New Gold (NGD) 2025 BMO Global Metals, Mining & Critical Minerals Conference Presentation summary

Investment highlights and financial outlook

• Forecasts 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 64-65%, expanding margins to over $2,000/oz by 2027.

• Cumulative free cash flow projected at approximately $1.7 billion over three years, with a strong liquidity position of $105 million in cash and $482 million in total liquidity.

• Exploration budget of $30 million in 2025, targeting 100,000 meters of drilling for mine life extension and high-grade growth.

• Major projects at both Rainy River and New Afton are nearing completion, de-risking the operational outlook.

Operational performance and project execution

• 2024 saw strong free cash flow generation, with $85 million generated and the inflection point reached a quarter ahead of target.

• Key milestones at New Afton's C-Zone and Rainy River's Underground Main were completed ahead of schedule and on budget.

• Rainy River's gold production averaged 226,000 ounces in 2024, with a reserve mine life to 2033; New Afton produced 73,000 ounces of gold and 54 million pounds of copper, with a reserve mine life to 2031.

• Rainy River's capital expenditures are set to decrease by 50% over the next three years, driving margin expansion.

• New Afton increased its free cash flow interest to 80.1% after reducing Ontario Teachers' interest.

Asset-specific guidance and development

• Rainy River expects gold production of 265,000–295,000 ounces in 2025, with higher output and lower costs in the second half as stripping and underground development progress.

• Rainy River's Phase 5 open pit expansion extends mine life to 2028, with underground production ramping up and gold feed grades expected to rise significantly.

• Rainy River's 2025 exploration budget is $13 million, focused on near-surface and high-grade underground targets to support mill capacity beyond 2029.

• New Afton targets stable 14,000 tpd throughput in 2025, with C-Zone ramp-up and East Extension development advancing.

• New Afton’s capital costs are expected to drop significantly after 2026, with strong margins from low operating costs of ~$30/t.