New Gold provides its 2014 consolidated guidance, forecasting gold production of 380-420 thousand ounces at total cash costs of $320-$340 per ounce and all-in sustaining costs of $815-$835 per ounce. The company expects copper production of 1.35-1.75 million pounds and silver production of 92-100 thousand ounces. New Gold highlights that its costs are among the lowest for gold producers and are expected to generate over $200 per ounce of incremental margin compared to industry peers.

1. Bank of America Merrill Lynch
2014 Global Metals, Mining &
Steel Conference
May 2014

2. Cautionary statements
2
All monetary amounts in U.S. dollars unless otherwise stated
Total cash costs shown net of by-product sales unless otherwise stated
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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 those on the slide entitled “2014 Consolidated Guidance” and
also include, among others, statements with respect to: guidance for production, total cash costs, all-in sustaining costs and capital expenditures; mine life at various mines and projects; the
expected throughput and recovery rates at New Afton; planned modifications to the New Afton mine and mill and related timing, costs, return and payback period; expected future mining activities;
exploration potential; the estimation of Mineral Reserves and Resources and the realization of such estimates; the results of the Rainy River and Blackwater Feasibility Studies, including expected
production and costs; the timing of permitting activities and environmental assessment processes; expected timing of project development and construction activities and; the potential annual
production and cash costs, and the potential for a block cave, at the El Morro project.
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&As, 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 signification 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 assessment 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 projects being 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 processes 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) as well as “Risk Factors” included in New Gold’s disclosure documents filed on and available at www.sedar.com.
Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-
looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
The footnotes and endnotes to this presentation contain important information. The endnotes are found at the end of the presentation.

3. Portfolio
of assets
in top-rated
jurisdictions
Invested
and
experienced
team
Among
lowest-cost
producers with
established
track record
Peer-leading
growth
pipeline
A history
of value
creation
New Gold investment thesis
3
18.5 Moz gold
reserves(1)
~$70 million
investment by
Board &
Management
Q1’14 all-in
sustaining
costs(2) – $674/oz
~900 Koz annual
production
potential from
growth projects(3)
175% increase
in share price
since March 2009
1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to
U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
3. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro, as outlined in the feasibility studies for the projects.

4. Portfolio of assets in top-rated jurisdictions
Blackwater
New Afton
Rainy River
Mesquite
Cerro San Pedro
El Morro
Peak Mines
Mine Life: 17 years
Mine Life: 10 years
Mine Life: 14 years
Mine Life: 8+ years
Mine Life: 2+ years
Mine Life: 17 years
Mine Life: 6+ years
#2
CANADA
#6
UNITED
STATES
#5
MEXICO
#3
CHILE
#1
AUSTRALIA
OPERATING
DEVELOPMENT
4
Mining investment – country rankings(1)
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”.
2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to
U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
Gold
18.5 Moz
Silver
90.1 Moz
Copper
3.0 Blbs
Mineral Reserves(2)

5. Collectively ~$70 million invested in New Gold
5
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 Chairman, Newmarket Gold
EXECUTIVE MANAGEMENT TEAM
Randall Oliphant Executive Chairman
Robert Gallagher President & Chief Executive Officer
Brian Penny Executive Vice President & Chief Financial Officer

6. 2014 first quarter operational highlights
6
91,317oz $674per oz
All-in sustaining costs(1)
Successfully completed
Rainy River Feasibility
Study and advanced
project
Gold Production Costs
$254per oz
Total cash costs(2)
New Afton
New Afton Expansion Rainy River Blackwater
New Afton achieved record
quarterly gold and copper
production
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
27,364oz - Gold
22mlbs - Copper
On-time (mid-2015), on-
budget ($45 million)
Vertimill and equipment
ordered
Environmental Assessment
being finalized (to be
submitted in second
quarter)

7. 2014 first quarter financial highlights
7
$191million $92million
+$
24million
Increase cash balance during quarter
Revenues Operating Margin(1) Adjusted Net Earnings(2)
Net Cash Generated from Operations Cash and Equivalents
$81million
$
438million
Cash balance at March 31, 2014
1. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.
2. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.
Consistent with Q1’13
despite lower commodity
prices
$18million
$0.04per share
+39%versus Q1’13

8. 81. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2014 total cash costs assume: Gold - $1,300/oz, Silver - $22.00/oz, Copper - $3.25/lb, USD/CDN - $0.90, USD/AUD - $0.88.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 2014 all-in sustaining costs assume: Gold - $1,300/oz, Silver - $22.00/oz, Copper - $3.25/lb, USD/CDN - $0.90, USD/AUD - $0.88.
2014 consolidated guidance
GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs)SILVER PRODUCTION (Moz)
ALL-IN SUSTAINING COSTS(2) ($/oz)TOTAL CASH COSTS(1) ($/oz)
380 – 420
$320 – $340 $815 – $835
1.35 – 1.75 92 – 100

9. Among lowest-cost producers
• 2014E all-in sustaining costs(2) to
decrease by over $70 per ounce
versus 2013
• Costs benefiting from depreciating
Canadian and Australian dollars
• Expect to generate over $200 per
ounce incremental margin versus
average of peer-companies(3) that
have provided 2014 guidance
New Gold2014 Reported Average(4)
~$825
9
Lower costs driving higher margins(1)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
3. Based on comparison with costs published by issuers listed in note 4. The manner in which costs are determined may vary from one issuer to another.
4. Average includes: Agnico-Eagle, Alamos, Aurico, Barrick, Detour, Eldorado, Goldcorp, IAMGOLD, Kinross, Newmont and Yamana. The manner in which costs are determined may vary from one issuer to another.
~$825/oz~$825~$1,030/oz
2014E GUIDANCE –
ALL-IN SUSTAINING COSTS ($/OZ)(2)

10. C-Zone M&I Resource(2)
New Afton – A special asset
10
87
102-112
Gold
(Koz)
72
78-84
Copper
(Mlbs)
2013 2014E
2013 2014E
NEW AFTON
Future UpsideNear-Term Upside
Jurisdiction Current Production
British Columbia,
Canada
#2Country
Ranking(1)
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”.
2. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to
Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
3. Return calculation assumes: Gold - $1,300/oz, Silver - $22.00/oz, Copper - $3.25/lb, USD/CDN - $0.90.
2015 to
benefit
further
from mill
expansion
Mill Expansion - $45mm
Throughput:
Recoveries:
Return(3):
Payback:
12,500 14,000
85-86% 88-89%
+50%
<2 years
GOLD 0.83 g/t 0.7Moz
COPPER 0.91% 0.5Blbs
26 Million Tonnes

11. C-zone overview
11
C-zone
B-zone
Isometric view looking NE YEAR-END 2013 C-ZONE RESOURCES(1)
Tonnes
(000’s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
Measured 618 0.75 0.91 15 12
Indicated 25,223 0.84 0.91 678 504
Total M&I 25,842 0.83 0.91 693 516
Inferred 11,288 0.63 0.64 227 159
1. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to
Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
Measured and Indicated Resources
Inferred Resources

12. 92
86
95
87
107 108
2013 2014E 2015E
12
• Both gold and copper production already exceed 2009 technical report estimates
• Mill expansion and C-zone potential to further increase New Afton annual cash flow and mine life
Case study – New Afton value enhancement
COPPER PRODUCTION (MILLION POUNDS)GOLD PRODUCTION (THOUSAND OUNCES)
70
65
7272
81 82
2013 2014E 2015E
Actual/Guidance(2)2009 Technical Report(1) Actual/Guidance(2)2009 Technical Report(1)
• Only 14 holes drilled into C-zone at time of
New Afton production start
• In two years, M&I resource up to 26 million
tonnes(3)
C-ZONE RESOURCE
B-ZONE C-ZONE
Tonnes (Mt) 68 26
Gold grade (g/t) 0.65 0.83
Copper grade (%) 0.91 0.91
MEASURED AND INDICATED RESOURCES(3)
1. New Afton Project technical report dated December 31, 2009.
2. 2015 New Afton production estimate assumes successful completion of New Afton mill expansion of 14,000 tonnes per day by mid-2015.
3. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to
Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.

13. Rainy River
13
Gold Resource/UpsideSituated for Mine
Development
#2
Ontario, Canada
Jurisdiction
Country
Ranking(1)
+169 km2
Land Package
Multiple regional targets
RAINY RIVER
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”.
2. Development capital assumes $0.90 USD/CDN exchange rate.
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Total cash costs assume: Gold - $1,300/oz, Silver - $22.00/oz, USD/CDN - $0.95.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining costs assume: Gold - $1,300/oz, Silver - $22.00/oz, USD/CDN - $0.95.
5. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to
Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
Flat terrain
Close to infrastructure
17km tie-in to power
+3.8 Moz
Reserves(5)
+6.2 Moz
M&I Resources(5)
2014 Feasibility Study
First nine years:
$613/oz
Total Cash Costs(3)
325 Koz (1.44 g/t)
Annual Production
~$840 million
Development Capital(2)
$736/oz
All-in Sustaining
Costs(4)
$0.05 change in exchange rate
~$141 million in pre-tax NAV

14. 14
Rainy River – Progress milestones
2014 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Complete Feasibility Study
Submit Environmental Assessment Report
Order Long Lead Equipment
Award EPCM Contract
Detailed Engineering & Procurement
Provincial Environmental Assessment Approval
Federal Environmental Assessment Approval
Construction/Other Permits
Arrival of Mobile Equipment
Begin Construction - Water Management Facility
Pour First Concrete for Mill Building
Commence Pre-Strip
Arrival of Mill Equipment
Complete Enclosure of Mill Building
Targeted milestones
1. Near-term milestones based on company plans which are consistent with timelines presented in the Rainy River Technical Report, entitled “Feasibility Study of the Rainy River Project, Ontario, Canada” dated February 14, 2014 and available on SEDAR.
Targeting commissioning in late 2016 with first year of full production in 2017

15. 15
• Purchase orders
completed for:
• Mobile equipment
• Primary crusher
• SAG mill
• Ball mill
• EPCM partner engaged
Rainy River – Progress update
Project Development Capital Costs
Description Cost ($ million)
Direct Costs
Process Equipment $127
Process Facilities – Construction $170
Site Development $111
Open Pit Mine Equipment $81
Overburden and Waste Stripping $80
Tailings and Water Management $48
Power Line and Roads $21
Total Direct Capital Costs $638
Owner's and Indirect Costs
Owner's Costs $76
EPCM $48
Other Indirects $53
Total Owner's & Indirect Capital Costs $177
Subtotal $815
Contingency $70
Total Project (at US$/C$ - 0.95) $885
21% of pricing
being locked in
98% of pricing
being locked in
EPCM engaged
1. Project development capital costs based on Rainy River Technical Report, entitled “Feasibility Study of the Rainy River Project, Ontario, Canada” dated February 14, 2014 and available on SEDAR.

16. Blackwater
16
UPSIDEGOLD RESOURCE
British Columbia,
Canada
BLACKWATER
Regional UpsideSignificant Gold Resource
Jurisdiction
#2Country
Ranking(1)
8.2 Moz
Reserves(5)
9.5 Moz
M&I Resources(5)
~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 Investment: “Where Not to Invest”.
2. Development capital assumes $0.90 USD/CDN exchange rate.
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Total cash costs assume: Gold - $1,300/oz, Silver - $22.00/oz, USD/CDN - $0.95.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining costs assume: Gold - $1,300/oz, Silver - $22.00/oz, USD/CDN - $0.95.
5. Mineral Resources are inclusive of Reserves. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to
Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.
17-year
Mine Life
2013 Feasibility Study
First nine years:
485 Koz
Annual Production
~$1,760 million
Development Capital(2)
$555/oz
Total Cash Costs(3)
$685/oz
All-in Sustaining
Costs(4)
$0.05 change in exchange rate
~$270 million in pre-tax NAV

17. El Morro
17
Chile
Higher Grade Block Cave Potential
EL MORRO
Unique Joint Venture
Structure
Gold/Copper Reserve (30%)
+ Upside
Jurisdiction 2011 Feasibility Study (30%)
#3Country
Ranking(1)
85 Mlbs
Annual Copper Production
($700/oz)
Total Cash Costs(2)
90 Koz
Annual Gold Production
Goldcorp 70% partner
Funds 100% of capital
New Gold retains portion of
cash flow from mine start-up
2.7 Moz
Gold Reserve(3)
2.0 Blbs
Copper Reserve(3)
Life of mine:
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Total cash costs assume: Gold - $1,200/oz, Copper - $2.75/lb, Chilean Peso/USD - $550.
3. For a detailed breakdown of Mineral Resources and Reserves by category, refer to New Gold’s Annual Information Form for the financial year ended December 31, 2013 dated March 28, 2014. Refer to Endnotes under the heading “Cautionary note to
U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.

18. 18
Organic pipeline
• Mesquite return to run rate (2015+)
• New Afton expansion (mid-2015)
• Rainy River development (2015/2016)
• CSP to residual leaching (2016)
Existing low cost production base to be further enhanced by our
lower cost development projects(1)
• Sequence Blackwater development
• El Morro advanced
2014(2) 2017(3) Future Potential(4)
GOLDPRODUCTION
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Rainy River and Blackwater life-of-mine all-in sustaining costs are estimated to be $736/oz and $685/oz, respectively, based on their respective Feasibility Studies.
2. Based on mid-point of 2014 guidance.
3. Based on expected annual production from current operations according to their respective mine plans, including positive production impact of New Afton’s mill expansion targeted for mid-2015, Mesquite mine plan moving into grades more in line with
reserve grade, which is partially offset by Cerro San Pedro ceasing active mining and moving into residual leaching, and includes the first year of full production from Rainy River. Assumes on-time completion of Rainy River.
4. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in the Feasibility Studies for these projects, and production contribution from New Afton,
Mesquite and the Peak Mines according to their respective mine plans. Assumes the timely development of Blackwater and El Morro.

19. 19
Cash flow growth and value
$79
$182
$230 $236 $249
$287
~$400 ~$400
~$600
$0
$100
$200
$300
$400
$500
$600
$700
2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E
1. For 2013, figure shown is Adjusted net cash generated from operations. Net cash generated from operations in the 2013 period included certain non-recurring cash flows. Net cash generated from operations in 2013 was $172 million.
2. 2014E based on Bloomberg consensus CFPS of $0.57 multiplied by 504 million basic shares outstanding.
3. 2015 to 2017 estimates based on the following price and exchange rate assumptions (which were also used for 2014 guidance): Gold - $1,300/oz, Silver - $22.00/oz, Copper - $3.25/lb, USD/CDN - $0.90, USD/AUD - $0.88. 2015 estimated cash flow
assumes: successful mill expansion to 14,000 tonnes per day at New Afton in mid-2015, Mesquite moving into mining of higher grade areas of the open pit in 2015 in accordance with the current mine plan, Peak’s copper production increasing from 2014
levels in accordance with the current mine plan, and Cerro San Pedro mining higher grade material in its final year of active mining in accordance with the current mine plan. 2016 estimated cash flow assumes: New Afton processing for a full year at
14,000 tonnes per day, Mesquite remaining in higher grade areas in accordance with the current mine plan, Peak further increasing its copper production in accordance with the current mine plan, and Cerro San Pedro moving into its first year of residual
leaching in accordance with the current mine plan. 2017 estimated cash flow assumes: Rainy River commercial production is achieved on schedule and Rainy River has its first full year of production in 2017 with a production level consistent with the
project’s feasibility study, New Afton processing 14,000 tonnes per day, Mesquite remaining in higher grade areas in accordance with the current mine plan, Peak further increasing its copper production in accordance with the current mine plan, and
Cerro San Pedro continuing its residual leaching in accordance with the current mine plan. Assumes no non-recurring cash flows in 2014, 2015, 2016 and 2017.
4. Based on the average of the estimates by research analysts for the net asset values of the Blackwater and El Morro assets.
(2)
NET CASH FROM OPERATIONS ($ MILLIONS)
Enterprise Value $2.9 billion
Consensus Blackwater and El Morro Value(4) $0.7 billion
Enterprise Value (excluding Blackwater and El Morro) $2.2 billion
Trading at ~3.7x 2017E cash flow at 2014 guidance prices
(3)(3) (3)(1)

20. Catalysts
20
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
Cash flow growth

21. A history of value creation
Performance since March 2009 New Gold/Western Goldfields merger announcement
21
S&P/TSX Global Gold Index(1)
Gold Price
New Gold (NYSE)
1. S&P/TSX Global Gold Index includes 37 gold companies in various stages of development/production. Assumes re-investment of dividends.
175%
41%
(16%)

22. New Gold investment thesis
22
A history
of value
creation
Peer-leading
growth pipeline
Among
lowest-cost
producers with
established track
record
Invested and
experienced
team
Portfolio
of assets
in top-rated
jurisdictions
Establishing the leading
intermediate gold company

23. Appendices
23
Appendices
Page
1. Financial information 24
2. Consolidated operating performance 29
3. New Afton 36
4. Mesquite, Peak Mines, Cerro San Pedro 44
5. Rainy River 47
6. Blackwater 49
7. El Morro 50
8. Exploration 53
9. Reserves and Resources notes 57
10. Commodity price/foreign exchange assumptions 66

24. $438 mm
$107 mm
Liquidity
Position $545 mm
Cash and
Equivalents(1)
Undrawn Credit
Facility(2)
Strong balance sheet
24
1. Cash and equivalents as at March 31, 2014.
2. $43 million of total $150 million at March 31, 2014 used for Letters of Credit.
3. See Appendix 1 – Summary of debt for detailed breakdown of components of debt.
• Face value $881 million in
long-term debt(3)
• Face value $300 million,
7.00% notes due in 2020
• Face value $500 million,
6.25% notes due in 2022
• $81 million in carried El Morro
loan, payable out of El Morro
project cash flow
Appendix 1

25. Summary of debt
25
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 $81 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 ~106 ~103 n/a
Key features • Normal financial
covenants
Interest Rate
• 3.00-4.25% over
LIBOR based on
ratios
• Standby fee of 0.75-
1.06%
• Senior unsecured
• Redeemable after April 15,
2016 at 103.5% down to
100% of face after 2018
• Unlimited dividends if
leverage ratio below 2:1
• Senior unsecured
• Redeemable after
November 15, 2017 at par
plus half coupon, declining
ratably to par
• Unlimited dividends if
leverage ratio below 2:1
New Gold to repay
Goldcorp out of
80% of its 30%
share of cash flow
once El Morro
starts production
1. $43 million of total $150 million at March 31, 2014 used for Letters of Credit.
Appendix 1

26. 26
2014 capital expenditures by category
New
Afton
~$340
million
Sustaining Capital: ~$145 million Growth Capital: ~$195 million
Mesquite
Peak
Mines
Cerro San
Pedro
Rainy
River
New Afton
Cerro San
Pedro
Blackwater
Total Capital
Appendix 1
• Q1’14 - $28 million • Q1’14 - $29 million

27. 27
Growth capital
• Set out below is a breakdown of expected 2014 capital expenditures at each site divided into two
categories – sustaining capital and growth capital (future production growth and mine life extension)
New Afton - $115 million
Rainy River - $105 million
Mesquite - $40 million
Sustaining capital
48%52%
100%
100%
• $60 million – ~2,500 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
• $60 million – property, plant and equipment
• $35 million – detailed engineering, studies, environmental monitoring and
permitting
• $10 million – capitalized exploration
• $28 million – four new trucks and leach pad expansion
• $12 million – major components/building and tank construction
2014 capital expenditures by category
Appendix 1

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

29. 2013 full year mine-by-mine operating results
29
2013 FULL YEAR
Gold production
(Koz)
Total cash costs(1)
($/oz)
All-in sustaining costs(2)
($/oz)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
New Afton 87 ($1,196) ($133)
Mesquite 107 $907 $1,108
Peak Mines 101 $850 $1,331
Cerro San Pedro 103 $676 $766
398 $377 $899
New Afton co-product cash costs(1)
Gold ($/oz) $486
Copper ($/lb) $1.19
New Gold co-product cash costs(1)
Gold ($/oz) $712
Copper ($/lb) $1.86
Silver ($/oz) $10.24
2013 FULL YEAR
• New Afton throughput higher
in each consecutive quarter
during the year
• 5% increase in gold
production at Peak Mines
versus previous year
• Lowest total cash costs(1) in
company’s history
Appendix 2

30. 2014 first quarter mine-by-mine operating results
30
New Afton 27 ($1,283) ($664)
Mesquite 28 $893 $1,069
Peak Mines 20 $757 $1,102
Cerro San Pedro 19 $947 $1,080
94 $254 $674
2014 FIRST QUARTER
Gold sales
(000s ounces)
Cash costs(1)
($/oz)
All-in Sustaining
costs(2) ($/oz)
New Afton co-product costs(1)
Gold ($/oz) $413 $630
Copper ($/lb) $0.93 $1.41
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”.
Co-product
cash costs(1)
Co-product all-in
sustaining costs(2)
NEW AFTON
2014 FIRST QUARTER
Appendix 2

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

32. 2014 first quarter financial summary
32
2013 FIRST QUARTER2014 FIRST QUARTER
Revenues ($ million) $191 $202
Operating margin(1) ($ million) $92 $96
Adjusted net earnings(2) ($ million) $18 $21
Adjusted net earnings per share(2) ($/share) $0.04 $0.04
Net earnings ($ million) ($2) $36
Net earnings per share ($/share) ($0.00) $0.08
Net cash generated from operations ($ million) $81 $59
1. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.
2. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.
Appendix 2

33. 33
Detailed operating results and assumptions
Appendix 2
2013A 2013A 2013A 2013A
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% 51.0% 92.9% 91.0% - 93.0% 85.1% 85.0% - 87.0%
Silver recovery (%) -- -- - -- 15.0% -- -- - -- -- -- - --
Copper recovery (%) -- -- - -- -- -- - -- 88.0% 91.0% - 93.0% 85.9% 86.0% - 88.0%
Production
Gold production (Koz) 107.0 113.0 - 123.0 102.8 70.0 - 80.0 100.7 95.0 - 105.0 87.2 102.0 - 112.0
Silver production (Koz) -- -- - -- 1,300.6 1,100.0 - 1,300.0 -- -- - -- -- -- - --
Copper production (Mlbs) -- -- - -- -- -- - -- 13.4 14.0 - 16.0 72.0 78.0 - 84.0
Reserve grade
Gold grade (g/t)
Silver grade (g/t)
Copper grade (%)
3.52
7.1
1.22%
0.56
2.2
0.84%
0.60
--
--
0.46
18.1
--
Mesquite
2014E2014E
New AftonCerro San Pedro
2014E
Peak Mines
2014E
~50%
~15%
~65%

34. 34
2014 total cash cost sensitivities
Appendix 2
Category Copper Price Silver Price AUD/USD CDN/USD MXN/USD Diesel
Base Assumption $3.25 $20.00 $1.14 $1.11 $13.00 $3.25
Sensitivity +/- $0.25 +/- $1.00 +/- $0.05 +/- $0.05 +/- $1.00 +/- $0.25
Total Cash Costs(1)
- Impact
New Afton +/-$200 - - +/-$65 - -
Mesquite - - - - - +/-$15
Peak Mines +/-$40 - +/-$50 - - -
Cerro San Pedro - +/-$15 - - +/-$50 -
New Gold Consolidated +/-$60 +/-$5 +/-$15 +/-$15 +/-$10 +/-$5
Total Cash Costs(1)
- Sensitivities
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.

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

36. 36
New Afton – 2014 guidance
GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs)
ALL-IN SUSTAINING COSTS(2) ($/oz)TOTAL CASH COSTS(1) ($/oz)
102 – 112 78 – 84
($1,260) –
($1,240)
($620) –
($600)
TOTAL CASH COSTS(1)
$440 –
$460
$1.10 –
$1.20
Co-Product Gold ($/oz) Co-Product Copper ($/lb)
• Copper price - $3.25 per pound
(2013A - $3.23 per pound)
• Canadian dollar: U.S. dollar exchange –
$1.11
• $0.25 per pound change in copper
equals ~$200 per ounce change in New
Afton total cash costs
• $0.01 change in Canadian dollar equals
~$15 per ounce change in New Afton
total cash costs
• Gold and copper production expected to
increase due to:
• Increase in average annual
throughput rate
• Increase in gold grades
• Costs benefit from targeted increase in
copper production, depreciating
Canadian dollar and decrease in
sustaining capital costs
OVERVIEW
KEY ASSUMPTIONS AND SENSITIVITIES
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
Appendix 3

37. New Afton – Mill schematic
37
New Facilities
To Tailings
Surface Stockpile
Appendix 3

38. New Afton – Expansion timeline
38
• EPCM contract award
• Geotechnical and detailed
engineering
• Early works
• Buried services relocation
• Reagent tank relocation
H1’15
• Excavation
• Foundations
• Building construction
• Building services
• Vertimill delivery
• Piping/electrical
• Instrumentation
• Commissioning
H2’14H1’14
Appendix 3

39. Mill expansion capital estimates
39
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
• Below is a summary of the key capital estimates for the expansion project
Target: 14,000 tonnes per day at higher metal recoveries
• $35 million of capital to be spent in 2014 with remainder in 2015
Appendix 3

40. Value creation through mill expansion
40
IRR of +50% and payback period of less than two years
2014 TARGETED
AVERAGES
RUN RATE TARGETED AVERAGES
WITH MILL EXPANSION
Throughput
Gold recovery
Copper recovery
12,500 14,000
~85% ~87-88%
~86% ~88-89%
+12%
+2-3%
+2-3%
Appendix 3

41. New Afton – C-zone resource expansion
41
• C-zone originally identified through
limited deep holes drilled from
surface
• Drilling from underground
commenced in second half of 2012
• During 2013 completed 41 holes
totaling 26,800 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
Tonnes
(000’s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
Measured 618 0.75 0.91 15 12
Indicated 25,223 0.84 0.91 678 504
Total M&I 25,842 0.83 0.91 693 516
Inferred 11,288 0.63 0.64 227 159
YEAR-END 2012 C-ZONE(1)
YEAR-END 2013 C-ZONE(2)
Tonnes
(000’s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
Measured 400 0.60 0.73 8 6
Indicated 2,900 0.63 0.68 58 43
Total M&I 3,300 0.62 0.68 66 49
Inferred 13,600 0.70 0.76 307 228
1. 2012 information per Annual Information 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 estimates of Mineral Reserves and Mineral Resources” and
“Technical Information”.
Appendix 3

42. New Afton – 2014 C-zone program
42
• 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
Appendix 3

43. 43
New Gold has a track record of successful mine development
Mine development – Creating options
Once mines are in production – multiple options to further enhance value
Cerro San Pedro (April 2007) – ~35,000 tonne per day open pit/heap leach
Mesquite (January 2008) – ~40,000 tonne per day open pit/heap leach
New Afton (June 2012) – 11,000 tonne per day block cave/process facility
Mine life extension (Mesquite(1), Peak Mines(2), New Afton C-zone)
Increased production rate (Cerro San Pedro(3), New Afton)
1. Mesquite’s mine life has been extended beyond the 9.5 years that were estimated when the mine re-started production in January 2008.
2. The Peak Mines originally began production in 1992 with an approximate eight year life and have operated continuously since then and continue to have six or more years of mine life.
3. During 2011 and 2012, Cerro San Pedro operated at a rate above its design capacity to increase its annual gold and silver production.
Appendix 3

44. 44
• Diesel comprises ~25% of Mesquite’s
total costs
• Rack diesel price most correlated to
Brent oil price
• Diesel price - $3.25 per gallon
• Every $0.25 per gallon change in diesel
price has ~$15 per ounce impact on
total cash costs
• Production increase driven by planned
mining of higher grades versus 2013
• Increase in costs attributable to
increase in total tonnes mined
• Peak year for sustaining capital at
Mesquite
Mesquite – 2014 guidance
GOLD PRODUCTION (Koz) OVERVIEW
KEY ASSUMPTIONS AND SENSITIVITIESALL-IN SUSTAINING COSTS(2) ($/oz)TOTAL CASH COSTS(1) ($/oz)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
113 – 123
$930 –
$950
$1,310 –
$1,330
Appendix 4

45. 45
• Copper price - $3.25 per pound
(2013A - $3.29 per pound)
• Australian dollar: U.S. dollar
exchange – $1.14
• $0.25 per pound change in copper
equals ~$40 per ounce change in Peak
Mines total cash costs
• $0.01 change in Australian dollar equals
~$10 per ounce change in Peak Mines
total cash costs
• Gold production in line with 2013
• Increase in copper production a result of
increased copper grade and recovery
• Decrease in total cash costs a result of
increased copper by-product revenue,
depreciating Australian dollar and
increased productivity through lower
turnover
Peak Mines – 2014 guidance
GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs) OVERVIEW
KEY ASSUMPTIONS AND SENSITIVITIESALL-IN SUSTAINING COSTS(2) ($/oz)TOTAL CASH COSTS(1) ($/oz)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
95 – 105 14 – 16
$630 –
$650
$1,065 –
$1,085
Appendix 4

46. 46
• Silver price - $20.00 per ounce
(2013A – $23.61 per ounce)
• Mexican peso: U.S. dollar exchange –
$13.00
• $1.00 per ounce change in silver equals
~$15 per ounce change in Cerro San
Pedro total cash costs
• $1.00 change in Mexican peso equals
~$50 per ounce change in Cerro San
Pedro total cash costs
• Decrease in production reflects the
increased strip ratio for Phase 5
pushback and mining of lower grade ore
• Increase in costs primarily driven by
lower gold production, lower silver by-
product revenue and increased volume
of processing reagents
Cerro San Pedro – 2014 guidance
GOLD PRODUCTION (Koz) SILVER PRODUCTION (Moz) OVERVIEW
KEY ASSUMPTIONS AND SENSITIVITIESALL-IN SUSTAINING COSTS(2) ($/oz)TOTAL CASH COSTS(1) ($/oz)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
70 – 80 1.1 – 1.3
$1,030 –
$1,050
$1,125 –
$1,145
Appendix 4

47. 47
• 21,000 tonne per day process plan with
conventional crushing, grinding, leaching
and carbon-in-pulp technology
• Targeted commissioning in 2016 with first
year of full production in 2017
• 14-year mine life with direct processing of
open pit and underground ore for first nine
years and processing of a combination of
stockpile and underground ore thereafter
• Development capital of $885 million
inclusive of $70 million contingency (at
$1.05 CDN/USD)
• ~$840 million at $1.11 CDN/USD
• Life-of-mine gold and silver recoveries of
91% and 64%
• Open pit mining schedule incorporates an
elevated cut-off grade strategy during first
nine years
Rainy River – Project overview
Appendix 5
Pre-tax Economics
Gold Price ($/oz) 1,150 1,300 1,300 1,450 1,600
US$/C$ exchange 0.93 0.95 0.91 0.97 1.00
5% NPV ($mm) 138 438 551 738 1,009
IRR (%) 7.8 13.1 15.3 17.6 21.1
Payback (years) 6.8 5.4 4.8 4.3 3.6
After-tax Economics
Gold Price ($/oz) 1,150 1,300 1,300 1,450 1,600
US$/C$ exchange 0.93 0.95 0.91 0.97 1.00
5% NPV ($mm) 100 314 396 520 706
IRR (%) 7.1 11.3 13.2 14.9 17.8
Payback (years) 6.8 5.5 5.0 4.4 3.8

48. Rainy River – Indicative timeline
48
1. Indicative timeline is dependent on permit approvals and other variables. There is no assurance this timeline will be achieved or that the deposit will ever reach the production stage.
Final construction during commissioning
Ongoing consultation
Project Schedule
Feasibility Study
First Nations & Public Consultation
Engineering/Procurement
Environmental Assessment
Permitting
Construction
Production
2014 2015 2016 2017
Appendix 5

49. 49
• 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 $1.11 CDN/USD
• Life-of-mine operational strip ratio of 1.88 to 1
• Life-of-mine gold and silver recoveries of
87% and 49%
• Conventional waste rock and Tailings
Storage Facility
• Power supply from the hydroelectric power
grid, via 140-kilometre transmission line
• Minimal off-site infrastructure required
• Good existing access road; water supply
within 15 kilometres
• Low environmental risk and facility designed
for closure
Blackwater – Project overview
Appendix 6
Pre-tax Economics
Gold Price ($/oz) 1,150 1,300 1,300 1,450 1,600
US$/C$ exchange 0.93 0.95 0.91 0.97 1.00
5% NPV ($mm) 402 991 1,209 1,582 2,120
IRR (%) 7.8 11.3 12.9 14.4 16.8
Payback (years) 7.5 6.2 5.6 5.1 4.5

50. 50
1. Capital estimates based on December 2011 Feasibility Study.
El Morro (30%) – Funding structure
Funded by
$1.2 billion
interest at 4.58%
~ $2.7 billion 70%
20% 80%
• New Gold’s 30% share of development capital 100% carried
• Interest fixed at 4.58%
30% 70%
30%
Total Capital
100%
~ $3.9 billion(1)
100% Average
annual
cash flow
Carried funding repayment
Appendix 7

51. 51
2012 open pit Proven and
Probable reserves and Measured
and Indicated resources
Underground Inferred
resource with block
cave potential
500 metres
La Fortuna deposit
Appendix 7
Reserve Grade
Gold: 0.46 g/t
Copper: 0.49%
Inferred Grade
Gold: 0.97 g/t
Copper: 0.78%

52. 521. All reserve information taken from Goldcorp’s December 31, 2013 year-end resource statements.
2. Gold equivalent calculated based on the following commodity prices: Gold - $1,300/oz; Silver - $22.00/oz; Copper - $3.00/lb; Lead - $0.90/lb; Zinc - $0.90/lb.
El Morro relative positioning(1)
EL MORRO WITHIN GOLDCORP PORTFOLIO
Asset Gold Reserves (Moz) Asset Gold Equivalent(2) (Moz)
Penasquito 11.6 Penasquito 30.6
Los Filos 8.0 El Morro 18.0
El Morro 6.7 Los Filos 8.9
Pueblo Viejo 6.5 Pueblo Viejo 7.5
Cerro Negro 5.7 Cerro Negro 6.6
Appendix 7

53. 53
New Gold’s estimated exploration budget for 2014 is $50 million
• Capitalized: $30 million (included in sustaining capital total shown previously)
• Expensed: $20 million (approximately 70% related to current operations)
New Afton
30,000-35,000
metres
Peak Mines
45,000
metres
Blackwater
10,000-15,000
metres
2014 exploration program overview
Rainy River
35,000-40,000
metres
1. Circle proportions are representative of both capitalized and expensed exploration for each respective asset.
Appendix 8

54. Rainy River exploration
54
• Intrepid resource drilled off and incorporated into Feasibility Study
• Condemnation drilling program approximately 40% complete by year end
• Improved ability to predict prospective ore horizons beneath surface cover
2013 ACHIEVEMENTS
2014 PROGRAM
Targeting resource expansion in near-mine environment
• Complete condemnation drilling program
• Test potential to expand open pit resource to west
• Explore prospective trends south of main mine area and extending
from Intrepid Zone
Intrepid Zone
Appendix 8

55. Blackwater exploration
55
2013 Achievement
• Expanded exploration targeting coverage to ~50% of claim block
• 14 prospective target areas identified to date
• Seven new targets drill tested with favorable geology intercepted on six
and gold mineralization intercepted on three
• Acquired Key property immediately south of Blackwater deposit area
2014 Program
• Follow up favorable results at Van Tine, Fawn and earlier stage prospects
• Initiate exploration at Key
Appendix 8

56. Peak Mines exploration
56
• Near-mine exploration and resource conversion partially offset mine depletion
• Advanced earlier stage targets along regional Rookery fault trend
2013 ACHIEVEMENTS
2014 PROGRAM
Focus on reserves replacement in near-mine environment
• Convert Measured and Indicated resources to reserves to extend mine life
• Test newly emerging targets along mine corridor
• Continue to advance earlier stage regional targets
Appendix 8

57. 57
1. 2012 information per Annual Information Form dated March 27, 2013.
Reserves and resources summary
Appendix 9
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
Inferred Resources 4,161 30,360 1,821 4,383 84,620 1,114
M&I Resources (inclusive of Reserves)
New Afton 2,297 7,786 1,988 1,979 6,830 1,818
Mesquite 4,904 - - 5,684 - -
Peak Mines 810 1,380 158 880 1,350 146
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 14,620 - 196 9,497 -
El Morro 3,041 - 2,207 2,891 - 2,097
Total M&I 27,505 124,499 4,353 21,403 131,847 4,061
Mineral Reserves and Resources Summary
As at December 31, 2013 As at December 31, 2012(1)

58. 58
Reserves and resources summary (cont’d)
Appendix 9
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Tonnes
000's
Gold
g/t
Silver
g/t
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 - -
Peak Mines
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
Cerro San Pedro
Proven 12,982 0.47 17.5 - 197 7,311 - 21,100 0.52 17.1 - 353 11,600 -
Probable 13,714 0.44 18.7 - 195 8,239 - 26,400 0.48 17.4 - 407 14,800 -
Total CSP P&P 26,696 0.46 18.1 - 392 15,550 - 47,500 0.50 17.3 - 760 26,400 -
Mineral Reserves statement as at December 31, 2013
Contained metalMetal grade Metal grade Contained metal
Mineral Reserves statement as at December 31, 2012
1. 2012 information per Annual Information Form dated March 27, 2013.

59. 59
Reserves and resources summary (cont’d)
Appendix 9
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Tonnes
000's
Gold
g/t
Silver
g/t
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 -
Total P&P
Proven 22,681 1.14 1.9 - 830 1,370 -
Probable 81,594 1.12 3.1 - 2,943 8,040 -
Total Rainy River P&P 104,275 1.13 2.8 - 3,773 9,410 -
Blackwater
Direct processing material
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 -
Stockpile material
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 -
Total Blackwater P&P 344,400 0.74 5.5 - 8,170 60,800 -
El Morro 30% Basis
Proven 321,814 0.56 - 0.55 1,746 - 1,163 307,949 0.57 - 0.56 1,705 - 1,135
Probable 277,240 0.35 - 0.43 929 - 788 335,152 0.37 - 0.44 1,186 - 962
Total El Morro P&P 599,054 0.46 - 0.49 2,675 - 1,951 643,101 0.47 - 0.49 2,891 - 2,097
Total P&P 18,538 90,080 2,953 7,752 31,256 3,282
100% Basis 30% Basis 100% Basis
Mineral Reserves statement as at December 31, 2013
Contained metalMetal grade Metal grade Contained metal
Mineral Reserves statement as at December 31, 2012
1. 2012 information per Annual Information Form dated March 27, 2013.

60. 60
Reserves and resources summary (cont’d)
Appendix 9
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton
A&B Zones
Measured 41,059 0.79 2.7 1.09 1,041 3,624 984 33,500 0.86 2.9 1.18 929 3,160 873
Indicated 26,966 0.44 2.1 0.65 384 1,777 384 45,900 0.67 2.4 0.89 984 3,530 896
A&B Zone M&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
C-Zone
Measured 618 0.75 1.5 0.91 15 30 12 400 0.60 1.3 0.73 8 20 6
Indicated 25,223 0.84 2.0 0.91 678 1,589 504 2,900 0.63 1.3 0.68 58 120 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
HW Lens
Measured - - - - - - - - - - - - - -
Indicated 11,035 0.50 2.2 0.43 179 763 104 - - - - - - -
HW Lens M&I 11,035 0.50 2.2 0.43 179 763 104 - - - - - - -
Total New Afton M&I 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
Mesquite
Measured 9,070 0.66 - - 191 - - 24,000 0.61 - - 452 - -
Indicated 304,081 0.48 - - 4,713 - - 370,100 0.45 - - 5,232 - -
Total Mesquite M&I 313,151 0.49 - - 4,904 - - 394,100 0.45 - - 5,684 - -
Peak Mines
Measured 3,000 4.69 6.7 1.06 450 650 70 2,700 5.74 7.5 1.05 494 647 62
Indicated 3,400 3.29 6.7 1.18 360 730 88 3,200 3.75 6.8 1.19 386 703 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
Cerro San Pedro
Measured 13,387 0.46 17.3 - 199 7,459 - 42,300 0.40 14.4 - 532 18,900 -
Indicated 14,311 0.43 18.4 - 198 8,489 - 109,400 0.34 11.5 - 1,171 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 -
M easured and Indicated mineral R eso urce statement (inclusive o f R eserves) as at D ecember 31, 2012
Metal grade Contained metal
M easured and Indicated mineral R eso urce statement (inclusive o f R eserves) as at D ecember 31, 2013
Contained metalMetal grade
1. 2012 information per Annual Information Form dated March 27, 2013.

61. 61
Reserves and resources summary (cont’d)
Appendix 9
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Rainy River
Direct processing material
Open Pit
Measured 20,282 1.45 1.9 - 947 1,261 -
Indicated 80,411 1.35 2.6 - 3,486 6,584 -
Open Pit M&I (direct processing) 100,693 1.37 2.4 - 4,433 7,846 -
Underground
Measured 89 4.95 2.8 - 14 8 -
Indicated 5,469 4.53 11.3 - 796 1,994 -
Underground M&I (direct processing) 5,558 4.53 11.2 - 810 2,002 -
Stockpile material
Open Pit
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 -
Total M&I
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 -
Blackwater
Direct processing material
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 -
Stockpile material
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 -
Total Blackwater M&I 396,903 0.74 5.5 - 9,500 70,130 - 296,146 0.85 5.9 - 8,070 56,190 -
Capoose
Indicated 20,280 0.50 22.4 - 320 14,620 - 14,200 0.43 20.8 - 196 9,497 -
El Morro
Measured 341,604 0.56 - 0.54 1,848 - 1,230 307,949 0.57 - 0.56 1,705 - 1,135
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
Total M&I 27,505 124,499 4,353 21,403 131,847 4,061
M easured and Indicated mineral R eso urce statement (inclusive o f R eserves) as at D ecember 31, 2012
Metal grade Contained metal
100% Basis 30% Basis
M easured and Indicated mineral R eso urce statement (inclusive o f R eserves) as at D ecember 31, 2013
Contained metal
100% Basis 30% Basis
Metal grade
1. 2012 information per Annual Information Form dated March 27, 2013.

62. 62
Reserves and resources summary (cont’d)
Appendix 9
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Tonnes
000's
Gold
g/t
Silver
g/t
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
C-Zone 11,288 0.63 1.7 0.64 227 602 159 13,600 0.70 1.5 0.76 307 670 228
HW Lens 818 0.56 1.3 0.42 15 33 7 - - - - - - -
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 -
Rainy River
Direct processing
Open Pit 9,388 0.97 2.3 - 292 687 -
Underground 2,641 4.46 8.3 - 379 707 -
Total Direct Processing 12,029 1.74 3.6 - 671 1,394 -
Stockpile
Open Pit 8,626 0.37 1.2 - 102 323 -
Rainy River Inferred 20,655 1.16 2.6 - 773 1,717 -
Blackwater
Direct processing 13,815 0.76 4.1 - 340 1,820 -
Stockpile 3,785 0.31 3.6 - 40 440 -
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 -
El Morro - Open Pit 564,217 0.16 - 0.26 871 - 970 137,555 0.99 - 0.70 1,310 - 632
El Morro - Underground 113,840 0.97 - 0.78 1,065 - 587
Total Inferred 4,161 30,360 1,821 4,383 84,620 1,114
100% Basis 30% Basis30% Basis100% Basis
Inferred Resource statement as at December 31, 2013
Contained metalMetal grade
Inferred Resource statement as at December 31, 2012
Metal grade Contained metal
1. 2012 information per Annual Information Form dated March 27, 2013.

63. 63
New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Measured and Indicated mineral resources that are not mineral reserves do not have
demonstrated economic viability. Inferred mineral resources have a greater amount of uncertainty as to their existence and economic and legal feasibility, do not have demonstrated economic
viability, and are exclusive of mineral reserves. Mineral reserves have been estimated in accordance with the Canadian 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 following metal prices and lower cut-off criteria:
Mineral Property Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Lower Cut-off
New Afton $1,300 $22.00 $3.00 US$21.00/t NSR
Mesquite $1,300 - - 0.21 g/t Au – Oxide and transition reserves
0.41 g/t Au – Non-oxide reserves
Peak Mines $1,300 $22.00 $3.00 A$88 – 134/t NSR
Cerro San Pedro $1,300 $22.00 - US$3.00/t
Rainy River $800
$1,300
$25.00
$22.00
- Open Pit: 0.3 – 0.7 g/t Au
Underground: 3.5 g/t Au
Blackwater $1,300 $22.00 - Direct processing: 0.26 – 0.38 g/t AuEq
Stockpile: 0.32 g/t AuEq
El Morro $1,300 - $3.00 0.20% Cu
Reserves and resources notes
Appendix 9

64. 64
2) Mineral Resources for the company’s mineral properties have been estimated based on the following metal prices and lower cut-off criteria:
3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable
for their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and
‘underground’ have been applied to indicate envisioned mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization
as it relates to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification, reporting parameters,
key assumptions and associated risks for each of New Gold’s mineral properties, other than Rainy River, are provided in the respective NI 43-101 Technical Reports which are available at
www.sedar.com. Refer to the supplementary information below regarding the mineral reserve and mineral resource estimates for Rainy River.
Mineral Property Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Lower Cut-off
New Afton $1,400 $24.00 $3.25 0.40% CuEq
Mesquite $1,400 - - 0.11 g/t Au – Oxide and transition resources
0.22 g/t Au – Non-oxide resources
Peak Mines $1,400 $24.00 $3.25 A$92 - 125/t NSR
Cerro San Pedro $1,400 $24.00 - 0.10 g/t AuEq – Open pit 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
Blackwater $1,400 $24.00 - Direct processing: 0.40 g/t AuEq
Stockpile: 0.30 – 0.40 g/t AuEq
Capoose $1,400 $24.00 - 0.40 g/t AuEq
El Morro $1,300 - $3.00 0.20% Cu
Reserves and resources notes (cont’d)
Appendix 9

65. 65
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 recovery 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 variable cut-off grade ranging from 0.3-0.7 Au g/t.
4. Stockpile material includes all material within designed open pit between variable cut-offs described above in Note 3, as well as material within the CAP Zone (code 500) that is suitable for
stockpiling and future processing.
5. Mineral Reserves for the open pit are derived from the resource model effective November 2, 2013. Models for the underground reserves were derived from the August 2013 and
September 2013 models for the main ODM zone and Intrepid Zone, respectively. Models were prepared by 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 Township is being supervised
by Mark A. Petersen, (AIPG Certified Professional Geologist #10563), Vice President, Exploration for New Gold and a “Qualified Person” as defined in National Instrument 43-101. New Gold
continues to implement a rigorous QA/QC program to ensure best practices in drill core sampling, analysis and data management.
6. Qualified persons - The open pit portion of the mineral reserve statement was prepared under the supervision of Patrice Live (OIQ #38991) of BBA, and the underground portion of the
mineral reserve statement was prepared by 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, sociopolitical, marketing, and other relevant issues.
Rainy River Mineral Resources:
1. Mineral resources are reported in relation to conceptual pit shells and are inclusive of the Intrepid zone. Vertical 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 within conceptual pit shells in the gold grade range 0.30 – 0.45 gpt as well as all material within the CAP zone that is suitable for stockpiling and
future processing based on average metallurgical recoveries of 88% gold and 75% silver.
5. Qualified Persons – The mineral resource statement was prepared by 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 demonstrated economic viability.
7. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other relevant issues.
4) Qualified Person: The preparation of New Gold's mineral reserve and mineral resource statements has been done by 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.
Reserves and resources notes (cont’d)
Appendix 9

66. 66
Guidance assumptions
Spot:
2014
Gold price ($/oz) 1,300
Silver price ($/oz) 20.00
Copper price ($/oz) 3.25
AUD/USD 1.14
CDN/USD 1.11
MXN/USD 13.00
Spot
Gold price ($/oz) 1,290
Silver price ($/oz) 19.20
Copper price ($/oz) 3.05
AUD/USD 1.07
CDN/USD 1.09
MXN/USD 12.95
Commodity price/foreign exchange assumptions
Appendix 10

67. Endnotes
67
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES
Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to
similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” used in this Report are
Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by CIM Council on
November 27, 2010 and incorporated by reference in National Instrument 43-101 (“NI 43-101”). While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and
“Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. As such,
certain information contained in this Report concerning 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 great amount of uncertainty as to its existence and as to its economic and legal feasibility. Under Canadian rules, estimates of Inferred Mineral Resources may not form
the basis of feasibility or pre-feasibility studies. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher confidence category. Readers are cautioned not
to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable.
Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted
at the time the Reserve estimation is made. Readers are cautioned not to assume that all or any part of the Measured or Indicated Mineral Resources that are not Mineral Reserves will ever be converted
into Mineral Reserves. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the United States
Securities and Exchange Commission.
TECHNICAL INFORMATION
The scientific and technical information in this presentation has been reviewed and approved by Mark A. Petersen, Vice President, Exploration of New Gold. Mr. Petersen is an AIPG Certified Professional
Geologist and a “qualified person” under National Instrument 43-101. For additional information with respect to our Mineral Resource and Reserve estimates and the Feasibility Studies discussed herein,
refer to our news release dated February 6, 2014, the Rainy River Technical Report, the Blackwater Technical Report and our other technical reports available at www.sedar.com.

68. Endnotes
68
NON-GAAP MEASURES
(1) ALL-IN SUSTAINING COSTS
Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold defines “all-in
sustaining costs” per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is
sustaining in nature and environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. New Gold believes this non-GAAP financial measure provides further
transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the company in assessing the company’s operating performance, its ability to generate
free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a
standardized meaning under GAAP and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP and is not necessarily indicative of cash flow from operations under GAAP or operating costs presented under GAAP. Further details regarding all-in
sustaining costs and a reconciliation to the nearest GAAP measures are provided in our MD&A accompanying our financial statements filed from time to time on www.sedar.com.
(2) TOTAL CASH COSTS
“Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold
products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold
reports total cash costs on a sales basis. The company believes that certain investors use this information to evaluate the company’s ability to generate liquidity through operating cash flow and that this
measure, along with sales, is considered to be a key indicator of the company’s ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating
costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration
costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as
a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds
of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated, all total cash cost information in this presentation is net of by-product sales. These measures,
along with sales, are considered to be a key indicator of a company’s ability to generate operating earnings and cash flow from its mining operations. This data is furnished to provide additional information
and is a non-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a standardized meaning under GAAP and may not be comparable to similar measures presented by
other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of cash flow from
operations under GAAP or operating costs presented under GAAP. Further details regarding total cash costs and a reconciliation to the nearest GAAP measures are provided in our MD&A accompanying
our financial statements filed from time to time on www.sedar.com.
(3) ADJUSTED NET EARNINGS
“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial measures. Net earnings have been adjusted and tax affected for the group of costs in “Other gains and losses” on the
condensed consolidated income statement. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings from continuing
operations. The company uses this measure for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect fair value changes on senior notes and non-
hedged derivatives, foreign currency translation and fair value through profit or loss and financial asset gains/losses. Consequently, the presentation of adjusted net earnings and adjusted net earnings per
share enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the
components of adjusted net earnings and adjusted net earnings per share based on an internal assessment of performance measures that are useful for evaluating the operating performance of our
business and a review of the non-GAAP measures used by mining industry analysts and other mining companies. Adjusted net earnings and adjusted net earnings per share are intended to provide
additional information only and do not have any standardized definition under IFRS and may not be comparable to similar measures presented by other companies. They should not be considered in isolation
or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS.
Further details regarding adjusted net earnings and a reconciliation for first quarter figures are provided in our MD&A accompanying our financial statements filed from time to time on www.sedar.com.
(4) OPERATING MARGIN
“Operating margin” is a non-GAAP financial measure with no standard meaning under GAAP, which management uses to further evaluate the company’s results of operations in each reporting period.
Operating margin is calculated as revenue less operating expenses and therefore does not include depreciation and depletion. Operating margin is intended to provide additional information only and does
not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate
this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies. Further details regarding operating margin and a reconciliation for first quarter
figures are provided in our MD&A accompanying our financial statements filed from time to time on www.sedar.com.

69. Contact information
69
Investor Relations
Hannes Portmann
Vice President, Corporate Development
416-324-6014
hannes.portmann@newgold.com