New Gold Inc.

NGD

CA6445351068

Gold

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New Gold : Technical Presentation PDF 3.58 MB

February 13, 2020 at 06:09 pm EST

New Gold Analyst Day & Technical Session

February 13, 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 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 expected production costs, economics, and operating parameters of New Afton and Rainy River, planned activities and plans for capital expenditures at New Afton and Rainy River for 2020 including all information on slides 9 to 56 with respect to the Rainy River 2020 & LOM Technical Presentation and all information on slides 57 to 126 with respect to the New Afton 2020 & LOM Technical Presentation, the expected amount of free cash flow ("FCF") and after tax net present value ("NPV") resulting from New Afton and Rainy River based on the updated life of mine plans.

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 presentation, 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 presentation are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold's current expectations; (3) the accuracy of New Gold's current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold's current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River and New Afton 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 2020 guidance, specifically for the updated life of mine plans, gold and silver prices as indicated throughout the presentation and foreign exchange rates being as indicated throughout the presentation.

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 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.

OPENING REMARKS

Renaud Adams, President & CEO

TechnicalSession Feb 13, 2020

Agenda

Corporate Overview & Key Highlights (Renaud Adams)
Rainy River Updated Life of Mine (Eric Vinet)
New AftonC-zone Life of Mine (John Ritter)
Exploration Update (Michele Della Libera)
Financial Analysis (Rob Chausse)
Closing Remarks (Renaud Adams)
Q&A

2019Scorecard

2019 - A Transformational Year

Significant progress achieved in 2019 as we reposition New Gold for success

Achieved consolidated production and cash cost guidance
Improved balance sheet and available liquidity during a transitional year
Stabilized Rainy River operations and completed substantially all deferred capital
LaunchedC-zone development that will extend mine life of New Afton to 2030
Returned focus to organic growth through strategic exploration
Completed updated life of mine plans for Rainy River and New Afton

2020:TheProfitable Path Forward

Repositioning New Gold for Sustainable Shareholder Value Creation

Rainy River Mine Objective: Profitable operations from $1,275 gold

Mine plan focused on profitable mining that drives free cash flow and improved NPV
- Updated mine plan supports sustained free cash flow beginning in Q42020 and over mine life
Open pit mine: mining high and medium grade ore via a smaller open pit; significant reduction in total waste mined at new strip ratio (including overburden) of 2.53:1
Underground mine:individual zones evaluated; only optimally profitable zones included in plan with further upside at higher gold prices
Updated plan delivers superior value and free cash flow for2020-2024 and life of mine, as compared to the 2018 plan, even at reduced total gold ounces in Mineral Reserves. (using updated unit cost assumptions, geotechnical and capital requirement assumptions)

New Afton Mine Objective: Technical and cost update of de-riskedC-zone mine plan

B3/C-zone integrated mine plan extends mine life to 2030 with robust economics
Self-fundedproject execution 2020-2024 at $1,300 per gold ounce and $3.00 per copper pound prices or at current spot price
Geotechnicalstudies optimize mine design and mitigate subsidence
In-pittailings: thickened and amended tailings to increase stability
Potential to include SLC zone innear-term mine plan to partially offset lower production period
Exploration potential belowC-zone and elsewhere on large land package

The NI 43-101 economics are done at a Reserve price of $1,275/oz gold and $17.00/oz silver.

RainyRiver Updated Life of Mine Highlights

Rainy River Life of Mine Highlights

		2020-20241	2025-20281,4	LoM1	Sensitivity2

Tonnes ore mined open pit (Mt)	65.9		1.6	67.5	67.5

Head grade mined (gold g/t)	0.91		1.13	0.91	0.91

Tonnes ore mined underground (Mt)	0.7		3.4	4.1	4.1

Head grade mined (gold g/t)	3.54		4.30	4.17	4.17

Mill production (ktpd)	26.0		25.4	25.8	25.8

Milled grade (gold g/t)	1.12		0.96	1.06	1.06

Gold recovery (%)	89		88	89	89

Total gold eq. production (k oz)	1,559		829	2,388	2,384

Avg. annual gold eq. production (k oz)	312		255	289	289

Cash costs per gold eq. oz. ($/oz)	$668		$659	$665	$670

AISC per gold eq. oz. ($/oz)	$1,071		$773	$967	$973

Sustaining capital ($M) 5	$522		$64	$586	$586
Growth capital ($M) 5	$28		$28	$56	$56
Cumulative total cash flow ($M)	$243		$381	$5573	$1,096
After-tax NPV5%	-		-	$421	$858
1.	Assuming $1,300 per gold ounce, $16.00 per silver ounce, and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar
2.	Assuming $1,550 per gold ounce, $17.50 per silver ounce, and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar
3.	LOM value includes a negative cash flow of $68 million post 2028 primarily for closure activities
4.	2028 represents a partial year of processing (Q1 2028)
5.	Sustaining and Growth Capital spend exclude working capital movements

Totals may not compute exactly due to rounding.

Focus on profitability that drives positive and sustained free cash flow beginning in Q4 20201
Mining medium and high grade open pit ore; low grade stockpiled for processing with underground ore
Smaller pit size with uneconomic open pit and underground material removed from mine plan
Increased open pitcut-off grade to 0.46-0.49 g/t gold eq.
Lower strip ratio of 2.53:1, more than 150 Mt reduction in waste tonnes mined
Each underground zone evaluated separately for potential inclusion in the mine plan
Underground access from Intrepid portal and 4 open pit portals; reduces underground development
Capital reduction withsmaller-size TMA and potential slope reduction
Upside for expanded underground mine
Improvedafter-tax NPV5%: $421M1/ $858M2

Optimized Mine Plan Drives FCF in Q4 2020 and over Life of Mine	7

NewAfton Updated Life of Mine Highlights

New Afton Life of Mine Highlights

	2020-20241	2025-20301,4	LOM1	Sensitivity2
Tonnes ore mined (Mt)	22.8	25.2	48.1	48.1

Head grade mined (gold g/t)	0.58	0.75	0.68	0.68

Head grade mined (copper %)	0.73	0.80	0.77	0.77

Avg. Mill production (ktpd)	13.2	13.3	13.3	13.3

Gold recovery (%)	85	87	86	86

Copper recovery (%)	88	91	89	89

Total gold production (oz)	379.9	537.9	917.8	917.8

Total copper production (Mlb)	339.2	406.4	745.7	745.7

Avg. annual gold eq. production (k oz)	235	284	260	221

Cash costs per gold eq. oz. ($/oz)	$679	$555	$610	$717

AISC per gold eq. oz. ($/oz)	$790	$596	$681	$801

Sustaining capital ($M)3	$121	$54	$175	$175
Growth capital ($M)3	$460	-	$460	$460
Cumulative total cash flow ($M)	$113	$946	$1,0515	$1,092
After-tax NPV5%	-	-	$735	$766

1. Assuming $1,300 per gold ounce, $16.00 per silver ounce, $3.00 per copper pound and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar

2. Assuming $1,550 per gold ounce, $17.50 per silver ounce, $2.75 per copper pound and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar

3. Sustaining and Growth Capital spend excludes working capital movement

4. 2030 represents a partial year of processing (Q1 2030)

5. LOM value includes a negative cash flow of $9 million post 2030 primarily for closure activities offset by salvage values Totals may not compute exactly due to rounding.

B3 andC-zone fully integrated mine plan with technical and cost updates
Mine life extension to 2030
Updated mine design and subsidence mitigation plan
In-pittailings disposal: thickened and amended tailings (TAT); TAT to also increase current and historic tailings stability
Low operating costs throughout life of mine
Advancing permitting timeline
Optimized scenario forself-fundedC-zone development
Free cash flow: ~$1 billion(2020-2030)
After-taxNPV5%of $735M1or $766M2
Potential integration of SLC zone mine plan
Exploration potential below theC-zone and on land package could increase mine life

Unlocking the Potential of the C-zone Drives $1B in FCF

RAINY RIVER

2020 & LOM Technical Presentation

Eric Vinet, VP & General Manager

HIGHLIGHTS

Rainy River Mine

Ontario, Canada

Rainy River Mine

NI 43-101 Technical Report: LOM Plan Rationale

Grey areas indicate

potential new mining areas

Focused on optimal profitability by mining an open pit and underground mine that drives FCF and improves NPV
A smaller, more profitable open pit focused on mining high and medium grade ore that drives a significant reduction in waste tonnes of more than 150Mt; Opportunity for further open pit and cost optimization
Free cash flow generation beginning in Q4 2020, sustaining over the mine life
Underground mine plan includes optimally profitable areas accessed via 5 portals; decreased capital development spend
Opportunity to extend underground mine life in a higher gold price environment

Create a Profitable Open Pit and Underground Mine Plan at $1,275 Gold

Rainy River Mine

NI 43-101 Technical Report: Approach

Approach:

Optimize open pit with updated operating costs
Considersite-wide geotechnical challenges
Re-optimizeall capital and sustaining expenditures
Include underground ore zones that are optimally profitable
Considered timing of open pit and underground mining to maintain higher processing throughput over LOM

Open Pit:

Smaller, more profitable open pit shell and reduced waste tonnes
Improved strip ratio of 2.53:1
TMA to accommodate 92 Mt
Potential to reduce closure costs

Underground:

Significant reduction in underground capital infrastructure
Five underground portals facilitates a significant reduction in underground capital development
Provides higher grade ore for processing
Underground ore blended with low grade stockpile at the end of mine life

Updated Operating Costs and Optimized Capital

Rainy River Mine

NI 43-101 Technical Report: LOM Highlights

2020-LOM Production	2020-LOM Cash Costs & AISC	2	2020-LOM Cash Flow

2.3	million Au oz	$	665	/Au eq. oz1	$557million
			(post-tax)
2.4million Au eq. oz1	Cash costs	1	$1,300/oz Au, $16/oz Ag
$967
$1,300/oz Au, $16/oz Ag	/Au eq. oz	$1,096million

All-in sustaining costs	(post-tax)
$1,550/oz Au, $17.50/oz Ag

REPOSITIONED FOR PROFITABLE OPERATIONS

2020-LOM Capital5% NPV

$586	million	$421million
	(post-tax)
Sustaining Capital	$1,300/oz Au, $16/oz Ag

$56million	$858million
Non-sustaining Capital	(post-tax)

$1,550/oz Au, $17.50/oz Ag

1.Gold eq. ounces for Rainy River includes silver ounces converted to a gold eq. based on a ratio of market prices for the commodities for each period. The ratio for 2020-LOM was calculated using a price assumption of $1,300 per gold ounce and $16 per silver ounce, and includes 3.6 million ounces of silver.

MINERAL RESERVES & RESOURCES

Rainy River Mine

LOM Plan: Open Pit - Waste Reduction

2018 NI 43-101 Resource Pit

2020 NI 43-101 Resource Pit

Rainy River Mine

LOM Plan: Open Pit - Waste Reduction

2018 NI 43-101 Resource Pit

2020 NI 43-101 Resource Pit

2020 NI 43-101 Topography

YE 2019 Topography

2018 NI 43-101 Resource Pit

2020 NI 43-101 Resource Pit

2020 NI 43-101 Topography

YE 2019 Topography

Rainy River Mine

Year-End Mineral Reserves

Proven & Probable		Metal grade		Contained metal
	Tonnes	Gold	Silver	Gold	Silver
	000s	g/t	g/t	koz	koz
RAINY RIVER
Open Pit Mineral Reserves
Direct Processing
Proven	15,700	1.21	2.4	612	1,187
Probable	30,675	1.15	2.5	1,136	2,416
Open Pit P&P (direct proc.)	46,375	1.17	2.4	1,748	3,602
Reserves
Open Pit
Proven	5,702	0.35	1.9	65	341
Probable	15,470	0.35	2.2	172	1,076
Open Pit P&P (low grade)	21,172	0.35	2.1	237	1,417
Stockpile
Proven	5,928	0.53	1.1	102	211
Probable	-	-	-	-	-
Open Pit P&P (stockpile)	5,928	0.53	1.1	102	211
Open Pit Total Mineral Reserves	73,476	0.88	2.2	2,087	5,231
Underground Mineral Reserves
Proven	-	-	-	-	-
Probable	4,096	4.17	7.8	549	1,034
Underground P&P (direct proc.)	4,096	4.17	7.8	549	1,034
Combined Direct proc. & Low grade
Proven	27,331	0.88	2.0	779	1,740
Probable	50,241	1.15	2.8	1,857	4,526
Rainy River Total Mineral Reserves	77,572	1.06	2.5	2,636	6,266

Totals may not compute exactly due to rounding.

PROVEN AND PROBABLE

MINERAL RESERVES

(millions of gold ounces)

4
2	3.9	4.2	2.6

0	2017	2018	2019
	18

Rainy River Mine

Open Pit Mineral Reserves

Change in In-Pit Mineral Reserves + Stockpiles

(Actualized Starting Topography End-of-December 2019)

	3,500
	3,000
(oz x '000)	2,500
2,000
Gold
1,500
Contained
1,000

	500
	-
	NI43-101	Updated Costs	Other	NI43-101
	2018	04-Dec-19		2020

Open Pit reserves are impacted by:
- Updated LOM costs
- Updated metallurgical recovery model
- Movement of some open pit Mineral Reserves to underground Mineral Reserves due to updated mine plan

Smaller Open Pit Drives Stronger FCF Starting in Q4 2020

Refer to the detailed December 31, 2019 Mineral Reserves and Mineral Resources tables reported in the press release dated February 13, 2020.

Rainy River Mine

Underground Mineral Reserves

Economic viability of large portion of underground mineralization is dependent on availability of open pit stockpile to maintain mill throughput and to share fixed costs

Mining Profitable Underground Areas, Upside at Higher Gold Prices

Rainy River Mine

M&I and Inferred Mineral Resources Summary

Measured & Indicated Mineral
Resources		Metal grade	Contained metal
(Exclusive of Mineral Reserves)
	Tonnes	Gold	Silver	Gold	Silver
	000s	g/t	g/t	koz	koz
RAINY RIVER
High and Medium grade Mineral
Resources
Open Pit
Measured	695	1.46	2.9	32	64
Indicated	4,813	1.18	3.4	182	531
Open Pit M&I (high and medium grade)	5,508	1.21	3.4	214	596
Underground
Measured	-	-	-	-	-
Indicated	14,866	3.49	9.1	1,669	4,331
Underground M&I	14,866	3.49	9.1	1,669	4,331
Low grade Mineral Resources
Open Pit
Measured	293	0.34	1.9	3	18
Indicated	2,460	0.34	2.2	27	175
Open Pit M&I (high, medium, and low	2,753	0.34	2.2	30	193
grade)

Combined M&I
Measured	989	1.13	2.6	36	82
Indicated	22,139	2.64	7.1	1,878	5,037
Total Rainy River M&I	23,127	2.57	6.9	1,914	5,120
Inferred Mineral Resources		Metal grade	Contained metal
	Tonnes	Gold	Silver	Gold	Silver
	000s	g/t	g/t	koz	koz
RAINY RIVER
High and Medium grade Mineral
Resources
Open Pit	2,015	0.61	1.8	39	114
Underground	1,297	3.76	3.5	157	146
Total high and medium	3,312	1.84	2.4	196	260
Low grade Mineral Resources
Open Pit	167	0.35	1.4	2	8
Total Rainy River Inferred	3,479	1.77	2.4	198	268

Totals may not compute exactly due to rounding.

MEASURED AND INDICATED GOLD

MINERAL RESOURCES

(millions of ounces)

2	2.1
1.8	1.9
0
2017	2018	2019

Measured and Indicated Mineral Resources have correspondingly decreased by 225,000 gold ounces due to the decrease of 1,116,000 gold ounces of open pit Mineral Resources as a principal result of the impact of the updated LOM costs and metallurgical recoveries; this has been partially offset by an increase of 891,000 gold ounces of underground Mineral Resources reclassified from previous Mineral Reserves.

INFERRED GOLD MINERAL RESOURCES (millions of ounces)

1
1	0.9

0		0.4	0.2


	2017	2018	2019

Inferred Mineral Resources have decreased by 247,000 gold

ounces as a result of revised Mineral Resource estimation key
inputs and drivers as mentioned above.	21

MILESTONES

Rainy River Mine

LOM Plan: Milestones

2020

Focus on optimizing operations
Raise TMA
Complete EMRS wick drains
Continue to address geotechnical issues
Exploration drive to Intrepid ore body (1stunderground portal opened in 2018)
Initiate water discharge to Pinewood River

2022

Mine Open Pit
Overburden stripping completed
Raise TMA
Initiate 2ndUnderground portal
First Underground production

2024

Initiate 3rdUnderground portal
Mine Open Pit and Underground
Raise TMA

2026 - 2028

Mine Underground
Supplement Underground mill feed with low grade stockpile ore
Q1 2028 end of mine life

	2021		2023
•	Mine Open Pit	•	Mine Open Pit
•	Raise TMA		and Underground
•	Raise TMA

2025

Open Pit exhausted in ~Q1
Final TMA raise
Initiate 4thand 5thUnderground portals
Underground producing at peak supply
Supplement Underground mill

feed with low grade stockpile	23
ore

MINING

Rainy River Mine

NI 43-101 Technical Report: Key Technical Assumptions

2020 NI 43-101 LOM plan based on Dec. 31, 2019 Mineral Reserves; Reserve pricing of $1,275 Au oz, $17 Ag oz

Open Pit Mine operation

Updated mining, processing and G&A costs
Assuming current productivity performance levels with moderate improvement
Includes principally 8:1 overburden sloping
Includes wick drains at EMRS, sloping rather than wick drains at WMRS since less waste
Open pit suppliesnon-acid-generating (NAG) rock for TMA buttressing

Underground operation

Underground updated capital and operating cost estimates developed by AMC
Utilizing existing Intrepid zone underground infrastructure
Multiple portals, includingin-pit portals for easier access to orebody
Long-holemining methodology
Resuming Intrepid ramp development in 2020; (600 m)
Potential for earlier mining of the Intrepid zone

Mill operation

•Updated metallurgical recovery model

•New hardness model per zone

Rainy River Mine

LOM Plan: Open Pit Mining Physicals

Open Pit Mining Production and Grade

	800,000								16,000
	700,000								14,000
	600,000							1.13	12,000	Tonnes Minned (k Tonnes)
		1.00			1.00			1.04
Au Ounces Mined	500,000			0.97			10,000


400,000			0.82					8,000
	0.74

300,000								6,000

	200,000								4,000	Ore
	100,000								2,000
	0		2020 NI 43-101 LOM					0

		2019	2020	2021	2022	2023	2024	2025

Create a Profitable Open Pit and Underground Mine Plan at $1,275 Gold

Rainy River Mine

LOM Plan: Open Pit Mining Physicals

	2019	2020	2021	2022	2023	2024	2025	Total
Total ore mined (k tonnes)	6,830	13,232	15,452	10,333	11,924	15,000	1,607	67,547

Mined grade (Au g/t)	1.00	0.74	0.82	1.00	0.97	1.04	1.13	0.91

Waste mined - operating (k tonnes)	26,901	28,221	26,845	13,136	20,951	13,339	323	102,815

Waste mined - capital (k tonnes)	9,486	13,789	12,928	27,670	13,569	-	-	67,956

Total tonnes mined (k tonnes)	43,217	55,243	55,224	51,139	46,444	28,340	1,930	238,319

Total tonnes mined per day (k tonnes)	118	151	151	140	127	78	21	124

Strip Ratio (waste:ore)	5.33	3.17	2.57	3.95	2.90	0.89	0.20	2.53

Ounces mined (Au oz)	219,586	314,806	407,367	332,217	371,852	501,561	58,371	1,986,175

Totals may not compute exactly due to rounding. 2025 represents a partial year of mining.

Open pit mining from Phases2-4 over the life of the mine
Strip ratio (total waste:ore) of 2.53:1 (5.33 in 2019), including 21Mt of LGO
Significantly decreased capital waste and waste dump stabilization requirements
Low grade ore stockpiled for processing during the underground mine life
Updated open pit plan provides sufficient NAG rock for TMA buttressing, eliminating the need forout-pit mining, which sourced 6.3Mt in 2019
Open pit mining completed in Q1 2025

Rainy River Mine

LOM Plan: Mine Sequence Q4 2020

Rainy River Mine

LOM Plan: Mine Sequence Q4 2021

Rainy River Mine

LOM Plan: Mine Sequence Q4 2022

July 2022

Q4 2022

Rainy River Mine

LOM Plan: Mine Sequence Q4 2023

Rainy River Mine

LOM Plan: Mine Sequence Q4 2024

Aug 2024

Q4 2024

Rainy River Mine

LOM Plan: Mine Sequence Q1 2025

April 2025

Q1 2025

Depleted Pit

Rainy River Mine

LOM Plan: Underground Mining Physicals

Underground Mining Production and Grade

Au Ounces Mined

200,000																	1,200
													4.35
									4.26	4.31
											4.10	1,000


160,000			3.70				3.67									tonnes)



				2.99									800

120,000																		(k

														600	Mined

															TonnesOre
40,000
80,000															400

															200
0																	0


	2020 NI 43-101 LOM

	2022	2023		2024	2025	2026	2027	2028

Higher Underground Mine Grade Drives Better Margins

Rainy River Mine

LOM Plan: Underground Mining Physicals

	2022	2023	2024	2025	2026	2027		2028	Total1
Total ore mined (k tonnes)	51	143	537	978	1,149	1,121		116	4,096

Mined grade (Au g/t)	3.70	2.99	3.67	4.26	4.31	4.35		4.10	4.17

Waste mined - stope development (k tonnes)	-	7	17	67	47		-	-	138

Waste mined - stope development (m)	-	104	251	968	678		-	-	2,001

Waste mined - capital development (k tonnes)	67	109	145	401	89		-	-	852

Waste mined - capital development (m)2	1,032	1,682	1,944	5,706	1,367		-	-	12,332

Total tonnes mined (k tonnes)	118	259	700	1,446	1,285	1,121		116	5,086

Ounces mined (Au oz)	6,107	13,744	63,350	134,049	159,335	156,616		15,310	548,512

Totals may not compute exactly due to rounding.

Underground production 2022 to 2028 via 5 access portals (4in-pit plus Intrepid), resulting in significant reduction in horizontal and vertical development metres and in-mine infrastructure
Long-holemining method
Mining rate ramps up to a peak of 3,100 tpd by 2026
Average gold grade of 4.17 g/t
Open pit fleet tore-handle ore mined from portals

1.	Total includes 41 k tonnes of intrepid exploration drive schedule for 2020.	35
2.	Includes horizontal and vertical metres.

Rainy River Mine

LOM Plan: Underground Sequencing

Rainy River Mine

LOM Plan: Underground Sequencing

PROCESSING & TAILINGS

Rainy River Mine

LOM Plan: Mill Production

Gold Production and Ore Tonnes Milled vs. Gold Grade

	400,000										10,000
	350,000				1.19	1.26	1.25				9,000
			1.17

	1.08									8,000
		1.02								Tonnes Milled (k tonnes)
Au Ounces Produced	300,000	0.95								7,000
						0.85
							0.84
250,000								6,000


200,000									0.61	5,000
150,000										4,000

										3,000
	100,000										2,000	Ore


	50,000										1,000
		2020 NI 43-101 LOM
	0							0

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028

Maximizing Throughput Over Life of Mine

Rainy River Mine

LOM Plan: Mill Production

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	Total
Open Pit HGO milled (k tonnes)	5,384	4,104	4,386	4,504	4,535	4,577	3,112	-	-	-	25,217


Open Pit MGO milled (k tonnes)	2,465	5,156	4,934	4,412	3,812	2,538	2,228	-	-	-	23,080

Open Pit LGO milled (k tonnes)	174	-	285	582	1,031	1,911	3,156	8,272	8,318	1,623	25,179

Underground ODM milled (k tonnes)	-	-	-	51	108	64	845	1,149	1,121	116	3,455

Underground Intrepid milled (k tonnes)	-	-	-	-	35	473	133	-	-	-	641

Total ore milled (k tonnes)	8,023	9,260	9,605	9,549	9,521	9,563	9,474	9,421	9,439	1,739	77,572

Mill Feed Grade (Au g/t)	1.08	0.95	1.02	1.17	1.19	1.26	1.25	0.85	0.84	0.61	1.06

Recovery (Au %)	91.0	87.8	88.3	89.5	90.4	90.7	90.2	86.6	86.6	83.2	88.6

Gold ounces produced (Au oz)	253,772	249,162	278,410	321,829	329,346	350,974	342,726	222,342	220,380	28,312	2,343,481

Totals may not compute exactly due to rounding.

Annual average 9.5Mt ore processed
Mill availability of ~92% with opportunity to improve
Operating mill at an average throughput rate of 25ktpd
Metallurgical recovery varies by ore type and feed grade
Low grade stockpiles are used to supplement underground ore mill feed in 2025 to 2028
Completed pebble crusher testing in January 2020 with final commissioning in February 2020
Gravity circuit was commissioned in January 2020 to improve gold recoveries

Rainy River Mine

LOM Plan: Tailings Management Area (TMA)

Rainy River Mine

LOM Plan: Tailings and Water Management Plan

Tailings Management Area and Water Management Capital (~30% of Sustaining Capital)

Current plan considers 11:1 slope dam, exclusive of buttressing, with opportunity to optimize
Complete construction in association with water management plan
- Water treatment plant (WTP) operational since Q3 2019
- Installation of diffuser in Pinewood River completed in Q4 2019, allowing for a controlled discharge
- Bio-chemicalreactor (BCR2) allowing for discharge of water, scheduled to be in operation in Q2 2020
Opportunity to optimize TMA design and operation, with improved understanding of water balance and geotechnical conditions

Controlling Water Balance to Optimize TMA

OPERATING & CAPITAL COSTS

Rainy River Mine

LOM Plan: Open Pit Mining Operating Costs

Open Pit Net Mining Cost $/tonne mined

Open Pit Mining Unit Costs & Tonnes Mined

$4.00		50,000

$3.00								40,000


							30,000

$2.00
							20,000

$1.00
							10,000

$0.00				2020 NI 43-101 LOM				0

2019	2020	2021	2022	2023	2024
				Light Vehicles ($/t)		Dewatering ($/t)


				Floors, Roads & Dumps ($/t)		Geology ($/t)


				Engineering ($/t)		Mobile Maintenance & Oth. Maintenance ($/t)
				Administration & other ($/t)		Support Services ($/t)
				Loading ($/t)		Blasting ($/t)


				Drilling ($/t)		Hauling ($/t)

Open Pit operating tonnes mined (k tonnes)

Operating Tonnes Mined (k tonnes)

Maximizing Productivity to Reduce Unit Costs

Rainy River Mine

LOM Plan: Open Pit Mining Operating Costs

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	Total
Total Open Pit net mining costs ($M)	112.1	113.4	108.8	66.6	95.2	88.8	29.7	23.4	21.3	3.6	550.9

Administration & other ($/t)	0.32	0.12	0.12	0.13	0.12	0.13	0.57	-	-	-	0.14

Mobile and other maintenance ($/t)	0.66	0.42	0.41	0.47	0.48	0.65	5.59	-	-	-	0.66

Engineering ($/t)	0.09	0.05	0.04	0.05	0.05	0.05	0.15	-	-	-	0.05

Geology ($/t)	0.07	0.11	0.11	0.12	0.11	0.12	0.21	-	-	-	0.11

Drilling ($/t)	0.40	0.33	0.29	0.31	0.28	0.27	0.17	-	-	-	0.30

Blasting ($/t)	0.25	0.31	0.29	0.35	0.35	0.34	1.09	-	-	-	0.33

Loading ($/t)	0.38	0.26	0.27	0.32	0.32	0.33	1.95	-	-	-	0.36

Hauling ($/t)	0.62	0.70	0.63	0.60	0.69	0.74	2.97	-	-	-	0.77

Floors, Roads & Dumps ($/t)	0.02	0.02	0.02	0.02	0.02	0.03	0.28	-	-	-	0.03

Dewatering ($/t)	0.05	0.04	0.04	0.05	0.05	0.09	0.52	-	-	-	0.07

Support Services ($/t)	0.41	0.35	0.33	0.39	0.38	0.36	1.75	-	-	-	0.40

Light Vehicles ($/t)	0.03	0.02	0.02	0.03	0.03	0.02	0.16	-	-	-	0.03

Total Open Pit mining costs ($/t mined)	3.32	2.74	2.57	2.84	2.90	3.14	15.40	-	-		3.23

Total Open Pit mining costs ($/t moved)	2.71	2.36	2.27	2.24	2.54	2.73	3.21	2.83	2.55	2.33	2.47

Totals may not compute exactly due to rounding.

Open Pit mining ends in Q1 2025, thereafter costs are associated withre-handle tonnes from stockpiles to crusher, pit dewatering etc. to allow for continued Underground mining
Open Pit is able to supply the NAG required for TMA construction, therefore all mining resources can be utilized inside the pit increasingex-pit tonnage productivity of the current mining fleet

•	Reduction in Open Pit mining costs from 2019 is primarily due to an increase in mining rate and reduced number of drilling, earthworks and maintenance	45
	contractors

Rainy River Mine

LOM Plan: Underground Mining Operating Costs

Total Underground Mining Cost $/ore tonne

			Underground Mining Unit Costs & Ore Tonnes Mined
$90.00										1,400

$80.00
									1,200

$70.00
									1,000
$60.00

									800
$50.00

$40.00
									600

$30.00
									400

$20.00
									200
$10.00

2020 NI 43-101 LOM
$0.00								0


2022	2023	2024	2025	2026	2027	2028
			Ore drift development ($/t)			Stope development ($/t)


			Mine general ($/t)				Mine maintenance ($/t)


			Employee Transportation, Accomodation, Camp($/t)	Backfill ($/t)
			LH stoping ($/t)				Underground ore tonnes mined (k tonnes)

Peak Production in 2025-2027 Reduces Operating Costs

Rainy River Mine

LOM Plan: Underground Mining Operating Costs

	2022	2023	2024		2025	2026	2027	2028	Total
Total Underground net mining costs ($M)	4.1	12.1	27.1		55.9	62.2	40.8	5.2	207.3
Stope development ($/t)	-	4.31	2.75		5.78	3.43	-	-	2.86
Ore drift development ($/t)	15.51	26.49	12.47		19.22	18.31	-	-	12.49
LH stoping ($/t)	15.00	15.51	19.68		17.17	17.65	24.28	24.44	19.70
Backfill ($/t)	-	-		-	0.94	3.45	5.67	3.27	2.84

Mine general ($/t)	29.81	28.83	12.18		10.70	8.65	4.45	12.23	9.53
Mine maintenance ($/t)	-	-		-	0.17	0.15	0.15	0.24	0.13

Employee Transportation, Accommodation, Other ($/t)	20.42	9.14	3.37		3.12	2.44	1.88	4.54	3.09
Total Underground mining costs ($/ ore tonne mined)	80.74	84.30	50.45		57.11	54.08	36.42	44.72	50.62

Total Underground ore tonne mined (k tonnes)	51	143	537		978	1,149	1,121	116	4,096

Totals may not compute exactly due to rounding.

Underground mining reaches peak production in2025-2027
Utilize existing surface infrastructure i.e. maintenance facility
Underground waste used for backfilling

Rainy River Mine

LOM Plan: Processing Operating Costs

Processing Unit Costs & Ore Tonnes Milled

$10.00		12,000

Milling Unit Cost $/t

$8.00

$6.00

$4.00

$2.00

10,000

8,000

6,000

4,000

2,000

Ore Milled (k tonnes)

$0.00		2020 NI 43-101 LOM								0

2019	2020	2021	2022	2023	2024	2025	2026	2027	2028

Personnel ($/t)	Cyanide ($/t)	Other reagent ($/t)	Electricity ($/t)


Grinding media ($/t)	Mill & Crusher Liners ($/t)	Other Consumables ($/t)	Maintenance ($/t)


Outside Services ($/t)	Other ($/t)	Tonnes Milled (k tonnes)

Optimization of Mill Operation Stabilizes Costs

Rainy River Mine

LOM Plan: Processing Operating Costs

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	Total
Total processing costs ($M)	72.2	69.4	71.3	70.1	70.3	69.7	68.6	68.3	68.2	9.0	565.0

Personnel ($/t)	1.97	1.66	1.59	1.59	1.60	1.59	1.52	1.53	1.52	2.04	1.59

Cyanide ($/t)	0.49	0.46	0.47	0.47	0.47	0.47	0.47	0.47	0.47	0.47	0.47

Other reagent ($/t)	0.90	0.92	0.92	0.92	0.92	0.94	0.92	0.91	0.91	0.78	0.92

Electricity ($/t)	0.67	0.78	0.76	0.76	0.76	0.76	0.77	0.77	0.77	0.85	0.77

Grinding media ($/t)	0.93	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Mill & Crusher Liners ($/t)	0.25	0.32	0.37	0.34	0.37	0.29	0.34	0.34	0.34	-	0.33

Other Consumables ($/t)	0.55	0.42	0.43	0.42	0.42	0.41	0.41	0.41	0.41	-	0.41

Maintenance ($/t)	0.99	0.96	0.98	0.95	0.95	0.94	0.95	0.95	0.95	-	0.93

Outside Services ($/t)	1.65	0.66	0.56	0.53	0.53	0.53	0.54	0.54	0.54	-	0.54

Other ($/t)	0.62	0.30	0.36	0.36	0.36	0.36	0.33	0.33	0.31	0.05	0.33

Total processing costs ($/t)	9.00	7.50	7.43	7.34	7.39	7.29	7.24	7.25	7.22	5.19	7.28

Total ore milled (k tonnes)	8,023	9,260	9,605	9,549	9,521	9,563	9,474	9,421	9,439	1,739	77,572

Totals may not compute exactly due to rounding.

Reduction in Mill costs is consistent with increased process tonnes, costs remain relatively stable over LOM
Reduction in costs from 2019 primarily due to reduced contractor costs (included in "Outside Services") and reagent optimization combined with improved mill availability in 2020 and over the life of mine

Rainy River Mine

LOM Plan: Site G&A Operating Costs

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	Total
Total G&A costs ($M)	34.1	32.4	33.3	29.0	28.5	25.9	21.3	21.1	19.5	2.2	213.3

General & Administration ($/t)	0.30	0.24	0.23	0.23	0.23	0.19	0.15	0.14	0.14	0.07	0.19

Community ($/t)	0.43	0.38	0.29	0.21	0.21	0.19	0.17	0.18	0.16	0.05	0.22

Environment ($/t)	0.52	0.44	0.40	0.41	0.38	0.33	0.29	0.25	0.23	0.08	0.33

Human Resources ($/t)	0.22	0.29	0.27	0.24	0.24	0.25	0.19	0.17	0.16	0.08	0.22

Employee Transportation, Accommodation,
Camp ($/t)	0.90	0.59	0.61	0.56	0.55	0.52	0.41	0.54	0.48	0.62	0.53
Information Technology ($/t)	0.14	0.13	0.13	0.13	0.13	0.09	0.09	0.08	0.08	0.02	0.11

Health & Safety ($/t)	0.31	0.27	0.28	0.26	0.26	0.22	0.20	0.16	0.15	0.05	0.22

Finance ($/t)	0.45	0.36	0.36	0.37	0.38	0.34	0.33	0.33	0.32	0.07	0.34

Warehouse & Purchasing ($/t)	0.56	0.51	0.61	0.34	0.32	0.29	0.20	0.17	0.16	0.12	0.32

Other ($/t)	0.42	0.30	0.29	0.29	0.29	0.29	0.23	0.22	0.19	0.11	0.26

Total G&A costs ($/t)	4.25	3.50	3.46	3.04	3.00	2.71	2.25	2.24	2.07	1.28	2.75

Total ore milled (k tonnes)	8,023	9,260	9,605	9,549	9,521	9,563	9,474	9,421	9,439	1,739	77,572

Totals may not compute exactly due to rounding.

G&A costs include property taxes and other site services
Unit costs decrease in 2020 with higher mill throughput, and decrease further in 2024 as the Open Pit mine is depleted with consequent reduction in workforce and ancillary activities

Rainy River Mine

LOM Plan: Capital Spend

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	Total
Open Pit	71.4	61.0	62.8	94.5	54.0	22.2	0.5	5.6	0.6	-	301.1

Underground	-	-	-	6.5	13.5	8.4	24.5	10.9	0.3	-	64.1

Process & Tailings	64.9	35.4	37.2	30.0	31.1	30.3	21.7	-	-	-	185.8

Infrastructure	41.1	22.5	4.1	-	-	-	-	-	-	-	26.5

Other	1.5	0.4	2.4	1.9	1.9	1.9	-	-	-	-	8.6

Total Sustaining Capital ($M)	178.9	119.2	106.5	133.0	100.5	62.9	46.7	16.4	0.9	-	586.1


Underground Project	3.4	3.8	-	10.1	3.4	11.1	27.7	-	-	-	56.1

Total Non-Sustaining Capital ($M)	3.4	3.8	-	10.1	3.4	11.1	27.7	-	-	-	56.1


Total Capital ($M)(1)	182.3	123.0	106.5	143.1	103.9	74.0	74.4	16.4	0.9	-	642.3

Totals may not compute exactly due to rounding.

Open Pit capital spend includes $159M of capital stripping costs, and $124M of capital parts and component replacements
Non-sustainingcapital related to initial underground infrastructure and pre-production development
Process & tailings capital primarily relates to TMA dam raises
Infrastructure capital primarily relates to waste dump stabilization

Remaining Capital Focuses on Stripping and Dam Construction

1. Capital spend does not include additional working capital outflows of $3M in 2019, and $23M 2020 LOM, or items on capital lease of $38M 2020 LOM.

RAINY RIVER LOOKING FORWARD

Rainy River Mine

LOM Plan: Additional Growth Opportunities

Operational Enhancements

Ongoing implementation of enhanced operational efficiencies and cost reduction initiatives
Drilling & blasting performance
Improving cycle time,hot-seating
Reduce overburden, padding, reducing material handling
New maintenance shop in close proximity to operation

Tailings

Optimize the water treatment, with BCR2 being commissioned in Spring 2020
Potential to reduce the 11:1 sloping while maintaining a 1.5 safety factor

Underground Expansion Opportunity

Opportunity to extend the development of Underground in the future
5 portals to better maintain & increase productivity
Potential to accelerate Intrepid zone

Exploration Program Potential

Ongoing Exploration programs withnear-mine and district level opportunities
Exploration ongoing in North East trend
Open to any external source to add with underground Resource

NEW AFTON

2020 & LOM Technical Presentation

John Ritter, General Manager

HIGHLIGHTS

New Afton Mine

British Columbia, Canada

New Afton Mine

NI 43-101 Technical Report: LOM Plan Update

The Technical Report will support the December 31, 2019 Mineral Reserve and Resource estimates and provides a technical and cost update of the revised Life of Mine (LOM) Plan

B3 andC-zone fully integrated mine plan
Geotechnical study updates:
- Mine design
- Subsidence
Tailings update:
- In-pitdisposal using a thickened & amended tailings approach to increase stability
- Stabilization of current and old tailings
Permitting timeline
Capital and operating costs updated

West	East
Cave	Cave
B3	East Cave
	Recovery
	(SLC))
C-zone

New Afton Mine

NI 43-101 Technical Report: Highlights

48 Mt of ore mined(2020-2029) at an avg. of 0.68 g/t gold and 0.77% copper
Average annual production of 74 Mlb of copper and 90,700 oz. of gold(2020-2029) with stockpiled ore processed in 2030
Production fromC-zone begins in Q4 2024, ramping-up to full production from 2025-2029 with average annual production of 76 Mlb of copper and 99,000 oz. of gold for the period
Lower production expected for the2021-2024 period could be partially offset with the additional resources from the lower SLC zone through exploration drilling
Self-fundeddevelopment of C-zone from 2020-20241
Thickened and amended tailings will be utilized to stabilize current tailings facility and historic tailings facility ultimately depositing into historic Afton pit
Geotechnical study updates to optimize mine plan and subsidence control
Total capital ($175M sustaining and $460M growth) elevated from 2020 to 2023 forC-zone development; decreasing in 2024-2026 and minimal capital over the balance of the mine life

Self-funded Project Generates ~$1 billion FCF

1. Assuming $1,300 per gold ounce, $16.00 per silver ounce, and $3.00 per copper pound and foreign exchange rate of 1.30 Canadian dollars to 1 US dollar	58

New Afton Mine

NI 43-101 Technical Report: Highlights

2020-LOM Production

2020-LOM Gold Eq. Production3

2020-LOM Costs

918

746

thousand Au oz			$610/ Au eq. oz1
$2.7million Au eq. oz1
million Cu lbs	$1,300/oz Au, $16/oz Ag, $3.00/lb Cu		Average Cash Costs
		$681/ Au eq. oz1
	$2.3million Au eq. oz2
	$1,550/oz Au, $17.50oz Ag, $2.75/lb Cu		Average All-in sustaining costs (AISC)

PROUD PAST, BRIGHT FUTURE -

TOGETHER WE SUCCEED

2020-LOM Capex		2020-LOM Economics NPV 5%

$175million	$735million

Sustaining Capex

(after-tax)

$1,300/oz Au, $3,00/lb Cu, $16/oz Ag

$460million$766million

Non-sustaining Capex	(after-tax)
$1,550/oz Au, $2.75/lb Cu, $17.50/oz Ag

1 Gold eq. ounces for New Afton includes silver ounces and copper pounds converted to a gold eq. The ratio for 2020-LOM was calculated using base case price assumptions of $1,300 per gold ounce, $16 per silver ounce and $3.00 per pound copper. 2 Gold eq. ounces calculated using spot prices of $1,550 per gold ounce, $17.50 per silver ounce and $2.75 per pound copper.

MINERAL RESERVES & RESOURCES

New Afton Mine

Year-End Mineral Reserves & Resources1

2019 Year-End Mineral Reserves

1 million gold oz and 802 million copper pounds (net of depletion)
Remaining reserves net positive since 2015 addition ofC-zone

2019 Year-End Mineral Resources (exclusive of Reserves)

5% increase in Measured & Indicated Resources (net of conversion)

Mineral Reserves (Au k oz, Cu M lbs)

Cu, Mlbs Au, Koz

1,400

1,200

1,000

800

600

400

200

2014YE 2015YE 2016YE 2017YE 2018YE 2019YE

Exploration results support potential for further resource growth

West	East
Cave	Cave

Newhigh-grademineralizationidentified by recent exploration drilling

•Near mine includingSLC Zone,D-ZoneandEast Extension

Resource to reserve conversion of SLC Zone

C-zone

•29,000gold oz and 22 millioncopper pounds from SLC Zone incorporated into the mine plan and converted to reserves

1. Refer to the detailed December 31, 2019 Mineral Reserves and Resources tables reported in the press release dated February 13, 2020.	61

New Afton Mine

Mineral Resources and Mineral Reserves

Mineral Reserves Statement as at December 31, 2019

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	20,213	0.55	1.9	0.73	357	1,234		323
C-zone
Proven	-	-	-	-	-	-		-
Probable	27,088		0.74		1.8		0.80		648		1,610		478
Total New Afton P&P	47,302	0.66	1.9	0.77	1,005	2,844		802

Mineral Resource Statement as at December 31, 2019

	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	17,013	0.63	1.7			0.83	346	940		312
	Indicated	9,759		0.44		2.6			0.71		138		825		154
	A&B Zone M&I	26,773	0.56	2.1			0.79	484	1,765		466
	C-zone
	Measured	6,116	0.78	2.0			0.94	154	401		126
	Indicated		12,727		0.71		2.1			0.83		292		852		233
	C-zone M&I	18,843	0.74	2.1			0.86	446	1,254		359
	HW Lens
	Measured	-	-	-			-	-	-		-
	Indicated		11,362		0.51		2.0			0.44		187		738		109
	HW Lens M&I	11,362	0.51	2.0			0.44	187	738		109
	Total New Afton M&I	57,008	0.61	2.1			0.74	1,118	3,754		933


	Inferred					Metal grade				Contained metal

			Tonnes		Gold		Silver	Copper		Gold		Silver	Copper
			000s		g/t		g/t	%		Koz		Koz	Mlbs
	NEW AFTON
	A&B Zone	6,367	0.34	1.3			0.35	70	272		49
	C-zone	7,650	0.41	1.3			0.47	101	316		71
	HW Lens	3	0.49	0.6			0.19	0	0		0
	New Afton Inferred	14,022	0.38	1.3			0.42	172	589		121
			62
	Mineral Reserves have been estimated based on the following metal prices and foreign exchange rate criteria: Gold $1,275/oz, Silver $17.00/oz, Copper $3.00/lb, CAD:USD 1.30
Mineral Resources have been estimated based on the following metal prices: Gold $1,350/oz, Silver $18.00/oz, Copper $3.25/lb

MINING

New Afton Mine

LOM Plan: Mining Production Schedule

B3 and C-zone fully integrated mine plan

New Afton Mine

LOM Plan: Mining Production Details

Total tonnes mined

Mine Production

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

		2020 NI 43-101 LOM
0

2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
			Ore Mined			Waste Mined - Operating		Au Grade (g/t)		Cu Grade (%)

1.00
0.90
0.80	%)
0.70
g/t, Cu
0.60
0.50	(Au
grade
0.40
Metal
0.30

0.20

0.10

Potential Upside Incorporating SLC Zone

New Afton Mine

LOM Plan: Production & Grade

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	Total

Ore Mined (k tonnes)	5,437	5,643	4,151	4,152	4,672	4,217	4,915	5,840	5,840	5,581	3,070	48,081
Mined Au Grade (Au g/t)	0.48	0.53	0.62	0.67	0.62	0.56	0.70	0.83	0.87	0.74	0.51	0.68
Au ounces mined (k oz)	84	95	82	89	93	76	111	155	163	133	50	1,049

Mined Cu Grade (%)	0.79	0.80	0.77	0.79	0.70	0.64	0.73	0.86	0.95	0.78	0.55	0.77
Cu pounds mined (M lbs)	94.7	99.4	70.8	71.9	72.2	59.7	79.1	110.9	122.3	96.2	37.2	819.6
Waste Mined - Op. (k tonnes)	47	12	95	161	0	197	565	415	320	504	294	2,563
Gold eq. ounces mined (k oz)1	260	330	249	258	263	216	297	416	450	359	137	2,977

Max production rates:Lift 1= 15.4ktpcd; B3= 10.5ktpcd; C-zone= 17.0ktpcd
Lift 1mine plan includes West Cave, East Cave, pillar recovery, East Cave recovery (SLC): 2020 - 2022
- Pillar Recovery: retreat mining of the major apex pillars from the extraction level. Successfully initiated in two drives in 2019
- East Cave recovery:5-level recovery mining plan using SLC mining method to recover reserves in closest area of East Cave and additional reserves below
B3block cave producing from 2021 - 2024
- Ore is trucked with automated truck loading chutes to existing Lift 1 crusher
C-zoneblock cave producing from 2023 - 2029
- Ore segregation planned to improve mill grades
- Second crusher and conveyor system extension for materials handling to be installed

1 Gold eq. ounces for New Afton includes silver ounces and copper pounds converted to a gold eq. based on a ratio of the market prices for the commodities for each period. The ratio for 2020-LOM was calculated using base case price	66
assumptions of $1,300 per gold ounce, $16 per silver ounce and $3.00 per pound copper.

New Afton Mine

LOM Plan: Development Physicals

Tonnes Mined

								Mine Development
7,000,000													6,000

6,000,000
												5,000

5,000,000
												4,000

4,000,000
												3,000

3,000,000
												2,000

2,000,000
												1,000
1,000,000
			2020 NI 43-101 LOM

-													-

2019	2020	2021	2022	2023	2024	2025	2026		2027	2028	2029
			Ore Mined (t)		Waste Mined - Capital (t)		Waste Mined - Operating (t)		Capital Development (Meters)

Development Meters

C-zone Capital Development Ends and Production Ramps Up in 2023

New Afton Mine

LOM Plan: Development Physicals

	2019	2020	2021	2022	2023	2024	2025	2026	Total

Capital Development Total (meters)	3,203	5,285	5,338	5,399	4,741	1,613	1,200	380	23,956

B3 Development (meters)	1,862	2,436	1,466	68	-	-	-	-	3,970

C-zone Development (meters)	1,341	2,849	3,872	5,331	4,741	1,613	1,200	380	19,986

Waste Mined - Cap. (k tonnes)	217	366	384	411	289	74	55	17	1,596

Max development rate = 450 m/month
B3 andC-zone Development restarted in 2019; significant ramp up to plan achieved
Further ramp up required in 2020; planned rates are in line with past performance
Capital development completed in 2026

New Afton Mine

LOM Plan: Mining B3 Development

New Afton Mine

LOM Plan: B3 Apex Level Development

New Afton Mine

LOM Plan: B3 Undercut Level Development

New Afton Mine

LOM Plan: B3 Extraction Level Development

New Afton Mine

LOM Plan: B3 Haulage Level Development

New Afton Mine

LOM Plan: B3 Drawbell Schedule

New Afton Mine

LOM Plan: C-zone Design Updates

ORIGINAL DESIGN	SPLIT LEVEL DESIGN


		Cave
		Area
	Cave


	Area

HIGH WRAP AROUND		MOVING THE STRESS
STRESSES ON EXT		FURTHER DOWN

Split Level Design Shifts Stress Minimizing Draw Points Geotechnical Risk

New Afton Mine

LOM Plan: C-zone Development

New Afton Mine

LOM Plan: C-zone Declines Development

New Afton Mine

LOM Plan: C-zone Undercut Level Development

New Afton Mine

LOM Plan: C-zone Extraction Level Development

New Afton Mine

LOM Plan: C-zone Split Level Development

New Afton Mine

LOM Plan: C-zone Haulage Level Development

New Afton Mine

LOM Plan: C-zone Drawbell Schedule

PROCESSING & TAILINGS

New Afton Mine

LOM Plan: Mill Production

Total tonnes milled

Mill Production

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

		2020 NI 43-101 LOM
-

2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
					Tonnes Milled			Au Produced (oz)		Cu Produced ('000 lbs)

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

Metal Produced (oz, '000 lbs)

Maximizing Mill Throughput Throughout Life of Mine

New Afton Mine

LOM Plan: Mill Production

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	Total

Ore Milled (k tonnes)	5,584	5,560	4,577	4,614	4,740	4,679	4,637	5,122	5,121	4,911	4,655	956	49,572
Au Grade (g/t)	0.47	0.53	0.59	0.63	0.62	0.53	0.73	0.89	0.92	0.78	0.47	0.40	0.67
Au Recovery (%)	81.5	82.1	87.0	87.3	86.4	81.5	88.3	87.7	87.9	87.9	85.6	85.9	86.1
Au Production (k oz)	68.8	77.9	74.4	81.1	81.1	65.4	96.0	128.7	133.6	108.8	60.2	10.5	917.8
Cu Grade (%)	0.78	0.81	0.75	0.75	0.70	0.62	0.76	0.93	1.01	0.83	0.50	0.41	0.76
Cu Recovery (%)	82.7	83.4	87.3	91.2	89.7	88.6	91.5	91.0	91.4	91.8	88.2	89.8	89.4
Cu Production (M lbs)	79.4	82.5	65.4	69.4	65.4	56.6	71.3	95.5	104.3	82.1	45.5	7.7	745.7
Au Eq. Production (k oz) 1	229.1	272.5	228.0	243.5	234.4	198.0	263.3	352.7	377.9	300.8	167.0	28.7	2,666.8

B3 andC-zone hypogene recovery model
- Laboratory flotation behavior of hypogene B3 &C-zone ore different than West and East Cave
- Relatively high recoveries for both copper and gold at a given grind size. Approximately 95% of copper contained in chalcopyrite and 3% in tennantite/enargite, both with historically high recoveries
- Model forecasts recovery of82-86% Au, 86-90% Cu, for typical B3 & C-zone hypogene production grade range
- Models include 0.8% recovery increase / 10 micron grind decrease
- Lift 1 model used for B3 &C-zone mesogene ore
Basis of model
- Rougher-cleanerflotation tests; 18 tests on 9 composite samples

1 Gold eq. ounces for New Afton includes silver ounces and copper pounds converted to a gold eq. based on a ratio of the market prices for the commodities for each period. The ratio for 2020-LOM was calculated using base case price	85
assumptions of $1,300 per gold ounce, $16.00 per silver ounce and $3.00 per pound copper.

New Afton Mine

LOM Plan: Mill Feed Profile

Lift 1		C-zone

Historical Updated Life of Mine Plan

C-zone is Predominantly Hypogene Ore	86

New Afton Mine

LOM Plan: Thickened & Amended Tailings (TAT) Project

Thickened tailings to New Afton Tailings Storage Facility (NATSF)
Amended tailings to Historic Afton Open Pit (HAOP) and Historical Afton Tailings Facility (HATSF)
Long term tailings disposal

New Afton Mine

LOM Plan: Thickened & Amended Tailings (TAT) Project

Concept:

Discharge ofnon-flowable, thickened and cemented tailings into the historic Afton open pit

Thicken tailings to58-62% solids, return supernatant water to mill
Amend thickened tailings with cement to increase strength and reduce free water
Pump thickened and amended tailings to discharge location
Reclaim bleed water back to process

Thickened and Amended Tailings Brings Non-flowable State	88

New Afton Mine

LOM Plan: Thickened & Amended Tailings (TAT) Project

HAOP Deposition - Strengths & Amendment Rates

% Cement Optimization Continues

Savings Value Opportunity

Historic Afton Pit Preferred Tailings Deposition Area	89

New Afton Mine

LOM Plan: 2019 Current Tailings Operations

Historic Pit

Historic Afton TSF

NATSF

NATSF:

Sand recovery Spigot fines Water Storage

New Afton Mine

LOM Plan: 2020 Tailings Operations

HATSF:

B3 Stabilization

Note - Stabilization areas shown for discussion only - NTS

Complete trafficability trials and improvements within NATSF stabilization footprint

NATSF:

Sand recovery

Spigot fines

Water Storage

New Afton Mine

LOM Plan: H1 2021 to H2 2022 Tailings Operations

HATSF:

C-zone Stabilization

Note - Stabilization areas shown for discussion only - NTS

Thickener operations start to NATSF

•Site water inventory moved to Pothook

NATSF:

Pond removed
Thickened tailings deposition
Deposition plan focus
- Trafficability
- Closure grading

New Afton Mine

LOM Plan: H1 2021 to H2 2022 Tailings Operations

Note - Stabilization areas shown for discussion only - NTS

Thickened tailings

Placement

Thickened tailings cyclone U/F

B3 Stab Area

Dewatering well

installationC-zone Stab Area

Stabilization end of Q2 2022:

B3 Stabilization and confirmation testing completed
C-zoneStabilization underway

Thickened tailings

Water reclaim to plant

Spillway location
Bleed water reclaim to Pothook

New Afton Mine

LOM Plan: H2 2022 to LOM Tailings Operations

HATSF TAT Option

- SLC, Operation Flexibility ,etc.

Note - Stabilization areas shown for discussion only - NTS

TAT to HAOP

Pothook Water

Storage +0.25M m³

HATSF

Stabilization

Complete

NATSF

Stabilization

Complete

SUBSIDENCE

& STABILIZATION

New Afton Mine

LOM Plan: Updated Beck Model (January 2020)

NATSF

Figure taken from the Oct 2019 BECK Report
- End of Lift 1 mining with Recovery and Pillar Mining. Includespost-mining flooding of the subsidence & pit areas. 6% overdraw used in this model for "Worst Case Subsidence"

NATSF

Figure taken from the January 2020 BECK Report
- End of B3 and SLC mining. Includes post- mining flooding of the subsidence & pit areas. "Worst Case Subsidence" is currently being generated by an Applied Point Estimate Method

Modeling Demonstrates No NATSF Interaction Due to Lift 1 and Potentially B3

New Afton Mine

LOM Plan: Subsidence Project Plot

Model vs Observed Crack (Oct 2019)

BGC Projection plot updated September 2019

Modeling Correlates Well with Actual Field Measurements

New Afton Copper-Gold Mine	97

New Afton Mine

LOM Plan: Instrumentation Crack Mapping and Prisms

Subsidence is Well Instrumented With Real Time Data

New Afton Mine

LOM Plan: Instrumentation Sub Surface Monitoring

ELEXON

Subsurface Monitoring Improves Geological Structure Data

PERMITTING & EXECUTION

New Afton Mine

LOM Plan: 2020 Permitting Activities

Milestone	Expected Time

B3	Permit Receipt	H1 2021

B3	Production	H2 2021

C-Zone Permit Receipt	H1 2022

C-Zone Production	H2 2023

Cash Flow Positive

Early and transparent engagement and consultations First Nation Partners and Key Stakeholders
Positive relationship with Government authorities has facilitated timely permitting
Government committed to 'keep Operating Mines Operating and BC Mines Competitive'

101

New Afton Mine

C-zone: Engineering Support

Underground

Mine

Expansion

Thickened &

Amended

Tailings (TAT)

Stabilization

Major Contractor1

Involvement to Date

2017 & 2019 materials handling study update

Hatch

2015 materials handling study

•	Fluor	•Phase 1 C-zone materials handling system trade-off studies &
	detailed engineering

		•2019	C-zone capital cost review
•	Wood (AMEC)	•	2015	C-zone capital cost estimate
		•	2015	C-zone climate study
•	Itasca	•	Numerical modelling of caving and subsidence
•	Beck	•	Numerical modelling of caving and subsidence
•	Golder Associates	•	2014 hydrogeology study
•	Fluor	•	Phase 1 Engineering design
•	BGC Engineering	•	Engineer of Record for NATSF
•	Knight Piesold Consulting	•	Engineer of Record for HATSF

Risk identification workshop

TSF connectivity workshop

•ITRB

•Independent review of designs and ongoing activities

1 A large number of contractors and consultants have been used. Only the major contractors or consultants are shown for reasons of brevity

102

OPERATING & CAPITAL COSTS

New Afton Mine

LOM Plan: Operating Costs

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	Total

Total net mining costs ($M)	43.5	56.0	62.4	56.7	46.6	47.1	41.5	43.7	52.9	50.3	40.7	9.4	507.2

Net Mining Cost	7.93	9.90	14.69	13.15	9.98	10.67	7.57	6.99	8.58	8.27	12.10	-	10.02
($ / tonne mined)

Tonnes mined (k tonnes)	5,484	5,654	4,246	4,314	4,672	4,414	5,480	6,255	6,160	6,085	3,364	-	50,644

Net Mining Unit Cost ($/tonne mined)

						Net Mining Unit Costs
16.00												7,000,000

14.00
											6,000,000

12.00
											5,000,000

10.00
											4,000,000

8.00
											3,000,000

6.00
											2,000,000
4.00

											1,000,000
2.00
	2020 NI 43-101 LOM

-												0

2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
				Mining Unit Costs		Tonnes Mined (exc. Capitalized Waste)

Tonnes Mined

Increase in mining unit costs 2021 - 2024 due to reduced mining rate for smaller B3 block cave and increased haul distance

104

New Afton Mine

LOM Plan: Processing & Tailings Operating Costs

Milling Unit Cost $/t

14							Milling Unit Costs & Tonnes Milled				6,000


12
												5,000

10
												4,000

8
												3,000

6
												2,000

4
												1,000
2
		2020 NI 43-101 LOM

0													0

2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Ore Milled (k tonnes)

Total Personnel ($/t)	Total Chemical & Reagents ($/t)		Total Energy ($/t)


Total Supplies & Consumables ($/t)	Total Maintenance ($/t)		Total Other Ops Expense ($/t)


Total G&A ($/t)		Tonnes Milled

2022 LOM Increased Costs with Cement Addition into Thickened Tailings

105

New Afton Mine

LOM Plan: Processing & Tailings Operating Costs

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	Total

Total processing costs ($M)	44.1	45.7	45.7	52.5	54.9	52.3	52.6	54.0	53.1	54.2	50.3	19.4	534.7

Personnel ($/t)	2.47	2.59	3.32	3.27	3.07	2.92	2.94	2.66	2.62	2.73	2.81	6.26	2.95

Chemical & Reagents ($/t)	0.37	0.50	0.67	0.74	0.73	0.73	0.73	0.72	0.72	0.73	0.73	0.80	0.70

Energy ($/t)	1.52	1.59	1.85	1.98	1.89	2.17	2.05	1.92	1.92	1.96	2.02	3.46	1.96

Supplies & Consumables ($/t)	1.42	1.54	1.82	3.07	3.78	3.53	3.66	3.50	3.45	3.61	3.53	4.41	3.16

Maintenance ($/t)	0.40	0.52	0.61	0.57	0.61	0.66	0.62	0.56	0.58	0.75	0.46	0.65	0.59

Other Ops Expense ($/t)	1.24	1.05	1.20	1.24	1.03	0.69	0.84	0.72	0.64	0.79	0.77	2.72	0.93

G&A ($/t)	0.49	0.43	0.52	0.51	0.48	0.48	0.49	0.45	0.45	0.46	0.49	2.00	0.50

Processing Cost ($/tonne processed)	7.90	8.21	9.98	11.38	11.58	11.18	11.34	10.54	10.37	11.03	10.81	20.29	10.79

Total ore milled (k tonnes)	5,584	5,560	4,577	4,614	4,740	4,679	4,637	5,122	5,121	4,911	4,655	956	49,572

Increase in processing unit costs 2021 due to decrease in tonnes milled during B3
Further increase for2022-2025 due to cement, flocculant and coagulant costs as TAT comes online
Decrease starting 2026 due to increase in tonnes milled duringC-zone production period
2030 is a partial year of processing

106

New Afton Mine

LOM Plan: G&A Operating Costs

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	Total

Total G&A Costs ($M)	12.8	16.0	15.3	14.8	15.0	14.9	14.7	14.6	14.6	14.4	14.4	8.2	1.4	158.2
General & Administration
($/t)	0.58	0.64	0.77	0.75	0.73	0.74	0.74	0.67	0.67	0.69	0.72	2.10	-	0.74
Safety ($/t)	0.40	0.46	0.56	0.55	0.52	0.55	0.53	0.49	0.49	0.51	0.53	1.55	-	0.54
Environment ($/t)	0.36	0.65	0.63	0.65	0.67	0.66	0.62	0.55	0.55	0.60	0.67	3.13	-	0.70
Human Resources ($/t)	0.19	0.19	0.27	0.20	0.20	0.20	0.20	0.18	0.17	0.17	0.16	0.38	-	0.20
Community ($/t)	-	0.04	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	-	0.02

Finance ($/t)	0.17	0.18	0.22	0.22	0.21	0.21	0.21	0.19	0.19	0.20	0.21	0.28	-	0.20
IT ($/t)	0.20	0.23	0.28	0.28	0.27	0.27	0.28	0.25	0.25	0.23	0.23	0.52	-	0.26
Warehouse ($/t)	0.40	0.41	0.49	0.49	0.50	0.50	0.51	0.46	0.46	0.48	0.51	0.50	-	0.48
Total G&A Costs ($/t)	2.29	2.88	3.34	3.20	3.16	3.19	3.16	2.85	2.85	2.93	3.09	8.61	-	3.19

Total Ore Milled (k tonnes)	5,584	5,560	4,577	4,614	4,740	4,679	4,637	5,122	5,121	4,911	4,655	956	-	49,572

Increase in site G&A unit costs in 2021 due to decrease in tonnes milled during B3
Decrease starting 2026 due to increase in tonnes milled duringC-zone production period
2030 is a partial year of processing

107

New Afton Mine

LOM Plan: Capital Costs

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	Total

Lift 1 - Sustaining	18.7	29.6	4.8	3.5	0.7	-	-	-	-	-	-	-	38.7
Tailings - Sustaining	1.5	1.0	0.2	0.2	0.0	-	-	-	-	-	-	-	1.4
B3 - Sustaining	21.9	29.7	27.4	3.5	0.5	-	-	-	-	-	-	-	61.2
Capital Exploration - Sustaining	1.8	-	-	-	-	-	-	-	-	-	-	-	-
C-zone - Non-sustaining	26.5	95.5	98.7	136.0	104.4	25.6	-	-	-	-	-	-	460.2
C-zone - Sustaining	-	-	-	-	-	19.5	32.6	18.7	1.1	0.5	0.5	0.6	73.5
Total 1	70.4	155.9	131.2	143.1	105.6	45.1	32.6	18.7	1.1	0.5	0.5	0.6	635.0

Capital Expenditures

USD millions

180

160

140												•Internally funded capital strategy

120
											•LOM Sustaining Capital = $175M; LOM Growth

100
											Capital = $460M
80

60


40

20


2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
				2020 NI 43-101 LOM
		Lift 1 - Sustaining		Tailings - Sustaining		B3 - Sustaining		Exploration - Sustaining			C-zone - Non-Sustaining		C-zone - Sustaining

Mine Development and Defined Projects Executed by Integrated Teams

108

1. Capital spend does not include working capital movement of ($9M) in 2019, and $7M 2020 LOM.

OTHER OPPORTUNITIES

New Afton Mine

LOM Plan: Optimization Opportunities Being Evaluated in 2020

TAT - potential to increase recoveries, reduce cement requirements and operating costs

Use of paste thickener over high compression thickener
Optimization ofin-pit tailings deposition design

Subsidence and Stabilization

Optimization of stabilization designs based on better understanding of subsidence mechanisms

B3 Haul Truck Automation Project - potential optimization of B3 mining rate through use of automated trucks

RFP responses collected
Options being investigated

C-zone early conveyor installation - potential to install early material handling system to support C-zone decline development

First conveyor transfer chamber to be excavated Q1 2020
Engineering firm (Fluor) selected and trade off study kicked off

C-zone electrification - potential to reduce ventilation requirements and operating costs

Battery electric Toyota trial
Sandvik battery bolter field trial
Maclean BEV trial

110

EXPLORATION

Michele Della Libera, Director, Exploration

Rainy River Mine

LOM Plan: Exploration Plan

NE Trend Target:Field reconnaissance exploration to assess the potential for shear hosted high grade gold discovery within ~15 km regional structural corridor has been completed in 2019. Two broader areas with coincident geochemical and geophysical anomalism have been defined for first pass exploration drilling in 2020.

Geological mapping, soil and rock sampling to assess the prospectivity of additional areas within the broader claims block will continue during 2020, with the objective to define drill-ready targets.

Permit application for drilling program has been submitted for a drilling campaign planned in the first half of 2020.

Target areas defined by coincident geochemical and geophysical anomalism for follow up reconnaissance drilling campaign

112

New Afton Mine

LOM Plan: Exploration Potential - Near Mine (SLC)

SLC Mining Options Were Evaluated to Add Ore Reserve Inventory to the LOM

Underground drilling delineated and expand mineral resources within and below the SLC Zone
- Delineated the SLC target area to M&I and added 3.6M tonnes of >0.4% CuEq of Mineral Resources
- Based on the highlight intercepts, resource grades in line with theC-Zone with zones of high grade Cu-Au
- Results are incorporated in the 2019 year end mineral resource update
Zone remains open to down plunge into the newly defined East Extension area

UG Drill Targets	SLC Drill Highlights

	Drill Hole	From (m)	To (m)	Int. (m)	Au (g/t)	Cu (%)
	EA19-202	88	156	68	1.85	2.97
	includes	94	122	28	2.89	4.33
	EA19-204	132	157	25	2.48	0.74
	includes	146	154	8	5.01	0.95
	EA19-210	124	152	28	1.43	0.51
	EA19-213	164	222	58	0.74	0.56
	includes	164	174	10	1.42	1.34
	EA19-215	74	106	32	1.75	2.42
		122	152	30	1.64	0.90
	includes	152	154	2	48.90	1.73
	EA19-217	38	46	8	2.33	1.80
		80	158	78	1.01	1.41
	includes	82	130	48	1.27	1.96
		158	160	2	20.00	2.52
		160	176	16	2.08	0.31
	includes	166	172	6	3.80	0.57
	EA19-228	62	104	42	0.56	0.59
		164	226	62	1.20	1.11
	includes	172	200	28	1.98	1.70
	EA19-230	50	135	85	1.31	1.57

113

New Afton Mine

LOM Plan: Exploration Potential - Near Mine (D-zone)

D-Zone Exploration Targeting Scale or Greater Resource Growth	UG Drill Targets

D-Zoneunderground drilling testing for additional resources down plunge of the C-Zone reserve
- Testing pinch and swell geometry to verify potential for zone of productive mineralization tore-widen laterally and down plunge
- 5,300m in 5 holes completed in Q4 2019
- Main ore body is pinching at depth. Potential to define additional mineralization remains as an offset and/or continuation down plunge from SLC Zone within a newly interpreted parallel dilation zone.
Drill intercepts in the upperD-Zone appear to feature good widths and grade over an approximate 200-250m vertical extent

Based on exploration results, the D-Zone has the potential to add 10Mt of additional tonnage

2019 D-Zone Drill Highlights

Drill Hole	From (m)	To (m)	Int. (m)	Au (g/t)	Cu (%)

EA19-224	784	790	6	0.15	0.40

EA19-241	556	570	14	0.78	0.27

668	674	6	0.44	0.47

114

New Afton Mine

LOM Plan: Exploration Potential - Near Mine (D-zone)

UG Drill Targets

D-Zone Resource Estimate (within red dashed polygon)

Classification	Tonnes	Au	Cu	CuEq	Gold	Copper	Copper-Eq
000's	g/t	%	%	Koz's	Mlbs	Mlbs

Measured	2,251	0.78	0.90	1.44	56	45	72

Indicated	4,718	0.73	0.86	1.37	111	90	142

Total M&I	6,969	0.75	0.87	1.39	167	134	214

Inferred	2,750	0.39	0.60	0.87	35	36	53

D-Zone Drill Highlights

Drill Hole	From (m)	To (m)	Int. (m)	Au (g/t)	Cu (%)

EA14-096	698	740	42	1.70	2.06
includes	722	738	16	1.98	2.53
EA14-097	554	642	88	0.88	1.17
includes	554	576	22	1.20	1.69
includes	586	614	28	1.04	1.43
EA14-104B	672	762	90	0.73	1.24
includes	674	688	14	0.82	1.83
includes	704	722	18	1.60	2.41
includes	750	762	12	0.99	1.26
EA14-107	676	780	104	0.97	1.10
includes	690	702	12	1.00	1.04
includes	720	740	20	1.26	0.98
includes	746	770	24	1.50	2.15
EA14-110	672	722	50	1.34	1.21
includes	674	686	12	1.76	1.51
includes	702	714	12	2.08	2.08
EA14-111	634	706	72	1.08	1.20
includes	634	648	14	1.77	1.02
includes	678	698	20	1.83	2.68
EA14-115	706	728	22	0.82	0.76
	728	752	24	1.82	2.51
	752	786	34	0.70	1.03
includes	752	766	14	0.80	1.50
EA14-124A	714	792	78	1.07	1.25
includes	714	736	22	1.49	1.49
includes	760	792	32	0.93	1.42
EA14-129A	658	724	66	1.33	1.67
includes	662	686	24	2.07	2.72
EA14-131	660	728	68	1.15	1.24
includes	660	684	24	2.08	2.12

Total MI&I

9,719

0.65

0.80

1.25

202

170

267

115

New Afton Mine

LOM Plan: Exploration Potential - East Extension (SLC Deep)

Underground Drill Targets:identify zones of near mine mineralization to potentially extend life of mine

YTD: 7,158 meters in 13 holes were drilled at East Extension
East Extension exploration target drilling defined mineralization immediately beneath SLC resource area and down plunge at depth. Interpreted as a parallel dilation zone to the main ore body.
Drill hole results define significant intervals of highAu-Cu grade and indicate the potential for additional ore resource definition in this area, sub-parallel and to the east of C-Zone resource

East Extension Targets	Upper East Extension Highlights
	Drill Hole	From (m)	To (m)	Int. (m)	Au (g/t)	Cu (%)	Cu Eq. (%)

	EA19-251	220	328	108	1.82	2.48	3.58
	Includes	226	256	30	4.78	4.02	7.03
	EA19-252	160	302	142	0.41	0.78	1.04
	EA19-253	148	242	94	0.91	1.04	1.61
	Includes	148	212	64	1.25	1.43	2.22
	EA19-257	190	212	22	0.72	1.72	2.18
	EA19-262	156	188	32	0.76	1.11	1.58
	Includes	174	184	10	2.03	2.41	3.69
	EA19-263	292	366	74	1.68	2.24	3.30
	Includes	296	314	18	2.02	3.35	4.63
	Includes	330	348	18	3.25	3.29	5.34
	EA19-265	258	358	100	1.28	2.37	3.18
	Includes	268	286	18	5.08	4.92	8.13
	Includes	318	344	26	0.53	3.32	3.66

116

New Afton Mine

LOM Plan: Exploration Potential - East Extension (SLC Deep)

Updated Interpretation: The New Afton ore body potentially consists of multiple dilatation zones host to mineralization. Currently identified two steeply plunging parallel dilatation ore zones.

•2020 drilling program planned to delineate and expand	Generalized Cross Section Oblique view to NE
mineral resources in Upper East Extension and to test the
potential of the Lower East Extension

An updated database, revised geological model, and resource estimate will be provided to the Mine Operation team bymid-year 2020 for review to evaluate the potential of converting additional resources to reserves

Dilation Zones - Plan View

117

New Afton Mine

LOM Plan: Exploration Potential - District

Preliminary Stages of Testing District Target Potential

Cherry Creek Corridor Target: exploration activities are progressing to drill targets refinement
- 12 km trend of prospective geochemical and geophysical anomalies located ~3 km from New Afton mill
- 45line-km geophysical IP survey completed at the end of August 2019
- Geochemical survey completed covering entire trend
- Significantnear-surface epithermal gold and underlying porphyry copper-gold system discovery potential
- Phase 1 exploration drilling in Q1 2020 pending permit approval by Ministry of Energy and Mines

118

FINANCIAL SUMMARY

Rob Chausse, EVP & CFO

Free Cash Flow from Operations

FCF from Operations

	FCF from Operations ($M) - 2020 - 2030
500				2,500


		2,216
400
			2,000	(Cumulative)


			1,646

300
			1,500	Operations

200				1,000
			fromFCF
100				500

-				-

(100)				(500)


2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
New Afton (base case pricing)		Rainy River (base case pricing)			Cumulative FCF From Operations		Cumulative FCF From Operations

							(base case pricing)			(sensitivity pricing)

Delivering a Stronger Balance Sheet

120

Consolidated Life of Mine Highlights

Rainy River	2020-20241	2025-20281,4	LoM1	Sensitivity2
Avg. annual gold eq. production (k oz)	312	255	289	289

Cash costs per gold eq. oz. ($/oz)	$668	$669	$665	$670

AISC per gold eq. oz. ($/oz)	$1,071	$790	$967	$973

Sustaining capital ($M) 3	$522	$64	$586	$586
Growth capital ($M) 3	$28	$28	$56	$56
Cumulative total cash flow ($M)	$243	$381	$557	$1,096

After-tax NPV5%	-	-	$421	$858
New Afton	2020-20241	2025-20301,4	LoM1	Sensitivity2
Avg. annual gold eq. production (k oz)	235	284	260	221

Cash costs per gold eq. oz. ($/oz)	$679	$555	$610	$717

AISC per gold eq. oz. ($/oz)	$790	$596	$681	$801

Sustaining capital ($M)3	$121	$54	$175	$175
Growth capital ($M)3	$460	-	$460	$460
Cumulative total cash flow ($M)	$113	$946	$1,051	$1,092

After-tax NPV5%	-	-	$735	$766
Consolidated	2020-20241	2025-20301,4	LoM1	Sensitivity2
Avg. annual gold eq. production (k oz)	547	442	493	454

Sustaining capital ($M)3	$643	$118	$761	$761
Growth capital ($M)3	$488	$28	$516	$516
Cumulative total cash flow ($M)	$357	$1,290	$1,6075	$2,188
Totals may not compute exactly due to rounding

Assuming $1,300 per gold ounce, $16.00 per silver ounce, $3.00 per copper pound and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar
Assuming $1,550 per gold ounce, $17.50 per silver ounce, $2.75 per copper pound and a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar
Sustaining and Growth Capital spend excludes working capital movement
2028 represents a partial year of production for Rainy River and 2030 represents a partial year of production for New Afton.
Consolidated LOM value includes a negative cash flow of $77 million post 2030 primarily for closure activities offset by salvage values

121

Free Cash Flow from Operations

FCF from Operations ($M) - 2020 - 2030

500

	400					Strategic Initiatives

						Capital Markets
Operationsfrom	300
200

FCF	100

	-
	(100)
	2020	2021	2022	2023	2024	2025	2026	2027	2028
	New Afton (base case pricing)	Rainy River (base case pricing)		Cumulative FCF From Operations

									(base case pricing)

Delivering a Stronger Balance Sheet

2,500

2,216

2,000

		(Cumulative)
1,646	1,500

	Operations

	1,000

		fromFCF

500

(500)

2029 2030

Cumulative FCF From Operations (sensitivity pricing)

122

CLOSING REMARKS

Renaud Adams, President & CEO

NewGold:A Profitable Path Forward

Rainy River positioned for profitable operations with underground upside

Optimized C-zone mine plan drives solid free cash flow stream

Optimizing the balance sheet supported by a growing free cash flow stream

Re-launched exploration programs at Rainy River and New Afton

Blackwater re-evaluation provides optionality

124

Q&A

APPENDIX

Qualified Persons

The technical information was developed through the combined efforts of the Company's internal technical team and independent consultants including:

Francis McCann, General Manager / Principal Mining Engineer, AMC Consultants Toronto - QP for the Rainy River Open Pit Mineral Reserves Estimate and Open Pit Mining
Herbert A. Smith, Senior Principal Engineer, AMC Consultants Vancouver - QP for the Rainy River Underground Mineral Reserves Estimate and Underground Mining
Dinara Nussipakynova, Principal Geologist, AMC Consultants Vancouver - QP for the Rainy River Open Pit and Underground Resources Estimate
Ken Bocking, Golder Toronto - QP for Rainy River Waste dumps, Open Pit Overburden slopes studies
Ed Saunders - SRK Vancouver - QP for the Rainy River Open Pit Hard Rock Slopes studies
Andre Zerwer, Principal Geotechnical Engineer, BGC Sudbury - QP for the Rainy River Tailings Dam studies
Andrew Millar, Principal Metallurgist, AMC Brisbane - QP for the Rainy River Metallurgical studies
Twila Griffith, Senior Environmental Specialist, Rainy River Mine - QP for the Rainy River Environmental Study
Normand L. Lecuyer, P.Eng., Rosceo Postle Associates Inc. (RPA) - QP for technical information for New Afton
David W. Rennie, P.Eng., Rosceo Postle Associates Inc. (RPA) - QP for technical information for New Afton
Holger Krutzelmann, P.Eng., Rosceo Postle Associates Inc. (RPA) - QP for technical information for New Afton
Luis Vasquez, M.Sc., P.Eng., Rosceo Postle Associates Inc. (RPA) - QP for technical information for New Afton

127

Glossary of terms

AISC:All-in Sustaining Costs
Au Eq. Oz.:Gold equivalent ounces
HAOP:Historic Afton Open Pit
HATSF:Historic Afton Tailings Storage Facility
K TPCD:Kilo Tonne per Calendar Day
M&I:Measured and Indicated
NATSF:New Afton Tailings Storage Facility
P&P:Proven and Probable
TAT:Thickened and Amended Tailings
UG:Underground

EMRS:East Mine Rock Stockpile (waste rock stockpile)
KTPD:Kilo Tonne per Day
LGO:Low Grade Ore
LOM:Life of mine
NAG:Net Acid Generating
OVB:Overburden
PCR:Principal Component Repairs
P&P:Proven and Probable
TMA:Tailings Management Area
WMRS:West Mine Rock Stockpile (waste rock stockpile)
WTP:Water Treatment Plant

128

NotestoMineral Reserve and Resource Estimates

Notes to Mineral Reserve and Resource Estimates

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.

All Mineral Reserve and Mineral Resource estimates for New Gold's properties and projects are effective December 31, 2019.

New Gold's year-end 2019 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign

exchange (FX) rate criteria:

Gold

Silver

Copper

$/ounce

$/pound

CAD:USD

Mineral Reserves

$1,275

$17.00

$3.00

1.30

Mineral Resources

$1,375

$19.00

$3.25

1.30

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

O/P direct processing:

0.46 - 0.49 g/t AuEq

0.44 - 0.45 g/t AuEq

Rainy River

O/P low grade material:

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:

USD$ 21.00/t

All Resources 0.40% CuEq

B3 Block & C-zone

USD$ 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.

129

NotestoMineral Reserve and Resource Estimates (cont'd)

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 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 will be available at www.sedar.com within 45 days of New Gold's press release dated February 13, 2020 with respect to the Rainy River and New Afton updated life of mine plans.
The preparation of New Gold's consolidated statement and estimation of mineral reserves has been completed under the oversight and review of Mr. Andrew Croal, Director of Technical Services for the Company. Mr. Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario. Preparation of New Gold's consolidated statement and estimation of mineral resources has been completed under the oversight and review of Mr. Michele Della Libera, Director, Exploration for the Company. Mr. Della Libera is a Professional Geoscientist and member of the Association of Professional Geoscientists of Ontario and of the Engineers and Geoscientists of British Columbia. Mr. Croal and Mr. Della Libera are "Qualified Persons" as defined by NI43-101.

130

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 with Canadian standards for reporting of mineral resource estimates, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). Until recently, the CIM Standards differed significantly from standards in the United States. The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). These amendments became effective February 25, 2019 (the "SEC Modernization Rules") with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding definitions under the CIM Standards, as required under NI 43-101. Accordingly, during this period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or mineral reserves contained or referenced in this presentation may not be comparable to similar information made public by United States companies.

Readers are cautioned that "inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies, except in limited circumstances. The term "resource" does not equate to the term "reserves". Readers should not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

TECHNICAL INFORMATION

The scientific and technical information relating to the operation of New Gold's operating mine's and Mineral Reserves contained herein has been reviewed and approved by Mr. Andrew Croal, Director, Technical Services of New Gold. The scientific and technical information relating to Mineral Resources and exploration activities and results contained herein has been reviewed and approved by Mr. Michele Della Libera Director, Exploration of New Gold. All other scientific and technical information contained herein has been reviewed and approved by Eric Vinet, Vice President of New Gold. Mr. Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario. Mr. Petersen is a Professional Geoscientist and a member of Engineers & Geoscientists British Columbia and Professional Geoscientists Ontario. Mr. Vinet is a Professional Engineer and member of the Ordre des ingénieurs du Québec. Mr. Croal, Mr. Della Libera and Mr. Vinet are "Qualified Persons" for the purposes of NI 43-101. No limitations were imposed on Messrs. Croal, Libera or Vinet with respect to the verification of the data contained herein. Further detail about the mineral resource and reserve estimates, including assumptions, parameters, risks and data verification measures, will be available in the updated technical reports to be filed by the Company within 45 days following the date of New Gold's press release dated February 13, 2020 with respect to the Rainy River and New Afton updated life of mine plans.

131

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". 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 payment that is sustaining in nature. To determine sustaining capital expenditures, New Gold uses cash flow
related to mining interests from its statement of cash flows and deducts any expenditures that are non-sustaining or growth capital. Management uses sustaining capital and other
sustaining costs, to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. Sustaining capital and sustaining lease are intended to provide
additional information only, does not have any 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.
(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 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. 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.
(4) FREE CASH FLOW
"Free cash flow" is defined as operating cash flow less sustaining capital expenditures.
(5) GROWTH CAPITAL
"Growth capital" is a non-GAAP financial measure. 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. To determine growth capital expenditures, New Gold uses cash flow
related to mining interests from its statement of cash flows and deducts any expenditures that are sustaining capital. Growth capital is intended to provide additional information only, does	132
not have any 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.

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New Gold Inc.(TSX:NGD) added to S&P/TSX Composite Index	Dec. 18	CI
New Gold Inc. Announces CFO Changes, Effective January 2, 2024	Nov. 30	CI

Chart New Gold Inc.

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Company Profile

New Gold Inc. is a Canada-based intermediate gold mining company, which is engaged in the development and operation of mineral properties. The assets of the Company, directly or through its subsidiaries, are comprised of the Rainy River Mine in Canada (Rainy River), the New Afton Mine in Canada (New Afton), and the Cerro San Pedro Mine in Mexico (for reclamation) (Cerro San Pedro). The Company also holds approximately a 5% equity stake in Artemis Gold Inc., and other Canadian-focused investments. The Rainy River is a gold mine located in Northwestern Ontario, Canada, approximately 50 kilometers (km) northwest of Fort Frances, Ontario. The New Afton mine is located approximately 10 km west of Kamloops, approximately 350 km northeast of Vancouver, British Columbia, Canada. The Cerro San Pedro Mine is located approximately 20 km northeast of San Luis Potosi, Cerro San Pedro, Mexico.

Sector

Gold

Calendar

2024-04-29 - Q1 2024 Earnings Release

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Income Statement Evolution

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Ratings for New Gold Inc.

Trading Rating

Investor Rating

ESG Refinitiv

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Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1.819 USD

Average target price

1.898 USD

Spread / Average Target

+4.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Gold Mining

	1st Jan change	Capi.
NEW GOLD INC.	+29.69%	1.25B
NEWMONT CORPORATION	+3.24%	50.06B
AGNICO EAGLE MINES LIMITED	+19.45%	32.34B
BARRICK GOLD CORPORATION	-2.42%	29.9B
WHEATON PRECIOUS METALS CORP.	+12.88%	24.29B
NORTHERN STAR RESOURCES LIMITED	+10.62%	11.12B
ANGLOGOLD ASHANTI PLC	+27.61%	9.51B
POLYUS	-.--%	8.59B
KINROSS GOLD CORPORATION	+14.84%	8.25B
ROYAL GOLD, INC.	+2.99%	8.16B

Gold Mining

New Gold Inc.

Equities

NGD

CA6445351068

Gold

New Gold : Technical Presentation PDF 3.58 MB

EPS Revisions