Q1 Conference Call & WebcastApril 29, 2020

2

Cautionary StatementsALL 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 are "forward looking". All statements in this presentation, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statements 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", "targeted", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this presentation include, among others, statements with respect to: the expected mill production, production costs, economics, and operating parameters of New Afton and Rainy River, planned activities, exploration potential, permitting timelines and plans for capital expenditures at New Afton and Rainy River for 2020, the Company’s review of lower than planned copper grades at New Afton; statements with respect to the anticipated effect of the COVID-19 pandemic on New Gold’s operations, and the Company’s execution of its COVID-19 Business Plan set out on Slide 10, including the gradual ramp-up at Rainy River, supply chain continuity and financial status, New Gold being able to maintain its level of operations and supply chain continuity during the COVID-19 pandemic and New Gold’s financial resources being sufficient to support operations during the COVID-19 pandemic, plans for capital projects at Rainy River in Q2 and Q3, statements with respect to the timing of the feasibility study, the negotiations with First Nations and project sizing at Blackwater, the expected amount of operating costs, exploration potential, free cash flow (“FCF”) and after tax net present value (“NPV”) resulting from New Afton and Rainy River based on the updated life of mine plans, statements with respect to Ontario Teachers’ (as defined below) exercising its Conversion Option and the anticipated effects, New Gold pursuing any of the debt optimization scenarios set out in slide 8 “Capital Structure and Improved Liquidity Position”, and all estimations of the Mineral Reserves and Mineral Resources at Rainy River and New Afton, including the information on slides 21 to 39 “Mineral Resources and Reserves (as at Dec 31, 2019)”.

All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this presentation, New Gold's latest annual management's discussion and analysis ("MD&A"), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold's current expectations; (3) the accuracy of New Gold's current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold's current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River and New Afton being consistent with New Gold's current expectations, particularly in the context of the outbreak of COVID-19; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes; (9) metals and other commodity prices and exchange rates, specifically for the updated life of mine plans, gold and silver prices as indicated throughout the presentation and foreign exchange rates being as indicated throughout the presentation; (10) the Company’s ability to implement the new life of mine plans on the timing described herein or at all; (11) there being no cases of COVID-19 in New Gold’s workforce at either the Rainy River or New Afton mine and the assumption that no additional members of the workforce are expected to be required to self-isolate due to cross-border travel to the United States or any other country; (12) the responses of the relevant governments to the COVID-19 outbreak being sufficient to contain the impact of the COVID-19 outbreak; (13) there being no material disruption to the Company’s supply chains and workforce that would interfere with the Company’s anticipated course of action at the Rainy River mine and the systematic ramp-up of operations; and (14) the long-term economic effects of the COVID-19 outbreak not having a material adverse impact on the Company’s operations or liquidity position.

3

Cautionary StatementsALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico 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 in which New Gold operates, 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 New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; there being cases of COVID-19 in New Gold’s workforce at either the Rainy River or New Afton mine, or both; New Gold’s workforce at either the Rainy River mine or the New Afton mine, or both, being required to self-isolate due to cross-border travel to the United States or any other country; the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 pandemic; the COVID-19 pandemic disrupting New Gold’s supply chain continuity; New Gold’s liquidity not being sufficient to support operations during the COVID-19 pandemic or afterwards; risks that the gradual ramp-up at Rainy River will not proceed as set out in the presentation; and difficulties in demobilization or restart of operations due to various factors, including lack of availability of manpower or equipment. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses and risks associated with a mine with relatively limited history of commercial production, such as Rainy River, (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 Annual Information Form, MD&A and other disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. 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.

For further information on the Company’s response to COVID-19, please refer to: https://www.newgold.com/covid-19/

Q1 2020 Financial ReviewRob Chausse, CFO

5

Operating Highlights

Operational HighlightsRainy RiverQ1 2020

New AftonQ1 2020

Consolidated 3

OperationsQ1 2020

Consolidated OperationsQ1 2019

Gold eq. Produced (oz)1 51,106 52,329 103,435 123,263

Gold eq. Sold (oz)1 53,538 50,398 103,936 134,699

Gold Produced (oz) 50,381 16,409 66,790 79,398

Gold Sold (oz) 52,782 15,991 68,773 89,312

Copper Produced (Mlb) - 18.5 18.5 19.5

Copper Sold (Mlb) - 17.7 17.7 20.2

Operating Expense ($ per gold eq. oz) 1,060 655 864 645

Total Cash Costs ($ per gold eq. oz)2 1,060 762 916 697

Depreciation and depletion ($ per gold eq. oz) 661 334 507 457

AISC ($ per gold eq. oz) 2 1,755 1,033 1,446 1,083

Sustaining capital and sustaining leases ($M) 2 35.7 13.3 49.1 44.8

Growth capital ($M) 2 0.1 10.8 19.0 7.8

• Lower quarterly gold eq. production compared to prior-year period driven by temporary two-week shutdown from March 20 to April 2 at the Rainy River Mine, as well as lower gold and copper production at the New Afton Mine related to lower grades.

• Higher operating expense, cash costs, and AISC per gold eq. ounce compared to the prior year period, impacted by higher operating waste tonnes mined and lower metal sales.

1. Q1 2020 total gold equivalent ounces include silver and copper produced (excluding production from the Cerro San Pedro Mine) converted to a gold equivalent based on a ratio of $1,500 per gold ounce, $17.75 per silver ounce and $2.85 per copper pound. Throughout the year the Company will report gold equivalent ounces using a constant ratio of those prices. All copper is produced by the New Afton Mine.

2. Refer to Endnote under the heading “Non-GAAP Measures”. 3. Consolidated Operations includes Corporate and Blackwater

6

Financial Highlights

Continuing Operations Q1 2020 Q1 2019

Revenues ($M) 142.3 167.9

Loss per share, basic (0.04) (0.02)

Earnings (loss) per share, adj.1 (0.03) 0.00

OCF per share, before working capital adj. 1 0.07 0.12

OCF per share 0.08 0.13

Average Realized gold price1 1,458 1,301

Average Realized copper price 2.56 2.79

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

7

Capital Expenditures

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

• The majority of capital expenditures in Q1 2020 were related to infrastructure activities at Rainy River including the installation of wick drains for stabilization of the east waste dump and ongoing construction of the maintenance and warehouse facilities, as well as planned tailings dam raises at both operations.

• New Afton growth capital expenditures were primarily related to C-zone development.

Capital Expenditures

Rainy River New Afton Corporate BlackwaterConsolidated Operations

Q1 2020

Capitalized Stripping & Mine Development 6.6 2.6 - - 9.2

Mine & PCR 5.2 3.2 - - 8.4

Mill & Tailings 6.8 4.4 - - 11.2

Infrastructure 8.5 - - - 8.5

Other incl. working capital adjustments 8.6 3.1 0.1 - 11.8

Sustaining Capital and sustaining leases ($M)1 35.7 13.3 0.1 - 49.1

Growth Capital ($M)1 0.1 10.8 - 8.1 19.0

8

Capital Structure and Improved Liquidity Position

1. Cash and cash eq. as of March 31, 20202. Approximately $135 million of $400 million facility used for Letters of Credit.

• Strengthened balance sheet with key transactions

• $300M partnership with Ontario Teachers’ Pension Plan (March 31, 2020)

• C$150M equity financing (August 30, 2019)

• Available liquidity of ~$600M, including ~$400M in cash and cash equivalents

• Additional debt optimization scenarios currently under review

New Gold Debt StructureFace Value ($M) Maturity Interest Rate

Revolving Credit Facility $4002 Aug. 2021 LIBOR + 2.25% - 3.75%

Senior Unsecured Notes $400 Nov. 2022 6.25%

Senior Unsecured Notes $300 May 2025 6.375%

Undrawn credit facility

~$200M (2)

Cash & Cash Eq. (1)

~$400M

~$600M Short Term Liquidity

2020 Gold Hedging Program

Term Quantity Floor Ceiling

Jan 2020 - Jun 2020 12 koz per month $1,300/oz $1,355/oz

Jul 2020 - Dec 2020 16 koz per month $1,300/oz $1,415/oz

Q1 2020 Operational ReviewRenaud Adams, CEO

10

COVID-19 Business Plan

Employee and community health and safety • The health and safety of our employees and communities remains number one priority• Full compliance with government and health agency recommendations• Restricted access to sites; travel restrictions; enhanced sanitization practices; self-isolation;

community-based consultations; optimized plans for transport and employee accommodation; social distancing; work from home options (see www.newgold.com/covid-19/ for further details)

Supply chain continuity• Supply chain secure for key items; no disruptions to supply anticipated• Standard inventory items on hand; required quantities being maintained • Long-lead items remain on schedule

Business continuity plans and Rapid Response Team fully mobilized • Scenario-based business continuity plans in place• Ramp-down / ramp-up plans as required • Rainy River operations restarted on April 3 utilizing the local workforce; gradual ramp-up as the non-

local workforce is safely reintroduced

Financial status• ~$600 million in liquidity, including ~$400 million in cash and cash equivalents (incl. $300 million from

the OTPP partnership)• Ample liquidity to support operations during this crisis• 90-95% of costs are denominated in Canadian dollars (New Afton: 90% / Rainy River 95%)

Suspended site activities• Regional exploration programs on hold awaiting receipt of required permits• Ongoing assessment of capital project timelines

11

Rainy River: Re-Positioning for Profitability

1. Gold equivalent ounces for Rainy River in Q1 2020 includes 61,265 ounces of silver converted to a gold equivalent based on a ratio of $1,500 per gold ounce and $17.75 per silver ounce.. 2. Refer to the “Non-GAAP Performance Measures” section of this presentation. 3. For a detailed breakdown of Mineral Reserves & Resources refer to the appendix. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical

Information”. Resources are exclusive of Reserves.

Production FY 2019 Q1 2020

Gold Production (oz) 253,772 50,381

Gold eq. Production (oz)1,2 257,051 51,106

Operating Costs FY 2019 Q1 2020

Cash costs per gold eq. oz. 2 910 1,060

AISC per gold eq. oz.2 1,630 1,755

Capital Investment & Exploration ($M) FY 2019 Q1 2020

Sustaining Capital & sustaining leases2 189 36

Growth Capital2 7 0.1

Exploration 1.4 0.2

Mineral Reserves and Resources (December 31, 2019)3

Tonnes(000’s)

Gold Grade (g/t)

Gold (Koz)

Total Proven & Probable 77,572 1.06 2,636

Open Pit P&P (direct processing) 46,375 1.17 1,748

Underground P&P (direct processing) 4,096 4.17 549

Open Pit P&P (low grade) 21,172 0.35 237

Stockpile reserves 5,928 0.53 102

Measured & Indicated 23,127 2.57 1,914

Inferred 3,479 1.77 198

Q1 2020 and Recent Highlights

• Released updated NI 43-101 that focused on productivity and free cash flow generation

• Operations restarted on April 3 with local workforce; gradual ramp-up as non-local workforce is safely reintroduced

• Mine operations resumed at 70% productivity

• Mill currently operating at full capacity; processing direct feed and medium grade stockpile

• 2020 Guidance withdrawn due to COVID-19

Q1 results include a 12-day voluntary COVID-19 suspension

12

Rainy River Mine – Key Performance Indicators

Rainy River Mine FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20202

Tonnes mined per day (ore and waste) 108,392 111,679 114,544 111,078 136,124 127,684

Ore tonnes mined per day 33,687 15,739 21,368 18,220 19,485 26,012

Operating waste tonnes per day 47,128 62,955 82,488 75,206 74,020 75,596

Capitalized waste tonnes per day 25,576 32,986 10,688 17,652 42,619 26,077

Total waste tonnes per day 74,705 95,941 93,176 92,858 116,639 101,673

Strip ratio (waste:ore) 2.22 6.10 4.36 5.10 5.99 3.91

Tonnes milled per calendar day 17,934 19,725 21,117 24,500 22,521 18,441

Gold grade milled (g/t) 1.25 1.19 1.15 1.14 0.85 1.03

Gold recovery (%) 86 90 93 91 91 90

Mill availability (%) 77 89 88 88 89 91

Gold production (oz) 227,284 61,557 66,013 75,080 51,122 50,381

Gold eq. production1 (oz) 230,349 62,278 66,765 76,092 51,915 51,106

1. Gold equivalent ounces for Rainy River in Q1 2020 includes 61,265 ounces of silver converted to a gold equivalent based on a ratio of $1,500 per gold ounce and $17.75 per silver ounce.2. First quarter results include 12-days of a voluntary COVID-19 suspension

• Prior to the suspension, open pit productivity averaged 140,000 tpd during Q1

• Lower planned strip ratio of 3.91:1

• Adj. to mill grinding capacity and pebble crusher commissioning completed to address harder ore, with January run rates impacted. February and early March run rate at Q1 target levels of approx. 24,000 tpd

• Mill availability (91%) and recoveries (90%) were in-line with plan

• Capital projects advanced in Q1 with increased spending planned for Q2 and Q3 for TMA dam raise; wick drain preparation; maintenance and warehouse and installation of BCR2

13

New Afton Mine: Reinvesting in the Future

1. Gold equivalent ounces for Q1 2020 includes 18.5 pounds of copper and 70,152 ounces of silver converted to a gold equivalent based on a ratio of $1,500 per gold ounce, $2.85 per copper pound and $17.75 per silver ounce. 2. Refer to the “Non-GAAP Performance Measures” section of this presentation. 3. For a detailed breakdown of Mineral Reserves & Resources refer to the appendix. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.

Resources are exclusive of Reserves.

Mineral Reserves and Resources (Dec. 2019) 3

Gold Grade (g/t)

Gold (Koz)

Copper Grade

(%)

Copper Mlbs.

Proven & Probable 0.66 1,005 0.77 802

Measured & Indicated 0.61 1,118 0.74 933

Inferred 0.38 172 0.42 121

Capital Investment & Exploration ($M) FY 2019 Q1 2020

Sustaining Capital & sustaining leases 2 38 13

Growth Capital 2 24 11

Exploration 4.9 1.4

Production FY 2019 Q1 2020

Gold Production (oz) 68,785 16,409

Copper Production (Mlb) 79.4 18.5

Gold eq. Production (oz)1 229,091 52,329

Operating Costs FY 2019 Q1 2020

Operating expense per gold eq. oz 517 655

Cash costs per gold eq. oz. 2 647 762

AISC per gold eq. oz.2 829 1,033

West Cave

East Cave

B3

An underground block cave operation located in B.C.

Q1 2020 Highlights

• Released NI 43-101 technical report for B3/C-zone

• Currently mine and mill are operating at normal levels

• Implemented a 14-day-on x 14-day-off rotational schedule to support a period of self-isolation

• Advanced B3/C-zone development

• Delineation drilling on the East Extension zone

• 2020 Guidance withdrawn due to COVID-19

14

New Afton Mine

New Afton Mine FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 Q1 2020

Tonnes mined per day (ore and waste) 16,156 15,824 16,357 15,773 14,539 16,727

Tonnes milled per calendar day 14,668 14,759 14,992 15,572 15,861 15,377

Gold grade milled (g/t) 0.53 0.50 0.53 0.43 0.42 0.45

Gold recovery (%) 85 83 83 80 79 81

Gold production (oz) 77,329 17,841 19,203 16,007 15,734 16,409

Copper grade milled (%) 0.87 0.80 0.86 0.76 0.70 0.73

Copper recovery (%) 83 83 83 84 81 82

Copper production (Mlbs) 85.1 19.5 21.6 20.1 18.3 18.5

Gold eq. production1 (oz) 279,755 60,986 65,791 52,807 49,507 52,329

1. Gold equivalent ounces for New Afton in Q1 2020 includes 18.5 pounds of copper and 70,152 ounces of silver converted to a gold equivalent based on a ratio of $1,500 per gold ounce, $2.85 per copper pound and $17.75 per silver ounce.

• Underground mining and milling productivity achieved target levels

• Copper grade below plan in the Lift 1 east cave due to higher than expected dilution; review of the causes of the lower grade and potential impact is currently underway

• B3/C-zone development advanced by 1,231 m; COVID-19 protocols will temporarily impact productivity

• Thickened and Amended Tailings project advanced and remains on schedule

• Exploration permits delayed and B.C. government currently prioritizing operating permits

15

Blackwater Project: B.C., Canada

• Internal scoping study complete; decision to move to feasibility study level by end of Q2

• Open pit mine in B.C., 160km southwest of Prince George

• Received federal EA approval April 15, 2019; provincial EA June 24, 2019

• Participation Agreement with two First Nations completed April 18, 2019; Engagement and negotiations continue with other First Nations

• Currently re-evaluating project sizing, higher grade while maintaining a low strip ratio; lower initial capital

• Current reserve is defined at 8.2 Moz gold with a grade of 0.74 g/t gold

• Site area is well serviced

1. For a detailed breakdown of Mineral Reserves & Resources refer to the Management Discussion and Analysis dated February 13, 2019. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources” and “Technical Information”.

Mineral Reserves and Resources

(December 31, 2019) 1Gold Grade (g/t) Gold (Koz)

Proven & Probable 0.74 8,170

Measured & Indicated2 0.71 1,402

Inferred 0.66 385

Mineral Reserves and Resources

(December 31, 2019) 1Silver Grade (g/t) Silver (Koz)

Proven & Probable 5.5 60,800

Measured & Indicated2 4.4 8,733

Inferred 3.9 2,248

16

Rainy River positioned for profitable operations with underground upside

Optimized C-zone mine plan drives solid free cash flow stream

Optimizing the balance sheet supported by a growing free cash flow stream

Re-launched exploration programs at Rainy River and New Afton

Blackwater re-evaluation provides optionality

New Gold: A Profitable Path Forward

APPENDIX

18

Ontario Teachers Pension Plan Transaction Terms

Transaction

• New Gold has entered into a strategic partnership with Ontario Teachers’ Pension Plan (“Ontario Teachers’”) with the following terms (the “Transaction”):

• First 4 years – 46% Free Cash Flow Interest (“FCF Interest”) in New Afton

• After 4 years – Ontario Teachers’ has an option (“Conversion Option”) to convert into a 46% joint venture in New Afton (“JV Interest”); if Ontario Teachers’ does not convert into the JV Interest, the FCF Interest in New Afton will be reduced to 42.5% (“Reduced FCF Interest”)

Buyback Option• During the exercise period of the Conversion Option, New Gold holds an overriding buyback option

to repurchase 100% of Ontario Teachers’ interest in New Afton at the greater of an agreed upon IRR or the fair market value at that time

Exploration Claims• New Gold will retain 100% of the exploration claims outside of the New Afton mining permit. Ontario

Teachers’ has an option to acquire its proportionate share of these claims upon conversion into the JV Interest

Key Transfer Rights • New Gold and Ontario Teachers will hold a mutual right of first offer for the life of the agreements

Governance• As a strategic partner, Ontario Teachers’ will have certain governance rights

• Upon conversion into the JV Interest, Ontario Teachers’ will receive customary joint venture governance rights

Completed $300M strategic partnership with Ontario Teachers’ Pension Plan (March 31, 2020)

• Improved balance sheet with significantly enhanced liquidity of ~$600 million

• Financial flexibility and debt reduction opportunities

19Optimized Mine Plan Supports Profitable Mining and Improved NPV

• Focus on profitability that drives positive and sustained free cash flow beginning in Q4 20201

• Mining medium and high grade open pit ore; low grade stockpiled for processing with underground ore

• Smaller pit size with uneconomic open pit and underground material removed from mine plan

• Increased open pit cut-off grade to 0.46-0.49 g/t gold eq.

• Lower strip ratio of 2.53:1 > 150 Mt reduction in waste tonnes mined

• Each underground zone evaluated separately for potential inclusion in the mine plan

• Underground access from Intrepid portal and 4 open pit portals; reduces underground development

• Capital reduction with smaller-size TMA and potential slope reduction

• Upside for expanded underground mine

• Improved after-tax NPV5%: $421M1 / $858M2

Rainy River Life of Mine Highlights

2020-20241 2025-20281,4 LoM1 Sensitivity2

Tonnes ore mined open pit (Mt) 65.9 1.6 67.5 67.5

Head grade (gold g/t) 0.91 1.13 0.91 0.91

Tonnes ore mined underground (Mt) 0.7 3.4 4.1 4.1

Head grade (gold g/t) 3.54 4.30 4.17 4.17

Mill production (ktpd) 26.0 25.4 25.8 25.8

Head grade (gold g/t) 1.12 0.96 1.06 1.06

Gold recovery (%) 89 88 89 89

Total gold eq. production (k oz) 1,559 829 2,388 2,384

Avg. annual gold eq. production (k oz) 312 255 289 289

Cash costs per gold eq. oz. ($/oz) $668 $669 $665 $670

AISC per gold eq. oz. ($/oz) $1,071 $790 $967 $973

Sustaining capital ($M) 5 $522 $64 $586 $586

Growth capital ($M) 5 $28 $28 $56 $56

Cumulative total cash flow ($M) $243 $381 $5573 $1,096

After-tax NPV5% - - $421 $8581. Assuming $1,300 per gold ounce, $16.00 per silver ounce, and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar2. Assuming $1,550 per gold ounce, $17.50 per silver ounce, and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar3. LOM value includes a negative cash flow of $68 million post 2028 primarily for closure activities4. 2028 represents a partial year of processing (Q1 2028)5. Sustaining and Growth Capital spend exclude working capital movementsTotals may not compute exactly due to rounding.

Rainy River Updated Life of Mine Highlights

20

• B3 and C-zone fully integrated mine plan with technical and cost updates

• Mine life extension to 2030

• Updated mine design and subsidence mitigation plan

• In-pit tailings disposal: thickened and amended tailings (TAT); TAT to also increase current and historic tailings stability

• Low operating costs throughout life of mine

• Advancing permitting timeline

• Optimized scenario for self-funded C-zone development

• Free cash flow: ~$1 billion (2020-2030)

• After-tax NPV5% of $735M1 or $766M2

• Potential integration of SLC zone mine plan

• Exploration potential below the C-zone and on land package could increase mine life

New Afton Life of Mine Highlights2020-20241 2025-20301,4 LOM1 Sensitivity2

Tonnes ore mined (Mt) 22.8 25.2 48.1 48.1

Head grade mined (gold g/t) 0.58 0.75 0.68 0.68

Head grade mined (copper %) 0.73 0.80 0.77 0.77

Avg. Mill production (ktpd) 13.2 13.3 13.3 13.3

Gold recovery (%) 85 87 86 86

Copper recovery (%) 88 91 89 89

Total gold production (oz) 379.9 537.9 917.8 917.8

Total copper production (Mlb) 339.2 406.4 745.7 745.7

Avg. annual gold eq. production (k oz) 235.3 283.9 260.2 221.1

Cash costs per gold eq. oz. ($/oz) $679 $555 $610 $717

AISC per gold eq. oz. ($/oz) $790 $596 $681 $801

Sustaining capital ($M)3 $121 $54 $175 $175

Growth capital ($M)3 $460 - $460 $460

Cumulative total cash flow ($M) $113 $946 $1,0515 $1,092

After-tax NPV5% - - $735 $7661. Assuming $1,300 per gold ounce, $16.00 per silver ounce, $3.00 per copper pound and a foreign exchange rate of 1.30 Canadian

dollars to 1 US dollar2. Assuming $1,550 per gold ounce, $17.50 per silver ounce, $2.75 per copper pound and a foreign exchange rate of 1.30 Canadian

dollars to 1 US dollar3. Sustaining and Growth Capital spend excludes working capital movement4. 2030 represents a partial year of processing (Q1 2030)5. LOM value includes a negative cash flow of $9 million post 2030 primarily for closure activities offset by salvage valuesTotals may not compute exactly due to rounding.

Unlocking the potential of the C-zone drives $1B in FCF

New Afton Updated Life of Mine Highlights

21

Mineral Reserves and Resources(as at Dec 31, 2019)Mineral Reserves Statement as at December 31, 2019

Proven & Probable Metal grade Contained metal

Tonnes

000s

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

RAINY RIVER

Open Pit Mineral Reserves

Direct processing

Proven 15,700 1.21 2.4 - 612 1,187 -

Probable 30,675 1.15 2.5 - 1,136 2,416 -

Open Pit P&P (direct proc.) 46,375 1.17 2.4 - 1,748 3,602 -

Low grade Proven 5,702 0.35 1.9 - 65 341 -

Probable 15,470 0.35 2.2 - 172 1,076 -

Open Pit P&P (low grade) 21,172 0.35 2.1 - 237 1,417 -

Stockpile

Proven 5,928 0.53 1.1 - 102 211 -

Probable - - - - - - -

Open Pit P&P (stockpile) 5,928 0.53 1.1 - 102 211 -

Open Pit Total Mineral Reserves 73,476 0.88 2.2 - 2,087 5,231 -

Underground

Proven - - - - - - -

Probable 4,096 4.17 7.8 - 549 1,034 -

Underground P&P (direct proc.) 4,096 4.17 7.8 - 549 1,034 -

Combined Direct proc. & Low grade

Proven 27,331 0.88 2.0 - 779 1,740 -

Probable 50,240 1.15 2.8 - 1,857 4,526 -

Total Rainy River Mineral Reserves 77,572 1.06 2.5 - 2,636 6,265 -

22

Mineral Reserves and Resources(as at Dec 31, 2019)Mineral Reserves Statement as at December 31, 2019

Proven & Probable Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

NEW AFTON

A&B ZonesProven - - - - - - -

Probable 20,213 0.55 1.9 0.73 357 1,234 323

C Zone

Proven - - - - - - -

Probable 27,088 0.74 1.8 0.80 648 1,610 478

Total New Afton P&P 47,302 0.66 1.9 0.77 1,005 2,844 802

BLACKWATER

Direct processing reserves

Proven 124,500 0.95 5.5 - 3,790 22,100 -

Probable 169,700 0.68 4.1 - 3,730 22,300 -

P&P (direct processing) 294,300 0.79 4.7 - 7,510 44,400 -

Low grade reserves

Proven 20,100 0.50 3.6 - 330 2,300 -

Probable 30,100 0.34 14.6 - 330 14,100 -

P&P (low grade) 50,200 0.40 10.2 - 650 16,400 -

Combined Direct proc. & Low grade

Proven 144,600 0.88 5.3 - 4,110 24,400 -

Probable 199,800 0.63 5.7 - 4,050 36,400 -

Total Blackwater P&P 344,400 0.74 5.5 - 8,170 60,800 -

Total P&P 11,811 69,909 802

23

Mineral Reserves and Resources(as at Dec 31, 2019)

Mineral Resource statement as at December 31, 2019

Measured & Indicated (Exclusive of Reserves) Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

RAINY RIVER

High and Medium grade Mineral Resources

Open Pit

Measured 695 1.46 2.9 - 33 64 -

Indicated 4,813 1.18 3.4 - 182 531 -

Open Pit M&I (High and med. grade) 5,508 1.21 3.4 - 214 596 -

Underground

Measured - - - - - - -

Indicated 14,866 3.49 9.1 - 1,669 4,331 -

Underground M&I 14,866 3.49 9.1 - 1,669 4,331 -

Low grade Mineral Resources

Open Pit

Measured 293 0.34 1.9 - 3 18 -

Indicated 2,460 0.34 2.2 - 27 175 -

Open Pit M&I (High, medium and low grade) 2,753 0.34 2.2 - 30 193 -

Combined M&I

Measured 988 1.13 2.6 - 36 82 -

Indicated 22,139 2.64 7.1 - 1,878 5,037 -

Total Rainy River M&I 23,127 2.57 6.9 - 1,914 5,120 -

24

Mineral Reserves and Resources(as at Dec 31, 2019)Mineral Resource statement as at December 31, 2019

Measured & Indicated (Exclusive of Reserves) Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

NEW AFTON

A&B ZonesMeasured 17,013 0.63 1.7 0.83 346 940 312Indicated 9,759 0.44 2.6 0.71 138 825 154A&B Zone M&I 26,773 0.56 2.1 0.79 484 1,765 466

C-zoneMeasured 6,116 0.78 2.0 0.94 154 401 126 Indicated 12,727 0.71 2.1 0.83 292 852 233 C-zone M&I 18,843 0.74 2.1 0.86 446 1,254 359

HW LensMeasured - - - - - - -Indicated 11,362 0.51 2.0 0.44 187 738 109 HW Lens M&I 11,362 0.51 2.0 0.44 187 738 109 Combined M&IMeasured 23,154 0.67 1.8 0.86 500 1,345 438Indicated 33,854 0.57 2.2 0.66 617 2,409 495

Total New Afton M&I 57,008 0.61 2.1 0.74 1,118 3,754 933

BLACKWATER

Direct processing Mineral Resources

Measured 288 1.39 6.6 - 13 61 -Indicated 45,440 0.84 4.7 - 1,227 6,866 -M&I (direct proc.) 45,728 0.84 4.7 - 1,240 6,927 -

Low grade Mineral Resources

Measured 11 0.29 7.4 - - 3 -Indicated 15,831 0.32 3.9 - 162 1,985 -M&I (low grade) 15,842 0.32 3.9 - 162 1,988 -

Total Blackwater M&I 61,570 0.71 4.5 - 1,402 8,915 -

Total M&I Exclusive of Reserves 4,434 17,788 933

25

Mineral Reserves and Resources(as at Dec 31, 2019)

Mineral Resources statement as at December 31, 2019

Inferred Metal grade Contained metal

Tonnes000s

Goldg/t

Silverg/t

Copper%

GoldKoz

SilverKoz

CopperMlbs

RAINY RIVER

High and medium grade resourcesOpen Pit 2,015 0.61 1.8 - 39 114 -Underground 1,297 3.76 3.5 - 157 146 -Total Direct Processing 3,312 1.84 2.4 - 196 260 -

Low grade resourcesOpen Pit 167 0.35 1.4 - 2 8 -

Rainy River Inferred 3,479 1.77 2.4 - 198 268 -

NEW AFTON

A&B Zones 6,367 0.34 1.3 0.35 70 272 49 C-zone 7,650 0.41 1.3 0.47 101 316 71 HW Lens 3 0.49 0.6 0.19 - - -

New Afton Inferred 14,022 0.38 1.3 0.42 172 589 121

BLACKWATER

Direct processing 13,933 0.76 4.0 - 341 1,792 -Low grade resources 4,225 0.32 3.5 - 44 475 -

Blackwater Inferred 18,158 0.66 3.9 - 385 2,267 -

Total Inferred 754 3,124 121

26

Notes to Mineral Reserve and Resource Estimates

Notes to Mineral Reserve and Resource Estimates

1. New Gold’s Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM standards, which are incorporated

by reference in NI 43-101.

2. All Mineral Reserve and Mineral Resource estimates for New Gold’s properties and projects are effective December 31, 2019.

3. New Gold’s year-end 2019 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign

exchange (FX) rate criteria:

4. Lower cut-offs for the Company’s Mineral Reserves and Mineral Resources are outlined in the following table:

Gold $/ounce

Silver $/ounce

Copper $/pound

FXCAD:USD

Mineral Reserves $1,275 $17.00 $3.00 1.30

Mineral Resources $1,375 $19.00 $3.25 1.30

Mineral Property Mineral Reserves Lower Cut-off

Mineral Resources Lower Cut-off

Rainy RiverO/P direct processing:O/P low grade material:U/G direct processing:

0.46 – 0.49 g/t AuEq0.30 g/t AuEq2.20 g/t AuEq

0.44 – 0.45 g/t AuEq0.30 g/t AuEq2.00 g/t AuEq

New Afton Main Zone – B1 & B2 Blocks:B3 Block & C-zone

USD$ 21.00/tUSD$ 24.00/t All Resources 0.40% CuEq

Blackwater O/P direct processing:O/P low grade material:

0.26 – 0.38 g/t AuEq0.32 g/t AuEq All Resources: 0.40 g/t AuEq

5. New Gold reports its Measured and Indicated Mineral Resources exclusive of Mineral Reserves. Measured and Indicated Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a greater amount of uncertainty as to their existence and technical feasibility, do not have demonstrated economic viability, and are likewise exclusive of Mineral Reserves. Numbers may not add due to rounding.

27

Notes to Mineral Reserve and Resource Estimates (cont’d)

6. Mineral Resources are classified as measured, indicated and inferred based on relative levels of confidence in their estimation and on technical and economic parameters consistent with the methods considered to be most suitable to their potential commercial extraction. The designators ‘open pit’ and ‘underground’ may be used to indicate the envisioned mining method for different portions of a resource. Similarly, the designators ‘direct processing’ and ‘lower grade material’ may be applied to differentiate material envisioned to be mined and processed directly from material to be mined and stored separately for future processing. Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding Mineral Reserve and Mineral Resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s material properties are provided in the respective NI 43-101 Technical Reports, which will be available at www.sedar.com within 45 days of New Gold’s press release dated February 13, 2020 with respect to the Rainy River and New Afton updated life of mine plans.

7. The preparation of New Gold's consolidated statement and estimation of mineral reserves has been completed under the oversight and review of Mr. Andrew Croal, Director of Technical Services for the Company. Mr. Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario. Preparation of New Gold’s consolidated statement and estimation of mineral resources has been completed under the oversight and review of Mr. Michele Della Libera, Director, Exploration for the Company. Mr. Della Libera is a Professional Geoscientist and member of the Association of Professional Geoscientists of Ontario and of the Engineers and Geoscientists of British Columbia. Mr. Croal and Mr. Della Libera are "Qualified Persons" as defined by NI 43-101.

CLICK TO EDIT MASTER TITLE STYLEClick to edit Master text styles

28

• Open Pit reserves are impacted by:

• Updated LOM costs

• Updated metallurgical recovery model

• Movement of some open pit Mineral Reserves to underground Mineral Reserves due to updated mine plan

-

500

1,000

1,500

2,000

2,500

3,000

3,500

NI43-1012018

Updated Costs04-Dec-19

Other NI43-1012020

Con

tain

ed G

old

(oz

x '0

00)

Change in In-Pit Mineral Reserves + Stockpiles(Actualized Starting Topography End-of-December 2019)

Rainy River MineOpen Pit Mineral Reserves

Refer to the detailed December 31, 2019 Mineral Reserves and Mineral Resources tables reported in the press release dated February 13, 2020.

Smaller Open Pit Drives Stronger FCF Starting in Q4 2020

CLICK TO EDIT MASTER TITLE STYLEClick to edit Master text styles

29

• Economic viability of large portion of underground mineralization is dependent on availability of open pit stockpile to maintain mill throughput and to share fixed costs

Rainy River MineUnderground Mineral Reserves

Mining Profitable Underground Areas, Upside at Higher Gold Prices

30

Qualified Persons

The technical information was developed through the combined efforts of the Company’s internal technical team andindependent consultants including:

• Francis McCann, General Manager / Principal Mining Engineer, AMC Consultants Toronto – QP for the Rainy RiverOpen Pit Mineral Reserves Estimate and Open Pit Mining

• Herbert A. Smith, Senior Principal Engineer, AMC Consultants Vancouver – QP for the Rainy River UndergroundMineral Reserves Estimate and Underground Mining

• Dinara Nussipakynova, Principal Geologist, AMC Consultants Vancouver – QP for the Rainy River Open Pit andUnderground Resources Estimate

• Ken Bocking, Golder Toronto – QP for Rainy River Waste dumps, Open Pit Overburden slopes studies

• Ed Saunders – SRK Vancouver – QP for the Rainy River Open Pit Hard Rock Slopes studies

• Andre Zerwer, Principal Geotechnical Engineer, BGC Sudbury – QP for the Rainy River Tailings Dam studies

• Andrew Millar, Principal Metallurgist, AMC Brisbane - QP for the Rainy River Metallurgical studies

• Twila Griffith, Senior Environmental Specialist, Rainy River Mine – QP for the Rainy River Environmental Study

• Normand L. Lecuyer, P.Eng., Roscoe Postle Associates Inc. (RPA) – QP for technical information for New Afton

• David W. Rennie, P.Eng., Roscoe Postle Associates Inc. (RPA) – QP for technical information for New Afton

• Holger Krutzelmann, P.Eng., Roscoe Postle Associates Inc. (RPA) – QP for technical information for New Afton

• Luis Vasquez, M.Sc., P.Eng., Roscoe Postle Associates Inc. (RPA) – QP for technical information for New Afton

31

Glossary of terms

• AISC: All-in Sustaining Costs

• Au Eq. Oz.: Gold equivalent ounces

• BCR2: Biochemical Reactor 2

• HAOP: Historic Afton Open Pit

• HATSF: Historic Afton Tailings Storage Facility

• K TPCD: Kilo Tonne per Calendar Day

• M&I: Measured and Indicated

• NATSF: New Afton Tailings Storage Facility

• P&P: Proven and Probable

• TAT: Thickened and Amended Tailings

• UG: Underground

• EMRS: East Mine Rock Stockpile (waste rock stockpile)

• KTPD: Kilo Tonne per Day

• LGO: Low Grade Ore

• LOM: Life of mine

• NAG: Net Acid Generating

• OVB: Overburden

• PCR: Principal Component Repairs

• P&P: Proven and Probable

• TMA: Tailings Management Area

• WMRS: West Mine Rock Stockpile (waste rock stockpile)

• WTP: Water Treatment Plant

32

Endnotes

CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCESInformation concerning the properties and operations of New Gold has been prepared with Canadian standards for reporting of mineral resource estimates, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms “inferred mineral resources,” “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the “CIM Standards”). Until recently, the CIM Standards differed significantly from standards in the United States. The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding definitions under the CIM Standards, as required under NI 43-101. Accordingly, during this period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or mineral reserves contained or referenced in this presentation may not be comparable to similar information made public by United States companies.

Readers are cautioned that “inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their 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, except in limited circumstances. The term “resource” does not equate to the term “reserves”. Readers should not to assume that all or any part of measured or indicated mineral 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.

TECHNICAL INFORMATION

The scientific and technical information relating to Mineral Reserves contained herein has been reviewed, verified and approved by Mr. Andrew Croal, Director, Technical Services of New Gold. The scientific and technical information relating to Mineral Resources and exploration activities and results contained herein has been reviewed and approved by Mr. Michele Della Libera Director, Exploration of New Gold. All other scientific and technical information contained herein has been reviewed and approved by the persons named under the heading “Technical Information and Qualified Persons” with respect to the technical and scientific information noted for each name. Mr. Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario. Mr. Della Libera is a Professional Geoscientist and a member of Engineers & Geoscientists British Columbia and Professional Geoscientists Ontario. Mr. Croal, Mr. Della Libera and the persons named under the heading “Technical Information and Qualified Persons” are "Qualified Persons" for the purposes of NI 43-101. No limitations were imposed on these Qualified Persons with respect to the verification of the data contained herein. Further detail about the mineral resource and reserve estimates, including assumptions, parameters, risks and data verification measures, are available in the updated technical reports filed by the Company on SEDAR at www.sedar.com.

33

Non-GAAP MeasuresNON-GAAP MEASURES

(1) ALL-IN SUSTAINING COSTS PER GOLD EQ. OUNCE"All-in sustaining costs per gold eq. ounce” is a non-GAAP financial measure. Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world New Gold defines "all-in sustaining costs" per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, lease payments that are sustaining in nature, and environmental reclamation costs, all divided by the ounces of gold eq. sold to arrive at a per ounce figure. In addition to gold the Company produces copper and silver. Gold eq. ounces of copper and silver produced or sold in a quarter are computed by calculating the ratio of the average spot market copper and silver prices to the average spot market gold price in a quarter and multiplying this ratio by the pounds of copper and silver ounces produced or sold during that quarter. Gold eq. ounces produced or sold in a period longer than one quarter are calculated by adding the number of gold eq. ounces in each quarter of that period. In 2020 the Company will report gold eq. ounces using a consistent ratio. Notwithstanding the impact of copper and silver sales, as a Company focused on gold production, New Gold aims to assess the economic results of its operations in relation to gold, which is the primary driver of New Gold’s business.

New Gold believes this non-GAAP financial measure provides further transparency into costs associated with producing gold and assists analysts, investors and other stakeholders of the Company in assessing the Company's operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

(2) SUSTAINING CAPITAL and SUSTAINING LEASES"Sustaining capital" is a non-GAAP financial measure as well as “sustaining lease”. New Gold defines sustaining capital as net capital expenditures that are intended to maintain operation of its gold producing assets. A sustaining lease is similarly a capital lease payment that is sustaining in nature. To determine sustaining capital expenditures, New Gold uses cash flow related to mining interests from its statement of cash flows and deducts any expenditures that are non-sustaining or growth capital. Management uses sustaining capital and other sustaining costs, to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. Sustaining capital and sustaining lease are intended to provide additional information only, does not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

(3) TOTAL CASH COSTS PER GOLD EQ. OUNCE"Total cash costs per gold eq. ounce” is a non-GAAP financial measures which is calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. 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. The Company believes that certain investors use this information to evaluate the Company's performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. This measure, along with sales, is considered to be a key indicator of the Company's ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs per gold ounce are net of by-product sales and are divided by gold ounces sold to arrive at a per ounce figure. Total cash costs per gold eq. ounce are divided by gold eq. ounces sold to arrive at a per ounce figure. Unless otherwise indicated, all total cash cost information in this news release is on a gold eq. ounce basis. Gold eq. ounces of copper and silver produced in a quarter are computed by calculating the ratio of the average spot market copper and silver prices to the average spot market gold price in a quarter and multiplying this ratio by the pounds of copper and silver ounces produced during that quarter. Gold eq. ounces produced in a period longer than one quarter are calculated by adding the number of gold eq. ounces in each quarter of that period. In 2020 the Company will report gold eq. ounces using a consistent ratio. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP.

(4) GROWTH CAPITAL"Growth capital" is a non-GAAP financial measure. New Gold terms non-sustaining capital costs to be “growth capital”, which are capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. To determine growth capital expenditures, New Gold uses cash flow related to mining interests from its statement of cash flows and deducts any expenditures that are sustaining capital. Growth capital is intended to provide additional information only, does not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

34

Non-GAAP MeasuresNON-GAAP MEASURES

(5) AVERAGE REALIZED PRICE"Average realized price per ounce or pound sold" is a non-GAAP financial measure with no standard meaning under IFRS. Management uses this measure to better understand the price realized in each reporting period for gold, silver, and copper sales. Average realized price is intended to provide additional information only and does not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies.

(6) ADJUSTED NET EARNINGS/(LOSS)"Adjusted net earnings/(loss)" and "adjusted net earnings/(loss) per share" are non-GAAP financial measures. Net earnings/(loss) have been adjusted and tax affected for the group of costs in "Other gains and losses" on the condensed consolidated income statement and other nonrecurring items. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings/(loss) from continuing operations. The Company uses this measure for its own internal purposes. Management's internal budgets and forecasts and public guidance do not reflect items which are included in other gains and losses. Consequently, the presentation of adjusted net earnings and adjusted net earnings per share enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings and adjusted net earnings per share based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies. Adjusted net (loss)/earnings and adjusted net (loss)/earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS.

(7) OPERATING CASH FLOWS GNERATED FROM OPERATIONS BEFORE CHANGES IN NON- CASH OPERATING WORKING CAPITAL/ ADJUSTED OCF“Operating cash flows generated from operations, before changes in non-cash operating working capital” or “Adjusted OCF” are non-GAAP financial measures with no standard meaning under IFRS, which excludes changes in non-cash operating working capital. Management uses this measure to evaluate the Company’s ability to generate cash from its operations before temporary working capital changes. Operating cash flows generated from operations, before non-cash changes in working capital is intended to provide additional information only and does not have any standardized meaning under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies.

Further details regarding with respect to the non-GAAP measures used by the Company a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold’s financial statements filed from time to time on www.sedar.com and on EDGAR at www.sec.gov.