New Gold (NGD) Guidance summary

Opening remarks and agenda

• Operational outlook and technical session introduced, with land acknowledgments and emphasis on Indigenous partnerships at both mine sites.

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

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

Guidance on key objectives

• Three-year guidance projects gold production rising from 300,000 oz in 2024 to over 400,000 oz annually by 2027, and copper from 54M lbs to 105M lbs.

• All-in sustaining costs expected to drop by up to 81% by 2027, driving 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.

• Major capital projects largely completed, with capital expenditures tapering off after 2026.

• Targeting strong free cash flow generation over the next three years, with production increases and cost reductions as key drivers.

Market trends and strategic opportunities

• Mine life extensions at both Rainy River and New Afton, with updated technical reports increasing net asset value.

• Exploration success replaced up to 90% of gold-equivalent reserves and expanded resources, with a 2025 exploration budget of CAD 30M and 100,000 meters of drilling planned.

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

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

• Free cash flow generation projected at ~$1.75 billion cumulatively from 2025-2027, with strong liquidity entering 2025.