A Canadian Focused Gold Producer

CORPORATE PRESENTATION

BMO GLOBAL METALS & MINING CONFERENCE

FEBRUARY 24-27, 2019

Cautionary Statements

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ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATEDCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this presentation, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward looking statements in this presentation include statements with respect to: guidance for production and costs, and the factors contributing to those expected results, including mill throughput, metal recoveries and ore grade, as well as expected capital and other expenditures; and planned development and exploration activities and timing for 2019 and future years; and the expected timing of the Environmental Assessment approval for the Blackwater 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 such forward-looking statements are discussed in this presentation, New Gold’s latest annual management’s discussion and analysis (“MD&A”), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River mine, New Afton mine and Blackwater project being consistent with New Gold’s current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes; and (9) in the case of production, cost and expenditure outlooks at the operating mines for 2019, commodity prices, exchange rates, grades, recovery rates, mill availability and mill throughput rates being consistent with those estimated for the purposes for 2019.Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; 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 Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements. 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 risks associated with early production of a mine, such as Rainy River, (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 Annual Information Form, MD&A and other disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. 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 news release 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.

Rainy River Mine: Ontario, Canada

• Improving mine performance

• Improving mill availability, throughput and recoveries

• Optimizing key cost drivers

• Remaining construction ($150-$165M) to be completed in 2019; ~72% of sustaining capital

• Reviewing life of mine mine strategy

• Evaluating exploration potential

New Afton Mine: B.C., Canada

• Low cost producer drives free cash flow

• $800M FCF(1) generated over last 6 years

• C-zone development provides mine life extension; internally funded scenario

• Exploration potential at depth and land package

Capital Structure

• Current liquidity: ~$393M; net debt: ~$800M

Positioning for Sustainable Growth

(1) Refer to Endnote on Free Cash Flow under the heading “Non-GAAP measures”

Rainy River Gold MineOpen pit & underground

Located near Ft. Frances, Ont.2019 production: 245-270koz

Blackwater Gold Project

+8 Million gold oz in Reserves

New Afton Gold/Copper MineUnderground block cave

Located near Kamloops, BC2019 production:

55-65koz gold and 75-85Mlb copper

Cerro San Pedro Gold/Silver MineResidual leach

Reclamation underway

Total Reserves of 13.4M Gold Ounces and 903Mlbs of Copper3

~$393M Short-term Liquidity

Undrawn credit facility

$289M (2)

Cash & Cash Eq.$104 (1)

Capital Structure and Liquidity Position

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New Gold Share Capital

Issued & Outstanding Shares 579M

Fully Diluted 588M

Market Capital $521M

1. Cash and cash equivalents as at December 31 2018.2. As at December 31, 2018. $111 million of $400 million facility used for Letters of Credit.

New Gold Debt Structure

Face Value ($M) Maturity Interest Rate

Revolving Credit Facility2 $4002 Aug. 2021 LIBOR +2.25%-3.75%

Senior Unsecured Notes $500 Nov. 2022 6.25%

Senior Unsecured Notes $300 May 2025 6.375%

• Available liquidity of ~$393M secures short-term operational plan

• $400M Credit Facility term extended by 1 year to August 2021; Rainy River security perfection complete

• Potential debt optimization scenarios currently under review

• Potential to move ~$111M of Letters of Credit2

out of the credit facility

As of February 19, 2019

Q4 and 2018 Operating Highlights

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Rainy River delivered record Q4 production and achieved revised production guidance

• 44% of annual production from Sept-Dec

• Significant reduction in Q4 cost profile to below guidance estimates

• Continued improvement in mill availability, throughput and recovery

• Grade reconciliation in-line with resource and dig-shape models

• Deferral of the Rainy River underground

Gold Production (oz) Q4 2018 20182018

Guidance2

Rainy River 77,202 227,284 210k-250k

New Afton 18,778 77,329 55k-65k

Total Gold Production1 97,428 315,483 275k-330k

Copper Production (Mlb) Q4 2018 20182018

Guidance2

Total Copper Production 21 85 75-85

Operating Expense (per oz) Q4 2018 20182018

Guidance2

Rainy River 648 826 730-770

New Afton 375 384 455-495

AISC (per oz) Q4 2018 20182018

Guidance2

Rainy River 1,054 1,501 1,600-1,700

New Afton (1,306) (1,147) (1,020)-(980)

1. Continuing operations include the Rainy River, New Afton and Cerro San Pedro Mines2. In Q2 2018 the Company revised annual guidance at Rainy River and Cerro San Pedro

New Afton exceeds gold production guidance; meets the high end of copper production guidance

• Low cost mine with operating expense and AISC per ounce below guidance

• Internally-funded C-zone development strategy launched in 2019; extends mine life to 2030

Q4 and 2018 Operational Highlights

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2019 Consolidated Guidance

Operational Estimates Rainy River New Afton2019 Consolidated

Guidance1

Gold Produced (ounces) 245,000 – 270,000 55,000 – 65,000 300,000 – 335,000

Copper Produced (Mlbs) - 75 – 85 75 - 85

Gold Eq. Produced (ounces)2 250,000 – 275,000 215,000 – 245,000 465,000 – 520,000

Operating Expense per gold ounce $870 - $950 $480 - $520 $690 - $770

Operating Expense per copper pound - $0.95 - $1.15 -

Cash Costs per gold ounce (with by-product credits) $870 - $950 ($1,350) – ($1,310) $470 - $540

Cash Costs per gold eq. ounce (on a co-product basis) $870 - $950 $600 - $640 $740 - $820

Corporate G&A per gold eq. ounce (on a co-product basis) - - $30 - $50

All-in Sustaining Costs per gold ounce (with by-product credits) $1,690 - $1,790 ($500) – ($420) $1,370- $1,470

All-in Sustaining Costs per gold eq. ounce (on a co-product basis) $1,690 - $1,790 $810 - $890 $1,330 - $1,430

Capital Investment & Exploration Expense Estimates Rainy River New Afton2019 Consolidated

Guidance1

Sustaining Capital ($M) $210 - $230 $45 - $55 $255 - $285

Growth Capital ($M) ~$3 $40 - $45 $50 - $553

Exploration ($M) ~$5 ~$4 ~$91. All production and cost estimates exclude potential production from Cerro San Pedro residual leaching. 2. Gold equivalent ounces includes approximately 245,000 to 270,000 ounces of silver at Rainy River and approximately 255,000 to 265,000 ounces of silver at New Afton3. Consolidated growth capital includes ~$7 million for Blackwater permitting.

2019 a pivotal year to re-position New Gold for long-term success

Material assumptions include: Spot prices of $1,300 per gold ounce, and $2.75 per pound copper, and a foreign exchange rate of 1.30 Canadian dollarsto the US dollar.

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Mineral Reserves and Resources (December 31, 2018)2

Tonnes(000’s)

Gold Grade (g/t)

Gold (Koz)

Total Proven & Probable 123,739 1.05 4,186

Open Pit P&P (direct processing)

66,333 1.20 2,554

Underground P&P (direct processing)

8,954 3.55 1,021

Open Pit P&P (low grade) 41,145 0.35 463

Stockpile reserves 7,307 0.63 147

Measured & Indicated2 62,867 1.06 2,139

Inferred 13,202 1.05 444

Rainy River Mine: A Pivotal Year

1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.2. For a detailed breakdown of Mineral Reserves & Resources refer to the Management Discussion and Analysis dated February 13, 2019. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral

Reserves and Mineral Resources” and “Technical Information”. Additional information can also be found in Appendix 3. Resources are exclusive of Reserves.

Operational Estimates 2019 Guidance

Gold Production (oz) 245k-270k

Gold eq. Production (oz)1 250k-275k

Operating expense per gold oz. $870-$950

Cash costs per gold oz. (by-product) 1 $870-$950

AISC per gold oz. (by-product)1 $1,690-$1,790

Capital ($M) 2019 Guidance

Sustaining Capital1 210-230

Growth Capital1 ~3

Exploration ~565km from Fort Frances, OntarioMine life of 14 years

Tailings ManagementArea

OverburdenStockpile

WestMine RockStockpile Open

Pit

Mill

EastMine RockStockpile

Low GradeStockpile

• Production increase driven by improved overall productivity and mill recoveries

• Open pit transition from phase 1 to phase 2

• Increased strip ratio and planned lower grades; drive higher opex and cash costs

• Approx. 72% ($150-$165M) of sustaining capital is to complete deferred mine construction

• Positioning for efficient and sustainable mining

Reserve Pit

Underground Reserves and Infrastructure

Operational Metrics Q1 18 Q2 18 Q3 18 Q4 18 2019 Estimates

Tonnes mined per day (ore and waste) 112,432 107,416 102,290 111,507 ~128,000

Ore tonnes mined per day 36,296 36,043 30,439 32,054 ~31,000

Strip Ratio (waste:ore) 2.1 1.98 2.36 2.48 ~3.1

Tonnes milled per day 17,534 16,549 16,962 20,668 22,000-24,000

Tonnes milled run rate1 22,771 22,364 22,318 25,835 -

Gold grade milled (g/t) 1.08 1.24 1.21 1.42 ~1.10

Gold recovery (%) 81% 87% 87% 89% ~90 – 92%

Mill availability (%) 77% 74% 76% 80% ~85 – 88%

Gold production (oz)2 39,325 55,219 55,538 77,202 245,000-270,000

1. Run rate is defined by (total tonnes milled / mill availability) / calendar days.2. Quarterly amounts are ounces produced per quarter, 2019 Estimate is expected full-year production.

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• Lower grades as open pit transition from phase 1 to phase 2

• Q4/18 mill run rate of 25.8 ktpd vs. 24 ktpd target

• Grade reconciliation inline with resource and dig-shape models

• Main mill repairs completed in Q1; Improved mill availability in H2

• Mill recoveries expected to continue to improve as upgrades and optimization are completed in H1

Rainy River: Operational Highlights and 2019 Estimates

2019 will continue to build on the improvements achieved during the final four months of 2018

Focused on improving availability and throughput

• Stabilize mill availability; reach 90% in H2 (Q4 2018 – 80%)

• Ball mill trunnion replaced in Q1 followed by optimization of both SAG and ball mills power drawn and commissioning of pebble crusher

• Potential reconfiguration of SAG mill liners

Increase recovery to 90-92% (Q4 2018 – 89%) target by minimizing gold loss in solids and solution

• Solids: Grinding medium optimization + commissioning pebble crusher = consistent grind size of 75µm (currently ~90µm) while maintaining high throughput

• Solution: Optimize carbon stripping and carbon regeneration

• Additional optimization: Commission gravity circuit

Rainy River: 2019 Mill Objectives

91. Run rate is defined by (total tonnes milled / mill availability) / calendar days.

70%

80%

90%

100%

Oct-18 Nov-18 Dec-18 Jan-19

Plant Recovery Losses

Recovery - Gold Losses Solids Losses Solution

Rainy River: Capital Highlights

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Sustaining Capital, ARO Amort. & Other ($M) 2019 Estimates

Sustaining Capital $210 – $230

Total construction capital $150 - $165

− Tailings facility (Stage 2) $65 - $70

− Waste Dump (Management & Stabilization/Wick Drains)

$45 - $50

− Water treatment train $5 - $10

− Maintenance/Warehouse facility ~$20

− Mill commissioning completion ~$5

− Camp facility ~$10

Other sustaining capital $60-$65

− Machinery & Equipment $10-$13

− Mining infrastructure $6-$8

− Capital Leases ~$9

− Mill upgrades ~$2

− Capitalized Mining, 2018 Sustaining Capital and Working Capital

~$33

ARO Amortization and Other ~$2

Non-Sustaining and Exploration Expense ($M) 2019 Estimates

Growth Capital ~$3

Expensed exploration ~$5

Key Construction Capital Items

• ~72% ($150-$165M) of sustaining capital is related to deferred construction and additional mill upgrades

Other Key Sustaining Capital

• ~50% (~$33M) of remaining sustaining capital for phase 2 capital stripping and capital projects not completed in 2018 (~$15M)

Exploration

• Phase 1: 7,500 metre drilling program

Sustaining capital is expected to significantly decrease beginning in 2020 as deferred construction is completed

Rainy River: Exploration Program

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• During 2018 exploration activities at Rainy River were limited to the completion of an Airborne drone magnetic survey to support and improve to drill ready status conceptual targets defined through geological interpretation in near mine areas

• Geophysical data interpretation is progressing on exploration targets refinement and drill hole planning

• Key exploration target area has been defined as Intrepid North, where ~7,500 m first pass reconnaissance drilling has been planned to test potential for eastern repeats of Rainy River mine sequence (e.g.: ODM, HS and 433 zones) north of Intrepid and east of mill site. Planning for the program is ongoing to commence field activities in early April

• Regional exploration covering prospective areas on regional claim holdings to the northeast (Off Lake) and southwest (Coventry) of mine site and within the newly acquired claim block to the north (GoldOn), where historical high grade gold occurrences were recorded both from surface samples and from drill hole intercepts (up to 98 g/t Au) , is planned to start in the second half of the year

?

?

?

Potential series of stacked lenses (saddle reefs?) extending north from Intrepid ore body

433

HS

ODM

CAP

INTREPID

Rainy River: 2019 Strategic Review

121. Non-acid generating material

H1:Analysis

Q3: Development of

optional scenariosQ4:

Finalize mine plan

Scenario analysis

Design parameter studies

Mine plan strategies

Physicals (early Q3)

Complete capital budget

Complete cost analysis

• Focus on medium and high grade ore to create a profitable open pit life of mine

• Optimize capital required to support mining, processing and tailings disposal of medium and high grade open pit ore

• Optimize open pit production and decouple the NAG1 construction needs from mining operation

• Consider potential underground scenarios to further enhance profitability

• Utilize excess mill capacity to process stock pile tonnes during the open pit mine life

• Benchmarking best industry practices to optimize mining and milling and reduce costs

• Increase free cash flow generation

Optimized u/g mine plan

Deliver updated mine plan

New Afton Mine: Reinvesting in the Future

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Mineral Reserves and Resources (Dec., 2018) 2

Gold Grade (g/t)

Gold (Koz)

Copper Grade

(%)

Copper Mlbs.

Proven & Probable 0.64 1,077 0.78 903

Measured & Indicated2 0.63 1,061 0.77 891

Inferred 0.40 172 0.45 132

1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.2. For a detailed breakdown of Mineral Reserves & Resources refer to the Management Discussion and Analysis dated February 13, 2019. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral

Reserves and Mineral Resources” and “Technical Information”. Additional information can also be found in Appendix 3. Resources are exclusive of Reserves.3. Assuming spot prices of $1,300 per gold ounce and $2.75 per copper pound at a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar.

Operational Estimates 2019 Guidance

Gold Production (oz) 55k-65k

Copper production (Mlbs) 75-85

Gold eq. Production (oz)1 215-245

Operating expense per gold oz. $480-$520

Operating expense per copper pound $0.95-$1.15

Cash costs per gold oz. (by-product)1 ($1,350)-($1,310)

Cash costs per gold eq. oz. (co-product) 1 $600-$640

AISC per gold oz. (by-product) 1 ($500) – ($420)

AISC per gold eq. oz. (co-product) 1 $810 - $890

Capital ($M) 2019 Guidance

Sustaining Capital $45-$55

Growth Capital $40-$45

Exploration ~$4

• 2019 production in-line with planned lower gold and copper grades

• Ore sorting initiatives to deliver optimal mill grades; low grade ore stockpiled

• Initiated self-funded3 C-zone development program

• ~75% of total capital are related to underground activities and equipment

• Exploration program launched; targets below the C-zone and regionally

Underground block-caving operationKamloops, B.C.

New Afton: 2019 Key Objectives

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• C-zone development plan launched in 2019

• Continued evaluation and further de-risking of C-zone

mine plan; tailings disposal; permit applications

submission

• Ore segregation strategy to improve mill grade; ore

scanner commissioned

• Mill upgrade to improve supergene recovery; phase 2

mill upgrade underway; commissioning in Q3

• 2019 exploration program will target near-mine

opportunity below the C-zone

• Regional exploration focused on two near-surface

exploration targets located within 5km of mill facility

• Potential optimization of life of mine

New Afton: 2019 Capital Program

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Sustaining Capital, ARO Amort. & Other ($M) 2019 Estimates

Sustaining Capital $45 – $55

- Tailings Facility Dam Raise $17 - $20

- B3 Mine Development and Equipment $20 - $25

- Other Sustaining Capital $6 - $8

- Capitalized Sustaining Exploration ~$2

ARO Amortization and Other ($M) ~$1

Non-Sustaining Capital and Exploration Expense ($M) 2019 Estimates

Growth Capital(C-zone mine development and equipment)

$40 - $45

Exploration Expense ~$4

Sustaining Capital

• B3 zone development and equipment to sustain ongoing production during C-zone development period

• Scheduled tailings dam raise

Growth Capital

• C-zone exploration drift advance

• Mobile equipment and infrastructure

New Afton: 2019 Objectives

2019 Life of Mine Update

• C-zone fully integrated business case vs 2015 approach (C-zone decoupled)

• Geotechnical study update; subsidence & corrective actions

• Tailings update: In-pit disposal using a thickened & amended tailings approach to increase stability; Update on stabilization of current and old tailings

• Permitting & timeline

• Capital and opex optimization

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New Afton: Exploration Program

17

• Planning for the exploration activities on the targets identified at New Afton in 2018 (one near mine: D-zone and two at the district level: Cherry Creek Fault and DL2017) is ongoing

• Additionally an UG infill drilling program (~8,700 m) to upgrade the resource inventory to M&I within the SLC (sub level cave) commenced in early February. The objective of the drilling program is to define ~3.4 Mt in Reserve to help fill future mine production gap.

• Key exploration target area to grow the resource inventory at New Afton has been defined as D-Zone, ~8,000 m UG exploration drilling has been designed to test the down plunge extension of the mineralization immediately below C-Zone

• Potential exists to increase mineral resource below C-Zone (~20Mt at run of mine grade). Planning for the program is ongoing. The program to commence in early May, immediately after the completion of SLC drilling.

• Regional exploration activities on Cherry Creek (high grade Au and Cu-Au Porphyry target) and DL2017 Cu-Au Porphyry target) prospects is planned to start in the second half of the year upon agreement with SSN First Nation and reception of exploration permits

Blackwater Project: B.C., Canada

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• Open pit mine in B.C., 160km southwest of Prince George

• Currently re-evaluating project sizing and processing options

• Current reserve is defined at 8.2 Mozgold with a grade of 0.74 g/t gold

• Open pit conventional truck and shovel

• Site area is well serviced

• Environmental Assessment approval expected in 2019

• Low strip ratio

Mineral Reserves and Resources

(December 31, 2018) 1Gold Grade (g/t) Gold (Koz)

Proven & Probable 0.74 8,170

Measured & Indicated2 0.71 1,400

Inferred 0.66 385

Mineral Reserves and Resources

(December 31, 2018) 1Silver Grade (g/t) Silver (Koz)

Proven & Probable 5.5 60,800

Measured & Indicated2 4.4 8,733

Inferred 3.9 2,248

1. For a detailed breakdown of Mineral Reserves & Resources refer to the Management Discussion and Analysis dated February 13, 2019. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”. Additional information can also be found in Appendix 3.

2. Resources are exclusive of Reserves.

Cerro San Pedro Mine: Mexico

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• Transitioned to residual leaching in 2016

• Produced 10,870 gold ounces on 2018

• Reclamation work in progress

• Working with local communities and government agencies

• Reclamation security of approx. $15.6M in place

• Site reclamation to be completed within four years of final processing, including residual leaching in line with permit requirements

• Objective to leaving a positive legacy for the local communities and the country of Mexico

New Gold: Key Dates & Milestones

20

Completion of Rainy River mill upgrades (end of Q2)

Completion of New Afton mill upgrade (H2)

Optimization studies for Rainy River and New Afton (Q4)

Launch of exploration program at both operations (Q1)

Q1 production preview (mid-April)

Appendices

Corporate 22

Reserves and Resources 23

New Gold:Board of Directors and Management Team

22

Executive Management Team

Ian Pearce Chair of the Board, New Gold

Board of Directors

Renaud AdamsDirector, Presidentand Chief Executive Officer

Gillian DavidsonDirector

James GowansDirector

Margaret MulliganDirector

Renaud AdamsPresident & Chief Executive Officer

Robert ChausseExecutive Vice President &Chief Financial Officer

Lisa DamianiGeneral Counsel &Executive Vice President, Government RelationsAnne Day

Vice President, Investor Relations

Marilyn SchonbernerDirector, Chair of the Audit Committee

Chuck HennesseyGeneral Manager,Rainy River

John RitterGeneral Manager,New Afton

Eric VinetVice President,Technical Services

General Managers

Mining Dilution & Selectivity• A breakdown of each of the three ore classes by dig shape and grade bin indicates defined YTD

dig volumes applied to the LOM block model include significant tonnage contributions from aboveand below the targeted grade range for each ore class. The table below illustrates the distributionof grades YTD across the three ore classes.

Rainy River: Resource Reconciliation

2018 Ore Class

Grade BinLow Grade Ore (LGO) Medium Grade Ore (MGO) High Grade Ore (HGO)

% of t % of oz % of t % of oz % of t % of oz

Waste 28.6 10.9 14.8 4.3 6.8 1.2

0.3-0.5 32.3 24.0 26.9 15.3 12.9 4.2

0.5-0.8 23.8 28.4 32.4 28.9 24.8 13.0

>0.8 15.3 36.6 25.9 51.5 55.6 81.5

Total 100.0 100.0 100.0 100.0 100.0 100.0

23

Rainy River: 2018 Resource Reconciliation

• The mill produced a grade of 1.25 g/t versus the depleted resources of 1.25 g/t • Resource model performance continues to be in-line • Optimization of dilution model is underway with external consultant

Grade Control Model Blocks – Cut-off Grade Resource Model Blocks – Cut-off Grade % Difference

Tonnes Au g/t Au oz Tonnes Au g/t Au oz Tonnes Au g/t Au oz

HGO 6,259,627 1.62 325,668 HGO 5,503,799 1.70 300,836 12% -5% 8%

MGO 3,839,835 0.64 79,007 MGO 3,535,629 0.64 72,492 8% 0% 8%

LGO 3,519,472 0.39 44,632 LGO 3,190,289 0.40 40,628 9% -3% 9%

Total 13,634,949 1.02 449,139 Total 12,229,715 1.05 414,009 10% -3% 8%

Grade Control Model Blocks – Dig Shapes Resource Model Blocks – Dig Shapes % Difference

Tonnes Au g/t Au oz Tonnes Au g/t Au oz Tonnes Au g/t Au oz

HGO 6,686,985 1.38 296,368 HGO 7,053,759 1.25 284,452 -5% 9% 4%

MGO 3,601,628 0.72 83,715 MGO 3,787,670 0.74 89,698 -5% -3% -7%

LGO 2,416,791 0.52 40,296 LGO 2,092,539 0.54 36,365 -13% -4% 10%

Total 12,705,406 1.03 420,261 Total 12,933,968 0.99 410,515 -2% 4% 2%

Mill – Ore Processed Resource Model Blocks – Dig Shapes

Tonnes Au g/t Au oz Tonnes Au g/t Au oz

Milled 6,545,727 1.25 263,008 HGO 7,053,759 1.25 284,452

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Mineral Reserves and Resources by Site

Rainy River: Proven and probable reserves have decreased by 35 Koz, reflecting a decrease from mining depletion that has been largely offset through a combination of an updated open pit design and transition from a gold-only to a gold-equivalent cut-off basis for mine planning and reporting to account for by-product silver mined.

Measured and indicated resources (exclusive of reserves) remain materially unchanged compared to mid-year 2018. Inferred resources have increased by 0.13 Moz due to the recognition of inferred material in the open pit that previously went unreported as zero-grade waste.

New Afton: Gold reserves remain materially unchanged at 1.08 Moz compared to year-end 2017. This is due primarily to updated cone shapes applied to the B and C-zone block cave mining designs. Copper reserves decreased by 38 Mlbs, less than the total 97 Mlbs of mining depletion during 2018 as a result of the favorable impact of the revised block cave design.

Measured and indicated resources (exclusive of reserves) decreased by 0.13 Moz gold and 77 Mlbs copper as a result of resource-to-reserve conversions, likewise stemming from the revised block cave mining design. Inferred gold resources decreased marginally as a result of the lower gold pricing assumption; inferred copper resources remain unchanged compared to year-end 2017.

Blackwater: Proven and probable reserves remain unchanged compared to year-end 2017. Measured, indicated and inferred resources likewise remain materially unchanged compared to year-end 2017.

Mineral Reserves and Resources Summary (as at Dec 31, 2018)

25

Mineral Reserves and Resources (as at Dec 31, 2018)

26

Mineral Reserves Statement as at December 31, 2018

Proven & Probable Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

RAINY RIVERDirect processing reservesOpen Pit

Proven 18,663 1.24 2.4 - 744 1,450 -Probable 47,670 1.18 3.0 - 1,810 4,542 -Open Pit P&P (direct processing-MGO&HGO) 66,333 1.20 2.8 - 2,554 5,993 -

UndergroundProven - - - - - - -Probable 8,954 3.55 9.5 - 1,021 2,728 -Underground P&P (direct processing) 8,954 3.55 9.5 - 1,021 2,728 -

Low grade reservesOpen Pit

Proven 8,430 0.36 2.0 - 97 541 -Probable 32,714 0.35 2.3 - 366 2,428 -Open Pit P&P (LGO) 41,145 0.35 2.2 - 463 2,969 -

Surface StockpilesProven 7,307 0.63 1.8 - 147 426 -Open Pit P&P (stockpile) 7,307 0.63 1.8 - 147 426 -

Combined P&PProven 34,400 0.89 2.4 - 989 2,291 -Probable 89,339 1.11 3.4 - 3,197 9,825 -

Total Rainy River P&P 123,739 1.05 3.0 - 4,186 12,116 -

Mineral Reserves and Resources (as at Dec 31, 2018)

27

Mineral Reserves Statement as at December 31, 2018

Proven & Probable Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

NEW AFTON

A&B ZonesProven - - - - - - -Probable 25,731 0.51 1.9 0.74 420 1,612 420

C ZoneProven - - - - - - -Probable 26,911 0.76 1.9 0.82 657 1,668 484

Total New Afton P&P 52,642 0.64 1.9 0.78 1,077 3,280 903

BLACKWATERDirect processing reserves

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 -

Low grade reservesProven 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 -

Total P&P 13,433 76,196 903

Mineral Reserves and Resources (as at Dec 31, 2018)

28

Mineral Resource statement as at December 31, 2018

Measured & Indicated (Exclusive of Reserves) Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

RAINY RIVERDirect processing resourcesOpen Pit

Measured 2,990 1.13 5.6 - 109 534 -Indicated 26,370 1.13 3.3 - 955 2,759 -Open Pit M&I (direct processing) 29,360 1.13 3.5 - 1,064 3,292 -

UndergroundMeasured - - - - - - -Indicated 7,908 3.06 8.6 - 778 2,188 -Underground M&I (direct processing) 7,908 3.06 8.6 - 778 2,188 -

Low grade resourcesOpen Pit

Measured 2,465 0.35 3.1 - 28 248 -Indicated 23,135 0.36 2.1 - 269 1,592 -Open Pit M&I (stockpile) 25,600 0.36 2.2 - 297 1,840 -

Combined M&IMeasured 5,455 0.78 4.5 - 137 782 -Indicated 57,412 1.08 3.5 - 2,002 6,539 -Total Rainy River M&I 62,867 1.06 3.6 - 2,139 7,321 -

Mineral Reserves and Resources (as at Dec 31, 2018)

29

Mineral Resource statement as at December 31, 2018

Measured & Indicated (Exclusive of Reserves) Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

NEW AFTONA&B Zones

Measured 15,239 0.64 2.0 0.86 315 972 289 Indicated 8,530 0.51 2.8 0.77 140 776 145 A&B Zone M&I 23,769 0.60 2.3 0.83 455 1,748 434

C-ZoneMeasured 5,711 0.79 2.0 0.96 144 366 120 Indicated 11,976 0.72 2.1 0.87 279 809 230 C-Zone M&I 17,687 0.74 2.1 0.90 423 1,174 350

HW LensMeasured - - - - - - -Indicated 10,951 0.52 2.1 0.44 183 722 107 HW Lens M&I 10,951 0.52 2.1 0.44 183 722 107

Total New Afton M&I 52,407 0.63 2.2 0.77 1,061 3,645 891

BLACKWATERDirect processing resources

Measured 288 1.39 6.6 - 13 61 -Indicated 45,249 0.84 4.6 - 1,225 6,692 -M&I (direct processing) 45,537 0.85 4.6 - 1,238 6,753 -

Low grade resourcesMeasured - - - - - - -Indicated 15,779 0.32 3.9 - 162 1,980 -

M&I (low grade) 15,779 0.32 3.9 - 162 1,980 -Total Blackwater M&I 61,316 0.71 4.4 - 1,400 8,733 -

Total M&I Exclusive of Reserves 4,600 19,699 891

Mineral Reserves and Resources (as at Dec 31, 2018)

30

Mineral Resources statement as at December 31, 2018

Inferred Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

RAINY RIVERDirect processing

Open Pit 5,883 1.17 3.1 - 222 578 -Underground 1,270 3.68 3.8 - 150 156 -Total Direct Processing 7,153 1.62 3.2 - 372 733 -

Low grade resourcesOpen Pit 6,049 0.37 1.4 - 72 274 -

Rainy River Inferred 13,202 1.05 2.4 - 444 1,007 -

NEW AFTONA&B-Zone 6,530 0.35 1.4 0.38 74 295 54 C-Zone 7,034 0.43 1.4 0.51 98 309 77 HW Lens 0 0 0 0 0 0 0

New Afton Inferred 13,564 0.40 1.4 0.45 172 605 132

BLACKWATERDirect processing 13,905 0.76 4.0 - 341 1,788 -Low grade resources 4,207 0.33 3.4 - 44 460 -

Blackwater Inferred 18,112 0.66 3.9 - 385 2,248 -

Total Inferred 1,001 3,860 132

Notes to Mineral Reserve and Resource Estimates

31

Notes to Mineral Reserve and Resource Estimates 1. New Gold’s Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Standards, which

are incorporated by reference in NI 43-101. 2. All Mineral Reserve and Mineral Resource estimates for New Gold’s properties and projects are effective December 31,

2018. 3. New Gold’s year-end 2018 Mineral Reserves and Mineral Resources have been estimated based on the following metal

prices and foreign exchange (FX) rate criteria:

Gold $/ounce

Silver $/ounce

Copper $/pound

FX CAD:USD

Mineral Reserves $1,275 $17.00 $3.00 1.30 Mineral Resources $1,350 $18.00 $3.25 1.30

4. Lower cut-offs for the Company’s Mineral Reserves and Mineral Resources are outlined in the following table:

Mineral Property Mineral Reserves Lower cut-off

Mineral Resources Lower Cut-off

Rainy River O/P direct processing: 0.30 – 0.50 g/t AuEq 0.30 – 0.50 g/t AuEq O/P low grade material: 0.30 g/t AuEq 0.30 g/t AuEq U/G direct processing: 2.20 g/t AuEq 2.00 g/t AuEq New Afton Main Zone – B1 & B2 Blocks: C$ 17.00/t All Resources: 0.40% CuEq B3 Block & C-zone: C$ 24.00/t Blackwater O/P direct processing: 0.26 – 0.38 g/t AuEq All Resources: 0.40 g/t AuEq O/P low grade material: 0.32 g/t AuEq

Notes to Mineral Reserve and Resource Estimates

32

The bulk ore sorting project increases the mill feed grade from ~0.80% to 0.85% Cu

16,500 tpd0.80% Cu

Underground Block Cave

Mill Feed 14,500 tpd0.85% Cu

0.45 g/t Au

Stockpile 2,000 tpd~0.40% Cu

Ore sorting has 2 components:

• Underground materials handling

• Coarse high / low grade split

• Surface Belt plow & Ore Scanner

• Fine high / low grade split

Surface DestinationsOre Sorting

New Afton: Ore Sorting Strategy

33

New Afton: C-zone Development

• An internally funded development strategy for the New Afton C-zone has been launched.

• Development of the C-zone (2019 to 2024) would provide mine life extension to 2030 with robust economics.

• At metal prices of $1,275 per gold ounce and $2.50 per copper pound and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar, current LOM economics show that potential cumulative cash flow will be sufficient to support C-zone development.

• At spot metal prices of $1,300 per gold ounce and $2.75 per copper pound and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar, current LOM economics show that potential cumulative cash flow generated will exceed capital requirements over the C-zone development period and deliver free cash flow.

• Assuming non-sustaining capital of $450 million and LOM sustaining capital of $185 million:

• Growth capital for 2019 is estimated to be between $40 and $45 million, which primarily consists of advancing an exploration decline and the purchase of required mobile equipment and infrastructure ($5 to 7.5 million).

• Growth capital in 2020 is expected to be consistent with 2019 and during those years the operation is expected to deliver a strong positive cash flow stream. Growth capital is expected to increase substantially during the period from 2021 to 2023, during which time the operation is expected to remain cash flow neutral. The operation is expected to return to positive cash flow status beginning in 2024 as remaining capital requirements decline and are spread over the years 2024 and 2025.

• Sustaining capital: Capital requirements for the B3 zone in 2020 are expected to be consistent with 2019 with the remaining one-third of the capital requirements for the B3 zone to be spread over the 2021 to 2024 period.

34

Endnotes

35

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 MD&A are Canadian mining terms as defined in the CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014 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 MD&A 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 through additional exploration drilling and technical evaluation. Readers are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable.

Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the Reserve estimation is made. Readers are cautioned not to assume that all or any part of the Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.

TECHNICAL INFORMATION

The scientific and technical information relating to New Gold’s mineral reserves contained herein has been reviewed and approved by Mr. Nicholas Kwong, Director, Technical Services of New Gold. The scientific and technical information relating to Mineral Resources contained herein has been reviewed and approved by Mr. Mark A. Petersen a consultant to New Gold and its former Vice President, Exploration. Other scientific and technical information contained herein has been reviewed and approved by Mr. Eric Vinet, Vice President, Technical Services of New Gold. Mr. Kwong is a Professional Engineer and member of the Association of Professional Engineers Ontario. Mr. Petersen is a SME Registered Member, AIPG Certified Professional Geologist. Mr. Vinet is a Professional Engineer and member of the Ordre des ingénieurs du Québec. Mr. Kwong, Mr. Petersen and Mr. Vinet are "Qualified Persons" for the purposes of NI 43-101. The estimates of Mineral Reserves and Mineral Resources discussed in this MD&A may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other relevant issues. New Gold’s current Annual Information Form and the NI 43-101 Technical Reports for its mineral properties, all of which are available on SEDAR at www.sedar.com, contain further details regarding Mineral Reserve and Mineral Resource estimates, classification and reporting parameters, key assumptions and associated risks for each of New Gold's mineral properties, including a breakdown by category.

Endnotes

36

NON-GAAP MEASURES

(1) ALL-IN SUSTAINING COSTS“All-in sustaining costs” per ounce is a non-GAAP financial measure. 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 (as presented in the cash flow statement), 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 assists analysts, investors and other stakeholders of the Company in assessing the Company’s operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS. Further details regarding historical all-in sustaining costs and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com.

“Sustaining costs” is a non-GAAP financial measure. New Gold defines sustaining costs as the difference between all-in sustaining costs and total cash costs, being the sum of net 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. Management uses sustaining costs to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. The line items between cash costs and all in sustaining costs in the tables below break down the components of sustaining costs. Sustaining costs is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

(2) TOTAL CASH COSTS “Total cash costs” per ounce is a non-GAAP financial measure which is calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. The Company believes that certain investors use this information to evaluate the Company’s performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. This measure, along with sales, is considered to be a key indicator of the Company’s ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated, all total cash cost information in this news release is net of by-product sales. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP. Further details regarding historical total cash costs and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com.

(3) FREE CASH FLOW

“Free cash flow” is defined as operating cash flow less sustaining capital expenditures.