New Gold : Q1 2024 Earnings Call and Webcast

Q1 2024 Earnings Call and Webcast

May 1, 2024

Cautionary Notes

All 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 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 with respect to production, costs, capital investment and expenses on a mine-by-mine and consolidated basis, associated timing and accomplishing the factors contributing to those expectations; successfully completing the Company's growth projects and achieving significant increase in production in the second half of 2024 and in the coming years as a result thereof; successfully achieving guidance targets and delivering on plans, including delivering on production and cost guidance; expectations regarding strengthened production in the second half of 2024 and the anticipated percentage allocation of production from Rainy River; successfully accomplishing commercial production from the C-Zone and commissioning of the underground gyrator crusher and conveyor system in the second half of 2024, with a ramp-up in mining rates throughout 2024; successfully accessing and releasing additional higher grade ore from the pit in the second half of 2024 at Rainy River; successfully achieving first ore from the underground Main Zone by the end of 2024; the potential to successfully extend the New Afton mine life beyond 2030 and the Rainy River mine life beyond 2031 with minimal capital investment; successfully completing the exploration drift at New Afton in the second quarter, with drilling planned to commence in May, and the accelerated exploration efforts expected as a result thereof; successfully reducing operating costs and capital expenditures and the consistent free cash flow anticipated to be generated as a result thereof commencing in the second half of 2024; successfully achieving the Company's 2024 operational estimates and key performance indicators at New Afton and Rainy River; allocating additional funds to exploration expenses at Rainy River as planned; the Company's ability to successfully capitalize on higher metal prices; successfully significantly reducing the strip ratio in the second half of 2024 at Rainy River; successfully decreasing all-in sustaining costs during the second half of 2024; successfully increasing development rates at Rainy River throughout the year; the accuracy of expectations regarding processing rates at Rainy River and New Afton in 2024 and moving forward; successfully completing the tailings management area raise in Q3; successfully ramping up and achieving a steady-state underground production rate of approximately 5,500 tonnes per day by 2027 at Rainy River; successfully ramping up lateral development metres throughout the year at Rainy River; successfully commencing the fresh air raise in the second quarter of 2024 at Rainy River and allowing for construction of the in-pit portal to commence in advance in the third quarter of 2024; planned activities for 2024 and future years at the Rainy River and New Afton Mines, including planned development and exploration activities, and the projected accuracy of timing and related expenses; successfully reducing capital significantly in 2025 at New Afton; successfully achieving high-capacity,low-cost,low-emission materials handling post fourth quarter 2024 for the remaining C-Zonelife-of-mine; successfully eliminating hauling requirement and associated costs in the second half of the year at New Afton; successfully

achieving C-Zone hydraulic radius in the second half of 2024; successfully delivering on the Company's strategic goals; and expectations regarding providing an update on the Ontario Teachers' buyback at New Afton in Q2 2024.

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 presentation 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 management's discussion and analysis ("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.sedarplus.ca 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, including material disruptions to the Company's supply chain, workforce or otherwise; (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, 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 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 material 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; and (9) the results of the life of mine plans for the New Afton Mine and Rainy River Mine described herein being realized.

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, the "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.caand 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.

2

Introduction

Patrick Godin, President and CEO

3

Q1/24 Highlights

Operational Achievements

SAFE, RESPONSIBLE MINING

Continued implementation of Courage to Care, reflected in the positive safety statistics, with combined TRIFR1 of 0.92 in first quarter

OPERATIONAL PERFORMANCE TRACKING TO PLAN

Planned sequencing on waste stripping at Rainy River in H1 to unlock increased production and free cash flow generation in H2; New Afton's B3 cave performing as planned

GROWTH PROJECT EXECUTION ON-TRACK

Key milestones for the New Afton C-Zone and Rainy River Underground

Main projects on track for completion in H2

RAMP UP OF EXPLORATION INITIATIVES

Identified two new underground targets at Rainy River, exploration drift at New Afton scheduled for completion in second quarter with drilling expected to commence at K-Zone and AI-Southeast targets in May

1. Total Recordable Injury Frequency Rate (TRIFR) calculated as recorded incidents × 200,000 / total number of hours worked

4

Q1/24 Review

Keith Murphy, CFO

5

Operating Results

Annual Guidance Tracking to Plan

NEW AFTON

• 12% increase in gold production, 29% increase in copper production compared to Q1/23
• All-insustaining cost1 reduction of 72% year compared to Q1/23 due to higher copper sales as a result of increased throughput
• B3 cave continues to perform according to plan, and C-Zone ore production is ramping up
• Commercial production from C-Zone and crusher commissioning remains on-track for the second half of the year

RAINY RIVER

• Lower production quarter and higher all-in sustaining cost compared to Q1/23 as planned, due to focus on waste stripping and processing lower grade ore
• Benefited from a one-time inventory write-up gain, positively impacting costs by approximately $150 per gold ounce sold in quarter
• Transition from Phase 3 to Phase 4 pushback is complete, sequencing of waste stripping to continue in to Q2/24
• Waste stripping activities of the upper benches of Phase 4 advanced according to plan in the first quarter

Consolidated	Q1 2024	Q1 2023
Gold production (oz)	70,898	82,477
Copper production (Mlbs)	13.3	10.3
Operating expenses per gold ounce sold ($/ounce,	1,106	1,000
co-product)
All-in sustaining costs per gold ounce sold (by-	1,396	1,357
product basis) ($/ounce)1
Rainy River	Q1 2024	Q1 2023
Gold production (oz)	52,719	66,201
Operating expenses per gold ounce sold ($/ounce)	1,223	1,035
All-in sustaining costs per gold ounce sold (by-	1,638	1,375
product basis) ($/ounce) 1
New Afton	Q1 2024	Q1 2023
Gold production (oz)	18,179	16,276
Copper production (Mlbs)	13.3	10.3
Operating expenses per gold ounce sold ($/ounce)	740	839
All-in sustaining costs per gold ounce sold (by-	241	872
product basis) ($/ounce) 1

1. Refer to the "Non-GAAP Financial Performance Measures" section of this presentation.

6

Financial Highlights

$157M

Cash and Cash

equivalents2

$530M

$373	Liquidity Position

Undrawn credit

facility3

Projected Sustaining

Free Cash Flow

	Q1 2024	Q1 2023
Revenue ($M)	192.2	201.6
Operating expenses ($M)	106.8	117.2
Net loss ($M)	(43.5)	(31.8)
Net loss per share ($)	(0.06)	(0.05)
Adj. net earnings ($M)1	13.1	18.4
Adj. net earnings, per share ($)1	0.02	0.03
Cash generated from operations ($M)	54.7	60.6
Cash generated from operations, per share ($)	0.08	0.09
Cash generated from operations, before changes in non-	72.5	75.7
cash operating working capital ($M)1
Cash generated from operations, before changes in non-	0.11	0.11
cash operating working capital, per share ($)1

	Q1 2024	Q1 2023
Sustaining capital ($M)1	25.9	26.3
Growth capital ($M)1	35.1	36.8
Total capital ($M)	61.1	63.1

1. Refer to the "Non-GAAP Financial Performance Measures" section of this presentation.

2. Based on cash and equivalents as at March 31, 2024.

3. $27 million of $400 million facility is currently used for Letters of Credit related to mine closure costs as of March 31, 2024.

7

Operations Review

Yohann Bouchard, COO

8

Rainy River 2024 Outlook

First Quarter as Planned; Strong Results Expected in Second Half

Operational Estimates	Q1/24	2024
Actual	Outlook

2024 Outlook by Half

Total ex-pit tonnes (Mt)	8.4	33.1
Strip ratio	4.56	3.92
Underground ore (kt)	80	354
Lateral development (m)	950	8,262
Tonnes processed (kt)	2,277	9,045
Gold feed grade (g/t)	0.83	1.01
Gold recovery (%)	91	90
Gold production (koz)	52.7	250 - 280
Sustaining capital ($M)1	22.2	100 - 110

OP Waste Mined

Lateral Development

Tonnes Processed

Gold Production

Operating Costs

Sustaining Capital

Growth Capital

57%43%

33%67%

50%50%

40%60%

50%50%

60%40%

33%67%

Strip ratio to significantly reduce in H2 as the pit transitions from Phase 3 to Phase 4

Underground development ramping up each quarter

Stable 24,700 tpd throughput

Stockpile reclaim in H1. Increased underground feed in H2

Relatively flat each quarter

Reduced waste stripping in H2. Completion of TMA raise in Q3

Aligned with the increase in underground development

Growth capital ($M)1

7.4

45 - 55

H1 H2

1. Refer to the "Non-GAAP Financial Performance Measures" section of this presentation.

9

Rainy River

Underground Main Zone Project Update

• Underground Main Zone remains on-track for first ore in the fourth quarter of 2024
• Priority for 2024 is to establish the primary ventilation circuit and access multiple mining zones, facilitating a ramp-up in underground production to approximately 5,500 tonnes per day by 2027
• During the quarter, Rainy River achieved record quarterly development advance rate of 950 metres
• With the opening of additional headings and delivery of additional underground mining equipment, development rates are expected to increase throughout the year
• Additionally, raiseboring of a 5 metre diameter, 420 metre long fresh air raise, is on track to commence in the second quarter

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