Geology & Mineralization of the Blackwater Gold-Silver Deposit

British Columbia, Canada

MEG Short CoursePrecious Metal Deposits of the Northern Cordillera

December 8, 2015

Topics

Regional Setting

Exploration History

Deposit Geology

Age Dating & Sulfur Isotopes

Conclusions

MEG Short CoursePrecious Metal Deposits of the Northern Cordillera

December 8, 2015

Cautionary statements

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in thispresentation, 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 presentationinclude, among others, mineral reserve and mineral resource estimate and results of exploration activities.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 factorsand 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 New Gold’sannual and quarterly management’s discussion and analysis (“MD&A”), its Annual Information Form and its Technical Reports filed at www.sedar.com. In addition to, and subject to, suchassumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are also subject to the accuracy of New Gold’s current mineral reserve and resourceestimates.Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actualresults, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation:discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; actual results ofcurrent exploration or reclamation activities; uncertainties inherent to mining economic studies including the feasibility studies for Blackwater; the uncertainty with respect to prevailing marketconditions necessary for a positive development decision at Blackwater. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining,including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insuranceor inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s disclosure documents filed on and available at www.sedar.com.Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-lookingstatements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.The footnotes, endnotes and appendices to this presentation contain important information. The endnotes and appendices are found at the end of the presentation.

Blackwater Project

Stratigraphy

Source: New Gold 2015

Ar-Ar 65.6-63.9 Ma(Green Sericite w/ best

Au mineralization)

Bedrock Geology

0 10 km5

U-Pb 69.5 Ma(granodiorite)

U-Pb 74.5-72.4 Ma (felsic volcanics)

U-Pb 67.7 Ma(felsic sill)

Sources: Diakow & Levson, 1997; New Gold 2015

Exploration history1973 – 1997: Regional Reconnaissance & Target Identification Multiple Ag-Pb-Zn stream sediment anomalies around Mt. Davidson Follow-up soil geochemical grid on north slope Mt. Davidson EM, IP-Res, Magnetics geophysical surveys 79 shallow wide-spaced reconnaissance holes totaling 6,280 meters

1997 – 2004: Exploration hiatus

2004 – 2009: Exploration resurgence

Area claims re-staked and consolidated by Richfield Ventures and Silverquest Resources

Systematic step-out drilling to follow anomalous gold and silver zones open to south and up slope

Discovery hole BW-59: 329 metres averaging 1.25 g/t Au, 3.5 g/t Ag• 99th hole since first reconnaissance hole drilled in 1985• Total 11,250m drilled over 24 year period

2010 – 2012: Resource Delineation

JV with Silverquest and grid drilling initiated by Richfield – 2010

New Gold acquires Richfield and Silverquest - 2011

Resource delineation and Feasibility Study completed – 2012

• Based on 1,002 holes totaling 310,000 meters• P&P reserve: 8.2 Moz gold, 61 Moz silver• M&I resource: 1.3 Moz gold, 9 Moz silver (exclusive of reserves)

BW-59

OriginalAg-Zn soil anomaly

Local stratigraphy

• Eocene Ootsa Lake andesites unconformably overlie deposit Host Sequence: Late Cretaceous Kasalka Group andesites, felsic volcaniclastics, tuffs and

breccias

• Jurassic Bowser Lake Group mudstones, sandstones, conglomerates underlie deposit

• Distal Potassic Hornfels: Biotite + Kspar-Pyrite + Fe chlorite-carbonate• Outer Quartz-spessartine garnet + actinolite• NH4 – bearing illite + Buddingtonite (rare) Ore Zone: Silica (recrystallized) – Sericite (muscovite)

Alteration

Mineralization

• Early stage: Pyrrhotite + Arsenopyrite + spessartine garnet Main stage: Pyrite-sphalerite + chalcopyrite-galena; dendritic black sulfide “DBS”

Native gold, electrum, kustellite (Au-Hg alloy) Silver as argentite, electrum

• Late stage: Arsenopyrite, marcasite, galena

Deposit plan view

N-S section view

E-W section view

Age Dating

Sources: MDRU - Looby & Hart, 2013; New Gold 2013-2015; Friedman et al, 2001

Ar-Ar 65.6-63.9 Ma(Green Sericite w/ best

Au mineralization)

BW Intrusive Suite

Felsic Host

Sulfur Isotopes

Source: Looby, Gregory and Hart, 2013

• Lack of added silica and quartz veins• Lack of boiling textures• Presence of low, intermediate, and high-sulphidation mineral assemblages

Deposit Type (?)

Looby, 2015

• Lack of added silica and quartz veins• Lack of boiling textures• Presence of low, intermediate, and high-sulphidation mineral assemblages• Alteration dominated by high-crystalline illite and muscovite, feldspar-stable (near-neutral)

modified from Leach

Deposit Type (?)

• Lack of added silica and quartz veins• Lack of boiling textures• Presence of low, intermediate, and high-sulphidation mineral assemblages• Alteration dominated by high-crystalline illite and muscovite, feldspar-stable (near-neutral)• Link to porphyry deposit inconclusive

Deposit Type (?)

0 10 km5Sources: Diakow & Levson, 1997; New Gold 2015

Deposit Type (?)

Key

Blackwater South

•Late Cretaceous granodiorite to monzogranite phases have calc-alkaline affinity

•Peraluminous I-Type

•Strongly Oxidized

Blackwater Intrusive Suite

Blackwater Hornblende-Granodiorite

Blackwater mineral paragenesis spans from low- to high-sulphidationstates with reduced to oxidized conditions

Early Po + Asp mineralization: low-sulphidation, low oxidation state

Main Stage Py ± Cp (Au, Ag) mineralization: intermediate to high-sulphidation

An I-type magma at depth may have produced fluids that were reduced upon rising while interacting with hydrocarbons derived from basement carbonaceous sedimentary rocks

Age dating, sulfur isotopes, and whole rock geochemistry indicate extensive Late Cretaceous to early Paleocene hydrothermal activity and a close link between precious & base metal mineralization and igneous activity in the region

Blackwater does not easily fit into a conventional epithermal deposit classification (intermediate sulphidation epithermal?)

Blackwater is best described as a hydrothermal deposit formed at relatively shallow depth in a structurally-prepared section of volcanic stratigraphy with enhanced permeability

Conclusions

seds seds

Blackwater represents an emerging new gold district in an under-explored part of British Columbia

Conclusions

Acknowledgements

New Gold Blackwater Exploration & Development TeamsMDRU – E. Looby, C. HartNoel WhiteJohn ProffettOverburden Drilling ManagementHeberlein GeoconsultingK HeberleinLiving Sky GeophysicsC LudwigQuantec GeophysicsGeoSim ConsultingSRK Consulting (Canada)

Mineral Reserve & Resource StatementBlackwater Mineral Reserve & Resource Estimate – March 10, 20151

CategoryTonnes & Grade2 Contained Metal

Tonnes (000s) Gold g/t Silver g/t Gold Koz Silver KozReserves

Direct processing3

Proven 124,500 0.95 5.5 3,790 22,100Probable 169,700 0.68 4.1 3,730 22,300P&P (dir. proc.) 294,200 0.79 4.7 7,520 44,400

Stockpile material4

Proven 20,100 0.50 3.6 325 2,300Probable 30,100 0.34 14.6 325 14,100P&P (stockpile) 50,200 0.40 10.2 650 16,400

P&PProven 144,600 0.89 5.2 4,115 24,400Probable 199,800 0.63 5.7 4,055 36,400

Total P&P 344,400 0.74 5.5 8,170 60,800Measured & Indicated (Exclusive of Reserves)

Direct processing3

Measured 293 1.38 6.7 13 63Indicated 36,411 0.85 4.6 999 5,385M&I (dir. proc.) 36,703 0.86 4.6 1,011 5,448

Stockpile material4

Measured -- -- -- -- --Indicated 12,659 0.31 3.9 124 1,587M&I (stockpile) 12,659 0.31 3.9 124 1,587

Total M&I 49,362 0.72 4.4 1,136 7,035Inferred

Inferred (dir. proc.) 8,915 0.81 3.5 233 1,003Inferred (stockpile) 1,881 0.32 3.3 19 200

Total Inferred 10,796 0.73 3.5 252 1,203Capoose

Indicated 16,071 0.57 21.7 293 11,233Inferred 19,776 0.48 26.2 302 16,670

Notes:1. Mineral Reserve estimate effective as of December 31, 2014; and, Mineral Resource estimate effective as of March 10, 2015.2. Mineral Reserves reported based on $1,200/oz gold and $18.00/oz silver; Mineral Resources reported within a conceptual open pit shell based on $1,300/oz gold and $20.00/oz silver. 3. Direct processing material is defined as mineralisation between 0.26 g/t AuEq and a 0.38 g/t AuEq cut-off for Reserves and above a 0.40 g/t AuEq cut-off for Resources and likely to be mined and processed directly.

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Reserves and resources notesAppendix

1) 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 havedemonstrated economic viability. Inferred Mineral Resources have a greater amount of uncertainty as to their existence, economic and legal feasibility, do not have demonstrated economicviability, and are likewise exclusive of Mineral Reserves.

2) Mineral Resources are classified as Measured, Indicated and Inferred and are reported based on technical and economic parameters consistent with the methods most suitable for theirpotential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a Mineral Resource, the designators ‘open pit’ and‘underground’ have been applied to indicate envisioned mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralizationas it relates to appropriate mineral processing method and expected payable metal recoveries. 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 NI 43-101 Technical Reports which are available atwww.sedar.com.

3) The Mineral Resource estimates for the Blackwater Project are effective March 10, 2015 and the Mineral Reserve estimates are effective December 31, 2014.

4) Stockpile material is defined as mineralisation above 0.32 g/t AuEq for Reserves and between a 0.30 g/t AuEq and a 0.40 g/t AuEq for a cut-off that is suitable for stockpiling and futureprocessing.

CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCESInformation concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not becomparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred MineralResource” used in this presentation are Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for MineralResources and Mineral Reserves adopted by CIM Council on May 10, 2014 and incorporated by reference in National Instrument 43-101 (“NI 43-101”). While the terms “MineralResource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are notdefined terms under standards of the United States Securities and Exchange Commission. As such, certain information contained in this presentation concerning descriptions ofmineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosurerequirements of the United States Securities and Exchange Commission.

TECHNICAL INFORMATIONThe scientific and technical information in this presentation has been reviewed and approved by Mark A. Petersen, Vice President, Exploration of New Gold. Mr. Petersen is an AIPGCertified Professional Geologist and a “Qualified Person” under National Instrument 43-101.

AppendixEndnotes

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