Corporate Presentation
May 2025
Investment Proposition
Focus on Long-Term Shareholder Value Creation
New Afton
Location British Columbia
Mine Type Underground block cave
2024 production Gold: 72,609 oz
Copper: 54.0 Mlbs
Reserve Mine life 2031
Rainy River
Location Ontario
Mine Type Open Pit/Underground 2024 production Gold: 225,694 oz Reserve Mine life 2033
Toronto Head Office
+35% gold production growth1, +90% copper production growth1 over next three-years
All-in sustaining cost1,2 reduction of 65% over next three-years
leading to margin expansion of over $2,500 per ounce by 2027
Three-year cumulative free cash flow2 of approximately
$2.2 billion3, translates to peer leading free cash flow yields
2025 budget of $30 million targeting 100,000m of drilling on key focus areas for mine life extension and high-grade growth
$213 million in cash and $590 million liquidity position more than sufficient to deliver on 2025 objectives
Based on mid-point of Guidance
This is a non-GAAP measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other
Q1/25 Key Accomplishments
SAFELY EXECUTING 2025 WITH Q1 RESULTS AS PLANNED
Production and cost management as planned in the first quarter, highlighted by a
TRIFR of 0.55, down 40% compared to Q1/24
FREE CASH FLOW GENERATION
Generated $25 million of free cash flow during planned lower production quarter for 2025; New Afton generated $52 million in the quarter
CRITICAL PATH ITEMS ACHIEVED, PRODUCTION RAMP UP ON-TRACK
New Afton C-Zone cave construction progress more than 50% complete, Rainy River waste stripping largely complete and pit portal breakthrough achieved in early-April
INCREASED FINANCIAL FLEXIBILITY
Completed new 2032 Senior Notes offering, amended and extended revolving
credit facility to 2029, both at a lower rate, increasing New Gold's financial flexibility
CONSOLIDATED 100% OF NEW AFTON FREE CASH FLOW
In early-April, New Gold consolidated its interest in New Afton's free cash flow to 100%, acquiring the remaining 19.9% interest from Ontario Teachers'
Total Recordable Injury Frequency Rate (TRIFR) calculated as recorded incidents × 200,000 / total number of hours worked
Three-Year Guidance
Significant Production Growth and Expanding Margins
500
400
300
200
100
0
Gold Production Growth of 38%
Avg ~400koz over 3-year period
2024 2025 2026 2027
120
100
80
60
40
20
0
Copper Production Growth of 94%
2024 2025 2026 2027
AISC1,2 Reduction of 64% Leads to
Margin Expansion
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2024 2025 2026 2027
GROWTH
38% increase in gold production
94% increase in copper production over the next three years1
Gold production to average over 400,000 ounces over three-year period
PROFITABILITY
64% reduction in AISC2 over the next three years1
+$2,500 per ounce margins by 2027
Based on mid-point of Guidance
This is a non-GAAP measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other
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New Gold Inc. published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 20:30 UTC.
