3 WWW.NEWGOLD.COM TSX:NGD NYSE American:NGD CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at March 31 As at December 31 (Unaudited - in millions of U.S. dollars) Note 2024 2023 ASSETS Current assets Cash and cash equivalents 156.7 185.5 Trade and other receivables 4 11.7 16.3 Inventories 7 130.5 126.7 Current income tax receivable 1.3 0.5 Investments 5 7.6 7.1 Prepaid expenses and other 11.8 15.7 Total current assets 319.6 351.8 Non-current inventories 7 12.4 — Mining interests 8 1,919.5 1,927.2 Other assets 1.9 2.1 Deferred tax assets 4.7 4.9 Total assets 2,258.1 2,286.0 LIABILITIES AND EQUITY Current liabilities Trade and other payables 6 211.9 229.0 Total current liabilities 211.9 229.0 Reclamation and closure cost obligations 13 119.6 123.4 Non-current derivative financial liabilities 10 712.2 667.6 Long-term debt 9 396.2 396.0 Deferred tax liabilities 77.3 74.8 Lease obligations 11 2.3 2.6 Other liabilities 2.2 3.4 Total liabilities 1,521.7 1,496.8 Equity Common shares 14 3,168.1 3,163.5 Contributed surplus 106.5 106.9 Other reserves (149.4) (135.9) Deficit (2,388.8) (2,345.3) Total equity 736.4 789.2 Total liabilities and equity 2,258.1 2,286.0 See accompanying notes to the condensed interim consolidated financial statements.

6 WWW.NEWGOLD.COM TSX:NGD NYSE American:NGD New Gold Inc. (“New Gold” or the “Company”) is an intermediate gold mining company 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 Ontario, Canada (“Rainy River”), and the New Afton Mine in British Columbia, Canada (“New Afton”).

The Company is a corporation governed by the Business Corporations Act (British Columbia). The Company’s shares are listed on the Toronto Stock Exchange and the NYSE American under the symbol NGD. The Company’s registered office is located at 925 West Georgia Street, Suite 1600, Vancouver, British Columbia, V6C 3L2, Canada. The Company's head office is located at 181 Bay Street, Suite 3320, Toronto, Ontario M5J 2T3.

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board on a basis consistent with the accounting policies disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2023. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2023 which includes information necessary or useful to understanding the Company's business and financial statement presentation.

In particular, the Company's accounting policies are presented as Note 2 in the audited consolidated financial statements for the year ended December 31, 2023 and have been consistently applied in the preparation of these unaudited condensed interim consolidated financial statements except as set out below.

These unaudited condensed interim consolidated financial statements were approved by the Board of Directors of the Company on April 30, 2024.

Amendments to IAS 1 - Presentation of financial statements - classification of liabilities as current or non-current affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of 'settlement' to make clear that settlement refers to the

The amendments are applied for annual periods beginning on or after January 1, 2024, which the Company has adopted. There was no material impact on adoption.

Amendments to IAS 1 - Presentation of financial statements non-current liabilities with covenants specify that only covenants that an entity is required to comply with on or before the end of the reporting period affect the entity's right to defer settlement of a liability for at least twelve months after the reporting date (and therefore must be considered in assessing the classification of the liability as current or non-current). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting date (e.g. a covenant based on the entity's financial position at the reporting date that is assessed for compliance only after the reporting date). The IASB also specifies that the right to defer settlement of a liability for at least twelve months after the reporting date is not affected if an entity only has to comply with a covenant after the reporting period. However, if the entity's right to defer settlement of a liability is subject to the entity complying with covenants within twelve months after the reporting period, an entity discloses information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months after the reporting period. This would include information about the covenants (including the nature of the covenants and when the entity is required to comply with them), the carrying amount of related liabilities and facts and circumstances, if any, that indicate that the entity may have difficulties complying with the covenants. The amendments are applied for annual reporting periods beginning on or after January 1, 2024, which the Company has adopted. There was no material impact on adoption.

1.The amount of inventories recognized in operating expenses for the three months ended March 31, 2024 was $103.0 million (2023 - $113.5 million).

2.During the three-months ended March 31, 2024, the Company recognized a net realizable value write-up adjustment due to increased gold prices. The Company recognized $14.6 million to low-grade stockpile inventory at Rainy River ($2.2 million in current inventories), of which $7.7 million was included in operating expenses and $6.9 million was included in depreciation.

1.In 2023, non-depletable transfers consisted of $18.6 million from the Rainy River Intrepid zone.

2.In 2024, $34.0 million in depletable transfers related to the Rainy River tailings dam raise.

1.Other includes corporate balances.

1.Other includes corporate balances.

Long-term debt consists of the following:

			As at March 31			As at December 31
(in millions of U.S. dollars)			2024			2023
LONG-TERM DEBT
Senior unsecured notes - due July 15, 2027 (a)			396.2			396.0
Credit Facility (b)			—			—
Total long-term debt			396.2			396.0

The 2027 Unsecured Notes are redeemable by the Company in whole or in part during the 12-month period beginning on July 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2027 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:

(b) Credit Facility

•The minimum interest coverage ratio, being earnings before interest, taxes, depreciation, amortization, exploration, impairment, and other non-cash adjustments (“Adjusted EBITDA”) to interest;

•The maximum net debt to Adjusted EBITDA ratio (“Leverage Ratio”); and

•The maximum gross secured debt to Adjusted EBITDA (“Secured Leverage Ratio”).

Significant financial covenants are as follows:

						Twelve months ended March 31			Twelve months ended December 31
Financial Covenant						2024			2023
FINANCIAL COVENANTS
Minimum interest coverage ratio (Adjusted EBITDA to interest)			>3.0:1.0			7.9 : 1			8.1 : 1
Maximum leverage ratio (net debt to Adjusted EBITDA)			<4.5:1.0			1.5 : 1			1.4 : 1
Maximum secured leverage ratio (secured debt to Adjusted EBITDA)			<2.0:1.0			0.1 : 1			0.1 : 1

The interest margin on drawings under the Credit Facility ranges from 1.25% to 3.75% over term-adjusted SOFR, the Prime Rate or the Base Rate based on the Company’s Leverage Ratio, and the currency and type of credit selected by the Company. Based on the Company’s Leverage Ratio, the rate is 2.50% over term-adjusted SOFR as at March 31, 2024 (December 31, 2023 – 2.50%). The standby fees on undrawn amounts under the Credit Facility range from 0.51% to 0.84%, depending on the Company’s Leverage Ratio. Based on the Company’s Leverage Ratio, the rate is 0.56% over SOFR as at March 31, 2024 (December 31, 2023 – 0.56% over SOFR).

For the three months ended March 31, 2024, $nil has been drawn under the Credit Facility. The Credit Facility has been used to issue letters of credit amounting to $27.4 million (December 31, 2023 - $26.7 million). Letters of credit relate to reclamation bonds and other financial assurances required with various government agencies.

14 WWW.NEWGOLD.COM TSX:NGD NYSE American:NGD The following is a summary of the change in non-current derivative financial liabilities: (in millions of U.S. dollars) Rainy River New Afton Total CHANGE IN NON-CURRENT DERIVATIVE FINANCIAL LIABILITIES Balance, December 31, 2022 174.7 378.9 553.6 Settlements during the period (29.8) — (29.8) Fair value adjustments related to changes in the Company’s own credit risk(1) 25.2 86.1 111.3 Other fair value adjustments(2) 29.8 78.4 108.2 Balance, December 31, 2023 199.9 543.4 743.3 Less: current portion (33.1) (42.7) (75.7) Non-current portion of derivative financial liabilities 166.8 500.7 667.6 Balance, December 31, 2023 199.9 543.4 743.3 Settlements during the period(3) (6.1) — (6.1) Fair value adjustments related to changes in the Company’s own credit risk(1) 2.6 10.9 13.5 Other fair value adjustments(2) 12.5 45.4 57.9 Balance, March 31, 2024 208.9 599.7 808.6 Less: current portion(4) (35.3) (61.1) (96.4) Non-current portion of derivative financial liabilities 173.6 538.6 712.2

1.Fair value adjustments related to changes in the Company’s own credit risk are included in other comprehensive income.

2.Other fair value adjustments are included in Other Losses in the condensed interim consolidated income statements.

3.Settlements during the period are on an accrual basis. During the three-months ended March 31, 2024, the Company paid $7.2 million in cash towards the settlements.

4.The current portion of the derivative financial liabilities is included in trade and other payables on the statement of financial position. For New Afton this includes the minimum cash guarantee, see below.

In 2015, the Company entered into a $175 million streaming transaction with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc. (“Royal Gold”). Under the terms of the agreement, the Company will deliver to Royal Gold 6.5% of gold production from Rainy River up to a total of 230,000 ounces of gold and then 3.25% of the mine’s gold production thereafter. The Company will also deliver to Royal Gold 60% of the mine’s silver production to a maximum of 3.1 million ounces and then 30% of silver production thereafter.

In addition to the upfront $175.0 million deposit, Royal Gold will pay 25% of the average spot gold or silver price at the time each ounce of gold or silver is delivered under the stream. The difference between the spot price of metal and the cash received from Royal Gold will reduce the $175.0 million deposit over the life of the mine. Upon expiry of the 40 year term of the agreement (which may be extended in certain circumstances), any balance of the $175.0 million upfront deposit remaining unpaid will be refunded to Royal Gold.

The Company has designated the Rainy River gold stream obligation as a fair value through profit and loss ("FVTPL") under the scope of IFRS 9. Accordingly, the Company values the liability at the present value of its expected future cash flows at each reporting period with changes in fair value reflected in the condensed interim consolidated income statements and condensed interim consolidated statements of comprehensive income.

In 2020, New Gold entered into a strategic partnership with Ontario Teachers’ Pension Plan (“Ontario Teachers’”). Under the terms of the strategic partnership, Ontario Teachers' acquired a 46% free cash flow interest in the New Afton mine for upfront cash proceeds of $300 million. Ontario Teachers' has a 60 day option period from April 1, 2024 to May 30, 2024 to convert the free cash flow interest into a 46% joint venture interest in New Afton, or have their free cash flow interest remain as a free cash flow interest at a reduced rate of 42.5%. The agreement includes a minimum cash guarantee at the end of four years, due and payable after March 31, 2024, and a buyback option for New Gold.

The Company has designated the New Afton free cash flow interest obligation as an FVTPL under the scope of IFRS 9. Fair value of the New Afton free cash flow interest obligation on initial recognition was determined by the amount of the cash advance received. Subsequent fair value is calculated on each reporting date with gains and losses recorded in net earnings. Fair value adjustments as a result of the Company’s own credit risk are recorded in the consolidated statement of comprehensive income, as required by IFRS 9 for financial liabilities designated as at FVTPL.

Components of the adjustment to fair value for the non-current derivative financial liabilities at each reporting date include:

These assets are included in Mining Interests on the statement of financial position and are classified as plant & equipment as per Note 8 of the Company’s condensed interim consolidated financial statements. As at March 31 As at December 31 (in millions of U.S. dollars) 2024 2023 RIGHT-OF-USE ASSETS Opening balance 17.9 21.4 Additions — 4.3 Depreciation (2.3) (7.3) Transfers(1) (10.1) — Disposals — (0.5) Total right-of-use-assets 5.5 17.9

1.Transfers of right-of-use assets (net of accumulated depreciation) from leased to owned.

Please see below for a maturity analysis of the Company’s lease payments:

						As at March 31			As at December 31
(in millions of U.S. dollars)						2024			2023
MATURITY ANALYSIS FOR LEASES
Less than 1 year						1.7			2.6
Between 1 and 3 years						1.4			1.4
Between 3 and 5 years						1.3			1.3
More than 5 years						0.3			0.5
Total undiscounted lease payments(1)						4.7			5.8
Carrying value of lease liabilities						3.7			5.2
Less: current portion of lease liabilities(2)						(1.4)			(2.6)
Non-current portion of lease liabilities						2.3			2.6

1.Total undiscounted lease payments excludes leases that are classified as short term and leases for low value assets, which are not recognized as lease liabilities.

2.The current portion of the lease liabilities is included in trade and other payables on the statement of financial position.

For the three months ended March 31, 2024, the Company recognized $0.1 million in interest expense on lease liabilities (2023 - $0.1 million).

For the three months ended March 31, 2024, the Company expensed $3.8 million related to leases that are classified as short term (2023 - $0.5 million).

1.In 2024, foreign exchange forward contracts are included within trade and other payables in the statement of financial position. In 2023, foreign exchange forward contracts are included within prepaid expenses and other in the statement of financial position.

2.Fuel hedge swap contracts are included within trade and other payables in the statement of financial position.

3.Unsettled provisionally priced concentrate derivatives are included within trade and other receivables in the statement of financial position.

The Company had provisionally priced sales for which price finalization is outstanding at March 31, 2024. Realized and unrealized gains (losses) on the provisional pricing of concentrate sales are classified as revenue, with the unsettled provisionally priced concentrate derivatives included in trade and other receivables. The Company enters into gold and copper swap contracts to reduce exposure to gold and copper prices. Realized and unrealized gains (losses) are recorded in revenue, with the unsettled gold and copper swaps included in trade and other receivables.

The following tables summarize the realized and unrealized gains and losses on provisionally priced sales:

18 WWW.NEWGOLD.COM TSX:NGD NYSE American:NGD The following tables summarize the realized and unrealized gains and losses on gold and copper swap contracts: Three months ended March 31, 2024 (in millions of U.S. dollars) Gold Copper Total GAIN (LOSS) ON SWAP CONTRACTS Realized (0.1) 0.1 — Unrealized (2.1) (1.4) (3.5) Total loss (2.2) (1.3) (3.5)

The following table summarizes the net exposure to the impact of movements in market commodity prices for provisionally priced sales:

			As at March 31			As at December 31
			2024			2023
VOLUMES SUBJECT TO FINAL PRICING NET OF OUTSTANDING SWAPS
Gold ounces (000s)			1.5			—
Copper pounds (millions)			0.4			—

The Company entered into foreign exchange forward contracts in order to hedge operating costs at the New Afton and Rainy River mines. These contracts are treated as derivative financial instruments and marked-to-market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses are recorded within operating expenses.

The Company entered into foreign exchange forward contracts hedging an average of C$41.0 million per month for the second quarter of 2024, and C$15.0 million per month for the third quarter of 2024. As at March 31, 2024, the fair value of the unrealized foreign exchange forward contract liabilities were $0.4 million.

The Company entered into diesel fuel hedge swap contracts for the Rainy River Mine in order to reduce exposure to volatile fuel prices. These contracts are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses are recorded within operating expenses.

As at March 31, 2024, the fair value of the unrealized fuel hedge swap contract assets were $nil.

Changes to the reclamation and closure cost obligations are as follows:

(in millions of U.S. dollars)			Rainy River			New Afton			Cerro San Pedro			Total
CHANGES TO RECLAMATION AND CLOSURE COST OBLIGATIONS
Balance – December 31, 2022			87.6			32.3			1.3			121.2
Reclamation expenditures			(0.5)			—			(1.9)			(2.4)
Unwinding of discount			2.7			0.9			—			3.6
Revisions to expected cash flows			(0.8)			(0.8)			0.8			(0.8)
Foreign exchange movement			2.0			0.7			(0.1)			2.6
Balance – December 31, 2023			91.0			33.1			0.1			124.2
Less: current portion of closure costs (Note 6)			(0.8)			—			—			(0.8)
Non-current portion of closure costs			90.2			33.1			0.1			123.4
Balance – December 31, 2023			91.0			33.1			0.1			124.2
Reclamation expenditures			(0.1)			—			(0.1)			(0.2)
Unwinding of discount			0.7			0.2			—			0.9
Revisions to expected cash flows			(1.2)			(0.3)			—			(1.5)
Foreign exchange movement			(2.1)			(0.8)			—			(2.9)
Balance – March 31, 2024			88.3			32.2			—			120.5
Less: current portion of closure costs (Note 6)			(0.8)			(0.1)			—			(0.9)
Non-current portion of closure costs			87.5			32.1			—			119.6

The following table summarizes share-based payment expenses:

						Three months ended March 31
(in millions of U.S. dollars)									2024			2023
SHARE-BASED PAYMENT EXPENSES(1)
Stock option expense									0.1			0.2
Performance share unit expense									0.2			0.3
Restricted share unit expense									1.4			0.3
Shares issued under First Nations agreements									0.2			—
Total share-based payment expenses									1.9			0.8

21 WWW.NEWGOLD.COM TSX:NGD NYSE American:NGD The following table presents changes in the Company’s stock option plan: Number of options Weighted average exercise price (000s) C$/share CHANGES TO THE COMPANY'S STOCK OPTION PLAN Balance at December 31, 2022 4,851 1.59 Exercised (2,401) 1.20 Forfeited (158) 2.02 Expired (562) 2.09 Balance at December 31, 2023 1,730 1.93 Exercised (229) 1.65 Forfeited (203) 2.13 Expired (30) 1.81 Balance at March 31, 2024 1,268 1.95

The following table sets out the calculation of loss per share:

						Three months ended March 31
(in millions of U.S. dollars, except where noted)									2024			2023
CALCULATION OF LOSS PER SHARE
Net loss									(43.5)			(31.8)
Basic weighted average number of shares outstanding (in millions)									687.6			682.7
Dilution of securities:
Stock options, deferred share units, performance share units									—			—
Diluted weighted average number of shares outstanding (in millions)									687.6			682.7
Net loss per share:
Basic									(0.06)			(0.05)
Diluted									(0.06)			(0.05)

The following table lists the equity securities excluded from the calculation of diluted loss per share. All stock options, deferred share units, and performance share units are excluded from the calculation when the Company is in a net loss position.

22 WWW.NEWGOLD.COM TSX:NGD NYSE American:NGD The following table outlines the composition of income tax expense between current tax and deferred tax: Three months ended March 31 (in millions of U.S. dollars) 2024 2023 CURRENT INCOME AND MINING TAX EXPENSE Canada 0.5 0.5 0.5 0.5 DEFERRED INCOME AND MINING TAX EXPENSE Canada 2.5 (0.2) 2.5 (0.2) Total income tax expense 3.0 0.3

Supplemental cash flow information (included within operating activities) is as follows:

						Three months ended March 31
(in millions of U.S. dollars)									2024			2023
CHANGE IN NON-CASH OPERATING WORKING CAPITAL
Trade and other receivables									3.4			(0.6)
Inventories									(2.6)			(4.9)
Prepaid expenses and other									0.6			(0.3)
Trade and other payables									(19.2)			(9.3)
Total change in non-cash operating working capital									(17.8)			(15.1)

Income (loss) from operations of reportable operating segments are reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and to assess their performance. The results from operations for these reportable operating segments are summarized in the following tables:

1.Corporate includes corporate balances and Cerro San Pedro.

2.Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the three months ended March 31, 2024.

3.Exploration and business development includes BC Exploration tax credits of $3.2 million received in the three months ended March 31, 2024.

    

1.Corporate includes corporate balances and Cerro San Pedro.

2.Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the three months ended March 31, 2023.

The following table presents the segmented assets and liabilities:

						Total assets						Total liabilities									Capital expenditures(1)
			As at March 31			As at December 31			As at March 31			As at December 31						Three months ended March 31
(in millions of U.S. dollars)			2024			2023			2024			2023									2024			2023
SEGMENTED ASSETS AND LIABILITIES
Rainy River			993.2			1,015.4			351.7			357.1									29.6			28.0
New Afton			1,107.5			1,101.1			752.5			708.0									31.5			35.0
Corporate(2)			157.4			169.5			417.5			431.7									—			0.1
Total segmented assets, liabilities and capital expenditures			2,258.1			2,286.0			1,521.7			1,496.8									61.1			63.1

1.Capital expenditures per condensed interim consolidated statements of cash flows.

2.Corporate includes corporate balances and Cerro San Pedro.

Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In assessing the fair value of a particular contract, the market participant would consider the credit risk of the counterparty to the contract. Consequently, when it is appropriate to do so, the Company adjusts the valuation models to incorporate a measure of credit risk. Fair value represents management's estimate of the current market value at a given point in time.

The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts), or inputs that are derived principally from, or corroborated by, observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers among Levels 1, 2, and 3 during the three months ended March 31, 2024 or the year ended December 31, 2023. The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer.

Investments

The fair value of the investments are measured based on the closing share price on the reporting date.

Provisionally priced contracts and gold and copper swap contracts

The fair value of the provisionally priced contracts and the gold and copper swap contracts is calculated using the mark-to-market forward prices of the London Metals Exchange gold and copper based on the applicable settlement dates of the outstanding provisionally priced contracts and copper swap contracts.

Foreign exchange forward contracts

The fair value of foreign exchange forward contracts is calculated using the mark-to-market method based on the difference between the forward Canadian dollar to U.S dollar foreign exchange rate and the foreign exchange rates of the contracts.

The fair value of the fuel hedge swap contracts is calculated using the mark-to-market forward prices of diesel, based on the applicable settlement dates of the outstanding swap contracts.

The fair value of the Rainy River gold stream obligation is calculated using the risk-free interest rate derived from the U.S. Treasury rate, forward and consensus metal prices, company specific credit spread based on the yield on the Company’s 2027 Senior Unsecured Notes, and expected gold and silver ounces to be delivered from Rainy River’s life of mine projections.

The fair value of the New Afton free cash flow interest obligation is calculated using the risk-free interest rate derived from the U.S. Treasury rate, forward and consensus metal prices, company specific credit spread based on the yield on the Company’s 2027 Senior Unsecured Notes, and expected production, operating and capital costs from New Afton’s life of mine projections, including considerations to the minimum cash guarantee over the first four years of the instrument.

27 WWW.NEWGOLD.COM TSX:NGD NYSE American:NGD The following table summarizes the Company’s financial assets and liabilities by category, and information about financial assets and liabilities measured at fair value on a recurring basis in the statement of financial position categorized by level of significance of the inputs used in making the measurements: As at March 31, 2024 As at December 31, 2023 (in millions of U.S. dollars) Category Level Level FINANCIAL ASSETS Cash and cash equivalents Financial assets at amortized cost 156.7 185.5 Trade and other receivables(1) Financial assets at amortized cost 12.7 16.6 Provisionally priced contracts Financial instruments at FVTPL 2 2.5 2 0.6 Gold and copper swap contracts Financial instruments at FVTPL 2 (3.5) 2 (0.9) Foreign exchange forward contracts Financial instruments at FVTPL 2 — 2 3.2 Investments Financial instruments at FVTPL 1 7.6 1 7.1 FINANCIAL LIABILITIES Trade and other payables(2) Financial liabilities at amortized cost 113.2 154.2 Long-term debt Financial liabilities at amortized cost 396.2 396.0 Foreign exchange forward contracts Financial instruments at FVTPL 2 0.4 2 — Fuel hedge swap contracts Financial instruments at FVTPL 2 — 2 1.1 Rainy River gold stream obligation Financial instruments at FVTPL 3 208.9 3 199.9 New Afton free cash flow interest obligation Financial instruments at FVTPL 3 599.7 3 543.4

1.Trade and other receivables exclude provisionally priced contracts, and gold and copper swap contracts.

2.Trade and other payables exclude the short-term portions of reclamation and closure cost obligations, the Rainy River gold stream obligation, the New Afton free cash flow interest obligation, and current derivative liabilities.

The carrying values and fair values of the Company’s financial instruments are as follows:

As at March 31, 2024									As at December 31, 2023
(in millions of U.S. dollars)			Carrying value			Fair value			Carrying value			Fair value
FINANCIAL ASSETS
Cash and cash equivalents			156.7			156.7			185.5			185.5
Trade and other receivables(1)			12.7			12.7			16.6			16.6
Provisionally priced contracts			2.5			2.5			0.6			0.6
Gold and copper swap contracts			(3.5)			(3.5)			(0.9)			(0.9)
Foreign exchange forward contracts			—			—			3.2			3.2
Investments			7.6			7.6			7.1			7.1
FINANCIAL LIABILITIES
Trade and other payables(2)			113.2			113.2			154.2			154.2
Long-term debt			396.2			405.0			396.0			406.0
Rainy River gold stream obligation			208.9			208.9			199.9			199.9
New Afton free cash flow interest obligation			599.7			599.7			543.4			543.4
Foreign exchange forward contracts			0.4			0.4			—			—
Fuel hedge swap contracts			—			—			1.1			1.1

1.Trade and other receivables exclude provisionally priced contracts, and gold and copper swap contracts.

2.Trade and other payables exclude the short-term portions of reclamation and closure cost obligations, the Rainy River gold stream obligation, the New Afton free cash flow interest obligation, and current derivative liabilities.

19. Commitments

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of New Gold Inc. and its subsidiaries (“New Gold” or the “Company”). This MD&A should be read in conjunction with New Gold’s unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 and 2023, and related notes, which are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). This MD&A contains forward-looking statements that are subject to risks and uncertainties, as discussed in the "Cautionary Note Regarding Forward-Looking Statements" section at the end of this MD&A. Readers are cautioned not to place undue reliance on forward-looking statements. All dollar figures are in U.S. dollars and tabular dollar amounts are in millions, unless otherwise noted. Figures in some tables may not add due to rounding. This MD&A has been prepared as at April 30, 2024. Additional information relating to the Company, including the Company’s Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.

New Gold Inc. is an intermediate gold mining company 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 Ontario, Canada (“Rainy River”), and the New Afton Mine in British Columbia, Canada (“New Afton”). New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to environment and social responsibility. For further information on the Company, visit www.newgold.com.

Note references throughout this MD&A are to endnotes which can be found starting on page 40.

In this MD&A, we use the following non-GAAP financial performance measures: “Cash costs", "all-in sustaining costs" or "AISC", "adjusted net earnings/(loss)", "adjusted tax expense", "sustaining capital and sustaining leases”, “growth capital”, “average realized gold/copper price per ounce/pound”, "open pit net mining cost per operating tonne mined", "underground net mining costs per operating tonne mined", "processing costs per tonne processed", "G&A costs per tonne processed", "cash generated from operations before changes in non-cash operating working capital" and "free cash flow". For a detailed description of each non-GAAP financial performance measure used in this MD&A and a detailed reconciliation to the most directly comparable measures under IFRS, please refer to the “Non-GAAP Financial Performance Measures” section of this MD&A starting on page 27. The non-GAAP financial performance measures in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS as issued by the IASB. These measures may therefore not be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

						Three months ended March 31
									2024			2023
OPERATING INFORMATION
Gold (ounces):
Produced(2)									70,898			82,477
Sold(2)									70,077			87,206
Copper (millions of pounds):
Produced(2)									13.3			10.3
Sold(2)									12.0			9.5
Revenue(9)
Gold ($/ounce)									2,061			1,864
Copper ($/pound)									3.64			3.79
Average realized price(1)
Gold ($/ounce)									2,090			1,890
Copper ($/pound)									3.86			4.10
Operating expenses ($/oz gold, co-product) (9)									1,106			1,000
Operating expenses ($/lb copper, co-product) (9)									2.44			3.17
Depreciation and depletion ($/oz gold)(9)									897			636
Cash costs per gold ounce sold (by-product basis)(1)									874			922
All-in sustaining costs per gold ounce sold (by-product basis) (1)									1,396			1,357

The Company is committed to responsible mining through implementation of sound environmental, social and governance ("ESG") practices. The Company continues to work on its three sustainability anchors: Environment, Indigenous Rights and Community Engagement. The Company is also continuing to implement and report on the Mining Association of Canada’s Towards Sustainable Mining ("TSM") framework at all of its operating mines. New Gold continues to prioritize the health, safety and well-being of its people through the “Courage to Care” initiative.

Total recordable injury frequency rate11 was 0.92 for the first quarter of 2024. New Afton and Rainy River experienced no lost time injuries during the quarter. New Afton achieved the milestone of exceeding 1 million hours since its last lost time injury. Rainy River achieved the milestone of exceeding 3 million hours without a lost time injury.

New Gold is building upon the success of it's 2023 water management activities and has established plans for spring snowmelt. The clean water diversions at Rainy River are operational and work commenced in the first quarter to prepare the water treatment processes for the 2024 operational season. New Afton continued to advance the C-Zone stabilization program through the preparation of the evaporators ahead of the active evaporator season.

New Gold is currently undertaking a climate action gap assessment to identify areas of improvements against best practices and to continue to work towards meeting its goal of 30% reduction in absolute greenhouse gas emissions by 2030 (from a 2020 baseline).

New Afton and Rainy River completed their annual reporting filings for their tailings facilities. Rainy River has completed planning activities for the annual tailings management area ("TMA") dam raise.

The Company recognizes the importance of and values its relationships with local and Indigenous communities. The New Afton Mine and the Rainy River Mine community teams regularly engage with interested stakeholders with the aim to build trust, provide employment and contracting opportunities, and identify areas for supporting local communities.

New Afton, Rainy River and the corporate office continue to provide community investment support through its community investment program, focusing on supporting initiatives and projects that have a meaningful and long-lasting positive impact within the community.

6 WWW.NEWGOLD.COM TSX:NGD NYSE American:NGD Preparation of New Gold’s 2023 ESG report and Taskforce on Climate-related Financial Disclosure ("TCFD") report are underway and will be published in the second quarter of 2024. Reporting intends to continue to align with the Global Reporting Initiative and the Sustainability Accounting Standards Board disclosure frameworks. The ESG report will highlight key ESG initiatives and metrics from 2023, reporting on safety, environmental, economic and social topics important to the communities where New Gold operates, its employees and other stakeholders.

The Company provided three-year production and operating guidance in February 2024, which outlined higher production at significantly lower costs over the next three years. For a summary of the key assumptions and related risks associated with the 2024 guidance and three-year production, cost, capital, and exploration outlook, please refer to the press release dated February 8, 2024, "New Gold outlines significant free cash flow generation profile supported by improving production and decreasing costs over the next three years".

On March 25, 2024, the Company appointed Richard O'Brien to its Board of Directors effective immediately. Richard O'Brien will stand for election by shareholders at New Gold's Annual General Meeting ("AGM") on May 14, 2024. Ian Pearce has informed the Board he will retire from the Board on August 1, 2024. Following the AGM, it is expected that the Board will appoint Richard O’Brien as Chair upon Ian Pearce’s retirement from the Board. Ian Pearce will assist Richard O'Brien with the transition into the role over the coming months.

New Gold is pleased to reaffirm its 2024 guidance as outlined below.

First quarter consolidated production of 70,898 ounces of gold and 13.3 million pounds of copper at all-in sustaining costs1 of $1,396 per gold ounce sold (by-product basis) in line with the planned production profile for 2024.

New Afton had a strong first quarter, producing 18,179 ounces of gold and 13.3 million pounds of copper at all-in sustaining costs1 of $241 per gold ounce sold (by-product basis). First quarter gold and copper production were in-line with plan. The B3 cave continues to perform according to plan, and C-Zone ore

production is ramping up concurrent with construction of the cave footprint. Commercial production from C-Zone remains on-track for the second half of the year. The Company expects to commission the C-Zone gyratory crusher and conveyor system in time with achieving commercial production.

Rainy River’s first quarter delivered to plan, producing 52,719 ounces of gold at all-in sustaining costs1 of $1,638 per gold ounce sold (by-product basis). The transition from Phase 3 to Phase 4 pushback is complete, and waste stripping activities of the upper benches of Phase 4 advanced according to plan in the first quarter, positioning the pit to release additional higher grade ore in the second half of the year. The second half of 2024 is expected to represent approximately 60% of annual production. Underground Main Zone remains on-track for first ore in the fourth quarter of 2024.

Details of the Company’s 2024 guidance are available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at www.newgold.com/news-events/news.

There is a range of key performance drivers that are critical to the successful implementation of New Gold’s strategy and the achievement of its goals. The key internal drivers are production volumes and costs. The key external drivers are the market prices of gold and copper as well as foreign exchange rates.

For an analysis of the impact of production volumes and costs for the three months ended March 31, 2024 relative to the prior-year period, refer to the “Review of Operating Mines” section of this MD&A.

The price of gold is the single largest factor affecting New Gold’s profitability and operating cash flows. As such, the current and future financial performance of the Company is expected to be closely related to the prevailing price of gold.

For the three months ended March 31, 2024, New Gold's gold revenue per ounce9 and average realized gold price per ounce1 were $2,061 and $2,090, respectively (March 31, 2023 - $1,864 and $1,890 respectively). This compared to the London Bullion Market Association ("LBMA") p.m. average gold price of $2,070 per ounce (March 31, 2023 - $1,890).

For the three months ended March 31, 2024, New Gold’s copper revenue per pound9 and average realized copper price per pound1 were $3.64 and $3.86, respectively (March 31, 2023 - $3.79 and $4.10 respectively). This compared to the average London Metals Exchange ("LME") copper price of $3.83 per pound (March 31, 2023 - $4.05).

While the Company’s key operations are in Canada, revenue is generated in U.S. dollars. As a result, the Company has foreign currency exposure with respect to costs not denominated in U.S. dollars. New Gold’s operating results and cash flows are influenced by changes in exchange rates against the U.S. dollar. The Company has exposure to the Canadian dollar through New Afton and Rainy River, as well as through corporate administration costs. This risk is partially mitigated by the foreign exchange forward contracts the Company entered into throughout 2024.

The spot Canadian dollar weakened against the U.S. dollar during the first quarter of 2024. The average Canadian dollar foreign exchange rate remained relatively consistent against the U.S. dollar during the first quarter of 2024 compared to the average rate in the prior year period. The weakening of the Canadian dollar impacts costs in U.S. dollar terms at the Company’s Canadian operations, as a significant portion of operating and capital costs are denominated in Canadian dollars.

In the first quarter of 2024, the Company entered into foreign exchange forward contracts in order to hedge the Company's spending in Canadian dollars. The Company hedged C$41 million dollars per month at an average Canadian dollar to US dollar foreign exchange rate of 1.35 for the period of April 2024 to June 2024 and C$15 million dollar per month at an average Canadian dollar to US dollar foreign exchange rate of 1.35 for the period of July 2024 to September 2024.

For an analysis of the impact of foreign exchange fluctuations on operating costs, refer to the relevant sections for Rainy River and New Afton under the heading “Review of Operating Mines”.

The LBMA p.m. gold price increased by 7% during the first quarter of 2024, finishing the quarter at $2,214 per ounce. Gold prices continued to reach record high prices over the quarter as expectations for multiple US Federal Reserve interest rate cuts in 2024 were reinforced. Looking forward, continued geopolitical risk, and expectations for looser monetary policy, may provide further support for gold prices.

Prospects for gold are impacted by several structural factors. Mine supply has been plateauing as high-quality deposits become more difficult to find and more expensive to develop and mine. Economic events can have significant effects on the price of gold, through currency rate fluctuations, the relative strength of the U.S. dollar, gold supply and demand, and other macroeconomic factors, such as interest rates and inflation expectations. Management anticipates that the long-term economic environment should provide support for gold and precious metals, and believes the prospects for the business are favourable.

The LME cash copper price increased by 3% during the first quarter of 2024, finishing the quarter at $3.96 per pound. Copper prices rose during the quarter as a more optimistic view of the global economy emerged following the US Federal Reserve's reaffirmed commitment to looser monetary policy in 2024. Over the longer-term, continued growth in the global economy could increase demand for copper and provide support for copper prices.

For the three months ended March 31, 2024, the decrease in revenue relative to the prior-year period was primarily due to lower gold sales volumes partially offset by higher metal prices and higher copper sales. A detailed discussion of production is included in the “Review of Operating Mines” section of this MD&A.

For the three months ended March 31, 2024, operating expenses decreased over the prior-year period due to lower production and sales, and an inventory write-up of $7.7 million at Rainy River. For further information, please refer to the "Review of Operating Mines" section of this MD&A.

For the three months ended March 31, 2024, depreciation and depletion increased due to a higher depreciable cost basis when compared to the prior-year period, partially off-set by an inventory write-up at Rainy River.

For the three months ended March 31, 2024, revenue less costs of goods sold decreased when compared to the prior-year period due to a decrease in revenues partially offset by a decrease in operating expenses.

For the three months ended March 31, 2024, corporate administration was in-line compared to the prior-year period.

For the three months ended March 31, 2024, share-based payment expenses increased when compared with the prior-year period due to an increase in share price.

For the three months ended March 31, 2024, exploration and business development expenses decreased when compared to the prior-year period due to British Columbia mining exploration tax credits of $3.2 million on prior year exploration activity, received and recognized in the first quarter of 2024; offsetting exploration expenses incurred.

For the three months ended March 31, 2024, finance income increased due to an increase in interest rates when compared to the prior-year period.

For the three months ended March 31, 2024, finance costs decreased as capitalized interest on qualifying capital expenditures at New Afton increased.

Foreign exchange

Movements in foreign exchange are primarily due to the revaluation of monetary assets and liabilities as at the balance sheet date and the appreciation or depreciation of the Canadian dollar when compared to the U.S. dollar in the current period.

For the three months ended March 31, 2024, the Company recorded an unrealized net loss on the revaluation of the gold stream obligation derivative instrument of $12.5 million. The loss was primarily driven by higher metal prices.

For the three months ended March 31, 2024, the Company recorded an unrealized loss on the revaluation of the New Afton free cash flow interest obligation of $45.4 million. The loss was primarily driven by higher metal prices.

Foreign exchange derivatives

For the three months ended March 31, 2024, the Company recorded a net loss on foreign exchange derivatives associated with the Company's foreign exchange contracts.

For the three months ended March 31, 2024, the Company recorded a gain associated with the Company's fuel hedge swap contracts.

The Other Gains and Losses listed above are added back for the purposes of calculating adjusted net earnings (loss)1. Adjusted net earnings1 is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Please refer to the "Non-GAAP Financial Performance Measures" section of this MD&A for more details about adjusted net earnings.

The income tax expense and prior-year income tax expense relates primarily to current and deferred mineral taxes. Income tax expense for the three months ended March 31, 2024 increased compared to the prior-year period primarily due to higher British Columbia mining tax.

On an adjusted net earnings1 basis, the adjusted tax expense1 for the three months ended March 31, 2024, was $1.5 million, compared to an adjusted tax expense of $0.1 million in the prior-year period. The adjusted tax expense1 excludes the tax impact of other gains and losses on the unaudited condensed interim consolidated income statement. Adjusted tax expense1 is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Please refer to the "Non-GAAP Financial Performance Measures" section of this MD&A for more details about adjusted net earnings.

For the three months ended March 31, 2024, there was an increase in net loss compared to the prior-year period primarily due to a decrease in revenues resulting from lower gold sales and higher unrealized losses on the revaluation of the Rainy River gold stream obligation and the New Afton free cash flow interest obligation. The net loss was partially offset by lower operating costs and lower exploration and development expenses.

Adjusted net earnings (loss)1

Net earnings (loss) have been adjusted for Other Gains and Losses on the unaudited condensed consolidated income statement. Key elements in Other Gains and Losses are the fair value changes for the gold stream obligation, fair value changes for the free cash flow interest obligation, foreign exchange gains/loss and fair value changes in investments. The adjusted entries are also impacted by tax expenses to the extent that the underlying entries are impacted for tax in the unadjusted net earnings. Adjusted net earnings is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Please refer to the "Non-GAAP Financial Performance Measures" section of this MD&A for more details.

For the three months ended March 31, 2024, adjusted net earnings1 decreased over the prior-year period due to lower revenues, higher depreciation and depletion expenses, and higher adjusted income tax expense, partially off-set by lower operating expenses and lower exploration expenses.

For further information on the Company’s liquidity and cash flow position, please refer to “Liquidity and Cash Flow” under the "Financial Condition Review" section of this MD&A.

Selected financial and operating information for the current and previous quarters is as follows:

(in millions of U.S. dollars,  except where noted)			Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022
OPERATING INFORMATION
Gold production from operations (ounces)(3)			70,898			79,187			82,986			76,527			82,477			80,694			70,147			52,431
Gold sales from operations (ounces)(3)			70,077			77,870			79,821			74,219			87,206			78,507			68,816			51,263
Revenue			192.1			199.2			201.3			184.4			201.6			162.8			151.2			115.7
Net loss			(43.5)			(27.4)			(2.7)			(2.6)			(31.8)			(16.9)			(4.2)			(37.9)
Per share:
Basic ($)			(0.06)			(0.04)			(0.00)			(0.00)			(0.05)			(0.02)			(0.01)			(0.06)
Diluted ($)			(0.06)			(0.04)			(0.00)			(0.00)			(0.05)			(0.02)			(0.01)			(0.06)

Rainy River is a gold mine located in Northwestern Ontario, Canada approximately 50 kilometres northwest of Fort Frances, a town of approximately 8,000 people.

A summary of Rainy River’s operating results is provided below.

Production

Gold production2 for the three months ended March 31, 2024 was 52,719 ounces, a decrease over the prior-year period as planned primarily due to lower gold grade, partially offset by higher tonnes processed. Production is expected to strengthen in the second half of the year and represent approximately 60% of annual production, as lower grade ore is processed and waste stripping activities continue in the first half of the year, allowing access to higher grade ore from the Phase 4 open pit in the second half of the year.

Revenue

For the three months ended March 31, 2024, revenue decreased when compared to the prior-year period due to lower gold sales volumes partially offset by higher average realized gold prices.

For the three months ended March 31, 2024, revenue less cost of goods sold decreased when compared to the prior-year period, primarily driven by lower revenues.

Operating expenses, depreciation and depletion, all-in sustaining costs, capital expenditures and free cash flow                                

Operating expenses9 per gold ounce sold increased over the prior-year period due to lower gold grade and lower sales volumes, partially offset by an increase in the net realizable value of the low grade stockpile with an impact of approximately $150 per gold ounce sold in the first quarter.

Open pit net mining costs per operating tonne mined1 for the three months ended March 31, 2024, increased over the prior-year period due to a decrease in tonnes mined.

Processing costs per tonne processed1 for the three months ended March 31, 2024, decreased over the prior-year period due to a higher tonnes processed and decrease in mill maintenance compared to the prior year.

Depreciation and depletion per gold ounce sold9 for the three months ended March 31, 2024 was $792, which increased compared to the prior-year period due to lower sales volume, partially off-set by an inventory write-up at Rainy River.

All-in sustaining costs1 per gold ounce increased over the prior-year period due to higher operating expenses and lower sales volumes. All-in sustaining costs are expected to decrease throughout 2024 as the processing of lower grades in the first half of the year due to increased stripping activities are completed, and higher grade ore is accessed in the second half of the year.

Total capital increased over the prior-year period due to higher growth capital spend. Sustaining capital1 is primarily related to capitalized waste, capital components, and tailings management and construction. Growth capital1 is related to the underground development as the underground Main Zone continues to advance.

Cash generated from operations for the three months ended March 31, 2024, decreased when compared to the prior-year period primarily due to a decrease in revenues.

Free cash flow1 for the three months ended March 31, 2024 was a net outflow of $2.5 million (net of $7.2 million stream payments), primarily due to a decrease in revenues, but in-line with the planned open pit sequence for the first half of the year as outlined in the Company's guidance.

Rainy River’s operations are impacted by fluctuations in the valuation of the U.S. dollar against the Canadian dollar. For the three months ended March 31, 2024, the value of the U.S. dollar averaged $1.35 against the Canadian dollar, remaining relatively consistent when compared to the prior-year period.

At Rainy River, underground Main Zone remains on-track for first ore in the fourth quarter of 2024. The priority for 2024 is to establish the primary ventilation circuit and access multiple mining zones, facilitating a ramp-up in underground production to approximately 5,500 tonnes per day by 2027. With an average gold grade approximately three times higher than the open pit, Rainy River gold production is expected to increase significantly with increasing underground mill feed over the next three years. During the quarter, Rainy River achieved a record quarterly development advance rate of 950 metres. With the opening of additional headings and delivery of additional underground mining equipment, development rates are expected to increase throughout the year. Additionally, raiseboring of a 5 metre diameter, 420 metre long fresh air raise is on track to commence in the second quarter.

At Rainy River, exploration drilling from both surface and underground is progressing as scheduled, testing the down-plunge extension of ODM Main and 17 East Zones at depth, and exploring the Gap zone located between the Intrepid and Main Zones. In addition, the Company has identified two new underground exploration targets located close to existing infrastructure which would likely require minimal capital investment to bring into production. These include the114-Deep target located below ODM West, and the Intrepid Strike-Extension target located between the 300 and 600 Levels. To test these opportunities, the Company will allocate an additional $4 million in 2024. Rainy River's priority remains to sustain mill throughput beyond 2029, and as such, infill drilling of near-surface targets with potential for open pit extraction, including NW-Trend and ODM East, is scheduled to commence in the second quarter.

The New Afton mine is located in South-Central British Columbia near Kamloops, a city of approximately 90,000 people.

A summary of New Afton's operating results is provided below.

						Three months ended March 31
(in millions of U.S. dollars, except where noted)									2024			2023
OPERATING INFORMATION
Ore mined (thousands of tonnes)									970			693
Operating waste mined (thousands of tonnes)									—			—
Capitalized waste mined (thousands of tonnes)									7			133
Waste mined (thousands of tonnes)									7			133
Ore processed (thousands of tonnes)									924			721
Average grade:
Gold (grams/tonne)									0.68			0.78
Copper (%)									0.72			0.70
Recovery rate (%):
Gold									88			89
Copper									90			91
Gold (ounces):
Produced - New Afton Mine (2)									17,858			13,731
Produced - Ore Purchase Agreements (2)(10)									321			2,545
Produced - Total (2)									18,179			16,276
Sold (2)									16,980			15,316
Copper (millions of pounds):
Produced (2)									13.3			10.3
Sold (2)									12.0			9.5
Revenue
Gold ($/ounce)									1,988			1,782
Copper ($/pound)									3.64			3.79
Average realized price (1):
Gold ($/ounce)									2,108			1,928
Copper ($/pound)									3.86			4.10
Underground net mining cost per operating tonne mined(1)									22.08			27.23
Processing cost per tonne processed(1)									16.96			19.53
G&A cost per tonne processed (1)									5.77			6.49
Operating expenses ($/oz gold, co-product) (9)									740			839
Operating expenses ($/lb copper, co-product) (9)									2.44			3.17
Depreciation and depletion ($/oz gold) (9)									1,216			1,013
Cash costs per gold ounce sold (by-product basis)(1)									(34)			568
Cash costs per gold ounce sold (co-product)(9)									811			930
Cash costs per copper pound sold (co-product) (9)									2.67			3.52
All-in sustaining costs per gold ounce sold(by-product basis)(1)									241			872
All-in sustaining costs per gold ounce sold (co-product) (1)									894			1,021
All-in sustaining costs per copper pound sold (co-product) (1)									2.94			3.86
FINANCIAL INFORMATION:
Revenue									78.4			63.6
Revenue less cost of goods sold									15.9			5.3
Capital expenditures (sustaining capital) (1)(6)									3.7			4.0
Capital expenditures (growth capital) (1)(7)									27.7			31.1
Total mining interest capital expenditures									31.4			35.0
Cash generated from operations									28.2			16.0
Free cash flow (1)									(3.6)			(19.0)