denver gold forum

Denver Gold ForumSeptember 2013

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 inf ormation contained in this presentation, including any inf ormation relating to New Gold’s f uture f inancial or operating perf ormance as well as inf ormation respecting Rainy Riv er and its assets,

may be deemed “f orward looking”. All statements in this presentation, other than statements of historical f act that address ev ents or dev elopments that New Gold expects to occur, are “f orward-looking

statements”. Forward-looking statements are statements that are not historical f acts and are generally , but not alway s, identif ied by the use of f orward-looking terminology such as “plans”, “expects”, “is

expected”, “budget”, “scheduled”, “estimates”, “f orecasts”, “intends”, “anticipates”, “projects”, “potential”, “believ es” or v ariations of such words and phrases or statements that certain actions, ev ents or

results “may ”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achiev ed” or the negativ e connotation . Without limiting the f oregoing, examples of f orward-looking inf ormation in this

presentation include, among others, statements with respect to: New Gold’s guidance f or production, cash costs, all -in sustaining costs, expenditures and cash f lows, modif ications to operations, the

timing of dev elopment decisions, the estimation of mineral reserv es and resources and the realization of mineral reserv es and resources, the timing and amount of estimated f uture production (including

mining and milling rates), the expected lif e of New Gold’s mines, expected f uture production costs (including cash costs) and the timing of completion of the acquisition of Rainy Riv er.

All such f orward-looking statements are based on the reasonable opinions and estimates of management as of the date such statements are made and are subject to important risk f actors and

uncertainties, many of which are bey ond New Gold’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions. In addition to assumptions specif ically

identif ied in this presentation, the key assumptions and estimates are discussed in New Gold’s most recent interim management discussion and analy sis and technical reports f iled at www.sedar.com.

The estimates and assumptions upon which the f orward-looking statements in this presentation are based are inherently subject to known and unknown risks, uncertainties and other f actors that may

cause actual results, lev el of activ ity, perf ormance or achiev ements to be materially dif f erent from those expressed or implied by such f orward-looking statements. Such f actors include, without limitation:

signif icant capital requirements; price v olatility in the spot and f orward markets f or commodities; f luctuations in the international currency markets and in the rates of exchange of the currencies of Canada,

the United States, Australia, Mexico and Chile; impact of any hedging activ ities, including margin limits and margin calls; d iscrepancies between actual and estimated production, between actual and

estimated Reserv es and Resources and between actual and estimated metallurgical recov eries; changes in national and local gov ernment legislation in Canada, the United States, Australia, Mexico and

Chile or any other country in which New Gold currently or may in the f uture carry on business; taxation; controls, regulations and political or economic dev elopments in the countries in which New Gold

does or may carry on business; the speculativ e nature of mineral exploration and dev elopment, including the risks of obtaining and maintaining the v alidity and enf orceability of the necessary licences and

permits and comply ing with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits f or Blackwater and the

Rainy Riv er Gold Project; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our env ironmental authorization (EIS); and in Chile, where the courts hav e temporarily

suspended the approv al of the env ironmental permit f or El Morro; the lack of certainty with respect to f oreign legal sy stems, which may not be immune f rom the inf luence of political pressure, corruption or

other f actors that are inconsistent with the rule of law; the uncertainties inherent to current and f uture legal challenges N ew Gold is or may become a party to; diminishing quantities or grades of Reserv es;

competition; loss of key employ ees; additional f unding requirements; rising costs of labour, supplies, f uel and equipment; actual results of current exploration or reclamation activ ities; uncertainties

inherent to mining economic studies including the PEA f or Blackwater and the Rainy Riv er Feasibility Study f or the Rainy River Gold Project; changes in project parameters as plans continue to be

ref ined; accidents; labour disputes; def ectiv e title to mineral claims or property or contests ov er claims to mineral properties; New Gold may be unable to successf ully complete the acquisition of all of the

securities of Rainy Riv er or the completion of such acquisition may be delay ed or more costly than anticipated; uncertainties with respect to the successf ul integration of the business of Rainy Riv er within

the business of New Gold; unexpected delay s and costs inherent to consulting and accommodating rights of First Nations; and uncertainties with respect to obtaining all necessary surf ace rights f or the

Rainy Riv er Project. In addition, there are risks and hazards associated with the business of mineral exploration, dev elopment and mining, including env ironmental ev ents and hazards, industrial

accidents, unusual or unexpected f ormations, pressures, cav e-ins, f looding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cov er these risks) as well as

“Risk Factors” included in New Gold’s (and, in respect to inf ormation related to the acquisition of Rainy Riv er Resources Ltd . (“Rainy Riv er”), Rainy River and/or the Rainy Riv er Gold Project, in Rainy

Riv er’s) disclosure documents f iled on and av ailable at www.sedar.com. Forward-looking statements are not guarantees of f uture perf ormance, and actual results and f uture ev ents could materially dif f er

f rom those anticipated in such statements. All of the f orward-looking statements contained in this presentation are qualif ied by these cautionary statements. New Gold expressly disclaims any intention or

obligation to update or rev ise any f orward-looking statements whether as a result of new inf ormation, ev ents or otherwise, except in accordance with applicable securities laws.

All f ootnotes and endnotes hav e been shown at the conclusion of the presentation.

2

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

Portfolio of assets in top-rated jurisdictions

Blackwater

New Afton

Rainy River

Mesquite

Cerro San Pedro

El Morro

Peak Mines

Mine Life: 15+ years

Mine Life: 14 years



Mine Life: 4+ years

Mine Life: 17 years

Mine Life: 8 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”.

Portfolio of assets in top-rated jurisdictions

Growing gold resource base in Canada

18.0 Canada

5.7 USA

2.9 Chile

1.7 Mexico 0.9 Australia

GOLD RESERVES (Moz)

7.8

11.8

23.1

29.2

GOLD M&I RESOURCES (Moz) (1)(2)

NEW GOLD PRO FORMA GOLD M&I

RESOURCES (Moz) (1)

+44%per share

+20%per share

=

Canada

=

= +62%

• 18 million ounces in Canada

• 84% increase in M&I resources per share since 2009

New Gold New Gold &

Rainy River(3)

New Gold New Gold &

Rainy River(3)

5(1) Measured and Indicated Resources inclusive of Reserves.

Invested and experienced team

Collectively ~$85 million invested in New Gold

6

Randall Oliphant Executive Chairman

Robert Gallagher President & CEO

Brian Penny Executive VP & CFO

Ernie Mast VP Operations

EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS

David Emerson Former Canadian Cabinet Minister

James Estey Former Chairman,

UBS Securities Canada

Robert Gallagher President & CEO

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

Significantly invested team

Among lowest-cost producers with established track record(1)

• Generating ~$200 per ounce

incremental margin

• More than $100 per ounce decrease

in cash costs(2) from 2009 to 2013E

• Copper and silver create effective hedge

2013 GUIDANCE –

ALL-IN SUSTAINING COSTS ($/OZ)(3)

New Gold Mid-Tier

Average(4)

Senior Average(5)

$875

~$1,050~$1,100

7

Lower costs driving margin expansion

2012 ACTUAL

Gold production

412 Koz

Gold production(1)

440–480 Koz

2013 GUIDANCE

2013

Total cash costs(2)

~$350/oz

2013

All-in sustaining

costs(2)(3)

~$875/oz

8


By-product price assumptions: Copper ~$3.25 per pound; Silver ~$22.50 per ounce.

2013 GUIDANCE

New Afton hitting its stride

• Mining and milling rates averaged

more than 11,000 tonnes per day

in Q2 – a 19% increase over Q1

• Targeting throughput of 12,000

tonnes per day by year-end 2013

GOLD

0.670.78

Q1 2013 Q2 2013

COPPER

0.79%0.96%

Q1 2013 Q2 2013

GRADE (g/t) GRADE (%)

83%

87%

Q1 2013 Q2 2013

81%

88%

Q1 2013 Q2 2013

RECOVERY (%) RECOVERY (%)

15

22

Q1 2013 Q2 2013

12

19

Q1 2013 Q2 2013

PRODUCTION (Koz) PRODUCTION (Mlbs)

+16%

+4%

+46%

+21%

+7%

+58%

9


Evaluating further throughput expansion potential

10


Design capacity • 11,000 tonnes per day

2013 year-end target • 12,000 tonnes per day

Additional expansion

potential

• 50 drawbells needed to support 11,000 tonnes per day – 68 completed

as of mid-2013• Crusher capacity – 20,000 tonnes per day (commissioned January 2013)• Conveyor capacity – 14,500 tonnes per day

• Record daily mill throughput – 18,638 tonnes

New Afton C-Zone exploration program

EA-9

C-Zone

B-Zone

Reserve

4,900m

Far East Extension /

Hanging Wall Lens

Targets

DrilledPlanned

EA-31EA-32

EA-34

EA-36

EA-35

EA-37*

EA-33

HIGHLIGHTS POST C-ZONE RESOURCE UPDATE

Drill

Hole

From

(m)

To

(m)

Interval

(m)

Gold

(g/t)

Copper

(%)

EA-31 644 708 64 0.86 1.33

EA-32 478 622 144 0.92 1.10

EA-34 744 810 66 0.90 0.93

EA-36 592 678 86 2.32 2.61

11


• May 2013 update increased

resources by more than 300%

• C-Zone remains open down plunge

C-ZONE RESOURCE SUMMARY

Measured and

IndicatedInferred

GOLD 0.3 Moz at 0.77 g/t 0.4 Moz at 0.62 g/t

COPPER 211 Mlbs at 0.77 301 Mlbs at 0.68%

New Afton successful start with continued upside potential

• Achieved commercial and full production

ahead of schedule in mid-2012

• 2012 exploration work led to two-year

mine life extension from 12 to 14 years

• +300% increase in C-Zone resources in

May 2013

• Targeting throughput of 12,000 tonnes per

day by end of 2013

• Evaluating potential for further throughput

increases in 2014 and beyond

12



Industry leading organic growth profile

• Growth projects expected to increase gold

production by ~1.75 times over current

operations

• Blackwater and Rainy River acquisitions

increased shares outstanding by 25% for

potential +150% increase in production

• Projecting below current industry

average cash costs at each project

Four current

operations

Three organic

projects

440–480 Koz

+800 Koz

Blackwater

Rainy River

2013 Gold

Production Guidance

Annual Production

Potential of Growth Assets

El Morro

13


Three world-class projects

Rainy River (97%) Blackwater El Morro (30%)

Significant Gold

Resource Base(1)(2) 6.2 Moz 8.6 Moz 2.9 Moz

Exploration

Potential

Intrepid Zone/Multiple

Regional Targets

Capoose/Multiple

Regional Targets

El Morro Zone/

Block Cave Potential

Jurisdiction Ontario, Canada British Columbia, Canada Chile

Robust Production/

Low Cash Costs(3)

~225 Koz at below

average cash costs

~500 Koz at below

average cash costs

~90 Koz Au/85 Mlbs Cu at

~($700) cash costs(4)

RAINY RIVER BLACKWATER EL MORRO

14


Control of two underexplored districts

• +169 km2 land package

• Multiple targets including recently discovered Intrepid Zone

• Two drills active

15

RAINY RIVER

Rainy River

Existing resource

Exploration targets

Intrepid

Intrepid extension

Son of Intrepid

Western Zone

Off Lake

5km


Control of two underexplored districts

• +1,000 km2 land package

• Initial resource at Capoose ~25 km from main Blackwater resource

• Multiple regional targets

• Five drills active

16

BLACKWATER

Blackwater

Capoose

Auro

Van Tine Fawnie

Existing resource

Exploration targets

10km


Limited capital required to advance projects to construction-ready status

• Simultaneously advancing Rainy River and Blackwater through remaining technical and economic studies and permitting

• Regional exploration continues at both projects

• Project development and sequencing decision expected in second half of 2014

RAINY RIVER SECOND HALF 2013

PROJECT SPENDING(1)

BLACKWATER SECOND HALF 2013

PROJECT SPENDING(2)

Exploration(3)

$5mm

Engineering/Studies/

Environment/Other

$20mm

Exploration(3)

$20mm

Engineering/Studies/

Environment/Other

$30mm

17

(39%) (27%)(14%)

45%

303%


Increasing Net Asset Value drives share price growth

March 2009

Net Asset Value (1)

September 2013

Mesquite, Cerro San Pedro, Peak Mines

~$875 $1,138

New Afton

~$120 $1,561

El Morro(2)

~$40 $432

Blackwater(3)

$– $808

Rainy River(4)

$– $479

18

S&P/TSX Global

Gold Index

FTSE Gold

Mines Index

HUI

IndexGold Price New Gold

PRICE PERFORMANCE SINCE BUSINESS COMBINATION WITH

WESTERN GOLDFIELDS IN MARCH 2009


Near-term catalysts

2013 guidance – increased resources, production growth and lower costs

Blackwater resource update

New Afton C-Zone exploration update

Completion of Rainy River acquisition

Blackwater/Rainy River/New Afton exploration updates

Completion of Blackwater Feasibility Study

New Afton mill to reach 12,000 tonnes per day/results of throughput increase evaluation

Resolution of El Morro temporary permit suspension

19

Establishing the leading

intermediate gold company

New Gold investment thesis

Portfolio of assets

in top-ratedjurisdictions

Invested and

experienced team

Amonglowest-cost

producers with a history of delivering


Track record of value creation

Appendix

21

Appendices

Page

1. Financial information 22

2. Consolidated operating performance 28

3. Mesquite, Cerro San Pedro, Peak Mines 37

4. New Afton 41

5. Rainy River 45

6. Blackwater 47

7. El Morro 55

8. Reserves and resource notes 62

9. Commodity price/foreign exchange assumptions 69

Capitalization and liquidity

22

1. Cash and equivalents as at June 30, 2013.

2. $50 million of total $150 million currently used for Letters of Credit.

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

• All corporate debt due in 2020

or beyond(3)

• Two senior unsecured note offerings

during 2012 ($300 million at 7.00%,

$500 million at 6.25%)

• Total common shares outstanding of

502 million

• Paid $66 million to eliminate legacy

gold hedges on May 15, 2013

Liquidity

Position

$563mm

$100mm

$663mm

Appendix 1

Cash and

Equivalents(1)

Undrawn Credit

Facility(2)

Summary of debt

23

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 $72 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 ~102 ~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. $50 million currently allocated for Letters of Credit.

Appendix 1

24

• New Gold’s 2013 estimated capital expenditures of $290 million are down 42% from 2012

• Capital includes costs related to ongoing annual sustaining capital as well as investments for future production

• Capital estimates by site are shown below:

New Afton

$110mm

Peak Mines

$60mm

Cerro San Pedro

$40mm

Mesquite

$20mm

Blackwater

$60mm

New Afton

$302mm

Peak Mines

$47mm

Cerro San Pedro

$11mm

Mesquite

$11mm

Blackwater

$128mm

2012 and 2013 capital expenditures by site

TOTAL 2012 ACTUAL CAPITAL EXPENDITURES:

$499 MILLION

TOTAL 2013 CAPITAL EXPENDITURE ESTIMATE:

$290 MILLION

Appendix 1

25

Direct investment for future production

• The below breaks down capital expenditures at each site into two categories – annual sustaining

capital and direct investments for future production growth and mine life extension

New Afton - $110 million

Blackwater - $60 million

Peak Mines - $60 million

Annual sustaining capital

82%

18%

100%

50% 50%

• $90 million – continued cave and drawbell development as well as

related technical services

• Total of ~90 drawbells expected to be completed by end of 2013

• Annual drawbell development to decrease over mine life with

commensurate decrease in capital

• $15 million – capitalized exploration

• $45 million – Feasibility and related engineering studies, permitting, camp facilities/operation

• $30 million – underground development and capitalized exploration

• $30 million – equipment, mine and mill projects/maintenance

2013 capital expenditures by category

Appendix 1

26

Cerro San Pedro - $40 million

Mesquite - $20 million

75%

25%

60%

40%

• $30 million – final leach pad expansion and capitalized stripping for

phase 5 development

• $10 million – site maintenance/processing improvements

• $12 million – two additional trucks and construction of new welding and

tire shops

• $8 million – equipment components/site maintenance

2013 capital expenditures by category

Direct investment for future production Annual sustaining capital

New Gold’s 30% share of estimated El Morro capital cost of $23 million

fully carried by Goldcorp Inc.

Appendix 1

27

• New Gold’s estimated exploration budget for 2013 is $50 million

• Capitalized: $20 million

• Expensed: $30 million

• Additional $5 million of exploration at Rainy River post acquisition

New Afton

40,000 metres

Peak Mines

33,000 metres

Blackwater

40,000 metres

Capitalized: $15 million

Expensed: $15 million


Capitalized: $5 million


2013 exploration program overview

Appendix 1

28

1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.

2. Sustaining capital based on New Gold’s total 2013 estimated capital expenditures excluding expenditures related to growth-related initiatives.

3. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining cash costs calculated using the mid-point of New Gold’s estimated 2013 production range.

2013 estimated all-in sustaining costs

Appendix 2

Total cash costs(1) ~$350/oz

General and administrative ~$60/oz

Exploration expense ~$70/oz

Sustaining capital(2) ~$395/oz

ALL-IN SUSTAINING COSTS(3) ~$875/oz

29

• Gold production growth through full year of

production at New Afton and increased throughput and recoveries at Peak Mines

• Copper production forecast to double to 78

to 88 million pounds

• Copper and silver by-products continue to

act as natural hedge to industry-wide cost pressures

• By-product price assumptions:

• Copper ~$3.25 per pound(3)

• Silver ~$22.50 per ounce(3)

1. Gold sales range forecast to be 440,000 to 480,000 ounces.


3. Based on year-to-date average realized price through June 30, 2013 and $3.25 per pound and $20 per ounce for balance of year.

• By-product sensitivities:

• $0.25 per pound change in copper impacts consolidated cash costs by ~$45 per ounce

• $1.00 per ounce change in silver impacts consolidated cash costs by ~$3 per

ounce

2013 guidance

Gold production(1)

440 - 480Koz

Total cash costs(2)

~$350/oz

Appendix 2

30


2. By-product price assumptions: Silver - ~$22.50/oz; Copper - ~$3.25/lb.

3. New Afton co-product cost estimates: Gold - $570-$590/oz; Copper - $1.20-$1.30/lb.

Gold Production

(Koz)

Silver Production

(Moz)

Copper Production

(Mlbs)

Total Cash Costs(1)(2)

($/oz)

2012A 2013E 2012A 2013E 2012A 2013E 2012A 2013E

Mesquite 142 130-140 -- -- -- -- $690 $830-$850

Cerro San Pedro 138 140-150 1.9 1.4-1.6 -- -- $232 $375-$395

Peak Mines 96 95-105 -- -- 14 12-14 $764 $670-$690

New Afton 37 75-85 -- -- 28 66-74 ($1,043)($1,410)-

($1,390)(3)

412 440-480 1.9 1.4-1.6 42 78-88 $421 ~$350

2012 actuals versus 2013 guidance

Appendix 2

$465

$418

$446 $421

$350

$478

$557

$643

$738

$200

$400

$600

$800

2009 2010 2011 2012 2013E

31

1. Calculated based on YE’2012 GFMS industry average less mid-point of New Gold 2013 cost guidance.


3. Industry data per GFMS reports calculated net of by-product credits as at YE’2012.

To

tal C

ash

Co

sts

(US

$/o

z)(

2)

Incremental Margin to New Gold

Shareholders

(3)

Lower costs driving margin expansion

New Gold offers shareholders potential for over $375 per ounce (1) of incremental margin

Appendix 2

321. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.

2. Cerro San Pedro life-of-mine recovery: Gold – ~60%; Silver – ~25%.

Detailed operating results and assumptions

Mesquite Cerro San Pedro Peak Mines New Afton

2012A 2013E 2012A 2013E 2012A 2013E 2012A 2013E

Tonnes processed (000 tonnes) 14,503 14,250-14,750 16,531 12,250-12,750 778 815-835 1,970 4,000-4,200

Tonnes mined (000 tonnes) 45,666 46,000-48,000 30,905 36,000-38,000 786 1,310-1,330 903 4,300-4,500

Gold grade (g/t) 0.46 0.41-0.45 0.47 0.58-0.63 4.18 4.1-4.3 0.73 0.67-0.71

Silver grade (g/t) -- -- 21.43 13.0-17.0 -- -- -- --

Copper grade (%) -- -- -- -- 0.97% 0.80-0.84% 0.78% 0.86-0.90%

Gold recovery (%) (1) (1) (2) (2) 91.3% 90.0-92.0% 78.8% 88.0-90.0%

Silver recovery (%) -- -- (2) (2) -- -- -- --

Copper recovery (%) -- -- -- -- 86.0% 89.0-91.0% 84.5% 88.0-90.0%

Capital expenditures ($mm) $11 $20 $11 $40 $47 $60 $302 $110

Reserve grade

Gold grade (g/t) 0.57 0.50 4.99 0.65

Silver grade (g/t) -- 17.3 7.3 2.3

Copper grade (%) -- -- 1.13% 0.93%

Appendix 2

$690

2012A 2013E

142

2012A 2013E

33

Key assumptions and sensitivities

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

• Rack diesel price most correlated to Brent oil price

• Budgeted diesel price in 2013 is 8% higher

than 2012 average price paid

• Every 10% change in diesel price has ~$20 per

ounce impact on costs

2012A versus 2013E

• Production expected to decline moderately due to the planned processing of ore from an area within the mine plan that is below

reserve grade

• Increase in costs attributable to higher cost

leach pad inventory working through sales and lower production base

1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.


140

130

$850

$830

Mesquite

GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz)

Appendix 3

$232

2012A 2013E

138

2012A 2013E

1.9

2012A 2013E

34


• Silver price - $30.00 per ounce (2012A - $30.78 per ounce)

• Mexican peso: U.S. foreign exchange – 13:1

• $1.00 per ounce change in silver equals ~$10 per ounce change in Cerro San Pedro cash costs

• $1.00 change in Mexican peso equals ~$25 per ounce change in Cerro San Pedro cash costs

2012A versus 2013E

• Targeting 5% increase in gold production

• Decrease in tonnes processed offset by increase in gold grade

• Increase in costs primarily driven by lower silver by-product production as well as lower price

assumption

• ~$95 per ounce of increase in costs attributable to lower silver by-product revenue

• Silver grades decreasing by ~25%

1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%; Silver – ~25%.


150

140 1.6

1.4

$395

$375

Cerro San Pedro

GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz)SILVER PRODUCTION(1) (Moz)

Appendix 3

$764

2012A 2013E

14

2012A 2013E

96

2012A 2013E

35


• Copper price - $3.50 per pound (2012A - $3.51 per pound)

• Australian dollar: U.S. foreign exchange – 1:1

• $0.25 per pound change in copper equals ~$35 per ounce change in Peak Mines cash costs

• $0.01 change in Australian dollar equals ~$10 per ounce change in Peak Mines cash costs

2012A versus 2013E

• Increased gold production driven by 50,000 tonne increase in tonnes processed

• Similar copper production a result of increased

tonnes processed and copper recoveries offset by lower copper grades

• Reduction in estimated cash costs a result of increased gold production and lower foreign exchange rate assumption versus average 2012

exchange rate

105

9514

12

$690

$670


Peak Mines

GOLD PRODUCTION(1) (Koz) TOTAL CASH COSTS(2) ($/oz)COPPER PRODUCTION(1) (Mlbs)

Appendix 3

36

Great Cobar

~9 kilometres

Peak corridor map

Appendix 3

28

2012A 2013E

37

2012A 2013E

37

2012A versus 2013E

• New Afton entering first full year of production in 2013 after successful 2012 start-up

• Increased gold production driven by a full year of operations as well as continued recovery improvements, partially offset by lower gold grade

• Copper production expected to more than double, driven by full year of production as well as increases in copper grades and recoveries

85

75

74

66

New Afton

GOLD PRODUCTION(1) (Koz) COPPER PRODUCTION(1) (Mlbs)


Appendix 4

($1,043)

2012A 2013E

$656

2012A 2013E

$1.40

2012A 2013E

38


• Copper price - $3.50 per pound (2012A - $3.58 per pound)

• Canadian dollar: U.S. foreign exchange – 1:1

• $0.25 per pound change in copper equals ~$220 per ounce change in New Afton by-product cash costs

• $0.01 change in Canadian dollar equals ~$15 per ounce change in New Afton by-product cash costs

($1,390)

($1,410)

$590

$570

$1.30

$1.20


New Afton (cont’d)

TOTAL CASH COSTS(1) ($/oz)

(By-Product)


(Co-Product Copper)


(Co-Product Gold)

Appendix 4

39

Kenora

Fort Frances

Thunder Bay

Rainy River Gold Project

• Mining friendly Northwestern Ontario

• 65 km northwest of Fort Frances

• 80 km south of Kenora

• Within 25 km of rail and power

• Local skilled labour force

HWY 600 Site Topography

Rainy River – Location

Appendix 5

40

• Central British Columbia near infrastructure

• Year-round accessibility for drilling/ development

• Total 2012 drilling over 270,000 metres

project wide

• Ability to fund continued exploration/

development internally

• Tax synergies with New Afton

• PEA completed September 2012

• Targeting annual gold production of ~500,000 ounces

• Targeting completion of Feasibility Study by late 2013

• Targeting production in 2017

• Consolidated significant land position –1,000 km2

1. Refer to appendix 8 for detailed disclosure on Reserve and Resource calculations.

2. Blackwater start date based on indicative timeline which is dependent on permit approvals.

• Additional Measured and Indicated

gold resources – stockpile material of

0.9 million ounces

Blackwater – A robust project

Measured and Indicated

Gold Resources(1) –

Direct Processing Material

8.6 Moz

Appendix 6

411. Indicative timeline is dependent on permit approvals. There is no assurance this timeline will be achieved nor that the d eposit will ever reach the production stage.

Development activity

First Nations & Public Consultation

Preliminary Economic Assessment

Base Line Environmental Studies

Feasibility Study

Engineering Procurement

Production Target

Drilling

Project Description/Terms of Reference

Environmental Assessment Reports

Provincial Approval

Federal Approval

Construction

H1 H2 H1 H2 H1 H2H1 H2 H1 H2 H1 H2

2012 2013 2014 2015 2016 2017

Reflects critical path in timeline

Blackwater – Indicative timeline

Appendix 6

42

• Start of production in 2017

• Conventional truck and shovel open pit mine with 60,000 tonnes per day

processing plant

• Life-of-mine strip ratio of ~2.4 to 1

• Low grade stockpiling strategy

• Simple, conventional flowsheet using whole ore leach process

• Life-of-mine gold and silver recoveries of 87% and 53%, respectively

• Conventional waste rock and Tailings Storage Facility

• Power supply from the hydroelectric power grid, via 133 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

43

• Project is located 112 kilometres southwest

from Vanderhoof and has access to low cost hydroelectric power

• Development capital estimate of $1.8 billion

is inclusive of a 24% or $346 million contingency

• Development capital estimated based on the current cost environment

• A parity foreign exchange rate was

assumed and the capital estimate was held constant in the economic analysis

• Sustaining capital of $537 million, reclamation and closure costs of $95 million and $72 million in equipment salvage value

Blackwater PEA costs – Capital

Total development and sustaining

capital estimated at $294 per

recoverable gold ounce

Project Development Capital Costs

Description Cost ($ million)

Direct Costs

Mining & Pre-production Development $208

On Site Infrastructure $181

Process $539

Tailing and Water Reclaim $74

Infrastructure (Power, Water, Road) $85

Total Direct Costs $1,087

Owner's and Indirect Costs

Owner's Costs $54

EPCM $112

Other Indirects $215

Total Owner's and Indirect Costs $381

Subtotal $1,468

Contingency (24%) $346

Total Project $1,814

Appendix 6

Project Operating Costs

Area Unit Cost (C$/t milled) $ per gold ounce produced

Mining $6.21 $259

Processing $7.59 $317

General and Administrative $0.95 $40

Royalty (0.6%) $0.18 $8

Refining $0.23 $9

Silver by-product sales at $22.50 per ounce silver ($2.16) ($90)

Total cash costs(1)

net of by-product sales $13.01 $543

44

Processing Costs

1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” and PEA additional cautionary note.

Blackwater PEA costs – Operating

59%

11%

9%

6%

4%

4%4% 2% Hauling

Auxiliary

Blasting

G&A

Drilling

Loading

General Maint.

General Mine

Mining Costs

44%

24%

17%

8%

6%1%

Reagents

GrindingMedia/Liners

Electricity

Labour

Maint. Materials

Water Supply

Blackwater’s location near infrastructure, low stripping ratio, access to low cost power and silver

by-product revenue expected to result in the Project having well below industry average cash costs

Appendix 6

• Goldcorp – 70% partner and project operator

• New Gold’s 30% share of capital fully funded by Goldcorp

• Current resource entirely within La Fortuna deposit

• Neighbouring El Morro deposit underexplored

• 2012 year end update added 0.4 million ounces of

gold and 229 million pounds of copper to reserves (1)

• Addressing recent temporary suspension of environmental permit

• Chile evaluating various alternatives for a power source to northern Chilean development projects

45

1. New Gold’s attributable 30% share. Refer to Appendix 8 for detailed disclosure on reserve and resource calculations.

2. Refer to Cautionary Statements.

3. Refer to Cautionary Statements and note on total cash cost under the heading “Non-GAAP Measures”. Life of mine co-product costs estimated at $550/oz gold and $1.45/lb copper at commodityprice assumptions of $1,200/oz gold

and $2.75/lb copper.

Location Chile

Mine type Open Pit

Reserves1 – Gold/Copper (Moz/Mlbs) 2.9/2,097

Resources1 – Gold/Copper (Moz/Mlbs) 2.9/2,097

Estimate mine life 17 years

LOM production/yr (Au Koz/Cu Mlbs)2 90/85

LOM cash costs/oz by-product3 ($700)

El Morro (30%)

2.9 Moz

Gold Reserve(1)

2.1 Blbs

Copper Reserve(1)

Appendix 7

46

• El Morro Feasibility Study was updated in December 2011

• Key parameters for New Gold include:

• 30% share of estimated development capital, or $1.2 billion, carried by Goldcorp

– Receive cash flow from start of production

– Interest rate fixed at 4.58%

• Base 17-year mine life

• 30% share of annual production: ~90,000 ounces of gold and ~85 million pounds

of copper

• Estimated total cash costs(1), net of by-products ($700) per ounce

– Co-product gold ~$550 per ounce

– Co-product copper ~$1.45 per pound

1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” .

El Morro overview of updated Feasibility Study

Appendix 7

47

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

481. Capital estimates based on December 2011 Feasibility Study.

El Morro (30%) – Funding structure(1)

Appendix 7

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

100% Average annual

cash flow

Carried funding repayment

Au Grade(g/t)

Cu Grade(%)

$91/t

$44/t

$41/t

$27/t

$53/t

$52/t

$42/t

$33/t

$31/t

$30/t

--

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.20% 0.40% 0.60% 0.80% 1.00% 1.20%

49Company disclosure.

1. Circle sizes are representative of contained metal value of the reserves per tonne of reserve. Contained metal value calculated using Street research consensus long-term commodity pricing.

2. Includes “Cadia East Underground” and “Ridgeway Underground” reserves as indicated in Newcrest’s February 8, 2013 press release; does not inc lude “Other” Cadia province reserves.

El Morro

Producing Development

Chapada

Cadia-Ridgew ay

Alumbrera

New Afton

New Prosperity

Cobre Panama

Mt. Milligan

Cerro Casale

El Morro

Agua Rica(2)

New Afton

Selected porphyry gold/copper deposits/mines(1)

Appendix 7

501. Based on Goldcorp’s December 31, 2012 year-end resource statements.

2. Gold equivalent calculated based on the following commodity prices: Gold - $1,600/oz; Silver - $30.00/oz; Copper - $3.50/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 15.7 Penasquito 43.9

Pueblo Viejo 10.0 El Morro 17.4

Los Filos 7.4 Pueblo Viejo 11.7

El Morro 6.7 Los Filos 8.4

Cerro Negro 5.7 Cerro Negro 6.7

Appendix 7

51

1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013.

2. Year end 2011 Mineral Resources presented at Investor Day on February 2, 2012.

3. Rainy River shown on a 100% basis.

Reserves and resources summary

Mineral Reserves and Resources Summary

Current(1)

Year End 2011(2)

Gold

Koz

Silver

Koz

Copper

Mlbs

Gold

Koz

Silver

Koz

Copper

Mlbs

Proven and Probable Reserves 11,783 41,571 3,282 7,863 34,347 2,888

Measured and Indicated Resources (inclusive of Reserves) 29,242 159,585 4,223 18,797 115,268 3,946

Inferred Resources 6,822 88,359 1,187 6,323 76,856 2,202

M&I Resources (inclusive of Reserves)

Mesquite 5,684 - - 5,534 - -

Cerro San Pedro 1,703 57,980 - 1,812 55,860 -

Peak Mines 880 1,350 146 948 1,570 167

New Afton 2,224 7,292 1,980 1,742 5,470 1,586

Blackwater 9,497 70,128 - 5,423 25,774 -

Capoose 196 9,497 - 384 26,594 -

Rainy River 6,167 13,338 - n/a n/a n/a

El Morro 2,891 - 2,097 2,954 - 2,193

Total M&I 29,242 159,585 4,223 18,797 115,268 3,946

Appendix 8

52

Reserves and resources summary (cont’d)

Mineral Reserves statement as at December 31, 2012

Metal grade Contained metal

Tonnes

000s

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Mesquite

Proven 13,140 0.68 - - 287 - -

Probable 114,409 0.56 - - 2,055 - -

Mesquite P&P 127,549 0.57 - - 2,342 - -

Cerro San Pedro

Proven 21,100 0.52 17.1 - 353 11,600 -

Probable 26,400 0.48 17.4 - 407 14,800 -

CSP P&P 47,500 0.50 17.3 - 760 26,400 -

Peak Mines

Proven 2,109 5.89 7.5 1.08 399 510 50

Probable 2,118 3.82 6.8 1.18 260 466 55

Peak P&P 4,227 4.85 7.2 1.13 659 976 105

New Afton

Proven - - - - - - -

Probable 52,500 0.65 2.3 0.93 1,100 3,880 1,080

New Afton P&P 52,500 0.65 2.3 0.93 1,100 3,880 1,080

Rainy River

Proven 27,700 1.14 1.94 - 1,015 1,728 -

Probable 88,600 1.06 3.01 - 3,017 8,587 -

Rainy River P&P 116,300 1.08 2.76 - 4,031 10,315 -

El Morro 100% Basis 30% Basis

Proven 307,949 0.57 - 0.56 1,705 - 1,135

Probable 335,152 0.37 - 0.44 1,186 - 962

El Morro P&P 643,101 0.47 - 0.49 2,891 - 2,097

Appendix 8





Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012


Tonnes

000s

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Mesquite

Measured - oxide 19,100 0.51 - - 313 - -

Indicated - oxide 274,100 0.38 - - 3,349 - -

Meqsuite M&I - oxide 293,200 0.39 - - 3,662 - -

Measured - non oxide 4,900 0.88 - - 139 - -

Indicated - non oxide 96,000 0.61 - - 1,883 - -

Mesquite M&I - non oxide 100,900 0.62 - - 2,022 - -

Total Mesquite M&I 394,100 0.45 - - 5,684 - -

Cerro San Pedro

Measured - oxide 27,100 0.34 15.0 - 303 13,100 -

Indicated - oxide 49,000 0.24 13.0 - 380 20,480 -

CSP M&I - oxide 76,100 0.28 13.7 - 683 33,580 -

Measured - sulphide 15,200 0.47 11.9 - 229 5,800 -

Indicated - sulphide 60,400 0.41 9.6 - 791 18,600 -

CSP M&I - sulphide 75,600 0.42 10.1 - 1,020 24,400 -

Total CSP M&I 151,700 0.35 11.9 - 1,703 57,980 -

Peak Mines

Measured 2,700 5.74 7.5 1.05 494 647 62

Indicated 3,200 3.75 6.8 1.19 386 703 84

Peak M&I 5,900 4.66 7.1 1.13 880 1,350 146

Appendix 8

54


Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012


Tonnes

000s

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

New Afton

A&B Zones

Measured 33,500 0.86 2.9 1.18 929 3,160 873

Indicated 45,900 0.67 2.4 0.89 984 3,530 896

A&B Zone M&I 79,400 0.75 2.6 1.01 1,913 6,690 1,769

C-Zone

Measured 1,282 0.75 1.4 0.79 31 56 22

Indicated 11,205 0.78 1.5 0.77 280 548 189

C-Zone M&I 12,486 0.77 1.5 0.77 311 602 211

Total New Afton M&I 91,886 0.75 2.6 1.00 2,224 7,292 1,980

Blackwater

Direct processing material

Measured 116,955 1.04 5.6 - 3,896 21,057 -

Indicated 189,044 0.78 6.0 - 4,729 36,467 -

M&I (direct processing) 305,999 0.88 5.8 - 8,624 57,524 -

Stockpile material

Measured 26,521 0.30 4.1 - 256 3,496 -

Indicated 64,382 0.30 4.4 - 617 9,108 -

M&I (stockpile) 90,903 0.30 4.3 - 873 12,604 -

Total Blackwater M&I 396,902 0.74 5.5 - 9,497 70,128 -

Capoose

Indicated 14,200 0.43 20.8 - 196 9,497 -

Rainy River

Measured 27,638 1.33 1.90 - 1,182 1,689 -

Indicated 130,885 1.18 2.8 - 4,985 11,649 -

Total Rainy River M&I 158,523 1.21 2.62 - 6,167 13,338 -

El Morro 100% Basis 30% Basis

Measured 307,949 0.57 - 0.56 1,705 - 1,135

Indicated 335,152 0.37 - 0.44 1,186 - 962

El Morro M&I 643,101 0.47 - 0.49 2,891 - 2,097

Appendix 8



55


Inferred Resource statement as at December 31, 2012


Tonnes

000s

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Mesquite

Oxide 35,200 0.33 - - 373 - -

Non oxide 15,700 0.55 - - 278 - -

Mesquite Inferred 50,900 0.40 - - 651 - -

Cerro San Pedro

Oxides 53,400 0.17 9.0 - 300 15,400 -

Sulphides 50,500 0.34 8.5 - 550 13,800 -

CSP Inferred 103,900 0.25 8.8 - 850 29,200 -

Peak Mines 1,700 2.64 4.8 1.13 144 261 42

New Afton

A&B-Zone 14,900 0.45 2.0 0.65 216 940 212

C-Zone 20,221 0.62 1.4 0.68 401 923 301

New Afton Inferred 35,121 0.56 1.5 0.68 617 1,863 513

Blackwater

Direct processing 13,815 0.76 4.1 - 337 1,821 -

Stockpile 3,785 0.31 3.6 - 38 438 -

Blackwater Inferred 17,600 0.66 4.0 - 375 2,263 -

Capoose 64,070 0.29 23.2 - 595 47,789 -

Rainy River 93,804 0.76 2.32 - 2,280 6,983 -

100% Basis 30% Basis

El Morro 137,555 0.99 - 0.70 1,310 - 632

Appendix 8



56

Mineral reserves are contained w ithin Measured and Indicated mineral resources. Measured and Indicated mineral resources that are not mineral reserves do not have demonstrated economic

viability as defined by a technical Feasibility Study. New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Inferred mineral resources are not know n

w ith the same degree of certainty as Measured and Indicated resources, do not have demonstrated economic viability, and are exclusive of mineral reserves. Mineral reserves have been

estimated and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) definition standards and guidelines and Canadian National Instrument 43-101

(‘NI 43-101’).

1) Mineral Reserves for the company’s mineral properties have been calculated 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

Mesquite $1,300 - - 0.21 g/t Au – Oxide reserves

0.41 g/t Au – Non-oxide reserves

Cerro San Pedro $1,300 $24.00 - US$4.33 /t NSR

Peak Mines $1,300 $24.00 $3.00 A$120 – 253/t NSR

New Afton $1,300 - $3.00 US$24/t NSR

El Morro $1,350 - $3.00 0.20% CuEq

Rainy River $1,250 $25.00 - 0.30 g/t AuEq – Open Pit

3.5 g/t AuEq - Underground

Reserves and resources notes

Appendix 8

57

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

Mineral resources have been estimated and reported in accordance with CIM definition standards and guidelines and Canadian NI 43-101.

Mineral Property Gold

(US$/oz)

Silver

(US$/oz)

Copper

(US$/lb)

Lower Cut-off

Mesquite $1,400 - - 0.12 g/t Au – Oxide resources

0.24 g/t Au – Non-oxide resources

Cerro San Pedro $1,400 $28.00 - 0.1g/t AuEq – Open pit oxide resources

0.4g/t AuEq – Open pit sulphide resources

Peak Mines $1,400 $28.00 $3.25 A$97 - 137/t NSR

New Afton $1,400 $28.00 $3.25 0.40% CuEq – All resources

El Morro $1,500 - $3.50 0.15% Cu – Open pit resources

0.20% Cu – Underground resources

Blackw ater $1,400 - - 0.40 g/t AuEq

Capoose $1,400 - - 0.40 g/t AuEq

Rainy River $1,100 $22.50 - 0.35 g/t AuEq – Open Pit

2.5 g/t AuEq – Underground

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 and reporting parameters for each of New Gold’s mineral properties are provided in the respective NI 43-101 Technical Reports w hich are available on SEDAR.

4) Blackw ater April 4, 2013 update:1. Mineral resources are reported within a conceptual open pit shell based on metal prices of $1,400/oz gold and $28.00/oz silver. The March 2013 mineral resource estimate utilizes average metallurgical recoveries of 88.0% gold and 64.0% silver for oxide mineralization, 85.0% gold and 58.0% silver for transitional oxide/sulf ide mineralization and 85.0% gold and 44.0% silver for sulf ide mineralization. The 2012 year-end mineral resource estimate utilizes average metallurgical recoveries of 86% gold and 44.9% silver for all material types. 2. Total contained metal is calculated based on Tonnes*Grade / 31.10348 grams per troy ounce.3. Gold-equivalent cut-off grade estimates are based on $1,400/oz gold and $28.00/oz silver and average metal recoveries as described in Note 1 above.4. Direct processing material is defined as mineralization above a 0.40 g/t AuEq cut-off and likely to be mined and processed directly.5. Stockpile material is defined as mineralization betw een a 0.30 g/t AuEq and a 0.40 AuEq cut-off that is suitable for stockpiling and future processing based on average metallurgical recoveries as described in Note 1 above.

5) Qualif ied Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualif ied Persons as defined under Canadian National Instrument 43-101 under the oversight and review of Mark Petersen, a Qualif ied Person under National Instrument 43-101 and employee of New Gold.

Reserves and resources notes (cont’d)

Appendix 8

58

Guidance assumptions(1)

Spot:

2013

Gold price ($/oz) ~1,350

Silver price ($/oz) ~22.50

Copper price ($/oz) ~3.25

USD/AUD 1.00

USD/CAD 1.00

USD/MXN 13.00

Spot

Gold price ($/oz) 1,310

Silver price ($/oz) 21.75

Copper price ($/oz) 3.20

USD/AUD 0.93

USD/CAD 0.97

USD/MXN 12.95

1. Based on year-to-date average realized prices through June 30, 2013 and prevailing prices at time of second quarter results release on July 31, 2013.

Commodity price/foreign exchange assumptions

Appendix 9

Notes

Page 4

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

Page 5

1. Refer to Endnotes and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated and Inferred Resources”.

2. Measured and Indicated Resources inclusive of Reserves.

3. Pro forma figures include Rainy River and assume 100% ow nership of Rainy River.

4. For a detailed breakdow n of Reserves and Resources, refer to: New Gold’s “Annual Information Form for the Financial Year Ended December 31, 2012” dated March 27,

2013; new s release dated April 4, 2013 “New Gold Announces Increased Gold Resources at Blackw ater Project”; new s release dated May 1, 2013 “New Gold Announces

2013 First Quarter Results – Increases Gold and Copper Resources at New Afton C-Zone by Over 300 Percent”; and new s release dated July 31, 2013 “New Gold Second

Quarter Delivers Increased Production at Low er Costs - Second Half of 2013 Remains on Track to Provide Strong Finish to the Year”.

Page 7

1. Based on comparison w ith costs published by issuers listed in notes 4 and 5. The manner in w hich costs are determined may vary from one issuer to another.

2. Refer to Endnotes and note on total cash costs under the heading “Non-GAAP Measures”.

3. Refer to Endnotes and note on all-in sustaining costs under the heading “Non-GAAP Measures”.

4. Mid-tier average includes: Alamos, Eldorado, Agnico Eagle, Aurico and IAMGOLD.

5. Senior average includes: Barrick, Goldcorp, Kinross and New mont.

Page 8

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

2. Refer to Endnotes on total cash costs under the heading “Non-GAAP Measures”. Guidance for total cash costs and all-in sustaining costs incorporates realized prices and

foreign exchange rates to June 30, 2013 and assumes commodity prices and exchange rates consistent with those at July 30, 2013 for the balance of 2013.

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

Page 14

1. Refer to Appendix for detailed disclosure on Reserve and Resource calculations.

2. Refer to Endnotes and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated andInferred Resources”.

Measured and Indicated Resources are inclusive of Reserves. At Blackw ater, the 8.6 million ounces of Resources referred to above excludes 0.9 million ounces of material

to be stockpiled w hich has been classif ied as Measured and Indicated Resource. Refer to note 4 on page 5 for Reserve and Resource source information.

3. Refer to Endnotes on total cash costs under the heading “Non-GAAP Measures”. Cash costs have been compared to industry data per GFMS

reports w hich calculated an average, net of by-product credits, cash cost of $738 per ounce for the YE’2012.

4. El Morro production and cash costs based on updated December 2011 Feasibility Study.

59

Notes continued

Page 17

1. For period from August through December 2013.

2. For period from July through December 2013.

3. Includes both capitalized and expensed exploration.

Page 18

Source: Broker Reports, Company Estimates and Announcements, Bloomberg; all amounts in USD.

1. Street consensus NAV.

2. Current street consensus NAV for El Morro; includes $50 million cash payment received from Goldcorp as part of transaction consideration.

3. New Gold acquired Richfield and Silver Quest on June 1, 2011 and December 23, 2011, respectively.

4. New Gold acquired 97.5% of Rainy River on August 9, 2013.

5. S&P/TSX Global Gold Index includes 54 gold companies in various stages of development/production.

6. FTSE Gold Mines Index includes 26 gold producing companies.

7. HUI Index includes 15 of the major global gold producers.

60

Endnotes

CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES

Inf ormation 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 inf ormation f or United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Minera l Resource” and “Inf erred Mineral Resource” used in this presentation are

Canadian mining terms as def ined in accordance with National Instrument 43-101 (“NI 43-101”) under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards

on Mineral Resources and Mineral Reserv es adopted by the CIM Council on Nov ember 27, 2010. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and

“Inf erred Mineral Resource” are recognized and required by Canadian securities regulations, they are not def ined terms under standards of the United States Securities and Exchange Commission. Under

United States standards, mineralization may not be classif ied as a “Reserv e” unless the determination has been made that the mineralization could be economically and legally produced or extracted at

the time the Reserv e calculation is made. As such, certain inf ormation contained in this presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable

to similar inf ormation made public by United States companies subject to the reporting and disclosure requirements of the Uni ted States Securities and Exchange Commission. An “Inf erred Mineral

Resource” has a great amount of uncertainty as to its existence and as to its economic and legal f easibility . It cannot be as sumed that all or any part of an “Inf erred Mineral Resource” will ev er be

upgraded to a higher category . Under Canadian rules, estimates of Inf erred Mineral Resources may not f orm the basis of f easibility or pre-f easibility studies. Readers are cautioned not to assume that all

or any part of Measured or Indicated Resources will ev er be conv erted into Mineral Reserv es. Readers are also cautioned not t o assume that all or any part of an “Inf erred Mineral Resource” exists, or is

economically or legally mineable. In addition, the def initions of “Prov en Mineral Reserv es” and “Probable Mineral Reserv es” under CIM standards dif f er in certain respects f rom the standards of the United

States Securities and Exchange Commission.

TECHNICAL INFORMATION

The scientif ic and technical inf ormation contained in this presentation relating to the Rainy Riv er Gold Project has been rev iewed and approv ed by Garett Macdonald and Kerry Sparkes, both Qualif ied

Persons under NI 43-101 and of f icers of Rainy River. The other scientif ic and technical inf ormation contained in this presentation has been rev iewed and approv ed by Mark Petersen, a Qualif ied Person

under NI 43-101 and an of f icer of New Gold.

Mineral Reserv es and Mineral Resources

The estimates of Mineral Reserv es and Mineral Resources discussed in this presentation may be materially af f ected by env ironm ental, permitting, legal, title, taxation, sociopolitical, marketing and other

relev ant issues. In addition to our February 5, 2013, April 4, 2013 and July 31, 2013 news releases, f urther details regarding Mineral Reserv e and Resource estimates, including classif ications, key

assumptions and parameters used in such estimates and other related inf ormation f or each of New Gold's mineral properties are prov ided in the respectiv e NI 43-101 Technical Reports, which are

av ailable at www.sedar.com.

BLACKWATER PEA – ADDITIONAL CAUTIONARY NOTE

This note regarding the preliminary economic assessment (“PEA”) is in addition to cautionary language already included in this presentation as required under NI 43-101. The Blackwater PEA is

preliminary in nature and includes Inf erred Mineral Resources that are considered too speculativ e geologically to hav e the economic considerations applied to them that would enable them t o be

categorized as mineral reserv es, and there is no certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserv es do not hav e demonstrated

economic v iability . This presentation includes inf ormation on New Gold’s PEA with respect to the Blackwater Project, which was outlined in the PEA Technical Report f iled on October 10, 2012. As

disclosed in the presentation, New Gold has, since the date of the PEA, completed sev eral non-material updates of the mineral resource estimate f or the Blackwater Project. Although the PEA represents

usef ul, accurate and reliable inf ormation based on the inf ormation av ailable at the time of its publication, and prov ides an important indicator as to the economic potential of the Blackwater Project, the

PEA is based on mineral resources estimates with an ef f ective date of July 27, 2012, which do not ref lect drilling conducted since their ef f ective date, and the PEA does not ref lect the latest mineral

resource estimate discussed in subsequent presentation. Certain assumptions used in the PEA, some of which relate to the July 27, 2012 mineral resource estimate, may hav e changed f rom those used

f or the new resource estimate, causing a v ariation of parameters. Moreov er, the updated mineral resource estimate may impact how New Gold intends to dev elop the deposit, including pit outlines,

production rates and mine lif e.

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Endnotes continued

NON-GAAP MEASURES

TOTAL CASH COSTS

“Total cash costs” per ounce f igures are non-GAAP measures which are calculated in accordance with a standard dev eloped by The Gold Institute, which was a worldwide association of suppliers of

gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the s tandard is widely accepted as the standard of reporting cash costs of

production in North America. Adoption of the standard is v oluntary 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. Total cash costs include mine site operating costs such as mining, processing, administration, roy alties and production taxes, but are exclusiv e of amortization, reclamation,

capital and exploration costs. Total cash costs are reduced by any by -product rev enue and are then div ided by ounces sold to arriv e at the total by -product cash cost of sales. The measure, along with

sales, is considered to be a key indicator of a company ’s ability to generate operating earnings and cash f low f rom its mining operations. This data is f urnished to prov ide additional inf ormation and is a

non-IFRS measure. Total cash costs presented do not hav e 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 as a substitute f or measures of perf ormance prepared in accordance with IFRS and is not necessarily indicativ e of operating costs presented under IFRS. A reconciliation to the

nearest IFRS measure is prov ided in the MD&A accompany ing New Gold’s most recent interim f inancial statements.

ALL-IN SUSTAINING COSTS

Consistent with the recently announced guidance f rom the World Gold Council, an association of v arious gold mining companies f rom around the world of which New Gold is a member, New Gold def ines

“all-in sustaining costs” as the sum of mine site operating costs net of copper and silv er by -product sales, general & administrativ e costs, accretion and amortization, capitalized and expensed exploration,

mine dev elopment expenditures and sustaining capital expenditures. New Gold believ es this non-GAAP measure will prov ide f urther transparency into costs associated with producing gold. All-in

sustaining costs constitute a non-GAAP measure and are intended to prov ide additional inf ormation only and do not hav e any standardized meaning under IFRS. They should not be considered in

isolation or as a substitute f or measures of perf ormance prepared in accordance with IFRS. Other companies may calculate these measures dif f erently. A reconciliation to the nearest IFRS measure will

be prov ided in the MD&A accompany ing New Gold’s most recent interim f inancial statements.

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Contact information

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Investor Relations

Hannes PortmannVice President, Corporate Development

416-324-6014

[email protected]

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