new gold corporate presentation - september 2013

Corporate Presentation

September 2013

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 F irst 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

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 Minera l Resource” and “Inf erred Mineral Resource” used in this presentation are Canadian mining

terms as def ined in accordance with National Instrument 43-101 (“NI 43-101”) under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral

Reserv es adopted by the CIM Council on Nov ember 27, 2010. While the terms “Mineral Resource”, “Measured Mineral Resource”, “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 t o 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 appl ied 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

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, accret ion 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

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

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: 4+ years

Mine Life: 17 years

Mine Life: 8 years

#2CANADA

#6UNITED STATES

#5MEXICO

#3CHILE

#1AUSTRALIA

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

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&I Resources (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)

$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)

440 - 480

2013 Gold ProductionGuidance (koz)

Annual Production Potentialof 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

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

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

12

Operations

Operational execution

13

$465

$418

$446

$421

302

383 387412


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

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.


Gold production

412Koz

2013 Guidance

+48Koz

+ 12%

2013

Total cash costs(2)

~$350/oz

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)



2013 Year-to-Date

Gold sales

(000s ounces)

Cash cost(1)

($/oz)

($958)36

$55353

$90251

$457193

$88253

$1,010

New Afton – Successfully commissioned

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)

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%

New Afton – Multiple avenues to unlocking value

18

• May 2013 update increased resources by 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• Commissioned January 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%

EA-31 644 708 64 0.86 1.33

EA-32 478 622 144 0.92 1.10

EA-34 744 810 66 0.90 0.93

EA-36 592 678 86 2.32 2.61

New Afton – C-Zone exploration program

19

Highlights Post C-Zone Update

Interval (m)Drill Hole Gold (g/t) Copper (%)

EA-9

C-Zone

B-Zone

Reserve

C-Zone

4,900m4,900m

Far East Extension /

Hanging Wall Lens Targets

Drilled

Planned

EA-31EA-32

EA-34

*

EA-36

EA-35

*EA-37*

EA-33

From (m) To (m)

20

Growth Pipeline

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

Significant Gold

Resource Base

Exploration

Potential

Jurisdiction

Robust Production/

Low Cash Costs

8.6 Moz(1)

Capoose/ Multiple

Regional Targets

British Columbia, Canada

~500Koz at below average

cash costs(2)

2.9 Moz(1)

El Morro Zone/

Block Cave Potential

Chile

~90Koz Au/85Mlbs Cu

at ~($700) cash costs(2)(3)

6.2 Moz(1)

Intrepid Zone/ Multiple

Regional Targets

Ontario, Canada

~225Koz at below average

cash costs(2)

Blackwater – 2013 exploration objectives

22

>1000 ppb Au

500-1000 ppb Au

250-500 ppb Au

50-250 ppb Au

Blackwater

Auro

FawnieVan 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

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

24

Value Creation

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 $50 million cash payment received from Goldcorp as part of transaction consideration.

3. New Gold purchased Richfield and Silver Quest with the deals closing on 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-M

ar-

09

31

-Jul-

09

27

-De

c-0

9

25

-Ma

y-1

0

21

-Oct-

10

19

-Ma

r-1

1

15

-Au

g-1

1

11

-Ja

n-1

2

8-J

un-1

2

4-N

ov-1

2

2-A

pr-

13

29

-Au

g-1

3

NGD Gold PriceS&P/TSX Gold Index FTSE Gold Mines IndexHUI Index

Announced $1.2bn business

combination with Western Goldfields

30-A

ug-1

3

2013 catalysts

26

2013 guidance – increased resources, production growth and lower costs

New Afton C-Zone exploration update

Blackwater/Rainy River/New Afton exploration updates

Completion of Blackwater Feasibility Study

New Afton mill to reach 12,000 tonnes per day/results of throughput increase evaluation

Resolution of El Morro temporary permit suspension

Blackwater resource update

Completion of Rainy River acquisition

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

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

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)

Appendix 1

Summary of 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.

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

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 production growth and mine life extension

New Afton - $110 million

Blackwater - $60 million

Peak Mines - $60 million

Annual sustaining capital

82%

18%

100%

50% 50%

• $90 million – continued cave and drawbell development as well as related

technical services

• Total of ~90 drawbells expected to be completed by end of 2013

• Annual drawbell development to decrease over mine life with commensurate

decrease in capital

• $15 million – capitalized exploration

• $45 million – Feasibility and related engineering studies, permitting, camp facilities/operation

• $30 million – underground development and capitalized exploration

• $30 million – equipment, mine and mill projects/maintenance

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 for phase 5

development

• $10 million – site maintenance/processing improvements

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

• $8 million – equipment components/site maintenance

New Gold’s 30% share of estimated El Morro capital cost of $23 million fully carried by

Goldcorp Inc.

Appendix 1

2013 exploration program overview

34

• New Gold’s estimated exploration budget for 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


Capitalized: $5 million


Appendix 2

2013 second quarter highlights

35



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

Appendix 2

Operational and financial summary

36



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 priceAdjusted 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

$566

$465$428 $446 $421

$297

$522

$766

$1,014

$1,130

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2008A 2009A 2010A 2011A 2012A

Appendix 2

Trend of expanding margins continues

37

Note: 1. Refer to Cautionary Statement and note on Total cash cost.

Realized gold price

(US$/oz)

$863

Cash Cost(1)

(US$/oz)

Margin

(US$/oz)

$987

$1,194

$1,460

US

$/o

z

$1,551

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


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.

Appendix 2

2013 guidance

39

• Gold production growth through full year of

production at New Afton and increased throughput and recoveries at Peak Mines

• Copper production forecast to double to 78 to 88

million pounds

• Copper and silver by-products continue to act as

natural hedge to industry-wide cost pressures

• By-product price assumptions at beginning of 2013 (consistent with 2012):

• Copper $3.50 per pound

• Silver $30.00 per ounce

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-product sensitivities:

• $0.25 per pound change in copper impacts consolidated cash costs by ~$45 per ounce

• $1.00 per ounce change in silver impacts

consolidated cash costs by ~$3 per ounce

• Year-to-date average realized copper and silver

prices have been below those originally assumed, resulting in targeted total cash costs of ~$350 per ounce

Appendix 2

2012 actuals versus 2013 guidance

40


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)

Copper Production

(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 copper and silver prices have been below those originally assumed, resulting

in targeted total cash costs of ~$350 per ounce

$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.


3. Industry data per GFMS reports calculated net of by-product credits as at YE’2012.

$600

$400

$200

To

tal C

ash

Co

sts

(US

$/o

z)(

2)

New Gold offers shareholders potential for over $375 per ounce (1) of incremental margin

$800

Incremental Margin to New Gold

Shareholders

(3)

Appendix 2

Detailed operating results/assumptions

42

Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.

2. Cerro San Pedro life-of-mine recovery: Gold – ~60%; Silver – ~25%.

2012A 2013E 2012A 2013E 2012A 2013E 2012A 2013E

Tonnes processed (000 tonnes) 14,503 14,250-14,750 16,531 12,250-12,750 778 815-835 1,970 4,000-4,200

Tonnes mined (000 tonnes) 45,666 46,000-48,000 30,905 36,000-38,000 786 1,310-1,330 903 4,300-4,500

Gold grade (g/t) 0.46 0.41-0.45 0.47 0.58-0.63 4.18 4.1-4.3 0.73 0.67-0.71

Silver grade (g/t) -- -- 21.43 13.0-17.0 -- -- -- --

Copper grade (%) -- -- -- -- 0.97% 0.80-0.84% 0.78% 0.86-0.90%

Gold recovery (%) (1) (1) (2) (2) 91.3% 90.0-92.0% 78.8% 88.0-90.0%

Silver recovery (%) -- -- (2) (2) -- -- -- --

Copper recovery (%) -- -- -- -- 86.0% 89.0-91.0% 84.5% 88.0-90.0%

Capital expenditures ($mm) $11 $20 $11 $40 $47 $60 $302 $110

Reserve grade

Gold grade (g/t) 0.57 0.50 4.99 0.65

Silver grade (g/t) -- 17.3 7.3 2.3

Copper grade (%) -- -- 1.13% 0.93%

Mesquite Cerro San Pedro Peak Mines New Afton

Appendix 3

Mesquite

43

$690

2012A 2013E

142

2012A 2013E

Key assumptions and sensitivities

• Diesel comprises ~25% of Mesquite’s total costs

• Rack diesel price most correlated to Brent oil price

• Budgeted diesel price in 2013 8% higher than

2012 average price paid

• Every 10% change in diesel price has ~$20 per

ounce impact on costs

2012A versus 2013E

• Production expected 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 production base

Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxides; ~35% for sulphides.


Gold Production(1) (Koz) Total Cash Costs(2) ($/oz)

140

130

$850

$830

Appendix 3

Cerro San Pedro

44

$232

2012A 2013E

1.9

2012A 2013E

138

2012A 2013E


• Silver price - $30.00 per ounce (2012A - $30.78 per ounce)

• Mexican Peso: U.S. foreign exchange – 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

2012A versus 2013E

• Targeting 5% increase in gold production

• Decrease in tonnes processed offset by increase in gold grade

• Increase in costs primarily driven by lower silver by-product production as well as lower price

assumption

• ~$95 per ounce of increase in costs attributable to lower silver by-product revenue

• Silver grades decreasing by ~25%

Notes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%; Silver – ~25%.


Gold Production(1) (Koz) Total Cash Costs(2) ($/oz)Silver Production(1) (Moz)

150

1401.6

1.4

$395

$375

Appendix 3

Peak Mines

45

$764

2012A 2013E

96

2012A 2013E

14

2012A 2013E


• Copper price - $3.50 per pound (2012A - $3.51per pound)

• Australian dollar: U.S. foreign exchange – 1:1

• $0.25 per pound change in copper equals ~$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

2012A versus 2013E

• Increased gold production driven by 50,000 tonne increase in tonnes processed

• Similar copper production a result of increased

tonnes processed and copper recoveries offset by lower copper grades

• Reduction in estimated cash costs a result of increased gold production and lower foreign exchange rate assumption versus average 2012

exchange rate

Gold Production (Koz) Total Cash Costs(1) ($/oz)Copper Production (Mlbs)

105

9514

12

$690

$670


Appendix 3

Peak corridor map

46

Great Cobar

~9 kilometres

Appendix 4

New Afton

47

28

2012A 2013E

37

2012A 2013E

2012A versus 2013E

• New Afton entering first full year of production in 2013 after successful 2012 start-up

• Increased gold production driven by a full year of operations as well as continued recovery improvements, partially offset by lower gold grade

• Copper production expected to more than double, driven by full year of production as well as increases in copper grades and recoveries

85

75

74

66

Gold Production (Koz) Copper Production (Mlbs)

Appendix 4

New Afton (cont’d)

48

$656

2012A 2013E

($1,043)

2012A 2013E

$1.40

2012A 2013E


• Copper price - $3.50 per pound (2012A - $3.58 per pound)

• Canadian dollar: U.S. foreign exchange – 1:1

• $0.25 per pound change in copper equals ~$220 per ounce change in New Afton by-product cash costs

• $0.01 change in Canadian dollar equals ~$15 per ounce change in New Afton by-product cash costs

Total Cash Costs(1) ($/oz)

(By-Product)


(Co-Product Copper)


(Co-Product Gold)

($1,390)

($1,410)

$590

$570

$1.30

$1.20


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

Appendix 4

Mill capacity

50

• Key considerations for increased mill throughput

include:

• SAG Mill: Flexibility to optimize mill power and burden level for finest possible product size

distribution over a wide range of ore conditions

• Ball Mill: Optimize SAG screen deck and

hydrocyclone cluster configurations for SAG/Ball Mill circuit balance; optimal Ball Mill feed size and classification efficiency

• Flotation: Capacity is adequate for substantial increase in throughput

• Concentrate Filtration: Existing capacity for incremental production increase; ample space for installation of third filter

• Tailings Pumping Capacity: Three stage variable speed pumps currently running well below maximum

capacities

Appendix 5

Rainy River – Location

51

Project Location

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

Appendix 5

Rainy River – Mineral reserves and resources

52

Mineral Resource Summary(1) Exploration Potential

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

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

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

Appendix 6

Blackwater – Area map

55

~160km to

Prince George

~112km to

Vanderhoof

Blackwater

Project

50km

80km

Capoose

Resource

Blackwater

Resource

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

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

• Project is located 112 kilometres southwest from Vanderhoof and has access to low cost hydroelectric power

• Development capital estimate of $1.8 billion is inclusive of a 24% or $346 million contingency

• Development capital estimated based on the current cost environment

• A parity foreign exchange 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 equipment salvage value

Total development and sustaining

capital estimated at $294 per

recoverable gold ounce

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

GrindingMedia/linersElectricity

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 location near infrastructure, low stripping ratio, access to low cost power and silver

by-product revenue expected to result in the Project having well below industry average cash costs

Note: 1. Refer to Cautionary Statement and note on total cash costs under the heading “Non-GAAP Measures” and PEA additional cautionary note.

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

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 def ined as mineralizat ion above a 0.4 g/t AuEq cut-off and likely to be mined and processed direct ly.

5. Stockpile material is def ined as mineralizat ion 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 1 above.

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 est imate ut ilizes average metallurgical recoveries of 88.0% gold and 64.0% silver for

oxide mineralizat ion, 85.0% gold and 58.0% silver for t ransit ional oxide/sulf ide mineralizat ion and 85.0% gold and 44.0% silver for sulf ide mineralizat ion. The 2012 year-end mineral resource est imate ut ilizes 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 est imates are based on $1,400/oz gold and $28.00/oz silver and average metal recoveries as described in Note 1 above.

Appendix 7

El Morro (30%)

61

• Goldcorp – 70% partner and project operator

• New Gold’s 30% share of capital fully-funded by Goldcorp

• Current resource entirely within La Fortuna deposit

• Neighbouring El Morro deposit underexplored

• 2012 year end update added 0.4 million ounces of

gold and 229 million pounds of copper to reserves (1)

• Addressing recent temporary suspension of environmental permit

• Chile evaluating various alternatives for a power source to northern Chilean development projects

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)

Appendix 7

El Morro overview of updated Feasibility Study

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” .

Appendix 7

El Morro project – Plan view

63

Appendix 7

La Fortuna deposit

64

2012 open pit Proven and

Probable reserves and Measured and Indicated resources

Underground Inferred

resource with block cave potential

500 metres

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%

Carried funding repayment

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 inc lude “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

Appendix 7

El Morro relative positioning(1)

67

AssetGold 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

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)

Appendix 8

Reserves and resources summary (cont’d)

69


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

Appendix 8


70


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


Appendix 8


71


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


Appendix 8


72


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


100% Basis 30% Basis

Inferred Resource statement as at December 31, 2012

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 technical Feasibility Study. New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Inferred mineral resources are not know n

w ith the same degree of certainty as Measured and Indicated resources, do not have demonstrated economic viability, and are exclusive of mineral reserves. Mineral reserves have been

estimated and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) definition standards and guidelines and Canadian National Instrument 43-101 (‘NI

43-101’).

1) Mineral Reserves for the company’s mineral properties have been calculated based on the follow ing metal prices and low er cut-off criteria:

Mineral Property Gold

(US$/oz)

Silver

(US$/oz)

Copper

(US$/lb)

Lower Cut-off

Mesquite $1,300 - - 0.21 g/t Au – Oxide reserves

0.41 g/t Au – Non-oxide reserves

Cerro San Pedro $1,300 $24.00 - US$4.33 /t NSR

Peak Mines $1,300 $24.00 $3.00 A$120 – 253/t NSR

New Afton $1,300 - $3.00 US$24/t NSR

El Morro $1,350 - $3.00 0.20% CuEq

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 classif ied 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. Additional details regarding mineral resource estimation, classif ication and reporting parameters for each of New Gold’s mineral properties are provided in the respective NI 43-101 Technical Reports w hich are available on SEDAR.

4) Blackw ater April 4, 2013 update:1. Mineral resources are reported within a conceptual open pit shell based on metal prices of $1,400/oz gold and $28.00/oz 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 transitional oxide/sulf ide mineralization and 85.0% gold and 44.0% silver for sulf ide 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) Qualif ied Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualif ied Persons as defined under Canadian National Instrument 43-101 under the oversight and review of Mark Petersen, a Qualif ied Person under National Instrument 43-101 and employee of New Gold.

Appendix 9

Commodity price/foreign exchange assumptions

75

Guidance assumptions

Spot:

2013

Gold price ($/oz) 1,600

Silver price ($/oz) 30.00

Copper price ($/oz) 3.50

USD/AUD 1.00

USD/CAD 1.00

USD/MXN 13.00

Spot

Gold price ($/oz) 1,395

Silver price ($/oz) 24.20

Copper price ($/oz) 3.30

USD/AUD 0.90

USD/CAD 0.95

USD/MXN 13.00

Contact information

76

Investor Relations

Hannes PortmannVice President, Corporate Development

416-324-6014

[email protected]