2014 First Quarter

Results WebcastMay 1, 2014

Speaker

2

Randall Oliphant

Executive Chairman

Cautionary statements

3

All monetary amounts in U.S. dollars unless otherwise stated

Total cash costs shown net of by-product sales unless otherwise stated

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain 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 or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that arenot 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 “willbe 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: guidance forproduction, total cash costs, all-in sustaining costs and capital expenditures; mine life at various mines and projects; the expected throughput and recovery rates at New Afton; planned modificationsto the New Afton mine and mill and related timing, costs, return and payback period; expected future mining activities; exploration potential; the estimation of Mineral Reserves and Resources andthe realization of such estimates; the results of the Rainy River and Blackwater Feasibility Studies, including expected production and costs; the timing of permitting activities and environmentalassessment processes; expected timing of project development and construction activities and; the potential annual production and cash costs, and the potential for a block cave, at the El Morroproject.

All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors anduncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding our forward-looking statements are discussed in this presentation, NewGold’s MD&As, its Annual Information Form and its Technical Reports filed at www.sedar.com. 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 signification disruptions affecting New Gold’s operations; (2) political and legal developmentsin 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 resourceestimates; (4) the exchange rate between the Canadian dollar, Australian dollar, Mexican Peso and U.S. dollar 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) labour and material costs increasing on a basis consistent with New Gold’s current expectations; (7)permitting and arrangements with First Nations and other Aboriginal groups in respect of Rainy River and Blackwater being consistent with New Gold’s current expectations; (8) all environmentalapprovals (including the environmental assessment process for the Blackwater and Rainy River projects), required permits, licenses and authorizations being obtained from the relevantgovernments and other relevant stakeholders within the expected timelines; and (9) the results of the feasibility studies for the Rainy River and Blackwater projects 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 actualresults, 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; price volatility in the spot and forward markets for commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies ofCanada, the United States, Australia, Mexico and Chile; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual andestimated 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 currentlyor 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 speculativenature 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 thepermitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits for the Blackwater and Rainy River projects; inMexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization (EIS); and in Chile, where the courts have temporarily suspended the approvalof the environmental permit for El Morro; 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 thatare 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 reserves andresources; competition; loss of key employees; additional funding requirements; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities;uncertainties inherent to mining economic studies including the feasibility studies for Rainy River and Blackwater; changes in project parameters as plans continue to be refined; accidents; labourdisputes; 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 First Nations andother Aboriginal groups; uncertainties with respect to obtaining all necessary surface and other land use rights or tenure for Rainy River; risks, uncertainties and unanticipated delays associated withobtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the environmental assessment processes forBlackwater and Rainy River. 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 theserisks) 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-lookingstatements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

The footnotes and endnotes to this presentation contain important information. The endnotes are found at the end of the presentation.

2014 first quarter highlights

4

91,317oz $674per oz

All-in sustaining costs(1)

Successfully completed

Rainy River Feasibility

Study and advanced

project

+$24million

Increase cash balance during quarter

Gold production Costs

$254per oz

Total cash costs(2)

New Afton

Financial Rainy River Cash and Equivalents

New Afton achieved record

quarterly gold and copper

production

$81million

Net cash generated

from operations

$438million

Cash balance at March 31, 2014

1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.

27,364oz - Gold

22mlbs - Copper

+39%versus Q1’13

Mine-by-mine operating results

5

New Afton 27 ($1,283) ($664)

Mesquite 28 $893 $1,069

Peak Mines 20 $757 $1,102

Cerro San Pedro 19 $947 $1,080

94 $254 $674

2014 FIRST QUARTER

Gold sales

(000s ounces)

Cash costs(1)

($/oz)

All-in Sustaining

costs(2) ($/oz)

New Afton co-product costs(1)

Gold ($/oz) $413 $630

Copper ($/lb) $0.93 $1.41

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”.

Co-product

cash costs(1)

Co-product all-in

sustaining costs(2)

NEW AFTON

2014 FIRST QUARTER

Consolidated financial summary

6

2013 FIRST QUARTER2014 FIRST QUARTER

Revenues ($ million) $191 $202

Operating margin(1) ($ million) $92 $96

Adjusted net earnings(2) ($ million) $18 $21

Adjusted net earnings per share(2) ($/share) $0.04 $0.04

Net earnings ($ million) ($2) $36

Net earnings per share ($/share) ($0.00) $0.08

Net cash generated from operations ($ million) $81 $59

1. Refer to Endnote on operating margin under the heading “Non-GAAP Measures”.

2. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.

7

Projects update

• Average daily throughput in first quarter ~12,900 tonnes

• Ordered vertimill and other equipment

• Engaged AMEC as EPCM partner

• Project remains on-time for mid-2015 commissioning and on-budget ($45 million)

• Successfully completed Feasibility Study

• Submitted final Environmental Assessment report for review/comment

• Began ordering long lead time equipment

• Engaged AMEC as EPCM partner

• Drilled 41 exploration holes targeting extensions of Intrepid Zone and west of

open pit

• Neared completion of Environmental Assessment report (to be filed in second

quarter)

• Initiated engineering studies for planned transmission line route and tailings

storage facility

• Established priority targets for 2014 exploration program (to commence in May)

New Afton Expansion

Rainy River

Blackwater

8

Rainy River – Progress milestones

2014 2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Complete Feasibility Study

Submit Environmental Assessment Report

Order Long Lead Equipment

Award EPCM Contract

Detailed Engineering & Procurement

Provincial Environmental Assessment Approval

Federal Environmental Assessment Approval

Construction/Other Permits

Arrival of Mobile Equipment

Begin Construction - Water Management Facility

Pour First Concrete for Mill Building

Commence Pre-Strip

Arrival of Mill Equipment

Complete Enclosure of Mill Building

Targeted milestones

1. Near-term milestones based on company plans which are consistent with timelines presented in the Rainy River Technical Report, entitled “Feasibility Study of the Rainy River Project, Ontario, Canada” dated February 14, 2014 and available on SEDAR.

Targeting commissioning in late 2016 with first year of full production in 2017

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Organic pipeline

• Mesquite return to run rate (2015+)

• New Afton expansion (mid-2015)

• Rainy River development (2015/2016)

• CSP to residual leaching (2016)

Existing low cost production base to be further enhanced by our

lower cost development projects(1)

• Sequence Blackwater development

• El Morro advanced

2014(2) 2017(3) Future Potential(4)

GO

LD

PR

OD

UC

TIO

N

1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. Rainy River and Blackwater life-of-mine all-in sustaining costs are estimated to be $736/oz and $685/oz, respectively, based on their respective Feasibility Studies.

2. Based on mid-point of 2014 guidance.

3. Based on expected annual production from current operations according to their respective mine plans, including positive production impact of New Afton’s mill expansion targeted for mid-2015, Mesquite mine plan moving into grades more in line with

reserve grade, which is partially offset by Cerro San Pedro ceasing active mining and moving into residual leaching, and includes the first year of full production from Rainy River. Assumes on-time completion of Rainy River.

4. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in the Feasibility Studies for these projects, and production contribution from New Afton,

Mesquite and the Peak Mines according to their respective mine plans. Assumes the timely development of Blackwater and El Morro.

10

Cash flow growth and value

$79

$182$230 $236 $249

$287

~$400 ~$400

~$600

$0

$100

$200

$300

$400

$500

$600

$700

2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E

1. For 2013, figure shown is Adjusted net cash generated from operations. Net cash generated from operations in the 2013 period included certain non-recurring cash flows. Net cash generated from operations in 2013 was $172 million.

2. 2014E based on Bloomberg consensus CFPS of $0.57 multiplied by 504 million basic shares outstanding.

3. 2015 to 2017 estimates based on the following price and exchange rate assumptions (which were also used for 2014 guidance): Gold - $1,300/oz, Silver - $22.00/oz, Copper - $3.25/lb, USD/CDN - $0.90, USD/AUD - $0.88. 2015 estimated cash flow

assumes: successful mill expansion to 14,000 tonnes per day at New Afton in mid-2015, Mesquite moving into mining of higher grade areas of the open pit in 2015 in accordance with the current mine plan, Peak’s copper production increasing from 2014

levels in accordance with the current mine plan, and Cerro San Pedro mining higher grade material in its final year of active mining in accordance with the current mine plan. 2016 estimated cash flow assumes: New Afton processing for a full year at

14,000 tonnes per day, Mesquite remaining in higher grade areas in accordance with the current mine plan, Peak further increasing its copper production in accordance with the current mine plan, and Cerro San Pedro moving into its first year of residual

leaching in accordance with the current mine plan. 2017 estimated cash flow assumes: Rainy River commercial production is achieved on schedule and Rainy River has its first full year of production in 2017 with a production level consistent with the

project’s feasibility study, New Afton processing 14,000 tonnes per day, Mesquite remaining in higher grade areas in accordance with the current mine plan, Peak further increasing its copper production in accordance with the current mine plan, and

Cerro San Pedro continuing its residual leaching in accordance with the current mine plan. Assumes no non-recurring cash flows in 2014, 2015, 2016 and 2017.

4. Based on the average of the estimates by research analysts for the net asset values of the Blackwater and El Morro assets.

(2)

NET CASH FROM OPERATIONS ($ MILLIONS)

Enterprise Value $3.0 billion

Consensus Blackwater and El Morro Value(4) $0.7 billion

Enterprise Value (excluding Blackwater and El Morro) $2.3 billion

Trading at ~3.8x 2017E cash flow at 2014 guidance prices

(3)(3) (3)(1)

Catalysts

11

2014 costs declining versus 2013

New Afton production and cash flow continues to increase

New Afton C-zone exploration

Rainy River regional exploration

Blackwater regional exploration

Rainy River and Blackwater permitting

New Afton mill expansion

Cash flow growth

New Gold investment thesis

12

A history of value creation

Peer-leading growth pipeline

Amonglowest-cost

producers with established track

record

Invested and experienced

teamPortfolio of assets

in top-ratedjurisdictions

Establishing the leading

intermediate gold company

Endnotes

13

TECHNICAL INFORMATION

The scientific and technical information in this presentation has been reviewed and approved by Mark A. Petersen, Vice President, Exploration of New Gold. Mr. Petersen is an AIPG Certified Professional

Geologist and a “Qualified Person” under National Instrument 43-101.

NON-GAAP MEASURES

(1) ALL-IN SUSTAINING COSTS

Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold defines “all-in

sustaining costs” per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is

sustaining in nature and environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. New Gold believes this non-GAAP financial measure provides further

transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the company in assessing the company’s operating performance, its ability to generate

free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a

standardized meaning under GAAP and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of

performance prepared in accordance with GAAP and is not necessarily indicative of cash flow from operations under GAAP or operating costs presented under GAAP. Further details regarding all-in

sustaining costs and a reconciliation to the nearest GAAP measures are provided in our MD&A accompanying our financial statements filed from time to time on www.sedar.com.

(2) TOTAL CASH COSTS

“Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold

products that ceased operations in 2002. 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. The company believes that certain investors use this information to evaluate the company’s ability to generate liquidity through operating cash flow and that this

measure, along with sales, is considered to be a key indicator of the company’s ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating

costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration

costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as

a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds

of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated, all total cash cost information in this presentation is net of by-product sales. These measures,

along with sales, are 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-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a standardized meaning under GAAP and may not be comparable to similar measures presented by

other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of cash flow from

operations under GAAP or operating costs presented under GAAP. Further details regarding total cash costs and a reconciliation to the nearest GAAP measures are provided in our MD&A accompanying

our financial statements filed from time to time on www.sedar.com.

(3) ADJUSTED NET EARNINGS

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial measures. Net earnings have been adjusted and tax affected for the group of costs in “Other gains and losses” on the

condensed consolidated income statement. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings from continuing

operations. The company uses this measure for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect fair value changes on senior notes and non-

hedged derivatives, foreign currency translation and fair value through profit or loss and financial asset gains/losses. Consequently, the presentation of adjusted net earnings and adjusted net earnings per

share enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the

components of adjusted net earnings and adjusted net earnings per share based on an internal assessment of performance measures that are useful for evaluating the operating performance of our

business and a review of the non-GAAP measures used by mining industry analysts and other mining companies. Adjusted net earnings and adjusted net earnings per share are intended to provide

additional information only and do not have any standardized definition under IFRS and may not be comparable to similar measures presented by other companies. They should not be considered in isolation

or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS.

Further details regarding adjusted net earnings and a reconciliation for first quarter figures are provided in our MD&A accompanying our financial statements filed from time to time on www.sedar.com.

(4) OPERATING MARGIN

“Operating margin” is a non-GAAP financial measure with no standard meaning under GAAP, which management uses to further evaluate the company’s results of operations in each reporting period.

Operating margin is calculated as revenue less operating expenses and therefore does not include depreciation and depletion. Operating margin is intended to provide additional information only and does

not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate

this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies. Further details regarding operating margin and a reconciliation for first quarter

figures are provided in our MD&A accompanying our financial statements filed from time to time on www.sedar.com.

Contact information

14

Investor Relations

Hannes Portmann

Vice President, Corporate Development

416-324-6014

hannes.portmann@newgold.com