print version cibc whistler conference - january 23-25, 2013

CIBC Whistler 2013 Investor Conference | Whistler

January 23-25, 2013

2 CIBC Whistler 2013 Investor Conference | January 23-25, 2013 2

Cautionary statement

All monetary amounts in U.S. dollars unless otherwise stated

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 may be deemed "forward looking". All statements

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

are statements 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", "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. All such forward-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 factors and uncertainties, many of which are beyond 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 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; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and

Chile; price volatility in the spot and forward markets for commodities; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated

production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in international, 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 risks of

obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction that New Gold operates,

including, but not limited to obtaining the necessary permits for the Blackwater project, in Mexico where the Cerro San Pedro mine has a history of ongoing legal challenges related to our EIS

and Chile where the courts have temporarily suspended the approval of the environmental permit for the El Morro project; the lack of certainty with respect to foreign legal systems, which may

not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges the

company is or may become a party to,; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or

reclamation activities; 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. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, 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 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 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance

with applicable securities laws.


Cautionary statement (cont’d)

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

Information concerning the properties and operations discussed in this presentation has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and

may not be comparable to similar information for United States companies. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral

Resource" used in this presentation are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum

("CIM") Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms "Mineral Resource", "Measured Mineral Resource",

"Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian regulations, they are not defined terms under standards of the United States

Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization

could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this presentation concerning descriptions of

mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements

of the United States Securities and Exchange Commission. An "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It

cannot be assumed that all or any part of an "Inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not

form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Mineral

Reserves. Readers are also cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists, or is economically or legally mineable. In addition, the definitions of "Proven

Mineral Reserves" and "Probable Mineral Reserves" under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.

TECHNICAL INFORMATION

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

(1) TOTAL CASH COSTS

“Total cash costs” per ounce figures are calculated in accordance with a standard developed 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 cost of production in

North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total

cash costs on a sales basis. Total cash costs includes mine site operating costs such as mining, processing, administration, royalties and production taxes, but is exclusive of amortization,

reclamation, capital and exploration costs. Total cash costs are reduced by any by-product revenue and are then divided by ounces sold to arrive at the total by-product cash costs of sales.

The measure, along with sales, is considered to be a key indicator of a company’s ability to generate operating earnings and cash flow from its mining operations. This data is furnished to

provide additional information and is a non-IFRS measure. Total cash costs presented does not have a standardized meaning prescribed by IFRS and may not be comparable to similar

measures presented by other mining companies. It should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily

indicative of operating costs presented under IFRS. A reconciliation will be provided in the MD&A accompanying the quarterly financial statements.

(2) PEA – ADDITIONAL CAUTIONARY NOTE

This note regarding the preliminary economic assessment (PEA) is in addition to cautionary language already included within the presentation as required under NI 43-101. The Blackwater

PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable

them to be categorized as mineral reserves, and there is no certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserves do not

have demonstrated economic viability.


The evolution of New Gold

History of accretive growth

Track record of delivering on plans

Successfully commissioning New

Afton

Lowering costs, expanding margins

and increasing cash flow

Growing resources

Further strengthening team

Increasing net asset value

Doubling gold production

organically

Developing world-class assets

Blackwater – Summer 2012


0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

500%

1-J

un-0

9

26

-Oct-

09

22

-Mar-

10

16

-Aug

-10

10

-Jan

-11

6-J

un-1

1

31

-Oct-

11

26

-Mar-

12

20

-Aug

-12

14

-Jan

-13

NGD Gold Price S&P/TSX Gold Index FTSE Gold Mines Index HUI Index

18-J

an-1

3

Completed $1.2bn business

combination with Western Goldfields

Closing of Richfield

acquisition

History of accretive growth

+266%

(7%)

(11%)

+73%

+8%

Source: 1. Bloomberg. All amounts in USD.

Note: 2. S&PTSX Gold Index includes 59 gold companies in various stages of development/production.

3. FTSE Gold Mines Index includes 26 gold producing companies.

4. HUI Index includes 15 of the major global gold producers.


$566

$465$418

$446$410-430

$0

$100

$200

$300

$400

$500

$600

233

302

383 387405-445

0

50

100

150

200

250

300

350

400

450

Project development and operational execution

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

2. 2009 and 2008 costs shown based on Canadian GAAP.

Gold production(1) (000s ounces)

Total cash cost(1)(2) ($/oz)

2008

Actual

2009

Guidance

2009

Actual

2010

Guidance

2010

Actual

2008

Actual

2009

Guidance

2009

Actual

2010

Guidance

2010

Actual

2011

Guidance

2011

Actual

2011

Actual

2011

Guidance

2012

Guidance

2012

Guidance

Successfully brought Cerro San Pedro, Mesquite and New Afton into production on, or ahead of, schedule


Management and Board of Directors

EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS

Randall Oliphant, Executive Chairman

Robert Gallagher, President & CEO

Brian Penny, Executive VP and 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


-

10

20

30

40

50

2009 2010 2011 Today

Growing resource base in solid jurisdictions

Operating assets

Development projects

Notes: 1. Excludes resources from Amapari which was sold in April 2010.

2. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves, and Capoose Indicated Resources of 384koz.

3. New Gold holds a fully carried 30% interest in the El Morro project.

Peak Mines

Cerro San

Pedro

El Morro(3)

New Afton

Blackwater

Mesquite

Measured & Indicated Gold Resources per 1,000 shares

Track record of increasing M&I gold

resources on a ‘per share’ basis

(1)


Cost trends: New Gold versus industry(1)(2)

Notes: 1. Industry data per GFMS reports calculated net of by-product credits as at Q3’2012.

2. Refer to Cautionary Statement and note on Total cash cost.

Gold price

(US$/oz)

$297 Margin

(US$/oz)

$863

$1,014

$1,460 +69%

+241%

New Gold provides leverage to gold price

$566

$465

$418$446

$410-$430

$464

$478

$557

$643

$736

2008 2009 2010 2011 2012E

$800

$600

$200

$400

To

tal C

ash

Co

sts

(U

S$/o

z)(

2)

(1)


Highlights

• Located 10 kilometres from Kamloops, British

Columbia

• Dedicated labour force

• Commercial and full production achieved ahead

of schedule

• Potential to double New Gold’s cash flow at

today’s prices

New Afton - Successfully commissioned

LOM Average Annual

Production

Gold

85Koz

Copper

75Mlbs

LOM Cash Costs(2)

($1,750)/oz

$525/oz

$1.15/lb

by-product

Gold

1 Moz

Copper

1 Blbs

Reserves(1)

Production and Costs

co-product(3)

Extracting ore from underground

Notes: 1. Refer to website for detailed disclosure on Reserve and Resource calculations.

2. Refer to Cautionary Statement and note on Total cash cost.

3. Co-product cash cost calculated based on relative percentage of gold and copper revenue, respectively.


New Afton – Looking to unlock additional value

C-Zone exploration

Mill optimization beyond 11,000 tpd

Regional exploration – 111km2 land package

Value Enhancement Opportunities

Ore stockpile Conveyor

Mill building


El Morro (30%) – A world class project

El Morro (30%)

Location Chile

Mine type Open Pit

Reserves1 – Gold/Copper (Moz/Mlbs) 2.5/1,868

Resources1 – Gold/Copper (Moz/Mlbs) 3.0/2,193

Estimate mine life 17 years

LOM production/yr (Au koz/Cu Mlbs)2 90/85

LOM cash cost/oz co-product (Au/Cu)3 $550/$1.45

Copper Reserve(1)

1.9 Blbs

Gold Reserve(1)

2.5 Moz

• On June 27, 2012 Ontario Superior Court of Justice

validated New Gold/Goldcorp partnership at El

Morro

• Capital fully-funded by 70% partner Goldcorp

• 1.2 Moz inferred gold resource at higher gold and

copper grades in deeper portion of La Fortuna

deposit

• Current Resource entirely within La Fortuna deposit

• Neighbouring El Morro deposit underexplored

• Addressing recent temporary suspension of

environmental permit

Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves. El Morro Reserves and Resources shown on attributable 30% basis.

2. Refer to Cautionary Statements.

3. Refer to Cautionary Statements and note on Total cash cost. Life of mine co-product costs based $1,200/oz gold and $2.75/lb copper.


Blackwater – A robust project

Blackwater

Location Canada

Proposed mine type Open Pit

M&I Resources1 – Gold/Silver (Moz) 7.5/36.9

Inferred Resources1 – Gold/Silver (Moz) 2.7/28.3

Targeted production2 2017

• Consolidated significant land position – 1,000km2

• Year-round accessibility for drilling/development

• Central British Columbia near infrastructure

• Ability to fund continued exploration/development

internally

– Development capital $1.8 billion including 24%,

or $346 million contingency

• Tax synergies with New Afton

Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations.

2. Blackwater start date based on indicative timeline which is dependent on continued exploration success, environmental approvals and the determination that the deposit is economically viable.

3. Averages based on first 15 years of production. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.

Average Annual Gold Production(3)

507,000 ounces

Average Total Cash Costs(3)

$536 per ounce

Preliminary Economic Assessment


Preliminary Economic Assessment (“PEA”) in review(1)

Gold Price (US$/oz) $1,275 $1,600 $1,775 $1,800

Silver Price (US$/oz) $22.50 $30.00 $34.50 $35.00

US$/CDN$ Foreign Exchange 0.94 0.97 1.00 1.00

5% NPV ($ billions) (2015)

Pre-tax NPV 1.7 3.3 4.2 4.3

After-tax NPV 1.1 2.2 2.8 2.9

IRR (%)

Pre-tax IRR 16.4 25.9 30.4 31.1

After-tax IRR 14.0 22.0 25.8 26.4

Payback period (years)

Pre-tax payback period 4.7 3.0 2.6 2.5

After-tax payback Period 4.8 3.1 2.7 2.6

Highlights

• Initial gold production targeted for 2017

• First five years – average annual gold production of 569,000 ounces at total cash costs(1) per ounce sold,

net of by product sales, of $467 per ounce

Note: 1. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.

Blackwater expected to generate solid economic returns in current capital cost environment, even when

using a long-term gold price assumption of US$1,275 per ounce

Base Case Spot Case

September 20, 2012


Blackwater – Area map

~160km to

Prince George

~112km to

Vanderhoof

Blackwater

Project

50km

80km

Capoose

Resource

Current

resource grid


Blackwater – Indicative timeline

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

• Remains unchanged from mid-2011 targeted timeline

Reflects critical path in timeline


A future of growth

• El Morro and Blackwater expected to double New Gold’s gold production by 2017 at low cost

387405 - 445

~450 - 500

200

400

600

800

1,000

2011A 2012E 2013E 2017E

Go

ld p

rod

ucti

on

(th

ou

san

d o

un

ces)

2013 Guidance -

February 5, 2013


$1.00

$3.00

$5.00

$7.00

$9.00

$11.00

$13.00

$15.00

1-J

un-0

9

26

-Oct-

09

22

-Mar-

10

16

-Au

g-1

0

10

-Ja

n-1

1

6-J

un-1

1

31

-Oct-

11

26

-Ma

r-1

2

20

-Au

g-1

2

14

-Ja

n-1

3

Share price

NAVPS

P/NAV

Completed $1.2bn business combination with Western Goldfields

Closing of Richfield acquisition

High~1.5x

High~1.5x

High~1.5x

High~1.5x

Low~0.7x

Current~1.0x

18-J

an-1

3

Net asset value per share appreciation

US

$ N

AV

an

d S

hare

pri

ce

Source: Broker Reports, Company Estimates and Announcements, Bloomberg.

Notes: 1. Street consensus NAV.

2. Current street consensus NAV for El Morro; Includes $50mm cash payment received from Goldcorp as part of transaction consideration.

3. New Gold purchased Richfield for C$480 million and Silver Quest for C$110 million. The deals closed on June 1, 2011 and December 23, 2011, respectively.

6/1/09 Today

354% increase in NAVPS

266% increase in share price

Mesquite, Cerro San Pedro, Peak

New Afton

El Morro(2)

~ $875 $1,775

~ $120 $1,491

~ $40 $694

Net Asset Value(1)

Blackwater(3)

$-- $1,451


The New Gold investment thesis

EXPERIENCED BOARD AND MANAGEMENT

FULLY FUNDED COMPANY WITH STRONG BALANCE SHEET

DIVERSIFIED ASSET BASE IN MINING FRIENDLY JURISDICTIONS

ORGANIC GROWTH OPPORTUNITIES/METAL OPTIONALITY

PRODUCTION GROWTH/MARGIN EXPANSION

INCREASING UNDERLYING ASSET VALUE

MULTIPLE CATALYSTS

COMPELLING INVESTMENT PROPOSITION


Appendix

Appendices

Page

1. Financial information 21

2. Operating performance 27

3. New Afton 30

4. El Morro 35

5. Blackwater 38

6. Reserves and resource notes 58

7. Commodity price/foreign 63

exchange assumptions


Summary of debt

Undrawn Credit

Facility

Senior Notes

(April 2012)

Senior Notes

(November 2012)

El Morro

Funding Loan

Face Value $150 million(1) $300 million $500 million $56 million

Maturity 3 years 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 ~106 ~102 n/a

Key features Normal financial

covenants

Interest Rate

• 3% over LIBOR

based on ratios

• Standby fee of

0.75%

• 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


Trend of expanding margins continues

Appendix 1

$566

$465$428 $446

$543$472 $443

$297

$522

$766

$1,014

$1,032

$1,014$1,117

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2008A 2009A 2010A 2011A Q1'12 Q2'12 Q3'12

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

$1,575

$1,486 $1,560


2012 third quarter financial highlights

Adjusted Net Earnings per Share

($ per share)

Earnings from Mine Operations

($ millions)

Net Cash Generated from Operations

($ millions)

Cash Generated from Operations before Working Capital

($ millions)

$77 $76 $78 $76

-

$25

$50

$75

$100

Q3'12 Q2'12 Q1'12 Q3'11

$0.09$0.10 $0.10

$0.11

-

$0.05

$0.10

$0.15

Q3'12 Q2'12 Q1'12 Q3'11

$91$80 $82 $80

-

$25

$50

$75

$100

Q3'12 Q2'12 Q1'12 Q3'11

$47 $46$37

$71

-

$25

$50

$75

$100

Q3'12 Q2'12 Q1'12 Q3'11

Appendix 1


2012 third quarter operating results

2012 Third Quarter

Gold sales

(000s ounces)

Cash cost(1)

($/oz)

$722 32

$218 34

$796 22

$443 95

Mesquite

Peak Mines

Cerro San Pedro

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

Earning from

Mine Operations

($mm)

$13

$41

$15

$77

2012 Nine Months

Gold sales

(000s ounces)

Cash cost(1)

($/oz)

$664 113

$205 103

$772 64

$486 286

Earning from

Mine Operations

($mm)

$58

$123

$42

$231

($955) 7 New Afton $8 ($955) 7 $8

Appendix 1


32.7

40.8

$0.26

$0.48 $0.53

2009 2010 2011

$0.12

$0.30

$0.44

2009 2010 2011

Track record of per share growth outperforming gold

Adjusted earnings per share Net cash generated from operations per share

Net asset value per share(1)(2) Measured & Indicated gold resource per 1,000 shares(3)

$2.46

$6.68

$11.02

12/31/10 12/31/11 6/1/09 12/31/10 12/31/11

Notes: 1. Net asset value as at June 1, 2009 based on New Gold and Western Goldfields business combination.

2. Based on average of consensus net asset value per share ascribed by analysts covering New Gold.

3. Measured and Indicated gold resource shown inclusive of reserves.

267% 104%

25%

348%

Average gold price increased by 62% from 2009 through 2011

Appendix 1


2012 guidance

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

Gold production(1)

405 - 445Koz

Total cash cost(1)

$410 - $430/oz

2012 cash cost estimate assumes:

• $30.00 per ounce silver

• $3.50 per pound copper

• Parity Australian dollar

• Parity Canadian dollar

Total company cash cost subject to following sensitivities:

• +/- $1.00 per ounce silver ~ +/- $5 per ounce

• +/- $0.25 per pound copper ~ +/- $25 per ounce

• +/- $0.05 AUD FX ~ +/- $10 per ounce

• +/- $0.05 CDN FX ~ +/- $5 per ounce

Gold production (ounces)

Total cash cost(1)

($/oz)

Mesquite 140,000 - 150,000 $710 - $730

Cerro San Pedro 140,000 - 150,000 $250 - $270

Peak Mines 90,000 - 100,000 $640 - $660

New Afton 35,000 - 45,000 ($1,200) - ($1,300)

Total 405,000 - 445,000 $410 - $430

2012 Guidance

Appendix 1


Mesquite


140,000 - 150,000

Total cash cost ($ per ounce)

$710 - $730

Tonnes processed

(000 tonnes) 11,733 12,500 – 13,500

Tonnes mined

(000 tonnes) 45,973 45,000 – 47,000

Grade - gold (g/t) 0.57 0.50 – 0.55

Capital

($ million) 19 ~14

2011 Actual & 2012 Guidance

Key assumptions and sensitivities

• Diesel comprises ~20% of Mesquite’s total costs

• Rack diesel price most correlated to Brent oil price

− Brent oil price increased by 13% since

beginning of 2011

• Every 10% change in diesel price has ~$15 per

ounce impact on costs

2011A versus 2012E

• Lower strip ratio to result in higher ore tonnes

processed

• Gold grade is expected to decline from 2011

levels

• Increase in costs primarily driven by lower

gold production

2011A 2012E

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

Appendix 2


Cerro San Pedro


140,000 - 150,000


$250 - $270

Tonnes processed

(000 tonnes) 16,763 14,000 – 15,000

Tonnes mined

(000 tonnes) 33,276 31,000 – 33,000

Grade - gold (g/t) 0.48 0.55 – 0.60

Grade – silver (g/t) 24 20 – 25

Capital

($ million) 7 ~16


• Silver price - $30 per ounce (2011A - $35.15/oz)

• Mexican Peso: U.S. foreign exchange – 13:1

• $1.00 per ounce change in silver equals ~$15 per

ounce change in Cerro San Pedro cash cost

• 1.0 change in Mexican Peso equals ~$15 per

ounce change in Cerro San Pedro cash cost

2011A versus 2012E

• Expected production of gold and silver consistent

with 2011

• Decrease in tonnes processed offset by

grade and recovery movements

• Increase in costs primarily driven by lower silver

by-product price assumption

Silver production (million ounces)

1.9 - 2.1


2011A 2012E

Notes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%, Silver – ~30%.

Appendix 2


Peak Mines

Tonnes processed

(000 tonnes) 783 780 – 800

Tonnes mined

(000 tonnes) 755 780 – 800

Grade - gold (g/t) 3.94 4.0 – 4.2

Grade – copper (%) 0.93 0.88 – 0.90

Recovery – gold (%) 89 88 – 90

Recovery – copper (%) 82 85 - 87

Capital

($ million) 50 ~60


• Copper price - $3.50 per pound (2011A - $3.78/lb)

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

• $0.25 per pound change in copper equals ~$35 per

ounce change in Peak cash cost

• 0.01 change in Australian dollar equals ~$10 per

ounce change in Peak cash cost

2011A versus 2012E

• Increased gold production driven by increases in

tonnes processed, gold grades and recoveries

• Similar copper production a result of increased

tonnes processed and copper recoveries offset

by lower copper grades


90,000 - 100,000


$640 - $660

Copper production (million pounds)

12 - 14


2011A 2012E

Appendix 2


Block cave mines

Appendix 3


-

2,500

5,000

7,500

10,000

12,500

15,000

January March May July September November January March

Mine tpd Mill feed tpd

New Afton – 2012 production start-up

Mill reaches 11,000

tpd

Mill starts in June and reaches

6,600 tpd commercial rate in

August

Period of drawdown

of stockpile inventory

Mining/milling rate

reach 11,000 tpd run-

rate level

• The combination of over six months of active underground mining and the existence of the ore stockpile led

to an efficient mill start-up

• Mill started on June 28, 2012

• Commercial production achieved on July 31, 2012

2012 2013

Tonnes per day

Appendix 3


Production and sales

• Difference between production and sales

a result of pre-commercial production

commodity sales being net against capital

costs and timing of certain concentrate

sales


35,000 - 45,000

Copper production (million pounds)

30 - 35

Gold sales (ounces)

20,000 - 30,000

Copper sales (million pounds)

20 - 25

Tonnes processed (000 tonnes) 1,900 – 2,200

Grade - gold (g/t) 0.75 – 0.85

Grade - copper (%) 0.85 – 0.95

Recovery – gold (%) 88 – 90

Recover – copper (%) 88 – 90

New Afton 2012 Guidance

Appendix 3


Processing Mining G&A

Operating costs

• Operating costs ~$25 per tonne in first five months of commercial production(1)

– Life-of-mine average ~$18 - $22 per tonne

2012 by-product cash cost(2)

($1,200) - ($1,300) per ounce

2012 co-product cash cost(3)

$630 - $650 per ounce,

$1.35 - $1.45 per pound

• Costs expected to be lower in future years as ‘per tonne’ cost reaches steady-state level

– Life-of-mine average by-product cost ~($1,750)(4)

– Life-of-mine average co-product costs(4) of ~$525 per ounce gold and ~$1.15 per pound copper

Notes: 1. Includes treatment and refining charges and assumes parity Canadian/U.S. dollar foreign exchange rate.

2. Assumes $3.50 per pound copper price and parity Canadian/U.S. dollar foreign exchange rate.

3. Co-product costs calculated on a percentage of revenue basis and assume a gold price of $1,600 per ounce.

4. Based on assumption of $1,600 per ounce gold, $3.50 per pound copper and a parity foreign exchange rate.

~$4.60/t ~$6.20/t

~$9.20/t

Appendix 3


Cross

Section Looking East

Long Section Looking South

• 3 phase underground core drilling program totaling 40,000 meters commencing Q3 2012

• Phase 1: ~15,000 meters to delineate eastern limits of C-zone and assess potential to lower block cave

extraction level for B3 reserve block - estimated completion by end Q1’13

• Phases 2 & 3: ~25,000 meters to explore extensions to west and at depth - estimated completion Q4’13

C Zone Resource (2010)

Tonnes

000’s

Au

g/t

Cu

%

Gold

Koz

Copper

Mlbs

M&I 3,637 0.78 0.96 92 76

Inferred 11,317 0.60 0.75 218 186

New Afton – C Zone exploration

Appendix 3


El Morro (30%) – funding structure(1)

Appendix 4

• New Gold’s 30% share of development capital 100% carried

– Interest fixed at 4.58%

Notes: 1. Based on 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


Selected porphyry gold/copper deposits/mines(1)

Appendix 4

$51/t

$49/t

$42/t$38/t

$29/t

$27/t

$24/t

$40/t

--

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70%

Source: Company disclosure.

Notes: 1. Circle sizes are representative of contained metal value of the reserves per tonne of reserve. Contained metal value calculated using Street research consensus long-term commodity pricing.

2. Includes “Cadia East Underground” and “Ridgeway Underground” reserves as indicated in Newcrest’s February 10, 2012 press release; does not include “Other” Cadia province reserves.

El Morro

Gold

Grade

(g/t)

Copper

Grade

(%)

Agua Rica Alumbrera Cadia-Ridgeway Cerro Casale

Chapada Cobre Panama El Morro Mt. Milligan

(2)


AssetGold Reserves

(Moz)Asset Gold Equivalent

(2)

(Moz)

Penasquito 16.5 Penasquito 45.2

Pueblo Viejo 10.1 El Morro 15.4

Los Filos 7.8 Pueblo Viejo 11.8

El Morro 5.8 Los Filos 8.7

Cerro Negro 4.5 Cerro Negro 5.2

El Morro relative positioning(1)

Appendix 4

Notes: 1. Based on Goldcorp’s December 31, 2011 year-end resource statements.

2. Gold equivalent calculated based on the following commodity prices: Gold - $1,595/oz; Silver - $28.75/oz; Copper - $3.50/lb; Lead - $0.88/lb; Zinc - $0.86/lb.

El Morro within Goldcorp portfolio


March 2011

Initial Resource

September 2011

Resource update

Year-end 2011

Resource update

March 2012

Resource update

December 31, 2010 77 24,563

July 31, 2011 148 49,223

November 30, 2011 218 67,848

December 31, 2011 261 89,460

March 5, 2012 328 115,950

May 14, 2012 449 149,739

Drilling cut-off date Cumulative number

of holes

Cumulative number

of metres

April 2012

2012 assays received

Blackwater drill program

Appendix 5

July 2012

Resource update


• 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 2.36 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

Blackwater – Project overview

Appendix 5


PEA resource summary

• The deposit contains an Indicated mineral resource of 267 Mt at 0.88 g/t Au and 4.3 g/t Ag and an Inferred

mineral resource of 121 Mt at 0.69 g/t Au and 7.3 g/t Ag at a base case lower cut-off of 0.30 gram per tonne

gold equivalent

• Mineral estimate is CIM 2010 compliant and prepared under Canadian National Instrument 43-101

– Based upon geologic block model that incorporated over 147,282 individual assays from 168,709

metres of diamond drill core in 449 drill holes

– Average drill hole spacing of approximately 50 metres is sufficient to support mineral resource

estimation up to the Indicated category

• Mineral resource includes drill data received through May 14, 2012

Notes:

1. Mineral Resource Estimate has an effective date of July 27, 2012 and was prepared by Ronald G. Simpson, P Geo.

2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

3. Mineral Resources are amenable to open pit mining methods as defined by a Lerchs-Grossmann optimized pit simulation.

4. The Lerchs-Grossmann optimized pit is based on assumptions that include US$/CDN$ parity foreign exchange rate, 83.6% Au recovery, 44.9% Ag recovery,

$1.52/tonne mining cost, $1.90/tonne waste mining cost, $10.52/tonne process and G&A cost. No allowances have been made for mining losses and dilution. The

average pit slope angle is assumed to be 40°.

5. The base case gold equivalent (AuEq) cut-off (bolded) is greater than the conceptual marginal cut-off of 0.23 g/t.

6. AuEq = $24/oz Ag x 44.9% / $1,300/oz x 83.6%.

7. Gold analyses are performed by fire assay/AA finish methods and silver analyses are performed by Induction Coupled Plasmaspectrometry (ICP). Silver ICP

analyses are not known with the same precision and do not have the same quality control support as gold fire assay analyses.

8. Rounding as required by reporting guidelines has been used, and totals may not sum.

AuEq

Cut-off

(g/t)

Tonnes

(Mt)

Au

(g/t)

Ag

(g/t)

Au

(Moz)

Ag

(Moz)

AuEq

Cut-off

(g/t)

Tonnes

(Mt)

Au

(g/t)

Ag

(g/t)

Au

(Moz)

Ag

(Moz)

0.25 280.4 0.85 4.2 7.64 37.9 0.25 128.6 0.66 7.0 2.72 28.9

0.30 267.1 0.88 4.3 7.52 36.9 0.30 120.5 0.69 7.3 2.66 28.3

0.40 230.6 0.96 4.6 7.14 34.1 0.40 98.9 0.77 7.8 2.45 24.8

Blackwater Project PEA Mineral Resource Estimate

Indicated Mineral Resource Inferred Mineral Resource

Appendix 5


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

Blackwater PEA costs - Capital

Total development and sustaining

capital estimated at $294 per

recoverable gold ounce

Appendix 5


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

Blackwater PEA costs - Operating

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


Total Cash Costs(1) Schedule

Production Years $ per gold ounce produced

Years 1 through 5 $467



Life-of-mine $543

Appendix 5


-

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

- 30 60 90 120 150

Min

ing

co

st

pe

r to

nn

e m

ov

ed

(U

S$

/t)

1,000 tonnes per day

Haile Hycroft Prosperity Blackwater

Rosemont Detour (LOM) Mt. Milligan

Open pit mining cost

Note: 1. Company technical reports and investor presentations.

2. Malartic mining cost shown during start-up phase and life-of-mine estimate from technical report on May 10, 2011.

3. Detour mining cost shown for first ten years and life-of-mine based on updated mine plan from September 4, 2012 news release.

Malartic (start-up)

Donlin Creek

Cerro San Pedro Marigold Rainy River Morelos

Copper Mountain Mesquite La India Young Davidson Pinos Altos

Malartic (technical report)

Detour (first ten years)

Appendix 5

Blackwater

Cerro San Pedro

Mesquite


Production and cash costs profile

Years 1 through 5

Gold production – 569koz

Total cash costs - $467/oz

Years 1 through 15



Years 16 through 17



Life-of-mine



(1)


-

$250

$500

$750

$1,000

-

100

200

300

400

500

600

700

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

To

tal C

ash

Co

sts

($/o

z)

Go

ld p

rod

uc

tio

n (

tho

us

an

d o

un

ces)

Gold production Base Case cash costs

Appendix 5


$0

$150

$300

$450

$600

$750

$900

2017 2018 2019 2020 2021

Op

era

tin

g c

ash

flo

w

Base Case Spot Case

PEA highlights(1)

Operating cash flow ($ millions)

• Average spot case

cash flow during first

five years of ~$655

million

• Cumulative spot case

cash flow during first

five years of ~$3.3

billion


PEA Results Base Case Spot Case

Gold Price (US$/oz) $1,275 $1,775

Silver Price (US$/oz) $22.50 $34.50

US$/CDN$ Foreign Exchange 0.94 1.00

After-tax NPV(5%) ($ billions) $1.1 $2.8

After-tax IRR 14.0% 25.8%

After-tax payback period (years) 4.8 2.7

Appendix 5


• Blackwater development capital

cost of $1.8 billion inclusive of 24%,

or $346 million, contingency

– $227 per recoverable ounce

• Costed in mid-2012 capital

environment assuming parity

foreign exchange rate

• Capital intensity may be abating

• Large diversified companies,

accounting for ~55% of global

capital, delaying certain projects

• Oil sands project expansions also

being delayed

Perspectives on capital costs

After-tax IRR (%)(1)(2)

$1.8

$1.7

$1.6

$1.5

$1,275 $1,600 $1,775

18.1% 27.5% 31.8%

16.6% 25.4% 29.6%

15.2% 23.6% 27.6%

14.0% 22.0% 25.8%

Gold price ($/oz)

Dev

elo

pm

en

t cap

ital ($

billio

ns)

New Gold could benefit from announced delays in capital projects of major companies

$1,800

32.5%

30.2%

28.2%

26.4%


2. IRR calculated to beginning of construction period in 2015.

• Each $100 million change in development capital equates

to a ~$100 million change in NPV

Appendix 5


Total

($mm)$ Per Ounce(2)

Total Acquisition costs to date $602 $75

Development capital $1,814 $227

Life-of-mine sustaining capital $537 $67

Life-of-mine average cash costs ($/oz)(3) $543

Total acquisition cost ($/oz) $912

Spot gold price ($/oz) $1,775

(Discount)/Premium to spot gold (49%)

Break-even gold price $912

Total acquisition cost (“TAC”)

• Acquisition costs of $602(1) million

based on:

– Richfield - $470 million

– Silver Quest - $114 million

– Geo Minerals - $18 million

• Total acquisition cost of $912 per

ounce below recent industry

comparable transactions

– Further potential to decrease

break-even gold price with

continued resource expansion

Total Acquisition Cost per Ounce

Notes: 1. Per 2011 Annual financial statements.

2. Per ounce calculations based on 6.2 million ounces from the Indicated category and 1.8 million ounces from the Inferred category.

3. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.

Appendix 5


Areas of optimization

Potential for expansion of the resource to the north and to depth

Further geotechnical drilling to assess the possibility of steepening pit slopes

Potential to reduce mining costs through mine plan optimization

Optimizing process flowsheet

Appendix 5


Blackwater Resource Growth – July 2012

Appendix 5

July 2012

Indicated Inferred

Mt Au g/t Mt Au g/t

267 0.88 121 0.69

7.5 Moz 2.7 Moz

Cumulative Drilling

Holes Metres

449 147,282


Blackwater – July 2012 drill results

July 18, 2012

Notes: 1. For complete summary of 2012 assay results, refer to New Gold website at www.newgold.com.

Appendix 5


Blackwater Block Model – July 2012

Appendix 5

NW Silver Zone


BW Section 5892,800N – July 2012 Block Model

Appendix 5


BW Section 375,500E – July 2012 Block Model

Appendix 5

Silver Zone


Blackwater regional exploration

Appendix 5

17


Sxn 5893,500N

Sxn 375,000E

Blackwater PEA mineral resource

NW Silver Zone

SW

Breccia

Pipe

Appendix 5


Blackwater exploration upside opportunities

Section 5893,500N Section 375,000E Gold

NW ‘Silver Zone’

SW Breccia Pipe

Appendix 5


Blackwater exploration upside opportunities (cont’d)

Section 5893,500N Section 375,000E Silver

SW Breccia Pipe

NW ‘Silver Zone’

Appendix 5


Reserves and resource notes

Tonnes

000's

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Mesquite

Proven 14,548 0.67 - - 313 - -

Probable 138,796 0.55 - - 2,448 - -

Mesquite P&P 153,345 0.56 - - 2,762 - -

Cerro San Pedro

Proven 23,972 0.58 16.99 - 447 13,091 -

Probable 35,267 0.49 15.30 - 559 17,352 -

Cerro San Pedro P&P 59,239 0.53 15.98 - 1,006 30,443 -

Peak

Proven 1,608 6.33 8.4 0.82 327 434 29

Probable 1,811 4.80 6.7 0.92 279 390 37

Peak P&P 3,419 5.50 7.5 0.87 606 824 66

New Afton

Proven - - - - - - -

Probable 47,900 0.64 2.0 0.90 986 3,080 954

New Afton P&P 47,900 0.64 2.0 0.90 986 3,080 954

El Morro 30%

Proven 308,036 0.58 - 0.57 1,716 - 1,153

Probable 212,167 0.38 - 0.51 787 - 715

El Morro P&P 520,024 0.50 - 0.54 2,503 - 1,868

Metal grade Contained metal

Mineral Reserves statement as at December 31, 2011

100%

Appendix 6


Reserves and resource notes (cont’d)

Appendix 6

Tonnes

000's

Gold

g/t

Silver

g/t

Copper

%

Zinc

%

Lead

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Zinc

Mlbs

Lead

Mlbs

Mesquite

Measured - oxide 19,182 0.51 - - - - 316 - - - -

Indicated - oxide 269,872 0.39 - - - - 3,407 - - - -

Mesquite M&I - oxide 289,054 0.40 - - - - 3,723 - - - -

Measured - non oxide 4,688 0.91 - - - - 137 - - - -

Indicated - non oxide 79,851 0.65 - - - - 1,674 - - - -

Mesquite M&I - non oxide 84,539 0.66 - - - - 1,811 - - - -

Total Mesquite 373,594 0.46 - - - - 5,534 - - - -

Cerro San Pedro

Measured - open pit oxide 25,722 0.44 15.36 - - - 367 12,706 - - -

Indicated - open pit oxide 55,647 0.31 12.28 - - - 546 21,976 - - -

CSP M&I - open pit oxide 81,369 0.35 13.26 - - - 913 34,682 - - -

Measured - open pit sulphide 13,317 0.54 13.60 - 0.64 0.10 232 5,823 - 187 29

Indicated - open pit sulphide 46,697 0.44 10.23 - 0.55 0.08 667 15,355 - 566 77

CSP M&I - open pit sulphide 60,014 0.47 10.98 - 0.57 0.08 899 21,178 - 753 106

Total CSP M&I - open pit 1,812 55,860

Peak

Measured 3,092 4.89 7.3 1.14 - - 486 726 78 - -

Indicated 3,697 3.89 7.1 1.09 - - 462 844 89 - -

Peak M&I 6,789 4.30 7.2 1.11 - - 948 1,570 167 - -

New Afton

Measured 36,500 0.90 2.7 1.24 - - 1,058 3,194 1,002 - -

Indicated 33,300 0.64 2.1 0.80 - - 685 2,276 584 - -

New Afton M&I 69,800 0.78 2.4 1.03 - - 1,742 5,470 1,586 - -

Blackwater

Blackwater Indicated 267,145 0.88 4.3 - - - 7,524 36,932 - - -

Capoose Indicated 31,216 0.38 26.5 - - - 384 26,594 - - -

El Morro

Measured - open pit 343,088 0.55 - 0.54 - - 1,836 - 1,233 - -

Indicated - open pit 333,312 0.35 - 0.44 - - 1,117 - 960 - -

El Morro M&I - open pit 676,400 0.45 - 0.49 - - 2,954 - 2,193 - -

Metal grade

100% 30%

Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2011

Contained metal



Appendix 6

Tonnes

000's

Gold

g/t

Silver

g/t

Copper

%

Zinc

%

Lead

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Zinc

Mlbs

Lead

Mlbs

Mesquite 38,633 0.41 - - - - 512 - - - -

Cerro San Pedro

Inferred - open pit oxide 40,355 0.17 8.55 - - - 214 11,091 - - -

Inferred - open pit sulphide 24,736 0.47 7.40 - 0.50 0.07 374 5,882 - 271 39

588 16,972 - 271 39

Manto Underground sulphides 6,270 1.83 94.51 - 3.09 1.09 368 19,052 - 427 151

Peak 3,147 2.56 4.8 1.54 - - 259 486 107 - -

New Afton 29,200 0.51 1.6 0.61 - - 483 1,478 390 - -

Blackwater

Blackwater 120,478 0.69 7.3 - - - 2,661 28,276 - - -

Capoose 37,256 0.37 24.6 - - - 443 29,518 - - -

100% 30%

El Morro

Open pit 637,495 0.10 - 0.25 - - 605 - 1,045 - -

Underground 128,280 0.97 - 0.78 - - 1,205 - 660 - -

El Morro Inferred 1,810 1,705

Inferred Resource statement as at December 31, 2011

Metal grade Contained metal



Mineral reserves are contained within 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. Inferred mineral resources are not known with 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 CIM Standards and National Instrument 43-101, or the

AusIMM JORC equivalent.

1) Mineral Reserves for the company’s mining operations and development projects have been calculated based on the following metal prices and lower cut-off criteria:

Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off

Mesquite $1,200 - - 0.21 g/t Au – Oxide reserves

0.41 g/t Au – Non-oxide reserves

Cerro San Pedro $1,200 $20.00 - US$3.49/t NSR

Peak Mines $1,300 $25.00 $2.75 A$130 – 184/t NSR

New Afton $1,200 $20.00 $2.50 US$24/t NSR

El Morro $1,200 - $2.75 0.20% Cu

Appendix 6



2) Mineral Resources for the company’s mining operations and development projects have been calculated based on the following metal prices and lower cut-off criteria:

Mineral resources have been estimated and reported in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the

AusIMM JORC equivalent.

Mineral Property Gold

(US$/oz)

Silver

(US$/oz)

Copper

(US$/lb)

Zinc

(US$/lb)

Lead

(US$/lb)

Lower Cut-off

Mesquite $1,300 - - - - 0.11 g/t Au – Oxide resources

0.22 g/t Au – Non-oxide resources

Cerro San Pedro $1,300 $24.00 - $1.00 $1.00 0.1g/t AuEq – Oxide resources

0.4g/t AuEq – Open pit Sulphide resources

2.5g/t AuEq – Underground manto resources

Peak Mines $1,300 $24.00 $2.75 $0.85 $0.65 A$103 - 137/t NSR

New Afton $1,300 $24.00 $2.75 - - 0.40% CuEq – All resources

El Morro $1,350 - $3.25 - - 0.15% Cu – Open pit resources

0.20% Cu – Underground resources

Blackwater $1,300 - - - - 0.30 g/t AuEq – All resources

Capoose $1,025 - - - - 0.40 g/t AuEq – All resources

3) Mineral resources are classified as measured, indicated and inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable for

their potential extraction and mineral processing. Where different mining and/or processing methods might be applied to different portions of a mineralized system or metal deposit, the

designators ‘open pit’ and ‘underground’ have been applied to indicate likely mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulfide’ have been applied to indicate the type of

mineralization as it applies to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification and

reporting parameters for each of New Gold’s mines and projects are provided in the respective NI 43-101 Technical Reports and available on SEDAR.

4) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualfied Persons as defined under Canadian under National Instrument 43-101

under the oversight and review of Mark Petersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.

Appendix 6


Commodity price/foreign exchange assumptions

Guidance/consensus:

Spot:

2012 2013 2014

Gold price ($/oz) 1,600 1,760 1,600

Silver price ($/oz) 30.00 34.38 30.00

Copper price ($/oz) 3.50 3.85 3.50

USD/AUD 1.00 1.01 0.96

USD/CAD 1.00 1.00 1.01

USD/MXN 13.00 12.35 12.50

Spot

Gold price ($/oz) 1,690

Silver price ($/oz) 31.95

Copper price ($/oz) 3.60

USD/AUD 1.05

USD/CAD 1.00

USD/MXN 12.60

Appendix 7


Contact information

Investor Relations

Hannes Portmann

Vice President, Corporate Development

416-324-6014

[email protected]

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