Agm april-2018-v final

1. 1
ANNUAL GENERAL MEETING
April 25, 2018

2. Cautionary statements
2
ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this news release, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this news release, 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 news release include the statements made under “2018 first quarter operational results from continuing
operations” and “projects update”, as well as other statements elsewhere in this news release, including, among others, statements with respect to: guidance for production, operating expense and all-in
sustaining costs, and the factors contributing to those expected results, and timing for approval of the environmental assessment for the Blackwater project.
All forward-looking statements in this news release 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 news release, New Gold’s latest annual
management’s discussion and analysis (“MD&A”), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions
discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations;
(2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current
mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent with current
levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent
with New Gold’s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River mine and Blackwater project 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 and the absence of material
negative comments during the applicable regulatory processes; and (9) in the case of production, cost and expenditure outlooks at the operating mines for 2018, commodity prices and exchange rates being
consistent with those estimated for the purposes for 2018.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of
activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and
the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency
markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated
mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; fluctuation in treatment and refining charges; changes in national and local government legislation in
Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic
developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and
enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, the lack of certainty with respect to foreign legal systems,
which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold
is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results
of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to
mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and
unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements. In addition, there are risks and hazards associated
with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold
bullion losses and risks associated with the start of production of a mine, such as Rainy River, (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors”
included in New Gold’s Annual Information Form, MD&A and other disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. Forward-looking statements are not
guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release 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.
The footnotes, endnotes and appendix to this presentation contain important information. The endnotes and appendix are found at the end of the presentation. All amounts in US dollars unless otherwise
indicated.

3. 3
2017 organizational priorities
Streamline
organizational
structure and
strengthen Rainy
River Team
Advance
organic growth
projects
Enhance
Financial
Flexibility
Deliver operationally
and pursue
opportunities for
further cash flow
optimization
Execute on
updated Rainy
River plan
One year ago…

4. 4
2017 – A transformative year
Reinvigorated
Team
Streamlined
Portfolio and
Enhanced Financial
Flexibility
Delivered Per
Share Growth
Executed on
Rainy River
• Corporate Leadership – new CFO, VP Projects, VP HR
• Rainy River – strengthened management team
• Corporate Re-organization – +30% reduction in Head Office
• Renewed Board of Directors
• Sold El Morro gold stream – $65 million
• Announced sale of Peak Mines – $58 million (closed April 2018)
• Rainy River commercial production achieved per 2017 budget
($515 million) and timeline (October 2017)
• 2017 – 7% increase in EBITDA per share, 11% increase in cash
flow per share
• 2018 – targeting further per share increase in production,
EBITDA and cash flow

5. Strong North American presence
Footprint in Canada continues to grow
5
RESERVES
• >90% located in Canada
• >13.6 Moz gold
reserve in Canada
• 5th largest consolidated
gold reserve base in
Canada
PRODUCTION SCALE
• ~390 Koz of 2018
gold production from
Canadian assets
• Rainy River 3rd largest
producing gold mine in
Canada
CASH FLOW
• Overall cash flow to
significantly increase
with Rainy River in
operations
RAINY RIVER MINE
CANADA
GOLD PRODUCER
MINE LIFE OF 14 YEARS
• Overall production to grow
30% with Rainy River
• 2018 gold production guidance
310 to 350 Koz
• Achieved commercial
production ahead of plan
• Achieved 2017 development
capital estimate of
$515 million
NEW AFTON MINE
CANADA
GOLD/COPPER PRODUCER
MINE LIFE OF 10 YEARS(2)
MESQUITE MINE
USA
GOLD PRODUCER
MINE LIFE OF 5 YEARS
BLACKWATER PROJECT
CANADA
GOLD PROJECT
MINE LIFE OF 17 YEARS(1)
CERRO SAN PEDRO MINE
MEXICO
GOLD/SILVER PRODUCER
RESIDUAL LEACH
1. Based on 2013 Feasibility Study.
2. Five years of current B-zone plus five years of C-zone.

6. Track record of operational delivery
Delivered on 2017 guidance
2017 Operational Highlights
6
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.
Gold
Production
431
Koz
Copper
Production
104
Mlbs
Gold Operating
Expense
All-in Sustaining
Costs(1)
$727
$/oz
$646
$/oz
2017 Financial Highlights
Revenues
(excludes Peak Mines)
$604
$mm
Operating Margin(2)
(excludes Peak Mines)
$283
$mm
Operating
Cash Flow
Cash Flow
Per Share
$0.61
$/sh
$342
$mm

7. 7
Rainy River
Delivered on key 2017 milestones
Production start in mid-September COMPLETED
Schedule 2 amendment expected in the fourth quarter of 2017 COMPLETED
Commercial production targeted for November 2017 COMPLETED
2017 development capital through November commercial
production of $515 million
ACHIEVED
(achieved September 14th)
(received late third quarter)
(achieved two weeks
ahead of schedule)

8. 2018 consolidated guidance
Production to grow 30% with Rainy River
81. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
Key Input Assumptions
Gold
Production
525-595
Koz
Copper
Production
75-85
Mlbs
Gold Operating
Expense
All-in Sustaining
Costs(1)
$860-$900
$/oz
$555-$595
$/oz
Copper
$3.20/lb
Silver
$17.00/oz
CDN/USD
$1.25
MXN/USD
$18.00
• Copper assumption approximates the mid-point of the Company’s
collar pricing of $3.00 to $3.37 per pound

9. Decreasing sustaining capital profile
Over coming years
9
$245
• Consolidated sustaining
capital expenditures to
decrease significantly
over the coming years
• Rainy River sustaining
capital expected to be
higher over the first three
years of operation and will
revert to normal run rate
levels of approximately
$40 to $50 million per
year thereafter
Consolidated Sustaining Capital Expenditure
Profile ($mm)
10-Year Normalized
Average Run-Rate

10. 10
Rainy River development driving growth – 2015 to 2018
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
New Afton
2015 Actual
2015 2018E
Production 436 Koz 525-595 Koz
Mesquite
Peak Mines
Cerro San Pedro
2018 Guidance
Cerro San Pedro
New Afton
Mesquite
Rainy River
Cerro San Pedro
+28%
• Over the first nine years (including 2018), Rainy River’s annual gold production should
average between 275,000 to 375,000 ounces at all-in sustaining costs(1) of approximately
$875 per ounce

11. 11
13%
$1,149
$1,300
Gold Price ($/oz)
13%
0.86
0.97
Production per 1,000 shares
$1,149
$1,300
Total Cash Costs(1) ($/oz) All-in Sustaining Costs(2) ($/oz)
Growth in ‘per share’ metrics
• Development of
Rainy River to drive
per share
production growth
coupled with
expanding margins
• Expected to result in
strong growth in
EBITDA and cash
flow per share
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. 2018 estimates based on mid-point of guidance ranges.
$443
$380
$706
Gold
Price TCC
Gold
Price TCC
$920
$1,149
$1,300
$809
$880
$340
Gold
Price AISC
Gold
Price AISC
$420

12. Blackwater value creation opportunity
Multiple options exist to unlock value
12
• Initiated work streams to
de-risk and optimize project in
order to further enhance
project economics
• Key focus areas include:
• Reduce project strip ratio
• Ore sorting
• Use of updated flowsheet
to reduce capital and
operating costs
$1,020
$240
~75%
reduction in
Blackwater analyst
consensus value
Average Canadian Gold Price
(C$/oz)(3)
Average Analyst Consensus Value ($mm)
Resource Base(4)
Environmental Assessment Status
$1,555
4.8 Moz
M&I Resource
Not
Started
$1,635
Expected
Mid-2018
1. Based on average of 15 research analysts.
2. Based on average of 18 research analysts.
3. Average foreign exchange rates (US$/C$): 2011 - $0.99, 2017 - $1.30.
4. M&I resources exclusive of reserves.
(1) (2)
8.2 Moz Reserve
1.4 Moz M&I Resource

13. 13
Production
96,882 oz
Gold
22.2 mlbs
Copper
Costs
$774 per oz
Gold operating expense(1)
$1,219 per oz
All-in sustaining costs(2)
1. Gold operating expense from continuing operations.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
2018 first quarter highlights
Balance Sheet
$191 million
Cash balance at Mar 31, 2018
Proceeds from sale of Peak
Mines received subsequent to
quarter-end
Financial
$50 million
Operating cash flows generated
from continuing operations
$0.09
Cash flow per share

14. 14
Disciplined management of
Capital resources and liquidity position
1. Undrawn credit facility as at March 31, 2017. $136 million of $400 million facility used for Letters of Credit and $230 million drawn at March 31, 2018.
2. Cash and cash equivalents as at March 31, 2018.
3. Includes net proceeds after working capital adjustment and release of Peak Mines closure Letters of Credit.
Liquidity
Position
$225million
Cash and cash
equivalents(2)
$191
million
$34
million
Undrawn credit
facility(1)
Long-Term Balance Sheet Flexibility –
No Debt Due Until 2022
CREDIT
FACILITY
NOVEMBER
2012 NOTES
MAY 2017
NOTES
Face Value $400 million(1) $500 million $300 million
Maturity Aug 14, 2020 Nov 15, 2022 May 15, 2025
Interest Rate 1.00%-3.25% 6.25% 6.375%
Callable at 103.1%
~$60 million(3) additional liquidity from completion of sale
of Peak Mines in April 2018

15. 15
Establishing the leading intermediate gold company
Focus on long-term shareholder value creation
Portfolio of Assets
in Top-Rated
Jurisdictions
Established
Operational
Track Record
Peer-Leading
Growth Pipeline
Enhancing
Financial
Flexibility