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ANNUAL GENERAL MEETING

April 25, 2018

Cautionary statements

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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.

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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…

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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

Strong North American presence

Footprint in Canada continues to grow

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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 MINECANADA

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 LEACH1. Based on 2013 Feasibility Study.

2. Five years of current B-zone plus five years of C-zone.

Track record of operational delivery

Delivered on 2017 guidance

2017 Operational Highlights

61. 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

431Koz

Copper Production

104Mlbs

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 FlowPer Share

$0.61$/sh

$342$mm

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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)

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

525-595Koz

Copper Production

75-85Mlbs

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

Decreasing sustaining capital profile

Over coming years

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$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

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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

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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

Blackwater value creation opportunity

Multiple options exist to unlock value

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• 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

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Production

96,882 oz Gold

22.2 mlbsCopper

Costs

$774 per ozGold operating expense(1)

$1,219 per ozAll-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 millionCash balance at Mar 31, 2018

Proceeds from sale of Peak Mines received subsequent to

quarter-end

Financial

$50 millionOperating cash flows generated

from continuing operations

$0.09Cash flow per share

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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

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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