New Gold : TD SECURITIES MINING CONFERENCE JANUARY 22, 2020

TD SECURITIES MINING CONFERENCE

JANUARY 22, 2020

CautionaryStatements

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 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, among others, statements with respect to: the timing of the Company's updated life of mine plans for the Rainy River and New Afton Mines, updated mineral resources and reserves, mine life, plans for cost optimization, the Company continuing to advance C-zone development and plans for strategic drilling programs at both mines.

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 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;

1. 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, New Afton and Blackwater 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) metals and other commodity prices and exchange rates being consistent with those estimated for the purposes of 2019 guidance.

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; 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; 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 a mine with relatively limited history of commercial production, 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.

2

BuildingaCanadian Focused Multi-Asset Company

Rainy River Mine: Ontario, Canada

Blackwater Gold Project

+8 Million gold oz in Reserves

Rainy River Gold Mine

Open pit & underground

Located near Ft. Frances, Ont. 2019 production: 257 gold eq. oz

• Optimizing operations
• • Improved overall operational and cost performance
  • Improved mill availability, throughput and recoveries
• Substantially all construction completed in 2019
• Results of the updated Life of Mine: February 13th, 2020
• 2020 Objective: Operational and cost optimization
• Evaluating exploration potential on broader land package

New Afton Gold/Copper Mine

Underground block cave

Located near Kamloops, BC

2019 production:

68koz gold and 79Mlb copper

Cerro San Pedro Gold/Silver Mine

Reclamation underway

New Afton Mine: B.C., Canada

• Low cost producer that drives free cash flow
• C-zonedevelopment underway; internally funded
  •Extends mine life
• Results of the updated Life of Mine: February 13th, 2020
• Exploration potential at depth and broader land package

Capital Structure

• Strengthened balance sheet with C$150M equity financing (closed August 30, 2019)
• Additional debt optimization scenarios currently under review

Achieved 2019 Consolidated Production Guidance	3

CapitalStructure and Improved Liquidity Position

• Strengthened balance sheet with C$150M equity financing (closed August 30, 2019)
• Available liquidity of $335M, including $83M in cash and cash equivalents
• Additional debt optimization scenarios currently under review

New Gold Debt Structure

	Face Value ($M)	Maturity	Interest Rate
Revolving Credit Facility1	$4001	Aug. 2021	LIBOR + 2.25% - $3.75%
Senior Unsecured Notes	$4002	Nov. 2022	6.25%
Senior Unsecured Notes	$300	May 2025	6.375%

1.	Approximately $120 million of $400 million facility used for Letters of Credit.	4
2.	Initial principal amount of $500m reduced after $100m repurchased in September and October 2019.

RainyRiver Mine: Asset Overview

Tailings Management

Area

Overburden	Mill
	Stockpile
West
Mine Rock	Open	East
Stockpile
Pit
	Mine Rock
		Stockpile
		Low Grade
50km from Fort Frances, Ontario		Stockpile

• Open pit mine with underground mine potential located in northern Ontario
• Achieved annual production; cash cost expected to achieve themid-range of guidance
• Costs expected to decline in 2020 as remaining construction is substantially completed
• Sustaining capital expected to be below guidance with cost reductions of ~$15M and deferral of ~$20M to 2020
• AISC on track to be slightly below guidance due to lower sustaining capital expected for the year
• Results of the updated Life of Mine plan to be released on February 13, 2020

Production		Q4 2019		FY 2019	2019
			Guidance
Gold Production (oz)		51,122		253,772	245k-270k
Gold eq. Production (oz)1		51,915		257,051	250k-275k
Operating Costs		Q3 2019		9M 2019	2019
			Guidance
Operating expense per gold		$922			$876		n/a
eq. oz.2
Cash costs per gold eq. oz. 2		$922			$877	$870-$950
AISC per gold eq. oz.2		$1,593			$1,413	$1,690-$1,790
Capital ($M)		Q3 2019		9M 2019	2019
			Guidance
Sustaining Capital and			46.3			110.0	175-190
sustaining leases2
Growth Capital2			0.0			6.7	~3
Mineral Reserves and Resources			Tonnes			Gold		Gold
				Grade
(December 31, 2018)3			(000's)				(Koz)
				(g/t)
Total Proven & Probable			123,739		1.05		4,186
Open Pit P&P (direct processing)			66,333			1.20		2,554
Underground P&P (direct processing)		8,954			3.55		1,021
Open Pit P&P (low grade)			41,145			0.35		463
Stockpile reserves			7,307			0.63		147
Measured & Indicated3			62,867			1.06		2,139
Inferred			13,202			1.05		444

1.	Gold equivalent ounces for Rainy River includes silver ounces produced converted to a gold equivalent based on average spot market prices of $1,480 per gold ounce and $17.31 per silver ounce
2.	Refer to Endnote under the heading "Non-GAAP Measures".	5
3.	For a detailed breakdown of Mineral Reserves & Resources refer to the appendix. Refer to Endnotes under the heading "Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources" and "Technical
	Information". Additional information can also be found in Appendix 3. Resources are exclusive of Reserves.

RainyRiver Mine: Operational Highlights

• Lower grades and high strip ratio as open pit transitioned from phase 1 to phase 2
• Ore tonnes mined currently below plan as Phase 2 waste stripping was prioritized to prepare ore faces in anticipation of the updated LOM
• Q4 mill throughput 22,521 as mill operated at lower capacity in October to manage water levels in the TMA; averaged 24,858 in November and December
• SAG millre-line in Q3 supports higher sustainable throughput
• Mill recoveries averaged ~91%

Plant Recovery %

Grade-recovery model vs actual

100

98

96
94		Q2-19
92	Q4-19	Q3-19
90	Q1-19
88
86		2018

84

82

80 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00

Gold Grade (g/t)

Operational Metrics	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	2019 Estimates
Tonnes mined per day (ore and waste)	108,392	111,679	114,544	111,078	136,124	118,404	-
Ore tonnes mined per day	33,687	15,739	21,368	18,220	19,485	18,712	~31,000
Strip Ratio (waste:ore)	2.22	6.10	4.36	5.10	5.99	5.33	~3.1:1
Tonnes milled per day	17,934	19,725	21,117	24,500	22,521	21,980	22,000-24,000
Gold grade milled (g/t)	1.25	1.19	1.15	1.14	0.85	1.08	~1.10
Gold recovery (%)	86%	90%	93%	91%	91%	91%	~90 - 92%
Mill availability (%)	77%	89%	88%	88%	89%	88%	~85 - 88%
Gold production (oz)1	227,284	61,557	66,013	75,080	51,122	253,772	245,000-270,000
1. Quarterly amounts are ounces produced per quarter, 2019 Estimate is expected full-year production.					6

RainyRiver: Strategic Review

H1:	H2:	Q1 2020:
Development of
Analysis	Finalize mine plan
optional scenarios
Scenario analysis	Physicals (early Q3)	Optimized u/g mine plan
Design parameter studies	Complete capital budget	Release updated Life of Mine plan
Mine plan strategies	Complete cost analysis	- February 13, 2020

Deliver updated mine plan

• Focus on medium andhigh-grade ore to create a more profitable open pit
• Optimize capital required to support mining, processing and tailings disposal of medium and high- grade ore
• Optimize open pit production and decouple the NAG1construction needs from mining operation
• Consider an underground scenario that further enhances profitability
• Benchmarking best industry practices to optimize mining and milling and reduce costs
• Increase free cash flow generation

1. Non-acid generating material	7

OpenPitOptimization - Preliminary Overview

Current Pit Shell

Potential Optimized Pit Shell

Maximum NPV

• Low grade stockpiling strategy
• Capital intensive
• Lower margin during open pit mining

Potential Higher Profitability During Open Pit Mining

• Cut-offgrades, pit design and sequencing under review
• Significant reduction in total waste mined
• Minimize tailings and waste dumps space (and stabilization) required

Potential reduction of pit shell size using higher cutoff grade at lower gold price (preliminary work only)	8

2019ExplorationProgram: Rainy River

Near-mine Opportunities

Intrepid North Drilling:

• Exploration drilling launched to test the potential repeats of mineralized lenses north of the Intrepid Zone
• 3,580 metres (7 holes) completed to date. Data interpretation and assay results review are not supportingfollow-up drilling and the program has been reduced and finalized.

District Level Opportunities

Regional Exploration:

• Surface exploration reconnaissance within the regional land package to the northeast and southwest of the mine site.
• Geochemical survey completed at the end of 2019 (data interpretation in progress to define priority targets) for first pass drill testing in the first half of 2020

9

NewAfton Mine: Reinvesting in the Future

• An underground block cave operation located in British Columbia
• New Afton achieved annual production guidance; cash cost expected to be slightly above guidance
• AISC per gold eq. oz expected to increase in Q4 and achievelow-end of guidance
• Sustaining and growth capital are expected to be slightly below annual guidance
• Improved productivities and cost efficiencies in development meters
• Results of the updated Life of Mine to be released on February 13, 2020

Production		Q4 2019				FY 2019				2019
							Guidance
Gold Production (oz)		15,734				68,785				55k-65k
Copper production (Mlbs)		18.3				79.4				75-85
Gold eq. Production (oz)1		49,507				229,091				215-245
Operating Costs		Q3 2019			9M 2019			2019
					Guidance
Operating expense per gold oz.		$523				$471				$480-$520
Operating expense per copper		$0.99				$0.95				$0.95-$1.15
pound
Cash costs per gold oz. (net of		(1,225)			($1,227)		($1,350)-($1,310)
by-products)2
Cash costs per gold eq. oz.2		$682				$596				$600-$640
AISC per gold oz. (net of by-		($586)				($663)			($500) - ($420)
products) 2
AISC per gold eq. oz. 2		$869				$761				$810 - $890
Capital ($M)		Q3 2019				9M 2019		2019 Guidance
Sustaining Capital and		$9.7				$27.4				$45-$55
sustaining leases 2
Growth Capital 2		$8.2				$13.6				$40-$45
Exploration		$1.4				$2.4				~$4
Mineral Reserves and		Gold		Gold			Copper		Copper
	Grade				Grade
Resources (Dec. 2018) 3			(Koz)			Mlbs.
		(g/t)				(%)
Proven & Probable		0.64		1,077		0.78			903
Measured & Indicated		0.63		1,061		0.77			891
Inferred		0.39		172				0.45			132

1.	Gold Equivalent ounces for New Afton includes silver ounces and copper pounds produced converted to a gold equivalent based on average spot market prices of $1,480 per gold ounce, $17.31 per silver ounce and $2.67 per copper pound.	10
2.	Refer to Endnote on all-in sustaining costs under the heading "Non-GAAP Measures".
3. For a detailed breakdown of Mineral Reserves & Resources refer to the appendix. Refer to Endnotes under the heading "Cautionary note to U.S. readers concerning estimates of Mineral Reserves and Mineral Resources" and "Technical Information".

Additional information can also be found in Appendix 3. Resources are exclusive of Reserves.

NewAfton: 2019 Key Objectives

• B3/C-zonedevelopment plan launched in 2019
• • Total development 2,100m withC-zone decline development advancement at 1,135m.
• Ore segregation strategy to improve mill grade; ore scanner commissioned
• Mill upgrade to improve supergene recovery; circuit complete; operating at target levels
• Updated Life of Mine plan focused on:
• • C-zonefully integrated business case
  • Geotechnical study update; subsidence & corrective actions
  • Tailings update:In-pit disposal using a thickened & amended tailings approach to increase stability; Update on stabilization of current and old tailings
  • Permitting & timeline
  • Capital and opex optimization

11

2019ExplorationProgram: New Afton

Near-Mine Opportunities

SLC Drilling:

• Completed infill/exploration drilling to define additional resources
• Results to be incorporated into the year end 2019 mineral resource update
• ~7,200m (13 holes) testing the down plunge extension of SLC (East Extension)
• Drilling program completed at the end of 2019

D-zone Drilling:

• Exploration drilling to test the down plunge extension of the resource belowC-zone
• ~5,300m completed (5 holes)
• Drilling program completed in November 2019

12

2019 Regional Exploration Program

Cherry Creek Corridor

• 12 kilometre trend of prospective geochemical and alteration anomalies along major regional scale fault zone
• A45-line kilometer of IP geophysical survey and geochemical soil survey completed
• Several areas with coincidental geochemical and geophysical anomalies identified as priority targets for drill testing
• ~7,500 meter first pass reconnaissance drilling; Q1 2020 upon permit issuance
• Significant discovery potential fornear-surface epithermal gold and underlying porphyry copper-gold system

13

BlackwaterProject: B.C., Canada

• Open pit mine in B.C., 160km southwest of Prince George
• Received federal EA approval April 15, 2019; provincial EA June 24, 2019
• Participation Agreement with two First Nations completed April 18, 2019; Engagement and negotiations continue with other First Nations
• Currentlyre-evaluating project sizing, higher grade while maintaining a low strip ratio; lower initial capital
• Current reserve is defined at 8.2 Moz gold with a grade of 0.74 g/t gold
• Site area is well serviced

Mineral Reserves and
Resources	Gold Grade (g/t)	Gold (Koz)
(December 31, 2018) 1
Proven & Probable	0.74	8,170
Measured & Indicated2	0.71	1,400
Inferred	0.66	385
Mineral Reserves and
Resources	Silver Grade (g/t)	Silver (Koz)
(December 31, 2018) 1
Proven & Probable	5.5	60,800
Measured & Indicated2	4.4	8,733
Inferred	3.9	2,248

1. For a detailed breakdown of Mineral Reserves & Resources refer to the Management Discussion and Analysis dated February 13, 2019. Refer to Endnotes under the heading "Cautionary note to

U.S. readers concerning estimates of Mineral Reserves and Mineral Resources" and "Technical Information". Additional information can also be found in Appendix 3.	14
2. Resources are exclusive of Reserves.

NewGold:The Path Forward

Repositioning Rainy River for profitable operations

Unlocking value at New Afton: Advancing C-zone development

Results of updated Life of Mine plans for Rainy River and New Afton (Feb 13, 2020)

Re-launch exploration programs at Rainy River and New Afton (2020)

Optimizing and strengthening the balance sheet

15

THANK YOU!

Q&A

APPENDIX

2019ConsolidatedGuidance

Operational Estimates	Rainy River	New Afton	2019 Consolidated Guidance1
Gold Produced (ounces)	245,000 - 270,000	55,000	- 65,000	300,000 - 335,000
Copper Produced (Mlbs)		-	75	- 85	75	- 85
Gold Eq. Produced (ounces)2	250,000 - 275,000	215,000	- 245,000	465,000 - 520,000
Operating Expense per gold ounce	$870	- $950	$480	- $520	$690 - $770
Operating Expense per copper pound		-	$0.95	- $1.15		-
Cash Costs per gold ounce (with by-product credits) 4	$870	- $950	($1,350)	- ($1,310)	$470 - $540
Cash Costs per gold eq. ounce (on a co-product basis) 4	$870	- $950	$600	- $640	$740	- $820
Corporate G&A per gold eq. ounce (on a co-product basis)		-		-	$30	- $50
All-in Sustaining Costs per gold ounce (with by-product credits) 4	$1,690	- $1,790	($500)	- ($420)	$1,370- $1,470
All-in Sustaining Costs per gold eq. ounce (on a co-product basis) 4	$1,690	- $1,790	$810	- $890	$1,330 - $1,430
Capital Investment & Exploration Expense Estimates	Rainy River	New Afton	2019 Consolidated Guidance1
Sustaining Capital ($M)	$175	- $190	$45	- $55	$220	- $245
Growth Capital ($M)	~$3	$40	- $45	$50 - $553
Exploration ($M)	~$5	~$4	~$9
1.	All production and cost estimates exclude potential production from Cerro San Pedro residual leaching.
2.	Gold equivalent ounces includes approximately 245,000 to 270,000 ounces of silver at Rainy River and approximately 255,000 to 265,000 ounces of silver at New Afton.
3.	Consolidated growth capital includes ~$7 million for Blackwater permitting.
4.	Refer to Endnote under the heading "Non-Gaap Measures".

2019 a pivotal year as we re-position New Gold for long-term success

Material assumptions include:Spot prices of $1,300 per gold ounce, and $2.75 per pound copper, and a foreign exchange rate of 1.30 Canadian dollars

to the US dollar.

18

Mineral Reserves and Resources

(as at Dec 31, 2018)

Mineral Reserves Statement as at December 31, 2018

Proven & Probable					Metal grade				Contained metal
	Tonnes	Gold	Silver	Copper	Gold	Silver	Copper
	000s	g/t	g/t	%	Koz	Koz	Mlbs
RAINY RIVER
Direct processing reserves
Open Pit
Proven	18,663		1.24	2.4	-	744	1,450	-
Probable	47,670		1.18	3.0	-	1,810	4,542	-
Open Pit P&P (direct processing-MGO&HGO)	66,333		1.20	2.8	-	2,554	5,993	-
Underground
Proven	-	-	-	-	-	-	-
Probable	8,954		3.55	9.5	-	1,021	2,728	-
Underground P&P (direct processing)	8,954	3.55	9.5	-	1,021	2,728	-
Low grade reserves
Open Pit
Proven	8,430	0.36	2.0	-	97	541	-
Probable	32,714		0.35	2.3	-	366	2,428	-
Open Pit P&P (LGO)	41,145		0.35	2.2	-	463	2,969	-
Surface Stockpiles
Proven	7,307		0.63	1.8	-	147	426	-
Open Pit P&P (stockpile)	7,307	0.63	1.8	-	147	426	-
Combined P&P
Proven	34,400		0.89	2.4	-	989	2,291	-
Probable	89,339		1.11	3.4	-	3,197	9,825	-
Total Rainy River P&P	123,739		1.05	3.0	-	4,186	12,116		-

19

Mineral Reserves and Resources

(as at Dec 31, 2018)

Mineral Reserves Statement as at December 31, 2018

Proven & Probable					Metal grade					Contained metal
	Tonnes	Gold	Silver	Copper	Gold	Silver	Copper
	000s	g/t	g/t	%		Koz	Koz	Mlbs
NEW AFTON
A&B Zones
Proven	-	-	-	-	-	-	-
Probable	25,731		0.51	1.9	0.74	420	1,612	420
C Zone
Proven	-	-	-	-	-	-	-
Probable	26,911		0.76	1.9	0.82	657	1,668	484
Total New Afton P&P	52,642		0.64	1.9	0.78	1,077	3,280	903
BLACKWATER
Direct processing reserves
Proven	124,500		0.95	5.5	-	3,790	22,100		-
Probable	169,700		0.68	4.1	-	3,730	22,300		-
P&P (direct processing)	294,300		0.79	4.7	-	7,510	44,400		-
Low grade reserves
Proven	20,100		0.50	3.6	-	330	2,300	-
Probable	30,100		0.34	14.6		-	330	14,100		-
P&P (stockpile)	50,200		0.40	10.2		-	650	16,400		-
Total Blackwater P&P	344,400		0.74	5.5	-	8,170	60,800		-
Total P&P									13,433		76,196		903

20

Mineral Reserves and Resources

(as at Dec 31, 2018)

Mineral Resource statement as at December 31, 2018

Measured & Indicated (Exclusive of Reserves)					Metal grade				Contained metal
	Tonnes	Gold	Silver	Copper	Gold	Silver	Copper
	000s	g/t	g/t	%	Koz	Koz	Mlbs
RAINY RIVER
Direct processing resources
Open Pit
Measured	2,990		1.13	5.6	-	109	534	-
Indicated	26,370		1.13	3.3	-	955	2,759	-
Open Pit M&I (direct processing)	29,360		1.13	3.5	-	1,064	3,292	-
Underground
Measured	-	-	-	-	-	-	-
Indicated	7,908		3.06	8.6	-	778	2,188	-
Underground M&I (direct processing)	7,908		3.06	8.6	-	778	2,188	-
Low grade resources
Open Pit
Measured	2,465		0.35	3.1	-	28	248	-
Indicated	23,135		0.36	2.1	-	269	1,592	-
Open Pit M&I (stockpile)	25,600		0.36	2.2	-	297	1,840	-
Combined M&I
Measured	5,455		0.78	4.5	-	137	782	-
Indicated	57,412		1.08	3.5	-	2,002	6,539	-
Total Rainy River M&I	62,867		1.06	3.6	-	2,139	7,321	-

21

Mineral Reserves and Resources

(as at Dec 31, 2018)

Mineral Resource statement as at December 31, 2018

Measured & Indicated (Exclusive of Reserves)					Metal grade					Contained metal
	Tonnes	Gold	Silver	Copper	Gold	Silver	Copper
	000s	g/t	g/t	%		Koz	Koz	Mlbs
NEW AFTON
A&B Zones
Measured	15,239		0.64	2.0	0.86	315	972	289
Indicated	8,530	0.51	2.8	0.77	140	776	145
A&B Zone M&I	23,769		0.60	2.3	0.83	455	1,748	434
C-Zone
Measured	5,711	0.79	2.0	0.96	144	366	120
Indicated	11,976		0.72	2.1	0.87	279	809	230
C-Zone M&I	17,687		0.74	2.1	0.90	423	1,174	350
HW Lens
Measured	-	-	-	-	-	-	-
Indicated	10,951		0.52	2.1	0.44	183	722	107
HW Lens M&I	10,951		0.52	2.1	0.44	183	722	107
Total New Afton M&I	52,407		0.63	2.2	0.77	1,061	3,645	891
BLACKWATER
Direct processing resources
Measured	288	1.39	6.6	-	13	61	-
Indicated	45,249		0.84	4.6	-	1,225	6,692	-
M&I (direct processing)	45,537		0.85	4.6	-	1,238	6,753	-
Low grade resources
Measured	-		-		-		-	-		-		-
Indicated	15,779		0.32	3.9	-	162	1,980	-
M&I (low grade)	15,779		0.32	3.9	-	162	1,980	-
Total Blackwater M&I	61,316		0.71	4.4	-	1,400	8,733	-
Total M&I Exclusive of Reserves									4,600	19,699		891

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Mineral Reserves and Resources

(as at Dec 31, 2018)

Mineral Resources statement as at December 31, 2018

Inferred							Metal grade					Contained metal
	Tonnes		Gold	Silver	Copper	Gold	Silver	Copper
	000s		g/t	g/t	%		Koz	Koz	Mlbs
RAINY RIVER
Direct processing
Open Pit	5,883		1.17		3.1	-	222		578		-
Underground	1,270		3.68		3.8	-	150		156		-
Total Direct Processing	7,153		1.62		3.2	-	372		733		-
Low grade resources
Open Pit	6,049		0.37		1.4	-	72		274		-
Rainy River Inferred	13,202		1.05		2.4	-	444		1,007		-
NEW AFTON
A&B-Zone	6,530		0.35		1.4	0.38		74		295		54
C-Zone	7,034		0.43		1.4	0.51		98		309		77
HW Lens	0	0	0	0	0	0	0
New Afton Inferred	13,564			0.40		1.4	0.45		172		605		132
BLACKWATER
Direct processing	13,905		0.76		4.0	-	341		1,788		-
Low grade resources	4,207		0.33		3.4	-	44		460		-
Blackwater Inferred	18,112		0.66		3.9	-	385		2,248		-
Total Inferred											1,001		3,860		132

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NotestoMineral Reserve and Resource Estimates

Notes to Mineral Reserve and Resource Estimates

1.	New Gold's Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM standards, which are incorporated
	by reference in NI 43-101.
2.	All Mineral Reserve and Mineral Resource estimates for New Gold's properties and projects are effective December 31, 2018.
3.	New Gold's year-end 2018 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign
	exchange (FX) rate criteria:
				Gold		Silver	Copper		FX
				$/ounce		$/ounce	$/pound		CAD:USD
		Mineral Reserves		$1,275		$17.00	$3.00		1.30
		Mineral Resources		$1,350		$18.00	$3.25		1.30
4.	Lower cut-offs for the Company's Mineral Reserves and Mineral Resources are outlined in the following table:
		Mineral Property					Mineral Reserves			Mineral Resources
						Lower Cut-off			Lower Cut-off
			O/P direct processing:		0.30 - 0.50 g/t AuEq			0.30 - 0.50 g/t AuEq
		Rainy River	O/P low grade material:		0.30 g/t AuEq			0.30 g/t AuEq
			U/G direct processing:		2.20 g/t AuEq			2.00 g/t AuEq
		New Afton	Main Zone - B1 & B2 Blocks:	C$ 17.00/t			All Resources 0.40% CuEq
		B3 Block & C-zone		C$ 24.00/t
		Blackwater	O/P direct processing:		0.26 - 0.38 g/t AuEq			All Resources: 0.40 g/t AuEq
		O/P low grade material:		0.32 g/t AuEq

5.New Gold reports its measured and indicated mineral resources exclusive of mineral reserves. Measured and indicated mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a greater amount of uncertainty as to their existence and technical feasibility, do not have demonstrated economic viability, and are likewise exclusive of mineral reserves. Numbers may not add due to rounding.

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Notesto Mineral Reserve and Resource Estimates (cont'd)

1. Mineral resources are classified as measured, indicated and inferred based on relative levels of confidence in their estimation and on technical and economic parameters consistent with the methods considered to be most suitable to their potential commercial extraction. The designators 'open pit' and 'underground' may be used to indicate the envisioned mining method for different portions of a resource. Similarly the designators 'direct processing' and 'lower grade material' may be applied to differentiate material envisioned to be mined and processed directly from material to be mined and stored separately for future processing. Mineral reserves and mineral resources may be materially affected by the environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding mineral reserve and mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold's material properties are provided in the respective NI43-101 Technical Reports, which are available at www.sedar.com.
2. The preparation of New Gold's consolidated statement and estimation of mineral reserves was completed under the oversight and review of Mr. Nicholas Kwong, formerly the Director of Technical Services for the Company. Mr. Kwong is a Professional Engineer and member of the Professional Engineers Ontario. Preparation of the New Gold's consolidated statement and estimation of mineral resources has been completed under the oversight and review of Mr. Mark Petersen, a consultant to New Gold and former Vice President, Exploration for the Company. Mr. Petersen is a SME Registered Member, AIPG Certified Professional Geologist. Messers. Kwong and Petersen are "Qualified Persons" as defined by NI43-101.

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Endnotes

CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES

Information concerning the properties and operations of New Gold 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 news release are Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves adopted by CIM Council on May 10, 2014 and incorporated by reference in National Instrument 43-101. While the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. As such, certain information contained in this news release concerning descriptions of mineralization and mineral 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. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies. It cannot be assumed that all or any part of an "Inferred Mineral Resource" will ever be upgraded to a higher confidence category. Readers are cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists or is economically or legally mineable.

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 estimation is made. Readers are cautioned not to assume that all or any part of the measured or indicated mineral resources will ever be converted into mineral reserves. 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 contained herein has been reviewed and approved by Mr. Eric Vinet, Vice President, of New Gold. Mr. Vinet is a Professional Engineer and member of the Ordre des ingénieurs du Québec. Mr. Vinet is a "Qualified Person" for the purposes of NI 43-101. The estimates of Mineral Reserves and Mineral Resources discussed in this presentation may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other relevant issues. New Gold's current Annual Information Form and the NI 43-101 Technical Reports for its mineral properties, all of which are available on SEDAR at www.sedar.com, contain further details regarding Mineral Reserve and Mineral Resource estimates, classification and reporting parameters, key assumptions and associated risks for each of New Gold's mineral properties, including a breakdown by category.

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Non-GAAPMeasures

NON-GAAP MEASURES

(1) ALL-IN SUSTAINING COSTS

"All-in sustaining costs" per ounce is a non-GAAP financial measure. 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 (as presented in the cash flow statement), 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 assists 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 IFRS 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 IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS. Further details regarding historical all-in sustaining costs and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold's financial statements filed from time to time on www.sedar.com.

(2) SUSTAINING CAPITAL

"Sustaining capital" is a non-GAAP financial measure as well as "sustaining lease" and "growth capital". New Gold defines sustaining capital as net capital expenditures that are intended to maintain operation of its gold producing assets. A sustaining lease is similarly a capital lease payments that are sustaining in nature. New Gold terms non-sustaining capital costs to be "growth capital", which are capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. Sustaining capital, sustaining lease and growth capital are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

(3) TOTAL CASH COSTS

"Total cash costs" per ounce is a non-GAAP financial measure which is 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 performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. 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 byproduct 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. 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 IFRS 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 IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP. Further details regarding historical total cash costs and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold's financial statements filed from time to time on www.sedar.com.

(3) FREE CASH FLOW

"Free cash flow" is defined as operating cash flow less sustaining capital expenditures.

27