2. Cautionary statement
All monetary amounts in U.S. dollars unless otherwise stated
Total cash costs shown net of by -product sales unless otherwise stated
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain inf ormation contained in this presentation, including any inf ormation relating to New Gold’s f uture f inancial or operating perf ormance as well as inf ormation respecting Rainy Riv er and its assets may be deemed
“f orward looking”. All statements in this presentation, other than statements of historical f act that address ev ents or dev elopments that New Gold expects to occur are “f orward-looking statements”. Forward-looking
statements are statements that are not historical f acts and are generally , but not alway s, identif ied by the use of f orward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“f orecasts”, “intends”, “anticipates”, “projects”, “potential”, “believ es” or v ariations of such words and phrases or statements that certain actions, ev ents or results “may ”, “could”, “would”, “should”, “might” or “will be taken”,
“occur” or “be achiev ed” or the negativ e connotation.
All such f orward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk f actors and uncertainties, many of which are
bey ond New Gold’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other f actors
that may cause actual results, lev el of activ ity, perf ormance or achiev ements to be materially dif ferent f rom those expressed or implied by such f orward-looking statements. Such f actors include, without limitation:
signif icant capital requirements; price v olatility in the spot and f orward markets f or commodities; f luctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United
States, Australia, Mexico and Chile; impact of any hedging activ ities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated Reserv es and
Resources and between actual and estimated metallurgical recov eries; changes in national and local gov ernment legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New
Gold currently or may in the f uture carry on business; taxation; controls, regulations and political or economic dev elopments in the countries in which New Gold does or may carry on business; the speculativ e nature of
mineral exploration and dev elopment, including the risks of obtaining and maintaining the v alidity and enf orceability of the necessary licenses and permits and comply ing with the permitting requirements of each
jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits f or Blackwater and the Rainy Riv er Gold Project; in Mexico, where Cerro San Pedro has a history of
ongoing legal challenges related to our env ironmental authorization (EIS); and in Chile, where the courts hav e temporarily suspended the approv al of the env ironmental permit f or El Morro; the lack of certainty with
respect to f oreign legal sy stems, which may not be immune f rom the inf luence of political pressure, corruption or other f actors that are inconsistent with the rule of law; the uncertainties inherent to current and f uture legal
challenges New Gold is or may become a party to; diminishing quantities or grades of Reserv es; competition; loss of key employ ees; additional f unding requirements; rising costs of labour, supplies, f uel and equipment;
actual results of current exploration or reclamation activ ities; uncertainties inherent to mining economic studies including the PEA f or Blackwater and the Rainy Riv er Feasibility Study for the Rainy Riv er Gold Project;
changes in project parameters as plans continue to be ref ined; accidents; labour disputes; def ectiv e title to mineral claims or property or contests ov er claims to mineral properties; New Gold may be unable to successf ully
complete the acquisition of all of the securities of Rainy Riv er or the completion of such acquisition may be delay ed or more costly than anticipated; uncertainties with respect to the successf ul integration of the business of
Rainy Riv er within the business of New Gold; unexpected delay s and costs inherent to consulting and accommodating rights of First Nations; and uncertainties with respect to obtaining all necessary surf ace rights f or the
Rainy Riv er Project. In addition, there are risks and hazards associated with the business of mineral exploration, dev elopment and mining, including env ironmental ev ents and hazards, industrial accidents, unusual or
unexpected f ormations, pressures, cav e-ins, f looding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cov er these risks) as well as “Risk Factors” included in New Gold’s
(and, in respect to inf ormation related to the acquisition of Rainy Riv er, Rainy River and/or the Rainy Riv er Gold Project, in Rainy Riv er’s) disclosure documents f iled on and av ailable at www.sedar.com. Forward-looking
statements are not guarantees of f uture perf ormance, and actual results and f uture ev ents could materially dif fer f rom those anticipated in such statements. All of the f orward-looking statements contained in this
presentation are qualif ied by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or rev ise any f orward-looking statements whether as a result of new inf ormation, ev ents or
otherwise, except in accordance with applicable securities laws.
2
3. Cautionary statement(cont’d)
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
Inf ormation concerning the properties and operations of New Gold and Rainy Riv er 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 Mineral 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”, “I ndicated 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 United 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 assumed 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 to assume that all or any
part of an “Inf erred Mineral Resource” exists, or is economically or legally mineable. In addition, the def initions of “Prov en Mineral Reserv es” and “Probable Mineral Reserv es” under CIM standards dif f er in certain respects
f rom the standards of the United States Securities and Exchange Commission.
TECHNICAL INFORMATION
The scientif ic and technical inf ormation contained in this presentation relating to the Rainy Riv er Gold Project has been rev iewed and approv ed by Garett Macdonald and Kerry Sparkes, both Qualif ied Persons under NI
43-101 and of f icers of Rainy River. The other scientif ic and technical inf ormation contained in this presentation has been rev iewed and approv ed by Mark Petersen, a Qualif ied Person under NI 43-101 and an of f icer of
New Gold.
Rainy Riv er Mineral Reserv es and Mineral Resources
A) The Mineral Reserv es are ef f ective as of April 10, 2013 and are deriv ed f rom Mineral Resources estimates which are ef f ective as of October 10, 2012. The Mineral Reserv es are reported on a combined basis based
on Open Pit Reserv es and Underground Reserv es reported by Rainy Riv er as outlined in the technical report in respect of the R ainy Riv er Gold Project, readdressed to New Gold, July 31, 2013 (the “Rainy Riv er Technical
Report”), which will be f iled by New Gold on SEDAR.
B) Open pit mineral reserv es hav e been estimated using a cut-of f grade of 0.30 g/t gold-equiv alent, and underground reserv es hav e been estimated using a cut-of f grade of 3.5 g/t gold- equiv alent. Open pit reserv es
hav e been estimated using a dilution of 9.7% at 0.22 g/t Au and 1.31 g/t Ag, and underground reserv es hav e been estimated using a CAF dilution of 9% at 0.61 g/t Au and 4.16 g/t Ag and LH dilution of 10% at 1.56 g/t Au
and 1.28 g/t Ag. Open Pit Reserv es hav e been estimated using a mine recov ery of 95%, and Underground reserv es hav e been estimated using a mine recov ery of 95%.
C) Mineral resources are not mineral reserv es and do not hav e demonstrated economic v iability . Mineral resources are reported relativ e to conceptual open pit shells. On av erage, the conceptual open pit extends to an
elev ation of 500 metres below surf ace. Material abov e this elev ation of f ers reasonable prospects f or economic extraction f rom an open pit because drilling results suggest that the zone of gold mineralization is broader
than currently modeled and that new drilling inf ormation should positiv ely impact f uture mineral resources. Material below this elev ation is potentially mineable by underground mining methods. Mineral resources that are
potentially mineable by open pit methods are reported at a cut-of f grade of 0.35 g/t gold; underground mineral resources are reported at a cut-of f grade of 2.5 g/t gold. All mineral resources are based on a gold price of
US$1,100 per ounce, a silv er price of US$22.50 per ounce, a f oreign exchange rate of 1.10 Canadian dollars to 1.0 US dollar. Metallurgical recov eries include 88% f or gold in open pit resources and 90% f or gold in
underground resources, with a silv er recov ery of 75% in both cases.
D) The Rainy Riv er Mineral Reserv es and Mineral Resources estimates may be materially af f ected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, and other relev ant issues. For additional
inf ormation with respect to the key assumptions, parameters and risk f actors relating to the estimates, please ref er to the R ainy Riv er Technical Report.
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 to 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, ac curate 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.
3
4. Cautionary statement(cont’d)
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 standard 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 isolat ion as a substitute f or measures of perf ormance prepared in accordance with IFRS and is
not necessarily indicativ e of operating costs presented under IFRS. A reconciliation to the nearest IFRS measure will be prov ided in the MD&A accompany ing the quarterly f inancial statements.
ALL-IN SUSTAINING CASH COSTS
Consistent with the recently announced guidance f rom the World Gold Council, an association of v arious gold mining companies f rom around the world of which New Gold is a member, New Gold def ines “all-in sustaining
costs” as the sum of mine site operating costs net of copper and silv er by -product sales, general & administrativ e costs, accretion and amortization, capitalized and expensed exploration, mine dev elopment expenditures
and sustaining capital expenditures. New Gold believ es this non-GAAP measure will prov ide f urther transparency into costs associated with producing gold. All-in sustaining costs constitute a non-GAAP measure and are
intended to prov ide additional inf ormation only and do not hav e any standardized meaning under IFRS. They should not be considered in isolation or as a substitute f or measures of perf ormance prepared in accordance
with IFRS. Other companies may calculate these measures dif f erently . A reconciliation to the nearest IFRS measure will be prov ided in the MD&A accompany ing the quarterly f inancial statements.
RECONCILIATION OF 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 .
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 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 orm ation 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.
4
5. New Gold investment thesis
5
Assets in top
ranked
jurisdictions
One of
industry’s
lowest cost
producers
Peer leading
growth
pipeline
Control of two
underexplored
districts
Significantly
invested team
6. Asset portfolio overview
6
Blackwater
New Afton
Rainy River
Mesquite
Cerro San Pedro
El Morro
Peak Mines
Mine Life: 15+ years
Mine Life: 14 years
Mine Life: 15+ years
Mine Life: 10+ years
Mine Life: 4+ years
Mine Life: 17 years
Mine Life: 8 years
#2
CANADA
#6
UNITED
STATES
#5
MEXICO
#3
CHILE
#1
AUSTRALIA
Mining Investment –
Country Rankings(1)
Notes: 1. Rankings based on 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investment: “Where Not to Invest”.
DEVELOPMENT
OPERATING
7. Canada
US
Chile
Mexico
Australia
New Gold Pro Forma
Adding gold reserves/resources in Canada
7
Gold Reserves(Moz)
Gold M&I Resources(Moz)(1)(2)
7.8
11.8
29.2
+44%
per share
+20%
per share
New Gold Pro Forma Gold M&IResources (Moz)(1)
Canada +62%
23.1
18.05.7
2.9
1.7
0.9
New Gold Pro Forma
Notes: 1. Refer to Cautionary Statement and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated and Inferred Resources”.
2. Measured and Indicated Resources inclusive of Reserves.
3. Pro forma figures include Rainy River and assume 100% ownership of Rainy River.
4. For a detailed breakdown of Reserves and Resources, 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”.
(3)
(3)
8. $875
~$1,050
~$1,100
New Gold Mid-Tier Average Senior Average
Low cost producer
• Generating ~$200 per ounce
incremental margin for New Gold
shareholders
• Over $100 per ounce decrease in cash
costs(1) from 2009 to 2013E
• Copper and silver production create
effective natural economic hedge
8
2013 Guidance– All-In Sustaining Costs ($/oz)(2)
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”.
3. Mid-tier average includes: Alamos, Eldorado, Agnico-Eagle, Aurico and IAMGold.
4. Senior average includes: Barrick, Goldcorp, Kinross and Newmont.
(3) (4)
9. 440 - 480
2013 Gold Production
Guidance (koz)
Annual Production Potential
of Growth Assets (koz)
Organic growth pipeline
• Collectively, three growth projects have
potential to produce ~1.75 times as
much gold as New Gold does currently
• Blackwater and Rainy River
acquisitions increased shares
outstanding by 21% for potential
+150% increase in production
• Each growth project expected to have
below current industry average cash
costs
9
Rainy River
El Morro
Blackwater
Four current
operations
Three organic
projects
+800
10. Control two underexplored districts
10
BlackwaterRainy River
+169km2 land package
Multiple targets including
recently discovered Intrepid
Zone
2 drills active
+1,000km2 land package
Initial resource at Capoose
25km from main Blackwater
resource
Multiple regional targets
5 drills active
Over 10 million ounces of gold added to Measured and Indicated
resources since early 2011
11. Management and Board of Directors
11
Collectively ~$100 million
invested in New Gold
EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS
Randall Oliphant, Executive Chairman
Robert Gallagher, President & CEO
Brian Penny, Executive VP & CFO
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, CEO Rainy River Resources
David Emerson, Former Canadian Cabinet Minister
Ernie Mast, VP Operations
13. Operational execution
13
$465
$418
$446
$421
302
383 387
412
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
2. 2009 costs shown based on Canadian GAAP and 2010 and beyond based on IFRS.
Gold production(1) (thousand ounces)
Total cash costs(1)(2) ($/ounce)
2009
Guidance
2009
Actual
2010
Guidance
2010
Actual
2011
Guidance
2011
Actual
2012
Guidance
Four year track record of delivering on guidance, production growth and lower cash costs
2012
Actual
2009
Guidance
2009
Actual
2010
Guidance
2010
Actual
2011
Guidance
2011
Actual
2012
Guidance
2012
Actual
14. 2013 consolidated guidance
14
2012 Actual
Gold production(1)
440 - 480Koz
2013
All-in sustaining costs(2)(3)
~$875/oz
Notes: 1. Gold sales expected to be in same general range as production.
2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. Guidance for total cash costs and all-in sustaining costs incorporates realized prices and foreign
exchange rates to June 30, 2013 and assumes commodity prices and exchange rates consistent with those at July 30, 2013 for the balance of 2013.
3. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”.
Gold production
412Koz
2013 Guidance
+48Koz
+ 12%
2013
Total cash costs(2)
~$350/oz
15. New Afton
Mesquite
Cerro San Pedro
Peak Mines
2013 mine-by-mine operating results
15
2013 Second Quarter
Gold sales
(000s ounces)
Cash cost(1)
($/oz)
($1,104)20
$61026
$92525
$43098
$94826
$931All-in sustaining costs(2)
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”.
2013 Year-to-Date
Gold sales
(000s ounces)
Cash cost(1)
($/oz)
($958)36
$55353
$90251
$457193
$88253
$1,010
16. New Afton – Successfullycommissioned
16
Highlights
• Located 10 kilometres from Kamloops, British
Columbia
• Dedicated labour force
• Commercial and full production achieved
ahead of schedule
• Exploration extended mine life by two years to
14 years
• Further potential in C-Zone below reserve
block
• Potential to double New Gold’s cash flow at
today’s prices
Notes: 1. Refer to Appendix 8 for detailed disclosure on Reserve and Resource calculations.
1.1 Moz
Gold Reserve(1)
1.1 Blbs
Copper Reserve(1)
17. 81%
88%
Q1'13 Q2'13
12
19
Q1'13 Q2'13
0.79
0.96
Q1'13 Q2'13
83%
87%
Q1'13 Q2'13
15
22
Q1'13 Q2'13
0.67
0.78
Q1'13 Q2'13
New Afton – Strong second quarter
17
• Average daily tonnes of ore
mined and milled increased by
19% over first quarter
• Mining and milling rates
averaged over 11,000 tonnes
per day during the second
quarter
• Targeting 12,000 tonne per day
operations by end of 2013
+46%
+21%
+4%
+58%
Gold Copper
Grade (g/t) Grade (%)
Recovery (%) Recovery (%)
Production (Koz) Production (Mlbs)
+16%
+7%
18. New Afton – Multiple avenues to unlocking value
18
• May 2013 update increased resourcesby over
300%
• Included drilling through end of February
2013
• C-Zone remains open down plunge
• Four drills currently active
Mill Throughput IncreaseC-Zone Resource
• Nameplate capacity of 11,000 tonnes per day
(“tpd”)
• 50 drawbells needed to support 11,000 tpd – 68
completed by mid-year
• Crusher capacity – 20,000 tpd
• CommissionedJanuary 2013
• Conveyor capacity ~14,500 tpd
• Record daily mill throughput – 18,638 tonnes
Growing C-Zone Resource base and evaluating increased mill throughput
Gold
Measured and Indicated Resources
Copper
0.3Moz at 0.77g/t 211Mlbs at 0.77%
Gold
Inferred Resources
Copper
0.4Moz at 0.62g/t 301Mlbs at 0.68%
21. Organic pipeline of growth projects
21
Notes: 1. Refer to Cautionary Statement and note under the heading “Cautionary note to U.S. readers concerning estimates of Measured, I ndicated and Inferred Resources”. Measured and Indicated Resources,
inclusive of Reserves. At Blackwater, the 8.6 million ounces of Resources referred to above excludes 0.9 million ounces of material to be stockpiled which has been classified as Measured and Indicated
Resource. Refer to note 4 on slide 9 for Reserve and Resource source information.
2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”. Cash costs have been compared to industry data per GFMS reports which calculated an
average, net of by-product credits, cash cost of $738 per ounce for the YE’2012.
3. El Morro production and cash costs based on updated December 2011 Feasibility Study.
El Morro (30%)BlackwaterRainy River
SignificantGold
Resource Base
Exploration
Potential
Jurisdiction
RobustProduction/
Low Cash Costs
8.6 Moz(1)
Capoose/Multiple
RegionalTargets
British Columbia, Canada
~500Kozat below average
cash costs(2)
2.9 Moz(1)
El Morro Zone/
Block Cave Potential
Chile
~90KozAu/85Mlbs Cu
at ~($700)cash costs(2)(3)
6.2 Moz(1)
Intrepid Zone/ Multiple
RegionalTargets
Ontario, Canada
~225Kozat below average
cash costs(2)
22. Blackwater – 2013 exploration objectives
22
>1000 ppb Au
500-1000 ppb Au
250-500 ppb Au
50-250 ppb Au
Blackwater
Auro
Fawnie
Van Tine
Capoose
• Blackwater: Explore for satellite deposits and test
potential extensions to known resource
• Capoose: Expand and upgrade resource with special
focus on potential to extend gold-rich zones
• Regional targets: Identify specific drill targets and
complete first pass reconnaissance drilling
Plan for four to six drills to be active during primary field season
10 km
23. Project development considerations
• Plan to advance Rainy River and Blackwater through remaining technical/economic studies
and permitting simultaneously
• Continue regional exploration at both projects
• Period of limited capital to advance projects to ‘construction ready’ status
23
Rainy River Second Half 2013
Project Spending(1)
Blackwater Second Half 2013
Project Spending(2)
• Project development/sequencing decision to be made mid-2014
Engineering/
Studies/
Environment/
Other
$30mm
Exploration(3)
$20mm
Notes: 1. For period from August through December 2013.
2. For period from July through December 2013.
3. Includes both capitalized and expensed exploration.
Engineering/
Studies/ Environment/Other
$20mm
Exploration(3)
$5mm
25. Net asset value and relative performance
25
Source: Broker Reports, Company Estimates and Announcements, Bloomberg, all amounts in USD.
Notes: 1. Street consensus NAV.
2. Current street consensus NAV for El Morro; Includes $50million cash payment received fromGoldcorp as part of transaction consideration.
3. New Gold purchasedRichfield and Silver Quest withthe deals closingon June 1, 2011 and December 23, 2011, respectively.
4. New Gold acquired 97% of Rainy River on August 9, 2013.
5. S&P/TSX Gold Index includes 54 gold companies in various stages of development/production.
6. FTSE Gold Mines Index includes 26 gold producing companies.
7. HUI Index includes 15 of the major global gold producers.
3/4/09 Today
Mesquite, Cerro San Pedro, Peak Mines
New Afton
El Morro(2)
~ $875 $1,126
~ $120 $1,554
~ $40 $421
Net Asset Value(1)
Blackwater(3)
$-- $800
+338%
(21%)
(32%)
+54%
(7%)
Rainy River(4)
$-- $471
0%
100%
200%
300%
400%
500%
600%
700%
800%
900%
4-Mar-09
31-Jul-09
27-Dec-09
25-May-10
21-Oct-10
19-Mar-11
15-Aug-11
11-Jan-12
8-Jun-12
4-Nov-12
2-Apr-13
29-Aug-13
NGD Gold Price
S&P/TSX Gold Index FTSE Gold Mines Index
HUI Index
Announced $1.2bn
business
combination with
Western Goldfields
30-Aug-13
26. 2013 catalysts
26
2013 guidance – increased resources,productiongrowth and lower costs
New Afton C-Zone exploration update
Blackwater/Rainy River/New Afton exploration updates
Completionof Blackwater Feasibility Study
New Afton mill to reach 12,000 tonnes perday/results of throughput increase evaluation
Resolutionof El Morro temporary permit suspension
Blackwater resource update
Completionof Rainy River acquisition
27. Establishing the leading
intermediate gold company
New Gold investment thesis
Assets in top
ranked
jurisdictions
One of
industry’s
lowest cost
producers
Peer leading
growth
pipeline
Control of two
underexplored
districts
Significantly
invested team
28. Appendix
28
Appendices
Page
1. Financial information 29
2. Consolidated operating performance 35
3. Mesquite, Cerro San Pedro, Peak Mines 43
4. New Afton 47
5. Rainy River 51
6. Blackwater 53
7. El Morro 61
8. Reserves and resource notes 68
9. Commodity price/foreign exchange assumptions 75
29. Appendix 1
Capitalization and liquidity
29
Notes: 1. Cash and equivalents as at June 30, 2013.
2. $50 million of total $150 million currently used for Letters of Credit.
3. See Appendix 1 – Summary of debt for detailed breakdown of components of debt.
• All corporate debt now due in 2020 or
beyond(3)
• Two senior unsecured notes offerings
during 2012 ($300 million/7.00%, $500
million/6.25%)
• Redemption of 10% senior secured
notes
• Early conversion of 5% convertible
debenture
• Total common shares outstanding of 502
million
• Paid $66 million to eliminate legacy gold
hedges on May 15, 2013Liquidity
Position
$563mm
$100mm
$663mm
Cash and
Equivalents(1)
Undrawn Credit
Facility(2)
30. Appendix 1
Summaryof debt
30
Undrawn Credit
Facility
Senior Unsecured Notes
(April 2012)
Senior Unsecured Notes
(November 2012)
El Morro
Funding Loan
Face Value $150 million(1) $300 million $500 million $72 million
Maturity 1 year with annual
extensions permitted
April 15, 2020 November 15, 2022 n/a
Interest Rate See ‘Key features’ 7.00% 6.25% 4.58%
Payable Revolving credit Semi-annually Semi-annually Upon start of
production
Conversion price n/a n/a n/a n/a
Current trading
value
n/a ~102 ~96 n/a
Key features Normal financial
covenants
Interest Rate
• 3.00-4.25% over
LIBOR based on
ratios
• Standby fee of
0.75-1.06%
• Senior unsecured
• Redeemable after April
15, 2016 at 103.5%
down to 100% of face
after 2018
• Unlimited dividends if
leverage ratio below 2:1
• Senior unsecured
• Redeemable after
November 15, 2017 at
par plus half coupon,
declining ratably to par
• Unlimited dividends if
leverage ratio below 2:1
New Gold to
repay Goldcorp
out of 80% of its
30% share of
cash flow once El
Morro starts
production
Notes: 1. $50 million currently allocated for Letters of Credit.
31. Appendix 1
2012 and 2013 capital expenditures by site
31
• New Gold’s 2013 estimated capital expenditures of $290 million are down 42% from 2012
• Capital includes costs related to ongoing annual sustaining capital as well as investments for future
production
• Capital estimates by site are shown below:
Total 2013 Capital Expenditure Estimate:$290 million
New Afton
$110mm
Peak Mines
$60mm
Cerro San
Pedro
$40mm
Mesquite
$20mm
Blackwater
$60mm
Total 2012 Actual Capital Expenditures:$499 million
New Afton
$302mm
Peak Mines
$47mm
Cerro San Pedro
$11mm
Mesquite
$11mm
Blackwater
$128mm
32. Appendix 1
2013 capital expenditures by category
32
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 productiongrowth 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 developmentas well as related
technical services
• Total of ~90 drawbells expectedto be completed by end of 2013
• Annual drawbell developmentto decrease overmine life with commensurate
decrease incapital
• $15 million – capitalized exploration
• $45 million – Feasibility and related engineering studies,permitting, camp
facilities/operation
• $30 million – underground developmentand capitalized exploration
• $30 million – equipment,mine and mill projects/maintenance
33. Appendix 1
2013 capital expenditures by category (cont’d)
33
Direct investment for future production
Cerro San Pedro - $40 million
Mesquite - $20 million
Annual sustaining capital
75%
25%
60%
40%
• $30 million – final leach pad expansion and capitalized stripping forphase 5
development
• $10 million – site maintenance/processing improvements
• $12 million – two additional trucks and constructionof new welding and tire shops
• $8 million – equipmentcomponents/site maintenance
New Gold’s 30% share of estimated El Morro capital cost of $23 million fully carried by
Goldcorp Inc.
34. Appendix 1
2013 exploration program overview
34
• New Gold’s estimated exploration budgetfor 2013 is $50 million
• Capitalized: $20 million
• Expensed:$30 million
New Afton
40,000 metres
Peak Mines
33,000 metres Blackwater
40,000 metres
Capitalized: $15 million
Expensed: $15 million
Expensed: $10 million
Capitalized: $5 million
Expensed: $5 million
35. Appendix 2
2013 second quarter highlights
35
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”.
Strong financial position with $563 million cash balance
Successful acquisition of Rainy River
Operations combine for solid second quarter 2013
Gold production – 102,435 ounces
Total cash costs(1) – $430 per ounce sold
All-in sustaining costs(2) - $931 per ounce
New Afton increased quarterly gold production by 46%
Production and cash flow expected to increase through second half 2013
Reiterate 2013 production and all-in sustaining costs(2) guidance
On August 9, 2013, New Gold acquired 97% of Rainy River’s outstanding shares
36. Appendix 2
Operational and financial summary
36
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”.
3. Refer to Cautionary Statement and note on adjusted net earnings under the heading “Non-GAAP Measures”.
4. Refer to Cautionary Statement and note on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.
2013 2012 2013 2012
Q2 Q2 Q2 Q2
Operational Financial
Gold production Earnings from mine operations
(000s ounces) ($ millions)
Total cash costs(1)
Net earnings
($/oz) ($ millions)
All-in sustaining costs(2)
Net earnings per share
($/oz) ($/share)
Realized gold price Adjusted net earnings(3)
($/oz) ($ millions)
Realized silver price Adjusted net earnings per share(3)
($/oz) ($/share)
Realized copper price
Adjusted net cash generated from
operations
(4)
($/lb) ($ millions)
$931 $798
$430 $472
102 95
$3.06 $3.24
$22.08 $28.68
$1,276 $1,486
$0.03 $0.05
$15 $24
$34 $76
$43 $46
$0.01 $0.10
$4 $46
38. Appendix 2
2013 estimated all-in sustaining cash costs
38
Total cash costs(1)
General and administrative
Exploration expense
Sustaining capital(2)
All-in sustaining cash costs(3)
$350/oz
~$60/oz
~$70/oz
~$395/oz
~$875/oz
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
2. Sustaining capital based on New Gold’s total 2013 estimated capital expenditures excluding expenditures related to growth-related initiatives.
3. Refer to Cautionary Statement and note on all-in sustaining costs under the heading “Non-GAAP Measures”. All-in sustaining cash costs calculated using the mid-point of New Gold’s estimated 2013
production range.
39. Appendix 2
2013 guidance
39
• Gold productiongrowth through full year of
productionat New Afton and increased
throughput and recoveries at Peak Mines
• Copperproductionforecastto double to 78 to 88
million pounds
• Copperand silver by-products continue to act as
natural hedge to industry-wide cost pressures
• By-productprice assumptions at beginning of
2013 (consistent with 2012):
• Copper$3.50 perpound
• Silver $30.00 perounce
Gold production(1)
440 - 480Koz
Total cash costs(2)
$350/oz
Notes: 1. Gold sales range forecast to be 440,000 to 480,000 ounces.
2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
• By-productsensitivities:
• $0.25 per pound change in copperimpacts
consolidated cashcosts by ~$45 per ounce
• $1.00 per ounce change in silver impacts
consolidated cashcosts by ~$3 per ounce
• Year-to-date average realized copperand silver
prices have been below those originally
assumed,resulting in targeted total cash costs of
~$350 perounce
40. Appendix 2
2012 actuals versus 2013 guidance
40
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
2. By-product price assumptions: Silver - $30.00/oz; Copper - $3.50/lb.
3. New Afton co-product cost estimates: Gold - $570-$590/oz; Copper - $1.20-$1.30/lb.
Gold Production
(Koz)
Total Cash Costs(1)(2)
($/oz)
Silver Production
(Moz)
CopperProduction
(Mlbs)
Mesquite
Cerro San
Pedro
Peak Mines
New Afton
Total
2012A 2013E
142 130-140
138 140-150
96 95-105
37 75-85
412 440-480
2012A 2013E
-- --
1.9 1.4-1.6
-- --
-- --
1.9 1.4-1.6
2012A 2013E
-- --
-- --
14 12-14
28 66-74
42 78-88
2012A 2013E
$690 $830-$850
$232 $375-$395
$764 $670-$690
($1,043)
($1,410)-
($1,390)(3)
$421 $265-$285
• Year-to-date average realized copperand silver prices have beenbelow those originally assumed,resulting
in targeted total cash costs of ~$350 perounce
41. $465
$418
$446
$421
$350
$478
$557
$643
$738
2009 2010 2011 2012 2013E
Appendix 2
Lower costs driving margin expansion
41
Notes: 1. Calculated based on YE’2012 GFMS industry average less mid-point of New Gold 2013 cost guidance.
2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
3. Industry data per GFMS reports calculated net of by-product credits as at YE’2012.
$600
$400
$200
TotalCashCosts(US$/oz)(2)
New Gold offers shareholders potential for over $375 per ounce(1) of incremental margin
$800
Incremental Margin to New Gold
Shareholders
(3)
43. Appendix 3
Mesquite
43
$690
2012A 2013E
142
2012A 2013E
Key assumptions and sensitivities
• Dieselcomprises ~25% of Mesquite’s total costs
• Rack dieselprice mostcorrelated to Brent oil price
• Budgeted dieselprice in 2013 8% higher than
2012 average price paid
• Every 10% change in dieselprice has ~$20 per
ounce impact on costs
2012Aversus 2013E
• Productionexpected to decline moderately
due to the planned processing of ore from an
area within the mine plan that is below
reserve grade
• Increase in costs attributable to higher cost
leach pad inventory working through sales
and lower productionbase
Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.
2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
Gold Production(1) (Koz) Total Cash Costs(2) ($/oz)
140
130
$850
$830
44. Appendix 3
Cerro San Pedro
44
$232
2012A 2013E
1.9
2012A 2013E
138
2012A 2013E
Key assumptions and sensitivities
• Silver price - $30.00 perounce (2012A- $30.78 per
ounce)
• Mexican Peso:U.S. foreignexchange – 13:1
• $1.00 per ounce change in silver equals ~$10 per
ounce change in Cerro San Pedro cash costs
• $1.00 change in Mexican Peso equals ~$25 per
ounce change in Cerro San Pedro cash costs
2012Aversus 2013E
• Targeting 5% increase in gold production
• Decrease in tonnes processedoffsetby
increase in gold grade
• Increase in costs primarily driven by lower silver
by-productproductionas well as lower price
assumption
• ~$95 per ounce of increase in costs
attributable to lower silver by-productrevenue
• Silver grades decreasing by ~25%
Notes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%; Silver – ~25%.
2. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
Gold Production(1) (Koz) Total Cash Costs(2) ($/oz)Silver Production(1) (Moz)
150
140
1.6
1.4
$395
$375
45. Appendix 3
Peak Mines
45
$764
2012A 2013E
96
2012A 2013E
14
2012A 2013E
Key assumptions and sensitivities
• Copperprice - $3.50 per pound (2012A- $3.51per
pound)
• Australian dollar: U.S. foreignexchange – 1:1
• $0.25 per pound change in copperequals ~$35 per
ounce change in Peak Mines cash costs
• $0.01 change in Australian dollar equals ~$10 per
ounce change in Peak Mines cash costs
2012Aversus 2013E
• Increased gold productiondriven by 50,000
tonne increase in tonnes processed
• Similar copperproductiona result of increased
tonnes processed and copperrecoveriesoffset
by lower coppergrades
• Reductionin estimated cash costs a result of
increased gold productionand lower foreign
exchange rate assumptionversus average 2012
exchange rate
Gold Production (Koz) Total Cash Costs(1) ($/oz)CopperProduction(Mlbs)
105
95
14
12
$690
$670
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
47. Appendix 4
New Afton
47
28
2012A 2013E
37
2012A 2013E
2012Aversus 2013E
• New Afton entering first full year of productionin 2013 after successful2012 start-up
• Increased gold productiondriven by a full year of operations as well as continued recovery improvements,
partially offsetby lower gold grade
• Copperproductionexpected to more than double,driven by full year of productionas well as increases in
coppergrades and recoveries
85
75
74
66
Gold Production (Koz) CopperProduction(Mlbs)
48. Appendix 4
New Afton (cont’d)
48
$656
2012A 2013E
($1,043)
2012A 2013E
$1.40
2012A 2013E
Key assumptions and sensitivities
• Copperprice - $3.50 per pound (2012A- $3.58 per pound)
• Canadian dollar: U.S. foreignexchange – 1:1
• $0.25 per pound change in copperequals ~$220 per ounce change in New Aftonby-productcash costs
• $0.01 change in Canadian dollar equals ~$15 per ounce change in New Afton by-productcash costs
Total Cash Costs(1)
($/oz)
(By-Product)
Total Cash Costs(1)
($/oz)
(Co-ProductCopper)
Total Cash Costs(1)
($/oz)
(Co-ProductGold)
($1,390)
($1,410)
$590
$570
$1.30
$1.20
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures”.
49. Appendix 4
New Afton drawbell development and ore columns
49
54 drawbells
in production
at end of 2012
East Cave
production to begin
mid-year
Central Cave
to be activated
later in mine lifeFinal 11 drawbells
in West Cave
Accelerating East Cave
development for added
flexibility/more ore sources
Height of Draw
Planned development
in 2013
Copper resource grades
50. Appendix 4
Mill capacity
50
• Key considerations forincreased mill throughput
include:
• SAG Mill: Flexibility to optimize mill power and
burden level for finest possibleproductsize
distribution over a wide range of ore conditions
• Ball Mill: Optimize SAG screendeckand
hydrocyclone cluster configurations for SAG/Ball Mill
circuit balance; optimal Ball Mill feed size and
classificationefficiency
• Flotation: Capacity is adequate forsubstantial
increase in throughput
• Concentrate Filtration: Existing capacity for
incremental productionincrease; ample space for
installation of third filter
• Tailings Pumping Capacity: Three stage variable
speed pumps currently running well below maximum
capacities
51. Appendix 5
Rainy River – Location
51
ProjectLocation
Kenora
Fort Frances
Thunder Bay
Rainy River Gold Project
• Mining friendly Northwestern
Ontario
• 65km northwest of Fort Frances
• 80km south of Kenora
• Within 25km of rail and power
• Local skilled labour force
HWY 600 Site Topography
52. Appendix 5
Rainy River – Mineral reserves and resources
52
MineralResourceSummary(1)
ExplorationPotential
Notes: 1. Refer to Cautionary Statement regarding Rainy River Mineral Resources.
2. Measured and Indicated resources inclusive of Reserves.
• Relatively underexplored region of
Northwestern Ontario
• Current resource situated on a trend
measuring 6 kilometres along strike
• Near-term exploration upside at newly
discovered Intrepid Zone
• Located approximately 2 kilometres
east of current pit and open at depth
• Zone hosts multiple high grade shoots
• Potential for underground development
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Au
(Koz)
Ag
(Koz)
Proven 27.7 1.14 1.94 1,015 1,728
Probable 88.6 1.06 3.01 3,017 8,587
Total Reserves 116.3 1.08 2.76 4,032 10,315
Measured 27.6 1.33 1.90 1,182 1,689
Indicated 130.9 1.18 2.77 4,985 11,649
Total M&I(2)
158.5 1.21 2.62 6,167 13,338
Inferred 93.8 0.76 2.32 2,280 6,983
Rainy River Mineral Reserve and Resource Estimate
Contained metalMetal grade
53. Appendix 6
Blackwater – A robust project
53
Measured and Indicated
Gold Resources(1) – Direct Processing
Material
8.6 Moz
• Central British Columbia near infrastructure
• Year-round accessibility for drilling/
development
• Total 2012 drilling over 270,000 metres project
wide
• Ability to fund continued exploration/
development internally
• Tax synergies with New Afton
• PEA completed September 2012
• Targeting annual gold production of
~500,000 ounces
• Targeting completion of Feasibility Study by
late 2013
• Targeting production in 2017
• Consolidated significant land position –
1,000km2
Notes: 1. Refer to appendix 8 for detailed disclosure on Reserve and Resource calculations.
2. Blackwater start date based on indicative timeline which is dependent on permit approvals.
• Additional Measured and Indicated gold
resources – stockpile material of 0.9
million ounces
54. Appendix 6
Blackwater – Indicative timeline
54
Notes: 1. Indicative timeline is dependent on permit approvals. There is no assurance this timeline will be achieved nor that the deposit will ever reach the production stage.
Development activity
First Nations & Public Consultation
Preliminary Economic Assessment
Base Line Environmental Studies
Feasibility Study
Engineering Procurement
Production Target
Drilling
Project Description/Terms of Reference
Environmental Assessment Reports
Provincial Approval
Federal Approval
Construction
H1 H2 H1 H2 H1 H2H1 H2 H1 H2 H1 H2
2012 2013 2014 2015 2016 2017
Reflects critical path in timeline
55. Appendix 6
Blackwater – Area map
55
~160km to
Prince George
~112km to
Vanderhoof
Blackwater
Project
50km
80km
Capoose
Resource
Blackwater
Resource
56. Appendix 6
Blackwater – Project overview
56
• Start of production in 2017
• Conventional truck and shovel open pit mine with 60,000 tonnes per day processing plant
• Life-of-mine strip ratio of ~2.4 to 1
• Low grade stockpiling strategy
• Simple, conventional flowsheet using whole ore leach process
• Life-of-mine gold and silver recoveries of 87% and 53%, respectively
• Conventional waste rock and Tailings Storage Facility
• Power supply from the hydroelectric power grid, via 133 kilometre transmission line
• Minimal off-site infrastructure required
• Good existing access road; water supply within 15 kilometres
• Low environmental risk and facility designed for closure
57. Appendix 6
Blackwater PEA costs – Capital
57
Project Development Capital Costs
Description Cost ($ million)
Direct Costs
Mining & Pre-production Development $208
On Site Infrastructure $181
Process $539
Tailing and Water Reclaim $74
Infrastructure (Power, Water, Road) $85
Total Direct Costs $1,087
Owner's and Indirect Costs
Owner's Costs $54
EPCM $112
Other Indirects $215
Total Owner's and Indirect Costs $381
Subtotal $1,468
Contingency (24%) $346
Total Project $1,814
• Projectis located 112 kilometres southwest
from Vanderhoof and has access to low cost
hydroelectric power
• Developmentcapital estimate of $1.8 billion is
inclusive of a 24% or $346 million
contingency
• Developmentcapital estimated based on the
current cost environment
• A parity foreignexchange rate was assumed
and the capital estimate was held constant in
the economic analysis
• Sustaining capital of $537 million, reclamation
and closure costs of $95 million and $72 million
in equipmentsalvage value
Total development and sustaining
capital estimated at $294 per
recoverable gold ounce
58. Appendix 6
Blackwater PEA costs – Operating
58
Project Operating Costs
Area Unit Cost (C$/t milled) $ per gold ounce produced
Mining $6.21 $259
Processing $7.59 $317
General and Administrative $0.95 $40
Royalty (0.6%) $0.18 $8
Refining $0.23 $9
Silver by-product sales at $22.50 per ounce silver ($2.16) ($90)
Total cash costs(1)
net of by-product sales $13.01 $543
44%
24%
17%
8%
6%
1% Reagents
Grinding
Media/liners
Electricity
Labour
Maint materials
Water Supply
59%
11%
9%
6%
4%
4% 4%2%
Hauling
Auxiliary
Blasting
G&A
Drilling
Loading
General Maint.
General Mine
Processing Costs
Mining Costs
Blackwater’s locationnear infrastructure,low stripping ratio,access to low costpower and silver
by-productrevenue expectedto resultin the Projecthaving wellbelow industryaverage cashcosts
Note: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” and PEA additional cautionary note.
59. Appendix 6
Project planning, management and execution initiative
59
New Gold has engaged McKinsey & Company to collaborate with Blackwater team on
establishing a Project Implementation Plan
• Key objective is to maximize effectiveness of project planning to ensure delivery and
execution of Blackwater is consistent with New Gold’s prior developments including:
Mesquite, Cerro San Pedro and New Afton
Areas of focus include:
• Delivery model selection
• Project team organization
• Reporting metrics and management processes
• Labour strategy
• Procurement strategy
• Governance
• Risk management
60. Appendix 6
Blackwater – Resource update
60
Tonnes
(000's)
Au
(g/t)
Ag
(g/t)
Au
(Moz)
Ag
(Moz)
Tonnes
(000's)
Au
(g/t)
Ag
(g/t)
Au
(Moz)
Ag
(Moz)
Measured & Indicated Resources
Direct processing material
Measured 116,955 1.04 5.6 3.90 21.06 88,188 0.94 5.2 2.67 14.74
Indicated 189,044 0.78 6.0 4.73 36.47 207,958 0.81 6.2 5.40 41.45
M&I (direct processing) 305,999 0.88 5.8 8.62 57.52 296,146 0.85 5.9 8.07 56.20
Stockpile material
Measured 26,521 0.30 4.1 0.26 3.50 20,156 0.31 3.8 0.20 2.46
Indicated 64,382 0.30 4.4 0.62 9.11 71,861 0.30 4.0 0.70 9.24
M&I (stockpile) 90,904 0.30 4.3 0.87 12.60 92,017 0.30 4.0 0.90 11.70
Total M&I 396,903 0.74 5.5 9.50 70.13 388,163 0.72 5.4 8.96 67.90
Inferred Resources
Inferred (direct processing) 13,815 0.76 4.1 0.34 1.82 16,585 0.58 10.8 0.31 5.76
Inferred (stockpile) 3,785 0.31 3.6 0.04 0.44 6,751 0.25 8.9 0.05 1.93
Total Inferred 17,600 0.66 4.0 0.38 2.26 23,336 0.48 10.2 0.36 7.69
Notes:
4. Direct processing material defined as mineralization above a 0.4 g/t AuEq cut-off and likely to be mined and processed directly.
5. Stockpile material is defined as mineralization between a 0.30 g/t AuEq and a 0.40 AuEq cut-off that is suitable for stockpiling and future processing based on average metallurgical recoveries as described in Note 1above.
Blackwater Mineral Resource Estimate
March 2013 Mineral Resource 2012 Year End Mineral Resource
1. M ineral resources are reported within a conceptual open pit shell based on metal prices of $1,400/oz gold and $28.00/oz silver. The M arch 2013 mineral resource estimate utilizes average metallurgical recoveries of 88.0%gold and 64.0%silver for
oxide mineralization, 85.0%gold and 58.0%silver for transitional oxide/sulfide mineralization and 85.0%gold and 44.0%silver for sulfide mineralization. The 2012 year-end mineral resource estimate utilizes average metallurgical recoveries of 86%gold
and 44.9%silver for all material types.
2. Total contained metal calculated on the basis of Tonnes * Grade / 31.10348 grams per troy ounce.
3. Gold-equivalent cut-off grade estimates are based on $1,400/oz gold and $28.00/oz silver and average metal recoveries as described in Note 1above.
61. Appendix 7
El Morro (30%)
61
• Goldcorp – 70% partner and projectoperator
• New Gold’s 30% share of capital fully-funded by
Goldcorp
• Current resource entirely within La Fortuna deposit
• Neighbouring El Morro depositunderexplored
• 2012 year end update added 0.4 million ounces of
gold and 229 million pounds of copperto reserves(1)
• Addressing recenttemporary suspensionof
environmental permit
• Chile evaluating various alternatives for a power
source to northern Chilean developmentprojects
2.1 Blbs
Copper Reserve(1)
2.9 Moz
Gold Reserve(1)
Notes: 1. New Gold’s attributable 30% share. Refer to appendix 8 for detailed disclosure on reserve and resource calculations.
2. Refer to Cautionary Statements.
3. Refer to Cautionary Statements and note on total cash cost under the heading “Non-GAAP Measures”. Life of mine co-product costs estimated at $550/oz gold and $1.45/lb copper at commodity
price assumptions of $1,200/oz gold and $2.75/lb copper.
Location Chile
Mine type Open Pit
Reserves1 – Gold/Copper (Moz/Mlbs) 2.9/2,097
Resources1 – Gold/Copper (Moz/Mlbs) 2.9/2,097
Estimate mine life 17 years
LOM production/yr (Au koz/Cu Mlbs)2 90/85
LOM cash cost/oz by-product3 ($700)
62. Appendix 7
El Morro overview of updated FeasibilityStudy
62
• 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
Notes: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” .
64. Appendix 7
La Fortuna deposit
64
2012 openpit Proven and
Probable reserves and Measured
and Indicated resources
Underground Inferred
resource with block
cave potential
500 metres
65. Appendix 7
El Morro (30%) – Funding structure(1)
65
• New Gold’s 30% share of development capital 100% carried
• Interest fixed at 4.58%
Notes: 1. Capital estimates based on December 2011 Feasibility Study.
Total Capital
100%
~ $3.9 billion
100%
Average annual
cash flow
70%30%
70%
~ $2.7 billion
Funded by
$1.2 billion
interest at 4.58%
30%
80%20%
Carriedfundingrepayment
66. Au Grade
(g/t)
Cu Grade
(%)
$91/t
$44/t
$41/t
$27/t
$53/t
$52/t
$42/t
$33/t
$31/t
$30/t
--
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.20% 0.40% 0.60% 0.80% 1.00% 1.20%
Appendix 7
Selected porphyry gold/copper deposits/mines(1)
66
Source: Company disclosure.
Notes: 1. Circle sizes are representativ e of contained metal v alue of the reserv es per tonne of reserv e. Contained metal v alue calculat ed using Street research consensus long-term commodity pricing.
2. Includes “Cadia East Underground” and “Ridgeway Underground” reserv es as indicated in Newcrest’s February 8, 2013 press release; does not include “Other” Cadia prov ince reserv es.
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
67. Appendix 7
El Morro relative positioning(1)
67
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
Notes: 1. Based on Goldcorp’s December 31, 2012 year-end resource statements.
2. Gold equivalent calculated based on the following commodity prices: Gold - $1,600/oz; Silver - $30.00/oz; Copper - $3.50/lb; Lead - $0.90/lb; Zinc - $0.90/lb.
El Morro within Goldcorp portfolio
68. Appendix 8
Reserves and resources summary
68
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013.
2. Year end 2011 Mineral Resources presented at Investor Day on February 2, 2012.
Gold
Koz
Silver
Koz
Copper
Mlbs
Gold
Koz
Silver
Koz
Copper
Mlbs
Proven and Probable Reserves 7,752 31,256 3,282 7,863 34,347 2,888
Measured and Indicated Resources (inclusive of Reserves) 23,075 146,247 4,223 18,797 115,268 3,946
Inferred Resources 4,542 81,376 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 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 -
El Morro 2,891 - 2,097 2,954 - 2,193
Total M&I 23,075 146,247 4,223 18,797 115,268 3,946
Current(1)
Mineral Reserves and Resources Summary
Year End 2011(2)
69. Appendix 8
Reserves and resources summary (cont’d)
69
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013.
Tonnes
000's
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
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
El Morro 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
Metal grade Contained metal
100% Basis
Mineral Reserves statement as at December 31, 2012
70. Appendix 8
Reserves and resources summary (cont’d)
70
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013.
Tonnes
000's
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
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
Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012
Metal grade Contained metal
71. Appendix 8
Reserves and resources summary (cont’d)
71
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013.
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton
A&B Zones
Measured 33,500 0.86 2.9 1.18 929 3,160 873
Indicated 45,900 0.67 2.4 0.89 984 3,530 896
A&B Zone M&I 79,400 0.75 2.6 1.01 1,913 6,690 1,769
C-Zone
Measured 1,282 0.75 1.4 0.79 31 56 22
Indicated 11,205 0.78 1.5 0.77 280 548 189
C-Zone M&I 12,486 0.77 1.5 0.77 311 602 211
Total New Afton M&I 91,886 0.75 2.6 1.00 2,224 7,292 1,980
Blackwater
Direct processing material
Measured 116,955 1.04 5.6 - 3,896 21,057 -
Indicated 189,044 0.78 6.0 - 4,729 36,467 -
M&I (direct processing) 305,999 0.88 5.8 - 8,624 57,524 -
Stockpile material
Measured 26,521 0.30 4.1 - 256 3,496 -
Indicated 64,382 0.30 4.4 - 617 9,108 -
M&I (stockpile) 90,903 0.30 4.3 - 873 12,604 -
Total Blackwater M&I 396,902 0.74 5.5 - 9,497 70,128 -
Capoose
Indicated 14,200 0.43 20.8 - 196 9,497 -
El Morro
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
100% Basis 30% Basis
Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012
Metal grade Contained metal
72. Appendix 8
Reserves and resources summary (cont’d)
72
Note: 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013.
Tonnes
000's
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 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 -
El Morro 137,555 0.99 - 0.70 1,310 - 632
Metal grade Contained metal
100% Basis 30% Basis
Inferred Resource statement as at December 31, 2012
73. Appendix 8
Reserves and resources notes
73
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 technicalFeasibility Study. New Gold reports its Measured and Indicated mineral resources inclusive of its mineralreserves. Inferred mineralresources 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. Mineralreserves 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 - $3.00 0.20% CuEq
74. Appendix 8
Reserves and resources notes (cont’d)
74
2) Mineral Resources for the company’s mineral properties have been calculated based on the follow ing metal prices and low er cut-off criteria:
Mineral resources have been estimated and reported in accordance with CIM definition standards and guidelines and Canadian NI 43-101.
Mineral Property Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Lower Cut-off
Mesquite $1,400 - - 0.12 g/t Au – Oxide resources
0.24 g/t Au – Non-oxide resources
Cerro San Pedro $1,400 $28.00 - 0.1g/t AuEq – Open pit oxide resources
0.4g/t AuEq – Open pit sulphide resources
Peak Mines $1,400 $28.00 $3.25 A$97 - 137/t NSR
New Afton $1,400 $28.00 $3.25 0.40% CuEq – All resources
El Morro $1,500 - $3.50 0.15% Cu – Open pit resources
0.20% Cu – Underground resources
Blackw ater $1,400 - - 0.40 g/t AuEq
Capoose $1,400 - - 0.40 g/t AuEq
3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent w ith the methods most suitable for
their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and
‘underground’ have been applied to indicate envisioned mining method. Likew ise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization as
it relates to appropriate mineral processing method and expected payable metal recoveries. Additionaldetails regarding mineral resource estimation, classification and reporting parameters for
each of New Gold’s mineral properties are provided in the respective NI 43-101 TechnicalReports w hich are available on SEDAR.
4) Blackw ater April4, 2013 update:
1. Mineral resources are reported within a conceptualopen pit shell based on metal prices of $1,400/oz gold and $28.00/oz silver. The March 2013 mineral resource estimate utilizes
average metallurgical recoveries of 88.0% gold and 64.0% silver for oxide mineralization, 85.0% gold and 58.0% silver for transitionaloxide/sulfide mineralization and 85.0% gold and 44.0%
silver for sulfide mineralization. The 2012 year-end mineral resource estimate utilizes average metallurgical recoveries of 86% gold and 44.9% silver for all material types.
2. Total contained metal is calculated based on Tonnes*Grade / 31.10348 grams per troy ounce.
3. Gold-equivalent cut-off grade estimates are based on $1,400/oz gold and $28.00/oz silver and average metal recoveries as described in Note 1 above.
4. Direct processing material is defined as mineralization above a 0.40 g/t AuEq cut-off and likely to be mined and processed directly.
5. Stockpile material is defined as mineralization betw een a 0.30 g/t AuEq and a 0.40 AuEq cut-off that is suitable for stockpiling and future processing based on average metallurgical
recoveries as described in Note 1 above.
5) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualified Persons as defined under Canadian National Instrument 43-101
under the oversight and review of MarkPetersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.
