new gold corporate presentation · 2020. 9. 9. · cautionary statements certain information...

New Gold Corporate Presentation

Denver Gold Forum September 2020

Cautionary Statements

Certain information contained in this presentation, including any information relating to New Gold's future financial or operating performance is "forward looking". Allstatements 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, among others: statements with respect to the anticipatedeffect of the COVID-19 pandemic on New Gold’s operations, supply chain continuity and financial status, New Gold being able to maintain its level of operations and supplychain continuity during the COVID-19 pandemic and New Gold’s financial resources being sufficient to support operations during the COVID-19 pandemic, operations atRainy River returning to full capacity, statements regarding annual production estimates, statements regarding operations at Rainy River and New Afton (including on slides5 and 11 - 18), statements regarding the potential paydown of the 2025 notes, statements on slide 7 “5 Year Financial and Operating Outlook” and slide 10 “2020 RevisedGuidance”, statements regarding estimated EBITDA, the expected mill production, production costs, economics, and operating parameters of New Afton and Rainy River,planned activities, exploration potential, permitting timelines and plans and timing for capital expenditures at New Afton and Rainy River, the grades expected at New Aftonfor 2020 and 2021, the expected total cash flow and after tax net present value (“NPV”) resulting from New Afton and Rainy River based on life of mine plans, statements onslide 19 “Exploration Potential Near Mine and District”, slide 21 “New Gold: A Profitable Path Forward”, slide 23 “New Afton Mining Areas” and slide 24 “New Afton MineMilestones and Timeline”, and all estimations of the Mineral Reserves and Mineral Resources at Rainy River and New Afton (including the information on slides 25 to 31“Mineral Resources and Reserves (as at Dec 31, 2019)”).

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 toimportant risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-lookingstatements are discussed in this presentation, New Gold's latest annual management's discussion and analysis ("MD&A"), Annual Information Form and Technical Reportsfiled 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-lookingstatements in this presentation are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations; (2) political and legaldevelopments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold's current expectations; (3) the accuracy of NewGold'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 MexicanPeso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent withcurrent levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold's current expectations; (7) arrangements with First Nations andother Aboriginal groups in respect of the Rainy River and New Afton being consistent with New Gold's current expectations, particularly in the context of the outbreak ofCOVID-19; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelinesand the absence of material negative comments during the applicable regulatory processes; (9) metals and other commodity prices and exchange rates, specifically for theupdated life of mine plans, gold and silver prices as indicated throughout the presentation and foreign exchange rates being as indicated throughout the presentation; (10)the Company’s ability to implement the life of mine plans on the timing described herein or at all; (11) there being no new cases of COVID-19 in New Gold’s workforce ateither the Rainy River or New Afton mine and the assumption that no additional members of the workforce are expected to be required to self-isolate due to cross-bordertravel to the United States or any other country; (12) the responses of the relevant governments to the COVID-19 pandemic being sufficient to contain the impact of theCOVID-19 pandemic; and (13) there not being a significant economic recession or downturn as a result of the COVID-19 pandemic.

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ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Cautionary Statements

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factorsthat 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; pricevolatility 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 currenciesof Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves andmineral 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 localgovernment 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 mineralexploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with thepermitting 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 theinfluence 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 Goldis 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 planscontinue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costsinherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessarylicenses, permits and authorizations and complying with permitting requirements; there being cases of COVID-19 in New Gold’s workforce at either the Rainy River or NewAfton mine, or both; New Gold’s workforce at either the Rainy River mine or the New Afton mine, or both, being required to self-isolate due to cross-border travel to theUnited States or any other country; the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19pandemic; the COVID-19 pandemic disrupting New Gold’s supply chain continuity; New Gold’s liquidity not being sufficient to support operations during the COVID-19pandemic or afterwards; and with respect to New Gold’s annual guidance. 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 goldbullion losses and risks associated with a mine with relatively limited history of commercial production, such as Rainy River, (and the risk of inadequate insurance or inabilityto 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 andavailable 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 eventscould materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualified by these cautionarystatements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events orotherwise, except in accordance with applicable securities laws.

For further information on the Company’s response to COVID-19, please refer to: https://www.newgold.com/covid-19/

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ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

https://www.newgold.com/covid-19/

Building a Canadian Focused Multi-Asset Company

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Rainy River Mine: Ontario, Canada• Open pit and underground mine in northernOntario

• FCF beginning in 2021 and over LoM: ImprovedNPV

• Open pit mining HG/MG ore via a smaller, moreprofitable pitshell

• Underground evaluated on a per zone basis forprofitability with potential for mine life extension

• Life of Mine FCF1 of ~$1.1B

• Evaluating exploration potential on broader landpackage

• Operations are expected to be back on track with the NI 43-101 mine plan by year end, despite COVID-19 impact

New Afton Mine: B.C., Canada• Low cost producer in B.C. that drives free cash flow

• Updated LoM technical and cost update of anintegrated B3/C-Zone optimization; mine life extension to2030

• C-Zone developmentunderway; self-funded approach

• Life of Mine FCF1,2 of ~$1.2B

• Exploration potential at depth and over landpackage

• Currently operating at normal levels post voluntary Q1 shutdown

Blackwater (Artemis Gold): 8% Gold Stream• 8% stream on first 280,00 gold oz. declining to 4% on remaining

production and 6% equity position

• PFS released Aug/20: Total gold production of ~8moz with ~450koz delivered to New Gold via gold stream

Rainy River Gold Mine

Open pit & underground mineLocated near Ft. Frances, ON

New Afton Copper/Gold Mine

Underground block cave mine Located near Kamloops, BC

Blackwater Gold Stream

8% Gold StreamOwner: Artemis Gold (100%)Open pit project near Prince George, BC

Cerro San Pedro Gold/Silver Mine

Reclamation underway

Average Annual Production of ~402 koz gold and 63 Mlbs copper (2021-2025)

1. Assuming $1,550/oz gold, $3.00/lb copper and $17.50/oz silver USD/CAD exchange rate of C$1.30 to US$1.00.2. Excludes Ontario Teachers’ Pension Plan’s New Afton free cash flow interest (refer to Feb. 25, 2020 press release)

Adequateliquidity to redeem the

2025 Senior Notes

Capital Structure and Strong Liquidity Position

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1. Cash and cash eq. as of June 30, 2020 of $700M, less ~$405M held for the redemption of the 2022 Notes that took place on July 10, 2020 and including ~$104M in proceeds from the Blackwater Transaction. See the June 9th. 2020 press release titled “New Gold to Divest Blackwater to Artemis Gold for C$190 Million in Cash and Retained Exposure via an 8% Gold Stream and Equity Stake in Artemis” for additional details. $104M represents C$140M initial payment on closing at a 1.35 USD/CAD exchange rate.

2. Approximately $45 million of $400 million facility is currently used for Letters of Credit related to mine closure costs.

Disciplined approach to improving liquidity:• C$150M equity financing (August 30,2019)

• $300M partnership with Ontario Teachers' Pension Plan (March 31, 2020). ~$200M potential paydown of 2025 notes

• $400M senior notes offering at 7.50% funded redemption of 2022 notes (closed June 24, 2020 and July 10, 2020)

• C$190M cash proceeds from divestment of Blackwater Project (closed August 21, 2020); C$140M Aug. 2020 / C$50M Aug. 2021

• ~$90M in Letters of Credit2 transferred to surety bonds (Q3 2020)

• Credit facility available liquidity of ~$355M

New Gold Debt Structure

Face Value ($M) Maturity Interest Rate

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

Senior Unsecured Notes $300 May 2025 6.375%

Senior Unsecured Notes $400 July 2027 7.50%

~$755M1Short Term

Liquidity

2020 Gold HedgingProgram

Term Quantity Floor Ceiling

Jul 2020 - Dec 2020 16 koz/ per month $1,300/oz $1,415/oz

Cash & Cash Eq. (1)~$400M

Credit facility available liquidity

of ~$355m (2)

5 Year Financial and Operating Outlook (2021-2025)

Operational Improvements:

• Diligent focus on operational and cost optimization drives production growth and improved margins

• 26% increase in production (2020 – 2025) to ~550k gold eq. oz. driven by the ramp-up of Rainy River and production from

the New Afton C-Zone

• Major capital programs at Rainy River complete, New Afton C-Zone development based on a self-funded approach

• Consistent year-over-year reduction in consolidated AISC* to ~$800 per gold eq. oz. by 2025

Financial Outlook:

• Restructured balance sheet with key transactions completed

• ~$1.5B1,2 in free cash flow generated over the next 5 years (2021 - 2025)

• Ample liquidity and free cash flow* generation to redeem the 2025 Senior Notes at maturity

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1. Based on the March 2020 NI 43-101 technical report filed on SEDAR and assuming current consensus long-term commodity pricing (US$1,800/oz Au, US$2.80/lb Cu, US$20/oz Ag and a USD/CAD rate of 1.33).

2. Free cash flow defined as operating cash flow, less capital expenditures, streaming and royalty costs, including the Ontario Teachers’ Pension Plan free cash flow interest.

*Refer to the “Non-GAAP Performance Measures” section of this presentation.

Operational Estimates Rainy River New Afton 2020 RevisedConsolidated Guidance

Gold Produced (ounces) 222,000 - 232,000 62,000 - 72,000 284,000 - 304,000

Copper Produced (Mlbs) - 65 - 75 65 - 75

Gold Eq. Produced (ounces)1 225,000 - 235,000 190,000 - 220,000 415,000 - 455,000

Operating expense per gold eq. ounce1,4 $920 - $980 $630 - $710 $780 - $860

Cash Costs per gold eq. ounce1,4 $920 - $980 $740 - $820 $830 - $910

Corporate G&A per gold eq. ounce1 - - $35 - $45

Depreciation and depletion per gold eq. ounce1 $540 - $600 $240 - $300 $400 - $460

All-in Sustaining Costs* per gold eq. ounce1,4 $1,610 - $1,690 $1,080 - $1,160 $1,410 - $1,490

Capital Investment & Exploration Expense Estimates

Sustaining Capital* & Sustaining Leases ($M)4 $145 - $160 $62 - $72 $207 - $232

Growth Capital* ($M)2,4 $2 - $5 $70 - $85 $82 - $102

Exploration ($M)3 ~$2 $4 - 8 $7 - 12

1. Gold equivalent ounces includes approximately 285,000 to 305,000 ounces of silver at Rainy River and approximately 295,000 to 315,000 ounces of silver at New Afton. 2. Consolidated growth capital includes $10-$12 million for Blackwater.3. Exploration expense includes $1-$2 million for Corporate4. The revised operational outlook does not include any potential future receivable under the Canadian Emergency Wage Subsidy, which has been extended until December 2020.*Refer to the “Non-GAAP Performance Measures” section of this presentation.

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Rainy River Outlook

• Production estimates for the year have been lowered, primarily related to the impact of COVID-19 in the first half of the year, resulting in lowertonnes and slightly lower grades milled for the full year.

• Cash costs and operating expense per gold eq. ounce for the year have been slightly increased primarily due to lower sales.

• Total capital for the year has increased by less than $10 million due to a portion of the Tailings Management Area construction that was originallyscheduled for completion in 2021, now planned for completion in 2020.

New Afton Outlook

• Gold and copper production estimates for year have been lowered, primarily due to lower than planned gold and copper grades.

• Cash costs and operating expense per gold eq. ounce for the year are expected to increase, primarily due to lower sales.

• Total capital estimates remain consistent with original estimates, and it is expected that all planned capital projects will be completed in thesecond half of the year.

In 2020, the Company reports production on a gold eq. basis as well as on a per-metal basis. Cash costs and AISC will be reported on a per gold eq. ounce basis. Throughout the year the Company will report gold eq. ounces using a constant ratio of $1,500 per gold ounce, $17.75 per silver ounce and $2.85 per pound copper, and a foreign exchange rate of 1.35 Canadian dollars to the US dollar.

2020 Revised Guidance

Rainy River: Operational Highlights

• Mine operations resumed in April 3, prioritizing the safety and well-being of our employees and our local and partners against the transmission of COVID-19

• Open pit mining operations achieved pre-suspension levels of 140,000 tpd in June. (~150,000 tpd July)

• Mill ramped up to full capacity post-suspension with avg. run rate of ~24,700 tpd, including planned shutdown for SAG mill reline

• YTD unit costs and cash costs trending lower than original plan

• All capital projects underway and expected to be completed in 2020; additional TMA capital (

H1 2020 Highlights

Rainy River Mine – KPI Dashboard

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• Ramp-up post Q1 suspension impacted by the gradual and safe reintroduction of non-local workforce

• In June open pit productivity ramped-up to pre-suspension levels of 140,000 tpd

• Since the April 3 restart, the mill has ramped up to full capacity, achieving an average run rate of ~24,700 tonnes per day, including a SAG mill liner change and scheduled maintenance (permit limit: 27,000 tpd)

• Mine operations reprioritized and re-sequenced due to COVID-19; Marginally lower mined grade expected due to less mining in the Eastern Lobe

• Strip ratio to remain relatively consistent at 3.42 (3.17 planned); Expit tpd to remain at ~150 k tpd

• Mill availability (91%) in-line with plan and recoveries (90%) slightly ahead of plan, despite lower grades processed

108,392118,404

127,098

151,000

2018 2019 H1 2020 2020Target

Tonnes mined per day (ore and waste)

17,934

21,980 21,161

25,400

2018 2019 H1 2020 2020 Target

Tonnes milled per calendar day

86

9190

90-93

2018 2019 H1 2020 Target

Gold Recovery (%)

77

88

9191

2018 2019 H1 2020 2020 Target

Mill availability (%)

Rainy River: Underground Mine Life Extension

• Significant Resource to Reserve conversion potential with higher gold price (current reserves at $1,275/oz.) used for underground; Approx. 1.7M gold ounces in underground M&I Resources category*

• Underground Reserve growth to be supported by milling scenario to accommodate underground standalone scenario

Grey areas indicate potential new mining areas

• Higher grade underground ore will be mixed with low grade stockpile for batch processing to optimize mill productivity up to 2028; underground standalone scenario thereafter

• Underground access from Intrepid portal and 4 open pit portals; reduces underground development capital

Underground Mine Growth with Potential Reserve Conversion

10*See the 2019 Mineral Reserves and Mineral Resources at the end of this presentation.

• Leverage technology to optimize performance

• Focus on continuous improvement; increased effective hours of equipment

• Enhance maintenance practices

Rainy River – Operating Excellence

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• Maximize mill throughput to maximum permit limit

• Improve recoveries through continued optimization; optimized grind, gravity circuit and ore type scenarios

• Optimize effective hours

• Implement cost driver strategy; operational & procurement approach

• Create a culture that encourages innovation and positive change

• Optimization of capital management practices

Mine Performance Mill Performance Cost Control

LOM Plan: Exploration Plan

NE Trend Target:

• Results of the field reconnaissance exploration within ~15 km regional structural corridor completed in 2019 defined:

• Two broader areas with coincident geochemical and geophysical anomalism for first pass exploration drilling.

Phase 1 exploration drilling ready to start pending permit approval by Ministry of Energy and Mines

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New Afton Mine: Operational Highlights

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1. Gold eq. oz. for Q2 2020 includes 16.9 lbs of copper and 63,889 silver oz. converted to a gold eq. based on a ratio of $1,500/oz. gold, $2.85/lb copper and $17.75/oz. silver and a USD/CAD exchange rate of 1.35.

2. Refer to the “Non-GAAP Performance Measures” section of this presentation.

Production Q2 2020 H1 2020 2020REVISED GUIDANCE

Gold Production (oz) 15,494 31,903 62,000 - 72,000

Copper Production (Mlb) 16.9 35.4 65 - 75

Gold eq. Production (oz)1 48,446 100,775 190,000 -220,000

Operating Costs Q2 2020 H1 20202020

REVISED GUIDANCE

Operating expense per gold eq. oz 545 604 630 - 710

Cash costs per gold eq. oz. 2 644 707 740 - 820

AISC per gold eq. oz.2 881 962 1,080 - 1,160

An underground block cave operation located in B.C.

Q2 2020 and Recent Highlights• Reached a significant safety milestone, achieving 3 million

person-hours lost-time injury-free

• Lower production primarily due to lower gold and copper grades from the east and west caves; lower grades expected over the balance of 2020 as reflected in revised guidance.

• Unit costs and cash costs YTD trending lower than original plan

• Capital projects delayed slightly in H1, but capital projects are expected to be completed during H2

• 2020 guidance updated with lower production driving higher cash costs per gold eq. ounce*

Capital & Exploration ($M)/ Q2 2020 H1 2020 2020REVISED GUIDANCE

Sustaining Capital & sustaining leases 2 10.0 23.4 $62 - $72

Growth Capital 2 10.4 21.2 $70 - $85

Exploration 1.0 2.5 $4 - $8

New Afton Life of Mine Highlights

2020 NI 43-101 Technical ReportLoM1 Consensus2

Avg. annual gold eq. production (k oz)* 233 213Cash costs per gold eq. oz. ($/oz)* $681 $746AISC per gold eq. oz. ($/oz)* $761 $832Sustaining capital ($M)3 $175 $171Growth capital ($M)3 $460 $450Cumulative total cash flow ($M)4,5 $1,216 $1,351After-tax NPV5% $863 $9781.Assuming $1,550/oz gold, $17.50/oz silver, $3.00/lb copper and a USD/CAD rate of 1.30 C$ to1 US$2.Assumes current consensus long-term commodity pricing of US$1,800/oz gold, US$3.00/lb copper,

US$20/oz silver and a USD/CAD rate of 1.333.Sustaining and Growth Capital spend excludes working capital movement4.LOM value includes a negative cash flow of $9M primarily for closure activities offset by salvage values 5.Life of Mine free cash flow estimates are exclusive of Ontario Teachers’ Pension Plan free cash flow

interest (refer to Feb. 25, 2020 press release) *Refer to the “Non-GAAP Performance Measures” section of this presentation.

New Afton Mine – KPI Dashboard

• Productivity slightly lower in Q2 due to lower availability due to mine and mill maintenance shutdown and longer

completion due to COVID-19 safety protocols that reduced

mill availability in Q2

• B3/C-Zone development in H1 2020 advanced by 2,484 m, achieving 95% of planned levels year to date; C-Zone

development currently exceeding target (May-July); B3

Zone development expected to achieve annual target

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H1 2020 Highlights• In H1 2020, higher than expected dilution was

experienced in portions of the east and west caves as well as lower than planned rehabilitation and pillar recovery productivities, contributing to lower grades mined

• Lower copper and gold grades are expected from the east and west caves over the balance of 2020 and potentially into 2021. Recoveries remain in-line with original plan despite lower grades

• Lower grades currently being experienced in the east and west cave zones not expected to be encountered in the SLC, B3 and C-Zones.

1,231

2,482

3,964

5,285

Q1 6M 9M Target 12M Target

Cumulative 2020 B3/C-Zone Development

16,156

15,623

16,043

16,496

2018 2019 H1 2020 2020 Target

Mine Throughput tpd

0.87

0.780.72

0.73

2018 2019 H1 2020 2020 Target

Copper grade milled (%)

0.53

0.47

0.46

0.49

2018 2019 H1 2020 2020 Target

Gold grade milled (g/t)

New Afton: Operating Excellence

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Self-Funded C-Zone Mine & Mill Performance Cost Control

• Committed to de-risking C-Zone development to support a self-funded approach

• Focus on continuous improvement; reduced development cycle times

• Base case at $1,300 gold and $3.00 copper; significant upside at spot prices

• Optimize Lift 1 and B3-Zone production (2020-2023)

• Leverage technology to optimize mine and mill performance; autonomous scoops and mill process controls; electrification of C-Zone

• Focus on continuous improvement

• Improved recoveries; ultra-fine material

• Enhanced mine and mill maintenance practices

• Leverage robust contract and procurement strategies

• Foster a culture that encourages innovation and positive change

• Optimization of capital projects and cost management programs

• Integrated project and operations teams

Exploration Potential Near Mine and District

SLC Mining Options Evaluated to Add Ore Reserve Inventory to the LOM• Underground drilling delineated and expand mineral resources within and

below the SLC Zone

• Delineated the SLC target area to M&I and added ~3.6M tonnes with average Cu and Au grades in line with the mine ore grade. Additional mineralization defined within the new discovered East Extension Zone, located immediately beneath SLC and parallel to the east of the C and D-Zone mineralization.

• D-Zone Exploration Targeting Scale or Greater Resource Growth• D-Zone underground drilling testing for additional resources down plunge of

the C-Zone reserve

• Testing pinch and swell geometry to verify potential for zone of productive mineralization to re-widen laterally and down plunge.

• Drill intercepts in the upper D-Zone appear to feature good widths and ore grade in line with C-Zone over an approximate 200-250m vertical extent

Preliminary Stages of Testing District Target Potential• Cherry Creek Corridor Target: exploration activities are progressing to drill

targets refinement

• 12 km trend of prospective geochemical and geophysical anomalies located ~3 km from New Afton mill

• 45 line-km geophysical IP survey completed at the end of August 2019• Geochemical survey completed covering entire trend• Significant near-surface epithermal gold and underlying porphyry copper-gold

system discovery potential

• Phase 1 exploration drilling ready to start pending permit approval by Ministry of Energy and Mines

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Committed to Responsible Mining

Environment

• 90% recycled water use across operations

• Conduct climate risk assessments on operations and corporate office on an annual basis

• Tailings management is overseen by an independent review board to assess management practices, systems and overall tailings systems at all operations

• Increased water management procedures at site

• Conduct GHG audit on full operations on an annual basis to understand where we can decrease GHG emissions

• Operations focus on local procurement when possible to provide economic value to local communities

• Actively support Indigenous education programs for K-12 and post secondary opportunities for Indigenous communities

• Identify our Communities of Interest on an annual basis to ensure effective and meaningful engagement

• Frequent and transparent communication with Indigenous Leadership to share updates, upcoming changes or need for support

• Board Committee that oversees Technical Operations and Sustainability

• CEO accountable for Sustainability

• Director of Sustainability responsible for strategy development and working with sites

• Site GMs, Community & Enviro Managers responsible for site-based activities, regulators and priorities

• Community and Enviro teams implement plans

Social Governance

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New Gold: A Profitable Path Forward

Rainy River positioned for

profitable operations with underground

upside

Optimizing C-Zone development to support a self-funded approach

Optimized balance sheet repositions New

Gold for growth

Growing production and expanded margins will

drive sustainable free cash flow

Organic growth potential through

strategic exploration programs

Appendix

COVID-19 Business Plan

Employee and community health and safety • The health and safety of our employees and communities remains number one priority• Full compliance with government and health agency recommendations• Restricted access to sites; travel restrictions; enhanced sanitization practices; self-isolation; community-

based consultations; optimized plans for transport and employee accommodation; social distancing; work from home options (see www.newgold.com/covid-19/ for further details)

Supply chain continuity• Supply chain secure for key items; no disruptions to supply anticipated• Standard inventory items on hand; required quantities being maintained • Long-lead items remain on schedule

Business continuity plans and Rapid Response Team fully mobilized• Scenario-based business continuity plans in place• Ramp-down / ramp-up plans as required • COVID-19 rapid testing devices procured for use at Rainy River. Training and calibration currently underway prior

to rolling out for permanent use.• Rainy River operations restarted on April 3 utilizing the local workforce; gradual and safe reintroduction of non-

local workforce nearing completion and operations returned to full capacity in early Q3

Financial status• Sufficient liquidity to support operations during this crisis; Approx. $755M in available liquidity• 90-95% of costs are denominated in Canadian dollars (New Afton: 90% / Rainy River 95%)

Suspended site activities• Regional exploration programs on hold awaiting receipt of required permits

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Ontario Teachers' Pension Plan TransactionTerms

Completed $300M strategic partnership with Ontario Teachers’ Pension Plan (March 31, 2020)

• Improved balance sheet with significantly enhanced liquidity of ~$600million

• Financial flexibility and debt reductionopportunities

Transaction

• New Gold has entered into a strategic partnership with Ontario Teachers’ Pension Plan (“Ontario Teachers’”) with the following terms (the “Transaction”):

• First 4 years – 46% Free Cash Flow Interest (“FCF Interest”) in NewAfton• After 4 years – Ontario Teachers’ has an option (“Conversion Option”) to convert into a 46% joint venture in

New Afton (“JV Interest”); if Ontario Teachers’ does not convert into the JV Interest, the FCF Interest in New Afton will be reduced to 42.5% (“Reduced FCF Interest”)

Buyback Option• During the exercise period of the Conversion Option, New Gold holds an overriding buyback option to repurchase

100% of Ontario Teachers’ interest in New Afton at the greater of an agreed upon IRR or the fair market value at that time

Exploration Claims• New Gold will retain 100% of the exploration claims outside of the New Afton mining permit. Ontario Teachers’

has an option to acquire its proportionate share of these claims upon conversion into the JV Interest

Key Transfer Rights • New Gold and Ontario Teachers' will hold a mutual right of first offer for the life of theagreements

Governance• As a strategic partner, Ontario Teachers’ will have certain governance rights

• Upon conversion into the JV Interest, Ontario Teachers’ will receive customary joint venture governancerights

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Divestment of Blackwater

• Marks another milestone in the re-positioning of New Gold to create a Canadian-focused, diversified intermediate gold producer

• Further enhances balance sheet with upfront cash payment, providing additional flexibility

• Retains exposure to Blackwater project via an equity position and gold stream on production

• Blackwater becomes a core focus of a dedicated management team with a proven track record that can unlock its potential

• Surfacing value for Blackwater now positions New Gold to transition to the next phase of the company’s growth plan

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Key Transaction Terms

Transaction Definitive agreement to sell New Gold’s 100% interest in

Blackwater to Artemis Gold Inc.

Consideration

C$190 million in cash, comprised of C$140 million in cash upon closing of the Transaction and C$50 million in cash payable twelve months following closing of the Transaction

C$20 million in Artemis shares (not to exceed 9.9%); terms and price consistent with Artemis’ Transaction Financing

Gold stream on 8% gold produced from Blackwater, reducing to 4% of gold production once approximately 280,000 ounces of gold have been delivered, with a transfer price equal to 35% of the spot gold price

Transaction Financing

Artemis intends to fund the initial cash payment through a combination of cash on hand and an equity financing that is fully backstopped by Artemis insiders

Approvals & Conditions

Customary closing conditions, including Artemis shareholder approval and required regulatory approvals

Closing Closed August 24, 2020

Transaction Highlights

New Afton Mining Areas (H1 2020)

• In H1 2020, higher than expected dilution was experienced in portions of the east and west caves as well as lower than planned rehabilitation and pillar recovery productivities, all of which contributed to lower grades mined.

• Lower copper and gold grades are expected from the east and west caves over the balance of 2020 and potentially into 2021.

• It is not expected that the lower grades currently being experienced in the east and west cave zones will be encountered in the SLC, B3 and C-Zones.

23

C-Zone Development (2019 - H1 2023)

B3 Zone Development (2019-H1 2021) B3 Production (H2 2021)

TAT Construction – Q2 2020 / Commissioned Q2 2022

NATSF Stabilization (Q2 2021-Q3 2022)

HATSF Stabilization (Q4 2023 - Q3 2024)

C-Zone Production (H2 2023-H1-2030)

2019 H1 2020H2

2020H1

2021H2

2021H1

2022H2

2022H1

2023H2

2023H1

2024H2

2024 2025-2030

New Afton Mine Milestones and Timeline

24

TAT Phase 1&2 Permits (H2

20)

C-Zone Permit (H2 21)

B3 Permit (H1 21)Key Permits

• B3/C-Zone development advancing and on track with plan

• B3 production to come online in H1 2021 and transition to C-Zone in H2 2023

• C-Zone drives cumulative FCF of ~$500M over ~7-year mine life

• Thickened and amended tailings (TAT) for stabilization of current tailings facility

• C-Zone tailings deposition into historical Afton open pit (HATSF)

• Key permits and amendments remain on track

Mineral Reserves and ResourcesMineral Reserves Statement as at December 31, 2019

Proven & Probable Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

RAINY RIVEROpen Pit Mineral ReservesDirect Processing

Proven 15,700 1.21 2.4 - 612 1,187 -Probable 30,675 1.15 2.5 - 1,136 2,416 -Open Pit P&P (direct proc.) 46,375 1.17 2.4 - 1,748 3,602 -

Low gradeProven 5,702 0.35 1.9 - 65 341 -Probable 15,470 0.35 2.2 - 172 1,076 -Open Pit P&P (low grade) 21,172 0.35 2.1 - 237 1,417 -

StockpileProven 5,928 0.53 1.1 - 102 211 -Probable - - - - - - -Open Pit P&P (stockpile) 5,928 0.53 1.1 - 102 211 -

Open Pit P&P Total Mineral Reserves 73,476 0.88 2.2 - 2,087 5,231 -Underground

Proven - - - - - - -Probable 4,096 4.17 7.8 - 549 1,034 -Underground P&P (direct proc.) 4,096 4.17 7.8 - 549 1,034 -

Combined Direct proc. &Low gradeProven 27,331 0.88 2.0 - 779 1,740 -Probable 50,240 1.15 2.8 - 1,857 4,526 -Total Rainy River MineralReserves 77,572 1.06 2.5 - 2,636 6,265 -

25

Mineral Reserves and Resources

Proven & Probable Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

NEW AFTONA&B Zones

Proven - - - - - - -Probable 20,213 0.55 1.9 0.73 357 1,234 323

C ZoneProven - - - - - - -Probable 27,088 0.74 1.8 0.80 648 1,610 478

Total New Afton Total Mineral Reserves 47,302 0.66 1.9 0.77 1,005 2,844 802

TOTAL PROVEN & PROBABLE RESERVES 3,641 9,110 802

Notes to the Mineral Reserve and Mineral Resource estimates are provided below.

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Mineral Reserves Statement as at December 31, 2019

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

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

RAINY RIVERHigh and Medium grade MineralResources

Open PitMeasured 695 1.46 2.9 - 33 64 -Indicated 4,813 1.18 3.4 - 182 531 -Open Pit M&I (High and med. grade) 5,508 1.21 3.4 - 214 596 -

UndergroundMeasured - - - - - - -Indicated 14,866 3.49 9.1 - 1,669 4,331 -Underground M&I 14,866 3.49 9.1 - 1,669 4,331 -

Low grade MineralResourcesOpen Pit

Measured 293 0.34 1.9 - 3 18 -Indicated 2,460 0.34 2.2 - 27 175 -Open Pit M&I (low grade) 2,753 0.34 2.2 - 30 193 -

Combined M&IMeasured 989 1.13 2.6 - 36 82 -Indicated 22,139 2.64 7.1 - 1,878 5,037 -

Total Rainy RiverM&I 23,127 2.57 6.9 - 1,914 5,120 -


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Measured & Indicated (Exclusive ofReserves)

Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

NEW AFTONA&B Zones

Measured 17,013 0.63 1.7 0.83 346 940 312Indicated 9,759 0.44 2.6 0.71 138 825 154A&B Zone M&I 26,773 0.56 2.1 0.79 484 1,765 466

C-ZoneMeasured 6,116 0.78 2.0 0.94 154 401 126Indicated 12,727 0.71 2.1 0.83 292 852 233C-Zone M&I 18,843 0.74 2.1 0.86 446 1,254 359

HW LensMeasured - - - - - - -Indicated 11,362 0.51 2.0 0.44 187 738 109HW Lens M&I 11,362 0.51 2.0 0.44 187 738 109

Combined M&IMeasured 23,154 0.67 1.8 0.86 500 1,345 438Indicated 33,854 0.57 2.2 0.66 617 2,409 495

Total New Afton M&I 57,008 0.61 2.1 0.74 1,118 3,754 933

TOTAL M&I RESOURCES 3,032 8,873 933


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Inferred Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

Goldkoz

Silverkoz

CopperMlbs

RAINY RIVERHigh and Medium gradeResources

Open Pit 2,015 0.61 1.8 - 39 114 -Underground 1,297 3.76 3.5 - 157 146 -Total Direct Processing 3,312 1.84 2.4 - 196 260 -

Low grade ResourcesOpen Pit 167 0.35 1.4 - 2 8 -

Rainy River Inferred 3,479 1.77 2.4 - 198 268 -

NEW AFTONA&B Zones 6,367 0.34 1.3 0.35 70 272 49C-Zone 7,650 0.41 1.3 0.47 101 316 71HW Lens 3 0.49 0.6 0.19 - - -

New Afton Inferred 14,022 0.38 1.3 0.42 172 589 121

TOTAL INFERRED 369 857 121


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Notes to Mineral Reserve and ResourceEstimatesNotes to Mineral Reserve and Resource Estimates1. New Gold’s Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM standards (2014), 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, 2019.

3. New Gold’s year-end 2019 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign exchange

(FX) rate criteria:

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

Gold$/ounce

Silver$/ounce

Copper$/pound

FX CAD:USD

Mineral Reserves $1,275 $17.00 $3.00 1.30

Mineral Resources $1,375 $19.00 $3.25 1.30

Mineral PropertyMineral Reserves Lower Cut-off

Mineral Resources Lower Cut-off

Rainy RiverO/P direct processing: O/P low grade material: U/G direct processing:

0.46 – 0.49 g/t AuEq0.30 g/t AuEq2.20 g/t AuEq

0.44 – 0.45 g/t AuEq0.30 g/t AuEq2.00 g/t AuEq

New Afton Main Zone – B1 & B2 Blocks: B3 Block & C-ZoneUSD$ 21.00/t USD$ 24.00/t All Resources 0.40% CuEq

5. New Gold reports its Measured and Indicated Mineral Resources exclusive of Mineral Reserves. Measured and Indicated Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a greater amount of uncertainty as to their existence and technical feasibility, do not have demonstrated economic viability, and are likewise exclusive of Mineral Reserves. Numbers may not add due torounding.

30

Notes to Mineral Reserve and Resource Estimates (cont’d)6. Mineral Resources are classified as measured, indicated and inferred based on relative levels of confidence in their estimation and on technical and

economic parameters consistent with the methods considered to be most suitable to their potential commercial extraction. The designators ‘open pit’ and ‘underground’ may be used to indicate the envisioned mining method for different portions of a resource. Similarly, the designators ‘direct processing’ and ‘lower grade material’ may be applied to differentiate material envisioned to be mined and processed directly from material to be mined and stored separately for future processing. Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding Mineral Reserve and Mineral Resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s material properties are provided in the respective NI 43-101 Technical Reports, which are available at www.sedar.com.

7. The preparation of New Gold's consolidated statement and estimation of Mineral Reserves has been completed under the oversight and review of Mr. Andrew Croal, Director of Technical Services for the Company. Mr. Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario. Preparation of New Gold’s consolidated statement and estimation of Mineral Resources has been completed under the oversight and review of Mr. Michele Della Libera, Director, Exploration for the Company. Mr. Della Libera is a Professional Geoscientist and member of the Association of Professional Geoscientists of Ontario and of the Engineers and Geoscientists of British Columbia. Mr. Croal and Mr. Della Libera are "Qualified Persons" as defined by NI 43-101.

31

http://www.sedar.com/

Endnotes

Information concerning the properties and operations of New Gold has been prepared with Canadian standards for reporting of mineral resource estimates, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms “inferred mineral resources,” “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the “CIM Standards”). Until recently, the CIM Standards differed significantly from standards in the United States. The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding definitions under the CIM Standards, as required under NI 43-101. Accordingly, during this period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or mineral reserves contained or referenced in this presentation may not be comparable to similar information made public by United States companies.

Readers are cautioned that “inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies, except in limited circumstances. The term “resource” does not equate to the term “reserves”. Readers should not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

TECHNICAL INFORMATIONThe scientific and technical information relating to Mineral Reserves contained herein has been reviewed, verified and approved by Mr. Andrew Croal, Director, Technical Services of New Gold. The scientific and technical information relating to Mineral Resources and exploration activities and results contained herein has been reviewed and approved by Mr. Michele Della Libera Director, Exploration of New Gold. All other scientific and technical information contained herein has been reviewed and approved by the persons named under the heading “Technical Information and Qualified Persons” with respect to the technical and scientific information noted for each name. Mr. Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario. Mr. Della Libera is a Professional Geoscientist and a member of Engineers & Geoscientists British Columbia and Professional Geoscientists Ontario. Mr. Croal, Mr. Della Libera and the persons named under the heading “Technical Information and Qualified Persons” are "Qualified Persons" for the purposes of NI 43-101. No limitations were imposed on these Qualified Persons with respect to the verification of the data contained herein. Further detail about the mineral resource and reserve estimates, including assumptions, parameters, risks and data verification measures, are available in the technical reports filed by the Company on www.sedar.com.

32

CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES


Non-GAAP Measures

(1) ALL-IN SUSTAINING COSTS“"All-in sustaining costs” 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 New Gold defines "all-in sustaining costs" per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, lease payments that are sustaining in nature, and environmental reclamation costs, all divided by the ounces of gold eq. 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.

(2) SUSTAINING CAPITAL AND SUSTAINING LEASE

"Sustaining capital" is a non-GAAP financial measure as well as “sustaining lease”. New Gold defines sustaining capital as net capital expenditures that are intended to maintain operation of its gold producing assets. A sustaining lease is similarly a capital lease payment that is sustaining in nature. To determine sustaining capital expenditures, New Gold uses cash flow related to mining interests from its statement of cash flows and deducts any expenditures that are non-sustaining or growth capital. Management uses sustaining capital and other sustaining costs, to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. Sustaining capital and sustaining lease are intended to provide additional information only, 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.

(3) TOTAL CASH COSTS"Total cash costs per ounce” is a non-GAAP financial measures which are calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. The Company believes that certain investors use this information to evaluate the Company's 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, but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs per gold ounce are net of by-product sales and are divided by gold ounces sold to arrive at a per ounce figure. This data is furnished to provide additional information and is a non-GAAP financial measure. Total 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.

(4) FREE CASH FLOW

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

(5) GROWTHCAPITAL

"Growth capital" is a non-GAAP financial measure. New Gold terms non-sustaining capital costs to be “growth capital”, which are capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. To determine growth capital expenditures, New Gold uses cash flow related to mining interests from its statement of cash flows and deducts any expenditures that are sustaining capital. Growth capital is intended to provide additional information only, 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.

Further details regarding non-GAAP financial performance measures 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.

NON-GAAP FINANCIAL PERFORMANCE MEASURES

33


New Gold Corporate PresentationCautionary StatementsCautionary StatementsBuilding a Canadian Focused Multi-Asset CompanyCapital Structure and Strong Liquidity Position5 Year Financial and Operating Outlook (2021-2025)2020 Revised GuidanceRainy River: Operational HighlightsRainy River Mine – KPI DashboardRainy River: Underground Mine Life ExtensionRainy River – Operating ExcellenceLOM Plan: Exploration PlanNew Afton Mine: Operational Highlights New Afton Mine – KPI Dashboard�New Afton: Operating ExcellenceExploration Potential Near Mine and DistrictCommitted to Responsible MiningNew Gold: A Profitable Path ForwardAppendixCOVID-19 Business PlanOntario Teachers' Pension Plan Transaction TermsDivestment of BlackwaterNew Afton Mining Areas (H1 2020)New Afton Mine Milestones and TimelineMineral Reserves and ResourcesMineral Reserves and ResourcesMineral Reserves and ResourcesMineral Reserves and ResourcesMineral Reserves and ResourcesNotes to Mineral Reserve and Resource EstimatesNotes to Mineral Reserve and Resource Estimates (cont’d)EndnotesNon-GAAP Measures

new gold corporate presentation · 2020. 9. 9. · cautionary statements certain information...

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