Corporate presentationnovember232012

Scotiabank – Mining Conference 2012 | Toronto
November 27-29, 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 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 international, 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 obtaining the necessary permits for the Blackwater project, in Mexico where the Cerro San Pedro mine has a history of ongoing legal challenges related to our EIS
and Chile where the courts have temporarily suspended the approval of the environmental permit for the El Morro project; 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 the
company is or may become a party to,; 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.

Scotiabank – Mining Conference 2012 | Toronto | November 27-29, 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 an employee of New Gold.

(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 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 costs on a sales basis. Total cash costs 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 costs are reduced by any by-product revenue and are then divided by ounces sold to arrive at the total by-product cash costs 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 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.

(2) PEA – ADDITIONAL CAUTIONARY NOTE
This note regarding the preliminary economic assessment (PEA) is in addition to cautionary language already included within the 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.


The evolution of New Gold

Successfully commissioning New
Afton
Further strengthening team

History of accretive growth Developing world-class assets

Growing resources
Doubling gold production
Track record of delivering on plans
organically
Lowering costs, expanding margins
and increasing cash flow
Increasing net asset value

Blackwater – Summer 2012


History of accretive growth

NGD Gold Price S&P/TSX Gold Index FTSE Gold Mines Index HUI Index
500%

450% Closing of
Richfield
acquisition
400%

350% +250%
Completed $1.2bn
business
300% combination with
Western Goldfields
250%

200%
+80%

150%
+16%

100% (1%)

50% (4%)

0%

25-Sep-11
1-Jun-09

20-Oct-09

21-Nov-12
7-May-11

3-Jul-12
17-Dec-10
10-Mar-10

29-Jul-10

13-Feb-12

23-Nov-12
Source: 1. Bloomberg. All amounts in USD.
Note: 2. S&PTSX Gold Index includes 59 gold companies in various stages of development/production.
3. FTSE Gold Mines Index includes 26 gold producing companies.
4. HUI Index includes 15 of the major global gold producers.

Project development and 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

Successfully brought Cerro San Pedro, Mesquite and New Afton into production on, or ahead of, schedule

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


Management and Board of Directors

EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS

Randall Oliphant, Executive Chairman David Emerson, Former Canadian Cabinet Minister

Robert Gallagher, President & CEO James Estey, Former Chairman UBS Securities Canada

Brian Penny, Executive VP and CFO Robert Gallagher, President & CEO

Ernie Mast, VP Operations 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

– ~$155 million investment
Randall Oliphant, Executive Chairman

Raymond Threlkeld, CEO Rainy River Resources


Capitalization and liquidity

• New Gold has simplified its Balance Sheet and significantly increased its financial flexibility during 2012
– April 2012 – completed 7.00% $300 million senior notes offering and redemption of prior 10% senior
secured notes
– November 2012 – completed 6.25% $500 million senior notes offering
– November 2012 – completed early redemption/conversion of 5% C$55 million convertible debenture
• All debt now due in 2020 or beyond(1)
• Total shares outstanding of 469 million

TOTAL LIQUIDITY ($ millions)

$100
HIGHEST
LIQUIDITY IN
$491 $739
COMPANY’S
HISTORY

$148
September 2012 Proceeds from
Undrawn Credit Facility
Cash and Equivalents(1) November Notes(2)

Notes: 1. Cash and debt positions as of September 30, 2012. See Appendix 1 for detailed breakdown of components of debt.
2. Net proceeds from $500 million from November 14, 2012 high yield notes offering.


Growing resource base in solid jurisdictions

Measured & Indicated Gold Resources per 1,000 shares
M&I Resources(2): 20.9 Moz
50

40

Blackwater
30

New Afton

20 Cerro San
Pedro
Mesquite

10

-
(1)
2009 2010 2011 Today

El Morro(3)
Track record of increasing M&I gold
resources on a ‘per share’ basis Operating assets

Peak Mines
Development projects

Notes: 1. Excludes resources from Amapari which was sold in April 2010.
2. 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.
3. New Gold holds a fully carried 30% interest in the El Morro project.


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.


Key metrics trending in the right direction

2012 Gold Production (thousand ounces)
• New Afton production start
120 105
and strong performance of 100
99 95

three other operations 80
60
drives best quarter of 2012 40
20
-
Q1'12 Q2'12 Q3'12
• Fourth quarter should be
2012 Total Cash Costs, net of by-product sales ($/ounce)(1)
even stronger
$600 $543
$472
• Company, once again, on $400
$443

track to achieve both
production and cost $200
Q1'12 Q2'12 Q3'12
guidance
2012 Average Realized Margin ($/ounce)(2)

$1,200 $1,117
$1,032 $1,014

$900

$600
Q1'12 Q2'12 Q3'12
2. Margin per ounce calculated as average realized gold price in 2012 third quarter less total cash cost per ounce during 2012 third quarter.


New Afton - Successfully commissioned
Reserves(1)
Highlights

• Located 10 kilometres from Kamloops, British Gold Copper
Columbia

• Dedicated labour force 1 Moz 1 Blbs
• Commercial and full production achieved ahead
of schedule Production and Costs
• ~One year of active underground operations
2012 Production(2) 2012 Cash Costs(3)
• Potential to double New Gold’s cash flow at Gold
today’s prices 35-45Koz ~($1,250)/oz by-product

Copper ~$640/oz co-product(4)
30-35Mlbs ~$1.40/lb

LOM Production LOM Cash Costs(3)
Gold
85Koz ($1,750)/oz by-product

Copper $525/oz co-product(4)
Extracting ore from underground 75Mlbs $1.15/lb
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.

New Afton – Looking to unlock additional value

Value Enhancement Opportunities

C-Zone exploration

Mill building
Mill optimization beyond 11,000 tpd

Regional exploration – 111km2 land package

Conveyor Ore stockpile


El Morro (30%) – A world class project

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

• On June 27, 2012 Ontario Superior Court of Justice
validated New Gold/Goldcorp partnership at El
Morro
Location Chile • Capital fully-funded by 70% partner Goldcorp
Mine type Open Pit • 1.2 Moz inferred gold resource at higher gold and
Reserves1 – Gold/Copper (Moz/Mlbs) 2.5/1,868 copper grades in deeper portion of La Fortuna
deposit
Resources1 – Gold/Copper (Moz/Mlbs) 3.0/2,193
• Current Resource entirely within La Fortuna deposit
Estimate mine life 17 years
• Neighbouring El Morro deposit underexplored
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 – A robust project

Blackwater Preliminary Economic Assessment
Indicated/Inferred Gold Resource(1)
7.5 Moz/ 2.7 Moz
Average Annual Gold Production(3)
507,000 ounces
Average Total Cash Costs(3)
$536 per ounce
• Consolidated significant land position – 1,000km2

• Year-round accessibility for drilling/development
Location Canada
• Central British Columbia near infrastructure
Proposed mine type Open Pit • Ability to fund continued exploration/development
M&I Resources1 – Gold/Silver (Moz) 7.5/36.9 internally
Inferred Resources1 – Gold/Silver (Moz) 2.7/28.3 – Development capital $1.8 billion including 24%,
or $346 million contingency
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.
3. Averages based on first 15 years of production. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.


Blackwater – Project overview

• 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 2.36 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


Preliminary Economic Assessment (“PEA”) in review (1)

Spot Case
Base Case
September 20, 2012

Gold Price (US$/oz) $1,275 $1,600 $1,775 $1,800

Silver Price (US$/oz) $22.50 $30.00 $34.50 $35.00

US$/CDN$ Foreign Exchange 0.94 0.97 1.00 1.00

5% NPV ($ billions) (2015)
Pre-tax NPV 1.7 3.3 4.2 4.3
After-tax NPV 1.1 2.2 2.8 2.9
IRR (%)
Pre-tax IRR 16.4 25.9 30.4 31.1
After-tax IRR 14.0 22.0 25.8 26.4
Payback period (years)
Pre-tax payback period 4.7 3.0 2.6 2.5
After-tax payback Period 4.8 3.1 2.7 2.6

Highlights
• Initial gold production targeted for 2017
• First five years – average annual gold production of 569,000 ounces at total cash costs(1) per ounce sold,
net of by product sales, of $467 per ounce

Blackwater expected to generate solid economic returns in current capital cost environment, even when
using a long-term gold price assumption of US$1,275 per ounce

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


Blackwater – Area map

~112km to
Vanderhoof

Capoose
Resource
Blackwater ~160km to
Project Prince George

50km

Current
resource grid

80km


Blackwater – Indicative timeline

• Remains unchanged from mid-2011 targeted 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

Project Description/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 permit approvals. There is no assurance this timeline will be achieved nor that the deposit will ever reach the production stage.


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
Gold production (thousand ounces)

600

~450 - 500
405 - 445
400 387

200

2011A 2012E 2013E 2017E


Net asset value per share appreciation
Net Asset Value(1) $15.00 High
Share price ~1.5x
6/1/09 Today NAVPS
Closing of Current
Richfield ~0.9x
$13.00 P/NAV
acquisition
Mesquite, Cerro San Pedro, Peak

$11.00 High
~ $875 $1,775 Completed $1.2bn ~1.5x

US$ NAV and Share price
business
combination with
Western Goldfields
New Afton $9.00

High
~ $120 $1,491 ~1.5x
$7.00 Low
~0.7x

El Morro(2)
High
$5.00 ~1.5x

~ $40 $707 356% increase in NAVPS

$3.00
Blackwater(3) 250% increase in share price

$-- $1,451 $1.00

25-Sep-11
1-Jun-09

20-Oct-09

7-May-11

3-Jul-12
17-Dec-10

21-Nov-12
10-Mar-10

29-Jul-10

13-Feb-12

23-Nov-12
Source: Broker Reports, Company Estimates and Announcements, Bloomberg.
Notes: 1. Street consensus NAV.
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.


Catalysts and key initiatives

2014

Blackwater Regional/Capoose
Resource Update
SECOND HALF 2013 New Afton C-Zone Resource
Update
Blackwater Regional/Capoose Evaluation of New Afton Mill
Exploration Updates Expansion
FIRST HALF 2013 El Morro
New Afton C-Zone Exploration
Exploration/Development
New Afton Regional
2012 Full Year Results
Exploration
El Morro Permitting
2013 Guidance
Resolutions

Reserve & Resource Update Blackwater Feasibility Study

Exploration Updates


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 30

3. New Afton 33

4. El Morro 38

5. Blackwater 41

6. Reserves and resource notes 60

7. Commodity price/foreign 65
exchange assumptions


Appendix 1
Summary of debt

Undrawn Credit Senior Notes Senior Notes Convertible El Morro
Facility (April 2012) (November 2012) Debentures Funding Loan

Face Value $150 million(1) $300 million $500 million C$55 million $56 million
Maturity 3 years with annual April 15, 2020 November 15, 2022 June 28, 2014 n/a
extensions permitted
Interest Rate See ‘Key features’ 7% 6.25% 5% 4.58%
Payable Revolving credit Semi-annually Semi-annually Semi-annually Upon start of
production
Conversion price n/a n/a n/a C$9.35 n/a
Current trading n/a ~106 ~100.6 ~$102 n/a
value
Key features Normal financial • Senior unsecured • Senior unsecured Redeemable after New Gold to
covenants • Redeemable after • Redeemable after January 1, 2012 repay Goldcorp
April 15, 2016 at November 15, 2017 with between 30 out of 80% of its
Interest Rate 103.5% down to at par plus half and 60 days notice 30% share of
• 3% over LIBOR 100% of face after coupon, declining provided shares cash flow once El
based on ratios 2018 ratably to par trading over Morro starts
• Standby fee of • Unlimited dividends • Unlimited dividends C$11.69 production
0.75% if leverage ratio if leverage ratio
below 2:1 below 2:1

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


Appendix 1
Trend of expanding margins continues

$1,800
$1,575 $1,560
$1,600 $1,460 $1,486
$1,032 $1,117
$1,400 $1,014 $1,014
Realized gold price
$1,194 (US$/oz)

$1,200
$987 $766 Margin
(US$/oz)
$1,000 $863
US$/oz

$522
Cash Cost(1)
$800 $297 (US$/oz)

$600
$566 $543
$400 $465 $446 $472 $443
$428

$200

$0
2008A 2009A 2010A 2011A Q1'12 Q2'12 Q3'12
Note: 1. Refer to Cautionary Statement and note on Total cash cost.


Appendix 1
2012 third quarter financial highlights

Earnings from Mine Operations Adjusted Net Earnings per Share
($ millions) ($ per share)

$100 $0.15
$77 $76 $78 $76 $0.11
$75 $0.10 $0.10
$0.10 $0.09

$50
$0.05
$25

- -
Q3'12 Q2'12 Q1'12 Q3'11 Q3'12 Q2'12 Q1'12 Q3'11

Cash Generated from Operations before Working Capital Net Cash Generated from Operations
($ millions) ($ millions)

$100 $91 $100
$80 $82 $80
$71
$75 $75
$47 $46
$50 $50 $37

$25 $25

- -
Q3'12 Q2'12 Q1'12 Q3'11 Q3'12 Q2'12 Q1'12 Q3'11


Appendix 1
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.


Appendix 1
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


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 – 2012 production start-up
• The combination of over six months of active underground mining and the existence of the ore stockpile led
to an efficient mill start-up
• Mill started on June 28, 2012
• Commercial production achieved on July 31, 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

Notes: 1. Based on Goldcorp’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
Drilling 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

July 2012
May 14, 2012 449 149,739
Resource update


Appendix 5
PEA resource summary
• The deposit contains an Indicated mineral resource of 267 Mt at 0.88 g/t Au and 4.3 g/t Ag and an Inferred
mineral resource of 121 Mt at 0.69 g/t Au and 7.3 g/t Ag at a base case lower cut-off of 0.30 gram per tonne
gold equivalent
• Mineral estimate is CIM 2010 compliant and prepared under Canadian National Instrument 43-101
– Based upon geologic block model that incorporated over 147,282 individual assays from 168,709
metres of diamond drill core in 449 drill holes
– Average drill hole spacing of approximately 50 metres is sufficient to support mineral resource
estimation up to the Indicated category
• Mineral resource includes drill data received through May 14, 2012
Blackwater Project PEA Mineral Resource Estimate
Indicated Mineral Resource Inferred Mineral Resource
AuEq AuEq
Cut-off Tonnes Au Ag Au Ag Cut-off Tonnes Au Ag Au Ag
(g/t) (Mt) (g/t) (g/t) (Moz) (Moz) (g/t) (Mt) (g/t) (g/t) (Moz) (Moz)

0.25 280.4 0.85 4.2 7.64 37.9 0.25 128.6 0.66 7.0 2.72 28.9

0.30 267.1 0.88 4.3 7.52 36.9 0.30 120.5 0.69 7.3 2.66 28.3
0.40 230.6 0.96 4.6 7.14 34.1 0.40 98.9 0.77 7.8 2.45 24.8
Notes:
1. Mineral Resource Estimate has an effective date of July 27, 2012 and was prepared by Ronald G. Simpson, P Geo.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Mineral Resources are amenable to open pit mining methods as defined by a Lerchs-Grossmann optimized pit simulation.
4. The Lerchs-Grossmann optimized pit is based on assumptions that include US$/CDN$ parity foreign exchange rate, 83.6% Au recovery, 44.9% Ag recovery,
$1.52/tonne mining cost, $1.90/tonne waste mining cost, $10.52/tonne process and G&A cost. No allowances have been made for mining losses and dilution. The
average pit slope angle is assumed to be 40°.
5. The base case gold equivalent (AuEq) cut-off (bolded) is greater than the conceptual marginal cut-off of 0.23 g/t.
6. AuEq = $24/oz Ag x 44.9% / $1,300/oz x 83.6%.
7. Gold analyses are performed by fire assay/AA finish methods and silver analyses are performed by Induction Coupled Plasmaspectrometry (ICP). Silver ICP
analyses are not known with the same precision and do not have the same quality control support as gold fire assay analyses.
8. Rounding as required by reporting guidelines has been used, and totals may not sum.


Appendix 5
Blackwater PEA costs - Capital

Project Development Capital Costs • Project is located 112 kilometres southwest
Description Cost ($ million) from Vanderhoof and has access to low cost
hydroelectric power
Direct Costs

Mining & Pre-production Development $208 • Development capital estimate of $1.8 billion is
inclusive of a 24% or $346 million
On Site Infrastructure $181
contingency
Process $539
• Development capital estimated based on the
Tailing and Water Reclaim $74
current cost environment
Infrastructure (Power, Water, Road) $85

Total Direct Costs $1,087
– A parity foreign exchange rate was
assumed and the capital estimate was
Owner's and Indirect Costs
held constant in the economic analysis
Owner's Costs $54
• Sustaining capital of $537 million, reclamation
EPCM $112
and closure costs of $95 million and $72 million
Other Indirects $215 in equipment salvage value
Total Owner's and Indirect Costs $381

Subtotal $1,468 Total development and sustaining
Contingency (24%) $346 capital estimated at $294 per
Total Project $1,814 recoverable gold ounce


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