New Gold (NGD) Guidance summary

Opening remarks and agenda

• Introduced the operational outlook, technical session, and Q&A, with a focus on participation and partnerships with Indigenous communities at both mine sites.

• Agenda included life-of-mine updates, operational overviews, upside potential, and presentations from executive and technical leadership.

• Announced a three-year operational outlook and mine life extensions at New Afton and Rainy River, with updated technical reports filed and a webcast scheduled.

Guidance on key objectives

• Gold output targeted to rise from 300,000 oz in 2024 to over 400,000 oz annually by 2027, copper from 54M lbs to 105M lbs, with strong free cash flow generation projected at ~$1.75B from 2025-2027.

• All-in sustaining costs expected to drop by up to 81% by 2027, supporting margin expansion and cash flow.

• 2025 goals include delivering on production and cost guidance, maintaining exemplary health and safety, and expanding exploration for reserve replacement.

• Committed to replacing mining depletion and increasing Mineral Reserves and Resources annually.

Market trends and strategic opportunities

• Mine life extensions at both Rainy River and New Afton, with updated technical reports, resource upgrades, and new zones added to reserves.

• Exploration success replaced 90% of gold-equivalent reserves and expanded resources, with further drilling planned.

• Higher gold and copper prices have driven significant resource expansion and optimization of mine plans, especially at Rainy River.

• Strategic transaction increased ownership at New Afton to over 80%, reducing partner's cash flow interest.