New Gold Corporate Presentation June 2012 Cautionary Statement

Corporate Presentation
June 2012

Cautionary statement

All monetary 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 may be deemed "forward looking". All statements
in this presentation, other than statements of historical fact, that address events 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", "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. All such forward-looking statements 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.
Forward-looking statements are necessarily based on estimates and assumptions (including that the business of various transactions will be integrated successfully in the New Gold
organization) 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; fluctuations in the international
currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; price volatility in the spot and forward markets for commodities;
impact of any hedging activities, including margin limits and margin calls; 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 that New Gold operates, including, but not limited to, Mexico, where New Gold is involved with ongoing challenges
relating to its environmental impact statement for the Cerro San Pedro Mine and to Chile where there are challenges related to the environmental permit for the El Morro Project; the lack of
certainty with respect to the Mexican, Chilean and other 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 the company is or may become a party to, as well as the third party claim related to the El
Morro transaction with respect to New Gold's exercise of its right of first refusal on the El Morro copper-gold project in Chile and its partnership with Goldcorp Inc., which transaction and third
party claim were announced by New Gold in January 2010; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of
current exploration or reclamation activities; 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. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental 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 forward-looking statements contained in this presentation are qualified by these
cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or
otherwise, except in accordance with applicable securities laws.

Corporate Presentation | June 2012 2 2

Cautionary statement (cont’d)

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 December 11, 2005. While the terms "Mineral Resource", "Measured Mineral Resource",
"Indicated Mineral Resource" and "Inferred 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.

TECHNICAL INFORMATION
The scientific and technical information in this presentation has been reviewed by Mark Petersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.

TOTAL CASH COST
“Total cash cost” 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 cost 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 cost on a sales basis. Total cash cost includes mine site operating costs such as mining, processing, administration, royalties and production taxes, but is exclusive of amortization,
reclamation, capital and exploration costs. Total cash cost is 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 cost presented does 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.


Overview

History of accretive growth

Leading intermediate gold producer

Three producing assets

Three fully-funded growth projects

C$4.5 billion market capitalization

$326 million in cash(1)

Strong Board and Management
Notes: 1. Cash balance as at March 31, 2012 adjusted for net proceeds of $300 million notes offering after redemption of senior secured notes and related costs.


Management and Board of Directors

EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS

Randall Oliphant, Executive Chairman James Estey, Former Chairman UBS Securities Canada

Robert Gallagher, President & CEO Robert Gallagher, President & CEO

Brian Penny, Executive VP and CFO Vahan Kololian, Founder Terra Nova Partners

Martyn Konig, Former Executive Chairman European Goldfields
• Board and Management hold 15 million
shares of Company Pierre Lassonde, Chairman Franco-Nevada

– ~$145 million investment
Randall Oliphant, Executive Chairman

Raymond Threlkeld, CEO Rainy River Resources


Diversified asset portfolio(1)

Gold Reserve Blackwater

7.9 Moz New Afton

Cerro San Pedro
Mesquite

M&I Resource(1)
18.8 Moz
El Morro(2)

Operating assets
Peak Mines
Development projects

Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves, and Capoose Indicated Resources of 384koz.
2. Represents New Gold’s attributable 30% share of Reserves and Resources.


Operational execution

Gold production(1) (000s ounces)
450
400 405-445
350 383 387
300
250 302
200 233
150
100
50
0
2008 2009 2009 2010 2010 2011 2011 2012
Actual Guidance Actual Guidance Actual Guidance Actual Guidance

Total cash cost(1)(2) ($/oz)

$600

$500 $566

$400 $465 $446
$418 $410-430
$300

$200

$100

$0
2008 2009 2009 2010 2010 2011 2011 2012
Actual Guidance Actual Guidance Actual Guidance Actual Guidance

Notes: 1. Refer to Cautionary Statement and note on Total cash cost.
2. 2009 and 2008 costs shown based on Canadian GAAP.


Cost trends: New Gold versus industry(1)(2)

$700
$643

$600
Total Cash Costs (US$/oz)(2)

$557

$566

$500 $478
$464

$465
$446
$400 $418 $410-$430

$300
2008 2009 2010 2011 2012E

New Gold provides leverage to gold price

Margin +241%
(US$/oz)
$297 $1,014
Gold price +69%
(US$/oz) $863 $1,460
Notes: 1. Industry data per GFMS reports calculated net of by-product credits.
2. Refer to Cautionary Statement and note on Total cash cost.


Track record of per share growth outperforming gold

Average gold price increased by 62% from 2009 through 2011

Adjusted earnings per share Net cash generated from operations per share

$0.44
267% 104%
$0.53
$0.48
$0.30

$0.26
$0.12

2009 2010 2011 2009 2010 2011

Net asset value per share(1)(2) Measured & Indicated gold resource per 1,000 shares(3)

$11.02 25%
348% 40.8

32.7
$6.68

$2.46

6/1/09 12/31/10 12/31/11 12/31/10 12/31/11

Notes: 1. Net asset value as at June 1, 2009 based on New Gold and Western Goldfields business combination.
2. Based on average of consensus net asset value per share ascribed by analysts covering New Gold.
3. Measured and Indicated gold resource shown inclusive of reserves.


2012 guidance

Gold production(1) Total cash cost(1)
405 - 445Koz $410 - $430/oz

2012 cash cost estimate assumes: 2012 Guidance
• $30.00 per ounce silver
Gold production Total cash cost(1)
• $3.50 per pound copper (ounces) ($/oz)

• Parity Australian dollar Mesquite 140,000 - 150,000 $710 - $730

• Parity Canadian dollar
Cerro San Pedro 140,000 - 150,000 $250 - $270
Total company cash cost subject to following sensitivities:
Peak Mines 90,000 - 100,000 $640 - $660
• +/- $1.00 per ounce silver ~ +/- $5 per ounce
• +/- $0.25 per pound copper ~ +/- $25 per ounce New Afton 35,000 - 45,000 ($1,200) - ($1,300)

• +/- $0.05 AUD FX ~ +/- $10 per ounce
Total 405,000 - 445,000 $410 - $430
• +/- $0.05 CDN FX ~ +/- $5 per ounce


New Afton – Underground production started

New Afton(100%)
Remaining Capital(5)
~ $60 million
Commercial Production
August 2012
Average Annual Cash Flow(6)
~ $230 million
Location Canada • Development capital over 90% spent
Mine type Underground • Team with significant block cave experience
• Underground operations running well over 800,000
Reserves1 – Gold/Copper (Moz/Mlbs) 1.0/954
tonnes stockpiled
Resources1 – Gold/Copper (Moz/Mlbs) 1.7/1,586 • Production to start in June 2012
Estimate mine life 12 years • Mining and milling rate to reach full 11,000 tpd
2012E production/yr (Au koz/Cu Mlbs)2 35-45k/30-35m
capacity in early 2013
• Life-of-mine average co-product costs ~$525 per
2012E cash cost/oz by-product3 ($1,200)-($1,300)
ounce and ~$1.15 per pound
2012E cash cost/oz co-product (Au/Cu)4 $630-$650/$1.35-$1.45 • Underground exploration program to start in Q3’12
Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations.
2. Production includes all production including the gold and copper produced prior to commercial production.
3. Refer to Cautionary Statement and note on Total cash cost.
4. Co-product cash cost calculated based on relative percentage of gold and copper revenue, respectively.
5. Development capital estimate from April 1, 2012 through commercial production adjusted for offsetting
revenue between production and commercial production.
6. Using spot commodity prices.

El Morro (30%) – A world class project

El Morro (30%)
Gold Reserve(1)
2.5 Moz
Copper Reserve(1)
1.9 Blbs

• Current Resource entirely within La Fortuna
deposit
• 1.2 Moz inferred gold resource at higher gold
Location Chile
and copper grades in deeper portion of La
Mine type Open Pit Fortuna deposit
Reserves1 – Gold/Copper (Moz/Mlbs) 2.5/1,868 • Neighbouring El Morro deposit
Resources1 – Gold/Copper (Moz/Mlbs) 3.0/2,193 underexplored
Estimate mine life 17 years • Capital fully-funded by 70% partner Goldcorp
LOM production/yr (Au koz/Cu Mlbs)2 90/85 • Addressing recent temporary suspension of
LOM cash cost/oz co-product (Au/Cu)3 $550/$1.45 environmental permit

Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves. El Morro Reserves and Resources shown on attributable 30% basis.
2. Refer to Cautionary Statements.
3. Refer to Cautionary Statements and note on Total cash cost. Life of mine co-product costs based $1,200/oz gold and $2.75/lb copper.


Blackwater – An exciting new discovery

Blackwater
Indicated Gold Resource(1)
5.5 Moz at 0.98 g/t
Inferred Gold Resource(1)
2.3 Moz at 0.78 g/t
• Latest resource included drilling through
December 2011 and is based on total of 261 holes
totaling 89,460 metres
• Currently 17 drills active at site

• Further consolidated land position – over 900km2
Location Canada
• Year-round accessibility for drilling/ development
Proposed mine type Open Pit
• Central British Columbia near infrastructure
M&I Resources1 – Gold/Silver (Moz) 5.5/25.8
• Ability to fund continued exploration/development
Inferred Resources1 – Gold/Silver (Moz) 2.3/11.2
internally
Targeted production2 2017
• Tax synergies with New Afton
Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations.
2. Blackwater start date based on indicative timeline which is dependent on continued exploration success, environmental approvals and the determination that the deposit is economically viable.


Blackwater – Area map

~100km to
Vanderhoof

Capoose
Resource
Blackwater ~160km to
Project Prince George

50km Gold/Silver Resources (Moz)
M&I: 0.4/26.6
Inferred: 0.4/29.5

Gold/Silver Resources (Moz)
M&I: 5.5/25.8
Inferred: 2.3/11.2

80km


Blackwater – 2012 exploration program

• $55 million program focused on combined infill and step-out drilling

• Targeting ~500 holes
totaling ~210,000
metres
– 60-70% infill
– 30-40% step-out
• $4 million additional
exploration program at
Capoose

April 17th, 2012 News Release
March 7th, 2012 News Release
2012 PEA Resource

Includes assays received through April 17, 2012


Blackwater – 2012 drill results

April 17, 2012 110 metres at 137 metres at
130 metres at
1.00 g/t 1.34 g/t
1.29 g/t

334 317 310 157 metres at
1.36 g/t

331

326 344

15 metres at
210 metres at 47.49 g/t
1.38 g/t

Notes: 1. For complete summary of 2012 assay results, refer to New Gold website at www.newgold.com.


Blackwater – Overview of potential project parameters

60,000 tpd operation
PEA considerations
Conventional open pit truck and shovel
1
operation
1.00 625
2 Good existing road access

Several viable options for powerline

Gold production (thousand ounces)
0.98
3
access to BC Hydro grid ($0.04/KwH) 600

Gold grade (g/t)
4 Non-refractory ore 0.96

Recoveries by conventional direct 575
cyanidation and/or flotation process 0.94
~90%

5 Process plant capacity of 60,000 tpd 0.92 550

Several viable options identified for
6
tailings and waste disposal 0.90
525
Targeting completion of PEA in third
7
quarter 2012

85% 86% 87% 88% 89% 90%

Gold recovery (%)

• ~4.6 g/t silver at 50% recovery would yield ~1.7 million ounces silver annually


Blackwater – Indicative timeline

• The below provides a preliminary indicative targeted timeline through exploration,
development and into production(1)
– New Gold will continue to refine this timeline

2012 2013 2014 2015 2016 2017
Development activity H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
First Nations & Public Consultation

Drilling

Preliminary Economic Assessment

Base Line Environmental Studies

Terms of Reference

Environmental Assessment Reports

Provincial Approval

Federal Approval

Feasibility Study

Engineering Procurement

Construction

Production Target

Reflects critical path in timeline
Notes: 1. Indicative timeline is dependent on continued exploration success, permit approvals and the determination that the deposit is economically viable. There is no assurance this timeline will be achieved nor that
the deposit will ever reach the production stage.


Near-term production and cash flow increases…

$1,750 $1,600 $1,600 600

$1,460
$1,180 ~$1,425
500
$1,400 $1,014

~450 - 500

405 - 445 400
$1,050 387
US$/oz

300

$700

200

$350 $446 $410 - $430
100
~$150 - $200

$0 0
2011A 2012E 2013E
Cash Cost(1) Margin Realized gold price
(US$/oz) (US$/oz) (US$/oz) Gold production



…and a future of growth

• El Morro and Blackwater expected to more than double New Gold’s gold production by 2017
at low cost
1,000

800

600

~450 - 500
405 - 445
400 387

200

2011A 2012E 2013E 2017E


Net asset value per share appreciation
Net Asset Value $15.00 High
Share price ~1.5x

6/1/09 Today NAVPS
Closing of
$13.00 P/NAV Richfield
acquisition
Operating Portfolio(1)
Current
~ $875 $1,971 $11.00 High ~0.9x
Completed $1.2bn ~1.5x

US$ NAV and Share price
business
New Afton combination with
Western Goldfields
$9.00
~ $120 $1,252
High
~1.5x
El Morro(2) $7.00 Low
~0.7x

~ $40 $754 High
$5.00 ~1.5x

Blackwater(3) 323% increase in NAVPS

$3.00
$-- $1,115
219% increase in share price

Development Projects
$1.00

22-Jun-12
1-Jun-09

8-Jun-10
3-Oct-09

4-Feb-10

15-Jun-11

21-Jun-12
10-Oct-10

17-Oct-11
11-Feb-11

18-Feb-12
~ $160 $3,121

Source: Broker Reports, Company Estimates and Announcements, Bloomberg.
Notes: 1. Street consensus NAV for Mesquite, Cerro San Pedro and Peak Mines.
2. Current street consensus NAV for El Morro; Includes $50mm cash payment received from Goldcorp as part of transaction consideration.
3. New Gold purchased Richfield for C$480 million and Silver Quest for C$110 million. The deals closed on June 1, 2011 and December 23, 2011, respectively.


Near-term value opportunity

Enterprise Value $4.5 billion

Consensus El Morro NAV $0.8 billion

Consensus Blackwater NAV $1.1 billion

Enterprise value (ex growth assets) $2.6 billion

Consensus 2013E cash flow from operations
$513 million(1)

New Gold trading at ~5.2x 2013E cash flow

Historical cash flow multiple range in industry of 5 to 20 times
Notes: 1. Based on analyst consensus cash flow per share estimate of $1.11 per share times 462 million shares outstanding.


2012 – A year of catalysts

Blackwater PEA resource update

New Afton production start

El Morro litigation decision

New Afton commercial production

Blackwater PEA

El Morro engineering/development planning

Blackwater/New Afton exploration


The New Gold investment thesis

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


Appendix

Appendices

Page

1. Financial information 25

2. Operating performance 28

3. New Afton 31

4. El Morro 40

5. Blackwater 43

6. Reserves and resource notes 56

7. Commodity price/foreign 61
exchange assumptions


Appendix 1
Capitalization and liquidity

April 2012 Senior Note Financing Average Daily Trading(3)
• Completed $300 million 7% unsecured note
financing on April 5th and announced
8 ~7.3mm
redemption of C$187 million 10% senior ~7.0mm
secured notes 7

• Multiple benefits
6 ~5.5mm

– Lower interest rate – 7% vs. 10%
5

Million shares
– Extended term – 2020 vs. 2017
4
– Enhanced flexibility – ability to institute
dividend; notes are unsecured 3

– Additional $90 million cash on balance
2
sheet post redemption/costs ~1.0mm

1

Cash and equivalents - $326 million(1)
0
2008 2009 2010 2011

Debt - $382 million(1)(2)

Notes: 1. Cash and debt positions as of March 31, 2012 adjusted for net proceeds of $300 million notes offering after redemption of senior secured notes and related costs.
2. See Appendix 1 for detailed breakdown of components of debt.
3. Averages based on combination of all trading platforms including: TSX, Alpha, Pure and NYSE Amex.


Appendix 1
Summary of debt

Undrawn Credit Convertible
Senior Notes El Morro Funding Loan
Facility Debentures

Face Value $150 million(1) $300 million C$55 million $36 million
Maturity 3 years with annual April 15, 2020 June 28, 2014 n/a
extensions permitted
Interest Rate See ‘Key features’ 7% 5% 4.58%
Payable Revolving credit Semi-annually Semi-annually Upon start of production
Conversion price n/a n/a C$9.35 n/a
Current trading value n/a ~102.1 ~$120 n/a
Key features Normal financial • Senior unsecured Redeemable after New Gold to repay
covenants • Redeemable after January 1, 2012 with Goldcorp out of 80% of
April 15, 2016 at between 30 and 60 its 30% share of cash
Interest Rate 103.5% down to days notice provided flow once El Morro starts
• 3% over LIBOR based 100% of face after shares trading over production
on ratios 2018 C$11.69
• Standby fee of 0.75% • Unlimited dividends
if leverage ratio
below 2:1

Notes: 1. $30 million currently allocated for Letters of Credit.


Appendix 1
Trend of expanding margins continues

$1,575
$1,600 $1,460
$1,032
$1,400 $1,014
$1,194
$1,200 Realized gold price
(US$/oz)
$987 $766
$1,000 $863 Margin
$522 (US$/oz)
US$/oz

$800 $297
Cash Cost(1)
(US$/oz)

$600
$566 $543
$400 $465 $446
$428

$200

$0
2008A 2009A 2010A 2011A Q1'12A


Appendix 2
Mesquite

2011 Actual & 2012 Guidance
Gold production (ounces) 2011A 2012E
140,000 - 150,000 Tonnes processed
11,733 12,500 – 13,500
(000 tonnes)
Tonnes mined
45,973 45,000 – 47,000
(000 tonnes)
Total cash cost ($ per ounce)
Grade - gold (g/t) 0.57 0.50 – 0.55
$710 - $730
Capital
19 ~14
($ million)

2011A versus 2012E Key assumptions and sensitivities
• Lower strip ratio to result in higher ore tonnes • Diesel comprises ~20% of Mesquite’s total costs
processed • Rack diesel price most correlated to Brent oil price
• Gold grade is expected to decline from 2011 − Brent oil price increased by 13% since
levels beginning of 2011
• Increase in costs primarily driven by lower • Every 10% change in diesel price has ~$15 per
gold production ounce impact on costs

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


Appendix 2
Cerro San Pedro

Gold production (ounces)
2011A 2012E
140,000 - 150,000
Tonnes processed
16,763 14,000 – 15,000
(000 tonnes)
Silver production (million ounces)
Tonnes mined
33,276 31,000 – 33,000
1.9 - 2.1 (000 tonnes)
Grade - gold (g/t) 0.48 0.55 – 0.60
Total cash cost ($ per ounce) Grade – silver (g/t) 24 20 – 25
$250 - $270 Capital
7 ~16
($ million)

• Expected production of gold and silver consistent • Silver price - $30 per ounce (2011A - $35.15/oz)
with 2011 • Mexican Peso: U.S. foreign exchange – 13:1
• Decrease in tonnes processed offset by • $1.00 per ounce change in silver equals ~$15 per
grade and recovery movements ounce change in Cerro San Pedro cash cost
• Increase in costs primarily driven by lower silver • 1.0 change in Mexican Peso equals ~$15 per
by-product price assumption ounce change in Cerro San Pedro cash cost

Notes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%, Silver – ~30%.


Appendix 2
Peak Mines


Gold production (ounces) 2011A 2012E
Tonnes processed
90,000 - 100,000 783 780 – 800
(000 tonnes)
Tonnes mined
755 780 – 800
Copper production (million pounds) (000 tonnes)

12 - 14 Grade - gold (g/t) 3.94 4.0 – 4.2

Grade – copper (%) 0.93 0.88 – 0.90
Total cash cost ($ per ounce) Recovery – gold (%) 89 88 – 90
$640 - $660 Recovery – copper (%) 82 85 - 87
Capital
50 ~60
($ million)

• Increased gold production driven by increases in • Copper price - $3.50 per pound (2011A - $3.78/lb)
tonnes processed, gold grades and recoveries • Australian dollar: U.S. foreign exchange – 1:1
• Similar copper production a result of increased • $0.25 per pound change in copper equals ~$35 per
tonnes processed and copper recoveries offset ounce change in Peak cash cost
by lower copper grades
• 0.01 change in Australian dollar equals ~$10 per
ounce change in Peak cash cost


Appendix 3
Block cave mines


Appendix 3
New Afton development capital cost breakdown

2011A 2012E(1)

$43m $56m
$174m $40m

$74m
$54m

• Total capital spend during 2011 of $291 • Total remaining development capital of $150
million, excluding capitalized interest million through start of commercial
production
– Total project capital to be within 8% of
2009 capital estimate of C$700 million
at C$765 million
Underground Surface/Mill Owners Costs/
Development Construction Construction Indirects

Notes: 1. As of January 1, 2012, assumes a parity USD/CDN foreign exchange rate and includes offsetting revenue related to pre-commercial production sales of inventory that has been netted against Underground
Development costs.


Appendix 3
Drawbell continuity schedule


Appendix 3
New Afton – 2012 drawbell development rate

On track with 2012 monthly drawbell development

26 drawbells to
• Currently meeting targeted 30 support 6,600 tpd
drawbell development rate from underground

– 21 drawbells completed
as of April 30, 2012

Number of drawbells
• On track for 26 drawbells by 20

the end of June
• ~50 drawbells to support
11,000 tpd mining rate
10

-
End of January February March April May June
2011
Actual 2012 Estimated


Appendix 3
New Afton – Build-up of ore stockpile

On track with 2012 monthly ore stockpile targets

• Combination of additional Average grade comparison ~3 months of
1,000 production at full
drawbells and commissioning Gold Copper
capacity
g/t %
of conveyor system has led to 900
exponential increase in ore New Afton 0.64 0.90
800 reserves(1)

Ore stockpile (thousand tonnes)
stockpile
Ore stockpile 0.97 1.04
700
• 705,000 tonnes stockpiled on
surface at April 30, 2012 600

• Stockpile to provide additional 500

flexibility during ramp-up of 400
mining and milling rates
300
• Ore grade above reserve
200
grade and reconciling with
block models 100

-
December January February March April May June
2011
Actual 2012 Estimated

Notes: 1. As at December 31, 2011. Refer to Reserve and Resource Notes in Appendix 6.


Appendix 3
New Afton – 2012 production start-up
• The combination of over six months of active underground mining and the existence of the ore stockpile
should lead to an efficient mill start-up
• Mill start-up scheduled for June 2012
• Targeting two month period to reach commercial production rate (6,600 tonnes per day) – August 2012
Tonnes per day

15,000 Period of drawdown
of stockpile inventory
Mill reaches 11,000
12,500 tpd

10,000

7,500
Mining/milling rate
reach 11,000 tpd run-
5,000 rate level
Mill starts in June and reaches
2,500 6,600 tpd commercial rate in
August

-
January March May July September November January March
2012 2013
Mine tpd Mill feed tpd


Appendix 3
Production and sales

New Afton 2012 Guidance
Gold production (ounces)
Tonnes processed (000 tonnes) 1,900 – 2,200
35,000 - 45,000
Grade - gold (g/t) 0.75 – 0.85

Grade - copper (%) 0.85 – 0.95
Copper production (million pounds)
Recovery – gold (%) 88 – 90
30 - 35
Recover – copper (%) 88 – 90

Gold sales (ounces) • Difference between production and sales
a result of pre-commercial production
20,000 - 30,000 commodity sales being net against capital
costs and timing of certain concentrate
sales
Copper sales (million pounds)
20 - 25


Appendix 3
Operating costs

• Operating costs ~$25 per tonne in first five months of commercial production(1)

– Life-of-mine average ~$18 - $22 per tonne

~$6.20/t ~$4.60/t

~$9.20/t

Processing Mining G&A

2012 co-product cash cost(3)
2012 by-product cash cost(2)
$630 - $650 per ounce,
($1,200) - ($1,300) per ounce
$1.35 - $1.45 per pound

• Costs expected to be lower in future years as ‘per tonne’ cost reaches steady-state level
– Life-of-mine average by-product cost ~($1,750)(4)
– Life-of-mine average co-product costs(4) of ~$525 per ounce gold and ~$1.15 per pound copper
Notes: 1. Includes treatment and refining charges and assumes parity Canadian/U.S. dollar foreign exchange rate.
2. Assumes $3.50 per pound copper price and parity Canadian/U.S. dollar foreign exchange rate.
3. Co-product costs calculated on a percentage of revenue basis and assume a gold price of $1,600 per ounce.
4. Based on assumption of $1,600 per ounce gold, $3.50 per pound copper and a parity foreign exchange rate.

Appendix 3
New Afton – C Zone exploration
• 3 phase underground core drilling program totaling 40,000 meters commencing Q3 2012
• Phase 1: ~15,000 meters to delineate eastern limits of C-zone and assess potential to lower block cave
extraction level for B3 reserve block - estimated completion by end Q1’13
• Phases 2 & 3: ~25,000 meters to explore extensions to west and at depth - estimated completion Q4’13
C Zone Resource (2010)
Tonnes Au Cu Gold Copper
000’s g/t % Koz Mlbs
M&I 3,637 0.78 0.96 92 76
Inferred 11,317 0.60 0.75 218 186

Cross
Long Section
Section Looking South
Looking East


Appendix 4
El Morro (30%) – funding structure(1)

Total Capital 100%
100% Average annual
~ $3.9 billion cash flow

30% 70%

Funded by
~ $2.7 billion
$1.2 billion 30% 70%
interest at 4.58%

20% 80%
Carried funding repayment

• New Gold’s 30% share of development capital 100% carried
– Interest fixed at 4.58%

Notes: 1. Based on 2011 Feasibility Study.


Appendix 4
Selected porphyry gold/copper deposits/mines(1)
Gold
Grade
(g/t)

0.80

0.70

0.60 $38/t $42/t

El Morro
0.50 $51/t

0.40
$27/t
$40/t

0.30

$24/t
$49/t
0.20

0.10
$29/t
Copper
-- Grade
0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% (%)

Agua Rica Alumbrera Cadia-Ridgeway (2) Cerro Casale
Chapada Cobre Panama El Morro Mt. Milligan

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 10, 2012 press release; does not include “Other” Cadia province reserves.


Appendix 4
El Morro relative positioning(1)

El Morro within Goldcorp portfolio

(2)
Gold Reserves Gold Equivalent
Asset Asset
(Moz) (Moz)

Penasquito 16.5 Penasquito 45.2

Pueblo Viejo 10.1 El Morro 15.4

Los Filos 7.8 Pueblo Viejo 11.8

El Morro 5.8 Los Filos 8.7

Cerro Negro 4.5 Cerro Negro 5.2

• El Morro would represent 4th largest gold equivalent(2) reserve for Barrick

Notes: 1. Based on Goldcorp and Barrick’s December 31, 2011 year-end resource statements.
2. Gold equivalent calculated based on the following commodity prices: Gold - $1,595/oz; Silver - $28.75/oz; Copper - $3.50/lb; Lead - $0.88/lb; Zinc - $0.86/lb.


Appendix 5
Blackwater drill program

Cumulative number Cumulative number
Assay cut-off date
of holes of metres

March 2011
December 31, 2010 77 24,563
Initial Resource

September 2011
July 31, 2011 148 49,223
Resource update

Year-end 2011
November 30, 2011 218 67,848
Resource update

March 2012
December 31, 2011 261 89,460
Resource update

April 2012
March 5, 2012 328 115,950
2012 assays received


Appendix 5
Blackwater benchmarking comparable projects

• The below provides high level benchmarking of various other Canadian bulk tonnage operations(1)

Range

Targeted throughput (tpd) 55,000 – 60,000

Strip ratio(2) (waste:ore) 2.27 – 3.89

Development capital per 1,000 tpd(2) (million) $18 - $26

Mining cost (per tonne mined) $1.30 - $1.83

Processing cost(2) (per tonne milled) $5.71 - $6.66

G&A (per tonne milled) $0.72 - $1.22

Power cost (Kwh) ~$0.044

Notes: 1. Benchmark group includes: Canadian Malartic, Detour Lake, and Mount Milligan. Figures from company disclosures including news releases and investor presentations related to project parameters.
2. Includes only Canadian Malartic and Detour Lake as gold-focused projects.


Appendix 5
Blackwater Resource Growth - March 2011

March 2011
Indicated Inferred
Mt Au g/t Mt Au g/t
53.4 1.06 75.4 0.96

1.8 Moz 2.3 Moz

Cumulative Drilling
Holes Metres
77 24,563

$1000 pit shell


Appendix 5
Blackwater Resource Growth - September 2011

September 2011
Indicated Inferred
Mt Au g/t Mt Au g/t
165.2 1.01 38.8 0.94

5.3 Moz 1.2 Moz

Cumulative Drilling
Holes Metres
148 49,223

$1000 pit shell
$1200 pit shell


Appendix 5
Blackwater Resource Growth – Year-end 2011

Year-end 2011
Indicated Inferred
Mt Au g/t Mt Au g/t
163.6 1.03 69.3 0.84

5.4 Moz 1.9 Moz

Cumulative Drilling
Holes Metres
218 67,848

$1000 pit shell
$1200 pit shell

$1300 pit shell


Appendix 5
Blackwater Resource Growth – March 2012

March 2012
Indicated Inferred
Mt Au g/t Mt Au g/t
174 0.98 92 0.78

5.5 Moz 2.3 Moz

Cumulative Drilling
Holes Metres
261 89,460

$1000 pit shell
$1200 pit shell

$1300 pit shell


Appendix 5
Blackwater Resource Growth – April 2012

April 17th, 2012 News Release
March 7th, 2012 News Release
2012 PEA Resource


Appendix 5
Blackwater Block Model – March 2012


Appendix 5
BW Section 5892,800N – March’12 PEA Block Model

$1300/oz Au
pit shell

Looking North


Appendix 5
BW Section 5892,800N – Geology & Drilling

Glacial Till

Rhyolite

$1300/oz Au
pit shell

Volcanic
Breccia

Sediments
Andesite
Andesite


Appendix 5
BW Section 375,500E – PEA Block Model

Looking West


Appendix 5
BW Section 375,500E – Geology & Drilling

Volcanic Andesite
Breccia

2012 holes labeled in
Red


Appendix 5
Blackwater regional exploration

17


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