million and eliminated
$94 million of debt(1)
Sale of $175 million Rainy River stream to Royal Gold
Sale of 30% interest in El Morro to Goldcorp
July 2015
November 2015
24

Stream comparison
1. Does note include portion of stream attributable to silver. New Gold to deliver 60% of the project's silver production up to a total of 3.1 million ounces of silver, and 30% of the project's silver production thereafter. Royal Gold to pay 25% of the average
silver spot price.
2. M&I resources are exclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold
production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
Initial gold stream percentage 4% 6.5%
Average annual stream ounces (Koz) >16 ~16
Total gold reserves(2) (Moz) 8.9 3.8
Reserves subject to stream (Koz) 357 247
Transfer price pre-threshold ($ per ounce) $400 25% of spot gold price
Ounce threshold (Koz) 217 230
Gold stream percentage post-threshold 4% 3.25%
M&I gold resources subject to stream (exclusive) (Koz) 49 85
Inferred resources subject to stream (Koz) 258 24
Transfer price post-threshold ($ per ounce) $400 + 1% inflation factor 25% of spot gold price
El Morro
Stream Retained
Rainy River Stream Sold
(gold portion)(1)
25

Portfolio of assets in top-rated jurisdictions
Blackwater
New Afton
Rainy River
Mesquite
Cerro San Pedro
Peak Mines
Mine Life: 17 years
Mine Life: 7 years + C-zone potential
Mine Life: 14 years
Mine Life: 7 years + residual leach
Mine Life: Final year + residual leach
Mine Life: 6+ years
#1
CANADA
#3
UNITED
STATES
#5
MEXICO
#2
AUSTRALIA
OPERATING
DEVELOPMENT
All Assets Ranked in Top 5 Global Mining Jurisdictions(1)
Mineral Reserves(2)
26

$389 $443
$613
$809
$705 $706
• Record fourth quarter
operating performance
• Continue to generate strong
margins in current
commodity price
environment
• Free cash flow from four
operations being reinvested
into the business
Low costs drive robust margins
Total cash costs(1) ($/oz) All-in sustaining costs(2) ($/oz)
Total cash cost margin(3) ($/oz)
3. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce is equal to realized gold price per ounce during the period less costs (being cash costs or all-in sustaining costs, as the case may be) per ounce.
$481
$340
All-in sustaining cost margin(3) ($/oz)
2015 Fourth Quarter and Full Year
64% 61% 44% 30%Margin %
27

2016 guidance
3. Sustaining capital based on New Gold’s 2016 estimated capital expenditures including capitalized exploration and excluding expenditures related to growth-related initiatives.
4. General and administrative and other includes stock-based compensation and asset retirement obligation.
All-in
Sustaining Costs(1)
$825-$865 /oz
Total cash
costs(2)
Sustaining
capital(3)
General and
administrative
and other(4)
Sustaining
exploration
expense
$435-$475
~$280
~$80
~$30
Gold Production (Koz)
400
360
28

2015 OPERATIONAL RESULTS
David Schummer, EVP and COO
29

Health, safety and corporate social responsibility
• Lowest lost time incident frequency rate and
total reportable incident frequency rate in
company’s history
• Fourth consecutive year without a health
and safety fine
• All approvals and permits to start Rainy
River construction obtained
• Independent Tailings Review board
implemented to provide additional
assurance to current practices
• Recognized as one of the top five socially
responsible mining companies in Canada by
Sustainalytics
• Over the past five years, achieved
significant recognition through the following
awards: CanCham Outstanding Business
Award, WorkSafe BC Certificate of
Recognition, Best Safety Culture in Canada,
James T. Ryan (awarded twice), Cerro De
Plata – Mexico, and PDAC Safe Day Every
Day Award (awarded three times)
2015 Highlights
2015 2014 Change
All Injury Frequency Rate 7.38 8.10 (9%)
Total Reportable Incident
Frequency Rate
1.86 2.54 (27%)
Lost Time Incident Frequency Rate 0.03 0.33 (91%)
Severity 6.79 31.2 (78%)
Health and Safety Performance Indicators
LOWEST IN COMPANY’S HISTORY
30

2015 consolidated operational results
GOLD
PRODUCTION (Koz)
436
Exceeded guidance
COPPER
PRODUCTION (Mlbs)
100
Achieved guidance
TOTAL CASH
COSTS(1) ($/oz)
$443
ALL-IN SUSTAINING
COSTS(2) ($/oz)
$809
SILVER
PRODUCTION (Moz)
1.9
Achieved guidance
31

2015 operational scorecard
• Positive model
reconciliation on ore
tonnes partially offset
by slightly lower
grade
• Timing difference on
leach pad recovery
schedule
• Copper grade of
0.90% slightly below
lower range
• Lower ore tonnes due
to seismic activity in
Q1’2015, copper
recovery slightly
below lower range
Achieved or exceeded gold production guidance at each mine
New Afton Mesquite Peak Mines Cerro San Pedro
2015 production guidance (Koz) 105-115 110-120 85-95 90-100
2015 actual production (Koz) 106 135 90 106
2015E key metric ranges
Tonnes processed (000 tonnes) 5,100 – 5,300 13,500 – 13,900 840 – 860 13,500 – 13,900
Gold grade (g/t) 0.76 – 0.80 0.41 – 0.45 3.6 – 3.8 0.50 – 0.55
Silver grade (g/t) -- -- -- 18.0 – 20.0
Copper grade (%) 0.91% - 0.95% -- 0.95% – 1.00% --
Gold recovery (%) 82% – 84% ~62% 90% – 92% ~40%
Silver recovery (%) -- -- -- ~22%
Copper recovery (%) 83% – 85% -- 89% – 91% --
32

30
43
35
23
2015 mine-by-mine operating results
Total cash costs(1) ($/oz) All-in sustaining costs(2) ($/oz)
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. New Afton co-product cash costs: Fourth quarter: Gold - $433/oz, Copper - $0.86/lb. Full-year: Gold - $464/oz, Copper - $0.96/lb.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. New Afton co-product all-in sustaining costs: Fourth quarter: Gold - $539/oz, Copper - $1.07/lb. Full-year: Gold - $642/oz, Copper - $1.34/lb.
2015 Fourth Quarter – New Gold record for quarterly gold production and all-in sustaining costs
Gold production (Koz)
2015 Full Year – New Gold record for annual gold production
($614)
$631 $552
$868
($340)
$869
$706
$883
GOLD
PRODUCTION (Koz)
132
TOTAL CASH
COSTS(1) ($/oz)
$389
ALL-IN SUSTAINING
COSTS(2) ($/oz)
$613
106
135
90
106
Total cash costs(1) ($/oz) All-in sustaining costs(2) ($/oz)Gold production (Koz)
($724)
$743 $791 $865
($242)
$1,156
$1,071
$879
GOLD
PRODUCTION (Koz)
436
TOTAL CASH
COSTS(1) ($/oz)
$443
ALL-IN SUSTAINING
COSTS(2) ($/oz)
$809
(3) (4)
33

2016 OUTLOOK
34

2016 consolidated operational outlook
GOLD
PRODUCTION (Koz)
360-400
• Cerro San Pedro transition
to residual leaching
COPPER
PRODUCTION (Mlbs)
81-93
• Lower copper grade at
New Afton
• Peak Mines focusing on
more gold-rich ore bodies
TOTAL CASH
COSTS(1) ($/oz)
$435-$475
• In line with 2015 despite
lower by-product revenues
ALL-IN SUSTAINING
COSTS(2) ($/oz)
$825-$865
• Lower gross sustaining
costs allocated across a
lower gold production base
SILVER
PRODUCTION (Moz)
1.6-1.8
• In line with 2015
KEY INPUT
ASSUMPTIONS
Copper $2.00/lb
Silver $14.00/oz
CDN/USD $1.40
AUD/USD $1.40
MXN/USD $18.00
35

Mesquite – 2016 guidance
$590-$630 $1,015-$1,055
• 2016 production expected to remain
in line with 2015
• Decrease in costs attributable to
continued operational efficiencies
and lower diesel prices
• Production expected to increase to
over 150,000 ounces as gold grade
should continue to increase
• Higher production is scheduled to be
coupled with lower costs
Gold Production (Koz)
Total Cash Costs(1) ($/oz) All-in Sustaining Costs(2) ($/oz)
130-140
Overview
2017 Outlook
36

Peak Mines – 2016 guidance
$800-$840 $1,020-$1,060
• Gold production expected to remain
in line with 2015
• Copper production expected to
decrease as 2016 mine plan
intentionally focuses on mining more
gold-rich ore bodies
• $0.25 per pound change in copper
price equals ~$20 per ounce change
in Peak Mines all-in sustaining costs(2)
• $0.05 change in Australian dollar
exchange rate equals ~$35 per
ounce change in Peak Mines all-in
sustaining costs(2)
• Gold-copper production mix will be
optimized to maximize cash flow and
profitability for 2017
Gold Production (Koz) Copper Production (Mlbs)
80-90 6-8
Overview
Key Sensitivities
2017 Outlook
37

Cerro San Pedro – 2016 guidance
$755-$795 $765-$805
• Decrease in production as mine
transitions to residual leaching
• Costs to decrease relative to 2015
• $1.00 per ounce change in silver price
equals ~$20 per ounce change in Cerro
San Pedro all-in sustaining costs(2)
• $1.00 change in Mexican peso
ounce change in Cerro San Pedro
all-in sustaining costs(2)
• Gold production from residual
leaching expected to be
approximately 25 thousand ounces
• Silver production expected to be
approximately one million ounces
Gold Production (Koz) Silver Production (Moz)
60-70 1.3-1.5
Overview
Key Sensitivities
2017 Outlook
38

New Afton – 2016 guidance
($335)-($295) $95-$135
• Gold and copper production
decreases due to lower gold and
copper grades
• Higher costs due to lower by-product
revenues
• $0.25 per pound change in copper
price equals ~$210 per ounce change
in New Afton all-in sustaining costs(2)
• $0.05 change in Canadian dollar
ounce change in New Afton all-in
sustaining costs(2)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Co-product cash costs guidance: Gold - $505-$545 per ounce, Copper - $0.90-$1.05 per pound.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Co-product all-in sustaining costs guidance: Gold - $660-$700 per ounce, Copper - $1.20-$1.35 per pound.
• Gold production of ~85,000 ounces
and copper production of ~80 million
pounds
Gold Production (Koz) Copper Production (Mlbs)
90-100 75-85
Overview
Key Sensitivities
2017 Outlook
39

2016 capital expenditures by category
Sustaining Capital: ~$105 million Growth Capital: ~$510 million
Mesquite
$55 million
New Afton
$38 million
Peak Mines
$12 million
Rainy River
$500 million
Blackwater
$5 million
New Afton
$5 million
Total Capital Expenditures
~$615 million
40

2016 capital expenditures by category (cont’d)
Rainy River Mesquite New Afton
• $405 million – mining,
infrastructure and
process facilities
• $95 million – owners’
costs, indirects and
other
• See slide 66 for
detailed breakdown
• $35 million –
capitalized stripping
• $12 million – plant and
equipment
• $8 million – complete
leach pad expansion
• $38 million – mine
development, plant and
equipment
• $5 million – C-zone
studies, C-zone
capitalized exploration
Sustaining capital
Peak Mines Blackwater
• $12 million – plant and
equipment and
capitalized exploration
• $5 million – permitting,
environmental studies
and site support
$500 million $55 million $43 million $12 million $5 million
41

NEW AFTON UPDATE
42

New Afton mill expansion
• Completed in second quarter 2015
• Capital cost of expansion was $35 million,
approximately $10 million less than budget
• Strong fourth quarter production figures
attributable to:
• 12% increase in mill throughput(1)
• 3% increase in gold recovery(1)
• 4% increase in copper recovery(1)
• Current throughput of over 15,500 tonnes
per day
Successfully commissioned, ahead of schedule and under budget
Mill Expansion Completed
1. Relative to fourth quarter of 2014.
43

New Afton C-zone update
1,180m
C-zone Block
Cave Volume
Open to
West
Open at
depth
Main Zone
Extraction Level
C-zone
Measured
Indicated
Inferred
44

1. M&I resources exclusive of reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production
leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”.
New Afton C-zone reserves and resources
Resource remains open at depth and to the west
• Added 583 thousand ounces of
gold and 430 million pounds of
copper
• C-zone originally identified through
limited deep holes drilled from
surface prior to 2007
• Since July 2012 have completed
138 holes totaling 85,585 metres
and continually updated resource
• Additional drilling planned in 2016
to further expand C-zone
Tonnes
(000s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
Proven - - - - -
Probable 25,040 0.72 0.78 583 430
Total P&P 25,040 0.72 0.78 583 430
Measured 2,230 1.05 1.21 75 59
Indicated 15,462 0.79 0.96 392 326
Total M&I 17,693 0.82 0.99 467 385
Inferred 6,856 0.48 0.54 106 87
2015 Year-End C-zone Reserves and Resources(1)
45

New Afton C-zone – Scoping study versus feasibility study
2015 Scoping
Study
2016 Feasibility
Study
Total tonnes mined/processed (Mt) 21.5 25.0
Average gold grade (g/t) 0.76 0.72
Average copper grade (%) 0.80 0.78
Contained metal – Gold (Koz) 522 583
Contained metal – Copper (Mlbs) 377 430
Mine life (years) 5 5.5
Average full-year gold production (Koz) 107 108
Average full-year copper production (Mlbs) 77 81
Development capital ($mm) 349 402
Sustaining capital ($mm) 110 107
Average operating cost ($/t) 19.24 19.35
• The below table compares the 2015 scoping study to the current feasibility study results
C-zone: Scoping Study versus Feasibility Study(1)
16% increase in ore tonnes
Increase primarily driven by the
inclusion of a $41 million provision
for capital escalation given six year
development timeline
1. CDN/USD exchange rate of $1.25.
12% increase in contained gold
14% increase in contained copper
46

New Afton C-zone indicative timeline
Significant capital spending to begin well after Rainy River start-up
Rainy River
start-up
+ 1 year + 2 years + 3 years + 4 years + 5 years + 6 years
Targeted
milestones
FIRST PRODUCTION
DEVELOP BLOCK CAVE
PRODUCTION LEVELS
COMPLETE MAIN ACCESS RAMP
Over 70% of $402 million
development capital expected to
be spent in the final 3.5 years
• Based on market conditions and the receipt of permits, development of the C-zone could begin
after the start-up of Rainy River
47

MINERAL RESERVES AND RESOURCES UPDATE
Mark Petersen, VP Exploration
48

Reserves summary
15.0 15.0
2.7
• 2015 year-end gold reserves in line
with prior year (pro forma El Morro
sale)
• Key changes in gold reserves mainly
attributable to increases in New Afton
due to conversion of C-zone
resources, offset by 2015 mine
depletion and sale of El Morro
• 2015 year-end mineral reserve
assumptions:
• $1,200 per ounce gold
• $15 per ounce silver
(previously $18 per ounce)
• $2.75 per pound copper
(previously $3.00 per pound)
• CDN/USD $1.25
>85%
Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”.
1.2 0.9
1.9 76.0 82.0
Gold Reserves(1) (Moz)
Copper Reserves(1) (Blbs) Silver Reserves(1) (Moz)
El Morro
El Morro
49

Reserves summary (cont’d)(1)
17.7 (2.7)
(0.7) 0.6
0.1
15.0
Bridging 2014 to 2015 Gold Reserves (Moz)
Sale of El Morro
Increased cash
Decreased debt
Retained 4% gold stream
$62 million
$94 million
50

Gold geographic breakdown
Canada (88%)
USA (10%)
Australia (2%)
Canada (81%)
USA (12%)
Australia (7%)
15.0 6.7
1. At December 31, 2015. M&I resources exclusive of reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with
record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”.
Gold Reserves(1) (Moz) Gold M&I Resources(1) (Moz)
Growing resource base in Canada
(exclusive of Reserves)
51

Copper geographic breakdown
Canada (93%)
Australia (7%)
Canada (91%)
Australia (9%)
1.2 1.1
1. At December 31, 2015. M&I resources exclusive of reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with
record gold production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”.
Copper Reserves(1) (Blbs) Copper M&I Resources(1) (Blbs)
(exclusive of Reserves)
52

EXPLORATION UPDATE
Mark Petersen, VP Exploration
53

2015 exploration achievements
2015 Achievements
Peak Mines
• Chronos discovery – system of high grade gold-copper
and lead-zinc-silver lenses extending above top of
Perseverance ore body at south end of mine corridor
• Anjea discovery – system of stacked copper-gold and
lead-zinc-silver lenses located immediately south of
historic Great Cobar mine at north end of mine corridor
• Significant copper and gold and lead-zinc-silver
mineralization intercepted in reconnaissance drilling at
three early-stage targets along mine corridor
Rainy River
• Integration of mineral resources on Burns Block
(Bayfield) into underground reserves extending from
Intrepid and ODM-17 zone
Blackwater
• Confirmed Blackwater mineralization signature
extending several kilometres west and south of main
deposit, more widespread than previously thought
54

2016 exploration program overview
Rainy River
$4 million
Expensed - $2 million
New Afton
Sustaining exploration Growth exploration
$12 million
Capitalized - $2 million
Peak Mines
Capitalized - $2 million
New Afton
55

2016 exploration program overview (cont’d)
1,180m
C-zone Block
Cave Volume
Open to
West
Open at
depth
Main Zone
Extraction Level
C-zone
Measured
Indicated
Inferred
2016 Program
New Afton
• Test potential to extend
C-zone block cave
resource to west
• Underground and surface
reconnaissance drilling to
test newly identified
satellite targets
• 10,000 metre drill program
56

2016 exploration program overview (cont’d)
2016 Program
Rainy River
• Continue to advance district reconnaissance and target identification
Peak Mines
• Chronos – underground diamond drilling to expand inferred status and upgrade central gold lens to M&I status
• Anjea – surface diamond drilling to delineate resource to inferred status
• Mine Corridor – surface and underground drilling to test newly identified mine corridor targets at Burrabungie,
Dapville, Gladstone, Mt. Pleasant, Young Australian
Positive results from
initial reconnaissance
drilling2016: 10,000
metres of drilling
2016: 10,000
metres of drilling
57

RAINY RIVER DEVELOPMENT
Peter Marshall, VP Project Development
58

Rainy River plant site construction photos
August 2015April 2015
59

Rainy River plant site construction photos (cont’d)
October 2015 November 2015
60

Rainy River plant site construction photos (cont’d)
December 2015 February 2016
61

Rainy River project summary
1. Source: Based on 2015 Behre Dolbear Report – “2015 Ranking of Countries for Mining Investment”.
Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”. Mineral resources are exclusive of reserves.
• 17km tie-in to power and close to
regional infrastructure
• Land package over 190 square
kilometres
• Supportive local government and
community
Ontario, Canada
Gold
Reserves
3.1Moz at 1.0g/t
Open Pit
Underground
0.7Moz at 5.0g/t
3.8Moz
#1
Gold M&I
Resources
2.0Moz at 0.8g/t
Open Pit
Underground
0.6Moz at 3.7g/t
2.6 Moz
Jurisdiction Resource Scale(2)
62

Rainy River project update
• Significant milestones have been achieved to date:
• Engineering complete
• Overall construction currently 25% complete
• $312 million spent through December 31, 2015
• Impacts and Benefits agreements completed with key First Nations and Métis
• Secured low power rates through Industrial Electricity Incentive Program to end of 2024
• Indicative power cost of C$2.4 cents/kWh (based on 2015 actual power rates)
• Commissioning on track for mid-2017
• Development capital estimate of $877 million(1) – projected cost increases related to earthworks, tailings dam
construction and installation of mechanical equipment, piping and electrical in processing plant, offset by depreciation
of Canadian dollar
• $500 million capital program for 2016
1. Assumes $1.40 CDN/USD foreign exchange rate.
63

Rainy River capital update
• As project construction has advanced, capital
costs for mining specific inputs have generally
come in at, or below, budget
• Initial mine fleet on budget
• Process equipment on budget
• Steel supply and installation under budget
• Supply and installation of leach tanks under
budget
• Where input cost pressures have arisen it has
primarily been on items linked to the continued
activity in the broader Ontario construction market
including
• Concrete supply and installation
• Installation of Mechanical, Piping, Electrical and
Instrumentation
• In addition, plant site earthworks, water
management and construction of the tailings
facility have required more materials/man hours
than budgeted
Mill shells
Haul truck
64

Rainy River capital committed to date
Description Estimate
Total Spent /
Committed
Direct Costs ($mm) ($mm)
Mining $161 $76
On-Site Infrastructure 92 51
Process Plant 304 172
Tailings Facility 65 34
Access Corridor 19 13
Off-Site Facilities 22 14
Total Direct Capital Costs 663 360
Total Owners’ & Indirect Costs(2)
214 158
Total Project Development Capital Costs 877 518
~59% of total capital spent/committed
as at December 31, 2015
1. Current plan based on $1.40 C$/US$ foreign exchange rate. Contingency has been distributed across the cost items.
2. Net of pre-commercial production revenues and investment tax credit receivables
Spent to Dec 31, 2015
$312 million
Fixed Price and
Quantities
$95 million
Fixed Unit Prices,
Variable Quantities
$111 million
$518million
Project Development Capital Costs(1)
• $0.05 change in exchange rate equals
~$15 million change in development capital
65

Rainy River 2016 capital expenditures and program
• Advance overall construction to 75%
• Ramp-up of pre-production mining activities
• Continued commissioning of mobile fleet
• Process plant construction
• Complete concrete and structural steel work
by mid-year
• Advance mechanical, piping, electrical and
instrumentation installation to 50%
completion
• Water management pond complete;
commence storage of water for start-up
• Transmission line complete and energized
• Advance tailings dam construction to 60%
Description ($mm)
Mining $47
On-Site Infrastructure 59
Process Plant 204
Tailings Facilities 71
Access Corridor 10
Off-Site Facilities 14
Indirect Costs 63
Owners’ Costs 32
Total $500
2016 Capital Expenditure Details 2016 Program
66

Rainy River timeline
2016 2017
Q1 Q2 Q3 Q4 Q1 Q2
Targeted
milestones
Start-up and commissioning planned for mid-2017
COMMISSIONING
PRE-STRIP & PIT DEVELOPMENT
TAILINGS & WATER MANAGEMENT
FACILITIES CONSTRUCTION
PROCESS PLANT CONSTRUCTION
POWER LINE CONSTRUCTION
Z
67

2015 FINANCIAL RESULTS
Brian Penny, EVP and CFO
68

2015 financial highlights
1. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.
2. $116 million of $300 million facility used for Letters of Credit at December 31, 2015.
$713 million
Revenues
STRONG MARGINS DESPITE LOWER METAL PRICES
Operating Margin(1)Revenues
Cash Generated from Operations Balance Sheet
$
0.52 per share
$
263 million
Additional financial flexibility
with $300 million credit facility(2)
$336 million
2015 year-end cash balance
$293 million
Operating margin
69

Consolidated financial summary
Three months
ended Dec 31
Twelve months
ended Dec 31
(in millions of U.S. dollars, except per share amounts) 2015 2014 2015 2014
Revenues $199 $188 $713 $726
Operating margin(2) 83 65 293 315
Adjusted net earnings/(loss)(3) 3 13 (11) 45
Adjusted net earnings/(loss) per share(3) 0.01 0.03 (0.02) 0.09
Net (loss) (10) (432) (201) (477)
Net (loss) per share (0.02) (0.86) (0.40) (0.95)
Cash generated from operations before changes
in non-cash operating working capital(4) 77 70 265 310
Cash generated from operations 85 70 263 269
1. Refer to Endnote on average realized prices under the heading “Non-GAAP Measures”.
2. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.
3. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.
4. Refer to Endnote on net cash generated from operations before changes in working capital under the heading “Non-GAAP Measures”.
$1,188
$1,094
GOLD ($/oz):
(8%)
$2.92
$2.16
COPPER ($/lb):
(26%)
$15.73
$14.44
SILVER ($/oz):
(8%)
Average Realized Prices(1) Financial Summary
$1,256
$1,149
$3.02
$2.42
$18.86
$15.38
(9%)
(20%)
(18%)
70

Strong balance sheet
1. Cash and cash equivalents as at December 31, 2015.
3. Second instalment of $75 million to be paid when 60% of development capital spent and other customary conditions are satisfied.
Remaining Rainy River capital of $590 million
$595million
Liquidity Position
$184 million
Undrawn
Credit
Facility(2)
Cash and cash
equivalents(1)
$336 million
$75 million
Remaining proceeds
Rainy River stream(3)
2016E All-in Sustaining Costs(4)
$825–$865 /oz
Ongoing Sustaining Free
Cash Flow Generation
71

• At current gold, silver and
copper prices, New Gold
remains below the original Net
Debt/EBITDA ratio through the
Rainy River construction period
• Considering the recent volatility
in metal prices, for additional
flexibility New Gold has
negotiated a higher Net
Debt/EBITDA covenant
Credit facility overview
Current covenant terms provide greater flexibility
to access credit facility in the event of lower metal prices
Revolving credit facility (expires August 14, 2019) $300
Letters of credit issued $116
Undrawn credit facility $184
Revolving Credit Facility at December 31, 2015 ($mm)
Prior
Terms
Current Terms At Dec 31, 2015
EBITDA/Interest > 3.0x > 3.0x 5.1x
Maximum
Net Debt/EBITDA
3.5x
Q3 2016 4.0x
Q4’16-Q2’17 4.5x
Thereafter 3.5x
2.0x
Credit Facility Financial Covenants
72

2016 total liquidity
$336
$75
~$135
~$45
$184 ($52)
~($500)
~($10) $213
YE2015
Cash
RGLD
Stream
Deposit
AISC
Margin
Working
Capital
Credit
Facility
Interest Rainy River
Capital
Other
Growth
Capital
YE2016
Total
Liquidity
1. Assumes receipt of second instalment of $75 million from Royal Gold. Second instalment of $75 million is to be paid when 60% of development capital spent and other customary conditions are satisfied.
2. Refer to Endnote on all-in sustaining costs margin under the heading “Non-GAAP Measures”. Based on $1,200 per ounce gold price. Assumes mid-point of production guidance range and all-in sustaining costs guidance range, and commodity price
and exchange rate assumptions used for all-in sustaining costs estimates.
(2)
Indicative Cash Continuity Schedule ($mm)
(1)
(3)
Approximately
$100 change in gold price equals ~$38 million change in AISC Margin
Remaining Rainy River
Capital in H1’2017
~$90 million
73

CONCLUSION
74

Strong Canadian presence
2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold production leading to strong cash flow”.
Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
OPERATING
DEVELOPMENT
8.2 Moz Gold Reserve(2)
60.8 Moz Silver Reserve(2)
>1,100km2 land package
Blackwater
9.4 Moz Silver Reserve(2)
>190km2 land package
Rainy River
1.1 Blb Copper Reserve(2)
2015 operating margin:
$187 million
New Afton
Top global mining
jurisdiction(1)
>85% gold reserves(2)
in Canada
Significant Canadian dollar
exposure
~70% of cash flow
generated from Canadian
operations
~25% gold production from
Canadian assets
• >55% with Rainy River
in full production
Our Footprint in Canada
75

$219 $246
$305
$432
$596
$793
$369
$90
$396
$441
$557
$466
$757
$336
$701
$873
$1,153
$1,259
$1,126
Early 2010 Mid-2010 Early 2011 Mid-2011 Early 2012 Mid 2012 Feb 2016
New Afton value creation
VALUE CREATION ($mm)
Capital Spend ($mm)
$11million
Value Creation(2)
$
1,126 millionCurrent NAV
Net Investment(1)
$
757 million
/
$
369 million
$
1.49 per sh.
Significant value creation realized 18 months prior to start-up
1. Net investment equal to total development capital of $793 million plus sustaining and growth capital of $312 million (mid-2012 to December 31, 2015) less total operating margin of $736 million (mid-2012 to December 31, 2015). Operating margin
calculated as revenue less operating expenses.
2. Value creation equal to current New Afton analyst consensus net asset value less net investment.
Achieved
commercial
production
Copper Price ($/lb)
Gold Price ($/oz)
Foreign Exchange (CDN/USD)
~$1,100
~$3.25
$1.05
$1,200
$2.05
$1.40
NAV ($mm)
76

Rainy River highlights
Operations Annual Production(3) Costs(3)
Gold Reserve(1) and Mine Life Capital Targeted Start-up
3.8 Moz
Gold reserve
$570 per oz
Total cash costs(4)
$670 per oz
All-in sustaining costs(5)
Open pit and underground
21,000 tonne per day
processing plant with
conventional crushing,
grinding, leaching and
carbon-in-pulp technology
$590 million
Remaining development capital(2)
Mid-2017
14 year
Base mine life
~$33 million
Average sustaining capital per year(3)
325 Koz
Gold production
~480 Koz
Silver production
3.5 Moz
at 1.5 g/t
Direct Processing Material
2. Current plan based on $1.40 C$/US$ foreign exchange rate. As at December 31, 2015.
3. First nine years.
77

Blackwater highlights
1. Development capital assumes $1.25 CDN/USD exchange rate.
2. Mineral resources are exclusive of reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s news release dated February 17, 2016 titled “New Gold Announces 2015 financial results with record gold
production leading to strong cash flow”. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”.
3. Gold revenue at $1,200 per ounce, silver revenue at $15 per ounce.
4. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce equal to $1,200 per ounce less all-in sustaining costs of $590 per ounce. Margin in millions (pre-tax) equal to margin per ounce multiplied by average annual gold
production of 485Koz.
2
Flagship asset already in portfolio
Gold Reserves(2)
Life-of-Mine Production
(based on reserves)
Sustaining Cost
Margin(4)
Regional Upside ~1,100km
Land Package
~$1,576 million
$610 /oz
Life-of-Mine
Revenue($B)(3)
Development Capital(1)
Gold Silver
7Moz 30Moz
Gold Silver
$8.4 $0.5
8.2Moz
~$295 million
78

Multiple growth initiatives(1)
1. Based on 325Koz annual production from Rainy River (first nine years) and ~485Koz annual production from Blackwater (first nine years) as outlined in the feasibility studies for the projects.
New Afton mill expansion
New Gold has multiple organic growth options in its portfolio
Successfully Commissioned
Construction
Permitting
Engineering/Planning
New Afton C-zone
El Morro
Blackwater – 485 Koz of
annual production
Rainy River – 325 Koz of
annual production
RAINY RIVER
BLACKWATER
2016E GOLD
PRODUCTION
360-400 Koz
79

New Gold looking forward
Organic Growth Projects(2)
Current Portfolio
15+ years ~$620 /oz
Average Annual Gold
Production Per Asset
All-in Sustaining
Costs(3) Weighted
Average
~7 years ~100 Koz ~$845 /oz
Average
Mine Life
Investing in longer-lived, larger-scale, lower-cost assets
~400 Koz
(1)
>2x 4x ($225)/oz
1. Based on 12 years at New Afton (including C-zone), seven years at Mesquite, six years at Peak Mines and one year at Cerro San Pedro.
2. Based on 325Koz annual production from Rainy River (first nine years) and ~485Koz annual production from Blackwater (first nine years) as outlined in the feasibility studies and all-in sustaining costs for the projects as outlined in the feasibility studies.
80

A history of value creation
Performance since beginning of 2009
1. S&P/TSX Global Gold Index includes 35 gold companies in various stages of development/production.
New Gold (NYSE MKT)
106%
Gold Price
43%
S&P/TSX Global
Gold Index(1)
(49%)
10.9% 5.2% (9.1%)
Compound
Annual
Growth Rate
• New Gold/Western Goldfields business combination
announced in March 2009
81

New Gold investment thesis
Establishing the
leading intermediate
gold company
Invested and
experienced
team
Portfolio
of assets
in top-rated
jurisdictions
Peer-leading
growth
pipeline
A history
of value
creation
Among
lowest-cost
producers with
established
track record
82

Appendices
Appendices
Page
1. Reserves and resources notes 84
2. Commodity price/foreign exchange assumptions 93
83

1. 2014 information per Annual Information Form dated March 27, 2015.
Reserves and resources summary
Appendix 1
Gold
Koz
Silver
Moz
Copper
Mlbs
Gold
Koz
Silver
Moz
Copper
Mlbs
Proven and Probable reserves 14,985 76 1,193 17,646 82 2,821
New Afton 1,228 4 1,112 760 3 781
Mesquite 1,492 - - 1,679 - -
Peak Mines 267 1 82 375 1 89
Cerro San Pedro 13 0 - 215 8 -
Rainy River 3,814 9 - 3,772 9 -
Blackwater 8,170 61 - 8,170 61 -
El Morro (30%) - Sold interest during 2015 - - - 2,675 - 1,951
Measured and Indicated resources (exclusive of reserves) 6,659 34 1,065 8,094 34 1,728
Inferred resources 1,844 24 194 3,488 21 1,746
MINERAL RESERVES AND RESOURCES SUMMARY TABLE
Asat December 31, 2015 Asat December 31, 2014
84

Reserves and resources summary (cont’d)
Appendix 1
Mineral Reserves estimate as at December 31, 2015
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
NEW AFTON
A&B Zones
Proven - - - - - - -
Probable 36,510 0.55 2.4 0.85 646 2,765 681
C Zone
Proven - - - - - - -
Probable 25,040 0.72 1.8 0.78 583 1,447 430
Total New Afton P&P 61,550 0.62 2.1 0.82 1,228 4,212 1,112
MESQUITE
Proven 8,473 0.51 - - 139 - -
Probable 75,807 0.56 - - 1,353 - -
Total Mesquite P&P 84,280 0.55 - - 1,492 - -
PEAK MINES
Proven 1,520 3.31 7.2 1.30 162 349 44
Probable 1,360 2.42 6.7 1.29 105 291 38
Total Peak Mines P&P 2,870 2.89 6.9 1.29 267 640 82
CERRO SAN PEDRO
Proven 289 0.35 9.7 - 3 90 -
Probable 748 0.41 13.7 - 10 329 -
Total CSP P&P 1,038 0.40 12.6 - 13 419 -
Metal grade Contained metal
85

Appendix 1
Mineral Reserves estimate as at December 31, 2015
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
RAINY RIVER
Direct processing material
Open Pit
Proven 17,001 1.40 2.0 - 763 1,075 -
Probable 52,950 1.18 2.8 - 2,003 4,690 -
Open Pit P&P (direct processing) 69,952 1.23 2.6 - 2,766 5,765 -
Underground
Proven - - - - - - -
Probable 4,499 5.00 11.8 - 723 1,709 -
Underground P&P (direct processing) 4,499 5.00 11.8 - 723 1,709 -
Stockpile material
Open Pit
Proven 5,496 0.37 1.5 - 65 259 -
Probable 23,302 0.35 2.3 - 261 1,701 -
Open Pit P&P (stockpile) 28,798 0.35 2.1 - 325 1,959 -
Total P&P
Proven 22,498 1.14 1.8 - 828 1,333 -
Probable 80,752 1.15 3.1 - 2,987 8,100 -
Total Rainy River P&P 103,250 1.15 2.8 - 3,814 9,433 -
BLACKWATER
Proven 124,500 0.95 5.5 - 3,790 22,100 -
Probable 169,700 0.68 4.1 - 3,730 22,300 -
P&P (direct processing) 294,200 0.79 4.7 - 7,520 44,400 -
Stockpile material
Proven 20,100 0.50 3.6 - 325 2,300 -
Probable 30,100 0.34 14.6 - 325 14,100 -
P&P (stockpile) 50,200 0.40 10.2 - 650 16,400 -
Total Blackwater P&P 344,400 0.74 5.5 - 8,170 60,800 -
Total P&P 14,985 75,504 1,193
86

Appendix 1
Measured and Indicated Mineral Resource estimate (exclusive of Reserves) as at December 31, 2015
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
NEW AFTON
A&B zones
Measured 16,940 0.69 2.1 0.87 377 1,134 325
Indicated 10,512 0.46 2.2 0.68 156 749 157
A&B Zone M&I 27,451 0.60 2.1 0.80 534 1,878 482
C-zone
Measured 2,230 1.05 2.2 1.21 75 161 59
Indicated 15,462 0.79 2.2 0.96 392 1,075 326
C-zone M&I 17,693 0.82 2.2 0.99 467 1,226 386
HW Lens
Measured - - - - - - -
Indicated 10,560 0.51 2.1 0.44 174 703 102
HW Lens M&I 10,560 0.51 2.1 0.44 174 703 102
Total New Afton M&I 55,704 0.66 2.1 0.79 1,175 3,809 971
MESQUITE
Measured 4,595 0.40 - - 60 - -
Indicated 50,524 0.47 - - 771 - -
Total Mesquite M&I 55,119 0.47 - - 831 - -
PEAK MINES
Measured 2,000 3.56 5.9 0.94 220 370 41
Indicated 2,100 3.20 8.9 1.14 220 610 53
Total Peak Mines M&I 4,100 3.37 7.5 1.04 440 980 94
CERRO SAN PEDRO
Measured - - - - - - -
Indicated - - - - - - -
Total CSP M&I - - - - - - -
87

Appendix 1
Measured and Indicated Mineral Resource estimate (exclusive of Reserves) as at December 31, 2015
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
RAINY RIVER
Open Pit
Measured 3,294 1.19 1.8 - 127 185 -
Indicated 37,530 1.15 3.5 - 1,391 4,189 -
Open Pit M&I (direct processing) 40,824 1.15 3.3 - 1,518 4,374 -
Underground
Measured - - - - - - -
Indicated 4,834 3.74 12.6 - 581 1,952 -
Underground M&I (direct processing) 4,834 3.74 12.6 - 581 1,952 -
Stockpile material
Open Pit
Measured 1,244 0.35 1.3 - 14 51 -
Indicated 36,360 0.43 2.5 - 500 2,942 -
Open Pit M&I (stockpile) 37,604 0.43 2.5 - 514 2,993 -
Total M&I
Measured 4,538 0.97 1.6 - 141 236 -
Indicated 78,724 0.98 3.6 - 2,472 9,083 -
Total Rainy River M&I 83,262 0.98 3.5 - 2,613 9,319 -
BLACKWATER
Measured 289 1.39 6.6 - 13 61 -
Indicated 41,128 0.86 4.5 - 1,135 5,950 -
M&I (direct processing) 41,417 0.86 4.5 - 1,147 6,012 -
Stockpile material
Measured - - - - - - -
Indicated 14,070 0.32 4.0 - 144 1,809 -
M&I (stockpile) 14,070 0.32 4.0 - 144 1,809 -
Total Blackwater M&I 55,487 0.72 4.4 - 1,292 7,821 -
CAPOOSE
Indicated 17,671 0.54 22.1 - 308 12,562 -
Total M&I 6,659 34,491 1,065
88

Appendix 1
Inferred Resource estimate as at December 31, 2015
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
NEW AFTON
A&B-zones 6,875 0.35 1.3 0.36 77 296 55
C-zone 6,856 0.48 1.5 0.54 106 328 87
HW Lens 969 0.69 1.5 0.46 21 45 10
Total New Afton Inferred 14,702 0.43 1.4 0.45 205 672 145
MESQUITE 4,858 0.37 - - 59 - -
PEAK MINES 2,000 3.14 10.9 1.13 200 690 49
CERRO SAN PEDRO - - - - - - -
RAINY RIVER
Direct processing
Open Pit 10,699 0.84 1.8 - 289 621 -
Underground 2,591 4.21 7.8 - 351 646 -
Total Direct Processing 13,290 1.50 3.0 - 640 1,267 -
Stockpile
Open Pit 9,876 0.36 1.1 - 113 339 -
Total Rainy River Inferred 23,166 1.01 2.2 - 753 1,606 -
BLACKWATER
Direct processing 10,378 0.80 3.7 - 266 1,235 -
Stockpile 2,493 0.33 3.1 - 27 248 -
Total Blackwater Inferred 12,871 0.71 3.6 - 293 1,483 -
CAPOOSE 23,591 0.44 26.3 - 334 19,948 -
Total Inferred 1,844 24,399 194
89

Appendix 1
New Gold Interest (4%)
Tonnes
000s
Gold
g/t
Copper
%
Gold
Koz
Copper
Mlbs
Gold
Koz
Mineral Reserves
Proven 321,814 0.56 0.55 5,820 3,877 233
Probable 277,240 0.35 0.43 3,097 2,626 124
Total P&P 599,054 0.46 0.49 8,917 6,503 357
Mineral Resources
Measured 19,790 0.53 0.51 340 223 14
Indicated 72,563 0.38 0.39 880 630 35
Total M&I 92,353 0.41 0.42 1,220 853 49
Inferred 678,066 0.30 0.35 6,453 5,190 258
El Morro Property Mineral Reserves & Resources as at December 31, 2015
(Goldcorp 50% - Teck 50% Joint Venture)
The table below sets out the Mineral Reserve and Mineral Resource estimates, on a 100% basis, for the El Morro project, as well as New Gold’s 4%
stream interest. The El Morro project, together with the Relincho project in Chile, is now held by a 50/50 joint venture between Goldcorp and Teck
Resources Limited. The following information is based on information available to the Company as of February 17, 2016.
90

1. New Gold’s Mineral Reserves and the El Morro Mineral Reserves and Resources have been estimated in accordance with the Canadian Institute
of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, which are incorporated by reference
in National Instrument 43-101 (“NI 43-101”).
2. Year-end 2015 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign exchange rate
criteria:
Lower cut-offs for the company’s Mineral Reserves and Mineral Resources are outlined in the following table:
Reserves and resources notes
Appendix 1
Gold ($/oz) Silver ($/oz) Copper ($/lb) CAD/USD AUD/USD MXN/USD
Mineral Reserves $1,200 $15.00 $2.75 $1.25 $1.35 $17.00
Mineral Resources $1,300 $17.00 $3.00 $1.25 $1.35 $17.00
Reserves Resources
Lower Cut-Off Lower Cut-Off
New Afton Main Zone – B1 Block: C$ 21.00/t
Main Zone – B2 Block: C$ 33.00/t
B3 Block & C-Zone: C$ 24.00/t
Mesquite Oxide & Transitional: 0.21 g/t Au (0.006 oz/t Au) 0.12 g/t Au (0.0035 oz/t Au)
Sulphide: 0.41 g/t Au (0.012 oz/t Au) 0.24 g/t Au (0.007 oz/t Au)
Peak Mines All ore types: A$ 110/t to A$ 156/t A$ 113/t to A$ 150/t
Cerro San Pedro All ore types: US$ 6.00/t NA
Rainy River O/P direct processing: 0.30 – 0.60 g/t AuEq 0.30 – 0.45 g/t AuEq
O/P stockpile: 0.30 g/t AuEq 0.30 g/t AuEq
U/G direct processing: 3.50 g/t AuEg 2.50 g/t AuEq
Blackwater O/P direct processing: 0.26 – 0.38 g/t AuEq All Resources: 0.40% AuEq
Mineral Property
All Resources: 0.40% CuEq
91

3. Year-End 2015 El Morro Mineral Reserves and Mineral Resources have been estimated using $1,200/oz gold, US$2.75/lb copper, and 550
Chilean Pesos to one United States dollar, and a lower cut-off of 0.20% CuEq.
4. New Gold reports its Measured and Indicated Mineral Resources exclusive of 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, economic and legal feasibility, do not have demonstrated economic viability, and are likewise exclusive of Mineral Reserves.
Numbers may not add due to rounding.
5. Mineral resources are classified as Measured, Indicated and Inferred based on relative levels of confidence in their estimation and 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 the appropriate mineral processing method and expected payable metal recoveries, and the designators ‘direct
processing’ and stockpile’ have been applied to differentiate between material envisioned to be mined and processed directly and material to be
mined and stored in a stockpile for future processing. Mineral Reserves and Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding Mineral Reserve and
Mineral Resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s material
properties are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com.
6. Rainy River Project: In addition to the criteria described above, Mineral Reserves and Mineral Resources for the Rainy River project are
reported according to the following additional criteria: Underground mineral reserves are reported peripheral to and/or below the open pit mineral
reserve pit shell which has been designed and optimized based on an $800/oz gold price. Underground Mineral Resources are reported below a
larger mineral resource pit shell which has been defined based on a $1300/oz gold price. Approximately 44% of the gold metal content defined as
underground mineral reserves derives from material located between the mineral reserve pit shell and the mineral resource pit shell; the
remaining 56% of mineral reserves derives from material located below the mineral resource pit shell. Open pit mineral resources exclude
material reported as underground mineral reserves.
7. All Mineral Resource and Mineral Reserve estimates for New Gold’s properties and projects are effective December 31, 2015.
8. Qualified Person: The preparation of New Gold's Mineral Reserve and Mineral Resource estimates has been done by Qualified Persons as
defined under NI 43-101, under the oversight and review of Mr. Mark A. Petersen, a Qualified Person under NI 43-101.
Reserves and resources notes (cont’d)
Appendix 1
92

2016 guidance assumptions
Spot:
2016
Silver price ($/oz) 14.00
Copper price ($/lb) 2.00
AUD/USD 1.40
CDN/USD 1.40
MXN/USD 18.00
Spot
Gold price ($/oz) 1,200
Silver price ($/oz) 15.20
Copper price ($/lb) 2.05
AUD/USD 1.41
CDN/USD 1.40
MXN/USD 18.75
Commodity price/foreign exchange assumptions
Appendix 2
93

Endnotes
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 presentation 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 May 10, 2014 and incorporated by reference in National Instrument 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 presentation concerning descriptions of mineralization and mineral 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 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” as defined under National Instrument 43-101.
For additional technical information on New Gold’s material properties, including a detailed breakdown of Mineral Reserves and Mineral Resources by category, as well as key assumptions,
parameters and risks, refer to New Gold’s Annual Information Form for the year ended December 31, 2014.
94

Endnotes (cont’d)
NON-GAAP MEASURES
(1) NET CASH GENERATED FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL
“Net cash generated from operations before changes in working capital” and “Net cash generated from operations before changes in working capital per share” are non-GAAP financial
measures with no standard meaning under IFRS, which exclude changes in non-cash operating working capital. Management uses this measure to evaluate the Company’s ability to generate
cash from its operations before temporary working capital changes.
(2) ADJUSTED NET (LOSS)/EARNINGS
“Adjusted net (loss)/earnings” and “adjusted net (loss)/earnings per share” are non-GAAP financial measures. Net (loss)/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 the underlying entries are impacted for tax in the
unadjusted net (loss)/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 (loss)/earnings and adjusted net (loss)/earnings per share are intended to provide additional information only and do not have any standardized meaning
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.
(3) 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 sold to arrive 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, investors and 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 IFRS 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 IFRS and is not necessarily indicative of cash flow from operations under IFRS or
operating costs presented under IFRS. Further details regarding historical all-in sustaining costs and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying
New Gold’s financial statements filed from time to time on www.sedar.com.
(4) 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 performance and ability to
generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. 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. 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 IFRS
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 IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP. Further details regarding historical total cash costs
and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com.
95

Endnotes (cont’d)
NON-GAAP MEASURES
(5) OPERATING MARGIN
“Operating margin” is a non-GAAP financial measure with no standard meaning under IFRS, which management uses to evaluate the Company’s aggregated and mine-by-mine contribution to
net earnings before non-cash depreciation and depletion charges.
(6) AVERAGE REALIZED PRICE
“Average realized price per ounce or pound sold” is a non-GAAP financial measure with no standard meaning under IFRS. Management uses this measure to better understand the price
realized in each reporting period for gold, silver, and copper sales. Average realized price includes realized gains and losses from gold hedge settlements up until May 15, 2013 but excludes
from revenues unrealized gains and losses on non-hedged derivative contracts and the revenue reduction related to the non-cash accounting charge as the loss incurred on the monetization
of the company’s legacy hedge position is realized into income over the original term of the hedge contract. Average realized price 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 to similar measures presented by other companies.
96

Contact information
Investor Relations
Hannes Portmann
Executive Vice President, Business Development
416-324-6014
hannes.portmann@newgold.com
97

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