New gold bmo print version corporate presentation - february 2014

BMO Capital Markets

23rd Global Metals &

Mining ConferenceFebruary 2014

Cautionary statements

All monetary amounts in U.S. dollars unless otherwise stated

Total cash costs shown net of by-product sales unless otherwise stated

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain 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, eventsor 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’sdiscussion and analysis. The footnotesto thispresentation contain important information, refer to appendicesand endnotesfound at the end of the presentation.

Portfolio of assets

in top-ratedjurisdictions

Invested and

experienced team

Amonglowest-cost

producers with established track record

Peer-leading growth pipeline

A history of value creation

New Gold investment thesis

3

18.5 Moz gold

reserves

~$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”.

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

#2CANADA

#6UNITEDSTATES

#5MEXICO

#3CHILE

#1AUSTRALIA

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”.

Significant increase in gold reserves per share

51. 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 estimates of Mineral Reserves and Mineral Resources” and “Technical Information”. Measured and Indicated Resources are inclusive of Reserves.

7.8

18.5

YE 2012 YE 2013

GOLD RESERVES(1) (Moz)

21.4

27.5

YE 2012 YE 2013

GOLD M&I RESOURCES(1) (Moz)

+127%

per share

+22%

per share

• Gold reserves increased

by 10.7 million ounces during 2013

• Attributable to

establishing Blackwater reserves and accretive

acquisition of Rainy River

• Silver reserves increased by 58.8 million ounces and

copper reserves remained significant at 3.0 billion

pounds

Collectively ~$90 million invested in New Gold

6

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

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

Lowest costs in company’s history

7

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

1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.


107

398

Q4'13 FY 2013

$316$377

Q4'13 FY 2013

$883$899

Q4'13 FY 2013

GOLD PRODUCTION (Koz)

TOTAL CASH COSTS(1) ($/oz)

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

2013 ACTUAL

398 Koz

2014 GUIDANCE

8

2014 consolidated guidance

1. Gold sales expected to be in the same range as production.

2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. All total cash cost estimates (excluding historical amounts) in this presentation assume commodity price assumptions 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 estimates (excluding historical amounts) in this presentation assume commodity price assumptions 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.

380 –

420 Koz

$377/oz$320 –

$340/oz

$899/oz$815 –

$835/oz

Gold production(1)

Total cash costs(2)

All-in sustaining costs(3)

• Continued gold production

increases at New Afton offset

by lower production forecast

at Cerro San Pedro

• Copper production to increase

by approximately 12 percent

• Depreciation of Canadian and

Australian dollars benefits

New Gold costs

• Total cash costs(2) and all-in

sustaining costs(3) well below

industry average

Among lowest-cost producers, established track record

• 2014E all-in sustaining costs(2) to

decrease by over $70 per ounce versus 2013

• Costs benefiting from depreciating

Canadian and Australian dollar

• Generating 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)



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 and Newmont. The manner in which costs are determined may vary from one issuer to another.

~$825/oz~$825~$1,045/oz

2014E GUIDANCE –

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


• 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

• 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

Organic projects

+900 Koz(1) per year

Rainy River

2014E Gold Production

Future Organic Growth Potential

El Morro

10

Four current

operations

Blackwater

New Afton

Expansion

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.

New Afton – A special asset

11

87

102-112

First nine months of

2013 earnings from

mine operations

New Afton = +58%

Gold

(Koz)

72

78-84

Copper

(Mlbs)

2013 2014E

2013 2014E

NEW AFTON

UpsideContribution

Jurisdiction Production

Near-term mill expansion

Longer-term C-zone

potential

British Columbia, Canada

#2Country

Ranking(1)


2015 to

benefit

further

from mill

expansion

9,262

11,055 11,967 12,460

Q1 2013 Q2 2013 Q3 2013 Q4 2013

12

1921 21

Q1 2013 Q2 2013 Q3 2013 Q4 2013

THROUGHPUT (tonnes per day)

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

• Successfully evaluated potential for

further throughput increases going

forward

• 10-fold increase in C-zone Measured

and Indicated resources

12

New Afton – 2013 highlights

15

22

25 25

Q1 2013 Q2 2013 Q3 2013 Q4 2013

PRODUCTION (Koz)

PRODUCTION (Mlbs)

GOLD

COPPER

QUARTERLY AVERAGE THROUGHPUT

PRODUCTION (Koz)

Mill expansion capital estimates

13

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

Value creation through mill expansion

14

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%

C-zone overview

15

C-zone

Main

A&B Zone

Isometric view looking NE YEAR-END 2013 C-ZONE(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. 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”.

Rainy River

16

Gold Resource/UpsideSituated for Mine

Development

#2

Ontario, Canada

Jurisdiction

Country

Ranking(1)

+169 km2

Land Package

Multiple regional targets

RAINY RIVER


2. Development capital assumes $1.11 CDN/USD exchange rate.



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 estimates of Mineral Reserves and Mineral Resources” and “Technical

Information”. Measured and Indicated Resources are inclusive of Reserves.

Flat terrain

Close to infrastructure

17km tie-in to power

+3.8 MozReserves(5)

+6.2 MozM&I Resources(5)

2014 Feasibility StudyFirst nine years:

$613/ozTotal Cash Costs(3)

$736/ozAll-in Sustaining Costs(4)

325 Koz (1.44 g/t)Annual Production

~$840 millionDevelopment Capital(2)

Blackwater

17

UPSIDEGOLD RESOURCE

British Columbia, Canada

BLACKWATER

Regional UpsideSignificant Gold Resource

Jurisdiction

#2Country

Ranking(1)

8.2 MozReserves(5)

9.5 Moz M&I Resources(5)

~1,100 km2

Land Package

Initial resource at

Capoose

Multiple newly

identified targets


2. Development capital assumes $1.11 CDN/USD exchange rate.



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 estimates of Mineral Reserves and Mineral Resources” and “Technical

Information”. Measured and Indicated Resources are inclusive of Reserves.

17-yearMine Life

2013 Feasibility StudyFirst nine years:

$555/ozTotal Cash Costs(3)

$685/ozAll-in Sustaining Costs(4)

485 KozAnnual Production

~$1,760 millionDevelopment Capital(2)

El Morro

18

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 MlbsAnnual Copper Production

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

90 KozAnnual 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 BlbsCopper Reserve(3)

Life of mine:



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 estimates of Mineral Reserves and Mineral Resources” and “Technical Information”. Measured and Indicated Resources are inclusive of Reserves.

19

Organic pipeline

• Rainy River development (2015/2016)

• New Afton expansion (mid-2015)

• Mesquite return to run rate (2015+)

• 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)

GO

LD

PR

OD

UC

TIO

N

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 based on their respective Feasibility Studies.

2. Based on mid-point of 2014 guidance.

3. Based on expected annual production from current operations, including positive production impact of New Afton’s mill expansion targeted for mid-2015, Mesquite’s 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.

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 timely development of Blackwater and El Morro.

Near-term 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


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/producti on.

256%

44%

(7%)

Portfolio of assets

in top-ratedjurisdictions

Invested and

experienced team

Amonglowest-cost

producers with established track record



New Gold investment thesis

22

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

Appendices

23

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

$414 mm

$106 mm

Liquidity

Position$520 mm

Cash and

Equivalents(1)

Undrawn Credit

Facility(2)

Strong balance sheet

24

1. Cash and equivalents as at December 31, 2013.

2. $44 million of total $150 million at December 31, 2013 used for Letters of Credit.

3. See Appendix 1 – Summary of debt for detailed breakdown of components of debt.

• Face value $878 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

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

Appendix 1

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 $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 • 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. $44 million of total $150 million at December 31, 2013 used for Letters of Credit.

Appendix 1

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

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


Appendix 1

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


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



2013 consolidated operational results

GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs)SILVER PRODUCTION (Moz)

ALL-IN SUSTAINING COSTS(2) ($/oz)TOTAL CASH COSTS(1) ($/oz)

398

$377 $899

1.6 85

• High end of outlook

• New Afton and Peak

Mines met guidance

• In line with outlook • High end of guidance

• In line with outlook • In line with outlook

Appendix 2

2013 fourth quarter mine-by-mine operating results

30

2013 FOURTH QUARTER

Gold production

(Koz)

Total cash costs(1)

($/oz)


($/oz)



New Afton 25 ($1,428) $12

Mesquite 35 $841 $988

Peak Mines 24 $778 $1,106

Cerro San Pedro 22 $911 $1,076

107 $316 $883

New Afton co-product cash costs(1)

Gold ($/oz) $391

Copper ($/lb) $1.08

2013 FOURTH QUARTER

• New Afton continues to

perform well

• Mesquite had strongest

quarter of 2013 as planned

with higher grades

• 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

Appendix 2

2013 full year mine-by-mine operating results

31

2013 FULL YEAR

Gold production

(Koz)

Total cash costs(1)

($/oz)


($/oz)



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

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

$465

$418 $446

$421

$377

$478

$557

$643

$738

$782

32

Among lowest cost producers in industry

Industry

New Gold

2013

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 as at year-end 2013.

2. Industry data per GFMS reports calculated net of by-product credits for the nine months ended September 2013.

Appendix 2

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%



2014 consolidated guidance

GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs)SILVER PRODUCTION (Moz)


380 – 420

$320 – $340 $815 – $835

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

• 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

Appendix 2

35


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.


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

New Afton – 2014 guidance

GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs)


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



Appendix 3

New Afton – Expansion evaluation

37

• 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

Process of evaluating further throughput increase

Appendix 3

New Afton – Mill schematic

38

New Facilities

To Tailings

Surface Stockpile

Appendix 3

New Afton – Expansion timeline

39

• 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

New Afton – C-zone resource expansion

40

• 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

New Afton – 2014 C-zone program

41

• 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

42

• Diesel comprises ~25% of Mesquite’s

total costs

• Rack diesel price most correlated to

Brent oil price

• Diesel price - $3.25 per gallon

• Every $0.25 per gallon change in diesel

price has ~$15 per ounce impact on

total cash costs

• Production increase driven by planned

mining of higher grades versus 2013

• Increase in costs attributable to

increase in total tonnes mined

• Peak year for sustaining capital at

Mesquite

Mesquite – 2014 guidance

GOLD PRODUCTION (Koz) OVERVIEW

KEY ASSUMPTIONS AND SENSITIVITIESALL-IN SUSTAINING COSTS(2) ($/oz)TOTAL CASH COSTS(1) ($/oz)



113 – 123

$930 –

$950

$1,310 –

$1,330

Appendix 4

43

• Copper price - $3.25 per pound

(2013A - $3.29 per pound)

• Australian dollar: U.S. dollar

exchange – $1.14

• $0.25 per pound change in copper

equals ~$40 per ounce change in Peak

Mines total cash costs

• $0.01 change in Australian dollar equals

~$10 per ounce change in Peak Mines

total cash costs

• Gold production in line with 2013

• Increase in copper production a result of

increased copper grade and recovery

• Decrease in total cash costs a result of

increased copper by-product revenue,

depreciating Australian dollar and

increased productivity through lower

turnover

Peak Mines – 2014 guidance

GOLD PRODUCTION (Koz) COPPER PRODUCTION (Mlbs) OVERVIEW




95 – 105 14 – 16

$630 –

$650

$1,065 –

$1,085

Appendix 4

44

• Silver price - $20.00 per ounce

(2013A – $23.61 per ounce)

• Mexican peso: U.S. dollar exchange –

$13.00

• $1.00 per ounce change in silver equals

~$15 per ounce change in Cerro San

Pedro total cash costs

• $1.00 change in Mexican peso equals

~$50 per ounce change in Cerro San

Pedro total cash costs

• Decrease in production reflects the

increased strip ratio for Phase 5

pushback and mining of lower grade ore

• Increase in costs primarily driven by

lower gold production, lower silver by-

product revenue and increased volume

of processing reagents

Cerro San Pedro – 2014 guidance

GOLD PRODUCTION (Koz) SILVER PRODUCTION (Moz) OVERVIEW




70 – 80 1.1 – 1.3

$1,030 –

$1,050

$1,125 –

$1,145

Appendix 4

45

• 21,000 tonne per day process plan with

conventional crushing, grinding, leaching and carbon-in-pulp technology

• Targeted commissioning in 2016 with first

year of full production in 2017

• 14-year mine life with direct processing of

open pit and underground ore for first nine years and processing of a combination of stockpile and underground ore thereafter

• Development capital of $885 million inclusive of $70 million contingency (at

$1.05 CDN/USD)

• ~$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 0.90 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 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

Rainy River – Indicative timeline

461. 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

47

• 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 0.90 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

481. Capital estimates based on December 2011 Feasibility Study.

El Morro (30%) – Funding structure

Funded by

$1.2 billioninterest 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 Capital100%

~ $3.9 billion(1)

100% Average annual

cash flow

Carried funding repayment

Appendix 7

49

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%

501. 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

51

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

Rainy River exploration

52

• 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

Blackwater exploration

53

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

Peak Mines exploration

54

• 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


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)

56

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



57


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


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


Contained metalMetal grade Metal grade Contained metal



58


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


Contained metalMetal grade


59


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


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


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



100% Basis 30% Basis


Contained metal

100% Basis 30% Basis

Metal grade


60


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



61

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 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)

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

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 0.20% Cu

Reserves and resources notes

Appendix 9

62

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:

3) Mineral resources are classif ied 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, classif ication, 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 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.

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

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 0.20% Cu

Reserves and resources notes (cont’d)

Appendix 9

63

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 “Qualif ied 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 Certif ied Professional Geologist #10563), Vice President, Exploration for New Gold and a “Qualif ied 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. Qualif ied 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 “Qualif ied 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 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. Qualif ied 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 "Qualif ied 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) Qualif ied Person: The preparation of New Gold's mineral reserve and mineral resource statements has been done by Qualif ied Persons as defined under National Instrument 43-101 under the supervision of Mark A. Petersen, a Qualif ied Person under National Instrument 43-101 and an off icer of New Gold.

Reserves and resources notes (cont’d)

Appendix 9

64

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) 1,325

Silver price ($/oz) 21.85

Copper price ($/oz) 3.25

AUD/USD 1.12

CDN/USD 1.11

MXN/USD 13.31

Commodity price/foreign exchange assumptions

Appendix 10

Endnotes

65

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 isnot 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” wil l 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 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 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 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 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 fi led from time to time on www.sedar.com.

(2) 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, 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 fi led from time to time on www.sedar.com.

Contact information

66

Investor Relations

Hannes PortmannVice President, Corporate Development

416-324-6014

[email protected]

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