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BMO Capital Markets
23rd Global Metals &
Mining Conference
February 2014
Cautionary statements
All monetary amounts in U.S. dollars unless otherw ise stated
Total cash costs shown net of by-product sales unless otherwise stated
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this presentation, other than
statements of historical fact, which address events or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and
are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “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, cash costs and all-in sustaining costs (and its
components) and for growth capital expenditures, including the expected drivers of those figures and the nature and amount of particular expected expenditures; the expected throughput and recovery rates at New
Afton; planned modifications to the New Afton Mine and mill, the expected timeline, outcomes, cost and payback period of any such modifications; planed modifications to other operations; expected future mining
activities; planned exploration expenditures (and their accounting treatment) and drilling activities and costs; exploration potential and the goals and expected results of future exploration activities; the estimation of
mineral reserves and resources and the realization of such estimates; the results of the Rainy River and Blackwater feasibility studies, including the expected production, costs, stripping ratio, mining and
processing method and rate, stockpiling plan, recovery rates, mine life, infrastructure, NPV, IRR and payback period (and related sensitivities associated with each project; the potential annual production, cash
costs and capital costs, and the potential for a block cave, at the El Morro project; the timing of permitting activities and environmental asse ssment processes; and the timeline for development of Rainy River,
including targeted timing for commissioning and full production.

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 our forward-looking statements are discussed in this presentation, New Gold’s 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 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) labour and material costs increasing on a basis consistent with New Gold’s current expectations; (7) permitting and arrangements with First Nations and other Aboriginal groups in respect of
Rainy River and Blackwater being consistent with New Gold’s current expectations; (8) all environmental approvals (including the environmental asse ssment process for the Blackwater and Rainy River projects),
required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; and (9) the results of the feasibility studies for the Rainy
River and Blackwater projectsbeing realized.
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; price
volatility in the spot and forward markets for commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile;
discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local
government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political
or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, 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 Blackwater and Rainy River projects; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization (EIS); and in Chile, where
the courts have temporarily suspended the approval of the environmental permit for El Morro; 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 reserves and resources; competition; loss of key employees; additional funding requirements; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation
activities; uncertainties inherent to mining economic studies including the feasibility studies for Rainy River and 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; uncertainties with respect to obtaining all necessary surface and other land use rights or tenure for Rainy River; 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 processe s for Blackwater and Rainy River.
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) a s 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 preliminary information provided for production, sales, total cash costs(1) and all-in sustaining costs(2) are approximate figures and may differ from the final results in the 2013 annual audited financial
statementsand management’s discussion and analysis. The footnotes to thispresentation contain important information, refer to appendices and endnotes found at the end of the presentation.
New Gold investment thesis

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

18.5 Moz gold
reserves

~$90 million
investment by
Board &
Management

Targeting
~$825/oz all-in
sustaining
costs(1)

~900 Koz annual
production
potential from
growth projects

+250% increase
in share price
since March 2009

1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

3
Portfolio of assets in top-rated jurisdictions
Mining investment – country rankings (1)

Blackwater

Mine Life: 17 years

New Afton

Mine Life: 10 years

Rainy River

#2

Mine Life: 14 years

Mesquite

Mine Life: 8+ years

Cerro San Pedro

Mine Life: 2+ years

El Morro

Mine Life: 17 years

Peak Mines

Mine Life: 6+ years

CANADA

#6
UNITED
STATES

#5
MEXICO

#3
CHILE

#1
AUSTRALIA

OPERATING
DEVELOPMENT

1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.

4
Significant increase in gold reserves per share

•

Gold reserves increased
by 10.7 million ounces
during 2013

•

•

Attributable to
establishing Blackwater
reserves and accretive
acquisition of Rainy River

GOLD RESERVES(1) (Moz)

18.5

+127%
per share
7.8
YE 2012

Silver reserves increased by
58.8 million ounces and
copper reserves remained
significant at 3.0 billion
pounds

YE 2013

GOLD M&I RESOURCES(1) (Moz)

+22%
per share

27.5
21.4

YE 2012

YE 2013

1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 9. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.

5
Collectively ~$90 million invested in New Gold

EXECUTIVE MANAGEMENT TEAM
Randall Oliphant

Executive Chairman

Robert Gallagher

President & Chief Executive Officer

Brian Penny

Executive Vice President & Chief Financial Officer

Ernie Mast

Vice President Operations

BOARD OF DIRECTORS
David Emerson

Former Canadian Cabinet Minister

James Estey

Former Chairman, UBS Securities Canada

Robert Gallagher

President & Chief Executive Officer

Vahan Kololian

Founder, Terra Nova Partners

Martyn Konig

Former Executive Chairman, European Goldfields

Pierre Lassonde

Chairman, Franco-Nevada

Randall Oliphant

Executive Chairman

Raymond Threlkeld

Mining Consultant
6
Lowest costs in company’s history
FOURTH QUARTER AND FULL YEAR 2013

•
•
•

•

Fourth quarter was the highest
production quarter of 2013
Met full year production and cost
outlook
2013 lowest total cash costs (1) in
New Gold’s history

Fourth quarter and full year total
cash costs (1) and all-in sustaining
costs (2) further establish
company’s low cost profile

GOLD PRODUCTION (Koz)

398

107
Q4'13

FY 2013

TOTAL CASH COSTS(1) ($/oz)

$377
$316

Q4'13

FY 2013

ALL-IN SUSTAINING COSTS(2) ($/oz)

$883

Q4'13
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”.

$899

FY 2013
7
2014 consolidated guidance
2013 ACTUAL

•

•
•

•

Continued gold production
increases at New Afton offset
by lower production forecast
at Cerro San Pedro

2014 GUIDANCE
Gold production(1)

380 –
420 Koz

398 Koz

Copper production to increase
by approximately 12 percent
Total cash costs(2)

Depreciation of Canadian and
Australian dollars benefits
New Gold costs

$320 –
$340/oz

$377/oz

Total cash costs (2) and all-in
sustaining costs (3) well below
industry average
All-in sustaining costs(3)

$899/oz

$815 –
$835/oz

1. Gold sales expected to be in the sam range as production.
e
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. All total cash cost estim
ates (excluding historical am
ounts) in this presentation assum com odity price assum
e
m
ptions of: Gold - $1,300 per ounce, Silver - $20.00 per
ounce, Copper - $3.25 per pound, and CDN/USD - $1.11, AUD/USD - $1.14, MXN/USD - $13.00.
3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All all-in sustaining cost estim
ates (excluding historical am
ounts) in this presentation assum com odity price assum
e
m
ptions of: Gold - $1,300 per ounce,
Silver - $20.00 per ounce, Copper - $3.25 per pound, and CDN/USD - $1.11, AUD/USD - $1.14, MXN/USD - $13.00.

8
Among lowest-cost producers, established track record

Lower costs driving higher margins (1)
•

•

Costs benefiting from depreciating
Canadian and Australian dollar

•

1.
2.
3.
4.

2014E all-in sustaining costs(2) to
decrease by over $70 per ounce
versus 2013

Generating over $200 per ounce
incremental margin versus average
of peer-companies (3) that have
provided 2014 guidance

2014E GUIDANCE –
ALL-IN SUSTAINING COSTS ($/OZ)(2)

2014 Reported Average (4)

New Gold

~$825

~$825
~$1,045/oz

Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
Based on com
parison with costs published by issuers listed in note 4. The m
anner in which costs are determ
ined m vary from one issuer to another.
ay
Average includes: Agnico-Eagle, Alam
os, Aurico, Barrick, Detour, Eldorado, Goldcorp, IAMGOLD, Kinross and Newm
ont. The m
anner in which costs are determ
ined m vary from one issuer to another.
ay

~$825/oz

9
Peer-leading growth pipeline

•

•

•

Growth projects’ production
potential equivalent to over 2x
today’s production
Blackwater and Rainy River
acquisitions increased shares
outstanding by 25% in total for
potential ~175% increase in
production
Rainy River and Blackwater benefit
significantly from Canadian dollar
depreciation

Organic projects
+900 Koz (1) per year
Future Organic Growth Potential

New Afton
Expansion

El Morro

Blackwater

Rainy River

Four current
operations
2014E Gold Production

•

Rainy River $0.05 change in
exchange rate equivalent to
$141 million/2.8% change in
pre-tax NAV/IRR

•

Blackwater $0.05 change in
exchange rate equivalent to
$270 million/1.9% change in
pre-tax NAV/IRR

1. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in the feasibility studies for the projects.

10
New Afton – A special asset

Jurisdiction

Production
102-112

British Columbia,
Canada

Gold
(Koz)

87

2013

2014E
78-84

Country
Ranking(1)

2015 to
benefit
further
from mill
expansion

72

#2

Copper
(Mlbs)
2013

2014E

NEW AFTON
Upside

Contribution

First nine months of
2013 earnings from
mine operations
New Afton

Near-term mill expansion

Longer-term C-zone
potential

= +58%

1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.

11
New Afton – 2013 highlights

New Afton moved successfully
beyond design capacity
•

•

•

Gyratory crusher commissioned in
January 2013
Completed construction of
32 drawbells in 2013
Achieved increase to 12,000 tonnes
per day three months ahead of
schedule in September 2013

QUARTERLY AVERAGE THROUGHPUT
THROUGHPUT (tonnes per day)

11,967

12,460

Q3 2013

Q4 2013

25

11,055

25

Q3 2013

Q4 2013

21

21

Q3 2013

Q4 2013

9,262

Q1 2013

Q2 2013

PRODUCTION (Koz)

GOLD

PRODUCTION (Koz)

22
15

•

Successfully evaluated potential for
further throughput increases going
forward

Q1 2013

Q2 2013
COPPER

PRODUCTION (Mlbs)

•

10-fold increase in C-zone Measured
and Indicated resources

19
12
Q1 2013

Q2 2013

12
Mill expansion capital estimates

•

Below is a summary of the key capital estimates for the expansion project
Engineering, Construction and Equipment

$26 million

Building and Site Works

$12 million

Owner’s Costs

$2 million

Contingency

$5 million

ESTIMATED EXPANSION
CAPITAL

•

$45
MILLION

$35 million of capital to be spent in 2014 with remainder in 2015

Target: 14,000 tonnes per day at higher metal recoveries
13
Value creation through mill expansion

2014 TARGETED
AVERAGES

RUN RATE TARGETED AVERAGES
WITH MILL EXPANSION

Throughput

12,500

+12%

14,000

Gold recovery

~85%

+2-3%

~87-88%

Copper recovery

~86%

+2-3%

~88-89%

IRR of +50% and payback period of less than two years

14
C-zone overview

YEAR-END 2013 C-ZONE(1)

Isometric view looking NE

Tonnes
(000’s)

Gold
(g/t)

Copper
(%)

Gold
(Koz)

Copper
(Mlbs)

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

Measured

Main
A&B Zone

C-zone

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 estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”.

15
Rainy River

Jurisdiction

2014 Feasibility Study
First nine years:

~$840 million

325 Koz (1.44 g/t)

Development Capital (2)

Annual Production

Ontario, Canada

$613/oz
Total Cash Costs(3)

Country
Ranking(1)

#2

$736/oz
All-in Sustaining Costs(4)

RAINY RIVER
Situated for Mine
Development

Gold Resource/Upside

+3.8 Moz
Reserves(5)

Flat terrain

+169 km2

+6.2 Moz

Land Package

Close to infrastructure

M&I Resources(5)

17km tie-in to power
Multiple regional targets
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. Developm
ent capital assum $1.11 CDN/USD exchange rate.
es
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”.
5. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 9. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.

16
Blackwater

Jurisdiction

2013 Feasibility Study
First nine years:
British Columbia,
Canada

~$1,760 million 485 Koz
Development Capital (2)

Annual Production

$555/oz
Total Cash Costs(3)

Country
Ranking(1)

#2

$685/oz
All-in Sustaining Costs(4)

BLACKWATER
Significant Gold Resource
GOLD RESOURCE

Regional Upside
UPSIDE

8.2 Moz
Reserves(5)

9.5 Moz
M&I Resources(5)

17-year
Mine Life

~1,100 km2
Land Package

Initial resource at
Capoose
Multiple newly
identified targets

1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. Developm
ent capital assum $1.11 CDN/USD exchange rate.
es
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”.
5. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 9. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.

17
El Morro

Jurisdiction

2011 Feasibility Study (30%)
Life of mine:

90 Koz

Chile

Annual Gold Production

85 Mlbs
Annual Copper Production

Country
Ranking(1)

#3

($700/oz)
Total Cash Costs(2)

EL MORRO
Gold/Copper Reserve (30%)
+ Upside

Unique Joint Venture
Structure

2.7 Moz
Gold Reserve (3)

2.0 Blbs
Copper Reserve (3)

Goldcorp 70% partner
Funds 100% of capital
New Gold retains portion of
cash flow from mine start-up

Higher Grade Block Cave Potential
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
3. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 9. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.

18
Organic pipeline

Existing low cost production base to be further enhanced by our
lower cost development projects(1)

GOLD PRODUCTION

• Sequence Blackwater development
• El Morro advanced

• Rainy River development (2015/2016)
• New Afton expansion (mid-2015)
• Mesquite return to run rate (2015+)
• CSP to residual leaching (2016)

2014(2)

2017(3)

Future Potential (4)

1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Rainy River and Blackwater life-of-m
ine all-in sustaining costs are estim
ated to be $736/oz and $685/oz based on their respective Feasibility Studies.
2. Based on m
id-point of 2014 guidance.
3. Based on expected annual production from current operations, including positive production im
pact of New Afton’s m expansion targeted for m
ill
id-2015, Mesquite’s m
ine plan m
oving into grades m
ore in line with reserve grade, which is partially offset by
Cerro San Pedro ceasing active m
ining and m
oving into residual leaching, and includes the first year of full production from Rainy River.
4. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in their Feasibility Studies for the projects and production contribution from New Afton,
Mesquite and the Peak Mines and is dependent on the tim
ely developm
ent of Blackwater and El Morro.

19
Near-term catalysts

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

New Afton mill expansion

20
A history of value creation

New Gold (NYSE)
Gold Price

S&P/TSX Global Gold Index(1)

256%

44%

(7% )

Performance since March 2009 New Gold/Western Goldfields merger announcement

1. S&P/TSX Global Gold Index includes 37 gold com
panies in various stages of developm
ent/producti on.

21
New Gold investment thesis

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

18.5 Moz gold
reserves

~$90 million
investment by
Board &
Management

Targeting
~$825/oz all-in
sustaining
costs(1)

~900 Koz annual
production
potential from
growth projects

+250% increase
in share price
since March 2009

Establishing the leading
intermediate gold company
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

22
Appendices

Appendices
Page
1.

Financial information

24

2.

Consolidated operating performance

29

3.

New Afton

36

4.

Mesquite, Peak Mines, Cerro San Pedro

42

5.

Rainy River

45

6.

Blackwater

47

7.

El Morro

48

8.

Exploration

51

9.

Reserves and Resources notes

55

10. Commodity price/foreign exchange assumptions

64

23
Appendix 1

Strong balance sheet

•

Face value $878 million in
long-term debt(3)
•

Undrawn Credit
Facility (2)

Liquidity
Position

$414 mm

•

Face value $500 million,
6.25% notes due in 2022

•

Cash and
Equivalents (1)

Face value $300 million,
7.00% notes due in 2020

$78 million in carried El Morro
loan, payable out of El Morro
project cash flow

$106 mm

$520 mm

1. Cash and equivalents as at Decem
ber 31, 2013.
2. $44 m
illion of total $150 m
illion at Decem
ber 31, 2013 used for Letters of Credit.
3. See Appendix 1 – Sum ary of debt for detailed breakdown of com
m
ponents of debt.

24
Appendix 1

Summary of debt

Undrawn Credit
Facility

Senior Unsecured Notes
(April 2012)

Senior Unsecured Notes
(November 2012)

El Morro Funding
Loan

Face Value

$150 million(1)

$300 million

$500 million

$78 million

Maturity

1 year with annual
extensions permitted

April 15, 2020

November 15, 2022

n/a

Interest Rate

See ‘Key features’

7.00%

6.25%

4.58%

Payable

Revolving credit

Semi-annually

Semi-annually

Upon start of
production

Conversion price

n/a

n/a

n/a

n/a

Current trading value

n/a

~103

~96

n/a

Key features

•

•
•

•
•

New Gold to repay
Goldcorp out of
80% of its 30%
share of cash flow
once El Morro
starts production

Normal financial
covenants
Interest Rate
• 3.00-4.25% over
LIBOR based on
ratios
• Standby fee of 0.751.06%

1. $44 m
illion of total $150 m
illion at Decem
ber 31, 2013 used for Letters of Credit.

•

Senior unsecured
Redeemable after April 15,
2016 at 103.5% down to
100% of face after 2018
Unlimited dividends if
leverage ratio below 2:1

•

Senior unsecured
Redeemable after
November 15, 2017 at par
plus half coupon, declining
ratably to par
Unlimited dividends if
leverage ratio below 2:1

25
Appendix 1

2014 capital expenditures by category

Total Capital

~$340
million

Sustaining Capital: ~$145 million
Cerro San
Pedro

Growth Capital: ~$195 million

Blackwater
Cerro San
Pedro

Peak
Mines

New
Afton

Rainy
River
New Afton

Mesquite

26
Appendix 1

2014 capital expenditures by category
•

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

•
52%

48%

•
•

$60 million – ~2,500 metre development, two new trucks, dam raise and
surface ventilation upgrade
$35 million – mill expansion
$20 million – C-zone scoping level engineering and capitalized exploration

Rainy River - $105 million

•

100%

•
•

$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

Mesquite - $40 million
100%

Growth capital

Sustaining capital
27
Appendix 1

2014 capital expenditures by category

Peak Mines - $40 million

•
•

100%

$20 million – two haul trucks and site maintenance
$20 million – capitalized development and capitalized exploration

Cerro San Pedro - $28 million

•
•

29%

$20 million – capitalized stripping
$8 million – leach pad expansion

•
•

$10 million – permitting
$5 million – engineering studies

71%

Blackwater - $15 million
100%

Growth capital

Sustaining capital

New Gold’s 30% share of estimated 2014 El Morro capital costs of
$6 million fully carried by Goldcorp Inc.
28
Appendix 2

2013 consolidated operational results

GOLD PRODUCTION (Koz)

SILVER PRODUCTION (Moz)

COPPER PRODUCTION (Mlbs)

398

1.6

85

• High end of outlook
• New Afton and Peak
Mines met guidance

• In line with outlook

• High end of guidance

TOTAL CASH COSTS(1) ($/oz)

ALL-IN SUSTAINING COSTS(2) ($/oz)

$377

$899

• In line with outlook

• In line with outlook

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”.

29
Appendix 2

2013 fourth quarter mine-by-mine operating results

•
•

New Afton continues to
perform well
Mesquite had strongest
quarter of 2013 as planned
with higher grades

2013 FOURTH QUARTER
Gold production
(Koz)

Total cash costs (1)
($/oz)

All-in sustaining costs (2)
($/oz)

•

Peak Mines all-in sustaining
costs (2) decreased by over
$200 per ounce from third
quarter of 2013

Cerro San Pedro achieved
higher recoveries in each
consecutive month during
the quarter

25

($1,428)

$12

Mesquite

35

$841

$988

Peak Mines

•

New Afton

24

$778

$1,106

Cerro San Pedro

22

$911

$1,076

107

$316

$883

2013 FOURTH QUARTER
New Afton co-product cash costs(1)

Gold ($/oz)
Copper ($/lb)

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”.

$391
$1.08

30
Appendix 2

2013 full year mine-by-mine operating results

•

New Afton throughput higher
in each consecutive quarter
during the year

2013 FULL YEAR
Gold production
(Koz)

Total cash costs (1)
($/oz)

All-in sustaining costs (2)
($/oz)

New Afton

•

•

($1,196)

($133)

Mesquite

107

$907

$1,108

Peak Mines

101

$850

$1,331

Cerro San Pedro

5% increase in gold
production at Peak Mines
versus previous year

87

103

$676

$766

398

$377

$899

Lowest total cash costs (1) in
company’s history

2013 FULL YEAR
New Afton co-product cash costs(1)

Gold ($/oz)
Copper ($/lb)

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”.

$486
$1.19

31
Appendix 2

Among lowest cost producers in industry

New Gold versus Industry Average Total Cash Costs(1)
(2)

$782
$738

Industry

$643
Incremental
Benefit to NGD
Shareholder

$557
$478
$465
$446
$418

$421

New Gold
$377

2009

1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. New Gold total cash costs as at year-end 2013.
2. Industry data per GFMS reports calculated net of by-product credits for the nine m
onths ended Septem
ber 2013.

2013

32
Appendix 2

Detailed operating results and assumptions

Mesquite

Cerro San Pedro

Peak Mines

2013A

2014E

2013A

2014E

2013A

New Afton

2014E

2013A

2014E

Tonnes processed

(000 tonnes)

14,297

13,000 - 13,300

13,463

13,400 - 13,800

814

830

-

850

4,087

4,500

-

4,700

Tonnes mined

(000 tonnes)

48,206

56,000 - 58,000

31,018

33,000 - 35,000

1,100

1,300

-

1,320

4,226

4,600

-

4,800

Strip ratio

2.37

3.31

-

3.36

1.30

1.46

-

1.54

--

--

-

--

--

--

-

--

Gold grade

(g/t)

0.37

0.40

-

0.44

0.47

0.35

-

0.40

4.14

3.9

-

4.1

0.78

0.81

-

0.85

Silver grade

(g/t)

--

--

-

--

20.91

15.0

-

17.0

--

--

-

--

--

--

-

--

Copper grade

(%)

--

--

-

--

--

--

-

--

0.85%

0.86% - 0.90%

0.93%

0.93% - 0.95%

Gold recovery

(%)

63.0%

91.0% - 93.0%

85.1%

85.0% - 87.0%

Silver recovery

(%)

--

--

-

Copper recovery

(%)

--

--

Gold production

(Koz)

107.0

Silver production

(Koz)

Copper production

(Mlbs)

~65%

51.0%

~50%

92.9%

--

15.0%

~15%

--

-

--

--

--

-

--

88.0%

113.0

-

123.0

102.8

70.0

-

80.0

100.7

95.0

-

105.0

87.2

102.0

-

112.0

--

--

-

--

1,300.6

--

--

-

--

--

--

-

--

--

--

-

--

--

13.4

14.0

-

16.0

72.0

78.0

-

84.0

--

-

--

91.0% - 93.0%

-85.9%

--

-

--

86.0% - 88.0%

Production

1,100.0 - 1,300.0
--

-

--

Reserve grade
Gold grade

(g/t)

0.60

0.46

3.52

0.56

Silver grade

(g/t)

--

18.1

7.1

2.2

Copper grade

(%)

--

--

1.22%

0.84%

33
Appendix 2

2014 consolidated guidance

GOLD PRODUCTION (Koz)

SILVER PRODUCTION (Moz)

COPPER PRODUCTION (Mlbs)

380 – 420

1.35 – 1.75

92 – 100

• Increased production at high
margin New Afton offset by lower
production at Cerro San Pedro

• Consistent with 2013

• 12% increase with both New
Afton and Peak Mines higher

TOTAL CASH COSTS(1) ($/oz)

ALL-IN SUSTAINING COSTS(2) ($/oz)

$320 – $340

$815 – $835

• Decrease driven by higher copper
production and depreciation of
Canadian and Australian dollars

• ~$75 per ounce decrease driven
by lower total cash costs(1) and
lower sustaining capital

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”.

34
Appendix 2

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)

1.
2.
3.
4.

Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
General and adm
inistrative includes stock-based com
pensation and asset retirem
ent obligation.
Sustaining capital based on New Gold’s total 2014 estim
ated capital expenditures excluding expenditures related to growth-related initiatives.
Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

~$825/oz

35
Appendix 3

New Afton – 2014 guidance

GOLD PRODUCTION (Koz)

COPPER PRODUCTION (Mlbs)

OVERVIEW

• Gold and copper production expected to
increase due to:

102 – 112

78 – 84

• Increase in average annual
throughput rate
• Increase in gold grades

TOTAL CASH COSTS (1) ($/oz)

ALL-IN SUSTAINING COSTS (2) ($/oz)

($1,260) –
($1,240)

($620) –
($600)

$440 –
$460
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”.

KEY ASSUMPTIONS AND SENSITIVITIES

• Copper price - $3.25 per pound
(2013A - $3.23 per pound)
• Canadian dollar: U.S. dollar exchange –
$1.11

TOTAL CASH COSTS(1)
Co-Product Gold ($/oz)

• Costs benefit from targeted increase in
copper production, depreciating
Canadian dollar and decrease in
sustaining capital costs

Co-Product Copper ($/lb)

$1.10 –
$1.20

• $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

36
Appendix 3

New Afton – Expansion evaluation

Process of evaluating further throughput increase
•

Ran operation at 14,000 to 15,500 tonnes per day over multi-day periods in August and
December 2013

•

Mill was able to process higher throughput, however a decrease in recovery was seen

•

Began evaluating low capital cost alternatives to increase recoveries at higher throughput

•

Identified that tertiary grinding and increased flotation capacity would be required to maintain
recoveries

•

Worked with third party engineering firm on the capital cost estimate

37
Appendix 3

New Afton – Mill schematic

To Tailings

Surface Stockpile

New Facilities

38
Appendix 3

New Afton – Expansion timeline

H1’14

H2’14

H1’15

• EPCM contract award

• Excavation

• Vertimill delivery

• Geotechnical and detailed
engineering

• Foundations

• Piping/electrical

• Building construction

• Early works

• Instrumentation

• Building services

• Commissioning

• Buried services relocation
• Reagent tank relocation

39
Appendix 3

New Afton – C-zone resource expansion

•

•

C-zone originally identified through
limited deep holes drilled from
surface

YEAR-END 2012 C-ZONE(1)
Tonnes
(000’s)

Gold
(g/t)

Copper
(%)

Gold
(Koz)

Copper
(Mlbs)

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

13,600

0.70

0.76

307

228

Measured

Drilling from underground
commenced in second half of 2012

Inferred

•

During 2013 completed 41 holes
totaling 26,800 metres

•

Increased tonnes and grade of
Measured and Indicated resource
resulting in 10-fold increase in
contained gold and copper
•

Incremental increase to Inferred
resource

YEAR-END 2013 C-ZONE(2)
Tonnes
(000’s)

Gold
(g/t)

Copper
(%)

Gold
(Koz)

Copper
(Mlbs)

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

Measured

1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.
2. 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 estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”.

40
Appendix 3

New Afton – 2014 C-zone program

•

Convert Inferred resource to Measured and Indicated

•

Expand resource laterally to east and west as well as vertically

•

Underground delineation and infill – 30,000 to 35,000 metres
41
Appendix 4

Mesquite – 2014 guidance

GOLD PRODUCTION (Koz)

OVERVIEW

• Production increase driven by planned
mining of higher grades versus 2013
• Increase in costs attributable to
increase in total tonnes mined

113 – 123

TOTAL CASH COSTS (1) ($/oz)

• Peak year for sustaining capital at
Mesquite

ALL-IN SUSTAINING COSTS (2) ($/oz)

KEY ASSUMPTIONS AND SENSITIVITIES

• Diesel comprises ~25% of Mesquite’s
total costs

$930 –
$950

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”.

$1,310 –
$1,330

• 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

42
Appendix 4

Peak Mines – 2014 guidance

GOLD PRODUCTION (Koz)

COPPER PRODUCTION (Mlbs)

OVERVIEW

• Gold production in line with 2013
• Increase in copper production a result of
increased copper grade and recovery

95 – 105

14 – 16

• Decrease in total cash costs a result of
increased copper by-product revenue,
depreciating Australian dollar and
increased productivity through lower
turnover

TOTAL CASH COSTS (1) ($/oz)

ALL-IN SUSTAINING COSTS (2) ($/oz)

KEY ASSUMPTIONS AND SENSITIVITIES

• Copper price - $3.25 per pound
(2013A - $3.29 per pound)

$630 –
$650

$1,065 –
$1,085

• 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

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”.

43
Appendix 4

Cerro San Pedro – 2014 guidance

GOLD PRODUCTION (Koz)

SILVER PRODUCTION (Moz)

OVERVIEW

• Decrease in production reflects the
increased strip ratio for Phase 5
pushback and mining of lower grade ore

70 – 80

1.1 – 1.3

TOTAL CASH COSTS (1) ($/oz)

ALL-IN SUSTAINING COSTS (2) ($/oz)

• Increase in costs primarily driven by
lower gold production, lower silver byproduct revenue and increased volume
of processing reagents

KEY ASSUMPTIONS AND SENSITIVITIES

• Silver price - $20.00 per ounce
(2013A – $23.61 per ounce)

$1,030 –
$1,050

$1,125 –
$1,145

• 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

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”.

44
Appendix 5

Rainy River – Project overview

•

21,000 tonne per day process plan with
conventional crushing, grinding, leaching
and carbon-in-pulp technology

Pre-tax Economics

Gold Price ($/oz)

•

•

•

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)

•

1,300

1,300

1,450

1,600

US$/C$ exchange

0.93

0.95

0.90

0.97

1.00

5% NPV ($mm)

138

438

579

738

1,009

IRR (%)

7.8

13.1

15.9

17.6

21.1

Payback (years)

6.8

5.4

4.7

4.3

3.6

After-tax Economics

Gold Price ($/oz)

1,150

1,300

1,300

1,450

1,600

US$/C$ exchange

•
•

1,150

0.93

0.95

0.90

0.97

1.00

5% NPV ($mm)

100

314

416

520

706

IRR (%)

7.1

11.3

13.7

14.9

17.8

Payback (years)

6.8

5.5

4.8

4.4

3.8

~$840 million at $1.11 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

45
Appendix 5

Rainy River – Indicative timeline

Project Schedule
2014

2015

2016

2017

Feasibility Study
First Nations & Public Consultation
Engineering/Procurement
Environmental Assessment
Permitting
Construction
Production

Ongoing consultation
Final construction during commissioning

1. Indicative tim
eline is dependent on perm approvals and other variables. There is no assurance this tim
it
eline will be achieved or that the deposit will ever reach the production stage.

46
Appendix 6

Blackwater – Project overview

•

•

Conventional truck and shovel open pit mine
with 60,000 tonne per day processing plant

Simple, conventional flowsheet using whole
ore leach process

•

Low grade stockpiling strategy

•

Development capital of $1,865 million
inclusive of $190 million contingency (at
$1.05 CDN/USD)
•

~$1,760 million at $1.11 CDN/USD

•

1,300

1,450

1,600

US$/C$ exchange

0.93

0.95

0.90

0.97

1.00

5% NPV ($mm)

402

991

1,263

1,582

2,120

IRR (%)

7.8

11.3

13.3

14.4

16.8

Payback (years)

7.5

6.2

5.5

5.1

4.5

Power supply from the hydroelectric power
grid, via 140-kilometre transmission line

•

1,300

Conventional waste rock and Tailings
Storage Facility

•

1,150

Life-of-mine gold and silver recoveries of
87% and 49%

•

Gold Price ($/oz)

Life-of-mine operational strip ratio of 1.88 to 1

•

Pre-tax Economics

Minimal off-site infrastructure required
•

•

Good existing access road; water supply
within 15 kilometres

Low environmental risk and facility designed
for closure

47
Appendix 7

El Morro (30%) – Funding structure

Total Capital
100%
~ $3.9 billion(1)
30%

100% Average
annual
cash flow
70%

Funded by

$1.2 billion
interest at 4.58%

~ $2.7 billion

30%

20%

70%

80%

Carried funding repayment

•

New Gold’s 30% share of development capital 100% carried

•

Interest fixed at 4.58%

1. Capital estim
ates based on Decem
ber 2011 Feasibility Study.

48
Appendix 7

La Fortuna deposit
2012 open pit Proven and
Probable reserves and Measured
and Indicated resources

Reserve Grade
Gold: 0.46 g/t
Copper: 0.49%

Underground Inferred
resource with block
cave potential
Inferred Grade
Gold: 0.97 g/t
Copper: 0.78%
500 m etres

49
Appendix 7

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

Cerro Negro

5.7

Cerro Negro

6.6

1. All reserve inform
ation taken from Goldcorp’s Decem
ber 31, 2013 year-end resource statem
ents.
2. Gold equivalent calculated based on the following com odity prices: Gold - $1,300/oz; Silver - $22.00/oz; Copper - $3.00/lb; Lead - $0.90/lb; Zinc - $0.90/lb.
m

50
Appendix 8

2014 exploration program overview

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)

Peak Mines
45,000
metres

Rainy River
35,000-40,000
metres

Blackwater
10,000-15,000
metres

New Afton
30,000-35,000
metres

51
1. Circle proportions are representative of both capitalized and expensed exploration for each respective asset.
Appendix 8

Rainy River exploration
2013 ACHIEVEMENTS

•

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
2014 PROGRAM

Intrepid Zone

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

52
Appendix 8

Blackwater exploration
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

53
Appendix 8

Peak Mines exploration

2013 ACHIEVEMENTS

•

Near-mine exploration and resource conversion partially offset mine depletion

•

Advanced earlier stage targets along regional Rookery fault trend
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

54
Appendix 9

Reserves and resources summary

Mineral Reserves and Resources Summary
As at December 31, 2012 (1)

As at December 31, 2013
Gold
Koz

Silver
Koz

Copper
Mlbs

Gold
Koz

Silver
Koz

Copper
Mlbs

Proven and Probable Reserves

18,538

90,080

2,953

7,752

31,256

3,282

Measured and Indicated Resources (inclusive of Reserves)

27,505

124,499

4,353

21,403

131,847

4,061

4,161

30,360

1,821

4,383

84,620

1,114

New Afton

2,297

7,786

1,988

1,979

6,830

1,818

Mesquite

4,904

-

-

5,684

-

-

810

1,380

158

880

1,350

146

Inferred Resources
M&I Resources (inclusive of Reserves)

Peak Mines
Cerro San Pedro

397

15,948

-

1,703

57,980

-

Rainy River

6,236

14,635

-

n/a

n/a

n/a

Blackwater

9,500

70,130

-

8,070

56,190

-

Capoose

320
3,041

14,620
-

2,207

196
2,891

9,497
-

2,097

27,505

124,499

4,353

21,403

131,847

4,061

El Morro
Total M&I

1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.

55
Appendix 9

Reserves and resources summary (cont’d)
Mineral Reserves statement as at December 31, 2013

Mineral Reserves statement as at December 31, 2012

Metal grade
Tonnes
000's

Gold
g/t

Silver
g/t

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Metal grade
Copper
Mlbs

Tonnes
000's

Gold
g/t

Silver
g/t

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Copper
Mlbs

New Afton
Proven

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Probable

48,821

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&P

48,821

0.56

2.2

0.84

879

3,500

904

52,500

0.65

2.3

0.93

1,100

3,880

1,080

Mesquite
Proven

3,809

0.70

-

-

86

-

-

13,140

0.68

-

-

287

-

-

Probable

112,094

0.60

-

-

2,152

-

-

114,409

0.56

-

-

2,055

-

-

Total Mesquite P&P

115,903

0.60

-

-

2,237

-

-

127,549

0.57

-

-

2,342

-

-

Proven

1,820

4.35

6.7

1.16

255

390

47

2,109

5.89

7.5

1.08

399

510

50

Probable

1,820

2.69

7.4

1.27

157

430

51

2,118

3.82

6.8

1.18

260

466

55

Total Peak Mines P&P

3,640

3.52

7.1

1.22

412

820

98

4,227

4.85

7.2

1.13

659

976

105

Probable

12,982
13,714

0.47
0.44

17.5
18.7

-

197
195

7,311
8,239

-

21,100
26,400

0.52
0.48

17.1
17.4

-

353
407

11,600
14,800

-

Total CSP P&P

26,696

0.46

18.1

-

392

15,550

-

47,500

0.50

17.3

-

760

26,400

-

Peak Mines

Cerro San Pedro
Proven

1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.

56
Appendix 9

Reserves and resources summary (cont’d)
Mineral Reserves statement as at December 31, 2013

Mineral Reserves statement as at December 31, 2012

Metal grade
Tonnes
000's

Gold
g/t

Silver
g/t

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Metal grade
Copper
Mlbs

Tonnes
000's

Gold
g/t

Silver
g/t

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Copper
Mlbs

Rainy River
Direct processing material
Open Pit
Proven

15,839

1.47

2.0

-

746

1,038

-

Probable

46,866

1.26

3.1

-

1,896

4,594

-

Open Pit P&P (direct processing)

62,705

1.31

2.8

-

2,642

5,632

-

Underground
Proven

-

-

-

-

-

-

-

Probable

4,187

4.96

10.3

-

668

1,388

-

Underground P&P (direct processing)

4,187

4.96

10.3

-

668

1,388

-

Stockpile material
Open Pit
Proven

6,843

0.38

1.5

-

84

332

-

Probable

30,541

0.39

2.1

-

378

2,058

-

Open Pit P&P (stockpile)

37,384

0.38

2.0

-

462

2,390

-

Proven

22,681

1.14

1.9

-

830

1,370

-

Probable

81,594

1.12

3.1

-

2,943

8,040

-

104,275

1.13

2.8

-

3,773

9,410

-

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)

294,300

0.79

4.7

-

7,510

44,400

-

Proven

20,100

0.50

3.6

-

330

2,300

-

Probable

30,100

0.34

14.6

-

330

14,100

-

P&P (stockpile)

50,200

0.40

10.2

-

650

16,400

-

344,400

0.74

5.5

-

8,170

60,800

-

Total P&P

Total Rainy River P&P
Blackwater
Direct processing material

Stockpile material

Total Blackwater P&P

100% Basis

El Morro
Proven

30% Basis

Probable

321,814
277,240

0.56
0.35

-

0.55
0.43

Total El Morro P&P

599,054

0.46

-

0.49

Total P&P

1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.

100% Basis

1,746

-

929

30% Basis

307,949
335,152

0.57
0.37

-

0.56
0.44

1,705

-

-

1,163
788

1,186

-

1,135
962

2,675

-

1,951

643,101

0.47

-

0.49

2,891

-

2,097

18,538

90,080

2,953

7,752

31,256

3,282

57
Appendix 9

Reserves and resources summary (cont’d)
M e a s ure d a nd Indic a t e d m ine ra l R e s o urc e s t a t e m e nt ( inc lus iv e o f R e s e rv e s ) a s a t D e c e m be r 3 1, 2 0 13

Metal grade
Tonnes
000's

Gold
g/t

Silver
g/t

M e a s ure d a nd Indic a t e d m ine ra l R e s o urc e s t a t e m e nt ( inc lus iv e o f R e s e rv e s ) a s a t D e c e m be r 3 1, 2 0 12

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Metal grade
Copper
Mlbs

Tonnes
000's

Gold
g/t

Silver
g/t

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Copper
Mlbs

New Afton
A&B Zones
Measured
Indicated

41,059
26,966

0.79
0.44

2.7
2.1

1.09
0.65

1,041
384

3,624
1,777

984
384

33,500
45,900

0.86
0.67

2.9
2.4

1.18
0.89

929
984

3,160
3,530

873
896

A&B Zone M&I

68,025

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

Indicated

618
25,223

0.75
0.84

1.5
2.0

0.91
0.91

15
678

30
1,589

12
504

400
2,900

0.60
0.63

1.3
1.3

0.73
0.68

8
58

20
120

6
43

C-Zone M&I

25,842

0.83

2.0

0.91

693

1,620

516

3,300

0.62

1.3

0.68

66

140

49

11,035

0.50

2.2

0.43

179

763

104

-

-

-

-

-

-

-

C-Zone
Measured

HW Lens
Measured
Indicated
HW Lens M&I

11,035

0.50

2.2

0.43

179

763

104

-

-

-

-

-

-

-

104,901

0.68

2.3

0.86

2,297

7,786

1,988

82,700

0.74

2.6

1.00

1,979

6,830

1,818

Indicated

9,070
304,081

0.66
0.48

-

-

191
4,713

-

-

24,000
370,100

0.61
0.45

-

-

452
5,232

-

-

Total Mesquite M&I

313,151

0.49

-

-

4,904

-

-

394,100

0.45

-

-

5,684

-

-

Indicated

3,000
3,400

4.69
3.29

6.7
6.7

1.06
1.18

450
360

650
730

70
88

2,700
3,200

5.74
3.75

7.5
6.8

1.05
1.19

494
386

647
703

62
84

Peak Mines M&I

6,400

3.95

6.7

1.12

810

1,380

158

5,900

4.66

7.1

1.13

880

1,350

146

Indicated

13,387
14,311

0.46
0.43

17.3
18.4

-

199
198

7,459
8,489

-

42,300
109,400

0.40
0.34

14.4
11.5

-

532
1,171

18,900
39,080

-

Total CSP M&I

27,698

0.45

17.9

-

397

15,948

-

151,700

0.35

11.9

-

1,703

57,980

-

Total New Afton M&I
Mesquite
Measured

Peak Mines
Measured

Cerro San Pedro
Measured

1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.

58
Appendix 9

Reserves and resources summary (cont’d)
M e a s ure d a nd Indic a t e d m ine ra l R e s o urc e s t a t e m e nt ( inc lus iv e o f R e s e rv e s ) a s a t D e c e m be r 3 1, 2 0 13

Metal grade
Tonnes
000's

Gold
g/t

Silver
g/t

M e a s ure d a nd Indic a t e d m ine ra l R e s o urc e s t a t e m e nt ( inc lus iv e o f R e s e rv e s ) a s a t D e c e m be r 3 1, 2 0 12

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Metal grade
Copper
Mlbs

Tonnes
000's

Gold
g/t

Silver
g/t

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Copper
Mlbs

Rainy River
Direct processing material
Open Pit
Measured

20,282
80,411

1.45
1.35

1.9
2.6

-

947
3,486

1,261
6,584

-

100,693

1.37

2.4

-

4,433

7,846

-

Indicated

89
5,469

4.95
4.53

2.8
11.3

-

14
796

8
1,994

-

Underground M&I (direct processing)

5,558

4.53

11.2

-

810

2,002

-

Measured

6,294

0.37

1.3

-

74

262

-

Indicated

64,816

0.44

2.2

-

919

4,526

-

Open Pit M&I (stockpile)

71,110

0.43

2.1

-

993

4,788

-

Measured

26,665

1.21

1.8

-

1,035

1,531

-

Indicated

150,696

1.07

2.7

-

5,202

13,104

-

Total Rainy River M&I

177,361

1.09

2.6

-

6,236

14,635

-

Measured

116,955

1.04

5.6

-

3,900

21,060

-

Indicated

189,044

0.78

6.0

-

4,730

36,470

-

M&I (direct processing)

305,999

0.88

5.8

-

8,620

57,520

-

Measured

26,521

0.30

4.1

-

260

3,500

-

Indicated

64,382

0.30

4.4

-

620

9,110

-

M&I (stockpile)

90,904

0.30

4.3

-

870

12,600

-

396,903

0.74

5.5

-

9,500

70,130

-

296,146

0.85

5.9

-

8,070

20,280

0.50

22.4

-

320

14,620

-

14,200

0.43

20.8

-

196

Indicated
Open Pit M&I (direct processing)
Underground
Measured

Stockpile material
Open Pit

Total M&I

Blackwater
Direct processing material

Stockpile material

Total Blackwater M&I

56,190

-

9,497

-

Capoose
Indicated

100% Basis

El Morro

30% Basis

100% Basis

30% Basis

Measured

341,604

0.56

-

0.54

1,848

-

1,230

307,949

0.57

-

0.56

1,705

-

Indicated

349,803

0.35

-

0.42

1,193

-

977

335,152

0.37

-

0.44

1,186

-

962

Total El Morro M&I

691,407

0.46

-

0.48

3,041

-

2,207

643,101

0.47

-

0.49

2,891

-

2,097

27,505

124,499

4,353

21,403

131,847

4,061

Total M&I

1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.

1,135

59
Appendix 9

Reserves and resources summary (cont’d)
Inferred Resource statement as at December 31, 2013

Inferred Resource statement as at December 31, 2012

Metal grade
Tonnes
000's

Gold
g/t

Silver
g/t

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Metal grade
Copper
Mlbs

Tonnes
000's

Gold
g/t

Silver
g/t

Contained metal
Copper
%

Gold
Koz

Silver
Koz

Copper
Mlbs

New Afton
A&B-Zone

5,607

0.32

1.5

0.38

59

272

46

14,900

0.45

2.0

0.65

216

940

212

HW Lens

11,288
818

0.63
0.56

1.7
1.3

0.64
0.42

227
15

602
33

159
7

13,600
-

0.70
-

1.5
-

0.76
-

307
-

670
-

228
-

New Afton Inferred

17,713

0.53

1.6

0.54

301

907

212

28,400

0.57

1.8

0.70

523

1,610

440

Mesquite

17,550

0.42

-

-

238

-

-

50,900

0.40

-

-

651

-

-

Peak Mines

2,000

2.34

4.7

1.17

150

300

51

1,700

2.64

4.8

1.13

144

261

42

CSP

1,174

0.34

11.6

-

13

436

-

103,900

0.25

8.8

-

850

29,200

-

9,388
2,641

0.97
4.46

2.3
8.3

-

292
379

687
707

-

12,029

1.74

3.6

-

671

1,394

-

C-Zone

Rainy River
Direct processing
Open Pit
Underground
Total Direct Processing
Stockpile
Open Pit

8,626

0.37

1.2

-

102

323

-

20,655

1.16

2.6

-

773

1,717

-

Stockpile

13,815
3,785

0.76
0.31

4.1
3.6

-

340
40

1,820
440

-

Blackwater Inferred

17,600

0.66

4.0

-

380

2,260

-

16,585

0.58

10.8

-

310

5,760

-

Capoose

29,263

0.39

26.3

-

370

24,740

-

64,070

0.29

23.2

-

595

47,789

-

Rainy River Inferred
Blackwater
Direct processing

100% Basis

30% Basis

100% Basis

El Morro - Open Pit

564,217

0.16

-

0.26

871

-

970

El Morro - Underground

113,840

0.97

-

0.78

1,065

-

587

4,161

30,360

1,821

Total Inferred

1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.

137,555

0.99

30% Basis

-

0.70

1,310

-

632

4,383

84,620

1,114

60
Appendix 9

Reserves and resources notes

New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Measured and Indicated miner al 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 ec onomic 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 Institute of 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 follow ing metal prices and low er cut-off criteria:

Mineral Property

Gold
(US$/oz)

Silver
(US$/oz)

Copper
(US$/lb)

Low er Cut-off

New Afton

$1,300

$22.00

$3.00

US$21.00/t NSR

Mesquite

$1,300

-

-

Peak Mines

$1,300

$22.00

$3.00

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

Blackw ater

$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

0.21 g/t Au – Oxide and transition reserves
0.41 g/t Au – Non-oxide reserves
A$88 – 134/t NSR

0.20% Cu

61
Appendix 9

Reserves and resources notes (cont’d)

2) Mineral Resources for the company’s mineral properties have been estimated based on the follow ing metal prices and low er cut-off criteria:
Mineral Property

Gold
(US$/oz)

Silver
(US$/oz)

Copper
(US$/lb)

Low er Cut-off

New Afton

$1,400

$24.00

$3.25

Mesquite

$1,400

-

-

Peak Mines

$1,400

$24.00

$3.25

Cerro San Pedro

$1,400

$24.00

-

0.10 g/t AuEq – Open pit oxide resources
0.30 g/t AuEq – Open pit sulphide resources

Rainy River

$1,400

$24.00

-

Open Pit: 0.3 – 0.45 g/t Au
Underground: 2.5 g/t Au

Blackw ater

$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

0.40% CuEq
0.11 g/t Au – Oxide and transition resources
0.22 g/t Au – Non-oxide resources

A$92 - 125/t NSR

0.20% Cu

3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent w ith the methods most suitable
for their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and
‘underground’ have been applied to indicate envisioned mining method. Likew ise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization
as it relates to appropriate mineral processing method and expected payable metal recoveries. 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 r espective NI 43-101 Technical Reports w hich are available at
www.sedar.com. Refer to the supplementary information below regarding the mineral reserve and mineral resource estimates for Rainy River.

62
Appendix 9

Reserves and resources notes (cont’d)

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% (CAP Zone). 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 stope access 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 recov ery of 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 have been 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 var iable cut-off grade ranging from 0.3-0.7 Au g/t.

4. Stockpile material includes all material w ithin designed open pit betw een variable cut-offs described above in Note 3, as w ell as material w ithin 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 w ere prepared by Dorota El-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 Tow nship 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 w as prepared under the supervision of Patrice Live (OIQ #38991) of BBA, and the underground portion of the
mineral reserve statement w as prepared by Colm Keogh, 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, sociopolitic al, 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 limit of -150m msl.
2. Open pit mineral resources are reported at a cut-off grade of 0.30 gpt gold, underground mineral resources are reported at a cut-off grade of 2.5 gpt gold 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 processed directly.
4. Stockpile material includes all material w ithin conceptual pit shells in the gold grade range 0.30 – 0.45 gpt as w ell as all material w ithin 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 w as prepared by Dorota El-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 demonstr ated 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 Qualified Persons 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.

63
Appendix 10

Commodity price/foreign exchange assumptions

Guidance assumptions
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:
Spot
Gold price ($/oz)

1,325

Silver price ($/oz)

21.85

Copper price ($/oz)

3.25

AUD/USD

1.12

CDN/USD

1.11

MXN/USD

13.31

64
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 unde r applicable Canadian securities laws, and may not be comparable to
similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Minera l 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 f or 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 descriptions of 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 greater amount of uncertainty as to its existence and as to its economic and legal feasi bility. Under Canadian rules, estimates of Inferred Mineral Resources may not
form the basis of feasibility of 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 tha t 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 Indi cated 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 st andards 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.
NON-GAAP MEASURES
(1) TOTAL CASH COSTS
“Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The G old Institute, 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 com parable to other similarly titled measures of other companies. New Gold
reports total cash costs on a sales basis. Total cash costs include mine site operating costs such as mining, processing, adm inistration, royalties and production taxes, but are exclusive of amortization,
reclamation, capital and exploration costs. Total cash costs are reduced by any by-product revenue and then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs are
calculated based on total cash costs, prior to any reduction for by-product revenue, being apportioned to each metal produced on a percentage of revenue basis and subsequently divided by ounces of gold
or silver sold or pounds of copper sold to arrive at per ounce or per pound figures. These measures, along with sales, are co nsidered 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 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 not necessarily indicative of operating costs presented under GAAP. Furth er details regarding our non-GAAP measures and a reconciliation to the
nearest GAAP measures are provided in our MD&A’s accompanying our financial statements filed from time to time on www.sedar.c om.
(2) ALL-IN SUSTAINING COSTS
Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from ar ound 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, sustaining capital expenditures, corporate general and administra tive 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 th is non-GAAP measure provides further transparency into costs associated with
producing gold and will assist analysts, investors and other stakeholders of the company in assessing the company’s expected operating performance, ability to generate free cash flow and its overall value.
This data is furnished to provide additional information and is a non -GAAP 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 operating costs presented under GAAP. Further details regarding our non -GAAP measures and a reconciliation to the nearest GAAP measures are provided in our MD&A’s accompanying our financial
statements filed from time to time on www.sedar.com.

65
Contact information

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

66

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New gold bmo print version corporate presentation - february 2014

  • 1. BMO Capital Markets 23rd Global Metals & Mining Conference February 2014
  • 2. Cautionary statements All monetary amounts in U.S. dollars unless otherw ise stated Total cash costs shown net of by-product sales unless otherwise stated CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this presentation, other than statements of historical fact, which address events or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “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, cash costs and all-in sustaining costs (and its components) and for growth capital expenditures, including the expected drivers of those figures and the nature and amount of particular expected expenditures; the expected throughput and recovery rates at New Afton; planned modifications to the New Afton Mine and mill, the expected timeline, outcomes, cost and payback period of any such modifications; planed modifications to other operations; expected future mining activities; planned exploration expenditures (and their accounting treatment) and drilling activities and costs; exploration potential and the goals and expected results of future exploration activities; the estimation of mineral reserves and resources and the realization of such estimates; the results of the Rainy River and Blackwater feasibility studies, including the expected production, costs, stripping ratio, mining and processing method and rate, stockpiling plan, recovery rates, mine life, infrastructure, NPV, IRR and payback period (and related sensitivities associated with each project; the potential annual production, cash costs and capital costs, and the potential for a block cave, at the El Morro project; the timing of permitting activities and environmental asse ssment processes; and the timeline for development of Rainy River, including targeted timing for commissioning and full production. 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 our forward-looking statements are discussed in this presentation, New Gold’s 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 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) labour and material costs increasing on a basis consistent with New Gold’s current expectations; (7) permitting and arrangements with First Nations and other Aboriginal groups in respect of Rainy River and Blackwater being consistent with New Gold’s current expectations; (8) all environmental approvals (including the environmental asse ssment process for the Blackwater and Rainy River projects), required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; and (9) the results of the feasibility studies for the Rainy River and Blackwater projectsbeing realized. 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; price volatility in the spot and forward markets for commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, 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 Blackwater and Rainy River projects; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization (EIS); and in Chile, where the courts have temporarily suspended the approval of the environmental permit for El Morro; 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 reserves and resources; competition; loss of key employees; additional funding requirements; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the feasibility studies for Rainy River and 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; uncertainties with respect to obtaining all necessary surface and other land use rights or tenure for Rainy River; 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 processe s for Blackwater and Rainy River. 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) a s 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 preliminary information provided for production, sales, total cash costs(1) and all-in sustaining costs(2) are approximate figures and may differ from the final results in the 2013 annual audited financial statementsand management’s discussion and analysis. The footnotes to thispresentation contain important information, refer to appendices and endnotes found at the end of the presentation.
  • 3. New Gold investment thesis 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 18.5 Moz gold reserves ~$90 million investment by Board & Management Targeting ~$825/oz all-in sustaining costs(1) ~900 Koz annual production potential from growth projects +250% increase in share price since March 2009 1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 3
  • 4. Portfolio of assets in top-rated jurisdictions Mining investment – country rankings (1) Blackwater Mine Life: 17 years New Afton Mine Life: 10 years Rainy River #2 Mine Life: 14 years Mesquite Mine Life: 8+ years Cerro San Pedro Mine Life: 2+ years El Morro Mine Life: 17 years Peak Mines Mine Life: 6+ years CANADA #6 UNITED STATES #5 MEXICO #3 CHILE #1 AUSTRALIA OPERATING DEVELOPMENT 1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm ent: “Where Not to Invest”. 4
  • 5. Significant increase in gold reserves per share • Gold reserves increased by 10.7 million ounces during 2013 • • Attributable to establishing Blackwater reserves and accretive acquisition of Rainy River GOLD RESERVES(1) (Moz) 18.5 +127% per share 7.8 YE 2012 Silver reserves increased by 58.8 million ounces and copper reserves remained significant at 3.0 billion pounds YE 2013 GOLD M&I RESOURCES(1) (Moz) +22% per share 27.5 21.4 YE 2012 YE 2013 1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 9. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim ates of Mineral Reserves and Mineral Res ources” and “Technical Inform ation”. Measured and Indicated Resources are inclusive of Reserves. 5
  • 6. Collectively ~$90 million invested in New Gold EXECUTIVE MANAGEMENT TEAM Randall Oliphant Executive Chairman Robert Gallagher President & Chief Executive Officer Brian Penny Executive Vice President & Chief Financial Officer Ernie Mast Vice President Operations BOARD OF DIRECTORS David Emerson Former Canadian Cabinet Minister James Estey Former Chairman, UBS Securities Canada Robert Gallagher President & Chief Executive Officer Vahan Kololian Founder, Terra Nova Partners Martyn Konig Former Executive Chairman, European Goldfields Pierre Lassonde Chairman, Franco-Nevada Randall Oliphant Executive Chairman Raymond Threlkeld Mining Consultant 6
  • 7. Lowest costs in company’s history FOURTH QUARTER AND FULL YEAR 2013 • • • • Fourth quarter was the highest production quarter of 2013 Met full year production and cost outlook 2013 lowest total cash costs (1) in New Gold’s history Fourth quarter and full year total cash costs (1) and all-in sustaining costs (2) further establish company’s low cost profile GOLD PRODUCTION (Koz) 398 107 Q4'13 FY 2013 TOTAL CASH COSTS(1) ($/oz) $377 $316 Q4'13 FY 2013 ALL-IN SUSTAINING COSTS(2) ($/oz) $883 Q4'13 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”. $899 FY 2013 7
  • 8. 2014 consolidated guidance 2013 ACTUAL • • • • Continued gold production increases at New Afton offset by lower production forecast at Cerro San Pedro 2014 GUIDANCE Gold production(1) 380 – 420 Koz 398 Koz Copper production to increase by approximately 12 percent Total cash costs(2) Depreciation of Canadian and Australian dollars benefits New Gold costs $320 – $340/oz $377/oz Total cash costs (2) and all-in sustaining costs (3) well below industry average All-in sustaining costs(3) $899/oz $815 – $835/oz 1. Gold sales expected to be in the sam range as production. e 2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. All total cash cost estim ates (excluding historical am ounts) in this presentation assum com odity price assum e m ptions of: Gold - $1,300 per ounce, Silver - $20.00 per ounce, Copper - $3.25 per pound, and CDN/USD - $1.11, AUD/USD - $1.14, MXN/USD - $13.00. 3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All all-in sustaining cost estim ates (excluding historical am ounts) in this presentation assum com odity price assum e m ptions of: Gold - $1,300 per ounce, Silver - $20.00 per ounce, Copper - $3.25 per pound, and CDN/USD - $1.11, AUD/USD - $1.14, MXN/USD - $13.00. 8
  • 9. Among lowest-cost producers, established track record Lower costs driving higher margins (1) • • Costs benefiting from depreciating Canadian and Australian dollar • 1. 2. 3. 4. 2014E all-in sustaining costs(2) to decrease by over $70 per ounce versus 2013 Generating over $200 per ounce incremental margin versus average of peer-companies (3) that have provided 2014 guidance 2014E GUIDANCE – ALL-IN SUSTAINING COSTS ($/OZ)(2) 2014 Reported Average (4) New Gold ~$825 ~$825 ~$1,045/oz Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Based on com parison with costs published by issuers listed in note 4. The m anner in which costs are determ ined m vary from one issuer to another. ay Average includes: Agnico-Eagle, Alam os, Aurico, Barrick, Detour, Eldorado, Goldcorp, IAMGOLD, Kinross and Newm ont. The m anner in which costs are determ ined m vary from one issuer to another. ay ~$825/oz 9
  • 10. Peer-leading growth pipeline • • • Growth projects’ production potential equivalent to over 2x today’s production Blackwater and Rainy River acquisitions increased shares outstanding by 25% in total for potential ~175% increase in production Rainy River and Blackwater benefit significantly from Canadian dollar depreciation Organic projects +900 Koz (1) per year Future Organic Growth Potential New Afton Expansion El Morro Blackwater Rainy River Four current operations 2014E Gold Production • Rainy River $0.05 change in exchange rate equivalent to $141 million/2.8% change in pre-tax NAV/IRR • Blackwater $0.05 change in exchange rate equivalent to $270 million/1.9% change in pre-tax NAV/IRR 1. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in the feasibility studies for the projects. 10
  • 11. New Afton – A special asset Jurisdiction Production 102-112 British Columbia, Canada Gold (Koz) 87 2013 2014E 78-84 Country Ranking(1) 2015 to benefit further from mill expansion 72 #2 Copper (Mlbs) 2013 2014E NEW AFTON Upside Contribution First nine months of 2013 earnings from mine operations New Afton Near-term mill expansion Longer-term C-zone potential = +58% 1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm ent: “Where Not to Invest”. 11
  • 12. New Afton – 2013 highlights New Afton moved successfully beyond design capacity • • • Gyratory crusher commissioned in January 2013 Completed construction of 32 drawbells in 2013 Achieved increase to 12,000 tonnes per day three months ahead of schedule in September 2013 QUARTERLY AVERAGE THROUGHPUT THROUGHPUT (tonnes per day) 11,967 12,460 Q3 2013 Q4 2013 25 11,055 25 Q3 2013 Q4 2013 21 21 Q3 2013 Q4 2013 9,262 Q1 2013 Q2 2013 PRODUCTION (Koz) GOLD PRODUCTION (Koz) 22 15 • Successfully evaluated potential for further throughput increases going forward Q1 2013 Q2 2013 COPPER PRODUCTION (Mlbs) • 10-fold increase in C-zone Measured and Indicated resources 19 12 Q1 2013 Q2 2013 12
  • 13. Mill expansion capital estimates • Below is a summary of the key capital estimates for the expansion project Engineering, Construction and Equipment $26 million Building and Site Works $12 million Owner’s Costs $2 million Contingency $5 million ESTIMATED EXPANSION CAPITAL • $45 MILLION $35 million of capital to be spent in 2014 with remainder in 2015 Target: 14,000 tonnes per day at higher metal recoveries 13
  • 14. Value creation through mill expansion 2014 TARGETED AVERAGES RUN RATE TARGETED AVERAGES WITH MILL EXPANSION Throughput 12,500 +12% 14,000 Gold recovery ~85% +2-3% ~87-88% Copper recovery ~86% +2-3% ~88-89% IRR of +50% and payback period of less than two years 14
  • 15. C-zone overview YEAR-END 2013 C-ZONE(1) Isometric view looking NE Tonnes (000’s) Gold (g/t) Copper (%) Gold (Koz) Copper (Mlbs) 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 Measured Main A&B Zone C-zone 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 estim ates of Mineral Reserves and Mineral Res ources” and “Technical Inform ation”. 15
  • 16. Rainy River Jurisdiction 2014 Feasibility Study First nine years: ~$840 million 325 Koz (1.44 g/t) Development Capital (2) Annual Production Ontario, Canada $613/oz Total Cash Costs(3) Country Ranking(1) #2 $736/oz All-in Sustaining Costs(4) RAINY RIVER Situated for Mine Development Gold Resource/Upside +3.8 Moz Reserves(5) Flat terrain +169 km2 +6.2 Moz Land Package Close to infrastructure M&I Resources(5) 17km tie-in to power Multiple regional targets 1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm ent: “Where Not to Invest”. 2. Developm ent capital assum $1.11 CDN/USD exchange rate. es 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”. 5. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 9. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim ates of Mineral Reserves and Mineral Resources” and “Technical Inform ation”. Measured and Indicated Resources are inclusive of Reserves. 16
  • 17. Blackwater Jurisdiction 2013 Feasibility Study First nine years: British Columbia, Canada ~$1,760 million 485 Koz Development Capital (2) Annual Production $555/oz Total Cash Costs(3) Country Ranking(1) #2 $685/oz All-in Sustaining Costs(4) BLACKWATER Significant Gold Resource GOLD RESOURCE Regional Upside UPSIDE 8.2 Moz Reserves(5) 9.5 Moz M&I Resources(5) 17-year Mine Life ~1,100 km2 Land Package Initial resource at Capoose Multiple newly identified targets 1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm ent: “Where Not to Invest”. 2. Developm ent capital assum $1.11 CDN/USD exchange rate. es 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”. 5. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 9. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim ates of Mineral Reserves and Mineral Resources” and “Technical Inform ation”. Measured and Indicated Resources are inclusive of Reserves. 17
  • 18. El Morro Jurisdiction 2011 Feasibility Study (30%) Life of mine: 90 Koz Chile Annual Gold Production 85 Mlbs Annual Copper Production Country Ranking(1) #3 ($700/oz) Total Cash Costs(2) EL MORRO Gold/Copper Reserve (30%) + Upside Unique Joint Venture Structure 2.7 Moz Gold Reserve (3) 2.0 Blbs Copper Reserve (3) Goldcorp 70% partner Funds 100% of capital New Gold retains portion of cash flow from mine start-up Higher Grade Block Cave Potential 1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm ent: “Where Not to Invest”. 2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 3. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 9. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim ates of Mineral Reserves and Mineral Resources” and “Technical Inform ation”. Measured and Indicated Resources are inclusive of Reserves. 18
  • 19. Organic pipeline Existing low cost production base to be further enhanced by our lower cost development projects(1) GOLD PRODUCTION • Sequence Blackwater development • El Morro advanced • Rainy River development (2015/2016) • New Afton expansion (mid-2015) • Mesquite return to run rate (2015+) • CSP to residual leaching (2016) 2014(2) 2017(3) Future Potential (4) 1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Rainy River and Blackwater life-of-m ine all-in sustaining costs are estim ated to be $736/oz and $685/oz based on their respective Feasibility Studies. 2. Based on m id-point of 2014 guidance. 3. Based on expected annual production from current operations, including positive production im pact of New Afton’s m expansion targeted for m ill id-2015, Mesquite’s m ine plan m oving into grades m ore in line with reserve grade, which is partially offset by Cerro San Pedro ceasing active m ining and m oving into residual leaching, and includes the first year of full production from Rainy River. 4. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in their Feasibility Studies for the projects and production contribution from New Afton, Mesquite and the Peak Mines and is dependent on the tim ely developm ent of Blackwater and El Morro. 19
  • 20. Near-term catalysts 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 New Afton mill expansion 20
  • 21. A history of value creation New Gold (NYSE) Gold Price S&P/TSX Global Gold Index(1) 256% 44% (7% ) Performance since March 2009 New Gold/Western Goldfields merger announcement 1. S&P/TSX Global Gold Index includes 37 gold com panies in various stages of developm ent/producti on. 21
  • 22. New Gold investment thesis 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 18.5 Moz gold reserves ~$90 million investment by Board & Management Targeting ~$825/oz all-in sustaining costs(1) ~900 Koz annual production potential from growth projects +250% increase in share price since March 2009 Establishing the leading intermediate gold company 1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 22
  • 23. Appendices Appendices Page 1. Financial information 24 2. Consolidated operating performance 29 3. New Afton 36 4. Mesquite, Peak Mines, Cerro San Pedro 42 5. Rainy River 45 6. Blackwater 47 7. El Morro 48 8. Exploration 51 9. Reserves and Resources notes 55 10. Commodity price/foreign exchange assumptions 64 23
  • 24. Appendix 1 Strong balance sheet • Face value $878 million in long-term debt(3) • Undrawn Credit Facility (2) Liquidity Position $414 mm • Face value $500 million, 6.25% notes due in 2022 • Cash and Equivalents (1) Face value $300 million, 7.00% notes due in 2020 $78 million in carried El Morro loan, payable out of El Morro project cash flow $106 mm $520 mm 1. Cash and equivalents as at Decem ber 31, 2013. 2. $44 m illion of total $150 m illion at Decem ber 31, 2013 used for Letters of Credit. 3. See Appendix 1 – Sum ary of debt for detailed breakdown of com m ponents of debt. 24
  • 25. Appendix 1 Summary of debt Undrawn Credit Facility Senior Unsecured Notes (April 2012) Senior Unsecured Notes (November 2012) El Morro Funding Loan Face Value $150 million(1) $300 million $500 million $78 million Maturity 1 year with annual extensions permitted April 15, 2020 November 15, 2022 n/a Interest Rate See ‘Key features’ 7.00% 6.25% 4.58% Payable Revolving credit Semi-annually Semi-annually Upon start of production Conversion price n/a n/a n/a n/a Current trading value n/a ~103 ~96 n/a Key features • • • • • New Gold to repay Goldcorp out of 80% of its 30% share of cash flow once El Morro starts production Normal financial covenants Interest Rate • 3.00-4.25% over LIBOR based on ratios • Standby fee of 0.751.06% 1. $44 m illion of total $150 m illion at Decem ber 31, 2013 used for Letters of Credit. • Senior unsecured Redeemable after April 15, 2016 at 103.5% down to 100% of face after 2018 Unlimited dividends if leverage ratio below 2:1 • Senior unsecured Redeemable after November 15, 2017 at par plus half coupon, declining ratably to par Unlimited dividends if leverage ratio below 2:1 25
  • 26. Appendix 1 2014 capital expenditures by category Total Capital ~$340 million Sustaining Capital: ~$145 million Cerro San Pedro Growth Capital: ~$195 million Blackwater Cerro San Pedro Peak Mines New Afton Rainy River New Afton Mesquite 26
  • 27. Appendix 1 2014 capital expenditures by category • 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 • 52% 48% • • $60 million – ~2,500 metre development, two new trucks, dam raise and surface ventilation upgrade $35 million – mill expansion $20 million – C-zone scoping level engineering and capitalized exploration Rainy River - $105 million • 100% • • $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 Mesquite - $40 million 100% Growth capital Sustaining capital 27
  • 28. Appendix 1 2014 capital expenditures by category Peak Mines - $40 million • • 100% $20 million – two haul trucks and site maintenance $20 million – capitalized development and capitalized exploration Cerro San Pedro - $28 million • • 29% $20 million – capitalized stripping $8 million – leach pad expansion • • $10 million – permitting $5 million – engineering studies 71% Blackwater - $15 million 100% Growth capital Sustaining capital New Gold’s 30% share of estimated 2014 El Morro capital costs of $6 million fully carried by Goldcorp Inc. 28
  • 29. Appendix 2 2013 consolidated operational results GOLD PRODUCTION (Koz) SILVER PRODUCTION (Moz) COPPER PRODUCTION (Mlbs) 398 1.6 85 • High end of outlook • New Afton and Peak Mines met guidance • In line with outlook • High end of guidance TOTAL CASH COSTS(1) ($/oz) ALL-IN SUSTAINING COSTS(2) ($/oz) $377 $899 • In line with outlook • In line with outlook 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 29
  • 30. Appendix 2 2013 fourth quarter mine-by-mine operating results • • New Afton continues to perform well Mesquite had strongest quarter of 2013 as planned with higher grades 2013 FOURTH QUARTER Gold production (Koz) Total cash costs (1) ($/oz) All-in sustaining costs (2) ($/oz) • Peak Mines all-in sustaining costs (2) decreased by over $200 per ounce from third quarter of 2013 Cerro San Pedro achieved higher recoveries in each consecutive month during the quarter 25 ($1,428) $12 Mesquite 35 $841 $988 Peak Mines • New Afton 24 $778 $1,106 Cerro San Pedro 22 $911 $1,076 107 $316 $883 2013 FOURTH QUARTER New Afton co-product cash costs(1) Gold ($/oz) Copper ($/lb) 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”. $391 $1.08 30
  • 31. Appendix 2 2013 full year mine-by-mine operating results • New Afton throughput higher in each consecutive quarter during the year 2013 FULL YEAR Gold production (Koz) Total cash costs (1) ($/oz) All-in sustaining costs (2) ($/oz) New Afton • • ($1,196) ($133) Mesquite 107 $907 $1,108 Peak Mines 101 $850 $1,331 Cerro San Pedro 5% increase in gold production at Peak Mines versus previous year 87 103 $676 $766 398 $377 $899 Lowest total cash costs (1) in company’s history 2013 FULL YEAR New Afton co-product cash costs(1) Gold ($/oz) Copper ($/lb) 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”. $486 $1.19 31
  • 32. Appendix 2 Among lowest cost producers in industry New Gold versus Industry Average Total Cash Costs(1) (2) $782 $738 Industry $643 Incremental Benefit to NGD Shareholder $557 $478 $465 $446 $418 $421 New Gold $377 2009 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. New Gold total cash costs as at year-end 2013. 2. Industry data per GFMS reports calculated net of by-product credits for the nine m onths ended Septem ber 2013. 2013 32
  • 33. Appendix 2 Detailed operating results and assumptions Mesquite Cerro San Pedro Peak Mines 2013A 2014E 2013A 2014E 2013A New Afton 2014E 2013A 2014E Tonnes processed (000 tonnes) 14,297 13,000 - 13,300 13,463 13,400 - 13,800 814 830 - 850 4,087 4,500 - 4,700 Tonnes mined (000 tonnes) 48,206 56,000 - 58,000 31,018 33,000 - 35,000 1,100 1,300 - 1,320 4,226 4,600 - 4,800 Strip ratio 2.37 3.31 - 3.36 1.30 1.46 - 1.54 -- -- - -- -- -- - -- Gold grade (g/t) 0.37 0.40 - 0.44 0.47 0.35 - 0.40 4.14 3.9 - 4.1 0.78 0.81 - 0.85 Silver grade (g/t) -- -- - -- 20.91 15.0 - 17.0 -- -- - -- -- -- - -- Copper grade (%) -- -- - -- -- -- - -- 0.85% 0.86% - 0.90% 0.93% 0.93% - 0.95% Gold recovery (%) 63.0% 91.0% - 93.0% 85.1% 85.0% - 87.0% Silver recovery (%) -- -- - Copper recovery (%) -- -- Gold production (Koz) 107.0 Silver production (Koz) Copper production (Mlbs) ~65% 51.0% ~50% 92.9% -- 15.0% ~15% -- - -- -- -- - -- 88.0% 113.0 - 123.0 102.8 70.0 - 80.0 100.7 95.0 - 105.0 87.2 102.0 - 112.0 -- -- - -- 1,300.6 -- -- - -- -- -- - -- -- -- - -- -- 13.4 14.0 - 16.0 72.0 78.0 - 84.0 -- - -- 91.0% - 93.0% -85.9% -- - -- 86.0% - 88.0% Production 1,100.0 - 1,300.0 -- - -- Reserve grade Gold grade (g/t) 0.60 0.46 3.52 0.56 Silver grade (g/t) -- 18.1 7.1 2.2 Copper grade (%) -- -- 1.22% 0.84% 33
  • 34. Appendix 2 2014 consolidated guidance GOLD PRODUCTION (Koz) SILVER PRODUCTION (Moz) COPPER PRODUCTION (Mlbs) 380 – 420 1.35 – 1.75 92 – 100 • Increased production at high margin New Afton offset by lower production at Cerro San Pedro • Consistent with 2013 • 12% increase with both New Afton and Peak Mines higher TOTAL CASH COSTS(1) ($/oz) ALL-IN SUSTAINING COSTS(2) ($/oz) $320 – $340 $815 – $835 • Decrease driven by higher copper production and depreciation of Canadian and Australian dollars • ~$75 per ounce decrease driven by lower total cash costs(1) and lower sustaining capital 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”. 34
  • 35. Appendix 2 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) 1. 2. 3. 4. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. General and adm inistrative includes stock-based com pensation and asset retirem ent obligation. Sustaining capital based on New Gold’s total 2014 estim ated capital expenditures excluding expenditures related to growth-related initiatives. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. ~$825/oz 35
  • 36. Appendix 3 New Afton – 2014 guidance GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs) OVERVIEW • Gold and copper production expected to increase due to: 102 – 112 78 – 84 • Increase in average annual throughput rate • Increase in gold grades TOTAL CASH COSTS (1) ($/oz) ALL-IN SUSTAINING COSTS (2) ($/oz) ($1,260) – ($1,240) ($620) – ($600) $440 – $460 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”. KEY ASSUMPTIONS AND SENSITIVITIES • Copper price - $3.25 per pound (2013A - $3.23 per pound) • Canadian dollar: U.S. dollar exchange – $1.11 TOTAL CASH COSTS(1) Co-Product Gold ($/oz) • Costs benefit from targeted increase in copper production, depreciating Canadian dollar and decrease in sustaining capital costs Co-Product Copper ($/lb) $1.10 – $1.20 • $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 36
  • 37. Appendix 3 New Afton – Expansion evaluation Process of evaluating further throughput increase • Ran operation at 14,000 to 15,500 tonnes per day over multi-day periods in August and December 2013 • Mill was able to process higher throughput, however a decrease in recovery was seen • Began evaluating low capital cost alternatives to increase recoveries at higher throughput • Identified that tertiary grinding and increased flotation capacity would be required to maintain recoveries • Worked with third party engineering firm on the capital cost estimate 37
  • 38. Appendix 3 New Afton – Mill schematic To Tailings Surface Stockpile New Facilities 38
  • 39. Appendix 3 New Afton – Expansion timeline H1’14 H2’14 H1’15 • EPCM contract award • Excavation • Vertimill delivery • Geotechnical and detailed engineering • Foundations • Piping/electrical • Building construction • Early works • Instrumentation • Building services • Commissioning • Buried services relocation • Reagent tank relocation 39
  • 40. Appendix 3 New Afton – C-zone resource expansion • • C-zone originally identified through limited deep holes drilled from surface YEAR-END 2012 C-ZONE(1) Tonnes (000’s) Gold (g/t) Copper (%) Gold (Koz) Copper (Mlbs) 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 13,600 0.70 0.76 307 228 Measured Drilling from underground commenced in second half of 2012 Inferred • During 2013 completed 41 holes totaling 26,800 metres • Increased tonnes and grade of Measured and Indicated resource resulting in 10-fold increase in contained gold and copper • Incremental increase to Inferred resource YEAR-END 2013 C-ZONE(2) Tonnes (000’s) Gold (g/t) Copper (%) Gold (Koz) Copper (Mlbs) 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 Measured 1. 2012 inform ation per Annual Inform ation Form dated March 27, 2013. 2. 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 estim ates of Mineral Reserves and Mineral Res ources” and “Technical Inform ation”. 40
  • 41. Appendix 3 New Afton – 2014 C-zone program • Convert Inferred resource to Measured and Indicated • Expand resource laterally to east and west as well as vertically • Underground delineation and infill – 30,000 to 35,000 metres 41
  • 42. Appendix 4 Mesquite – 2014 guidance GOLD PRODUCTION (Koz) OVERVIEW • Production increase driven by planned mining of higher grades versus 2013 • Increase in costs attributable to increase in total tonnes mined 113 – 123 TOTAL CASH COSTS (1) ($/oz) • Peak year for sustaining capital at Mesquite ALL-IN SUSTAINING COSTS (2) ($/oz) KEY ASSUMPTIONS AND SENSITIVITIES • Diesel comprises ~25% of Mesquite’s total costs $930 – $950 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”. $1,310 – $1,330 • 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 ~$15 per ounce impact on total cash costs 42
  • 43. Appendix 4 Peak Mines – 2014 guidance GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs) OVERVIEW • Gold production in line with 2013 • Increase in copper production a result of increased copper grade and recovery 95 – 105 14 – 16 • Decrease in total cash costs a result of increased copper by-product revenue, depreciating Australian dollar and increased productivity through lower turnover TOTAL CASH COSTS (1) ($/oz) ALL-IN SUSTAINING COSTS (2) ($/oz) KEY ASSUMPTIONS AND SENSITIVITIES • Copper price - $3.25 per pound (2013A - $3.29 per pound) $630 – $650 $1,065 – $1,085 • 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 ~$10 per ounce change in Peak Mines total cash costs 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 43
  • 44. Appendix 4 Cerro San Pedro – 2014 guidance GOLD PRODUCTION (Koz) SILVER PRODUCTION (Moz) OVERVIEW • Decrease in production reflects the increased strip ratio for Phase 5 pushback and mining of lower grade ore 70 – 80 1.1 – 1.3 TOTAL CASH COSTS (1) ($/oz) ALL-IN SUSTAINING COSTS (2) ($/oz) • Increase in costs primarily driven by lower gold production, lower silver byproduct revenue and increased volume of processing reagents KEY ASSUMPTIONS AND SENSITIVITIES • Silver price - $20.00 per ounce (2013A – $23.61 per ounce) $1,030 – $1,050 $1,125 – $1,145 • 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 ~$50 per ounce change in Cerro San Pedro total cash costs 1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 44
  • 45. Appendix 5 Rainy River – Project overview • 21,000 tonne per day process plan with conventional crushing, grinding, leaching and carbon-in-pulp technology Pre-tax Economics Gold Price ($/oz) • • • 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 $1.05 CDN/USD) • 1,300 1,300 1,450 1,600 US$/C$ exchange 0.93 0.95 0.90 0.97 1.00 5% NPV ($mm) 138 438 579 738 1,009 IRR (%) 7.8 13.1 15.9 17.6 21.1 Payback (years) 6.8 5.4 4.7 4.3 3.6 After-tax Economics Gold Price ($/oz) 1,150 1,300 1,300 1,450 1,600 US$/C$ exchange • • 1,150 0.93 0.95 0.90 0.97 1.00 5% NPV ($mm) 100 314 416 520 706 IRR (%) 7.1 11.3 13.7 14.9 17.8 Payback (years) 6.8 5.5 4.8 4.4 3.8 ~$840 million at $1.11 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 45
  • 46. Appendix 5 Rainy River – Indicative timeline Project Schedule 2014 2015 2016 2017 Feasibility Study First Nations & Public Consultation Engineering/Procurement Environmental Assessment Permitting Construction Production Ongoing consultation Final construction during commissioning 1. Indicative tim eline is dependent on perm approvals and other variables. There is no assurance this tim it eline will be achieved or that the deposit will ever reach the production stage. 46
  • 47. Appendix 6 Blackwater – Project overview • • Conventional truck and shovel open pit mine with 60,000 tonne per day processing plant Simple, conventional flowsheet using whole ore leach process • Low grade stockpiling strategy • Development capital of $1,865 million inclusive of $190 million contingency (at $1.05 CDN/USD) • ~$1,760 million at $1.11 CDN/USD • 1,300 1,450 1,600 US$/C$ exchange 0.93 0.95 0.90 0.97 1.00 5% NPV ($mm) 402 991 1,263 1,582 2,120 IRR (%) 7.8 11.3 13.3 14.4 16.8 Payback (years) 7.5 6.2 5.5 5.1 4.5 Power supply from the hydroelectric power grid, via 140-kilometre transmission line • 1,300 Conventional waste rock and Tailings Storage Facility • 1,150 Life-of-mine gold and silver recoveries of 87% and 49% • Gold Price ($/oz) Life-of-mine operational strip ratio of 1.88 to 1 • Pre-tax Economics Minimal off-site infrastructure required • • Good existing access road; water supply within 15 kilometres Low environmental risk and facility designed for closure 47
  • 48. Appendix 7 El Morro (30%) – Funding structure Total Capital 100% ~ $3.9 billion(1) 30% 100% Average annual cash flow 70% Funded by $1.2 billion interest at 4.58% ~ $2.7 billion 30% 20% 70% 80% Carried funding repayment • New Gold’s 30% share of development capital 100% carried • Interest fixed at 4.58% 1. Capital estim ates based on Decem ber 2011 Feasibility Study. 48
  • 49. Appendix 7 La Fortuna deposit 2012 open pit Proven and Probable reserves and Measured and Indicated resources Reserve Grade Gold: 0.46 g/t Copper: 0.49% Underground Inferred resource with block cave potential Inferred Grade Gold: 0.97 g/t Copper: 0.78% 500 m etres 49
  • 50. Appendix 7 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 Cerro Negro 5.7 Cerro Negro 6.6 1. All reserve inform ation taken from Goldcorp’s Decem ber 31, 2013 year-end resource statem ents. 2. Gold equivalent calculated based on the following com odity prices: Gold - $1,300/oz; Silver - $22.00/oz; Copper - $3.00/lb; Lead - $0.90/lb; Zinc - $0.90/lb. m 50
  • 51. Appendix 8 2014 exploration program overview 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) Peak Mines 45,000 metres Rainy River 35,000-40,000 metres Blackwater 10,000-15,000 metres New Afton 30,000-35,000 metres 51 1. Circle proportions are representative of both capitalized and expensed exploration for each respective asset.
  • 52. Appendix 8 Rainy River exploration 2013 ACHIEVEMENTS • 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 2014 PROGRAM Intrepid Zone 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 52
  • 53. Appendix 8 Blackwater exploration 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 53
  • 54. Appendix 8 Peak Mines exploration 2013 ACHIEVEMENTS • Near-mine exploration and resource conversion partially offset mine depletion • Advanced earlier stage targets along regional Rookery fault trend 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 54
  • 55. Appendix 9 Reserves and resources summary Mineral Reserves and Resources Summary As at December 31, 2012 (1) As at December 31, 2013 Gold Koz Silver Koz Copper Mlbs Gold Koz Silver Koz Copper Mlbs Proven and Probable Reserves 18,538 90,080 2,953 7,752 31,256 3,282 Measured and Indicated Resources (inclusive of Reserves) 27,505 124,499 4,353 21,403 131,847 4,061 4,161 30,360 1,821 4,383 84,620 1,114 New Afton 2,297 7,786 1,988 1,979 6,830 1,818 Mesquite 4,904 - - 5,684 - - 810 1,380 158 880 1,350 146 Inferred Resources M&I Resources (inclusive of Reserves) Peak Mines Cerro San Pedro 397 15,948 - 1,703 57,980 - Rainy River 6,236 14,635 - n/a n/a n/a Blackwater 9,500 70,130 - 8,070 56,190 - Capoose 320 3,041 14,620 - 2,207 196 2,891 9,497 - 2,097 27,505 124,499 4,353 21,403 131,847 4,061 El Morro Total M&I 1. 2012 inform ation per Annual Inform ation Form dated March 27, 2013. 55
  • 56. Appendix 9 Reserves and resources summary (cont’d) Mineral Reserves statement as at December 31, 2013 Mineral Reserves statement as at December 31, 2012 Metal grade Tonnes 000's Gold g/t Silver g/t Contained metal Copper % Gold Koz Silver Koz Metal grade Copper Mlbs Tonnes 000's Gold g/t Silver g/t Contained metal Copper % Gold Koz Silver Koz Copper Mlbs New Afton Proven - - - - - - - - - - - - - - Probable 48,821 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&P 48,821 0.56 2.2 0.84 879 3,500 904 52,500 0.65 2.3 0.93 1,100 3,880 1,080 Mesquite Proven 3,809 0.70 - - 86 - - 13,140 0.68 - - 287 - - Probable 112,094 0.60 - - 2,152 - - 114,409 0.56 - - 2,055 - - Total Mesquite P&P 115,903 0.60 - - 2,237 - - 127,549 0.57 - - 2,342 - - Proven 1,820 4.35 6.7 1.16 255 390 47 2,109 5.89 7.5 1.08 399 510 50 Probable 1,820 2.69 7.4 1.27 157 430 51 2,118 3.82 6.8 1.18 260 466 55 Total Peak Mines P&P 3,640 3.52 7.1 1.22 412 820 98 4,227 4.85 7.2 1.13 659 976 105 Probable 12,982 13,714 0.47 0.44 17.5 18.7 - 197 195 7,311 8,239 - 21,100 26,400 0.52 0.48 17.1 17.4 - 353 407 11,600 14,800 - Total CSP P&P 26,696 0.46 18.1 - 392 15,550 - 47,500 0.50 17.3 - 760 26,400 - Peak Mines Cerro San Pedro Proven 1. 2012 inform ation per Annual Inform ation Form dated March 27, 2013. 56
  • 57. Appendix 9 Reserves and resources summary (cont’d) Mineral Reserves statement as at December 31, 2013 Mineral Reserves statement as at December 31, 2012 Metal grade Tonnes 000's Gold g/t Silver g/t Contained metal Copper % Gold Koz Silver Koz Metal grade Copper Mlbs Tonnes 000's Gold g/t Silver g/t Contained metal Copper % Gold Koz Silver Koz Copper Mlbs Rainy River Direct processing material Open Pit Proven 15,839 1.47 2.0 - 746 1,038 - Probable 46,866 1.26 3.1 - 1,896 4,594 - Open Pit P&P (direct processing) 62,705 1.31 2.8 - 2,642 5,632 - Underground Proven - - - - - - - Probable 4,187 4.96 10.3 - 668 1,388 - Underground P&P (direct processing) 4,187 4.96 10.3 - 668 1,388 - Stockpile material Open Pit Proven 6,843 0.38 1.5 - 84 332 - Probable 30,541 0.39 2.1 - 378 2,058 - Open Pit P&P (stockpile) 37,384 0.38 2.0 - 462 2,390 - Proven 22,681 1.14 1.9 - 830 1,370 - Probable 81,594 1.12 3.1 - 2,943 8,040 - 104,275 1.13 2.8 - 3,773 9,410 - 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) 294,300 0.79 4.7 - 7,510 44,400 - Proven 20,100 0.50 3.6 - 330 2,300 - Probable 30,100 0.34 14.6 - 330 14,100 - P&P (stockpile) 50,200 0.40 10.2 - 650 16,400 - 344,400 0.74 5.5 - 8,170 60,800 - Total P&P Total Rainy River P&P Blackwater Direct processing material Stockpile material Total Blackwater P&P 100% Basis El Morro Proven 30% Basis Probable 321,814 277,240 0.56 0.35 - 0.55 0.43 Total El Morro P&P 599,054 0.46 - 0.49 Total P&P 1. 2012 inform ation per Annual Inform ation Form dated March 27, 2013. 100% Basis 1,746 - 929 30% Basis 307,949 335,152 0.57 0.37 - 0.56 0.44 1,705 - - 1,163 788 1,186 - 1,135 962 2,675 - 1,951 643,101 0.47 - 0.49 2,891 - 2,097 18,538 90,080 2,953 7,752 31,256 3,282 57
  • 58. Appendix 9 Reserves and resources summary (cont’d) M e a s ure d a nd Indic a t e d m ine ra l R e s o urc e s t a t e m e nt ( inc lus iv e o f R e s e rv e s ) a s a t D e c e m be r 3 1, 2 0 13 Metal grade Tonnes 000's Gold g/t Silver g/t M e a s ure d a nd Indic a t e d m ine ra l R e s o urc e s t a t e m e nt ( inc lus iv e o f R e s e rv e s ) a s a t D e c e m be r 3 1, 2 0 12 Contained metal Copper % Gold Koz Silver Koz Metal grade Copper Mlbs Tonnes 000's Gold g/t Silver g/t Contained metal Copper % Gold Koz Silver Koz Copper Mlbs New Afton A&B Zones Measured Indicated 41,059 26,966 0.79 0.44 2.7 2.1 1.09 0.65 1,041 384 3,624 1,777 984 384 33,500 45,900 0.86 0.67 2.9 2.4 1.18 0.89 929 984 3,160 3,530 873 896 A&B Zone M&I 68,025 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 Indicated 618 25,223 0.75 0.84 1.5 2.0 0.91 0.91 15 678 30 1,589 12 504 400 2,900 0.60 0.63 1.3 1.3 0.73 0.68 8 58 20 120 6 43 C-Zone M&I 25,842 0.83 2.0 0.91 693 1,620 516 3,300 0.62 1.3 0.68 66 140 49 11,035 0.50 2.2 0.43 179 763 104 - - - - - - - C-Zone Measured HW Lens Measured Indicated HW Lens M&I 11,035 0.50 2.2 0.43 179 763 104 - - - - - - - 104,901 0.68 2.3 0.86 2,297 7,786 1,988 82,700 0.74 2.6 1.00 1,979 6,830 1,818 Indicated 9,070 304,081 0.66 0.48 - - 191 4,713 - - 24,000 370,100 0.61 0.45 - - 452 5,232 - - Total Mesquite M&I 313,151 0.49 - - 4,904 - - 394,100 0.45 - - 5,684 - - Indicated 3,000 3,400 4.69 3.29 6.7 6.7 1.06 1.18 450 360 650 730 70 88 2,700 3,200 5.74 3.75 7.5 6.8 1.05 1.19 494 386 647 703 62 84 Peak Mines M&I 6,400 3.95 6.7 1.12 810 1,380 158 5,900 4.66 7.1 1.13 880 1,350 146 Indicated 13,387 14,311 0.46 0.43 17.3 18.4 - 199 198 7,459 8,489 - 42,300 109,400 0.40 0.34 14.4 11.5 - 532 1,171 18,900 39,080 - Total CSP M&I 27,698 0.45 17.9 - 397 15,948 - 151,700 0.35 11.9 - 1,703 57,980 - Total New Afton M&I Mesquite Measured Peak Mines Measured Cerro San Pedro Measured 1. 2012 inform ation per Annual Inform ation Form dated March 27, 2013. 58
  • 59. Appendix 9 Reserves and resources summary (cont’d) M e a s ure d a nd Indic a t e d m ine ra l R e s o urc e s t a t e m e nt ( inc lus iv e o f R e s e rv e s ) a s a t D e c e m be r 3 1, 2 0 13 Metal grade Tonnes 000's Gold g/t Silver g/t M e a s ure d a nd Indic a t e d m ine ra l R e s o urc e s t a t e m e nt ( inc lus iv e o f R e s e rv e s ) a s a t D e c e m be r 3 1, 2 0 12 Contained metal Copper % Gold Koz Silver Koz Metal grade Copper Mlbs Tonnes 000's Gold g/t Silver g/t Contained metal Copper % Gold Koz Silver Koz Copper Mlbs Rainy River Direct processing material Open Pit Measured 20,282 80,411 1.45 1.35 1.9 2.6 - 947 3,486 1,261 6,584 - 100,693 1.37 2.4 - 4,433 7,846 - Indicated 89 5,469 4.95 4.53 2.8 11.3 - 14 796 8 1,994 - Underground M&I (direct processing) 5,558 4.53 11.2 - 810 2,002 - Measured 6,294 0.37 1.3 - 74 262 - Indicated 64,816 0.44 2.2 - 919 4,526 - Open Pit M&I (stockpile) 71,110 0.43 2.1 - 993 4,788 - Measured 26,665 1.21 1.8 - 1,035 1,531 - Indicated 150,696 1.07 2.7 - 5,202 13,104 - Total Rainy River M&I 177,361 1.09 2.6 - 6,236 14,635 - Measured 116,955 1.04 5.6 - 3,900 21,060 - Indicated 189,044 0.78 6.0 - 4,730 36,470 - M&I (direct processing) 305,999 0.88 5.8 - 8,620 57,520 - Measured 26,521 0.30 4.1 - 260 3,500 - Indicated 64,382 0.30 4.4 - 620 9,110 - M&I (stockpile) 90,904 0.30 4.3 - 870 12,600 - 396,903 0.74 5.5 - 9,500 70,130 - 296,146 0.85 5.9 - 8,070 20,280 0.50 22.4 - 320 14,620 - 14,200 0.43 20.8 - 196 Indicated Open Pit M&I (direct processing) Underground Measured Stockpile material Open Pit Total M&I Blackwater Direct processing material Stockpile material Total Blackwater M&I 56,190 - 9,497 - Capoose Indicated 100% Basis El Morro 30% Basis 100% Basis 30% Basis Measured 341,604 0.56 - 0.54 1,848 - 1,230 307,949 0.57 - 0.56 1,705 - Indicated 349,803 0.35 - 0.42 1,193 - 977 335,152 0.37 - 0.44 1,186 - 962 Total El Morro M&I 691,407 0.46 - 0.48 3,041 - 2,207 643,101 0.47 - 0.49 2,891 - 2,097 27,505 124,499 4,353 21,403 131,847 4,061 Total M&I 1. 2012 inform ation per Annual Inform ation Form dated March 27, 2013. 1,135 59
  • 60. Appendix 9 Reserves and resources summary (cont’d) Inferred Resource statement as at December 31, 2013 Inferred Resource statement as at December 31, 2012 Metal grade Tonnes 000's Gold g/t Silver g/t Contained metal Copper % Gold Koz Silver Koz Metal grade Copper Mlbs Tonnes 000's Gold g/t Silver g/t Contained metal Copper % Gold Koz Silver Koz Copper Mlbs New Afton A&B-Zone 5,607 0.32 1.5 0.38 59 272 46 14,900 0.45 2.0 0.65 216 940 212 HW Lens 11,288 818 0.63 0.56 1.7 1.3 0.64 0.42 227 15 602 33 159 7 13,600 - 0.70 - 1.5 - 0.76 - 307 - 670 - 228 - New Afton Inferred 17,713 0.53 1.6 0.54 301 907 212 28,400 0.57 1.8 0.70 523 1,610 440 Mesquite 17,550 0.42 - - 238 - - 50,900 0.40 - - 651 - - Peak Mines 2,000 2.34 4.7 1.17 150 300 51 1,700 2.64 4.8 1.13 144 261 42 CSP 1,174 0.34 11.6 - 13 436 - 103,900 0.25 8.8 - 850 29,200 - 9,388 2,641 0.97 4.46 2.3 8.3 - 292 379 687 707 - 12,029 1.74 3.6 - 671 1,394 - C-Zone Rainy River Direct processing Open Pit Underground Total Direct Processing Stockpile Open Pit 8,626 0.37 1.2 - 102 323 - 20,655 1.16 2.6 - 773 1,717 - Stockpile 13,815 3,785 0.76 0.31 4.1 3.6 - 340 40 1,820 440 - Blackwater Inferred 17,600 0.66 4.0 - 380 2,260 - 16,585 0.58 10.8 - 310 5,760 - Capoose 29,263 0.39 26.3 - 370 24,740 - 64,070 0.29 23.2 - 595 47,789 - Rainy River Inferred Blackwater Direct processing 100% Basis 30% Basis 100% Basis El Morro - Open Pit 564,217 0.16 - 0.26 871 - 970 El Morro - Underground 113,840 0.97 - 0.78 1,065 - 587 4,161 30,360 1,821 Total Inferred 1. 2012 inform ation per Annual Inform ation Form dated March 27, 2013. 137,555 0.99 30% Basis - 0.70 1,310 - 632 4,383 84,620 1,114 60
  • 61. Appendix 9 Reserves and resources notes New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Measured and Indicated miner al 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 ec onomic 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 Institute of 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 follow ing metal prices and low er cut-off criteria: Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Low er Cut-off New Afton $1,300 $22.00 $3.00 US$21.00/t NSR Mesquite $1,300 - - Peak Mines $1,300 $22.00 $3.00 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 Blackw ater $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 0.21 g/t Au – Oxide and transition reserves 0.41 g/t Au – Non-oxide reserves A$88 – 134/t NSR 0.20% Cu 61
  • 62. Appendix 9 Reserves and resources notes (cont’d) 2) Mineral Resources for the company’s mineral properties have been estimated based on the follow ing metal prices and low er cut-off criteria: Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Low er Cut-off New Afton $1,400 $24.00 $3.25 Mesquite $1,400 - - Peak Mines $1,400 $24.00 $3.25 Cerro San Pedro $1,400 $24.00 - 0.10 g/t AuEq – Open pit oxide resources 0.30 g/t AuEq – Open pit sulphide resources Rainy River $1,400 $24.00 - Open Pit: 0.3 – 0.45 g/t Au Underground: 2.5 g/t Au Blackw ater $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 0.40% CuEq 0.11 g/t Au – Oxide and transition resources 0.22 g/t Au – Non-oxide resources A$92 - 125/t NSR 0.20% Cu 3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent w ith the methods most suitable for their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and ‘underground’ have been applied to indicate envisioned mining method. Likew ise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization as it relates to appropriate mineral processing method and expected payable metal recoveries. 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 r espective NI 43-101 Technical Reports w hich are available at www.sedar.com. Refer to the supplementary information below regarding the mineral reserve and mineral resource estimates for Rainy River. 62
  • 63. Appendix 9 Reserves and resources notes (cont’d) 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% (CAP Zone). 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 stope access 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 recov ery of 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 have been 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 var iable cut-off grade ranging from 0.3-0.7 Au g/t. 4. Stockpile material includes all material w ithin designed open pit betw een variable cut-offs described above in Note 3, as w ell as material w ithin 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 w ere prepared by Dorota El-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 Tow nship 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 w as prepared under the supervision of Patrice Live (OIQ #38991) of BBA, and the underground portion of the mineral reserve statement w as prepared by Colm Keogh, 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, sociopolitic al, 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 limit of -150m msl. 2. Open pit mineral resources are reported at a cut-off grade of 0.30 gpt gold, underground mineral resources are reported at a cut-off grade of 2.5 gpt gold 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$1.00, gold recovery of 88% for open pit resources and 90% for underground resources with silver recovery at 75%. 3. Direct processing material is defined as mineralization above a cut-off of 0.45 g/t gold and likely to be mined and processed directly. 4. Stockpile material includes all material w ithin conceptual pit shells in the gold grade range 0.30 – 0.45 gpt as w ell as all material w ithin the CAP zone that is suitable for stockpiling and future processing based on average metallurgical recoveries of 88% gold and 75% silver. 5. Qualified Persons – The mineral resource statement w as prepared by Dorota El-Rassi, P. Eng. (APEO #100012348) and Glen Cole (APGO #1416) from SRK, both independent "Qualified Persons" as that term is defined in National Instrument 43-101. 6. Mineral resources are inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstr ated economic viability. 7. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other relevant issues. 4) Qualified Person: The preparation of New Gold's mineral reserve and mineral resource statements has been done by Qualified Persons as defined under National Instrument 43-101 under the supervision of Mark A. Petersen, a Qualified Person under National Instrument 43-101 and an officer of New Gold. 63
  • 64. Appendix 10 Commodity price/foreign exchange assumptions Guidance assumptions 2014 Gold price ($/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: Spot Gold price ($/oz) 1,325 Silver price ($/oz) 21.85 Copper price ($/oz) 3.25 AUD/USD 1.12 CDN/USD 1.11 MXN/USD 13.31 64
  • 65. 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 unde r applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Minera l 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 f or 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 descriptions of 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 greater amount of uncertainty as to its existence and as to its economic and legal feasi bility. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility of 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 tha t 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 Indi cated 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 st andards 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. NON-GAAP MEASURES (1) TOTAL CASH COSTS “Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The G old Institute, 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 com parable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. Total cash costs include mine site operating costs such as mining, processing, adm inistration, royalties and production taxes, but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs are reduced by any by-product revenue and then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs are calculated based on total cash costs, prior to any reduction for by-product revenue, being apportioned to each metal produced on a percentage of revenue basis and subsequently divided by ounces of gold or silver sold or pounds of copper sold to arrive at per ounce or per pound figures. These measures, along with sales, are co nsidered 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 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 not necessarily indicative of operating costs presented under GAAP. Furth er details regarding our non-GAAP measures and a reconciliation to the nearest GAAP measures are provided in our MD&A’s accompanying our financial statements filed from time to time on www.sedar.c om. (2) ALL-IN SUSTAINING COSTS Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from ar ound 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, sustaining capital expenditures, corporate general and administra tive 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 th is non-GAAP measure provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the company in assessing the company’s expected operating performance, ability to generate free cash flow and its overall value. This data is furnished to provide additional information and is a non -GAAP 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 operating costs presented under GAAP. Further details regarding our non -GAAP measures and a reconciliation to the nearest GAAP measures are provided in our MD&A’s accompanying our financial statements filed from time to time on www.sedar.com. 65
  • 66. Contact information Investor Relations Hannes Portmann Vice President, Corporate Development 416-324-6014 hannes.portmann@newgold.com 66