Bank of America2020 Global Metals, Mining and Steel ConferenceMay 12 - 14, 2020

2

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain information contained in this presentation, including any information relating to New Gold's future financial or operating performance are "forward looking". Allstatements 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, permittingtimelines and plans for capital expenditures at New Afton and Rainy River for 2020, statements with respect to the anticipated effect of the COVID-19 pandemic onNew Gold’s operations, including the expected date of the partial restart at Rainy River, supply chain continuity and financial status, New Gold being able to maintain itslevel of operations and supply chain continuity during the COVID-19 pandemic and New Gold’s financial resources being sufficient to support operations during theCOVID-19 pandemic, including all information on slides 9 to 56 with respect to the Rainy River 2020 & LOM Technical Presentation and all information on slides 57 to126 with respect to the New Afton 2020 & LOM Technical Presentation, the expected amount of free cash flow (“FCF”) and after tax net present value (“NPV”) resultingfrom New Afton and Rainy River based on the updated life of mine plans, statements with respect to Ontario Teachers’ (as defined below) exercising its ConversionOption and the anticipated effects, New Gold pursuing any of the debt optimization scenarios set out in slide 6 “Capital Structure and Improved Liquidity Position”, slide26 “Consolidated Life of Mine Highlights” and all estimations of the Mineral Reserves and Mineral Resources at Rainy River and New Afton, including the information onslides 27 to 31 “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 toimportant risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward- lookingstatements are discussed in this presentation, New Gold's latest annual management's discussion and analysis ("MD&A"), Annual Information Form and TechnicalReports 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) theaccuracy 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 lesserextent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies beingapproximately 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 otherrelevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes; and (9) metals andother commodity prices and exchange rates, specifically for the updated life of mine plans, gold and silver prices as indicated throughout the presentation and foreignexchange 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 atall; (11) there being no new 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 ofthe 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 relevantgovernments to the COVID-19 pandemic being sufficient to contain the impact of the COVID-19 pandemic; (13) there not being a significant economic recession ordownturn as a result of the COVID-19pandemic.

3

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSForward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and otherfactors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-lookingstatements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional fundingrequirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates ofexchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual andestimated 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 ormay 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 onbusiness; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessarylicenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, the lack of certainty with respect to foreign legalsystems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertaintiesinherent 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; uncertaintiesinherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims orproperty 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 permittingrequirements; 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 RainyRiver 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 therelevant 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’ssupply chain continuity; New Gold’s liquidity not being sufficient to support operations during the COVID-19 pandemic or afterwards; with respect to New Gold’s annualguidance for Rainy River, the temporary suspension of operations at the Rainy River mine lasting longer than several weeks; and risks inherent to a mine facility duringshut down; and difficulties in demobilization or restart of operations due to various factors, including lack of availability of manpower or equipment. In addition, there arerisks 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 commercialproduction, 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 NewGold'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-lookingstatements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of theforward-looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation toupdate 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/

4

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

5

Building a Canadian Focused Multi-Asset Company

Rainy River Mine: Ontario, Canada

• Open pit and underground mine in northernOntario

• FCF beginning in Q4 2020 and over LoM: ImprovedNPV

• Open pit mining HG/MG ore via a smaller, moreprofitable pit shell

• Underground evaluated on a per zone basis forprofitability with potential for mine life extension

• LoM FCF of ~$550M at $1,300 gold; ~$1B at $1,550gold

• Evaluating exploration potential on broader landpackage

• Announced 14-day voluntary suspension due to COVID-19 self-isolation requirements (March 20-April2)

• Restarted operations on April 3 with localworkforce

New Afton Mine: B.C., Canada• Low cost producer in B.C. thatdrives free cash flow

• Updated LoM technical and cost update of anintegrated B3/C-zone optimization; mine life extension to2030

• Self-funded C-zone development underway

• LoM FCF of $1B at $1,300 gold and $3.00 copperand$1,550 gold and $2.75 copper

• Exploration potential at depth and over landpackage

• Currently operating at normal levels

• Implemented a 14-day-on x 14-day-off rotationalschedule

Rainy River Gold MineOpen pit & underground

Located near Ft. Frances, Ont.

Blackwater Gold Project

+8 Million gold oz in Reserves

New Afton Gold/Copper MineUnderground block cave

Located near Kamloops, BC

Cerro San Pedro Gold/Silver Mine

Reclamation underway

2020 Guidance Withdrawn Until Impact of COVID-19 is BetterUnderstood

7

Capital Structure and Improved Liquidity Position

1. Estimated cash and cash eq. as of March 31, 20202. Approximately $120 million of $400 million facility used for Letters of Credit.

• Strengthened balance sheet with key transactions

• $300M partnership with Ontario Teachers PensionPlan (March 31, 2020)

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

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

• Additional debt optimization scenarios currently underreview

New Gold DebtStructureFace 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

7

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

8

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

9Optimized Mine Plan Supports Profitable Mining and Improved NPV

• Focus on profitability that drives positive and sustained free cash flow beginning in Q420201

• 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 mineplan

• Increased open pit cut-off grade to0.46-0.49 g/t gold eq.

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

• Each underground zone evaluated separately for potential inclusion in the mineplan

• Underground access from Intrepid portal and4 open pit portals; reduces underground development

• Capital reduction with smaller-size TMAand potential slopereduction

• Upside for expanded undergroundmine

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

Rainy River Life of MineHighlights

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 movements

Totals may not compute exactly due to rounding.

Rainy River Updated Life of Mine Highlights

10

Rainy River MineLOM Plan: Open Pit – Waste Reduction

2018 NI 43-101 Resource Pit

2020 NI 43-101 Resource Pit

New Open Pit Plan Delivers Superior Value vs 2018 plan1

1. Using updated unit cost assumptions, geotechnical and capital requirement assumptions

11

• Underground mine plan includes only optimally profitable areas at $1,275/ gold oz; significantly decreases capital development spend

• Underground production 2022 to 2028 via 5 access portals (4 in-pit plus Intrepid), significant reduction in horizontal and vertical development metres and in-mine infrastructure requirements

• Long-hole mining rate ramps up to a peak of 3,100 tpd by 2026 with avg. gold grade of 4.17g/t

• Open pit fleet to re-handle ore mined fromportals

• Opportunity to extend underground mine life in a higher gold price environment

Rainy River MineLOM Plan: Underground Mine

Higher Underground Mine Grade Drives Margin

Grey areas indicate potential new mining areas

12

1.08

0.951.02

1.17 1.191.26 1.25

0.85 0.84

0.61

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Gol

d gr

ade

(g/t)

Au O

unce

sPr

oduc

edMill Production vs. GoldGrade

2019 2020 2021 2022 2023

Gold ounces produced (Au oz)

2024 2025 2026

Mill Feed Grade (Au g/t)

2027 2028

Rainy River MineLOM Plan: Mill Production

Maximizing Throughput Over Life of Mine

• The mill facility to average approximately 25,800 tpdwith mill availability of ~92%

• LOM head grade of ~1.06 gold g/t at a recovery rate of 89%

• Low-grade ore stockpile to supplement underground mill feed from 2025-2028

• Unit cost reduction as productivity increases and contractor costs decline; remains stable over LOM

• Completed pebble crusher testing in January 2020 with final commissioning in February2020

• Gravity circuit commissioned in January 2020 to improve goldrecoveries

13

NE Trend Target: Field reconnaissance exploration to assess the potential for

shear hosted high grade gold discovery within ~15 km regional structuralcorridor has been completed in 2019. Two broader areas with coincidentgeochemical and geophysical anomalism have been defined for first passexploration drilling in 2020.Geological mapping, soil and rock sampling to assess the perspectivity ofadditional areas within the broader claims block will continue during 2020,with the objective to define drill-ready targets.Permit application for drilling program has been submitted for a drillingcampaign planned in the first half of 2020.

Target areas defined by coincidentgeochemical and geophysical anomalism forfollow up reconnaissance drilling campaign

Rainy River MineLOM Plan: Exploration Plan

14

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 and Recent 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

15

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

• 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 MineHighlights2020-20241 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 values

Totals may not compute exactly due to rounding.

Unlocking the potential of the C-zone drives $1B inFCF

New Afton Updated Life of Mine Highlights

16

New Afton MineLOM Plan: Technical and Cost Update

The Technical Report will support the December 31, 2019 Mineral Reserve and Resource estimates and provides a technical and cost update of the revised Life of Mine (LOM) Plan

B3 and C-zone fully integrated mine plan

Geotechnical study updates:

Mine design

Subsidence

Tailings update:

In-pit disposal using a thickened & amended tailings approach to increase stability

Stabilization of current and old tailings

Permitting timeline

Capital and operating costs updated

West Cave

East Cave

B3

C-zone

East Cave Recovery (SLC)

Self-funded C-zone Project with RobustEconomics

17

-

20,000

60,000

40,000

80,000

100,000

120,000

160,000

140,000

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2019 2020 2021 2023 2029 2030

Met

al P

rodu

ced

(oz,

'000

lbs)

Tota

l ton

nesm

illed

Mill Production

2022

Tonnes Milled

2024 2025 2026 2027 2028

Au Produced (oz) Cu Produced ('000 lbs)

2020 NI 43-101 LOM

New Afton MineLOM Plan: Mill Production

• Lower production in 2021 to 2024 (with lower production in 2024) until the C-zone beginsproduction

• Sub-level cave (“SLC”) zone could be partially offset lower productionperiod

• Improved recoveries as B3 and C-zone hypogene ore is processed (86% gold and 90%copper)

• The updated life of mine plan incorporates thickened and amended tailings to increase stability of the current and historical tailings, with in-pit thickened tailings deposition planned for the C-zone oreportion

• Geotechnical study updates with the objective of enhancing the mine plan and subsidencecontrol

Maximizing Throughput Throughout Life of Mine

18

New Afton MineLOM Plan: Key Permitting Activities

• Early and transparent engagement and consultations First Nation Partners and KeyStakeholders

• Positive relationship with Government authorities has facilitated timely permitting

• Government committed to ‘keep Operating Mines Operating and BC MinesCompetitive’

Milestone Expected Time

B3 Permit Receipt H1 2021

B3 Production H2 2021

C-Zone Permit Receipt H1 2022

C-Zone Production H2 2023

19

SLC Mining Options Evaluated to Add OreReserve Inventory to the LOM

• Underground drilling delineated and expand mineral resources within and below the SLC Zone

• Delineated the SLC target area to M&I and added 3.6Mtonnes of >0.4% CuEq of Mineral Resources, grades in linewith the C-Zone with zones of high grade Cu-Au

• Results were incorporated in the 2019 year end mineralresource update

• Zone remains open to down plunge into the newly defined East Extension area

UG Drill Targets – Long Section

D-Zone Exploration Targeting Scale or Greater Resource Growth

• D-Zone underground drilling testing for additional resources down plunge ofthe C-Zone reserve

• Testing pinch and swell geometry to verify potential for zone ofproductive mineralization to re-widen laterally and down plunge

• Main ore body is pinching at depth. Potential to define additionalmineralization remains as an offset and/or continuation down plungefrom SLC Zone within a newly interpreted parallel dilation zone.

• Drill intercepts in the upper D-Zone appear to feature good widths and oregrade in line with C-Zone over an approximate 200-250m vertical extent

D-Zone Drill Target

New Afton MineExploration Potential Near Mine – SLC and D-zone

20

Preliminary Stages of Testing District Target Potential

• Cherry Creek Corridor Target: exploration activities are progressing to drill targets refinement• 12 km trend of prospective geochemical and geophysical anomalies located ~3 km from New Afton mill

• 45 line-km geophysical IP survey completed at the end of August2019

• Geochemical survey completed covering entire trend

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

• Phase 1 exploration drilling in Q1 2020 pending permit approval by Ministry of Energy and Mines

New Afton MineExploration Potential – District

22

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

22

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

6

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 theagreements

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 ~$600million• Financial flexibility and debt reductionopportunities

24

COVID-19 Response Plan

• Instituting self-quarantine measures for anyone who has been in close contact with a confirmed case of COVID-19, or who has travelled either internationally or domestically within the past 14-days.

• With the exception of individuals required to run critical office-based systems (e.g., IT server maintenance, security) our corporate offices will be temporarily closed.

• We have provided regular COVID-19 company-wide communications including posters and emails about COVID-19, symptoms, and health and hygiene best practices.

• We are conducting ongoing monitoring of the status of COVID-19 through reliable sources such as the World Health Organization (WHO), the Public Health Agency of Canada (PHAC), the Centers for Disease Control (CDC), and local public health agencies and have directed leaders and employees to advise and track any presumptive or confirmed COVID-19 cases that could potentially put employee at risk, along with how each case was handled.

• We have implemented increased cleaning on frequently touched surfaces at all locations and have provided hand sanitizer dispensers in common areas.

• We have confirmed that suppliers and contractors have also implemented preventative practices and have a business continuity plan in place.

• The New Gold’s Employee Assistance Program offered through LifeWorks is available to support all our employees and their families related to mental, physical, emotional and financial well-being.

We have established a Pandemic Response and Business Plan Committee comprised of leadership from all locations that meets regularly and has developed and implemented pre-screening and business continuity plans. The Committee is established to ensure that we are assessing all potential risks and develop viable contingency plans that enable us to stay ahead of any potential safety and health risks for our employees and members of our host communities. Designated teams from relevant functions are proactively planning for various contingencies and responding to daily changes and circumstances. We are proactively preparing for the potential spread of COVID-19 to any of New Gold’s locations, with specific business continuity plans in place. We have also instituted a number preventative measures including:

More information including site specific response plans is provided via the following link:www.newgold.com/covid-19/

25

Repositioning New Gold for Sustainable Shareholder ValueCreation

Rainy River Mine Objective: Profitable operations at $1,275 gold

• Mine plan focused on profitable mining that drives free cash flow and improvedNPV

• Updated mine plan supports sustained free cash flow beginning in Q4 2020 and over minelife

• Open pit mine: mining high and medium grade ore via a smaller open pit; significant reduction in total waste mined at new strip ratio (including overburden) of 2.53:1

• Underground mine: individual zones evaluated; only profitable zones included in plan with further upside at higher gold prices

• Updated plan delivers superior value and free cash flow from 2020-2024 and life of mine, as compared to the 2018 plan, even at reduced total gold ounces in reserves. (using updated unit cost assumptions, geotechnical and capital requirement assumptions)

New Afton Mine Objective: Technical and cost update of de-risked C-zone mine plan

• B3/C-zone integrated mine plan extends mine life to 2030 with robusteconomics

• Self-funded project execution 2020-2024 at $1,300 per gold ounce and $3.00 per copper pound prices

• Geotechnical studies optimize mine design and mitigate subsidence

• In-pit tailings: thickened and amended tailings to increasestability

• Potential to include SLC zone in near-term mine plan to partially offset lower production period

• Exploration potential below C-zone and elsewhere on large land packageThe NI 43-101 economics are done at a Reserve price of $1,275/oz gold and $17.00/oz silver.

Repositioned for Profitable Mining

26

Rainy River 2020-20241 2025-20281,4 Life of Mine1 Sensitivity2

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) 3 $522 $64 $586 $586

Growth capital ($M) 3 $28 $28 $56 $56

Cumulative total cash flow ($M) $243 $381 $557 $1,096

After-tax NPV5% - - $421 $858

New Afton 2020-20241 2025-20301,4 Life of Mine1 Sensitivity2

Avg. annual gold eq. production (k oz) 235 284 260 221

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 $1,051 $1,092

After-tax NPV5% - - $735 $766

Consolidated 2020-20241 2025-20301,4 Life of Mine1 Sensitivity2

Avg. annual gold eq. production (k oz) 547 442 493 454

Sustaining capital ($M)3 $643 $118 $761 $761

Growth capital ($M)3 $488 $28 $516 $516

Cumulative total cash flow ($M) $357 $1,290 $1,6075 $2,188Totals may not compute exactly due to rounding

1. 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. 2028 represents a partial year of production for Rainy River and 2030 represents a partial year of production for New Afton.5. Consolidated LOM value includes a negative cash flow of $77 million post 2030 primarily for closure activities offset by salvage values

Consolidated Life of Mine Highlights

27

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

RAINY RIVEROpen Pit Mineral ReservesDirect 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 gradeProven 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 MineralReserves 73,476 0.88 2.2 - 2,087 5,231 -

UndergroundProven - - - - - - -

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 MineralReserves 77,572 1.06 2.5 - 2,636 6,265 -

28

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

NEW AFTON

A&B ZonesProven - - - - - - -Probable 20,213 0.55 1.9 0.73 357 1,234 323

C ZoneProven - - - - - - -Probable 27,088 0.74 1.8 0.80 648 1,610 478

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

BLACKWATER

Direct processingreservesProven 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 reservesProven 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 gradeProven 144,600 0.88 5.3 - 4,110 24,400 -Probable 199,800 0.63 5.7 - 4,050 36,400 -

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

Total P&P 11,811 69,909 802

29

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

Mineral Resource statement as at December 31, 2019

Measured & Indicated (Exclusive ofReserves) Metal grade Contained metal

Tonnes 000s

Gold g/t

Silver g/t

Copper%

Gold

Koz

Silver

Koz

Copper Mlbs

RAINY RIVER

High and Medium grade MineralResourcesOpen PitMeasured 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 -UndergroundMeasured - - - - - - -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 MineralResourcesOpen PitMeasured 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&IMeasured 988 1.13 2.6 - 36 82 -Indicated 22,139 2.64 7.1 - 1,878 5,037 -

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

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

Measured & Indicated (Exclusive ofReserves) Metal grade Contained metalTonnes 000s

Gold g/t

Silver g/t

Copper%

Gold Koz

Silver Koz

Copper Mlbs

NEW AFTONA&B Zones

Measured 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 126Indicated 12,727 0.71 2.1 0.83 292 852 233C-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 109HW Lens M&I 11,362 0.51 2.0 0.44 187 738 109Combined 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 AftonM&I 57,008 0.61 2.1 0.74 1,118 3,754 933

BLACKWATERDirect processing MineralResources

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 MineralResourcesMeasured 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 BlackwaterM&I 61,570 0.71 4.5 - 1,402 8,915 -

Total M&I Exclusive ofReserves 4,434 17,788 933 30

31

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

Mineral Resources statement as at December 31, 2019

Inferred Metal grade Contained metal

Tonnes 000s

Gold g/t

Silver g/t

Copper%

Gold Koz

Silver Koz

Copper Mlbs

RAINY RIVERHigh and medium graderesources

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

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

BLACKWATERDirect 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

32

Notes to Mineral Reserve and Resource Estimates

Notes to Mineral Reserve and ResourceEstimates1. 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

FX CAD: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/t USD$ 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.

33

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.

34

• 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

3,000

2,500

2,000

1,500

1,000

500

-

3,500

NI43-101 2018

Updated Costs 04-Dec-19

Other NI43-101 2020

Con

tain

ed G

old

(oz

x'00

0)

Change in In-Pit Mineral Reserves + Stockpiles (Actualized Starting Topography End-of-December2019)

Rainy River MineOpen Pit Mineral Reserves

Smaller Open Pit Drives Stronger FCF Starting in Q4 2020Refer to the detailed December 31, 2019 Mineral Reserves and Mineral Resources tables reported in the press release dated February 13, 2020.

35

• 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

36

Qualified Persons

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

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

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

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

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

• 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 NewAfton

• 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

37

Glossary of terms

• AISC: All-in Sustaining Costs

• Au Eq. Oz.: Gold equivalent ounces

• 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 GradeOre

• LOM: Life ofmine

• 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

38

Endnotes

CAUTIONARY NOTE TO U.S. READERSCONCERNING ESTIMATESOF MINERAL RESERVESAND 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 INFORMATIONThe 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, will be available in the updated technical reports to be filed by the Company within 45 days following the date of this news release.

39

Non-GAAP Measures

NON-GAAP MEASURES

(1) ALL-IN SUSTAINING COSTS“All-in sustaining costs” per 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 of which New Gold is a member, New Gold defines “all-in sustaining costs” per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature (as presented in the cash flow statement), corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature and environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. 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. Further details regarding historical all-in sustaining costs and 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.

(2) SUSTAINING CAPITAL"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“Total cash costs” per ounce is a non-GAAP financial measure 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, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated, all total cash cost information in this presentation is net of by-product sales. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs and co-product 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. Further details regarding historical total cash costs and 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.

(4) FREE CASH FLOW“Free cash flow” is defined as operating cash flow less sustaining capital expenditures.

(5) GROWTHCAPITAL"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.