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Investors TourMay 2019

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 information contained within this presentation, including any information relating to New Gold’s future financial operating performance are “ forward-looking”. All statements in this

presentation, other than statements of historical fact, which address events or developments that New Gold expects to occur are “forward-looking”. Forward-looking statements are statements that

are not historical 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 connotations of such terms forward-looking statements in this presentation include, among others, statements with respect to:

guidance for production, total cash coast and all–in sustaining costs; the results of the Rainy River Feasibility Study, including the expected production and costs; production potential and costs at

New Gold’s other projects planned activities for 2015 and beyond at the company’s projects; the permitting activities and environmental assessment process; targeted throughput and recovery

increase at New Afton; and targeted timing for completion of the New Afton Mill expansion.

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 and

uncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding forward-looking statements are discussed in this presentation, New Gold’s

MD&As, its Annual Information Form and its Technical Reports filed at www.sedar.com. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking

statements in this presentation are also subject to the following assumptions: (1) there being no significant disruption affecting New 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) the accuracy of New Gold’s current mineral reserves and resource

estimates;(4) the exchange rate between the Canadian dollar, Australian dollar, Mexican 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 with current levels; (6) labour and materials cost increases on a basis consistent with New Gold’s current expectations; (7)

permitting and arrangements with First Nations and other Aboriginal groups in respect of Rainy River and Blackwater being consistent with New Gold’s current expectations; (8) all environmental

approvals, required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders with the expected timelines.

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 actual

results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation:

significant capital requirements and the availability and management of capital resources; price volatility in the spot and forward markets for commodities; 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 between estimated and actual production, between actual and

estimated reserves and resources and between estimated and actual 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 currently or may in the future carry on business; taxation, controls; regulations and political or economic developments in the countries in which

New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risk of obtaining and maintaining the validity and enforceability of the

necessarily licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: the uncertainty inherent to current

and future legal challenges New Gold is or may become party to; diminishing quantities or grades of reserves and resources; competition; loss of key employees; additional funding requirements;

rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic; changes in project parameters as plans

continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and

accommodating rights of First Nations and other Aboriginal groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and

authorizations and complying with permitting requirements. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including

environmental events and hazards, industrial accidents, unusual or expected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to

obtain insurance to cover these 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 claims ant intentional or obligation to update or revise any forward-looking

statements whether a result of new information, events or otherwise, except in accordance with applicable securities law.

The foot notes and end notes to this presentation contain important information. The end notes are found at the end of the presentation.

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Block Caving at New Afton

4

$480-$520 per oz

• Execute Supergene

Preparation Plan

• Complete early thickener

purchase

• Initiate Pothook Dredging

program

AISC Co-Product Cost Production: Gold Copper Capital ($M)

Mining Processing

Gold (oz) 55k-65k

Copper (Mlbs) 75-85

• Development ramp up to

400m/month

• Maximize production from Lift 1

by expanding rehab strategy

• Grow our workforce by 63

employees

$0.95-$1.15 per lb

Proud past, bright future – Together We Succeed

• Deliver exceptionally high

equipment availability and

reliability

• Reorganize for rapid

development and prepare for

large scale automation

• Execute reliability plan

Maintenance

Sustaining $45-$55

Growth $40-$45

$810-$890 per gold eq. oz Gold eq. Production (oz)

215-245

New Afton 2019 Guidance and Highlights

New Afton Q1 Production Highlights

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6

Safety Performance

1.3 Million Hours LTI Free

(16 months)!

New Afton Achievements / Successes

• 2018 JT Ryan Regional Safety Award (5th consecutive year)

• 2018 Large Underground Mine Award recipients

• Coached UBC all female Mine Rescue team to become overall champions of Mine

Emergency Response Development competition in Denver Colorado

Improvement Initiatives

• Fatal Risk Review

• 2018 Injury Trend Analysis

• Quarterly Industrial Hygiene monitoring communication implementation

Challenges

• Safely integrating new inexperienced miners

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Health and Safety Update

• New Gold’s value of “Doing the Right

Thing” vital for 2019 permitting

• Strong relationship with Stk'emlúpsemc

te Secwépemc (SSN) is key

• Tk'emlúps te Secwépemc

• Skeetchestn Indian Band

• Government recognizes that New Afton

is proactive in addressing risks

• Continued attention to strong health and

safety, environment and operational

performance in 2019 will support

permitting

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Environment, Permitting and Lands

New Gold – New Afton

Our Values

Integrity, Creativity, Commitment, Teamwork, Develop our Employees

Our Employees

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Three months ended March 31 2019

Total # of Employees on Payroll 446 100%

Employees from BC 413 93%

Employees hired from Kamloops region 356 80%

Employees hired from BC, outside Kamloops 57 13%

Employees from outside BC 29 6%

First Nations Employees 100 22%

First Nations Employees from TteS and SIB 31 7%

Female Employees 60 13%

Male Employees 386 86%

Human Resources Update

People - Inspire excellence and create opportunities to do great work

Updated Results (As of April 30):

Noteworthy:

• Communications - New Afton App launch

• Leadership assessment, 360 feedback and development plan for potential leaders

• Mental health guest speaker, Wellness Challenge launch

• Underground mining training program

• Partnership with TRU School of Trades and Technology and BC Centre of Training Excellence in

Mining (CTEM) Curriculum. Three Cohorts (40 Participants of which 12.5% Female, 27% Aboriginal,

100% recruited from the local community)11

CURRENT

51% Complete

CURRENT

40 Day Average

CURRENT

15 Development Roles

Social Responsibility - Recognized as a Partner of Choice

Updated Results:

• Continue to strengthen relations with SSN partners - Secwépemc cultural awareness language session, Participation Agreement HR Strategy document update

• All departments have participated in at least 1 community event against annual target of >3

• Community Engagement Development Management System (CEDMS) – Internal audit complete with actions in tracking system

Noteworthy:

• Community Advisory Feedback Solicitation Process

• Social Closure Plan - Steering Committee established with intent of collaborative approach with communities of interest

• Events - Boogie the Bridge, Mining Day, Meet-a-Machine, Safety in Schools Program for High School students, Food Bank volunteering, Literacy in Kamloops Spelling Bee, Chamber of Commerce Mining Day luncheon presentations, Locking in Hope with Kamloops Foodbank – to name a few

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Social Responsibility Update

Community Involvement

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New Afton Key Challenges & Opportunities:

Mine Production

Challenges

• Wet conditions continue to be present underground

• Convergence and Drawpoint availability

• Copper head grade below budget but within block model error

Opportunities

• Move Sandvik Automine operators to surface in Q2 2019 for production during blast gas

clearing

• Reduce West Cave draw and increase East Cave draw

Mill Metal Production

Challenges

• Maximizing recovery performance under complex and variable feed mineralogy

• Maximizing sales revenue during supergene period

Opportunities

• Attaining Jig utilization target by installation of new pump system in May

• Completing Phase II GRC project and tertiary cyclone upgrade for September operation

• Flotation circuit updates to tailor individual unit recovery

• Secondary Collector testing to potentially increase recovery

Outlook and Forecast

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CO-PRODUCT COSTS

New Afton - an Integrated Approach

• Cost and Operational synergies when

combined with Lift 1 and B3

• ≈75% of total capital are related to

underground activities and equipment

• Exploration program launched below C-zone

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HIGH WRAP AROUND

STRESSES ON EXTMOVING THE STRESS

FURTHER DOWN

ORIGINAL DESIGN SPLIT LEVEL DESIGN

C-zone – Cave Design

• Changes to the mine design

• North and South stress shadow ‘Split Level Cave’ design to mitigate high horizontal stress damage.

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C-zone – Managing Geotechnical Risks

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

0.35 0.45 0.55 0.65 0.75 0.85 0.95

Risk of Damage Extraction Level New Afton Mine

Global Rock Mass Strength / Induced Vertical Stress

Cu

mu

lati

ve %

0.05 0.15 0.25

Co

llap

se

Seve

re S

qu

ee

zin

g

Min

or

Squ

ee

zin

g

Few

Issu

es

Original C-zone Design

36% Severe Squeezing

C-zone Revision 2 Model (April, 2018)

23% Severe Squeezing

West Cave Current

18% Severe Squeezing

C-zone Revision 3Model (Sept., 2018)

15% Severe Squeezing

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B3 and C-zone Project Development

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Mill Ore Production Profile

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Project Status Updates:

Phase I Early Results:

• GRC Phase I (jigs) benefit to overall Cu recovery on target at 1.0%.

• Results continue to improve through early optimization and increasing supergene content.

• GRC Phase I pump system upgrade in May 2019

• GRC Phase II commissioning after August 23rd, 2019 mill shutdown

• Phase II scope is 2 existing batch Knelson XD40s in regrind circuit and 1 Knelson CVD42 in tertiary

circuit

Supergene Recovery Performance

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Thickened & Amended Tailings

• Design Basis

• Discharge of non-flowable, thickened and cemented tailings into the historic Afton

open pit

• Thicken tailings to 58-62% solids, return supernatant water to

mill

• Amend thickened tailings with cement to increase strength

and reduce free water

• Pump thickened and amended tailings to discharge location

• Reclaim bleed water back to process

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Thickened and Amended Tailings Project

• 30% 3D Model TAT Project.

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NATSF

HATSF

No perimeter expansion

of 1m subsidence contour

Deepening of subsidence bowl

tracking East Cave draw

ARTIFICIAL – Waste Borrow

Area for TSF

Summary Notes

Boundary of 1m

subsidence contour

static since 2017

No anomalous behavior

seen in any of the

surface & subsurface

instruments

Further real time data

hook ups done on

instruments during Q1

Gradual expansion of East

Cave breakthrough seen in Pit

Subsidence Update

• Heading

• Content

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Subsidence Tracking

Subsidence expression is tracking the model

Maintenance Asset Performance

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Availability (actual)

Reliability (actual)

Availability Target

Reliability Target

80

85

90

95

100

J F M A M J J A S O N D

Mobile Equipment

80

85

90

95

100

J F M A M J J A S O N D

Mill

97.6% YTD Availability

60

65

70

75

80

85

90

95

100

J F M A M J J A S O N D

Crushing & Conveying

87.5% YTD Availability

87.5% YTD Availability

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Investors TourMay 2019

Exploration

2019 Exploration Program

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Sub Level Cave (SLC)

• Potential to extend LOM plan ~1 year

• Zone remains open to southwest

D-zone

• Testing down plunge potential below C-zone

reserve

• Targeting C-zone scale or greater resource

growth

Cherry Creek Corridor

• Located within 3 kilometres of New Afton mill

• 12 kilometre trend of prospective alteration

and copper-gold mineralization

Mine FootprintAfton Pit

Sub-Level Cave

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• Delineation drilling to test potential add resources add

B3 extraction level adjacent to planned infrastructure

• 9,100m in 46 core holes completed to date

• Results to be incorporated into updated 2019 year-

end R&R estimates and Life-of-Mine plan

Drill Hole From (m) To (m) Interval (m) Au (g/t) Cu (%)

EA19-202 88 156 68 1.85 2.97

includes 94 122 28 2.89 4.33

EA19-204 132 157 25 2.48 0.74

includes 146 154 8 5.01 0.95

EA19-210 124 152 28 1.43 0.51

EA19-213 164 222 58 0.74 0.56

includes 164 174 10 1.42 1.34

EA19-215 74 106 32 1.75 2.42

122 152 30 1.64 0.90

includes 152 154 2 48.90 1.73

EA19-217 38 46 8 2.33 1.80

80 158 78 1.01 1.41

includes 82 130 48 1.27 1.96

158 160 2 20.00 2.52

160 176 16 2.08 0.31

includes 166 172 6 3.80 0.57

EA19-228 62 104 42 0.56 0.59

164 226 62 1.20 1.11

includes 172 200 28 1.98 1.70

EA19-230 50 135 85 1.31 1.57

SLC Drill Highlights

D-zone

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• Testing pinch and swell geometry to verify potential for

zone of productive mineralization to re-widen laterally and

down plunge

• 20% of program completed – 1,630 m in 2 completed holes

• ~8,000 metres in 10 holes planned

• Drilling to continue through Q3 with assessment of results

in Q4

Surface Exploration – Cherry Creek Prospects

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Cherry Creek Corridor

• 12 kilometre trend of prospective geochemical and alteration anomalies along major regional scale fault

zone

• Geophysical and geochemical targeting surveys in early Q3

• ~7,500 meter first pass reconnaissance drilling commencing Q4

• Significant discovery potential for near-surface epithermal gold and underlying porphyry copper-gold

system

Appendix – Guidance tables

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Appendix – Guidance tables (contd.)

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• Double-click icon for full-page

Apendix – Exploration

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Appendix – Exploration (contd.)

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