rbc capital markets london gold conference

RBC Capital Markets

London Gold ConferenceNovember 2013

Cautionary statements

2

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance as well as information respectingRainy River and its assets may be deemed “forward looking”. All statements in this presentation, other than statements of historical fact, that address events or developments thatNew Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not alw ays, identif iedby the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”,“believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “w ill be taken”, “occur” or “beachieved” or the negative connotation. Forward-looking statements in this presentation include, among others, statements with respect to: guidance for production, cash costsand all-in sustaining costs (and its components); the potential difference between gold price and cash and all-in sustaining costs, including relative to other companies; potentialmodifications to operations (and the cost of any such modif ications) and potential opportunities to increase throughput at New Afton exploration potential and the results of futureexploration activities; expected future mining activities; the expected or potential annual production, expected cash costs and expected development cost of New Gold’s projects;the estimation of mineral reserves and resources and the realization of such estimates; the expected life of New Gold’s mines and projects; the timing of completion of feasibilitystudies or updates, reserve updates and other technical w ork or reports; the adequacy of capital resources; and expected capital expenditures and exploration expenditures.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. Material assumptions regarding our forward looking statements arediscussed in this presentation, the annual MD&A, the AIF and our Technical Reports. Forw ard-looking statements are necessarily based on estimates and assumptions that areinherently subject to known and unknow n risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materiallydifferent from those expressed or implied by such forward-looking statements. Such factors include, without limitation: signif icant capital requirements; price volatility in the spotand forward markets for 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; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimatedmetallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in w hich New Goldcurrently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in w hich New Gold does or may carry onbusiness; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licensesand permits and complying w ith the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessarypermits for Blackwater and the Rainy River Gold Project; in Mexico, w here Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization(EIS); and in Chile, w here the courts had temporarily suspended the approval of the environmental permit for El Morro; the lack of certainty w ith respect to foreign legal systems,which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current andfuture legal challenges New Gold is or may become a party to; diminishing quantities or grades of reserves and resources; competition; loss of key employees; additional fundingrequirements; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studiesincluding the PEA for Blackwater and the Feasibility Study for the Rainy River Gold Project; changes in project parameters as plans continue to be refined; accidents; labourdisputes; defective title to mineral claims or property or contests over claims to mineral properties; uncertaintiesw ith respect to the successful integration of the business of RainyRiver w ithin the business of New Gold; unexpected delays and costs inherent to consulting and accommodating rights of First Nations; and uncertainties w ith respect to obtainingall necessary surface rights for the Rainy River Project. In addition, there are risks and hazards associated w ith the business of mineral exploration, development and mining,including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, f looding and gold bullion losses (and the risk ofinadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s (and, in respect to information related to the RainyRiver Gold Project, in Rainy River’s) disclosure documents filed on and available at www.sedar.com. Forw ard-looking statements are not guarantees of future performance, andactual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualif iedby these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of newinformation, events or otherw ise, except in accordance with applicable securities law s.

All endnotes can be found at the conclusion of the presentation and should be review ed.

Portfolio of assets

in top-ratedjurisdictions

Invested and

experienced team

Amonglowest-cost

producers with solid 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)(4)

7.8

11.8

23.1

29.2

GOLD M&I RESOURCES (Moz)(1)(2)(4)

GOLD M&I RESOURCES (Moz)(1)(4)

+44%per share

+20%per share

=

Canada

=

= +62%• 18 million ounces of M&I resources 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 ~$80 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 solid track record

• $150 - $200 per ounce lower all-in

sustaining costs(1) results in incremental

margin(2)

• ~$100 per ounce decrease

in cash costs(3) from 2009 to 2013E

• Copper and silver create effective hedge

2013 GUIDANCE –

ALL-IN SUSTAINING COSTS ($/OZ)(1)

New Gold Mid-Tier

Average(4)

Senior Average(5)

~$900

~$1,050~$1,100

7

Lower costs driving margin expansion

8


Gold production(1)

390-400 Koz

Silver production

~1.3 Moz

2013

Total cash costs(2)

~$375/oz

2013

All-in sustaining

costs(2)(3)

~$900/oz

Assumptions for the fourth quarter of 2013: Gold - $1,300 per ounce; Copper - $3.25 per pound; Silver - $20.00 per ounce; AUD/USD and CDN/USD parity.

Copper production

78-88 Mlbs

2013 outlook

New Afton hitting its stride

• Achieved targeted throughput

increase to 12,000 tonnes per

day three months ahead of

schedule

• Evaluating potential for further

throughput increases in 2014 and

beyond

0.670.78 0.82 0.79%

0.96% 0.98%

Q1 2013 Q2 2013 Q3 2013 Q1 2013 Q2 2013 Q3 2013

GOLD COPPER

GRADE (g/t) GRADE (%)

83%

87% 87%

81%

88% 88%

Q1 2013 Q2 2013 Q3 2013 Q1 2013 Q2 2013 Q3 2013

RECOVERY (%) RECOVERY (%)

15

2225

12

1921

Q1 2013 Q2 2013 Q3 2013 Q1 2013 Q2 2013 Q3 2013

PRODUCTION (Koz) PRODUCTION (Mlbs)

9


Evaluating further throughput expansion potential to ~14,000 tonnes per day

10


DRAWBELLS

• 78 completed to date

• 85 to be completed by year-end

• 14 million tonnes, or approximately

three years, of broken reserves

accessible

CONVEYOR

• 14,500 tonne per day design capacity

• During third quarter, 52 days over

14,000 tonnes per day conveyed

CRUSHER

• 20,000 tonne per day design capacity

• Daily maximum of 18,581 tonnes in

August 2013

Evaluating further throughput expansion potential to ~14,000 tonnes per day

11


• During third quarter, ran operation at 14,000

to 15,500 tonnes per day over five day period

• Mill was able to process higher throughput,

however a commensurate decrease in

recovery was seen

• Currently evaluating low capital cost

alternatives to process at higher rate and

bring recoveries into the high 80’s/low 90’s

• Potential to include:

• Addition of a tower mill for tertiary

grinding

• Additional rougher flotation capacity at

front end of the flotation circuit

• Additional cleaner capacity

Looking Northwest

C Zone

B Zone

Reserve

East Cave Extension

and Hanging Wall Lens

New Afton C-Zone exploration program

12


C-ZONE RESOURCE SUMMARY(1)

• Actively exploring for both near and

medium-term resource growth

• East Cave Extension represents

lateral extension of B-Zone currently

being mined

• Added two years to mine life

through 2012 exploration efforts

• C-Zone represents down plunge

extension of ore body

• All 2013 exploration to be

incorporated into year-end mineral

reserve and resource update

Measured and Indicated Inferred

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%


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

+800 Koz(1)

Blackwater(2)

Rainy River

2013 Gold

Production

Annual Production

Potential of Growth Assets

El Morro

13


Three world-class projects

Rainy River Blackwater El Morro (30%)

Significant Gold M&I

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

15

RAINY RIVER

Rainy River

Existing resource

Exploration targets

Intrepid

Intrepid Extension

Son of Intrepid

Western Zone

Off Lake


Control of two underexplored districts

• +1,000 km2 land package

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

• Multiple regional targets

16

BLACKWATER

Blackwater

Capoose

Auro

Van Tine Fawnie

10km

Existing resource

Exploration targets

(40%)(29%)

(14%)

45%

230%


Increasing Net Asset Value drives share price growth

March 2009

Net Asset Value (1)

November 2013

Mesquite, Cerro San Pedro, Peak Mines

~$875 $1,027

New Afton

~$120 $1,542

El Morro(2)

~$40 $400

Blackwater(3)

$– $720

Rainy River(4)

$– $485

17

S&P/TSX Global

Gold Index (6)

FTSE Gold

Mines Index(7)

HUI

Index(8) Gold Price New Gold

PRICE PERFORMANCE SINCE BUSINESS COMBINATION WITH

WESTERN GOLDFIELDS IN MARCH 2009(5)


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

New Afton mill to reach 12,000 tonnes per day

Resolution of El Morro temporary permit suspension

Completion of Blackwater Feasibility Study

Rainy River Feasibility Study Update

Blackwater/Rainy River/New Afton exploration/resource updates

New Afton throughput expansion update

18

Establishing the leading

intermediate gold company

New Gold investment thesis

Portfolio of assets

in top-ratedjurisdictions

Invested and

experienced team

Amonglowest-cost

producers with solid track

record


Track record of value creation

Appendix

20

Appendices

Page

1. Financial information 21

2. Consolidated operating performance/Q3’13 summary 27

3. New Afton 32

4. Rainy River 38

5. Blackwater 39

6. El Morro 41

7. Reserves and resource notes 47

8. Commodity price/foreign exchange assumptions 54

Capitalization and liquidity

21

1. Cash and equivalents as at September 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

503 million

• Paid $66 million to eliminate legacy

gold hedges on May 15, 2013

Liquidity

Position

$429mm

$100mm

$529mm

Appendix 1

Cash and

Equivalents(1)

Undrawn Credit

Facility(2)

Summary of debt

22

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 $76 million

Maturity 1 year with annual

extensions permitted

April 15, 2020 November 15, 2022 n/a

Interest Rate See ‘Key features’ 7.00% 6.25% 4.58%

Payable Revolving credit Semi-annually Semi-annually Upon start of

production

Conversion price n/a n/a n/a n/a

Current trading value n/a ~103 ~99 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

23

• New Gold’s 2013 estimated capital expenditures are $315 million

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

• Capital estimate includes recently acquired Rainy River project

• 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

$11mmMesquite

$11mm

Blackwater

$128mm

2012 and 2013 capital expenditures by site

TOTAL 2012 ACTUAL CAPITAL EXPENDITURES:

$499 MILLION

TOTAL 2013 CAPITAL EXPENDITURE ESTIMATE:

$315 MILLION

Appendix 1

Rainy River

$25mm

24

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

25

Cerro San Pedro - $40 million

Rainy River - $25 million

75%

25%

100%

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

phase 5 development

• $10 million – site maintenance/processing improvements

• $20 million – engineering, studies, environmental and other

• $5 million – ongoing exploration

2013 capital expenditures by category

Direct investment for future production Annual sustaining capital

New Gold’s 30% share of estimated 2013 El Morro capital cost of $10

million fully carried by Goldcorp Inc.

Appendix 1

Mesquite - $20 million

60%

40%

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

tire shops

• $8 million – equipment components/site maintenance

26

• 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

2013 third quarter highlights

27

• Gold production – 94,038 ounces

• Total cash costs(1) – $280 per ounce sold

• All-in sustaining costs(2) – $779 per ounce

• New Afton achieved targeted increase in

throughput three months ahead of schedule

• Adjusted earnings per share(3) – $0.04/share

• Adjusted net cash generated from

operations(4) – $54 million

• Completed Rainy River acquisition(5)

• Cash and cash equivalents of $429 million

Lowest cost

quarter in

company’s history

Appendix 2

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

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

3. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.

4. Refer to Endnote on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.

5. 97.5% of Rainy River was acquired in Q3, with the remaining 2.5% acquired in Q4.

2013 mine-by-mine operating results

28

New Afton 25 ($1,310) ($365) 62 ($1,104) ($191)

Cerro San Pedro 24 $723 $771 81 $605 $674

Mesquite 21 $1,017 $1,098 72 $936 $1,162

Peak Mines 24 $856 $1,332 77 $874 $1,405

94 $280 $779 291 $399 $905

2013 THIRD QUARTER

Gold sales

(000s ounces)

Cash costs(1)

($/oz)

All-in Sustaining

costs(2) ($/oz)

2013 YEAR-TO-DATE

Gold sales

(000s ounces)

Cash costs(1)

($/oz)

All-in Sustaining

costs(2) ($/oz)

New Afton co-product cash costs(1)

Gold ($/oz) $454 $526

Copper ($/lb) $1.05 $1.24

2013 THIRD QUARTER 2013 YEAR-TO-DATE

Appendix 2



Consolidated financial summary

29

2012 THIRD QUARTER2013 THIRD QUARTER

Revenue ($ million) $196 $196

Earnings from mine operations ($ million) $51 $77

Net earnings ($ million) $12 $18

Net earnings per share ($/share) $0.02 $0.04

Adjusted net earnings(1) ($ million) $20 $43

Adjusted net earnings per share(1) ($/share) $0.04 $0.09

Adjusted net cash generated from operations (2) ($ million) $54 $47

Appendix 2

1. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.

2. Refer to Endnote on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.

30


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


2013 estimated all-in sustaining costs

Appendix 2

Total cash costs(1) ~$375/oz

General and administrative ~$70/oz

Exploration expense ~$80/oz

Sustaining capital(2) ~$375/oz

ALL-IN SUSTAINING COSTS(3) ~$900/oz

$465

$418

$446 $421

$375

$478

$557

$643

$738

$782

$200

$400

$600

$800

2009 2010 2011 2012 2013E

31

1. Calculated based on H1’2013 GFMS industry average cash costs less New Gold 2013 cash cost guidance. Assumes no change to industry average cash costs for remainder of 2013.


3. Industry data per GFMS reports calculated net of by-product credits as at various year-ends

4. Industry data per GFMS reports calculated net of by-product credits at H1’2013.

To

tal C

ash

Co

sts

(US

$/o

z)(

2)

Incremental Margin to New Gold

Shareholders

Lower costs driving margin expansion

New Gold offers shareholders potential for over $400 per ounce(1) of incremental margin

Appendix 2

(4)

Drawbell continuity schedule

32

65 drawbells

in production

In West Cave

East Cave

production began

June 2013

Accelerated East

Cave development

completed June

2013

Copper resource grades

Planned Drawbells in 2013 Planned Future Drawbells

Appendix 3

Mill schematic

33

To Tailings

Surface Stockpile

Fin

al C

on

ce

ntr

ate

Potential New Facilities

Appendix 3

East Cave Extension and Hanging Wall Lens overview

34

Reserves Replacement

• East Cave Extension delineation and infill drilling to extend Main Zone reserve

laterally to east

• Hanging Wall Lens drilling to test potential to develop additional resources in

hanging wall to Main Zone

East Cave Extension Hanging Wall Lens

Holes Metres Holes Metres

2013 program 34 8,253 24 9,522

2012 program 8 3,177 - -

Total to date 42 11,430 24 9,522

Appendix 3

Drill program highlights

35

HIGHLIGHTS FROM EAST CAVE DRILL PROGRAM

Drill

Hole

From

(m)

To

(m)

Interval

(m)

Gold

(g/t)

Copper

(%)

AF13-198 19 58 39 0.17 0.38

AF13-207 41 110 69 0.50 0.69

AF13-210 44 180 136 0.25 0.66

AF13-212 46 190 144 0.18 0.75

AF13-215 236 406 170 0.67 1.47

AF13-227 216 322 106 0.21 0.59

Drill

Hole

From

(m)

To

(m)

Interval

(m)

Gold

(g/t)

Copper

(%)

EA13-040 138 224 86 0.33 0.78

EA13-041 226 256 30 1.69 1.22

EA13-049 256 278 22 1.68 1.08

EA13-055 294 336 42 0.49 0.62

EA13-062 252 352 100 0.80 0.43

EA13-068 366 418 52 2.04 1.43

EA13-079B 294 462 168 1.21 0.70

EA13-084 3 70 67 0.54 0.15

HIGHLIGHTS FROM HANGING WALL LENS DRILL PROGRAM

Appendix 3

1. Refer to news release dated October 21, 2013 “New Gold Achieves Targeted Throughput Increase at New Afton Ahead of Schedule” as filed on SEDAR for all assay results as well as other disclosure relating to these results.

C-Zone overview

36

Resource Expansion

• C-Zone delineation and infill drilling to expand and upgrade resource to support

future engineering design studies

• Exploring potential to expand C-Zone to west and down plunge

Holes Metres

2013 program 41 26,800

2012 program 26 13,900

Total to date 67 40,700

C-ZONE RESOURCE SUMMARY(1)

Measured and Indicated Inferred

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%

Note: Includes all 2012 drilling plus five holes completed in early 2013

Appendix 3

1. Refer to appendix 7 for detailed breakdown of resources and other information related to resource estimates.

37

C-Zone highlights

2013 C-ZONE DRILLING HIGHLIGHTS

Drill HoleFrom

(m)

To

(m)

Interval

(m)

Gold

(g/t)

Copper

(%)

EA13-031 644 708 64 0.86 1.33

EA13-032 478 622 144 0.92 1.10

EA13-034 744 810 66 0.90 0.93

EA13-036 592 678 86 1.51 1.66

EA13-037 566 652 86 0.66 1.38

EA13-045 526 588 62 0.85 1.13

EA13-046 722 792 70 1.13 1.06

EA13-054 504 628 124 1.08 1.52

EA13-056 740 820 80 0.70 0.48

EA13-076 372 416 44 0.54 0.96

EA13-088 514 596 82 1.95 2.57

• 2013 drilling program

has tripled the amount

of drill hole data

defining the C-Zone

resource

• Drill program has both

extended limits and

improved classification

confidence in C-Zone

resource

Appendix 3

1. Refer to news release dated October 21, 2013 “New Gold Achieves Targeted Throughput Increase at New Afton Ahead of Schedule” as filed on SEDAR for all assay results as well as other disclosure relating to these results.

38

Kenora

Fort FrancesThunder 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 4

39

• Central British Columbia near

infrastructure

• Year-round accessibility for drilling/

development

• Total 2012 drilling over 270,000 metres

project wide

• 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

• Consolidated significant land position –

1,000 km2

1. Refer to Appendix 7 for detailed disclosure on Resource calculations and other information related to resource estimates.

2. Blackwater’s potential is not supported by a feasibility study. See Endnote “Blackwater PEA – Additional Cautionary Note”.

• 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 5

40

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

processing plant

• Low grade stockpiling strategy

• Simple, conventional flowsheet using whole ore leach process

• 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 5

1. Source: September 2012 Preliminary Economic Assessment.

• 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)

• Evaluating various alternatives for a power

source to northern Chilean development projects

411. New Gold’s attributable 30% share. Refer to Appendix 7 for detailed disclosure on reserve and resource calculations.

2. Refer to Endnote 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 commodity price assumptions of $1,200/oz gold and $2.75/lb copper.

Location Chile

Mine type Open Pit

Reserves(1) – Gold/Copper (Moz/Mlbs) 2.9/2,097

Resources(1) – Gold/Copper (Moz/Mlbs) 2.9/2,097

Estimate mine life 17 years

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

LOM cash costs/oz by-product(2) ($700)

El Morro (30%)

2.9 Moz

Gold Reserve(1)

2.1 Blbs

Copper Reserve(1)

Appendix 6

42

• 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 Endnote on total cash costs under the heading “Non-GAAP Measures” .

El Morro overview of updated Feasibility Study

Appendix 6

43

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 6

441. Capital estimates based on December 2011 Feasibility Study.

El Morro (30%) – Funding structure(1)

Appendix 6

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

451. Based on disclosure by respective companies.

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 6

--

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%

Au Grade

(g/t)

Cu Grade

(%)

461. All reserve information taken from 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 6

47

1. For additional information regarding reserve and resource estimates; refer to: New Gold’s “Annual Information Form for the Financial Year Ended December 31, 2012” dated March 27, 2013; news release dated April 4, 2013 “New Gold Announces Increased Gold Resources at Blackwater Project”; news 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 news release dated July 31, 2013 “New

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

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

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

Reserves and resources summary

Mineral Reserves and Resources Summary

Year End 2012(1)(2)

Year End 2011(3)

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 7

48

Reserves and resources summary (cont’d)

Mineral Reserves statement as at December 31, 2012(1)

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

Total Proven 3,759 13,838 1,185

Total Probable 8,025 27,733 2,097

Total P&P 11,783 41,571 3,282

Appendix 7

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



Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012(1)


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

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

Appendix 7

50


Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012(1)


Tonnes

000s

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

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

Total Measured 9,477 49,005 2,092

Total Indicated 19,766 110,582 2,131

Total M&I 29,242 159,585 4,223

Appendix 7


51


Inferred Resource statement as at December 31, 2012(1)


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

Total Inferred 6,822 88,359 1,187

Appendix 7


52

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 7

53

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 $28.00 - 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 Inf erred resources and are reported based on technical and economic parameters consistent with the methods most suitable f or their potential commercial

exploitation. Where dif f erent mining and/or processing methods might be applied to dif f erent portions of a mineral resource, the designators ‘open pit’ and ‘underground’ hav e been applied to indicate env isioned mining

method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ hav e been applied to indicate the ty pe of mineralization as it relates to appropriate mineral processing method and expect ed pay able metal recov eries.

Additional details regarding mineral resource estimation, classif ication and reporting parameters 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

on SEDAR.

4) Blackwater 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 silv er. The March 2013 mineral resource estimate utilizes av erage metallurgical recov eries of

88.0% gold and 64.0% silv er f or oxide mineralization, 85.0% gold and 58.0% silv er f or transitional oxide/sulf ide mineralization and 85.0% gold and 44.0% silv er f or sulf ide mineralization. The 2012 y ear-end mineral

resource estimate utilizes av erage metallurgical recov eries of 86% gold and 44.9% silv er f or all material ty pes.

2. Total contained metal is calculated based on Tonnes*Grade / 31.10348 grams per troy ounce.

3. Gold-equiv alent cut-of f grade estimates are based on $1,400/oz gold and $28.00/oz silv er and av erage metal recov eries as described in Note 1 abov e.

4. Direct processing material is def ined as mineralization abov e a 0.40 g/t AuEq cut-of f and likely to be mined and processed directly .

5. Stockpile material is def ined as mineralization between a 0.30 g/t AuEq and a 0.40 AuEq cut-of f that is suitable f or stockpiling and f uture processing based on av erage metallurgical recov eries as described in Note 1

abov e.

5) Qualif ied Person: The preparation of New Gold’s mineral reserv e and resource statements has been done by or under the superv ision of Qualif ied Persons as def ined under Canadian NI 43-101 and they were

rev iewed and approv ed by Mark Petersen, a Qualif ied Person under NI 43-101 and an of f icer of New Gold.

6) For additional inf ormation regarding reserv e and resource estimates, ref er to: New Gold’s “Annual Inf ormation Form f or the Financial Year Ended December 31, 2012” dated March 27, 2013; news release da ted April 4,

2013 “New Gold Announces Increased Gold Resources at Blackwater Project”; news release dated May 1, 2013 “New Gold Announces 2013 First Quarter Results – Increases Gold and Copper Resources at New Af ton

C-Zone by Ov er 300 Percent”; and news release dated July 31, 2013 “New Gold Second Quarter Deliv ers Increased Production at Lower Costs - Second Half of 2013 Remains on Track to Prov ide Strong Finish

to the Year”.

Reserves and resources notes (cont’d)

Appendix 7

54

Guidance assumptions(1)

Spot:

2013

Gold price ($/oz) ~1,300

Silver price ($/oz) ~20.00

Copper price ($/oz) ~3.25

USD/AUD 1.00

USD/CAD 1.00

USD/MXN 13.00

Spot

Gold price ($/oz) 1,320

Silver price ($/oz) 21.60

Copper price ($/oz) 3.20

USD/AUD 0.95

USD/CAD 0.96

USD/MXN 13.15

1. Based on year-to-date average realized prices through September 30, 2013 and assumptions for the fourth quarter of 2013: Gold - $1,300 per ounce; Copper - $3.25 per pound; Silver - $20.00 per ounce; AUD/USD and CDN/USD parity.

Commodity price/foreign exchange assumptions

Appendix 8

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. Measured and Indicated Resources inclusive of Reserves.

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

3. New Gold completed the acquisition of 100% of Rainy River on October 15, 2013.

4. Refer to Appendix 7 for detailed breakdow n of reserves and resources and information related to reserve and resource estimates.

Page 7


2. 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.


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 the same general range as production.

2. Refer to Endnote 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 September 30, 2013 and assumes commodity price assumptions of: Gold - $1,300/oz; Copper - $3.25/lb; Silver - $20.00/oz for the balance of

2013.


Page 12

1. Refer to Appendix 7 for detailed disclosure on Reserve and Resource calculations and information related to reserve and resource estimates.

Page 13

1. Based on ~225Koz from Rainy River, ~500Koz from Blackw ater and ~90Koz from El Morro. Refer to slide 14 for more information.

2. Blackw ater’s potential is not supported by a feasibility study. See Endnote “Blackw ater PEA – Additional Cautionary Note”.

55

Notes continued

Page 14

1. Refer to Appendix 7 for detailed disclosure on Reserve and Resource calculations.

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

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.

3. Refer to Endnote 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. Blackw ater production and cash costs based on September 2012 PEA; Rainy River production and cash costs based on April 2013 Feasibility Study; and El Morro production and cash costs based on updated December 2011 Feasibility Study. Blackw ater’s potential is not supported by a feasibility study. See Endnote “Blackw ater PEA

– Additional Cautionary Note”.

Page 17

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

1. New Gold’s average analyst consensus NAV.

2. New Gold’s average analyst 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 completed the acquisition of 100% of Rainy River on October 15, 2013.

5. New Gold share price appreciation calculated using a base price of US$1.79 from the March 3, 2009 close.

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

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

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

56

Endnotes

57

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 in this presentation has been rev iewed and approv ed by Mark Petersen, a Qualif ied Person under National Instrument 43-101 and 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 ironmental, 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 presentations, 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.

Endnotes continued

58

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 is 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. Further details regarding

this measure and a reconciliation to the nearest IFRS measure is prov ided in the MD&A accompany ing the quarterly f inancial statements.

ALL-IN SUSTAINING COSTS

Consistent with the guidance announced earlier in 2013 f rom the World Gold Council, an association of v arious gold mining com panies f rom around the world of which New Gold is a member, New Gold

def ines “all-in sustaining costs” as the sum of total cash costs, sustaining capital expenditures, corporate general & administrativ e costs, capitalized and expensed exploration that is sustaining in nature

and env ironmental reclamation costs. New Gold believ es this non-GAAP measure prov ides f urther transparency into costs associated with producing gold and will assist analy sts, inv estors and other

stakeholders of the company in assessing its operating perf ormance, its ability to generate f ree cash f low f rom current operations and its ov erall v alue. 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 . Further details regarding this measure and a reconciliation to the nearest IFRS measure is

prov ided in the MD&A accompany ing the quarterly f inancial statements.

ADJUSTED NET EARNINGS

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP f inancial measures. Net earnings hav e been adjusted and tax af f ected for the group of costs in “Other gains and losses” on

the condensed consolidated income statement. The adjusted entries are also impacted f or tax to the extent that the underly ing entries are impacted f or tax in the unadjusted net earnings f rom continuing

operations. The company uses this measure f or its own internal purposes and believ es the presentation of adjusted net earnings enables inv estors and analy sts to better understand the underly ing

operating perf ormance of our core mining business through the ey es of management. Management periodically ev aluates the components of adjusted net earnings based on an internal assessment of

perf ormance measures that are usef ul f or ev aluating the operating perf ormance of our business and a rev iew of the non-GAAP measures used by mining industry analy sts and other mining companies.

Adjusted net earnings and adjusted net earnings per share 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. The measures are not necessarily indicativ e of operating prof it or cash f low f rom operations as determined

under IFRS. Other companies may calculate these measures dif f erently. Further details regarding this measure and a reconciliation to the nearest IFRS measure is prov ided in the MD&A accompany ing

the quarterly f inancial statements.

ADJUSTED NET CASH GENERATED FROM OPERATIONS

“Adjusted net cash generated f rom operations” is a non-GAAP f inancial measure. Net cash generated f rom operations has been adjusted f or one-time expenses related to the company ’s acquisition of

Rainy Riv er in the third quarter and a one-time charge incurred in the second quarter related to the settlement of the company ’s legacy gold hedge position. The company believ es the presentation of

adjusted net cash generated f rom operations enables inv estors and analy sts to better understand the underly ing operating perf ormance of our core mining business. Adjusted net cash generated f rom

operations is intended to prov ide additional inf ormation only and does not hav e any standardized meaning under IFRS. It should not be considered in isolation or as a substitute f or measures of

perf ormance prepared in accordance with IFRS. Further details regarding this measure and a reconciliation to the nearest IFRS measure is prov ided in the MD&A accompany ing the quarterly f inancial

statements.

Contact information

59

Investor Relations

Hannes PortmannVice President, Corporate Development

416-324-6014

[email protected]

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