Scotiabank Latin American Mining Conference

Scotiabank Latin American

Mining Conference

June 3-4, 2013

London

Cautionary statement

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

Total cash costs shown net of by-product sales unless otherwise stated

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this presentation constitutes “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward

looking information under the provisions of Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the

use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", " intends", "anticipates", “projects”, “potential”, "believes" or

variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", “should”, "might" or "will be taken", "occur" or "be achieved" or the negative

connotation. Such statements and information include, without limitation, statements regarding expectations as to the anticipated timing of the mailing of the offer materials, the estimated

mineral resources and mineral reserves at Rainy River’s property, the expected further growth in gold reserves and ongoing cash flows and other benefits of the transaction containing forward-

looking information. This forward looking information is subject to numerous risks, uncertainties and assumptions, certain of which are beyond the control of Rainy River and/or New Gold,

including risks relating to acquisitions, including, without limitation, the parties may be unable to complete the acquisition or completing the acquisition may be more costly than expected

because, among other reasons, conditions to the closing of the acquisition may not be satisfied; problems may arise with the ability to successfully integrate the businesses of New Gold and

Rainy River, the parties may be unable to obtain regulatory approvals required for the acquisition, New Gold may not be able to achieve the benefits from the acquisition or it may take longer

than expected to achieve those benefits; and the acquisition may involve unexpected costs or unexpected liabilities. Other risks include the impact of general economic conditions; industry

conditions; volatility of metals prices; volatility of commodity prices; currency fluctuations; mining risks; risks associated with foreign operations; governmental and environmental regulation;

competition from other industry participants; the lack of availability of qualified personnel or management; stock market volatility; the ability of New Gold to complete or successfully integrate an

announced acquisition proposal; unexpected costs or unexpected liabilities related to the acquisition. Readers are cautioned that the material assumptions used in the preparation of such

information, although considered reasonable at the time of preparation, may prove to be imprecise. Actual results, performance or achievement could differ materially from those expressed in,

or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any

of them do so, what benefits that Rainy River and/or New Gold will derive therefrom. New Gold and Rainy River disclaim any intention or obligation to update or revise any forward-looking

information, whether as a result of new information, future events or otherwise except as required by applicable securities laws. The issuance of New Gold shares under the transaction is

subject to TSX acceptance or approval.

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

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

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

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

("CIM") Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on November 27, 2010. While the terms "Mineral Resource", "Measured Mineral Resource" and

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

Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced

or extracted at the time the reserve calculation is made. As such, certain information contained in this presentation concerning descriptions of mineralization and resources under Canadian

standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange

Commission. An "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an

"Inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic

studies. Readers are cautioned not to assume that all or any part of Measured or Indicated resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume

that all or any part of an "Inferred Mineral Resource" exists, or is economically or legally mineable. In addition, the definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves"

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

2

Cautionary statement (cont’d)

U.S. SHAREHOLDERS

New Gold will be filing with the United States Securities and Exchange Commission a registration statement on Form F-10 in connection with the Offer which will include the formal offer and

take-over bid circular. New Gold encourages shareholders of Rainy River to read the formal offer and take-over bid circular which contain the full terms and conditions of the Offer and other

important information. The offer and take-over bid circular may be obtained free of charge through the Securities and Exchange Commission’s website at www.sec.gov or by directing a

request to the Investor Relations department of New Gold.

TECHNICAL INFORMATION

New Gold

The scientific and technical information, as it relates to New Gold, in this presentation has been reviewed and approved by Mark Petersen (AIPG CPG #10563), a Qualified Person under

National Instrument 43-101 and employee of New Gold.

Rainy River

The scientific and technical information, as it relates to Rainy River, in this presentation has been reviewed and approved by Garett Macdonald, P.Eng. (PEO #90475344) and Kerry Sparkes,

P.Geo. (APEGBC #25261), both Qualified Persons under National Instrument 43-101 and employees of Rainy River. Rainy River's exploration program in Richardson Township is being

supervised by Kerry Sparkes, P.Geo. (APEGBC #25261), a Qualified Person under National Instrument 43-101 and employee of Rainy River.

Rainy River Mineral Reserves

Open pit mineral reserves have been estimated using a cut-off grade of 0.30 g/t gold-equivalent, and underground reserves have been estimated using a cut-off grade of 3.5 g/t gold-

equivalent. Open pit reserves have been estimated using a dilution of 9.7% at 0.22 g/t Au and 1.31 g/t Ag, and underground reserves have been estimated using a CAF dilution of 9% at 0.61

g/t Au and 4.16 g/t Ag and LH dilution of 10% at 1.56 g/t Au and 1.28 g/t Ag. Open pit reserves have been estimated using a mine recovery of 95%, and underground reserves have been

estimated using a mine recovery of 95%. Additional details regarding the Mineral Reserve estimate and related Feasibility Study are provided in the May 23, 2013 NI 43-101 Technical Report

available on SEDAR.

Rainy River Mineral Resources

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resources are reported relative to conceptual open pit shells. On average, the conceptual

open pit extends to an elevation of 500 metres below surface. Material above this elevation offers reasonable prospects for economic extraction from an open pit because drilling results

suggest that the zone of gold mineralization is broader than currently modeled and that new drilling information should positively impact future mineral resources. Material below this elevation

is potentially mineable by underground mining methods. Mineral resources that are potentially mineable by open pit methods are reported at a cut-off grade of 0.35 g/t gold; underground

mineral resources are reported at a cut-off grade of 2.5 g/t gold. All mineral resources are based on a gold price of US$1,100 per ounce, a silver price of US$22.50 per ounce, a foreign

exchange rate of 1.10 Canadian dollars to 1.0 US dollar. Metallurgical recoveries include 88% for gold in open pit resources and 90% for gold in underground resources, with a silver recovery

of 75% in both cases.

All figures are rounded to reflect the relative accuracy of the estimate. Figures may not add due to rounding. Additional details on the Mineral Resource estimate are provided in the Rainy River

news release dated October 10, 2012. Mineral Resources were estimated by SRK Consulting (Canada) Inc. (“SRK”) and are reported in accordance with Canadian Securities Administrators

National Instrument 43-101.

3

Cautionary statement (cont’d)

(1) TOTAL CASH COSTS

“Total cash costs” per ounce figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products

and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is widely accepted as the standard of reporting cash costs of production in

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

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

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

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

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

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

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

(2) ALL-IN SUSTAINING CASH COSTS

The company is working with the World Gold Council and is in the process of adopting an “all-in sustaining cash costs” measure that the company believes more fully defines the total costs

associated with producing gold. Although the definition is still preliminary, all-in sustaining cash costs, as currently defined, includes: total cash costs(1), corporate general and administrative

expenses, exploration expense and sustaining capital. This metric is a non-IFRS measure.

(3) PEA – ADDITIONAL CAUTIONARY NOTE

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

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

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

demonstrated economic viability. This presentation includes information on New Gold’s PEA with respect to the Blackwater Project, which was outlined in the PEA Technical Report filed on

October 10, 2012. As disclosed in the presentation, New Gold has, since the date of the PEA, completed several non-material updates of the mineral resource estimate for the Blackwater

Project. Although the PEA represents useful, accurate and reliable information based on the information available at the time of its publication, and provides an important indicator as to the

economic potential of the Blackwater Project, the PEA is based on mineral resources estimates with an effective date of July 27, 2012, which do not reflect drilling conducted since their

effective date, and the PEA does not reflect the latest mineral resource estimate discussed in subsequent presentation. Certain assumptions used in the PEA, some of which relate to the July

27, 2012 mineral resource estimate, may have changed from those used for the new resource estimate, causing a variation of parameters. Moreover, the updated mineral resource estimate

may impact how New Gold intends to develop the deposit, including pit outlines, production rates and mine life.

4

New Gold overview

5

ESTABLISHING THE LEADING INTERMEDIATE GOLD COMPANY

Focus on Value Enhancement Established Track Record

Experienced/Invested Team Low Cost/High Margin

Growing Resources Doubling Gold Production Organically

Strong Balance Sheet Accretive ‘per share’ Growth

Rainy River – A compelling acquisition opportunity

6

Modest transaction size – minimal equity dilution

Accretive on all key ‘per share’ metrics

Adds significant gold reserves and resources

Further builds on Canadian presence

Enhances production pipeline at below industry average cash costs

Further strengthens New Gold technical development team

Rainy River – Transaction overview

7

Offer

• C$3.83 per Rainy River share (including rights attached under shareholder rights plan)

• Each Rainy River shareholder will have the option to receive consideration per Rainy River share of:

- C$3.83 in cash or 0.5 of a New Gold share

- Aggregate consideration mix of ~50% cash / ~50% shares subject to

- Maximum cash consideration of approximately C$198 million

- Maximum number of New Gold shares issuable under the offer of approximately 25.8 million (Rainy River

proforma ownership of 5.1%)

Premium

• Offer represents a premium of:

- 42% to closing price on the Toronto Stock Exchange on May 30, 2013

- 67% premium to the 20-day volume weighted average trading price

Key Conditions • Minimum 662/3% of Rainy River shareholders to validly deposit their shares under the bid

• Typical regulatory approvals

Structure • Friendly combination via formal take-over bid

Other Terms

• Unanimous New Gold and Rainy River Board approval

• Non-solicitation provision and 5 business day right to match Superior Proposal

• Lock-up agreements signed by Rainy River’s management and Board

• Termination fee of ~C$14 million (~3.5% of transaction equity value) payable to New Gold under certain circumstances

• Seek lockups from significant institutional shareholders

Indicative timeline • Bid circular mailed to Rainy River shareholders: Week of June 10, 2013

• Initial expiry time: Mid-July 2013

Rainy River – Location

8

Project Location

Kenora

Fort Frances

Thunder Bay

Rainy River Gold Project

• Mining friendly Northwestern

Ontario

• 65km northwest of Fort Frances

• 80km south of Kenora

• Within 25km of rail and power

• Local skilled labour force

Rainy River – Mineral reserves and resources

9

Mineral Resource Summary(1) Exploration Potential

Notes: 1. Refer to Cautionary Statement regarding Rainy River Mineral Resources.

2. Measured and Indicated resources inclusive of Reserves.

• Relatively underexplored region of

Northwestern Ontario

• Current resource situated on a trend

measuring 6 kilometres along strike

• Near-term exploration upside at newly

discovered Intrepid Zone

• Located approximately 2 kilometres

east of current pit and open at depth

• Zone hosts multiple high grade shoots

• Potential for underground development

Tonnes

(Mt)

Au

(g/t)

Ag

(g/t)

Au

(Koz)

Ag

(Koz)

Proven 27.7 1.14 1.94 1,015 1,728

Probable 88.6 1.06 3.01 3,017 8,587

Total Reserves 116.3 1.08 2.76 4,032 10,315

Measured 27.6 1.33 1.90 1,182 1,689

Indicated 130.9 1.18 2.77 4,985 11,649

Total M&I(2) 158.5 1.21 2.62 6,167 13,338

Inferred 93.8 0.76 2.32 2,280 6,983

Rainy River Mineral Reserve and Resource Estimate

Contained metalMetal grade

0.0x

0.3x

0.6x

0.9x

1.2x

May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13

May 30:

0.35x

Bid ratio:

0.50x

Opportune time to transact

10

Trailing 24 months

High: 1.12x

Low: 0.27x

Historical Exchange Ratio

At Offer

Notes: 1. Based on pricing as at May 30, 2013.

Relative exchange ratio

Canada

US

Chile

Mexico

Australia

New Gold Pro Forma

Adding gold reserves/resources in Canada

11

Gold Reserves (Moz)

Gold M&I Resources (Moz)(1)(2)

7.8

11.8

29.2

+44% per share

+20% per share

New Gold Pro Forma Gold M&I Resources (Moz)(1)

Canada +62%

23.1

18.0 5.7

2.9

1.7

0.9

New Gold Pro Forma

Notes: 1. Refer to Cautionary Statement. Pro forma resources shown assuming completion of Rainy River acquisition.

2. Refer to New Gold website for detailed disclosure on reserve and resource calculations. Measured and Indicated resources inclusive of reserves, and Capoose Indicated resources of 196Koz.

M&I Resources(1)(2): 29.2 Moz

Management and Board of Directors

12

Collectively over $100 million

invested in New Gold

EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS

Randall Oliphant, Executive Chairman

Robert Gallagher, President & CEO

Brian Penny, Executive VP & CFO

James Estey, Former Chairman UBS Securities Canada

Robert Gallagher, President & CEO

Vahan Kololian, Founder Terra Nova Partners

Martyn Konig, Former Executive Chairman European Goldfields

Pierre Lassonde, Chairman Franco-Nevada

Randall Oliphant, Executive Chairman

Raymond Threlkeld, CEO Rainy River Resources

David Emerson, Former Canadian Cabinet Minister

Ernie Mast, VP Operations

Operational execution

13

$465

$418

$446

$421

302

383 387412

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

2. 2009 costs shown based on Canadian GAAP and 2010 and beyond based on IFRS.

Gold production(1) (thousand ounces)

Total cash costs(1)(2) ($/ounce)

2009

Guidance

2009

Actual

2010

Guidance

2010

Actual

2011

Guidance

2011

Actual

2012

Guidance

Four year track record of delivering on guidance, production growth and lower cash costs

2012

Actual

2009

Guidance

2009

Actual

2010

Guidance

2010

Actual

2011

Guidance

2011

Actual

2012

Guidance

2012

Actual

2013 consolidated guidance

14

2012 Actual

Gold production(1)

440 - 480Koz

Total cash costs(2)

$265 - $285/oz

Notes: 1. Gold sales expected to be in same range as production.

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

Gold production

412Koz

Total cash costs(2)

$421/oz

2013 Guidance

+48Koz

+ 12%

($146/oz)

(35%)

2012 actuals versus 2013 guidance

15


2. By-product price assumptions: Silver - $30.00/oz; Copper - $3.50/lb.

3. New Afton co-product cost estimates: Gold - $570-$590/oz; Copper - $1.20-$1.30/lb.

Gold Production

(Koz)

Total Cash Costs(1)(2)

($/oz)

Silver Production

(Moz)

Copper Production

(Mlbs)

Mesquite

Cerro San

Pedro

Peak Mines

New Afton

Total

2012A 2013E

142 130-140

138 140-150

96 95-105

37 75-85

412 440-480

2012A 2013E

-- --

1.9 1.4-1.6

-- --

-- --

1.9 1.4-1.6

2012A 2013E

-- --

-- --

14 12-14

28 66-74

42 78-88

2012A 2013E

$690 $830-$850

$232 $375-$395

$764 $670-$690

($1,043) ($1,410)-

($1,390)(3)

$421 $265-$285

$465

$418

$446 $421

$265-$285

$478

$557

$643

$738

2009 2010 2011 2012 2013E

Lower costs driving margin expansion

16

Notes: 1. Calculated based on YE’2012 GFMS industry average less mid-point of New Gold 2013 cost guidance.


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

$600

$400

$200

To

tal C

ash

Co

sts

(U

S$/o

z)(

2)

New Gold offers shareholders potential for over $450 per ounce(1) of incremental margin

$800

Incremental Margin to New Gold

Shareholders

(3)

2013 estimated all-in sustaining cash costs

17

Total cash costs(1)

General and administrative

Exploration expense

Sustaining capital(2)

All-in sustaining cash costs(3)

$275/oz

~$60/oz

~$70/oz

~$470/oz

~$875/oz

Notes: 1. Refer to Cautionary Statement and note on Total cash costs. $275 per ounce based on mid-point of 2013 guidance.

2. Sustaining capital based on New Gold’s total 2013 estimated capital expenditures excluding expenditures related to growth-related initiatives.

3. All-in sustaining cash costs calculated using the mid-point of New Gold’s estimated 2013 production range.

New Afton – Successfully commissioned

18

Highlights

• Located 10 kilometres from Kamloops, British Columbia

• Dedicated labour force

• Commercial and full production achieved ahead of schedule

• Exploration extended mine life by two years to 14 years

• Further potential in C-Zone below reserve block

• Potential to double New Gold’s cash flow at today’s prices

Notes: 1. Refer to Appendix 7 for detailed disclosure on Reserve and Resource calculations.

1.1 Moz

Gold Reserve(1)

1.1 Blbs

Copper Reserve(1)

New Afton – Multiple avenues to unlocking value

19

• May 2013 update increased resources by over

300%

• Included drilling through end of February

2013

• C-Zone remains open down plunge

• Three drills currently active

Mill Throughput Increase C-Zone Resource

• Nameplate capacity of 11,000 tonnes per day

(“tpd”)

• 50 drawbells needed to support 11,000 tpd –

target 65 by mid-year

• Crusher capacity – 20,000 tpd

• Commissioned January 2013

• Conveyor capacity ~14,500 tpd

• Record daily mill throughput – 13,840 tonnes

Growing C-Zone Resource base and evaluating increased mill throughput

Gold

Measured and Indicated Resources

Copper

0.3Moz at 0.77g/t 211Mlbs at 0.77%

Gold

Inferred Resources

Copper

0.4Moz at 0.62g/t 301Mlbs at 0.68%

EA-31 644 708 64 0.86 1.33

EA-32 478 622 144 0.92 1.10

EA-33 638 658 20 0.55 0.86

EA-34 744 810 66 0.90 0.93

EA-35 272 312 42 1.17 0.10

EA-36 592 678 44 2.32 2.61

New Afton C-Zone exploration program

20

Highlights Post C-Zone Update

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

EA-9

C-Zone

B-Zone

Reserve

C-Zone

4,900m 4,900m

Far East Extension /

Hanging Wall Lens Targets

Drilled

Planned

EA-31 EA-32

EA-34

*

EA-36

EA-35

* EA-37*

EA-33

From (m) To (m)

El Morro (30%)

21

• Goldcorp – 70% partner and project operator

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

Goldcorp

• Current resource entirely within La Fortuna deposit

• Neighbouring El Morro deposit underexplored

• 2012 year end update added 0.4 million ounces of

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

• Addressing recent temporary suspension of

environmental permit

• Resolution targeted prior to end of 2013

• Chile evaluating various alternatives for a power

source to northern Chilean development projects

2.1 Blbs

Copper Reserve(1)

2.9 Moz

Gold Reserve(1)

Notes: 1. New Gold’s attributable 30% share. Refer to appendix 7 for detailed disclosure on reserve and resource calculations.

2. Refer to Cautionary Statements.

3. Refer to Cautionary Statements and note on Total cash cost. Life of mine co-product costs estimated at $550/oz gold and $1.45/lb copper at commodity price assumptions of $1,200/oz gold and $2.75/lb

copper.

Location Chile

Mine type Open Pit

Reserves1 – Gold/Copper (Moz/Mlbs) 2.9/2,097

Resources1 – Gold/Copper (Moz/Mlbs) 2.9/2,097

Estimate mine life 17 years

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

LOM cash cost/oz by-product3 ($700)

Blackwater – A robust project

22

Measured and Indicated

Gold Resources(1) – Direct Processing

Material

8.6 Moz

• Central British Columbia near infrastructure

• Year-round accessibility for drilling/ development

• Total 2012 drilling over 270,000 metres project wide

• Ability to fund continued exploration/ development internally

• Tax synergies with New Afton

• PEA completed September 2012

• Targeting annual gold production of ~500,000 ounces

• Targeting completion of Feasibility Study by late 2013

• Targeting production in 2017

• Consolidated significant land position – 1,000km2

Notes: 1. Refer to appendix 7 for detailed disclosure on Reserve and Resource calculations.

2. Blackwater start date based on indicative timeline which is dependent on permit approvals and the determination that the deposit is economically viable.

• Additional Measured and Indicated gold

resources – stockpile material of 0.9

million ounces

Blackwater – Indicative timeline

23

Notes: 1. Indicative timeline is dependent on permit approvals. There is no assurance this timeline will be achieved nor that the deposit will ever reach the production stage.

Development activity

First Nations & Public Consultation

Preliminary Economic Assessment

Base Line Environmental Studies

Feasibility Study

Engineering Procurement

Production Target

Drilling

Project Description/Terms of Reference

Environmental Assessment Reports

Provincial Approval

Federal Approval

Construction

H1 H2 H1 H2 H1 H2H1 H2 H1 H2 H1 H2

2012 2013 2014 2015 2016 2017

Reflects critical path in timeline

Blackwater – Area map

24

~160km to

Prince George

~112km to

Vanderhoof

Blackwater

Project

50km

80km

Capoose

Resource

Blackwater

Resource

Blackwater – 2013 exploration objectives

25

>1000 ppb Au

500-1000 ppb Au

250-500 ppb Au

50-250 ppb Au

Blackwater

Auro

Fawnie Van Tine

Capoose

• Blackwater: Explore for satellite deposits and test

potential extensions to known resource

• Capoose: Expand and upgrade resource with special

focus on potential to extend gold-rich zones

• Regional targets: Identify specific drill targets and

complete first pass reconnaissance drilling

Plan for four to six drills to be active during primary field season

10 km

0%

100%

200%

300%

400%

500%

600%

700%

800%

900%

4-M

ar-

09

5-A

ug-0

9

6-J

an-1

0

9-J

un-1

0

10

-Nov-1

0

13

-Apr-

11

14

-Sep

-11

15

-Fe

b-1

2

18

-Jul-

12

19

-Dec-1

2

22

-May-1

3

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

Announced $1.2bn business

combination with Western Goldfields

30-M

ay-

13

Net asset value and relative performance

26

Source: Broker Reports, Company Estimates and Announcements, Bloomberg, all amounts in USD.

Notes: 1. Street consensus NAV.

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

3. New Gold purchased Richfield and Silver Quest with the deals closing on June 1, 2011 and December 23, 2011, respectively.

4. S&P/TSX Gold Index includes 54 gold companies in various stages of development/production.

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

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

3/4/09 Today

Mesquite, Cerro San Pedro, Peak Mines

New Afton

El Morro(2)

~ $875 $1,410

~ $120 $1,664

~ $40 $624

Net Asset Value(1)

Blackwater(3)

$-- $1,342

+384%

(20%)

(30%)

+56%

3%

2013 catalysts

27

2013 guidance – increased resources, production growth and lower costs

New Afton C-Zone exploration update

Blackwater regional exploration updates

Completion of Blackwater Feasibility Study

New Afton mill to reach 12,000 tonnes per day

Results of New Afton throughput increase evaluation

Resolution of El Morro temporary permit suspension

Blackwater resource update

Completion of Rainy River acquisition

28

EXPERIENCED BOARD AND MANAGEMENT

FULLY FUNDED COMPANY WITH STRONG BALANCE SHEET

DIVERSIFIED ASSET BASE IN MINING FRIENDLY JURISDICTIONS

ORGANIC GROWTH OPPORTUNITIES/METAL OPTIONALITY

PRODUCTION GROWTH/MARGIN EXPANSION

INCREASING UNDERLYING ASSET VALUE

MULTIPLE CATALYSTS

COMPELLING INVESTMENT PROPOSITION

The New Gold investment thesis

Appendix

29

Appendices

Page

1. Financial information 30

2. Consolidated operating performance 36

3. Mesquite, Cerro San Pedro, Peak Mines 41

4. New Afton 45

5. El Morro 49

6. Blackwater 55

7. Reserves and resource notes 60

8. Commodity price/foreign exchange assumptions 67

Appendix 1

Capitalization and liquidity

30

Notes: 1. Cash and equivalents as at March 31, 2013.

2. $50 million of total $150 million currently used for Letters of Credit.

3. See Appendix 1 – Summary of debt for detailed breakdown of components of debt.

• All corporate debt now due in 2020 or

beyond(3)

• Two senior unsecured notes offerings

during 2012 ($300 million/7.00%, $500

million/6.25%)

• Redemption of 10% senior secured

notes

• Early conversion of 5% convertible

debenture

• Total common shares outstanding of 477

million

• Paid $66 million to eliminate legacy gold

hedges on May 15, 2013

• Net cash of ~$113 million to be used as

part of Rainy River consideration

Liquidity

Position

$672mm

$100mm

$772mm

Cash and

Equivalents(1)

Undrawn Credit

Facility(2)

Appendix 1

Summary of debt

31

Undrawn Credit

Facility

Senior Unsecured Notes

(April 2012)

Senior Unsecured Notes

(November 2012)

El Morro

Funding Loan

Face Value $150 million(1) $300 million $500 million $71 million

Maturity 1 year with annual

extensions permitted

April 15, 2020 November 15, 2022 n/a

Interest Rate See ‘Key features’ 7.00% 6.25% 4.58%

Payable Revolving credit Semi-annually Semi-annually Upon start of

production

Conversion price n/a n/a n/a n/a

Current trading

value

n/a ~107 ~104 n/a

Key features Normal financial

covenants

Interest Rate

• 3.00-4.25% over

LIBOR based on

ratios

• Standby fee of

0.75-1.06%

• Senior unsecured

• Redeemable after April

15, 2016 at 103.5%

down to 100% of face

after 2018

• Unlimited dividends if

leverage ratio below 2:1

• Senior unsecured

• Redeemable after

November 15, 2017 at

par plus half coupon,

declining ratably to par

• Unlimited dividends if

leverage ratio below 2:1

New Gold to

repay Goldcorp

out of 80% of its

30% share of

cash flow once El

Morro starts

production

Notes: 1. $50 million currently allocated for Letters of Credit.

Appendix 1

2012 and 2013 capital expenditures by site

32

• New Gold’s 2013 estimated capital expenditures of $290 million are down 42% from 2012

• Capital includes costs related to ongoing annual sustaining capital as well as investments for future

production

• Capital estimates by site are shown below:

Total 2013 Capital Expenditure Estimate: $290 million

New Afton

$110mm

Peak Mines

$60mm

Cerro San

Pedro

$40mm

Mesquite

$20mm

Blackwater

$60mm

Total 2012 Actual Capital Expenditures: $499 million

New Afton

$302mm

Peak Mines

$47mm

Cerro San Pedro

$11mm

Mesquite

$11mm

Blackwater

$128mm

Appendix 1

2013 capital expenditures by category

33

Direct investment for future production

• The below breaks down capital expenditures at each site into two categories – annual sustaining capital

and direct investments for future production growth and mine life extension

New Afton - $110 million

Blackwater - $60 million

Peak Mines - $60 million

Annual sustaining capital

82%

18%

100%

50% 50%

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

technical services

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

• Annual drawbell development to decrease over mine life with commensurate

decrease in capital

• $15 million – capitalized exploration

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

facilities/operation

• $30 million – underground development and capitalized exploration

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

Appendix 1

2013 capital expenditures by category (cont’d)

34

Direct investment for future production

Cerro San Pedro - $40 million

Mesquite - $20 million

Annual sustaining capital

75%

25%

60%

40%

• $30 million – final leach pad expansion and capitalized stripping for phase 5

development

• $10 million – site maintenance/processing improvements

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

• $8 million – equipment components/site maintenance

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

Goldcorp Inc.

Appendix 1

2013 exploration program overview

35

• New Gold’s estimated exploration budget for 2013 is $50 million

• Capitalized: $20 million

• Expensed: $30 million

New Afton

40,000 metres

Peak Mines

33,000 metres Blackwater

40,000 metres

Capitalized: $15 million

Expensed: $15 million


Capitalized: $5 million


Appendix 2

Operational and financial highlights

36

2013 2012

Q1 Q1

Gold production

(000s ounces)

Total cash cost(1)

($/oz)

Earnings from mine operations

($ millions)

Net earnings

($ millions)

Net earnings per share

($/share)

Adjusted net earnings

($ millions)

Adjusted net earnings per share

($/share)

Net cash generated from operations

($ millions)

$0.07

$59

95

$485

$58

$21

$0.04

$36

$0.08

99

$543

$78

$44

$34

$0.10

$37

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

Appendix 2

2013 first quarter operating results

37

2013 First Quarter

Gold sales

(000s ounces)

Cash cost(1)

($/oz)

($770) 16

$495 27

$879 26

$485 95

New Afton

Mesquite

Cerro San Pedro


Earning from

Mine Operations

($mm)

$18

$23

$3

$58

$819 27 Peak Mines $14

$566

$465$428 $446 $421

$297

$522

$766

$1,014

$1,130

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2008A 2009A 2010A 2011A 2012A

Appendix 2

Trend of expanding margins continues

38


Realized gold price

(US$/oz)

$863

Cash Cost(1)

(US$/oz)

Margin

(US$/oz)

$987

$1,194

$1,460

US

$/o

z

$1,551

Appendix 2

2013 guidance

39

• Gold production growth through full year of

production at New Afton and increased

throughput and recoveries at Peak Mines

• Copper production forecast to double to 78 to 88

million pounds

• Copper and silver by-products continue to act as

natural hedge to industry-wide cost pressures

• By-product price assumptions (consistent with

2012):

• Copper $3.50 per pound

• Silver $30.00 per ounce

Gold production(1)

440 - 480Koz

Total cash costs(2)

$265 - $285/oz

Notes: 1. Gold sales range forecast to be 440,000 to 480,000 ounces.


• By-product sensitivities:

• $0.25 per pound change in copper impacts

consolidated cash costs by ~$45 per ounce

• $1.00 per ounce change in silver impacts

consolidated cash costs by ~$3 per ounce

Appendix 2

Detailed operating results/assumptions

40

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

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

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

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

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

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

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

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

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

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

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

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

Reserve grade

Gold grade (g/t) 0.57 0.50 4.99 0.65

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

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

Mesquite Cerro San Pedro Peak Mines New Afton

Appendix 3

Mesquite

41

$690

2012A 2013E

142

2012A 2013E

Key assumptions and sensitivities

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

• Rack diesel price most correlated to Brent oil price

• Budgeted diesel price in 2013 8% higher than

2012 average price paid

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

ounce impact on costs

2012A versus 2013E

• Production expected to decline moderately

due to the planned processing of ore from an

area within the mine plan that is below

reserve grade

• Increase in costs attributable to higher cost

leach pad inventory working through sales

and lower production base

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


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

140

130

$850

$830

Appendix 3

Cerro San Pedro

42

$232

2012A 2013E

1.9

2012A 2013E

138

2012A 2013E


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

ounce)

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

• $1.00 per ounce change in silver equals ~$10 per

ounce change in Cerro San Pedro cash costs

• $1.00 change in Mexican Peso equals ~$25 per

ounce change in Cerro San Pedro cash costs

2012A versus 2013E

• Targeting 5% increase in gold production

• Decrease in tonnes processed offset by

increase in gold grade

• Increase in costs primarily driven by lower silver

by-product production as well as lower price

assumption

• ~$95 per ounce of increase in costs

attributable to lower silver by-product revenue

• Silver grades decreasing by ~25%

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


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

150

140 1.6

1.4

$395

$375

Appendix 3

Peak Mines

43

$764

2012A 2013E

96

2012A 2013E

14

2012A 2013E


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

pound)

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

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

ounce change in Peak Mines cash costs

• $0.01 change in Australian dollar equals ~$10 per

ounce change in Peak Mines cash costs

2012A versus 2013E

• Increased gold production driven by 50,000

tonne increase in tonnes processed

• Similar copper production a result of increased

tonnes processed and copper recoveries offset

by lower copper grades

• Reduction in estimated cash costs a result of

increased gold production and lower foreign

exchange rate assumption versus average 2012

exchange rate

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

105

95 14

12

$690

$670


Appendix 3

Peak corridor map

44

Great Cobar

~9 kilometres

Appendix 4

New Afton

45

28

2012A 2013E

37

2012A 2013E

2012A versus 2013E

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

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

partially offset by lower gold grade

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

copper grades and recoveries

85

75

74

66

Gold Production (Koz) Copper Production (Mlbs)

Appendix 4

New Afton (cont’d)

46

$656

2012A 2013E

($1,043)

2012A 2013E

$1.40

2012A 2013E


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

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

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

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

Total Cash Costs(1) ($/oz)

(By-Product)


(Co-Product Copper)


(Co-Product Gold)

($1,390)

($1,410)

$590

$570

$1.30

$1.20


Appendix 4

New Afton drawbell development and ore columns

47

54 drawbells

in production

at end of 2012

East Cave

production to begin

mid-year

Central Cave

to be activated

later in mine life Final 11 drawbells

in West Cave

Accelerating East Cave

development for added

flexibility/more ore sources

Height of Draw

Planned development

in 2013

Copper resource grades

Appendix 4

Mill capacity

48

• Record daily throughput of 13,840 tonnes

• 12,250 tonnes per day sustained in October 2012 with

no significant optimization efforts

• Key considerations for increased mill throughput include:

• SAG Mill: Flexibility to optimize mill power and burden

level for finest possible product size distribution over a

wide range of ore conditions

• Ball Mill: Optimize SAG screen deck and hydrocyclone

cluster configurations for SAG/Ball Mill circuit balance;

optimal Ball Mill feed size and classification efficiency

• Flotation: Capacity is adequate for substantial increase

in throughput

• Concentrate Filtration: Existing capacity for incremental

production increase; ample space for installation of third

filter

• Tailings Pumping Capacity: Three stage variable speed

pumps currently running well below maximum

capacities

Appendix 5

El Morro overview of updated Feasibility Study

49

• El Morro Feasibility Study was updated in December 2011

• Key parameters for New Gold include:

• 30% share of estimated development capital, or $1.2 billion, carried by Goldcorp

– Receive cash flow from start of production

– Interest rate fixed at 4.58%

• Base 17-year mine life

• 30% share of annual production: ~90,000 ounces of gold and ~85 million pounds of copper

• Estimated total cash costs(1), net of by-products ($700) per ounce

– Co-product gold ~$550 per ounce

– Co-product copper ~$1.45 per pound


Appendix 5

El Morro project – Plan view

50

Appendix 5

La Fortuna deposit

51

2012 open pit Proven and

Probable reserves and Measured

and Indicated resources

Underground Inferred

resource with block

cave potential

500 metres

Appendix 5

El Morro (30%) – Funding structure(1)

52

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

• Interest fixed at 4.58%

Notes: 1. Capital estimates based on December 2011 Feasibility Study.

Total Capital

100%

~ $3.9 billion

100% Average annual

cash flow

70% 30%

70% ~ $2.7 billion

Funded by

$1.2 billion

interest at 4.58%

30%

80%

20%

Carried funding repayment

Au Grade(g/t)

Cu Grade(%)

$91/t

$44/t

$41/t

$27/t

$53/t

$52/t

$42/t

$33/t

$31/t

$30/t

--

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.20% 0.40% 0.60% 0.80% 1.00% 1.20%

Appendix 5

Selected porphyry gold/copper deposits/mines(1)

53

Source: Company disclosure.

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

2. Includes “Cadia East Underground” and “Ridgeway Underground” reserves as indicated in Newcrest’s February 8, 2013 press release; does not include “Other” Cadia province reserves.

El Morro

Producing Development

Chapada

Cadia-Ridgeway

Alumbrera

New Afton

New Prosperity

Cobre Panama

Mt. Milligan

Cerro Casale

El Morro

Agua Rica (2)

New Afton

Appendix 5

El Morro relative positioning(1)

54

AssetGold Reserves

(Moz)Asset Gold Equivalent

(2)

(Moz)

Penasquito 15.7 Penasquito 43.9

Pueblo Viejo 10.0 El Morro 17.4

Los Filos 7.4 Pueblo Viejo 11.7

El Morro 6.7 Los Filos 8.4

Cerro Negro 5.7 Cerro Negro 6.7

Notes: 1. Based on Goldcorp’s December 31, 2012 year-end resource statements.

2. Gold equivalent calculated based on the following commodity prices: Gold - $1,600/oz; Silver - $30.00/oz; Copper - $3.50/lb; Lead - $0.90/lb; Zinc - $0.90/lb.

El Morro within Goldcorp portfolio

Appendix 6

Blackwater – Project overview

55

• Start of production in 2017

• Conventional truck and shovel open pit mine with 60,000 tonnes per day processing plant

• Life-of-mine strip ratio of ~2.4 to 1

• Low grade stockpiling strategy

• Simple, conventional flowsheet using whole ore leach process

• Life-of-mine gold and silver recoveries of 87% and 53%, respectively

• Conventional waste rock and Tailings Storage Facility

• Power supply from the hydroelectric power grid, via 133 kilometre transmission line

• Minimal off-site infrastructure required

• Good existing access road; water supply within 15 kilometres

• Low environmental risk and facility designed for closure

Appendix 6

Blackwater PEA costs – Capital

56

Project Development Capital Costs

Description Cost ($ million)

Direct Costs

Mining & Pre-production Development $208

On Site Infrastructure $181

Process $539

Tailing and Water Reclaim $74

Infrastructure (Power, Water, Road) $85

Total Direct Costs $1,087

Owner's and Indirect Costs

Owner's Costs $54

EPCM $112

Other Indirects $215

Total Owner's and Indirect Costs $381

Subtotal $1,468

Contingency (24%) $346

Total Project $1,814

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

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

• Development capital estimated based on the current cost environment

• A parity foreign exchange rate was assumed and the capital estimate was held constant in the economic analysis

• Sustaining capital of $537 million, reclamation and closure costs of $95 million and $72 million in equipment salvage value

Total development and sustaining

capital estimated at $294 per

recoverable gold ounce

Appendix 6

Blackwater PEA costs – Operating

57

Project Operating Costs

Area Unit Cost (C$/t milled) $ per gold ounce produced

Mining $6.21 $259

Processing $7.59 $317

General and Administrative $0.95 $40

Royalty (0.6%) $0.18 $8

Refining $0.23 $9

Silver by-product sales at $22.50 per ounce silver ($2.16) ($90)

Total cash costs(1) net of by-product sales $13.01 $543

44%

24%

17%

8%6%

1% Reagents

GrindingMedia/linersElectricity

Labour

Maint materials

Water Supply

59%

11%

9%

6%

4%

4% 4%2%Hauling

Auxiliary

Blasting

G&A

Drilling

Loading

General Maint.

General Mine

Processing Costs

Mining Costs

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

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

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

Appendix 6

Project planning, management and execution initiative

58

New Gold has engaged McKinsey & Company to collaborate with Blackwater team on

establishing a Project Implementation Plan

• Key objective is to maximize effectiveness of project planning to ensure delivery and

execution of Blackwater is consistent with New Gold’s prior developments including:

Mesquite, Cerro San Pedro and New Afton

Areas of focus include:

• Delivery model selection

• Project team organization

• Reporting metrics and management processes

• Labour strategy

• Procurement strategy

• Governance

• Risk management

Appendix 6

Blackwater – Resource update

59

Tonnes

(000's)

Au

(g/t)

Ag

(g/t)

Au

(Moz)

Ag

(Moz)

Tonnes

(000's)

Au

(g/t)

Ag

(g/t)

Au

(Moz)

Ag

(Moz)

Measured & Indicated Resources

Direct processing material

Measured 116,955 1.04 5.6 3.90 21.06 88,188 0.94 5.2 2.67 14.74

Indicated 189,044 0.78 6.0 4.73 36.47 207,958 0.81 6.2 5.40 41.45

M&I (direct processing) 305,999 0.88 5.8 8.62 57.52 296,146 0.85 5.9 8.07 56.20

Stockpile material

Measured 26,521 0.30 4.1 0.26 3.50 20,156 0.31 3.8 0.20 2.46

Indicated 64,382 0.30 4.4 0.62 9.11 71,861 0.30 4.0 0.70 9.24

M&I (stockpile) 90,904 0.30 4.3 0.87 12.60 92,017 0.30 4.0 0.90 11.70

Total M&I 396,903 0.74 5.5 9.50 70.13 388,163 0.72 5.4 8.96 67.90

Inferred Resources

Inferred (direct processing) 13,815 0.76 4.1 0.34 1.82 16,585 0.58 10.8 0.31 5.76

Inferred (stockpile) 3,785 0.31 3.6 0.04 0.44 6,751 0.25 8.9 0.05 1.93

Total Inferred 17,600 0.66 4.0 0.38 2.26 23,336 0.48 10.2 0.36 7.69

Notes:

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

5. Stockpile material is def ined as mineralizat ion between a 0.30 g/t AuEq and a 0.40 AuEq cut-off that is suitable for stockpiling and future processing based on average metallurgical recoveries as described in Note 1 above.

Blackwater Mineral Resource Estimate

March 2013 Mineral Resource 2012 Year End Mineral Resource

1. M ineral resources are reported within a conceptual open pit shell based on metal prices of $1,400/oz gold and $28.00/oz silver. The M arch 2013 mineral resource est imate ut ilizes average metallurgical recoveries of 88.0% gold and 64.0% silver for

oxide mineralizat ion, 85.0% gold and 58.0% silver for t ransit ional oxide/sulf ide mineralizat ion and 85.0% gold and 44.0% silver for sulf ide mineralizat ion. The 2012 year-end mineral resource est imate ut ilizes average metallurgical recoveries of 86% gold

and 44.9% silver for all material types.

2. Total contained metal calculated on the basis of Tonnes * Grade / 31.10348 grams per troy ounce.

3. Gold-equivalent cut-off grade est imates are based on $1,400/oz gold and $28.00/oz silver and average metal recoveries as described in Note 1 above.

Appendix 7

Reserves and resources summary

60

Note: 1. Year end 2012 Mineral Resources updated for Blackwater Resource update on April 4, 2013 and New Afton C-Zone updated on May 1, 2013.

2. Year end 2011 Mineral Resources presented at Investor Day on February 2, 2012.

Gold

Koz

Silver

Koz

Copper

Mlbs

Gold

Koz

Silver

Koz

Copper

Mlbs

Proven and Probable Reserves 7,752 31,256 3,282 7,863 34,347 2,888

Measured and Indicated Resources (inclusive of Reserves) 23,075 146,247 4,223 18,797 115,268 3,946

Inferred Resources 4,542 81,376 1,187 6,323 76,856 2,202

M&I Resources (inclusive of Reserves)

Mesquite 5,684 - - 5,534 - -

Cerro San Pedro 1,703 57,980 - 1,812 55,860 -

Peak 880 1,350 146 948 1,570 167

New Afton 2,224 7,292 1,980 1,742 5,470 1,586

Blackwater 9,497 70,128 - 5,423 25,774 -

Capoose 196 9,497 - 384 26,594 -

El Morro 2,891 - 2,097 2,954 - 2,193

Total M&I 23,075 146,247 4,223 18,797 115,268 3,946

Current(1)

Mineral Reserves and Resources Summary

Year End 2011(2)

Appendix 7

Reserves and resources summary (cont’d)

61


Tonnes

000's

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Mesquite

Proven 13,140 0.68 - - 287 - -

Probable 114,409 0.56 - - 2,055 - -

Mesquite P&P 127,549 0.57 - - 2,342 - -

Cerro San Pedro

Proven 21,100 0.52 17.1 - 353 11,600 -

Probable 26,400 0.48 17.4 - 407 14,800 -

CSP P&P 47,500 0.50 17.3 - 760 26,400 -

Peak

Proven 2,109 5.89 7.5 1.08 399 510 50

Probable 2,118 3.82 6.8 1.18 260 466 55

Peak P&P 4,227 4.85 7.2 1.13 659 976 105

New Afton

Proven - - - - - - -

Probable 52,500 0.65 2.3 0.93 1,100 3,880 1,080

New Afton P&P 52,500 0.65 2.3 0.93 1,100 3,880 1,080

El Morro 30% Basis

Proven 307,949 0.57 - 0.56 1,705 - 1,135

Probable 335,152 0.37 - 0.44 1,186 - 962

El Morro P&P 643,101 0.47 - 0.49 2,891 - 2,097

Metal grade Contained metal

100% Basis

Mineral Reserves statement as at December 31, 2012

Appendix 7


62


Tonnes

000's

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Mesquite

Measured - oxide 19,100 0.51 - - 313 - -

Indicated - oxide 274,100 0.38 - - 3,349 - -

Meqsuite M&I - oxide 293,200 0.39 - - 3,662 - -

Measured - non oxide 4,900 0.88 - - 139 - -

Indicated - non oxide 96,000 0.61 - - 1,883 - -

Mesquite M&I - non oxide 100,900 0.62 - - 2,022 - -

Total Mesquite M&I 394,100 0.45 - - 5,684 - -

Cerro San Pedro

Measured - oxide 27,100 0.34 15.0 - 303 13,100 -

Indicated - oxide 49,000 0.24 13.0 - 380 20,480 -

CSP M&I - oxide 76,100 0.28 13.7 - 683 33,580 -

Measured - sulphide 15,200 0.47 11.9 - 229 5,800 -

Indicated - sulphide 60,400 0.41 9.6 - 791 18,600 -

CSP M&I - sulphide 75,600 0.42 10.1 - 1,020 24,400 -

Total CSP M&I 151,700 0.35 11.9 - 1,703 57,980 -

Peak

Measured 2,700 5.74 7.5 1.05 494 647 62

Indicated 3,200 3.75 6.8 1.19 386 703 84

Peak M&I 5,900 4.66 7.1 1.13 880 1,350 146

Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012


Appendix 7


63


Tonnes

000's

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

New Afton

A&B Zones

Measured 33,500 0.86 2.9 1.18 929 3,160 873

Indicated 45,900 0.67 2.4 0.89 984 3,530 896

A&B Zone M&I 79,400 0.75 2.6 1.01 1,913 6,690 1,769

C-Zone

Measured 1,282 0.75 1.4 0.79 31 56 22

Indicated 11,205 0.78 1.5 0.77 280 548 189

C-Zone M&I 12,486 0.77 1.5 0.77 311 602 211

Total New Afton M&I 91,886 0.75 2.6 1.00 2,224 7,292 1,980

Blackwater

Direct processing material

Measured 116,955 1.04 5.6 - 3,896 21,057 -

Indicated 189,044 0.78 6.0 - 4,729 36,467 -

M&I (direct processing) 305,999 0.88 5.8 - 8,624 57,524 -

Stockpile material

Measured 26,521 0.30 4.1 - 256 3,496 -

Indicated 64,382 0.30 4.4 - 617 9,108 -

M&I (stockpile) 90,903 0.30 4.3 - 873 12,604 -

Total Blackwater M&I 396,902 0.74 5.5 - 9,497 70,128 -

Capoose

Indicated 14,200 0.43 20.8 - 196 9,497 -

El Morro

Measured 307,949 0.57 - 0.56 1,705 - 1,135

Indicated 335,152 0.37 - 0.44 1,186 - 962

El Morro M&I 643,101 0.47 - 0.49 2,891 - 2,097

100% Basis 30% Basis

Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2012


Appendix 7


64


Tonnes

000's

Gold

g/t

Silver

g/t

Copper

%

Gold

Koz

Silver

Koz

Copper

Mlbs

Mesquite

Oxide 35,200 0.33 - - 373 - -

Non oxide 15,700 0.55 - - 278 - -

Mesquite Inferred 50,900 0.40 - - 651 - -

Cerro San Pedro

Oxides 53,400 0.17 9.0 - 300 15,400 -

Sulphides 50,500 0.34 8.5 - 550 13,800 -

CSP Inferred 103,900 0.25 8.8 - 850 29,200 -

Peak 1,700 2.64 4.8 1.13 144 261 42

New Afton

A&B-Zone 14,900 0.45 2.0 0.65 216 940 212

C-Zone 20,221 0.62 1.4 0.68 401 923 301

New Afton Inferred 35,121 0.56 1.5 0.68 617 1,863 513

Blackwater

Direct processing 13,815 0.76 4.1 - 337 1,821 -

Stockpile 3,785 0.31 3.6 - 38 438 -

Blackwater Inferred 17,600 0.66 4.0 - 375 2,263 -

Capoose 64,070 0.29 23.2 - 595 47,789 -

El Morro 137,555 0.99 - 0.70 1,310 - 632


100% Basis 30% Basis

Inferred Resource statement as at December 31, 2012

Appendix 7

Reserves and resources notes

65

Mineral reserves are contained within Measured and Indicated mineral resources. Measured and Indicated mineral resources that are not mineral reserves do not have demonstrated economic

viability as defined by a technical Feasibility Study. New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Inferred mineral resources are not known

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

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

43-101’).

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

Mineral Property Gold

(US$/oz)

Silver

(US$/oz)

Copper

(US$/lb)

Lower Cut-off

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

0.41 g/t Au – Non-oxide reserves

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

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

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

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

Appendix 7

Reserves and resources notes (cont’d)

66

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

Mineral resources have been estimated and reported in accordance with CIM definition standards and guidelines and Canadian NI 43-101.

Mineral Property Gold

(US$/oz)

Silver

(US$/oz)

Copper

(US$/lb)

Lower Cut-off

Mesquite $1,400 - - 0.12 g/t Au – Oxide resources

0.24 g/t Au – Non-oxide resources

Cerro San Pedro $1,400 $28.00 - 0.1g/t AuEq – Open pit oxide resources

0.4g/t AuEq – Open pit sulphide resources

Peak Mines $1,400 $28.00 $3.25 A$97 - 137/t NSR

New Afton $1,400 $28.00 $3.25 0.40% CuEq – All resources

El Morro $1,500 - $3.50 0.15% Cu – Open pit resources

0.20% Cu – Underground resources

Blackwater $1,400 - - 0.40 g/t AuEq

Capoose $1,400 - - 0.40 g/t AuEq

3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable for their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and ‘underground’ have been applied to indicate envisioned mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization as it relates to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification and reporting parameters for each of New Gold’s mineral properties are provided in the respective NI 43-101 Technical Reports which are available on SEDAR. 4) Blackwater April 4, 2013 update: 1. Mineral resources are reported within a conceptual open pit shell based on metal prices of $1,400/oz gold and $28.00/oz silver. The March 2013 mineral resource estimate utilizes

average metallurgical recoveries of 88.0% gold and 64.0% silver for oxide mineralization, 85.0% gold and 58.0% silver for transitional oxide/sulfide mineralization and 85.0% gold and 44.0% silver for sulfide mineralization. The 2012 year-end mineral resource estimate utilizes average metallurgical recoveries of 86% gold and 44.9% silver for all material types.

2. Total contained metal is calculated based on Tonnes*Grade / 31.10348 grams per troy ounce. 3. Gold-equivalent cut-off grade estimates are based on $1,400/oz gold and $28.00/oz silver and average metal recoveries as described in Note 1 above. 4. Direct processing material is defined as mineralization above a 0.40 g/t AuEq cut-off and likely to be mined and processed directly. 5. Stockpile material is defined as mineralization between a 0.30 g/t AuEq and a 0.40 AuEq cut-off that is suitable for stockpiling and future processing based on average metallurgical

recoveries as described in Note 1 above. 5) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualified Persons as defined under Canadian National Instrument 43-101 under the oversight and review of Mark Petersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.

Appendix 8

Commodity price/foreign exchange assumptions

67

Guidance assumptions

Spot:

2013

Gold price ($/oz) 1,600

Silver price ($/oz) 30.00

Copper price ($/oz) 3.50

USD/AUD 1.00

USD/CAD 1.00

USD/MXN 13.00

Spot

Gold price ($/oz) 1,415

Silver price ($/oz) 22.75

Copper price ($/oz) 3.30

USD/AUD 0.97

USD/CAD 0.97

USD/MXN 12.78

Contact information

68

Investor Relations

Hannes Portmann

Vice President, Corporate Development

416-324-6014

[email protected]

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