2015 Third Quarter

Results WebcastOctober 29, 2015

Speaker

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Randall Oliphant

Executive Chairman

Cautionary statements

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this presentation,other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements arestatements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,“targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”,“could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this presentation include, among others, thestatements under the headings “Consolidated Year-To-Date Operational Results and 2015 Guidance” and “Financial Update” and statements with respect to: guidance for production; total cashcosts and all-in sustaining costs, and the factors contributing to those expected results, as well as expected capital expenditures; mineral reserve and mineral resource estimates; grades expectedto be mined at the Company’s operations; the expected production, costs, economics and operating parameters of the Rainy River project; planned activities for 2015 and beyond at the Company’soperations and projects, as well as planned exploration activities; expected production for the Blackwater project; targeting timing for commissioning and full production (and other activities) relatedto Rainy River and the sequencing of Blackwater; statements with respect to the ability of the parties to satisfy the conditions of and complete the sale of New Gold’s interest in the El Morro propertyto Goldcorp Inc. (“El Morro sale”); the ability of Teck Resources Limited and Goldcorp Inc. to satisfy the conditions of and complete the El Morro – Relincho joint venture (“Project Corridor”); andstatements with respect to the payment of the remaining $75 million from Royal Gold.

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. Certain material assumptions regarding such forward-looking statements are discussed in this presentation, NewGold’s annual and quarterly management’s discussion and analysis (“MD&A”), its Annual Information Form and its Technical Reports filed at www.sedar.com. In addition to, and subject to, suchassumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are also subject to the following assumptions: (1) there being no significant disruptions affectingNew Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) theaccuracy of New Gold’s current mineral reserve and resource estimates; (4) the exchange rate between the Canadian dollar, Australian dollar, Mexican peso and U.S. dollar being approximatelyconsistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costsincreasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of Rainy River and Blackwater being consistentwith New Gold’s current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expectedtimelines; (9) the results of the feasibility studies for the Rainy River and Blackwater projects being realized; (10) commodity prices and exchange rates being consistent with those estimated forpurposes of 2015 guidance; (11) conditions of the El Morro sale, and the conditions to closing of Project Corridor, being satisfied in a timely manner; and (12) conditions to the payment of theremaining $75 million from Royal Gold being satisfied mid-2016.

Forward-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:significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and othercommodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; discrepancies betweenactual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local governmentlegislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations andpolitical or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtainingand maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, butnot limited to: in Canada, obtaining the necessary permits for the Rainy River and Blackwater projects; delay or failure to receive regulatory approvals or the failure to satisfy other closing conditionsto the El Morro sale or Project Corridor; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization; and in Chile, where certain activitiesat El Morro have been delayed due to litigation relating to its environmental permit; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of politicalpressure, corruption or other factors 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; diminishingquantities or grades of reserves and resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities;uncertainties inherent to mining economic studies including the feasibility studies for Rainy River and Blackwater; the uncertainty with respect to prevailing market conditions necessary for a positivedevelopment decision at Blackwater; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims tomineral properties; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Aboriginal groups; risks, uncertainties and unanticipated delaysassociated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the environmentalassessment process for Blackwater. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events andhazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to coverthese risks) as well as “Risk Factors” included in New Gold’s disclosure documents filed on and available at www.sedar.com.

Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-lookingstatements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

The footnotes, endnotes and appendices to this presentation contain important information. The endnotes and appendices are found at the end of the presentation.

ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED

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2015 third quarter highlights

Production Costs Financial

Balance Sheet Corporate Developments Rainy River

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 net cash generated from operations before changes in working capital under the heading “Non-GAAP Measures”.

122,580oz - Gold

$385million

Cash balance at September 30, 2015

Construction advancing

on schedule

Site earthworks over 50%

complete and key initial

mining equipment

successfully commissioned

Further strengthened

financial flexibility through

two previously announced

transactions

• Rainy River streaming

transaction

• Sale of El Morro

$495per oz

Total cash costs(1)

$788per oz

All-in sustaining costs(2)

$51million

Net cash generated from operations

$58million

Net cash generated from operations before changes in working capital(3)

24.6mlbs - Copper

New Afton 27 (533) (20) 75 (769) (203)

Mesquite 43 718 892 92 800 1,300

Peak Mines 21 894 1,250 55 941 1,302

Cerro San Pedro 32 731 749 82 852 866

Consolidated(3) 123 495 788 304 464 895

New Afton co-product costs(1)

Gold ($/oz) 471 671 476 682

Copper ($/lb) 0.94 1.33 1.01 1.44

Mine-by-mine operating results

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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. Consolidated all-in sustaining costs includes corporate general and administrative expenses.

4. For the nine months ended September 30, 2015.

5. Figures may not add due to rounding.

2015 THIRD QUARTER

Gold production

(000s ounces)

Cash costs(1)

($/oz)

All-in sustaining

costs(2) ($/oz)

2015 YEAR TO DATE(4)

Gold production

(000s ounces)

Cash costs(1)

($/oz)

All-in sustaining

costs(2) ($/oz)

NEW AFTON

2015 THIRD QUARTER

Co-product

cash costs(1)

Co-product all-in

sustaining costs(2)

NEW AFTON

2015 YEAR TO DATE(4)

Co-product

cash costs(1)

Co-product all-in

sustaining costs(2)

Consolidated financial summary

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Three months ended Sept 30 Nine months ended Sept 30

2015 2014 2015 2014

Revenues ($ million) $177 $169 $514 $538

Operating margin(1) ($ million) 72 75 211 250

Adjusted net (loss)/earnings(2)

($ million)(9) 5 (14) 32

Adjusted net (loss)/earnings per share(2)

($/share)(0.02) 0.01 (0.03) 0.06

Net (loss)/earnings ($ million) (158) (60) (192) (45)

Net (loss)/earnings per share ($/share) (0.31) (0.12) (0.38) (0.09)

Net cash generated from operations

before changes in working capital(3)

($ million)

58 79 189 241

Net cash generated from operations

($ million)51 58 178 199

1. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.

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

3. Refer to Endnote on net cash generated from operations before changes in working capital under the heading “Non-GAAP Measures”.

AVERAGE REALIZED PRICES

$1,236

$1,117

GOLD ($/oz):

(10%)

$3.11

$2.23

COPPER ($/lb):

(28%)

$19.66

$14.72

SILVER ($/oz):

(25%)

Corporate developments

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~$330 million improvement in financial position

without equity issuance

JULY 2015

AUGUST 2015

Sale of $175 million Rainy River stream to Royal Gold

Sale of 30% interest in El Morro to Goldcorp

• The two transactions collectively increased our liquidity position by ~$235 million and eliminated

$94 million of debt(1)

1. Assumes completion of El Morro transaction and receipt of second installment of $75 million from Royal Gold. Completion of the sale of New Gold’s interest in El Morro is conditional on the closing of the El Morro-Relincho joint venture between

Goldcorp Inc. and Teck Resources Limited as well as other key conditions. Second installment of $75 million is to be paid when 60% of development capital spent and other customary conditions are satisfied.

Rainy River funding

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$385

~$710

$135

$238

• Stream proceeds of $175 million

together with $60 million cash

proceeds from

El Morro transaction provide

meaningful contribution towards

funding Rainy River

• Amount of free cash flow

generated over next two years

to determine if any draw

required on credit facility

• Sustaining free cash

flow(1) of over $270 million

over last two years

Liquidity Rainy River

Development

Cash Balance Sept 30/15

Remaining Proceeds from

El Morro(2) and Stream(3)

Rainy River Remaining

Development Capital(4)

1. Sustaining free cash flow is equal to cash generated from operations less sustaining capital expenditures from October 1, 2013 to September 30, 2015.

2. El Morro cash proceeds net of tax. Completion of the El Morro transaction is subject to certain conditions.

3. Second instalment of $75 million to be paid when 60% of development capital spent and other customary conditions are satisfied.

4. As at September 30, 2015.

Available Credit Facility

Sustaining Free Cash Flow

from Operations(1)

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Rainy River update

Rainy River

• Detailed engineering completed

• Temporary accommodation facility

completed

• Relocation of Highway 600 – over 45%

complete and on schedule for completion in

December 2015

• Plant Site earthworks – over 50% complete

• Concrete placement – over 15% complete

• First structural steel erected on

October 7th

• Assembly of initial mine fleet ongoing –

commissioned two 218-tonne trucks, one

hydraulic shovel, one loader, three dozers

and two blasthole drills

• No Lost Time Incidents since the company

acquired the project in 2013

Commencement of structural steel erection

Aerial view of grinding building foundation

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Rainy River – Committed to date(1)

Description EstimateTotal Spent /

Committed

Direct Costs

Mining 157 70

On-Site Infrastructure 88 50

Process Plant 298 187

Tailings Facility 61 30

Access Corridor 16 13

Off-Site Facilities 22 10

Total Direct Capital Costs 641 360

Owner's and Indirect Costs

Other Indirects 150 90

Owner's Costs 87 60

Total Owner's & Indirect Capital Costs 237 150

Total Project $877 $510

PROJECT DEVELOPMENT CAPITAL COSTS ($mm)(2)(3)

~58% of total capital

spent/committed to date

1. As at September 30, 2015.

2. Current plan based on $1.25 C$/US$ foreign exchange rate. Contingency has been distributed across the cost items.

3. Numbers may not add due to rounding.

SPENT TO DATE(1)

$168 million

FIXED PRICE AND

QUANTITIES

$137 million

FIXED UNIT PRICES,

VARIABLE QUANTITIES

$205 million

Detailed engineering completed

Multiple growth initiatives(1)

111. Based on ~325Koz annual production from Rainy River (first nine years) and ~485Koz annual production from Blackwater (first nine years) as outlined in the feasibility studies for the projects.

Successfully Commissioned

• New Afton mill expansion

Construction

• Rainy River – 325 Koz of

annual production

Permitting

• Blackwater – 485 Koz of

annual production

Engineering/Planning

• New Afton C-zone

• El Morro

New Gold has multiple organic growth options in its portfolio

2015E GOLD

PRODUCTION

BLACKWATER

RAINY RIVER

NEW AFTON

EXPANSION

390-430 Koz

Conclusion

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Establishing the

leading intermediate

gold company

Rainy River to almost double

today’s production at lower costs

Rainy River 20 months

from start-up

Strengthened balance sheet;

Rainy River fully funded

Solid sustaining

free cash flow generated

Strong operating quarter; momentum

to continue into fourth quarter