New Gold (NGD) investor relations material

Strategic outlook and investment highlights

• Targeting 35% gold and 90% copper production growth over the next three years, with gold output averaging over 400,000 ounces annually and copper nearly doubling by 2027.

• All-in sustaining costs (AISC) expected to decline by 64% over three years, expanding margins by over $2,500/oz by 2027.

• Cumulative free cash flow projected at ~$2.2 billion from 2025–2027, with an average annual yield of ~15%.

• Exploration budget increased to $36 million in 2025, focusing on mine life extension and high-grade growth.

• Strong liquidity with $123 million in cash and $500 million in total liquidity as of Q3 2025.

Operational performance and project updates

• Q3 2025 saw record free cash flow of $205 million, a 225% increase quarter-over-quarter, and record production at Rainy River.

• $260 million in debt repaid during the quarter, including $150 million on the credit facility, ahead of schedule.

• New Afton’s C-Zone ramp-up is on track for 16,000 tpd by early 2026; Rainy River underground development advancing well.

• Significant exploration success at New Afton’s K-Zone, with a maiden resource expected in early 2026.

Site-specific guidance and mine plans

• New Afton 2025 guidance: 60–70 koz gold, 50–60 Mlbs copper; mine life extended to 2031 with C-Zone and East Extension.

• Rainy River 2025 guidance: 265–295 koz gold; mine life extended to 2033, with Phase 5 open pit expansion and underground ramp-up.

• Rainy River’s gold production to average 300,000 ounces annually over 2025–2027, with capital costs declining after 2026.

• Underground reserve grade at Rainy River is three times higher than open pit, supporting strong future output.