Summary of Mineral Reserve and Mineral Resource Estimates

On February 17, 2016, the company reported consolidated Mineral Reserve and Mineral Resource estimates for its mines and development projects as at December 31, 2015. A consolidated summary of total gold, copper and silver contained within New Gold’s global Mineral Reserves and Mineral Resources is set out in the table below. Measured and Indicated Mineral Resources are reported exclusive of Mineral Reserves.

New Gold’s Mineral Reserve and Mineral Resource estimates have been reviewed and approved by Mr. Mark A. Petersen, a Qualified Person as defined under NI 43-101.

MINERAL RESERVES AND Mineral RESOURCES SUMMARY TABLE

GOLD
Koz
SILVER
Moz
COPPER
Mlbs
Proven and Probable Reserves 14,985 76 1,194
New Afton 1,228 4 1,112
Mesquite 1,492
Peak Mines 267 1 82
Cerro San Pedro 13
Rainy River 3,814 9
Blackwater 8,170 61
Measured and Indicated Resources (exclusive of Reserves) 6,659 34 1,065
Inferred Resources 1,844 24 194

Notes to the Mineral Reserve and Mineral Resource Estimates are provided in this section’s drop-down menu.

Mineral Reserves

Mineral Reserve estimates as at December 31, 2015 are presented in the following table:

Mineral Reserve Estimates

Metal Grade Contained Metal
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
NEW AFTON
A&B-zones
Proven
Probable 36,510 0.55 2.4 0.85 646 2,765 681
C-zone
Proven
Probable 25,040 0.72 1.8 0.78 583 1,447 430
Total New Afton P&P 61,550 0.62 2.1 0.82 1,228 4,212 1,112
MESQUITE
Proven 8,473 0.51 139
Probable 75,807 0.56 1,353
Total Mesquite P&P 84,280 0.55 1,492
PEAK MINES
Proven 1,520 3.31 7.2 1.30 162 349 44
Probable 1,360 2.42 6.7 1.29 105 291 38
Total Peak Mines P&P 2,870 2.89 6.9 1.29 267 640 82
CERRO SAN PEDRO
Proven 289 0.35 9.7 3 90
Probable 748 0.41 13.7 10 329
Total Cerro San Pedro P&P 1,038 0.40 12.6 13 419
RAINY RIVER
Direct processing material
Open pit
Proven 17,001 1.40 2.0 763 1,075
Probable 52,950 1.18 2.8 2,003 4,690
Open pit P&P (direct processing) 69,952 1.23 2.6 2,766 5,765
Underground
Proven
Probable 4,499 5.00 11.8 723 1,709
Underground P&P (direct processing) 4,499 5.00 11.8 723 1,709
Stockpile material
Open pit
Proven 5,496 0.37 1.5 65 259
Probable 23,302 0.35 2.3 261 1,701
Open pit P&P (stockpile) 28,798 0.35 2.1 325 1,959
Total P&P
Proven 22,498 1.14 1.8 828 1,333
Probable 80,752 1.15 3.1 2,987 8,100
Total Rainy River P&P 103,250 1.15 2.8 3,814 9,433
BLACKWATER
Direct processing material
Proven 124,500 0.95 5.5 3,790 22,100
Probable 169,700 0.68 4.1 3,730 22,300
P&P (direct processing) 294,200 0.79 4.7 7,520 44,400
Stockpile material
Proven 20,100 0.50 3.6 325 2,300
Probable 30,100 0.34 14.6 325 14,100
P&P (stockpile) 50,200 0.40 10.2 650 16,400
Total Blackwater P&P 344,400 0.74 5.5 8,170 60,800
Total P&P 14,985 75,504 1,194