Bank of America Merrill Lynch 2015 Global Metals, Mining & Steel Conference May 2015

Cautionary statements ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this presentation, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this presentation include, among others, statements with respect to: guidance for production, total cash costs and all-in sustaining costs, and the factors contributing to those expected results, as well as expected capital expenditures; expected reductions in the carrying value of New Gold’s assets; mine life; mineral reserve and resource estimates; grades expected to be mined at the company’s operations; the expected production, costs, economics and operating parameters of the Rainy River project; planned activities for 2015 and beyond at the company’s operations and projects, as well as planned exploration activities and expenses; the results of the C-zone study, including operating parameters and expected mine life, production, costs and project economics; plans to advance the C-zone project, including permitting requirements, impact on the historic tailings facility from the historic Afton mine, capital expenditures and potential timelines; expected production for the Blackwater project; targeted timing for commissioning and full production (and other activities) related to the New Afton mill expansion and Rainy River and the sequencing of Blackwater. All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this presentation, New Gold’s annual and quarterly management’s discussion and analysis (“MD&A”), its Annual Information Form and its Technical Reports filed at www.sedar.com. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and resource estimates; (4) the exchange rate between the Canadian dollar, Australian dollar, Mexican peso and U.S. dollar being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of Rainy River and Blackwater being consistent with New Gold’s current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; (9) the results of the feasibility studies for the Rainy River and Blackwater projects being realized; and (10) in the case of production, cost and expenditure outlooks at operating mines for 2016 and 2017, additionally, commodity prices and exchange rates being consistent with those estimated for purposes of 2015 guidance. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits for the Rainy River and Blackwater projects; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization (EIS); and in Chile, where certain activities at El Morro have been delayed due to litigation relating to its environmental permit; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of reserves and resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the feasibility studies for Rainy River and Blackwater and the Czone study; the uncertainty with respect to prevailing market conditions necessary for a positive development decision at Blackwater; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Aboriginal groups; uncertainties with respect to obtaining all necessary surface and other land use rights or tenure for Rainy River; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the environmental assessment process for Blackwater. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forwardlooking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. 2 The footnotes, endnotes and appendices to this presentation contain important information. The endnotes and appendices are found at the end of the presentation.

New Gold investment thesis

Portfolio of assets in top-rated jurisdictions

Invested and experienced team

Among lowest-cost producers with established track record

Peer-leading growth pipeline

A history of value creation

17.6 Moz gold reserves(1)

>$60 million investment by Board and Management

2014 delivered record-low costs

~8% production growth in 2015

>80% increase in share price since March 2009

>70% of gold reserves located in Canada

~1 million shares purchased by insiders in 2014

2015E all-in sustaining costs(2) of ~$765/oz

~800 Koz annual production potential from growth projects(3)

1. For a detailed breakdown of mineral resources and reserves by category and the key assumptions and parameters, refer to New Gold’s website. This information can also be found in New Gold’s news release dated February 4, 2015. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 3. Based on ~325Koz annual production from Rainy River (first nine years) and ~485Koz annual production from Blackwater (first nine years), as outlined in the feasibility studies for the projects. Excludes 30% share of El Morro production.

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Portfolio of assets in top-rated jurisdictions All Assets Ranked in Top 5 Global Mining Jurisdictions(1)

#1

Blackwater

Mine Life: 17 years

New Afton

Mine Life: 8 years + C-zone potential

Gold Moz

Rainy River

Mine Life: 14 years

17.6

Mesquite

Mine Life: 8 years + residual leach

CANADA

#3

Mineral Reserves(3)

UNITED STATES

#5

Silver Moz Cerro San Pedro Mine Life: 1 year + residual leach

MEXICO

#4

El Morro

82.0

Mine Life: 17 years(2)

CHILE

Copper Blbs #2

Peak Mines

AUSTRALIA

Mine Life: 6+ years

2.8

OPERATING DEVELOPMENT 1. Based on 2014 Behre Dolbear Report – “2014 Ranking of Countries for Mining Investment”. 2. Mine life based on December 2011 feasibility study. 3. For a detailed breakdown of mineral resources and reserves by category and the key assumptions and parameters, refer to New Gold’s website. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”.

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Experienced and invested team

EXECUTIVE MANAGEMENT TEAM

BOARD OF DIRECTORS

Randall Oliphant Executive Chairman

David Emerson Former Canadian Cabinet Minister

Robert Gallagher President & Chief Executive Officer Brian Penny Executive Vice President & Chief Financial Officer David Schummer Executive Vice President & Chief Operating Officer

James Estey Chairman, PrairieSky Royalty Robert Gallagher President & Chief Executive Officer Vahan Kololian Founder, TerraNova Partners Martyn Konig Former Executive Chairman, European Goldfields Pierre Lassonde Chairman, Franco-Nevada Randall Oliphant Executive Chairman

Hannes Portmann Vice President Corporate Development

Raymond Threlkeld Chairman, Newmarket Gold

Approximately 1 million shares purchased by insiders in 2014 >$60 million collectively invested in New Gold 5

2015 first quarter highlights

Gold production

Costs

Financial

94,977 oz

$486per oz

$

Total cash costs(1)

Net cash generated from operations before changes in working capital(3)

$1,014per oz

$

All-in sustaining costs(2)

Net cash generated from operations

Balance Sheet

New Afton

Rainy River

$366million

Mill expansion currently being commissioned, ahead of schedule and under budget

Received Federal and Provincial Environmental Assessment approvals in January 2015

Completed C-zone scoping study in January 2015

Land clearing and other construction-related activities have commenced

Increased by 4% when compared to first quarter 2014

Cash balance at March 31, 2015

Additional financial flexibility with $300 million credit facility

1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 3. Refer to Endnote on net cash generated from operations before changes in working capital under the heading “Non-GAAP Measures”.

67million 70million

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2015 consolidated guidance

• Targeted 8% increase in consolidated gold production • Total cash costs(2) and all-in sustaining costs(3) remain among lowest in the industry − Assuming $2.75 per pound copper price versus $3.02 price realized in 2014

− Assuming $16.00 per ounce silver price versus $18.86 price realized in 2014

2014 ACTUAL

2015 GUIDANCE

Gold production(1)

380 Koz

390–430 Koz

Copper production

102 Mlbs

100–112 Mlbs

Silver production

1.45 Moz

1.75–1.95 Moz

Total cash costs(2)

$312 /oz

$340–$380 /oz

All-in sustaining costs(3)

$779 /oz

$745–$785 /oz

1. Gold, copper and silver sales expected to be in the same range as production, however, will differ as a result of timing of sales and net payable concentrate sales. 2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. All total cash cost estimates (excluding historical amounts) in this presentation assume the following commodity prices and exchange rates: Silver - $16.00 per ounce, Copper - $2.75 per pound, and CDN/USD - $1.25, AUD/USD - $1.25, MXN/USD - $15.00, unless otherwise stated. 3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All all-in sustaining cost estimates (excluding historical amounts) in this presentation assume the following commodity prices and exchange rates: Silver - $16.00 per ounce, Copper - $2.75 per pound, and CDN/USD - $1.25, AUD/USD - $1.25, MXN/USD - $15.00, unless otherwise stated.

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Strong balance sheet

CASH AND EQUIVALENTS(1)

$366 million

LIQUIDITY POSITION

$

605million

2015E ALL-IN SUSTAINING COST MARGIN(3)

$

420 /oz

UNDRAWN CREDIT FACILITY(2)

$239 million

No debt due until 2020 1. Cash and equivalents as at March 31, 2015. 2. $61 million of $300 million facility used for Letters of Credit at March 31, 2015. 3. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce is equal to spot gold price of $1,185 per ounce less 2015 estimated all-in sustaining costs per ounce.

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Reinvesting free cash flow generation

MILL EXPANSION

2015E All-in Sustaining Cost Margin(1)

AHEAD OF SCHEDULE

$

UNDER BUDGET • ~$20 million in incremental annual cash flow

420 /oz

• Vertimill successfully commissioned in April 2015 • Flotation cells successfully commissioned in May 2015

Mill Expansion Capital

~$35 million Below $45 million budget

RAINY RIVER

• +75% of current company production at lower all-in sustaining costs(2)

BLACKWATER

• +120% of current company production at lower all-in sustaining costs(2)

NEW AFTON C-ZONE

• Opportunity to extend mine life of New Gold’s most significant cash flow generator

Investing in longer-lived, larger-scale, lower-cost assets 1. Refer to Endnote on margin under the heading “Non-GAAP Measures”. Margin per ounce is equal to spot gold price of $1,185 per ounce less 2015 estimated all-in sustaining costs per ounce. 2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

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New Afton value creation $466

$1,259

$557

New Afton NAV ($mm)

$802

$1,268

Current NAV

$1,153

New Afton capital spend ($mm)

$

1,268million

11million

$

Net Investment(1)

$441

$873

$

466million

$396

$701

$793

VALUE CREATION(2) $

$596 $90

Value Creation

($19)

Early 2010

$466

$305

$219 $200

Achieved commercial production

$432

$336

802million / $1.58per sh.

$246 Mid-2010

Early 2011

Mid-2011

Early 2012

Mid-2012

March 2015

~$1,100

Gold Price ($/oz)

$1,190

~$3.25

Copper Price ($/lb)

$2.70

$1.05

Foreign Exchange (CDN/USD)

$1.22

Rainy River 2.25 years from commercial production 1. Net investment equal to total development capital ($793 million) plus sustaining and growth capital of $270 million (mid-2012 to March 31, 2015) less total operating margin of $597 million (mid-2012 to March 31, 2015). Operating margin calculated as revenue less operating expenses 2. Value creation equal to current New Afton analyst consensus net asset value less net investment.

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Rainy River overview

RESOURCE SCALE(1)

GRADE, PRODUCTION AND COST PROFILES

GOLD RESERVES (Moz) Average Mill Head Grade (g/t)(3)

1.5

1.5

1.5

1.5

1.5

2017

2018

2019

2020

2021

GOLD M&I RESOURCES (Moz)

2.9

Thousand ounces

3.8 350 300 250 200 150 100 50 0 Open Pit

• Environmental Assessment approvals received in early 2015 • Commissioning targeted for mid-2017

Underground

TOTAL CASH COSTS(4)

ALL-IN SUSTAINING COSTS(5)

$570

$670

/oz

/oz

• Capital remaining - $790 million(2) − $300 million to be spent in 2015 1. For a detailed breakdown of mineral resources and reserves by category and the key assumptions and parameters, refer to New Gold’s website. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”. Measured and indicated resources exclusive of reserves. 2. Based on $1.25 CDN/USD foreign exchange rate. 3. Weighted average open pit and underground grade. 4. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. First nine years. 5. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. First nine years.

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Value creation through development

Development of Rainy River presents opportunity for $0.7 to $1.2 billion of potential value creation INVESTMENT

Acquisition cost

50% / 50% Cash

VALUE POTENTIAL

$

300million

Shares

Development capital estimate(1)

Total investment

$

877million

$

1.2billion

1. Based on $1.25 CDN/USD foreign exchange rate. 2. Based on first five years at $1,300 per ounce gold, $16 per ounce silver and $1.25 CDN/USD foreign exchange rate.

Average annual after-tax cash flow(2)

$

Potential cash flow multiple range

~8-10x

Implied value potential

235million

UPSIDE

~$1.9-$2.4billion

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Rainy River activity

13

Blackwater

JURISDICTION

2013 FEASIBILITY STUDY British Columbia, Canada

#1

~$

1,576million

17-year

SIGNIFICANT GOLD AND SILVER RESOURCE

8.2 Moz

First nine years:

60.8 Moz

485 Koz $590 /oz

REGIONAL UPSIDE

~1,100 km2 Land Package

1.1 Moz

7.0 Moz

1. Based on 2014 Behre Dolbear Report – “2014 Ranking of Countries for Mining Investment”. 2. Development capital assumes $1.25 CDN/USD exchange rate. 3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. 4. Mineral resources are exclusive of reserves. For a detailed breakdown of mineral resources and reserves by category and the key assumptions and parameters, refer to New Gold’s website. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”. Includes Capoose M&I resources.

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New Afton – C-zone opportunity

SCOPING STUDY HIGHLIGHTS

C-ZONE SCOPE(1)

• Five year mine life – 21.5 million tonnes mined/processed − 38 million tonnes of C-zone Measured and Indicated resources • Development capital of $349 million and sustaining capital of $110 million • Full year average production of 107 Koz gold and 77 Mlbs copper • Average operating cost of $19.24 per tonne

Average Grade

Contained Metal

Gold

0.76 g/t

0.5Moz

Copper

0.80%

0.4Blbs

C-ZONE AFTER-TAX ECONOMICS Gold Price ($/oz)

$1,300

Copper Price ($/lb)

$3.00

CDN/USD ($)

$1.25

5% NPV ($mm)

$138

IRR (%)

13.5

Payback (years)

3.0

Additional resource potential remaining 1. For a detailed breakdown of mineral resources and reserves by category and the key assumptions and parameters, refer New Gold’s website. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources” and “Technical Information”.

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Multiple growth initiatives(1)

Commissioning • New Afton mill expansion Construction • Rainy River – 325 Koz of annual production

BLACKWATER

RAINY RIVER

NEW AFTON EXPANSION

Permitting • Blackwater – 485 Koz of annual production Engineering/Planning • New Afton C-zone • 30% carried interest in El Morro

2015E GOLD PRODUCTION

390-430 Koz

New Gold has multiple organic growth options in its portfolio 1. Based on ~325Koz annual production from Rainy River (first nine years) and ~485Koz annual production from Blackwater (first nine years) as outlined in the feasibility studies for the projects.

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New Gold looking forward

Investing in longer-lived, larger-scale, lower-cost assets ORGANIC GROWTH PROJECTS(2)

CURRENT PORTFOLIO

AVERAGE MINE LIFE

(1) years 7

>2x

15+ years

AVERAGE ANNUAL GOLD PRODUCTION PER ASSET

~100 Koz

4x

400 Koz

ALL-IN SUSTAINING COSTS(3) WEIGHTED AVERAGE

~$765 /oz

($145) /oz

~$620 /oz

1. Based on 13 years at New Afton (including C-zone), 8 years at Mesquite, 6 years at Peak Mines and one year at Cerro San Pedro. 2. Based on Rainy River and Blackwater projects. El Morro omitted while Goldcorp optimizes development plan. 3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

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Catalysts

Rainy River Federal EA approval Rainy River Provincial EA approval Commence Rainy River construction Complete New Afton mill expansion Rainy River and Blackwater regional exploration Commence New Afton C-zone permitting process Blackwater permitting Complete C-zone feasibility study

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New Gold investment thesis

A history of value creation

Establishing the leading intermediate gold company Peer-leading growth pipeline

Among lowest-cost producers with established track record

Invested and experienced team Portfolio of assets in top-rated jurisdictions 19