Print version (cibc) corporate presentation - january 2014

CIBC Whistler 2014

Investor ConferenceJanuary 2014

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 are “forward looking”. All statements in thispresentation, other than statements of historical fact, that address events or developments that New Gold expects to occur are “forward-looking statements”. Forw ard-looking statements arestatements that are not historical facts and are generally, but not alw ays, identif ied by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,“estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”,“would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this presentation include, among others, statementswith respect to: guidance for production, cash costs and all-in sustaining costs (and its components); the potential difference between gold price and cash and all-in sustaining costs, includingrelative to other companies; potential modif ications to operations (and the cost of any such modifications) and potential opportunities to increase throughput at New Afton exploration potential andthe results of future exploration activities; expected future mining activities; the expected or potential annual production, expected cash costs and expected development cost of New Gold’sprojects; the estimation of mineral reserves and resources and the realization of such estimates; the results of the Blackwater and Rainy River feasibility studies (including expected costs, minelife, the expected NPV, IRR associated with each project); the timing of resource and reserve updates and other technical work or reports; the timing of permitting activities and environmentalassessment processes; targeted timing for commencement of production at Rainy River; 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 to important risk factors anduncertainties, many of which are beyond New Gold’s ability to control or predict. Material assumptions regarding our forward looking statements are discussed in this presentation, our MD&A’s, ourAnnual Information Form and our Technical Reportsfiled at www.sedar.com. In addit ion to, and subject to, such assumptions discussed in more detail elsew here, the forward-looking statements inthis presentation are also subject to the follow ing assumptions: (1) there being no signif ication disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictionswhere New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and resource estimates; (4)the exchange rate between the Canadian dollar, Australian dollar, Chilean Peso and U.S. dollar being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil,electricity and other key supplies being approximately consistent w ith current levels; (6) labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7)permitting and arrangements w ith First Nations and other Aboriginal groups in respect of Rainy River and Blackw ater being consistent with New Gold’s current expectations; (8) all environmentalapprovals (including the environmental assessment process for the Blackwater and Rainy River Projects), required permits, licenses and authorizations will be obtained from the relevantgovernments and other relevant stakeholders w ithin the expected timelines; and (9) the results of the feasibility studies for New Gold’s Rainy River and Blackw ater projects being realized.Forw ard-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actualresults, 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:signif icant capital requirements; price volatility in the spot and forward markets for commodities; f luctuations in the international currency markets and in the rates of exchange of the currencies ofCanada, the United States, Australia, Mexico and Chile; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual andestimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currentlyor 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 speculativenature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with thepermitting requirements of each jurisdiction in w hich New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits 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 theapproval of the environmental permit for El Morro; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or otherfactors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of reservesand resources; competition; loss of key employees; additional funding requirements; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamationactivities; uncertainties inherent to mining economic studies including the Feasibility Studies for Blackwater and Rainy River; changes to New Afton’s mine plan or profitability or o New Gold’s assetprofile that might alter the allocation of tax attributes to Rainy River; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims orproperty or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of First Nations; and other Aboriginal groups; uncertaintieswith respect to obtaining all necessary surface and other land use rights or tenure for Rainy River; risks, uncertainties and unanticipated delays associated w ith obtaining and maintainingnecessary licenses, permits and authorizations and complying w ith permitting requirements, including those associated w ith the environmental assessment process for Blackwater and RainyRiver. In addit ion, 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, f looding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “RiskFactors” included in New Gold’s disclosure documents filed on and available at www.sedar.com. Forw ard-looking statements are not guarantees of future performance, and actual results andfuture events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualif ied by these cautionary statements.New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordancew ithapplicable 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

#2CANADA

#6UNITEDSTATES

#5MEXICO

#3CHILE

#1AUSTRALIA

OPERATING

DEVELOPMENT

4

Mining investment – country rankings(1)

Portfolio of assets in top-rated jurisdictions

Growing gold resource base in Canada

13.0 Canada

2.3 USA

2.9 Chile

0.8 Mexico 0.7 Australia

GOLD RESERVES (Moz)(1) – 20 Moz

Canada = +66%

• Completion of Rainy River and Blackwater feasibility studies adds to reserve base

• Over 13 million ounces of gold reserves in Canada

• 29 million ounces of M&I resources (inclusive of Reserves)

5

Invested and experienced team

Collectively ~$80 million invested in New Gold6

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 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

New Afton moving successfully beyond base case

• Achieved increase to 12,000 tonnes

per day in September 2013

8


Evaluating Further Throughput Increases

in 2014 and Beyond

• Ran operation at 14,000 to 15,500 tonnes

per day over five day period in August

2013

• Mill was able to process higher

throughput, however a decrease in

recovery was seen

• Evaluating low capital cost alternatives to

increase recoveries at higher throughput

• Potential to include:

• Tower mill for tertiary grinding

• Rougher flotation capacity at front

end of the flotation circuit

• Additional cleaner capacity

15

2225

Q1 2013 Q2 2013 Q3 2013

PRODUCTION (Koz)

PRODUCTION (Mlbs)

GOLD

COPPER

12

1921

Q1 2013 Q2 2013 Q3 2013

Looking Northwest

C Zone

B Zone

Reserve

New Afton C-Zone exploration program

9


MAY 2013 C-ZONE RESOURCE SUMMARY(1)

• Actively exploring for resource growth

• All 2013 exploration to be

incorporated into year-end mineral

reserve and resource update

Measured and

IndicatedInferred

GOLD0.3 Moz at

0.77 g/t

0.4 Moz at

0.62 g/t

COPPER211 Mlbs at

0.77%

301 Mlbs at

0.68%


Industry leading organic growth profile

• Growth projects’ production potential

equivalent to over 2x today’s production

• Blackwater and Rainy River acquisitions

increased shares outstanding by 25% for

potential ~175% increase in production

• Feasibility studies outline cash costs and

all-in sustaining costs well below today’s

industry average for each project

Four current

operations

Three organic

projects

+900 Koz(1)

Blackwater

Rainy River

2013 Gold

Production

Annual Production

Potential of Growth Assets

El Morro

10


Further establishing Canadian presence

Gold Reserves(1) 3.8 Moz

Gold M&I

Resources(1)(2) 6.2 Moz

Exploration

Potential

Intrepid Zone/Multiple

Regional Targets

Jurisdiction Ontario, Canada

Rainy River

11

• Project close to key infrastructure

• Targeting first production in 2016

• Environmental Assessment to be submitted in

January 2014

• Development capital of $885 million inclusive

of $70 million contingency

• +169 km2 land package with additional

potential

Average Annual Gold Production

325,000 ounces(3)

Average All-In Sustaining Costs

$736 per ounce(5)

2014 Feasibility Study Highlights – First Nine Years

Average Total Cash Costs

$613 per ounce(4)

After-tax Economics

Gold Price ($/oz) 1,150 1,300 1,450 1,600

5% NPV ($mm)(6) 100 314 520 706

IRR (%)(6) 7.1 11.3 14.9 17.8


Further establishing Canadian presence

Gold Reserves(1) 8.2 Moz

Gold M&I

Resources(1)(2) 9.5 Moz

Exploration

Potential

Capoose/Multiple

Regional Targets

Jurisdiction British Columbia, Canada

Blackwater

12

• Completion of permitting targeted in 2014

• Significant leverage to higher gold prices

• Development capital of $1,865 million

inclusive of $190 million contingency

• Consolidated significant land position –

~1,100 km2

Average Annual Gold Production

485,000 ounces(3)

Average All-In Sustaining Costs

$685 per ounce(5)

Average Total Cash Costs

$555 per ounce(4)

2013 Feasibility Study Highlights – First Nine Years

Pre-tax Economics

Gold Price ($/oz) 1,150 1,300 1,450 1,600

5% NPV ($mm) 402 991 1,582 2,120

IRR (%) 7.8 11.3 14.4 16.8

155%

24% 23%

168%

30% 34%

3% 10%

(16%)

9% 7%

(14%)

(52%)(28%)

(52%)

306%

43%

(36%)

A history of value creation

Cumulative five year outperformance versus gold price and S&P/TSX Global Gold Index

13

S&P/TSX Global Gold Index(1)Gold PriceNew Gold (NYSE)

LAST FIVE YEAR SHARE PRICE PERFORMANCE

2009 2010 2011 2012 2013 Since January 2009

Upcoming Investor Day – February 6, 2014

2013 production and cost results

Updated mineral reserves and resources

2014 guidance (production, cost, capital expenditures)

New Afton mill expansion update/timelines

Development project updates

New Afton C-Zone update

General exploration updates

14

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

16

Appendices

Page

1. Financial information 17

2. Consolidated operating performance/Q3’13 summary 19

3. El Morro 24

4. Reserves and resource notes 26

5. Commodity price/foreign exchange assumptions 34

Capitalization and liquidity

17

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

Liquidity

Position

$429mm

$100mm

$529mm

Appendix 1

Cash and

Equivalents(1)

Undrawn Credit

Facility(2)

Summary of debt

18

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 ~97 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

2013 third quarter highlights

19

• 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

20

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)

NINE MONTHS ENDED SEPT 30, 2013

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 QUARTERNINE MONTHS ENDED

SEPT 30, 2013

Appendix 2



Consolidated financial summary

21

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

Average realized prices

Gold ($/oz) $1,359 $1,560

Copper ($/lb) $3.25 $3.69

Silver ($/oz) $21.31 $30.09

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”.

22


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

23

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)

• 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

241. 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 3

251. Capital estimates based on December 2011 Feasibility Study.

El Morro (30%) – Funding structure(1)

Appendix 3

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

26

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”; 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”; news release dated December 12, 2013 “New Gold Announces Blackwater Feasibility Study Results” and news

release dated January 16, 2014 “New Gold Announces its Rainy River Feasibility Study Results”.

2. All reserves and resources are effective December 31, 2012 except Blackwater which is effective December 2, 2013, New Afton C-Zone which is effective May 1, 2013 and Rainy River which is effective November 2, 2013.

3. All reserves and resources are effective December 31, 2011.

Reserves and resources summary

Mineral Reserves and Resources Summary

2012(1)(2)

2011(3)

Gold

Koz

Silver

Koz

Copper

Mlbs

Gold

Koz

Silver

Koz

Copper

Mlbs

Proven and Probable Reserves 19,695 101,466 3,282 7,863 34,347 2,888

Measured and Indicated Resources (inclusive of Reserves) 29,311 160,882 4,223 18,797 115,268 3,946

Inferred Resources 5,315 83,093 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 6,236 14,635 - n/a n/a n/a

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

Total M&I 29,311 160,882 4,223 18,797 115,268 3,946

Appendix 4

27

Reserves and resources summary (cont’d)

2012 Mineral Reserve Statement(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

Appendix 4


28


2012 Mineral Reserves Statement(1)


Tonnes

000s

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Blackwater

Direct processing material

Proven 124,500 0.95 5.5 - 3,790 22,100 -

Probable 169,700 0.68 4.1 - 3,730 22,300 -

P&P (direct processing) 294,300 0.79 4.7 - 7,510 44,400 -

Stockpile material

Proven 20,100 0.50 3.6 - 330 2,300 -

Probable 30,100 0.34 14.6 - 330 14,100 -

P&P (stockpile) 50,200 0.40 10.2 - 650 16,400 -

Total Blackwater P&P 344,400 0.74 5.5 - 8,170 60,800 -

Rainy River

Proven 22,681 1.14 1.88 - 830 1,370 -

Probable 81,594 1.12 3.06 - 2,943 8,040 -

Rainy River P&P 104,275 1.12 2.80 - 3,773 9,410 -

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 7,694 37,880 1,185

Total Probable 12,011 63,586 2,097

Total P&P 19,695 101,466 3,282

Appendix 4


29


2012 Measured and Indicated Mineral Resource Statement (inclusive of Reserves)(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 4


30


2012 Measured and Indicated Mineral Resource Statement (inclusive of Reserves)(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 26,665 1.21 1.79 - 1,035 1,531 -

Indicated 150,696 1.07 2.70 - 5,202 13,104 -

Total Rainy River M&I 177,361 1.09 2.57 - 6,236 14,635 -

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 9,330 48,847 2,092

Total Indicated 19,983 112,037 2,131

Total M&I 29,311 160,882 4,223

Appendix 4


31


2012 Inferred Resource Statement(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 20,655 1.16 2.58 - 773 1,717 -

100% Basis 30% Basis

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

Total Inferred 5,315 83,093 1,187

Appendix 4


32

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

Blackw ater $1,300 $22.00 - 0.26 – 0.38 g/t AuEq

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

3.5 g/t AuEq - Underground

Reserves and resources notes

Appendix 4

33

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 as at March 31, 2013 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 est imate 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”; 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”, news release dated December 12, 2013 “New Gold Announces Blackwater Feasibility Study ” and news release dated January 16, 2014 “New Gold Announc es its Rainy Riv er Feasibility Study Results”.

Reserves and resources notes (cont’d)

Appendix 4

34

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) 1,250

Silver price ($/oz) 20.35

Copper price ($/oz) 3.30

USD/AUD 0.90

USD/CAD 0.92

USD/MXN 13.05

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 5

Notes

Page 4

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

Page 5

1. Refer to Appendix 4 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.

3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 4. Mid-tier average includes: Alamos, Eldorado, Agnico Eagle, Aurico and IAMGOLD. The manner in w hich costs are determined may vary from one issuer to another.

5. Senior average includes: Barrick, Goldcorp, Kinross and New mont. The manner in w hich costs are determined may vary from one issuer to another.

Page 9

1. Refer to Appendix 4 for detailed disclosure on Reserve and Resource calculations and information related to reserve and resource estimates.

Page 10

1. Based on ~325Koz from Rainy River, ~485Koz from Blackw ater and ~90Koz from El Morro as outlined in the feasibility studies for the projects.

Page 111. Refer to Appendix 4 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 Rainy River, the 6.2 million ounces of Resources referred to above includes 1.0 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”. 4. Rainy River production and cash costs based on April 2013 Feasibility Study.


6. Assumes 10% Ontario mining taxes on income, 2.7% Ontario corporate minimum tax and 15% federal tax on income and assumes distribution of tax attributes as betw een

Rainy River, New Afton and New Gold’s other operations in a manner that f irst maximizes New Afton’s life of mine cash f low generation based on the current New Afton

mine plan. For further details refer to the press release entitled “New Gold Announces its Rainy River Feasibility Study Results” dated January 16, 2014.

Page 12

1. Refer to Appendix 4 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 9.5 million ounces of Resources referred to above includes 0.9 million ounces of material to be stockpiled w hich has been classif ied as Measured and Indicated Resource.


4. Blackw ater production and cash costs based on December 2013 Feasibility Study.


Page 13

1. S&P/TSX Global Gold Index includes 37 gold companies in various stages of development/production.

35

Endnotes

36

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

Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be

comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “In dicated Mineral Resource” and “Inferred Mineral Resource”

used in this presentation are Canadian mining terms as defined 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 Reserves adopted by the CIM Council on November 2 7, 2010. While the terms “Mineral Resource”,

“Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms

under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may no t be classified as a “Reserve” unless the determination has

been made that the mineralization could be economically and legally produced or extracted at the time the Reserve calculation ismade. As such, certain information contained in this

presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar in formation made public by United States companies subject to

the reporting and disclosure requirements of the United States Securities and Exchange Commission. An “Inferred Mineral Resou rce” has a great amount of uncertainty as to its existence

and as to its economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” wil l ever be upgraded to a higher category. Under Canadian rules,

estimates of Inferred Mineral Resources may not form the basis of feasibility or pre -feasibility studies. Readers are cautioned not to assume that all or any part of Measured or Indicated

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. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards diffe r in certain respects from the standards of the United States

Securities and Exchange Commission.

TECHNICAL INFORMATION

The scientific and technical information in this presentation has been reviewed and approved by Mark Petersen, a Qualified Person under National Instrument 43 -101 and officer of New Gold.

Mineral Reserves and Mineral Resources

The estimates of Mineral Reserves and Mineral Resources discussed in this presentation may be materially affected by environmenta l, permitting, legal, title, taxation, sociopolitical, marketing

and other relevant issues. Further details regarding Mineral Reserve and Resource estimates, including classifications, key assumptions and parameters used in such estimates and other

related information for each of New Gold's mineral properties are provided in the respective NI 43 -101 Technical Reports, which are available at www.sedar.com.

Endnotes continued

37

NON-GAAP MEASURES

TOTAL CASH COSTS

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

gold and gold products included leading North American gold producers which 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. Total cash costs include mine site operating costs such as mining,

processing, administration, royalties and production taxes, but are exclusive of amortization, reclamation, capital and explo ration costs. Total cash costs are reduced by any by-product

revenue and is then divided by ounces sold to arrive 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 flow from its mining operations. This data is furnished to provide additional information and is a non-GAAP measure. Total cash costs presented do not

have a standardized meaning under GAAP and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation a s a substitute for

measures of performance prepared in accordance with GAAP and is not necessarily indicative of operating costs presented under GAAP. Further details regarding this measure and a

reconciliation to the nearest GAAP measure is provided in the MD&A accompanying our financial statements.

ALL-IN SUSTAINING COSTS

Consistent with guidance announced in 2013 from the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold

defines “all-in sustaining costs” per ounce as the sum of total cash costs, sustaining capital expenditures, corporate general & administrative costs, capitalized and expen sed exploration that

is sustaining in nature and environmental reclamation costs, all divided by the ounces sold to arrive at a per ounce figure. New Gold believes this non-GAAP measure provides further

transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the comp any in assessing its operating performance, its ability to generate

free cash flow from current operations and its overall value. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and

is not necessarily indicative of operating costs presented under GAAP. Further details regarding this measure and a reconciliation to the nearest GAAP measure is provided in the MD&A’s

accompanying our financial statements.

ADJUSTED NET EARNINGS

“Adjusted net earnings” and “adjusted net earnings per share” are non -GAAP financial measures. Net earnings have been adjusted and tax affected for the group of costs in “Other gains and

losses” on the condensed consolidated income statement. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net

earnings from continuing operations. The company uses this measure for its own internal purposes and believes the presentation of adjusted net earnings enables investors and analysts to

better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net

earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used

by mining industry analysts and other mining companies. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any

standardized meaning under GAAP. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not

necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently. Further details regarding this

measure and a reconciliation to the nearest GAAP measure is provided in the MD&A’s accompanying our financial statements.

ADJUSTED NET CASH GENERATED FROM OPERATIONS

“Adjusted net cash generated from operations” is a non-GAAP financial measure. Net cash generated from operations has been adjusted for one-time expenses related to the company’s

acquisition of Rainy River in the third quarter and a one-time charge incurred in the second quarter related to the settlement o f the company’s legacy gold hedge position. The company

believes the presentation of adjusted net cash generated from operations enables investors and analysts to better understand the underlying operating performance of our core mining

business. Adjusted net cash generated from operations is intended to provide additional information only and does not have any standardized meaning under GAAP. It should not be

considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Further details regarding this measure and a reconciliation to the nearest GAAP

measure is provided in the MD&A’s accompanying our financial statements.

Contact information

38

Investor Relations

Hannes PortmannVice President, Corporate Development

416-324-6014

[email protected]