New Gold : Q3 2023 Earnings Call and Webcast

Cautionary note regarding forward-looking statements

Certain information contained in this presentation, including any information relating to New Gold's future financial or operating performance are "forward-looking". All statements in this presentation, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward- looking statements in this presentation include, among others, statements with respect to: the Company's expectations and guidance regarding production, costs, expenses, capital investments and exploration estimates on a consolidated and mine-by-mine basis and the timing and factors contributing to those expected results; expectations about achieving the top end of consolidated production guidance for gold, copper and gold equivalent production and the lower end of the guidance range for consolidated all-in sustaining costs; successfully continuing to generate free cash flow and increase the amount thereof in coming years; successfully achieving commercial production from the C-Zone in the second half of 2024; the potential to successfully extend the New Afton mine life beyond 2030; expectations regarding future production growth and declining costs at New Afton in the near term; the projected ongoing evaluation and utilization of short-term hedge options; the ability to successfully maintain strong mill performance at Rainy River; expectations about Rainy River achieving towards the top end of gold equivalent production range, the low end of the guidance range for sustaining capital, above the top end of the guidance range for operating expenses per gold eq. ounce, the midpoint for the guidance range for all-in sustaining costs and within the guidance range for growth capital; expectations about the B3 steady state mining rates continuing to operate comfortably and declining costs expected in the near term as a result thereof; projected successful commissioning of the underground crusher and conveyor in the second half of 2024 and anticipated elimination of trucking costs; expectations about New Afton achieving the top end of the production guidance ranges for copper, gold and gold equivalent production, the lower end of guidance ranges for operating expenses per gold eq. ounce and all-in sustaining costs and within the guidance ranges for sustaining and growth capital; achievement of higher throughput rates and the anticipated decrease in unit costs per tonne as a result thereof; expectations regarding minimal capital expenditure being required following completion of the C-Zone project in 2025; the Company's ability to successfully take advantage of projected strategic upsides beyond 2030; successful execution of New Afton's proposed underground and regional exploration strategy and on the anticipated timeline; the achievement of the Company's proposed strategic pipeline for mine life extension and the factors and opportunities contributing thereto; the successful undertaking of expansion opportunities of the C-Zone; planned focus areas and initiatives regarding New Afton's underground exploration program; successfully reducing open pit waste stripping at Rainy River as planned after 2024, and the increased production and grades, declining spend and unit operating costs and significant free cash flow expected to result therefrom; the Company's ability to continue to deliver stable production quarter-over-quarter at Rainy River and expectations about being well positioned to deliver

fourth quarter mill feed; successfully completing the development of the connection ramp from the Intrepid to UG Main Zone and successfully starting raiseboring the fresh air raise in Q1 2024 and achieving first ore in Q4 2024; successfully continuing production at Intrepid below level 300 and the increase in higher grade ore expected therefrom; the potential for discovery of porphyry copper-gold deposits in South-Central British Columbia; expectations about being well positioned and successfully meeting all 2023 production and cost guidance metrics; successfully achieving the expected efficiencies and further optimization of the open pit at Rainy River for its remaining mine life; successfully delivering on expectations; the successful execution of growth projects and the production growth, declining costs and cash generation profile expected to result therefrom as well as associated timing; expectations about growth projects remaining on time and on budget; and planned key priorities and focus areas for the Company and the Company's successful execution thereof.

All forward-looking statements in this presentation are based on the opinions and estimates of management that, while considered reasonable as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this presentation, New Gold's latest annual MD&A, its most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed on SEDAR 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 presentation are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations other than as set out herein; (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 and the grade of gold, silver and copper expected to be mined and the grade of gold, copper and silver expected to be mined; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, and commodity prices being approximately consistent with current levels and expectations for the purposes of 2023 guidance and otherwise; (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 Indigenous groups in respect of the New Afton Mine and Rainy River Mine 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 or obstacles during any applicable regulatory processes; (9) the results of the life of mine plans for the Rainy River Mine and the New Afton Mine being realized; and (10) there being no material disruption to the Company's supply chains and workforce at either the New Afton Mine or Rainy River Mine due to cases of COVID-19 or otherwise that would interfere with the Company's anticipated course of action at its operations.

Cautionary note regarding forward-looking statements

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: price volatility in the spot and forward markets for metals and other commodities; discrepancies between actual and estimated production, between actual and estimated costs, between actual and estimated Mineral Reserves and Mineral Resources and between actual and estimated metallurgical recoveries; equipment malfunction, failure or unavailability; accidents; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; changes in project parameters as plans continue to be refined; changing costs, timelines and development schedules as it relates to construction; the Company not being able to complete its construction projects at the Rainy River Mine or the New Afton Mine on the anticipated timeline or at all; volatility in the market price of the Company's securities; changes in national and local government legislation in the countries in which New Gold does or may in the future carry on business; compliance with public company disclosure obligations; controls, regulations and political or economic developments in the countries in which New Gold does or may in the future carry on business; the Company's dependence on the Rainy River Mine and New Afton Mine; the Company not being able to complete its exploration drilling programs on the anticipated timeline or at all; inadequate water management and stewardship; disruptions to the Company's workforce at either the Rainy River Mine or the New Afton Mine, or both, due to cases of COVID-19 or otherwise; the responses of the relevant governments to any disease, epidemic or pandemic outbreak, including the COVID-19 outbreak, not being sufficient to contain the impact of such outbreak; disruptions to the Company's supply chain and workforce due to any disease, epidemic or pandemic outbreak, including the COVID-19 outbreak; an economic recession or downturn as a result of any disease, epidemic or pandemic outbreak, including the COVID-19 outbreak, that materially adversely affects the Company's operations or liquidity position; there being further shutdowns at the Rainy River Mine or New Afton Mine; significant capital requirements and the availability and management of capital resources; additional funding requirements; diminishing quantities or grades of Mineral Reserves and Mineral Resources; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the Technical Reports for the Rainy River Mine and New Afton Mine; impairment; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Indigenous groups; climate change, environmental risks and hazards and the Company's response thereto; tailings dam and structure failures; ability to obtain and maintain sufficient insurance; actual results of

current exploration or reclamation activities; 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; global economic and financial conditions and any global or local natural events that may impede the economy or New Gold's ability to carry on business in the normal course; inflation; compliance with debt obligations and maintaining sufficient liquidity; taxation; fluctuation in treatment and refining charges; transportation and processing of unrefined products; rising costs or availability of labour, supplies, fuel and equipment; adequate infrastructure; relationships with communities, governments and other stakeholders; geotechnical instability and conditions; labour disputes; the uncertainties inherent in current and future legal challenges to which New Gold is or may become a party; defective title to mineral claims or property or contests over claims to mineral properties; competition; loss of, or inability to attract, key employees; use of derivative products and hedging transactions; reliance on third-party contractors; counterparty risk and the performance of third party service providers; investment risks and uncertainty relating to the value of equity investments in public companies held by the Company from time to time; the adequacy of internal and disclosure controls; conflicts of interest; the lack of certainty with respect to foreign operations and 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 successful acquisitions and integration of business arrangements and realizing the intended benefits therefrom; and information systems security threats. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors" included in New Gold's most recent annual information form, MD&A and other disclosure documents filed on and available on SEDAR+ at www.sedarplus.ca 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 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.

Rainy River New Afton

1. Refer to the "Non-GAAP Financial Performance Measures" section of this presentation.
2. These are supplementary financial measures which are calculated as follows: "Operating expenses per gold eq. ounce sold" is total operating expenses divided by total gold equivalent ounces sold.
3. Cash and cash equivalents as of September 30, 2023.
4. Total Recordable Incident Frequency Rate

opportunities at New Afton

$1,727

111,204

91,021

$1,637

$1,477

1. Total gold eq. ounces include silver and copper produced/sold converted to a gold equivalent. All copper is produced/sold by the New Afton Mine. Gold eq. ounces for Rainy River in Q3 2023 includes production of 111,694 ounces of silver (108,530 ounces sold) converted to a gold eq. based on a ratio of $1,750 per gold ounce and $22.00 per silver ounce used for
   2023 guidance estimates. Gold eq. ounces for New Afton in Q3 2023 includes 13.2 million pounds of copper produced (13.0 million pounds sold) and 33,758 ounces of silver produced (31,061 ounces of silver sold) converted to a gold eq. based on a ratio of $1,750 per gold ounce, $3.50 per copper pound and $22.00 per silver ounce used for 2023 guidance estimates.
2. Production is shown on a total contained basis while sales are shown on a net payable basis, including final product inventory and smelter payable adjustments, where applicable.
3. Refer to the "Non-GAAP Financial Performance Measures" section of this presentation.
4. These are supplementary financial measures which are calculated as follows: "Operating expenses per gold eq. ounce sold" is total operating expenses divided by total gold equivalent ounces sold.

Q3 '23 Revenue by Metal

Copper, 23%

Silver, 2%

Gold, 75%

$179M

Cash and cash

equivalents1

$553M

$374M

+

Ongoing Sustaining Free Cash Flow

Callable

at 103.75%3

Hedging Strategy