<SEC-DOCUMENT>0001157523-19-000914.txt : 20190426
<SEC-HEADER>0001157523-19-000914.hdr.sgml : 20190426
<ACCEPTANCE-DATETIME>20190426140755
ACCESSION NUMBER:		0001157523-19-000914
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20190424
FILED AS OF DATE:		20190426
DATE AS OF CHANGE:		20190426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		19770927

	BUSINESS ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a5197429.htm
<DESCRIPTION>NEW GOLD INC. 6-K
<TEXT>
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    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">UNITED STATES</font></div>
    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Washington, D.C. 20549</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>&#160;</font></div>
    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Form 6-K</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the month of April 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Commission File Number 001-31722</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: center;"><img src="logo.jpg"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> </font></div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">New Gold Inc.</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Suite 3510 &#8211; 181 Bay Street</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Toronto, Ontario M5J 2T3</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Canada</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Address of principal executive office)</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Form 20-F <font style="font-size: 10pt; font-family: 'Segoe UI Symbol';">&#9744;</font>&#160;Form 40-F <font style="font-size: 10pt; font-family: 'Segoe
          UI Symbol';">&#9746;</font></font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <font style="font-size: 10pt; font-family: 'Segoe UI Symbol';">&#9744;</font></font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(1) only
        permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font style="font-size: 10pt; font-family: 'Segoe UI Symbol';">&#9744;</font></font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note: </font>Regulation S-T Rule 101(b)(7) only
        permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
        domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be
        and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</font></div>
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    <br>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DOCUMENTS FILED AS PART OF THIS FORM 6-K</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</font></div>
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            <div style="text-align: left;"><a href="a51974295ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>99.1</u></font></font></a></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 81.25%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51974295ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Condensed Consolidated Financials Statements for the three months ended March 31, 2019</u></font></font></a></div>
          </td>
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          <td style="width: 13.23%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5.52%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 81.25%; vertical-align: top;" rowspan="1">&#160;</td>
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          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51974295ex99_2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>99.2</u></font></font></a></div>
          </td>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 81.25%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51974295ex99_2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Management&#8217;s Discussion and Analysis for the three months ended March 31, 2019</u></font></font></a></div>
          </td>
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          <td style="width: 13.23%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5.52%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 81.25%; vertical-align: top;" rowspan="1">&#160;</td>
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            <div style="text-align: left;"><a href="a51974295ex99_3.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>99.3</u></font></font></a></div>
          </td>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 81.25%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51974295ex99_3.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>CEO Certification of Interim Filings &#8211; Full Certificate</u></font></font></a></div>
          </td>
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          <td style="width: 13.23%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5.52%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 81.25%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
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          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51974295ex99_4.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>99.4</u></font></font></a></div>
          </td>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 81.25%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51974295ex99_4.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>CFO Certification of Interim Filings &#8211; Full Certificate</u></font></font></a></div>
          </td>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
        on its behalf by the undersigned, thereunto duly authorized.</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td colspan="2" style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NEW GOLD INC.</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 37%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>/s/ Lisa Damiani</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160;April 24, 2019</font></div>
          </td>
          <td style="width: 11%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td colspan="2" style="width: 40%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lisa Damiani</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General Counsel, Executive Vice President, </font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Government Relations and Corporate Secretary</font></div>
          </td>
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    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51974295ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">&#160;Exhibit 99.1</font><br>
    </div>
    <div>
      <div style="text-align: right; color: #FFFFFF; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Financial Statements</div>
      <div style="text-align: center;"><img width="1000" border="0" height="1000" src="coverfs.jpg"></div>
      <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">For the three months ended March 31, 2019</font></div>
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        <div>Contents<br>
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                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">CONDENSED CONSOLIDATED INCOME STATEMENTS</td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
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                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
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                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
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                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                <tr>
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></div>
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                <tr>
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                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                <tr>
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10</font></div>
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                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11</font></div>
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                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
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                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21</font></div>
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                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
                    <div style="margin-left: 9pt;">15. Reclamation and closure cost obligations</div>
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                <tr>
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                <tr>
                  <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
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                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29</font></div>
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                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                  <td style="width: 10%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31</font></div>
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          <div style="text-align: justify; margin-left: 14pt; color: #FFFFFF; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font id="DSPFPageNumber">3</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #70665C;">CONDENSED CONSOLIDATED INCOME STATEMENTS</font></div>
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            <tr>
              <td valign="bottom" colspan="4" style="vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except per share amounts)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenues</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">86.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation and depletion</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">61.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">56.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue less cost of goods sold</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate administration</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share-based payment expenses</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exploration and business development</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income (loss) from operations</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance income</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance costs</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(15.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(16.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other losses</font></div>
                <div>&#160;</div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(8.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss before taxes</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(9.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(29.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loss from continuing operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
                <div>&#160;</div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(13.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(30.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Earnings from discontinued operations, net of tax<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net loss</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(13.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(29.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss from continuing operations per share</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss per share</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Weighted average number of shares outstanding (in millions)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">579.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">578.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">579.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">578.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">In the prior year period, Peak Mines and Mesquite were classified as discontinued operations and
                      accordingly earnings and cash flows from continuing operations are presented exclusive of Peak Mines and Mesquite. Peak Mines was sold in April 2018 and Mesquite was sold in October 2018. Refer to Note 13 for further details.</font></div>
                </td>
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        <div>&#160;</div>
        <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See accompanying notes to the condensed consolidated financial
            statements.</font></div>
        <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;"> <br>
          </font></div>
        <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
        </div>
        <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div>&#160;<font style="color: rgb(255, 255, 255);">2</font></div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

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        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div>&#160;<img src="smalllogo.jpg">
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        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #70665C;">CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z018e80fd6e8e42f79c722b8fa5fc91ab" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" colspan="4" style="vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="2" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;&#160;</td>
              <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
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              <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Note</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net loss</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(13.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(29.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Other comprehensive income</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(Loss) gain on revaluation of gold stream obligation</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(2.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred income tax related to derivative contracts and gold stream obligation</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total other comprehensive income (loss)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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        <div style="text-align: justify; text-indent: -9.35pt; margin-left: 9.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See accompanying notes to the condensed consolidated
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle;">&#160;</td>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle;">&#160;</td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;26.7</font></div>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;127.7</font></div>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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              <td style="width: 32.76%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prepaid expenses and other</font></div>
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              <td style="width: 14.51%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;5.4</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-bottom: #000000 2px solid;">
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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              <td style="width: 32.76%; vertical-align: middle; border-top: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total current assets</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;296.8</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-top: #000000 2px solid;">
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current inventories</font></div>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;15.9</font></div>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mining interests</font></div>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other</font></div>
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              <td style="width: 14.51%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-bottom: #000000 2px solid;">
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total assets</font></div>
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              <td style="width: 14.51%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;2,168.8</font></div>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle;">&#160;</td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32.76%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Current liabilities</font></div>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle;">&#160;</td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle;">
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current income tax payable</font></div>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.8</font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle; border-top: #000000 2px solid;">
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              <td style="width: 14.51%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;126.3</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-top: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;130.9</font></div>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td colspan="2" style="width: 47.27%; vertical-align: middle; border-top: #000000 2px solid;">
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              <td style="width: 13.13%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-top: #000000 2px solid;">
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              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;89.8</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-top: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">86.1</font></div>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold stream obligation</font></div>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9</font></div>
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              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;167.5</font></div>
              </td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;161.9</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Long-term debt</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8</font></div>
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              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;781.2</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;780.5</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred tax liabilities (note 2c)</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14</font></div>
              </td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;56.3</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;56.3</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lease obligations</font></div>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10</font></div>
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              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;17.8</font></div>
              </td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;8.9</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other</font></div>
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              <td style="width: 14.51%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.5</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total liabilities</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;1,239.4</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
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              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Equity</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle;">&#160;</td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32.76%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Common shares</font></div>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;3,035.2</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;3,035.2</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32.76%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contributed surplus</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;105.2</font></div>
              </td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;105.0</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other reserves</font></div>
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              <td style="width: 14.51%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;4.2</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;6.1</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32.76%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deficit (note 2c)</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(2,215.2)</font></div>
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              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(2,201.8)</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32.76%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total equity</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;929.4</font></div>
              </td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;944.5</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 32.76%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total liabilities and equity</font></div>
              </td>
              <td style="width: 14.51%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.13%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.89%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;2,168.8</font></div>
              </td>
              <td colspan="2" style="width: 13.28%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;2,169.6</font></div>
              </td>
              <td style="width: 0.29%; vertical-align: top;">&#160;</td>
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        <div>&#160;</div>
        <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See accompanying notes to the condensed consolidated financial
            statements.</font></div>
        <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;"> <br>
          </font></div>
        <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"><br>
          <br>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div>&#160;<font style="color: rgb(255, 255, 255);">4</font></div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
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        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        </div>
        <div>&#160;
          <div>
            <div><img src="smalllogo.jpg">
              <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
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            <div><br>
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        <div>&#160;</div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #70665C;">CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z1271d15c856d434296d2aa3384e1bec1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="12" style="vertical-align: middle; background-color: #70665C;">&#160;&#160;&#160;
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> Note</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">COMMON SHARES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance, beginning of period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3,035.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,036.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Common share issuance</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance, end of period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3,035.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,036.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CONTRIBUTED SURPLUS</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance, beginning of period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">105.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity settled share-based payments</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance, end of period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">105.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">104.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OTHER RESERVES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance, beginning of period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(38.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
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            <tr>
              <td valign="bottom" rowspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Loss) gain on revaluation of gold stream obligation
                  (net of tax)</font></td>
              <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">9</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><font style="font-size: 10pt; font-family: &amp;quot;
                  font-weight: bold;">(1.9</font></td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"><font style="font-size: 10pt; font-family:
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              <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">4.0</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance, end of period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 64%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(13.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(2,215.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
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              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">929.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,115.3</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #70665C;">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW</font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OPERATING ACTIVITIES</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss from continuing operations</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: middle;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign exchange loss</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reclamation and closure costs paid</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation and depletion</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">61.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">55.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other non-cash adjustments</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance income</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance costs</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">72.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">50.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Change in non-cash operating working capital </font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income taxes paid</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating cash flows generated from continuing operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">74.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating cash flows generated from discontinued operations</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash generated from operations</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">74.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">65.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">INVESTING ACTIVITIES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mining interests</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(50.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(68.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proceeds from sale of Mesquite, net of transaction costs and other adjustments</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proceeds from sale of assets</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest received</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investing cash flows used by continuing operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(38.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(67.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investing cash flows used by discontinued operations</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(9.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>used by investing
                    activities</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(38.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(76.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCING ACTIVITIES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lease payments</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(2.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash settlement of gold stream obligation</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest paid</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash used by financing activities</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(8.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect of exchange rate changes on cash and cash equivalents</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents sold or classified as held-for-sale</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change in cash and cash equivalents</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(24.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents, beginning of period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">103.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">216.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash and cash equivalents, end of period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">132.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">191.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Cash and cash equivalents are comprised of:</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">88.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">141.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Short-term money market instruments</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">44.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">49.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">132.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">191.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
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              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">In the prior year period, Peak Mines and Mesquite were classified as discontinued operations and
                      accordingly earnings and cash flows from continuing operations are presented exclusive of Peak Mines and Mesquite. Peak Mines was sold in April 2018 and Mesquite was sold in October 2018. Refer to Note 13 for further details.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See accompanying notes to the condensed consolidated financial
            statements.</font></div>
        <div>&#160;</div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;6</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>&#160;
          <div>
            <div><img src="smalllogo.jpg">
              <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                center;"></div>
            <div><br>
            </div>
          </div>
        </div>
        <div> <br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #70665C;">NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">For three months ended March 31, 2019</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(Amounts expressed in millions of U.S. dollars, except per share amounts and unless otherwise noted)</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Gold Inc. (&#8220;New Gold&#8221; or the &#8220;Company&#8221;) is an intermediate gold mining company engaged in the development and operation of mineral
            properties. The assets of the Company, directly or through its subsidiaries, are comprised of the Rainy River Mine in Canada (&#8220;Rainy River&#8221;), the New Afton Mine in Canada (&#8220;New Afton&#8221;) and the Cerro San Pedro Mine in Mexico (&#8220;Cerro San Pedro&#8221;).
            The Company also owns the Blackwater project in Canada (&#8220;Blackwater&#8221;).</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is a corporation governed by the Business Corporations Act (British Columbia). The Company&#8217;s shares are listed on the Toronto
            Stock Exchange and the NYSE American under the symbol NGD.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s registered office is located at 1100 Melville Street, Suite 610, Vancouver, British Columbia, V6E 4A6, Canada.</font></div>
        <div>&#160;</div>
        <div></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2. BASIS OF PREPERATION AND SIGNIFICANT ACCOUNTING POLICIES</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">(a) Statement of compliance</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting
            Standard (&#8220;IAS&#8221;) 34, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interim Financial Reporting</font>, as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) on a basis consistent
            with the accounting policies disclosed in the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2018.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These unaudited interim financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements
            for the year ended December 31, 2018 which includes information necessary or useful to understanding the Company's business and financial statement presentation. In particular, the Company's significant accounting policies are presented as Note
            2 in the audited consolidated financial statements for the year ended December 31, 2018 and have been consistently applied in the preparation of these unaudited condensed consolidated interim financial statements, except as noted below in
            &#8220;Changes in accounting policies&#8221;.</font></div>
        <div>&#160;</div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These unaudited condensed consolidated interim financial statements were approved by the Board of Directors of the Company on April 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>,
            2019.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">(b) Changes in accounting policies</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Leases</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 6, 2016, the IASB issued IFRS 16, Leases (&#8220;IFRS 16&#8221;). This standard specifies the methodology to recognize, measure, present
            and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases. This standard replaces IAS 17 Leases.&#160; The effective date is for reporting periods beginning on
            or after January 1, 2019 with early adoption permitted.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company adopted IFRS 16 on January 1, 2019 using the modified retrospective approach. Under this approach, the cumulative effect of
            initially applying IFRS 16 is recognized as an adjustment to equity at the date of initial application. Comparative figures are not restated to reflect the adoption of IFRS 16. Additionally, the Company has adopted the exemption for leases with
            a lease term of 12 months or less and for leases that are low value. Given that the Company&#8217;s existing operating leases are not material, no adjustment to equity has been recognized upon IFRS 16 adoption on January 1, 2019.</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;7</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <div>&#160;
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
          &#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">(c) Revisions to prior period comparatives</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the first quarter of 2019 the Company identified an immaterial error relating to its deferred tax liabilities. The result of this
            error is an increase to income tax expense and deferred tax liabilities of $14.8 million for the three months and year ended December 31, 2018. The resulting understatement of the deferred tax liabilities balance and the deficit balance of
            $14.8 million as at December 31, 2018 has been revised in the comparative condensed consolidated statement of financial position. There has been no change to the comparative condensed consolidated income statements or the comparative condensed
            consolidated statement of cash flow.</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;8</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <div>&#160;
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
          &#160;</div>
        <div></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">3. EXPENSES</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(a)&#8194;Operating expenses by nature</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z73f4da8509ba495d9e4b1cfcd601c25f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: middle; background-color: #70665C;">&#160;&#160;</td>
              <td valign="bottom" colspan="6" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OPERATING EXPENSES BY NATURE</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Raw materials and consumables</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Salaries and employee benefits</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contractors</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Repairs and maintenance</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General and administrative</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Leases</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Royalties</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Drilling and analytical</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total production expenses</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">95.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">105.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less: Production expenses capitalized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(17.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Add (less): Change in inventories</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total operating expenses</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">86.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="zcf910bf561df477a9e371a06c5287372" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: middle; background-color: #70665C;">&#160;&#160;</td>
              <td valign="bottom" colspan="6" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCE COSTS</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest on senior unsecured notes</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest on Credit Facility</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
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              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accretion expense on decommissioning obligations (Note 15)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest income</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                  <div style="color: rgb(255, 255, 255);">&#160;9</div>
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                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OTHER GAINS AND LOSSES</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss on foreign exchange</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(19.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other loss on disposal of assets</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain on revaluation of investments</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unrealized (loss) gain on revaluation of gold stream obligation (Note 9)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Settlement and gain on revaluation of gold price option contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Settlement and (loss) gain on revaluation of copper price option contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revaluation of CSP&#8217;s reclamation and closure cost obligation and social closure costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain on additional proceeds realized from collection of amounts receivable associated with Mesquite sale<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total other losses</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(8.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>

        </table>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z262e39b5143c47459b9f29755fd3c7b6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">In early 2019, the Company announced that it has deferred the Rainy River underground mine
                      development plan. As a result, the Company has recognized demobilization and related costs within other gains and losses.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z88746f77faa542699d24fb7a7d479138" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Cerro San Pedro has transitioned to the reclamation phase of its mine life cycle effective
                      December 31, 2018. As a result, changes in estimate to Cerro San Pedro&#8217;s reclamation and closure cost obligation resulting from revisions to the expected cash flows will be recognized within other gains and losses. Additionally,
                      social closure costs associated with Cerro San Pedro is also recognized within other gains and losses.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z36c0e81256274461b133a037f59f5e43" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">3.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">In the first quarter of 2019, the Company collected the outstanding working capital
                      proceeds due from the sale of Mesquite, as well as a portion of the proceeds due from income tax refunds at Mesquite. Additional proceeds collected in excess of the amounts accrued as at December 31, 2018 were recognized within other
                      gains and losses.</font></div>
                </td>
              </tr>

          </table>
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        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">4. TRADE AND OTHER RECEIVABLES</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z99d3bed452874df49da39ae936321fdf" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td rowspan="1" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 49.06%;">&#160;</td>
              <td rowspan="1" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 13.45%;">&#160;</td>
              <td rowspan="1" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 11.61%;">&#160;</td>
              <td rowspan="1" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 12.62%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">March 31</font></div>
              </td>
              <td rowspan="1" colspan="2" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 12.63%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">December 31</font></div>
              </td>
              <td rowspan="1" style="background-color: #70665C; vertical-align: top; width: 0.63%;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 49.06%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td style="width: 13.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 11.61%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.62%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td colspan="2" style="width: 12.63%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td style="width: 0.63%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 49.06%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">TRADE AND OTHER RECEIVABLES</font></div>
              </td>
              <td style="width: 13.45%; vertical-align: middle;">&#160;</td>
              <td style="width: 11.61%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.62%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td colspan="2" style="width: 12.63%; vertical-align: middle;">&#160;</td>
              <td style="width: 0.63%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 49.06%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade receivables</font></div>
              </td>
              <td style="width: 13.45%; vertical-align: middle;">&#160;</td>
              <td style="width: 11.61%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.62%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;17.6</font></div>
              </td>
              <td colspan="2" style="width: 12.63%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;9.5</font></div>
              </td>
              <td style="width: 0.63%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 49.06%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sales tax receivable</font></div>
              </td>
              <td style="width: 13.45%; vertical-align: middle;">&#160;</td>
              <td style="width: 11.61%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.62%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;8.5</font></div>
              </td>
              <td colspan="2" style="width: 12.63%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;14.0</font></div>
              </td>
              <td style="width: 0.63%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="3" style="width: 74.12%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unsettled provisionally priced concentrate derivatives and swap contracts (Note 11)</font></div>
              </td>
              <td style="width: 12.62%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(0.1)</font></div>
              </td>
              <td colspan="2" style="width: 12.63%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(0.7)</font></div>
              </td>
              <td style="width: 0.63%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="3" style="width: 74.12%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proceeds due from the sale of Mesquite, excluding income tax refund receivable (Note 13)</font></div>
              </td>
              <td style="width: 12.62%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td colspan="2" style="width: 12.63%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.2</font></div>
              </td>
              <td style="width: 0.63%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 49.06%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other</font></div>
              </td>
              <td style="width: 13.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 11.61%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.62%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.7</font></div>
              </td>
              <td colspan="2" style="width: 12.63%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;1.9</font></div>
              </td>
              <td style="width: 0.63%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 49.06%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total trade and other receivables</font></div>
              </td>
              <td style="width: 13.45%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 11.61%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.62%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;26.7</font></div>
              </td>
              <td colspan="2" style="width: 12.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;35.9</font></div>
              </td>
              <td style="width: 0.63%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><br>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;10</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;"><img src="smalllogo.jpg"><br>
          <div>
            <div>
              <div>
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
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              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">5. TRADE AND OTHER PAYABLES</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z915fd51849bf48c38a9df4497743374a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" style="background-color: #70665C; border-bottom: 2px solid #000000; vertical-align: middle;">&#160;</td>
              <td colspan="1" rowspan="1" style="background-color: #70665C; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" rowspan="1" style="background-color: #70665C; vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">March 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td colspan="1" rowspan="1" style="background-color: #70665C; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" rowspan="1" style="background-color: #70665C; vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">December 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">TRADE AND OTHER PAYABLES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade payables</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">47.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest payable</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accruals</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">47.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current portion of reclamation and closure cost obligations (Note 15)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current portion of gold stream obligation (Note 9)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative liabilities (Note&#160; 11)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total trade and other payables</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">125.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">130.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">6. INVENTORIES</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="zbeecf44cced043c3a76e1185e76cb96a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" style="background-color: #70665C; border-bottom: 2px solid #000000; vertical-align: middle;">&#160;</td>
              <td colspan="1" rowspan="1" style="background-color: #70665C; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" rowspan="1" style="background-color: #70665C; vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">March 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td colspan="1" rowspan="1" style="background-color: #70665C; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" rowspan="1" style="background-color: #70665C; vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">December 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">INVENTORIES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stockpile ore</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">70.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">74.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Work-in-process</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finished goods<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Supplies</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">53.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">143.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">156.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(15.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(14.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
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              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">127.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">141.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">The amount of inventories recognized in operating expenses for the three months ended March
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Non-current inventories consist of low-grade stockpiled inventories at Rainy River.</font></div>
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                  <div style="color: rgb(255, 255, 255);">&#160;11</div>
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                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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              <div><img src="smalllogo.jpg">
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">7. MINING INTERESTS</font></div>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Mining Properties</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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              <td style="vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FFFFFF;">Total</font></div>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">COST</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">As at December 31, 2017</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,353.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">562.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,379.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">57.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,351.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additions</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">70.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">48.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">72.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">214.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Disposals</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sale of Mesquite<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(323.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(232.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(557.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Transfers</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Asset impairment</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(836.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(218.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,054.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">As at December 31, 2018</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,262.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">367.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,191.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">127.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2,948.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additions</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">47.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Disposals</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Transfers</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">101.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(101.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">As at March 31, 2019</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,368.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">372.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,197.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">ACCUMULATED DEPRECIATION</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">As at December 31, 2017</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">737.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">413.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,150.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation for the year</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">169.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">130.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">299.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Disposals</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(189.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(162.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(351.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">As at December 31, 2018</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">717.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">378.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,095.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation for the period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">54.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Disposals</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sale of Mesquite<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-weight: bold;">(1)</font></sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">As at March 31, 2019</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">744.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">406.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,150.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CARRYING AMOUNT</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">As at December 31, 2018</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">545.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">367.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">812.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">127.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,853.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">As at March 31, 2019</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">624.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">372.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">791.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,845.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

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        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9ace9107b44346a09ca9dec407f02f71" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Refer to Note 13 for further information on discontinued operations. Mesquite was
                      classified as an asset held-for-sale in the third quarter of 2018 and was sold in October 2018.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Carrying amount by property as at March 31, 2019</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="zf9402bc73104493494f5328a59c02138" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="18" style="vertical-align: bottom; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at March 31, 2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="2" style="vertical-align: bottom; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);">Depletable</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Non- depletable</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Plant &amp; equipment</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Construction in progress</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">MINING INTEREST BY SITE</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Afton</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">400.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">632.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">224.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">593.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">867.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">343.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Carrying amount as at March 31, 2019</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">624.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">372.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">791.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,845.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                  <div style="color: rgb(255, 255, 255);">&#160;12</div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Carrying amount by property as at December 31, 2018:</font></div>
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              <td valign="bottom" style="vertical-align: bottom; background-color: #70665C;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="18" style="vertical-align: bottom; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at December 31, 2018</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
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              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Depletable</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">MINING INTEREST BY SITE</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Afton</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">421.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.1</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">123.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">605.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">110.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">853.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Blackwater</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">326.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">340.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Carrying amount as at December 31, 2018</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">545.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">367.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">812.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,853.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
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                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Other includes corporate balances and exploration properties.</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
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        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
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          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
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                  <div style="color: rgb(255, 255, 255);">&#160;13</div>
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                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

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          <div>
            <div>
              <div><img src="smalllogo.jpg">
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              <div><br>
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        <div>&#160;</div>
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              <td colspan="3" style="width: 69.08%; vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td style="width: 15.46%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">March 31</font></div>
              </td>
              <td style="width: 15.46%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">December 31</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 44.19%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td style="width: 12.42%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.47%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 15.46%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td style="width: 15.46%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 44.19%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">LONG-TERM DEBT</font></div>
              </td>
              <td style="width: 12.42%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.47%; vertical-align: middle;">&#160;</td>
              <td style="width: 15.46%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td style="width: 15.46%; vertical-align: middle;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 44.19%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Senior unsecured notes - due November 15, 2022 (a)</font></div>
              </td>
              <td style="width: 12.42%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.47%; vertical-align: middle;">&#160;</td>
              <td style="width: 15.46%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;495.6</font></div>
              </td>
              <td style="width: 15.46%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;495.3</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 44.19%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Senior unsecured notes - due May 15, 2025 (b)</font></div>
              </td>
              <td style="width: 12.42%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.47%; vertical-align: middle;">&#160;</td>
              <td style="width: 15.46%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;285.6</font></div>
              </td>
              <td style="width: 15.46%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;285.2</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 44.19%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total long-term debt</font></div>
              </td>
              <td style="width: 12.42%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.47%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 15.46%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;781.2</font></div>
              </td>
              <td style="width: 15.46%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;780.5</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(a)&#8194;Senior Unsecured Notes &#8211; due November 15, 2022</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2012, the Company issued $500.0 million of senior unsecured notes (&#8220;2022 Unsecured Notes&#8221;). As at March 31, 2019, the face value was
            $500.0 million. The 2022 Unsecured Notes are denominated in U.S. dollars, mature and become due and payable on November 15, 2022, and bear interest at the rate of 6.25% per annum. Interest is payable in arrears in equal semi-annual instalments
            on May 15 and November 15 of each year. The Company incurred transaction costs of $9.9 million which have been offset against the carrying amount of the 2022 Unsecured Notes and are being amortized to net earnings using the effective interest
            method.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The 2022 Unsecured Notes are subject to a minimum interest coverage incurrence covenant of earnings before interest, taxes, depreciation,
            amortization, impairment, and other non-cash adjustments to interest of 2:1. The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring significant assets, or
            certain other corporate actions. There are no maintenance covenants.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The 2022 Unsecured Notes are redeemable by the Company in whole or in part:</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;">
          <table cellspacing="0" cellpadding="0" border="0" id="ze0a107e69d4848e3af0e8beac5d1a458" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td colspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-family: Symbol,serif; font-size: 10pt;"><font style="font-family: Times New Roman;">&#9679;</font></div>
                </td>
                <td style="width: 94%; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">During the 12-month period beginning on November 15 of the years indicated at the redemption prices below,
                      expressed as a percentage of the principal amount of the 2022 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:</font></div>
                </td>
              </tr>

          </table>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
        <br>
        <table cellspacing="0" cellpadding="0" id="zdd5150d0c0ec4311aeb202ea92cfdcbe" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td style="width: 73.65%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Date</font></div>
              </td>
              <td style="width: 26.35%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Redemption prices (%)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.65%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</font></div>
              </td>
              <td style="width: 26.35%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">102.08%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.65%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2019</font></div>
              </td>
              <td style="width: 26.35%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">101.04%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020 and thereafter</font></div>
              </td>
              <td style="width: 26.35%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">100.00%</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(b)&#8194;Senior Unsecured Notes &#8211; due May 15, 2025</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2017, the Company issued $300.0 million of senior unsecured notes (&#8220;2025 Unsecured Notes&#8221;). As at March 31, 2019, the face value was
            $300.0 million. The 2025 Unsecured Notes are denominated in U.S. dollars, mature and become due and payable on May 15, 2025, and bear interest at the rate of 6.375% per annum. Interest is payable in arrears in equal semi-annual instalments on
            May 15 and November 15 of each year. The Company incurred transaction costs of $10.7 million which have been offset against the carrying amount of the 2025 Unsecured Notes and are being amortized to net earnings using the effective interest
            method.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The 2025 Unsecured Notes are subject to a minimum interest coverage incurrence covenant of earnings before interest,
            taxes, depreciation, amortization, impairment, and other non-cash adjustments to interest of 2:1. The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring
            significant assets, or certain other corporate actions. There are no maintenance covenants.</font></div>
        <div style="text-align: justify; margin-left: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify; margin-left: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify; margin-left: 0.2pt;"><br>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;14</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div></div>
        <div style="text-align: justify; margin-left: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            The 2025 Unsecured Notes are redeemable by the Company in whole or in part:</font></div>
        <div>&#160;</div>
        <div> </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" id="zc7ac90c4c201436a9d853662ae539d7f" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-family: Symbol,serif; font-size: 10pt;"><font style="font-family: Times New Roman;">&#9679;</font></div>
                </td>
                <td style="width: 93%; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">At any time prior to May 15, 2020 at a redemption price of 100% of the aggregate principal amount of the 2025
                      Unsecured Notes, plus a make-whole premium (consisting of future interest that would have been paid up to the first call date of May 15, 2020), plus accrued and unpaid interest, if any, to the redemption date.</font></div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
                <td style="width: 3%; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
                <td style="width: 93%; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">During the 12-month period beginning on May 15 of the years indicated at the redemption prices below, expressed
                      as a percentage of the principal amount of the 2025 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:</font></div>
                </td>
              </tr>

          </table>
        </div>
        <br>
        <table cellspacing="0" cellpadding="0" id="z0cc27bbd57ef4d9ba6091563eeee5432" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td style="width: 72.83%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Date</font></div>
              </td>
              <td style="width: 27.17%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Redemption prices (%)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 72.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020</font></div>
              </td>
              <td style="width: 27.17%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">104.78%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 72.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2021</font></div>
              </td>
              <td style="width: 27.17%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">103.19%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 72.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2022</font></div>
              </td>
              <td style="width: 27.17%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">101.59%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 72.83%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2023 and thereafter</font></div>
              </td>
              <td style="width: 27.17%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">100.00%</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(c)&#8194;Credit Facility</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company holds a revolving credit facility (the &#8220;Credit Facility&#8221;) with a maturity date of August 2021 and has a borrowing limit of
            $400.0 million.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Credit Facility contains various covenants customary for a loan facility of this nature, including limits on indebtedness, asset
            sales and liens. The Credit Facility contains three covenant tests, the minimum interest coverage ratio, being earnings before interest, taxes, depreciation, amortization, exploration, impairment and other non-cash adjustments (&#8220;Adjusted
            EBITDA&#8221;) to interest, the maximum net debt to Adjusted EBITDA ratio (&#8220;Leverage Ratio&#8221;), and the maximum gross secured debt to Adjusted EBITDA (&#8220;Secured Leverage Ratio&#8221;), all of which are measured on a rolling four-quarter basis at the end of
            every quarter. Significant financial covenants are as follows:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" border="0" id="zb6e40cc1346c44408ff577d96c8e6c3e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td colspan="2" style="vertical-align: middle; background-color: rgb(112, 102, 92);">&#160;</td>
              <td style="width: 20%; vertical-align: middle; background-color: rgb(112, 102, 92);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Twelve months ended </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">March 31</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle; background-color: rgb(112, 102, 92);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Twelve months ended </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">December 31</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Financial Covenant</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">&#160;2019</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL COVENANTS</font></div>
              </td>
              <td style="width: 14.71%; vertical-align: middle;">&#160;</td>
              <td style="width: 20%; vertical-align: middle; background-color: rgb(242, 242, 242);">&#160;</td>
              <td style="width: 20%; vertical-align: middle;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Minimum interest coverage ratio (Adjusted EBITDA to interest)</font></div>
              </td>
              <td style="width: 14.71%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&gt;3.0 : 1</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle; background-color: rgb(242, 242, 242);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;4.7 : 1</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;4.5 : 1</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Maximum leverage ratio (net debt to Adjusted EBITDA)</font></div>
              </td>
              <td style="width: 14.71%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&lt;4.5 : 1</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle; background-color: rgb(242, 242, 242);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;2.5 : 1</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;2.6 : 1</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Maximum secured leverage ratio (secured debt to Adjusted EBITDA)</font></div>
              </td>
              <td style="width: 14.71%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&lt;2.0 : 1</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5 : 1</font></div>
              </td>
              <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4 : 1</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The interest margin on drawings under the Credit Facility ranges from 1.25% to 3.75% over LIBOR, the Prime Rate or the Base Rate, based
            on the Company&#8217;s Leverage Ratio and the currency and type of credit selected by the Company. Based on the Company&#8217;s Leverage Ratio, the rate is 3.25% over LIBOR as at March 31, 2019 (December 31, 2018 &#8211; 3.25%). The standby fees on undrawn
            amounts under the Credit Facility range from 0.51% to 0.84%, depending on the Company&#8217;s Leverage Ratio. Based on the Company&#8217;s Leverage Ratio, the rate is 0.73% as at March 31, 2019 (December 31, 2018 &#8211; 0.73%).</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at March 31, 2019, letters of credit amounting to $112.8 million have been issued through the Credit Facility (December 31, 2018 -
            $110.8 million). Letters of credit relate to reclamation bonds, and other financial assurances required with various government agencies.</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;"><br>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;15</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div> <br>
        </div>
        <div></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">9. GOLD STREAM OBLIGATION</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2015, the Company entered into a $175 million streaming transaction with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc.
            (&#8220;Royal Gold&#8221;). Under the terms of the agreement, the Company will deliver to Royal Gold 6.5% of gold production from Rainy River up to a total of 230,000 ounces of gold and then 3.25% of the mine&#8217;s gold production thereafter. The Company will
            also deliver to Royal Gold 60% of the mine&#8217;s silver production to a maximum of 3.1 million ounces and then 30% of silver production thereafter. Royal Gold paid $175.0 million in consideration of this transaction.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition to the upfront deposit, Royal Gold will pay 25% of the average spot gold or silver price at the time each ounce of gold or
            silver is delivered under the stream. The difference between the spot price of metal and the cash received from Royal Gold will reduce the $175.0 million deposit over the life of the mine. Upon expiry of the 40<font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif;">&#8208;</font>year term of the agreement (which may be extended in certain circumstances), any balance of the $175.0 million upfront deposit remaining unpaid will be refunded to Royal Gold.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Company has designated the gold stream
              obligation as a financial liability at fair value through profit or loss (&#8220;FVTPL&#8221;) under the scope of IFRS 9. </font>Accordingly, the Company values the liability at the present value of its expected future cash flows at each reporting
            period with changes in fair value reflected in the consolidated income statements and consolidated statements of comprehensive income. The gold stream obligation contained a maximum leverage ratio covenant (net debt to Adjusted EBITDA) of 3.5 :
            1.0 as at March 31, 2019.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following is a summary of the changes in the Company&#8217;s gold stream obligation:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="za1126a1573534691a017751485ed44b5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: middle; background-color: #70665C;">&#160;&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CHANGE IN STREAM OBLIGATION</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance, December 31, 2017</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">273.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Settlements during the period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(15.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Fair value adjustments related to
                      changes in the Company&#8217;s own credit risk</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: 'Times New Roman';">(1)</font></sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(66.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Other fair value adjustments</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: 'Times New Roman';">(2)</font></sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance, December 31, 2018</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">180.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less: current portion of gold stream obligation<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(18.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current portion of gold stream obligation</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">161.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance, December 31, 2018</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Settlements during the period</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Fair value adjustments related to
                      changes in the Company&#8217;s own credit risk</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: 'Times New Roman';">(1)</font></sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Other fair value adjustments</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: 'Times New Roman';">(2)</font></sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Balance, March 31, 2019</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">183.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less: current portion of gold stream obligation<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(15.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current portion of gold stream obligation</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">167.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7413eef0f29142e3a20ccb8972cbc908" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fair value adjustments related to changes in the Company&#8217;s own credit risk are included in other
                      comprehensive income.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb771e748e027418c8890f4fadc1c092f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">2.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other fair value adjustments are included in the consolidated income statements.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z22cd8bea634841738a27f3cdd8abb708" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">3.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The current portion of the gold stream obligation is included in trade and other payables on the statement
                      of financial position.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fair value adjustments represent the net effect on the gold stream obligation of changes in the variables included in the Company&#8217;s
            valuation model between the date of receipt of deposit and the reporting date. These variables include accretion, risk-free interest rate, future metal prices, Company-specific credit spread and expected gold and silver ounces to be delivered.</font></div>
        <div>&#160;</div>
        <div> <br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;16</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;">
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">10. LEASES</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company adopted IFRS 16 on January 1, 2019 using the modified retrospective approach. Under this approach, the cumulative effect of
            initially applying IFRS 16 is recognized as an adjustment to equity at the date of initial application. Comparative figures are not restated to reflect the adoption of IFRS 16. Additionally, the Company adopted the exemption for leases with a
            lease term of 12 months or less and for leases that are low value. As the Company&#8217;s operating leases were not material, no adjustment to equity was recognized upon IFRS 16 adoption on January 1, 2019.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(a)&#8194;Right-of-use assets</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company leases assets such as buildings, mobile equipment and machinery. These assets are included in Mining Interests on the
            statement of financial position and are classified as plant &amp; equipment as per note 7 of the Company&#8217;s consolidated financial statements.</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z53d2df5c29b143e7a25e0d4f3aa660cd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td colspan="3" style="width: 73.69%; vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td colspan="2" style="width: 26.31%; vertical-align: middle; background-color: #70665C;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 58.54%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td style="width: 12.3%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 2.85%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.56%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.75%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 58.54%; vertical-align: middle; border-top: #000000 2px solid;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;">RIGHT-OF-USE ASSETS</font></font></div>
              </td>
              <td style="width: 12.3%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 2.85%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 12.56%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 13.75%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 58.54%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance, December 31, 2018</font></div>
              </td>
              <td style="width: 12.3%; vertical-align: middle;">&#160;</td>
              <td style="width: 2.85%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.56%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.75%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;20.8</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 58.54%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Additions</font></div>
              </td>
              <td style="width: 12.3%; vertical-align: middle;">&#160;</td>
              <td style="width: 2.85%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.56%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.75%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;12.2</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 58.54%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Depreciation</font></div>
              </td>
              <td style="width: 12.3%; vertical-align: middle;">&#160;</td>
              <td style="width: 2.85%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.56%; vertical-align: middle;">&#160;</td>
              <td style="width: 13.75%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(1.0)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 58.54%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Disposals</font></font></div>
              </td>
              <td style="width: 12.3%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 2.85%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.56%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.75%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;-</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 58.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance, March 31, 2019</font></div>
              </td>
              <td style="width: 12.3%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 2.85%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.56%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 13.75%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;32.0</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(b)&#8194;Lease liabilities</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Please see below for a maturity analysis of the Company&#8217;s lease payments:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z34f38cee49b446978dbff883c5f0799a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="5" style="vertical-align: middle; background-color: #70665C; padding-left: 21%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at March 31, 2019</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #005B94;">MATURITY ANALYSIS FOR LEASES<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Less than 1 year</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Between 1 and 3 years</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Between 3 and 5 years</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">More than 5 years</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total undiscounted lease payments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Carrying value of lease liabilities</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less: current portion of lease liabilities<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(9.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current portion of lease liabilities</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z67c685ec3a6d400cbc86a2e7c8834ae5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total undiscounted lease payments excludes leases that are classified as short term and leases for low
                      value assets, which are not recognized as lease liabilities.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcd3ff53603ec4305be5c2925486a08e0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">2.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The current portion of the lease liabiltiies is included in trade and other payables on the statement of
                      financial position.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf8f91583cf8348088bf2a0eb70e3d1cc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">3.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">In addition to the lease commitments included in this maturity analysis, the Company has committed to a
                      Corporate office lease which will commence in the second quarter of 2019.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the Company recognized $0.2 million in interest expense on lease liabilities. For the three
            months ended March 31, 2019, the Company expensed $1.6 million related to leases that are classified as short term and $0.2 million for leases for low value assets.</font></div>
        <div>&#160;</div>
        <div> <br>
        </div>
        <div> <br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;17</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;"><br>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">11. DERIVATIVE INSTRUMENTS</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z78c03919495e427fbc01c5898b7d455a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td rowspan="1" style="background-color: rgb(112, 102, 92); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle;">&#160;</td>
              <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;">&#160;</td>
              <td colspan="2" rowspan="1" style="background-color: rgb(112, 102, 92); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">March 31</font></div>
              </td>
              <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;">&#160;</td>
              <td colspan="2" rowspan="1" style="background-color: rgb(112, 102, 92); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">December 31</font></div>
              </td>
              <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">DERIVATIVE ASSETS</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper price option contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total derivative assets</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">DERIVATIVE LIABILITIES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unsettled provisionally priced concentrate derivatives, and swap contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper price option contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold price option contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total derivative liabilities</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3e0ba8447eea4c32ad60a158c3aed65f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">As at March 31, 2019, copper and gold price option contracts are included within trade and other payables
                      in the statement of financial position. As at December 31, 2018, copper price option contracts are included within prepaids and other in the statement of financial position and gold price option contracts are included within trade and
                      other payables in the statement of financial position.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za7a4e9507db049d0a456b2ad51bcd352" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">2.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Unsettled provisionally priced concentrate derivatives are included within trade and other receivables in
                      the statement of financial position.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(a)&#8194;Provisionally priced contracts</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company had provisionally priced sales for which price finalization is outstanding at March 31, 2019. Realized and unrealized
            non-hedged derivative gains (losses) on the provisional pricing of concentrate sales are classified as revenue, with the unsettled provisionally priced concentrate derivatives included in trade and other receivables. The Company enters into
            gold and copper swap contracts to reduce exposure to gold and copper prices. Realized and unrealized gains (losses) are recorded in revenue, with the unsettled gold and copper swaps included in trade and other receivables.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following tables summarize the realized and unrealized gains (losses) on provisionally priced sales:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="za322b245e3a7494bb2f2b3672c85ad0f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: middle; background-color: #70665C; padding-left: 9pt;">&#160;&#160;</td>
              <td valign="bottom" colspan="10" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31, 2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> Gold</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Copper</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="12" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">GAIN (LOSS) ON THE PROVISIONAL PRICING OF CONCENTRATE SALES</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unrealized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total gain</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z6a9dbe135bd44aff92ba96fe6ef8e866" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: middle; background-color: #70665C; padding-left: 9pt;">&#160;&#160;</td>
              <td valign="bottom" colspan="10" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31, 2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> Gold</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Copper</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="12" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">GAIN (LOSS) ON THE PROVISIONAL PRICING OF CONCENTRATE SALES</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unrealized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total gain (loss)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;18</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;"><br>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following tables summarize the realized and unrealized gains (losses) on gold and copper swap contracts:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="zcaa7ce28bebc4d118697825f904499d8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: middle; background-color: #70665C; padding-left: 9pt;">&#160;&#160;</td>
              <td valign="bottom" colspan="10" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31, 2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> Gold</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Copper</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="12" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> (LOSS) GAIN ON SWAP CONTRACTS</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unrealized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total loss</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(5.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(5.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2ccb2211f8284ede964f2dab209d8a7a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; background-color: #70665C; padding-left: 9pt;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="10" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31, 2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> Gold</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Copper</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="12" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> (LOSS) GAIN ON SWAP CONTRACTS</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unrealized</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total (loss) gain</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table summarizes the net exposure to the impact of movements in market commodity prices for provisionally priced sales:</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z76a51bca99194fe2a827cc1027a93fd8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" colspan="4" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at March 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at December 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">VOLUMES SUBJECT TO FINAL PRICING NET OF OUTSTANDING SWAPS</font></div>
                <div>&#160;</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold ounces (000s)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper pounds (millions)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(b) &#8194;Copper price option contracts</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In December 2018, the Company entered into copper price option contracts by purchasing put options at an average strike price of $2.50
            per pound and selling call options at an average strike price of $3.00 per pound for 21,600 tonnes (approximately 47.6 million pounds) of copper production during 2019. The Company entered into these contracts at no premium and therefore
            incurred no investment costs upon initiation.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The call options sold and put options purchased are treated as derivative financial instruments and marked-to-market at each reporting
            period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses as a result of the exercise of the Company&#8217;s call and put options up to an amount not
            exceeding the Company&#8217;s production of copper pounds for the reporting period are recorded as an adjustment to revenue. The exercise of options on copper pounds in excess of the Company&#8217;s copper production for the reporting period are recorded
            as other gains and losses.</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z3e9d8ef893a14117bf1f11d8bee851cd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td style="width: 37.49%; vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td style="width: 12.97%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Quantity outstanding</font></div>
              </td>
              <td style="width: 21.57%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Remaining term</font></div>
              </td>
              <td colspan="2" style="width: 13.69%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Exercise price ($/lb)</font></div>
                <div>&#160;</div>
              </td>
              <td colspan="2" style="width: 14.27%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Fair value&#160; - asset (liability)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif;">&#160;</font></font></div>
              </td>
            </tr>
            <tr>
              <td colspan="2" style="width: 50.47%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">COPPER PRICE OPTION CONTRACTS OUTSTANDING</font></div>
              </td>
              <td style="width: 21.57%; vertical-align: middle;">&#160;</td>
              <td style="width: 10.76%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 13.69%; vertical-align: middle;">&#160;</td>
              <td style="width: 3.51%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 37.49%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper call contracts - sold</font></div>
              </td>
              <td style="width: 12.97%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,200 tonnes</font></div>
              </td>
              <td style="width: 21.57%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April &#8211; December&#160; 2019</font></div>
              </td>
              <td colspan="2" style="width: 13.69%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.00</font></div>
              </td>
              <td colspan="2" style="width: 14.27%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2.8)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.49%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper put contracts - purchased</font></div>
              </td>
              <td style="width: 12.97%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,200 tonnes</font></div>
              </td>
              <td style="width: 21.57%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April &#8211; December&#160; 2019</font></div>
              </td>
              <td colspan="2" style="width: 13.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.50</font></div>
              </td>
              <td colspan="2" style="width: 14.27%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">0.4</font></div>
              </td>
            </tr>

        </table>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za2370c1ddc064fc6ac95c62fa81f50e8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Company presents the fair value of its put and call options on a net basis on the consolidated
                      statements of financial position. The Company has a legally enforceable right to set off the amounts under its option contracts and intends to settle on a net basis.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;19</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;"><br>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(c) &#8194;Gold price option contracts</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In December 2018, the Company entered into gold price option contracts by purchasing put options at an average strike price of $1,230 per
            ounce and selling call options at an average strike price of $1,300 per ounce for 192,000 ounces of gold production between January 2019 and December 2019 (&#8220;gold price option contracts&#8221;). The Company entered into these contracts at no premium
            and therefore incurred no investment costs upon initiation.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consistent with the accounting treatment of the copper price option contracts described above, the call options sold and put options
            purchased are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and
            losses as a result of the exercise of the Company&#8217;s call and put options up to an amount not exceeding the Company&#8217;s production of gold ounces for the reporting period are recorded as an adjustment to revenue. The exercise of options on gold
            ounces in excess of the Company&#8217;s gold production for the reporting period are recorded as other gains and losses.</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" border="0" id="z0f4b211e307c4296b4a03604799aa47f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td colspan="2" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: middle; padding: 0px 0px 0px 21%;">
                <div style="margin-left: 9pt">
                  <div style="margin-left: 9pt">
                    <div style="margin-left: 9pt">
                      <div style="margin-left: 9pt">
                        <div style="margin-left: 9pt">
                          <div style="margin-left: 9pt">
                            <div style="margin-left: 9pt">
                              <div style="margin-left: 9pt">
                                <div style="margin-left: 9pt">
                                  <div style="margin-left: 9pt">
                                    <div style="margin-left: 9pt">
                                      <div style="margin-left: 9pt; text-align: right;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">Quantity </font></div>
                                      <div style="margin-left: 9pt; text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">outstanding</font></div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </td>
              <td rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: middle; text-align: center; width: 17%;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">Remaining
                  term</font></td>
              <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="2" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">Exercise price </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">($/lb)</font></div>
              </td>
              <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; white-space: nowrap; text-align: right; width: 1%;">&#160;</td>
              <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; width: 1%; text-align: right;">&#160;</td>
              <td colspan="2" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: middle;">
                <div style="text-align: right;"> <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">Fair value - asset </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">(liability)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></font></div>
              </td>
              <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; white-space: nowrap; text-align: left; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: middle;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">GOLD PRICE OPTION CONTRACTS OUTSTANDING</font>&#160;</td>
              <td valign="bottom" rowspan="1" style="vertical-align: middle; width: 17%;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 24%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold call contracts - sold</font></div>
              </td>
              <td valign="bottom" style="vertical-align: middle; width: 23%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">144,000 oz</font></div>
              </td>
              <td valign="bottom" style="vertical-align: middle; width: 17%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April &#8211; December&#160; 2019</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,300</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(4.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 24%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold put contracts - purchased</font></div>
              </td>
              <td valign="bottom" style="vertical-align: middle; width: 23%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">144,000 oz</font></div>
              </td>
              <td valign="bottom" style="vertical-align: middle; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April &#8211; December&#160; 2019</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,230</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">0.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Company presents the fair value of its put and call options on a net basis on the consolidated
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              <tr>
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                  <div style="color: rgb(255, 255, 255);">&#160;20</div>
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                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> </font>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">12. SHARE CAPITAL</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At March 31, 2019, the Company had unlimited authorized common shares and 579.1 million common shares outstanding.</font></div>
        <div>&#160;</div>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="background-color: #70665C; vertical-align: top;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
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              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">(000s</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">)</font></div>
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              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">$</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">NO PAR VALUE COMMON SHARES ISSUED</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance at December 31, 2017</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,036.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Issuance of common shares under First Nations agreements</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">113</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exercise of options and vested performance share units</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">366</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reversal of deferred tax recovery<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance at December 31, 2018</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">579,115</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3,035.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance at March 31, 2019</font></div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">579,115</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3,035.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

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              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">In 2017, the Company closed a bought deal financing and related agreements and recognized a
                      deferred tax recovery of $1.9 million. This deferred tax recovery was reversed in 2018.</font></div>
                </td>
              </tr>

          </table>
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        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table summarizes share-based payment expenses:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z59452a6709384d7b84ca1757d9c9c4a3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td colspan="3" style="width: 73.88%; vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td colspan="2" style="width: 26.12%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
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            <tr>
              <td style="width: 49%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td style="width: 12.43%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td style="width: 13.64%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">SHARE-BASED PAYMENT EXPENSES</font></div>
              </td>
              <td style="width: 12.43%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td style="width: 13.64%; vertical-align: middle;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 49%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stock option expense (i)</font></div>
              </td>
              <td style="width: 12.43%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.2</font></div>
              </td>
              <td style="width: 13.64%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;0.6</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Performance share unit expense</font></div>
              </td>
              <td style="width: 12.43%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;-</font></div>
              </td>
              <td style="width: 13.64%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;0.8</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49%; vertical-align: middle;">
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              </td>
              <td style="width: 12.43%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.4</font></div>
              </td>
              <td style="width: 13.64%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;0.4</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares issued under First Nations agreements<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td style="width: 12.43%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;-</font></div>
              </td>
              <td style="width: 13.64%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;0.3</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total share-based payment expenses</font></div>
              </td>
              <td style="width: 12.43%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.6</font></div>
              </td>
              <td style="width: 13.64%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;2.1</font></div>
              </td>
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          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf03b6978ca434b19ab905ed87201ce4b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">For the three months ended March 31, 2019 $0.3 million of share-based payment expenses were
                      recognized in operating expenses (2018 - $0.5 million).</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;"> <font style="color: rgb(255, 255, 255);">21</font><br>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
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        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">&#160;</font>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(i) Stock options</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents changes in the Company&#8217;s stock option plan:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="za6f3dbaebd4e42218b9f8ac3fc76c317" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td rowspan="1" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 48.92%;">&#160;</td>
              <td rowspan="1" colspan="2" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 12.45%;">&#160;</td>
              <td rowspan="1" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 12.44%;">&#160;</td>
              <td rowspan="1" colspan="2" style="background-color: rgb(112, 102, 92); border-bottom: 2px solid; vertical-align: bottom; width: 11.58%; text-align: right;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;
                  color: rgb(255, 255, 255);">Number of options</font></td>
              <td rowspan="1" style="background-color: #70665C; border-bottom: 2px solid; vertical-align: middle; width: 13.65%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Weighted average </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">exercise price</font></div>
              </td>
              <td rowspan="1" style="background-color: #70665C; vertical-align: top; width: 0.96%;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">(000s)</font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">C$/share</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CHANGES TO THE COMPANY&#8217;S STOCK OPTION PLAN</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 13.65%; vertical-align: middle;">&#160;</td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance at December 31, 2017</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #FFFFFF;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;13,087</font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;5.08</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Forfeited</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #FFFFFF;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(1,925)</font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;4.13</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expired</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(2,534)</font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;8.22</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle; border-top: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance at December 31, 2018</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8,628</font></font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;4.39</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Granted</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;2,250</font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;1.17</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Forfeited</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(340)</font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;3.83</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expired</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(1,130)</font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;6.33</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.92%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance at March 31, 2019</font></div>
              </td>
              <td colspan="2" style="width: 12.45%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.44%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 11.58%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;9,408</font></div>
              </td>
              <td style="width: 13.65%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;3.41</font></div>
              </td>
              <td style="width: 0.96%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">(c) Loss per share</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets out the calculation of loss per share:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="zd072fa6b35cc4572bc89d9021d84e344" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: middle; background-color: rgb(112, 102, 92); border-bottom: 2px solid rgb(0, 0, 0);">&#160;&#160;</td>
              <td valign="bottom" rowspan="1" colspan="11" style="vertical-align: middle; background-color: rgb(112, 102, 92); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CALCULATION OF LOSS PER SHARE</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss from continuing operations</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(13.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(30.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(13.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(29.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic weighted average number of shares outstanding</font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in millions)</font></div>
              </td>
              <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                  serif; font-weight: bold;">579.1</font></td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">578.7</font></td>
              <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Dilution of securities:</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stock options</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted weighted average number of shares outstanding</font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in millions)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; text-align: right;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td colspan="1" style="background-color: #F2F2F2; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: #F2F2F2; border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">579.1</font></td>
              <td colspan="1" style="background-color: #F2F2F2; border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">578.7</font> <br>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Loss from continuing operations per share:</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Net loss per share:</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 64%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table lists the equity securities excluded from the calculation of diluted loss per share. All stock options are excluded
            from the calculation of diluted earnings per share when the Company is in a net loss position.</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="zf112d930c0ca4888a85a1259df86795f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td colspan="4" style="width: 73.78%; vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td colspan="2" style="width: 26.17%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
              </td>
              <td style="width: 0.05%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.81%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of units)</font></div>
              </td>
              <td colspan="2" style="width: 12.43%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.53%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td style="width: 13.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td style="width: 0.05%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="2" style="width: 48.85%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">EQUITY SECURITIES EXCLUDED FROM THE CALCULATION OF DILUTED EARNINGS PER SHARE</font></div>
              </td>
              <td style="width: 12.39%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.53%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td colspan="2" style="width: 13.74%; vertical-align: middle;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.81%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stock options</font></div>
              </td>
              <td colspan="2" style="width: 12.43%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.53%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.48%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;9.4</font></div>
              </td>
              <td style="width: 13.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;11.8</font></div>
              </td>
              <td style="width: 0.05%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;22</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;"><br>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> </font>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"><br>
            13. DISCONTINUED OPERATIONS</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(a) Peak Mines</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the third quarter of 2017, Peak Mines in Australia (&#8220;Peak Mines&#8221;) met the criteria as a discontinued operation under IFRS 5. The
            Company completed the sale of Peak Mines in early April 2018 and recognized a loss from discontinued operations, net of tax of $0.8 million for the year ended December 31, 2018.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(b) Mesquite</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In September 2018, the Company announced that it had entered into an agreement to sell the Mesquite Mine in the United States
            (&#8220;Mesquite&#8221;) and as a result Mesquite met the criteria as a discontinued operation under IFRS 5. The Company completed the sale of Mesquite in October 2018.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the year ended December 31, 2018, the net earnings from Mesquite was reported as earnings from discontinued operations. Upon
            execution of the sale, the Company received $158.0 million in cash and incurred $0.9 million in disposal costs. In addition to the net cash proceeds, the purchase consideration included a working capital receivable due from the purchaser, which
            was collected in the first quarter of 2019. Additionally, the expected purchase consideration included an estimate for a receivable from the purchaser related to income tax refunds that were recoverable by Mesquite at the date of the sale,
            which is included in Other non-current assets on the statement of financial position. For the year ended December 31, 2018, the Company recognized a loss from discontinued operations of $154.1 million related to Mesquite.</font></div>
        <div>&#160;</div>
        <br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;23</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;">
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">14. INCOME AND MINING TAXES</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table outlines the composition of income tax expense between current tax and deferred tax:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="zd32295b87c454329a18ae48321e645b1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: middle; background-color: #70665C;">&#160;&#160;</td>
              <td valign="bottom" colspan="6" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CURRENT INCOME AND
                      MINING TAX EXPENSE</font></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Canada</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">&#160;</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">DEFERRED INCOME AND MINING TAX EXPENSE</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Canada</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total income tax expense</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">15. RECLAMATION AND CLOSURE COST OBLIGATIONS</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes to the reclamation and closure cost obligations are as follows:</font></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z75205f1f7d0d475195a2c9b041a9fe96" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" colspan="25" style="vertical-align: middle; background-color: #70665C;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Rainy River</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">New Afton</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Mesquite</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Cerro San Pedro</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Blackwater</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="12" style="vertical-align: top;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">124.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Reclamation expenditures</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Unwinding of discount</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Revisions to expected cash flows</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Foreign exchange movement</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Less: amounts reclassified as held for sale and sold</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(20.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(20.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance &#8211; December 31, 2018</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">53.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Less: current portion of closure costs (Note 5)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Non-current portion of closure costs</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">53.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">86.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance &#8211; December 31, 2018</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">53.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">92.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Reclamation expenditures</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Unwinding of discount</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Revisions to expected cash flows</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Foreign exchange movement</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #44797B;">Balance &#8211; March 31, 2019</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">95.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Less: current portion of closure costs (Note 5)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(5.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(5.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">89.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><br>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;"> <font style="color: rgb(255, 255, 255);">24</font><br>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> </font><br>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"><br>
            16. SUPPLEMENTAL CASH FLOW INFORMATION</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Supplemental cash flow information (included within operating activities) is as follows:</font></div>
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            <tr>
              <td colspan="3" style="width: 73.88%; vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td colspan="4" style="width: 26.12%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
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              <td style="width: 12.67%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.68%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.67%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
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              <td style="width: 12.68%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td style="width: 0.33%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.95%; vertical-align: middle; border-top: #000000 2px solid;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CHANGE IN NON-CASH OPERATING WORKING CAPITAL</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.68%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 12.67%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 0.33%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.95%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Trade and other receivables</font></div>
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              <td style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.67%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(4.8)</font></div>
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              <td style="width: 12.68%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.3)</font></div>
              </td>
              <td style="width: 0.33%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.95%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Inventories</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.67%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;5.5</font></div>
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              <td style="width: 12.68%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(12.5)</font></div>
              </td>
              <td style="width: 0.33%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.95%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Prepaid expenses and other</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.67%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(1.0)</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.4)</font></div>
              </td>
              <td style="width: 0.33%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.95%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Trade and other payables</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.67%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;3.5</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.0</font></div>
              </td>
              <td style="width: 0.33%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.95%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total change in non-cash operating working capital</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.68%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.67%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;3.2</font></div>
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              <td style="width: 12.68%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10.2)</font></div>
              </td>
              <td style="width: 0.33%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div><br>
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        <table cellspacing="0" cellpadding="0" id="zfe42cdc005dd401f9e3d51466b8a6642" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td colspan="3" style="width: 73.84%; vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td colspan="4" style="width: 26.16%; vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
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            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle; border-top: #000000 2px solid;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OTHER NON-CASH ADJUSTMENTS</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 12.67%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Unrealized loss (gain) on concentrate contracts</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.1</font></div>
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              <td style="width: 12.67%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.5)</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Equity settled share-based payment expense</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.2</font></div>
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              <td style="width: 12.67%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Loss on disposal of assets</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.1</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Settlement and gain on revaluation of gold price option contracts</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(1.1)</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Unrealized loss (gain) on gold stream obligation</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2;">
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              <td style="width: 12.67%; vertical-align: middle;">
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              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Settlement and loss (gain) on revaluation of copper price option contracts</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;3.1</font></div>
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              <td style="width: 12.67%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.8)</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revaluation of CSP&#8217;s reclamation and closure cost obligation</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;0.6</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Other non-cash adjustments</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(0.5)</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 48.83%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total other non-cash adjustments</font></div>
              </td>
              <td style="width: 12.68%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td colspan="2" style="width: 12.67%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 12.68%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;7.2</font></div>
              </td>
              <td style="width: 12.67%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11.4)</font></div>
              </td>
              <td style="width: 0.48%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;25</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

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        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> </font><br>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
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              <div><br>
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          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">17. SEGMENTED INFORMATION</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">(a) Segment revenues and results</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company manages its reportable operating segments by operating mines and development projects. Operating results of reportable
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective January 1, 2019, Cerro San Pedro is in the reclamation phase of its mine life cycle. As a result, the Company has grouped Cerro
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        <div>&#160;</div>
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            <tr>
              <td valign="bottom" colspan="20" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31, 2019</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(in millions of U.S. dollars)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Rainy River</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">New Afton</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
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              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Other<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OPERATING SEGMENT RESULTS</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold revenues</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">91.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">114.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Copper revenues</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">51.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">51.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Silver revenues</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total revenues<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">92.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">75.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">167.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">86.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Depreciation and depletion</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">61.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Revenue less cost of goods sold</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Corporate administration</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Share-based payment expenses</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
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              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 40%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Income (loss) from operations</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(5.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Other includes balances relating to the development properties and properties in the
                      reclamation phase of the mine life cycle.</font></div>
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                      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
                    </td>
                    <td style="width: auto; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Segmented revenue reported above represents revenue generated from external
                        customers. There were no inter-segment sales for the three months ended March 31, 2019.</font></td>
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        <br>
        <div><br>
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                  <div style="color: rgb(255, 255, 255);">&#160;26</div>
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                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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          <div>&#160;
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              <div><img src="smalllogo.jpg">
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              <div><br>
              </div>
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          </div>
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        <div><br>
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        <table cellspacing="0" cellpadding="0" id="zc6c8aa1e326941f0b0fa705e55baa6ae" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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              <td valign="bottom" colspan="24" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31, 2018</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Rainy River</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">New Afton</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Corporate</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OPERATING SEGMENT RESULTS</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold revenues</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">54.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Copper revenues</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">61.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">61.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Silver revenues</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 28%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">55.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">147.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Depreciation and depletion</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">56.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
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              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Revenue less cost of goods sold</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(13.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 28%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Corporate administration</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(Loss) income from operations</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(14.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(7.0</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5.1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Other includes balances relating to the development properties and properties in the
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Segmented revenue reported above represents revenue generated from external customers.
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Refer to Note 13 for further information on discontinued operations</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;"> <br>
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        <div style="text-align: justify;"><br>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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                  <div style="color: rgb(255, 255, 255);">&#160;27</div>
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                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        <div style="text-align: justify;"><br>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
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        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents the segmented assets and liabilities:</font></div>
        <div>&#160;</div>
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              <td colspan="8" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Total assets</font></div>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td colspan="6" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Total liabilities</font></div>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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            <tr>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; background-color: #70665C;">
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; background-color: #70665C;">
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">March 31</font></div>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">December 31</font></div>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td colspan="6" style="vertical-align: bottom; background-color: #70665C;">
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              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">(note 2c)</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">(note 2c)</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">SEGMENTED ASSETS AND LIABILITIES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">994.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">986.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">313.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">313.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">38.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">59.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Afton</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">696.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">730.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">78.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">73.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Blackwater</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">343.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">341.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">134.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">111.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">827.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">818.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets, liabilities and capital expenditures</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2,168.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,169.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,239.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,225.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">50.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">68.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures from discontinued operations (Note 13)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets, liabilities and capital expenditures</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2,168.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,169.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,239.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,225.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">50.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

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              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Capital expenditures per condensed consolidated statement of cash flows.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8f48a18f4fe24e6eb299cdfdfb4185e9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Other includes corporate, exploration properties and properties in the reclamation phase of
                      the mine life cycle.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;28</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

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        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> </font><br>
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">18. FAIR VALUE MEASUREMENT</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between
            market participants at the measurement date. In assessing the fair value of a particular contract, the market participant would consider the credit risk of the counterparty to the contract. Consequently, when it is appropriate to do so, the
            Company adjusts the valuation models to incorporate a measure of credit risk. Fair value represents management's estimates of the current market value at a given point in time.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has certain financial assets and liabilities that are held at fair value. The fair value hierarchy establishes three levels
            to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active,
            quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward
            pricing curves used to value currency and commodity contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity).
            The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers among Levels 1, 2 and 3 during the three months ended March 31, 2019 or the year ended December 31, 2018.
            The Company&#8217;s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Valuation methodologies for Level 2 and 3 financial assets and liabilities:</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #376092;">Provisionally priced contracts and gold and copper swap contracts</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value of the provisionally priced contracts and the gold and copper swap contracts is calculated using the mark-to-market
            forward prices of London Metals Exchange gold and copper based on the applicable settlement dates of the outstanding provisionally priced contracts and copper swap contracts.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #376092;">Gold and copper price option contracts</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value of the gold and copper price option contracts are calculated using the mark-to-market method based on fair value prices
            obtained from the counterparties of the gold price option contracts and copper price option contracts.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #376092;">Gold stream obligation</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value of the gold stream obligation is calculated using the risk-free interest rate derived from the U.S. Treasury rate, forward
            metal prices, company specific credit spread based on the yield on the Company&#8217;s 2025 Senior Unsecured Notes, and expected gold and silver ounces to be delivered from Rainy River&#8217;s life of mine model.</font></div>
        <div>&#160;</div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #376092;">Proceeds due from income tax refunds at Mesquite</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The proceeds due from income tax refunds at Mesquite is related to income tax refunds that were recoverable by Mesquite on the date of
            the sale of Mesquite. These income tax refunds are required to be paid to the Company once Mesquite receives these income tax refunds. The fair value of the income tax refund receivable is calculated based on the value of the income tax refunds
            that Mesquite is expected to receive, and an unsecured discount rate.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #376092;">Performance share units (PSU)</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value of the PSU liability is calculated using the quantity of base options subject to cash settlement, the weighted-average
            three-year achieved performance ratio (calculated using the annualized return of the Company&#8217;s share price compared to the annualized return of the S&amp;P Global Gold Index) and the expected share price at the end of the vesting period.</font></div>
        <div style="text-align: justify;"><br>
          <div><br>
          </div>
          <br>
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              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;29</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"></font></div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>&#160;
          <div>
            <div>
              <div><img src="smalllogo.jpg">
                <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align:
                  center;"></div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
        <div> <br>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table summarizes the Company&#8217;s financial assets and liabilities by category and information about financial assets and
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        <div>&#160;</div>
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            <tr>
              <td colspan="2" style="vertical-align: middle; background-color: #70665C;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td colspan="6" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at March 31, 2019</font></div>
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              <td colspan="1" style="background-color: #70665C; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" colspan="7" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at December 31, 2018</font></div>
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              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Category</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Level</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Level</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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            <tr>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL ASSETS</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial assets at amortized cost</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">132.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other receivables</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial assets at amortized cost</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provisionally priced contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold and copper swap contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper price option contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proceeds due from income tax refunds at Mesquite<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investments</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL LIABILITIES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial liabilities at amortized cost</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">97.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Long-term debt</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial liabilities at amortized cost</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">781.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">780.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold stream obligation</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">183.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">182.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Performance share units</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Restricted share units</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper price option contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 26%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold price option contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: middle; width: 26%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments at FVTPL</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Trade and other payables exclude the short-term portion of reclamation and closure cost
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                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">2.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Proceeds due from income tax refunds at Mesquite are included in other non-current assets on the condensed
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        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: left;"><br>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
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                  <div style="color: rgb(255, 255, 255);">&#160;30</div>
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                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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            <div>
              <div><img src="smalllogo.jpg">
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        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The carrying values and fair values of the Company&#8217;s financial instruments are as follows:</font></div>
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            <tr>
              <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at March 31, 2019</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
              <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="6" style="vertical-align: middle; background-color: #70665C;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">As at December 31, 2018</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Carrying value</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Fair value</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL ASSETS</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">132.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">132.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provisionally priced contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold and copper swap contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investments</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper price option contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.7</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proceeds due from income tax refunds at Mesquite<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.6</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL LIABILITIES</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">97.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">97.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Long-term debt</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">781.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">686.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">780.5</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">652.9</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold stream obligation</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">183.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">183.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">182.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">182.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Performance share units</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Restricted share units</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.3</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper price option contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold price option contracts</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>

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              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Trade and other payables exclude the short-term portion of reclamation and closure cost
                      obligation, the short-term portion of the gold stream obligation and derivative liabilities.</font></div>
                </td>
              </tr>

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              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">2.</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Proceeds due from income tax refunds at Mesquite are included in other non-current assets on the condensed
                      consolidated statement of financial position.</font></div>
                </td>
              </tr>

          </table>
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        <div><br>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">19. COMMITMENTS AND CONTINGENCIES</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has entered into a number of contractual commitments for capital items relating to operations and development. At March 31,
            2019, these commitments totalled $63.2 million, $62.9 million of which is expected to fall due over the next 12 months. This compares to commitments of $27.2 million as at December 31, 2018, $26.9 million of which was expected to fall due over
            the upcoming year. Certain contractual commitments may contain cancellation clauses; however, the Company discloses its commitments based on management&#8217;s intent to fulfill the contracts.</font></div>
      </div>
      <div><br>
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          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;31</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

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        <br>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a51974295ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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        <tr>
          <td style="width: 50.00%;">
            <div>&#160;</div>
          </td>
          <td style="width: 50%; text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center;"><img width="1000" border="0" height="1000" src="mdacover.jpg"> </div>
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    </div>
    <div>
      <div><img src="smalllogo.jpg">
        <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #70665C; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #7F7F7F;">All dollar figures are in United States dollars and tabular dollar amounts are in millions, unless
          otherwise noted.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #7F7F7F;">For the three months ended March 31, 2019</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) provides information that management believes is relevant to an assessment
          and understanding of the consolidated financial condition and results of operations of New Gold Inc. and its subsidiaries (&#8220;New Gold&#8221; or the &#8220;Company&#8221;). This MD&amp;A should be read in conjunction with New Gold&#8217;s unaudited condensed consolidated
          financial statements for the three months ended March 31, 2019 and 2018 and related notes, which are prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board
          (&#8220;IASB&#8221;). This MD&amp;A contains forward-looking statements that are subject to risks and uncertainties, as discussed in the cautionary note contained in this MD&amp;A. The reader is cautioned not to place undue reliance on forward-looking
          statements. All dollar figures are in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">United States dollars</font> and tabular dollar amounts are in millions, unless otherwise noted. This MD&amp;A
          has been prepared as at April 24, 2019. Additional information relating to the Company, including the Company&#8217;s Annual Information Form, is available on SEDAR at <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.sedar.com</font>.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">OUR BUSINESS</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Gold is a Canadian-focused intermediate gold mining Company. The Company has a portfolio of two core producing assets in a leading
          jurisdiction, the Rainy River gold mine (&#8220;Rainy River&#8221;) and the New Afton gold-copper mine (&#8220;New Afton&#8221;) in Canada. The Company also operates the Cerro San Pedro gold-silver mine (&#8220;Cerro San Pedro&#8221;) in Mexico (which transitioned to the
          reclamation phase on December 31, 2018). In addition, New Gold owns 100% of the Blackwater project located in Canada (&#8220;Blackwater&#8221;). New Gold&#8217;s objective is to be a leading intermediate gold producer, focused on the environment and social
          responsibility.</font></div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <br>
      <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">
        <table cellspacing="0" cellpadding="0" border="0">
        </table>
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            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div>&#160;<font style="color: rgb(255, 255, 255);">1</font></div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
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      </div>
      <div>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div>&#160;Contents
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zf638729b9b9a475e889160d53c6d823f" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">OUR BUSINESS</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">OPERATING AND FINANCIAL HIGHLIGHTS</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">OUTLOOK FOR 2019</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">KEY PERFORMANCE DRIVERS</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">FINANCIAL RESULTS</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">REVIEW OF OPERATING MINES</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">DEVELOPMENT AND EXPLORATION REVIEW</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">FINANCIAL CONDITION REVIEW</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">NON-GAAP FINANCIAL PERFORMANCE MEASURES</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">ENTERPRISE RISK MANAGEMENT AND RISK FACTORS</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">33</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTIES</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">ACCOUNTING POLICIES</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">CONTROLS AND PROCEDURES</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;</td>
              <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">CAUTIONARY NOTES</td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div>&#160;<font style="color: rgb(255, 255, 255);">2</font></div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">OPERATING AND FINANCIAL HIGHLIGHTS</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OPERATING HIGHLIGHTS</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Company completed the sale of Mesquite in October 2018 and the sale of Peak Mines in early April 2018. As a result,
          Mesquite and Peak Mines have been classified as discontinued operations. Operating highlights are disclosed on a continuing operations basis (unless otherwise noted).</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z903a5711f2724e78b8298435a4620216" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right; text-indent: -16pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2019</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CONTINUING OPERATING INFORMATION</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Produced <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">123,263</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">119,075</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">134,699</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">117,282</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold (ounces):</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Produced <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">79,398</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63,771</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">89,312</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">64,154</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Copper (millions of pounds):</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Produced <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.2</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.2</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.3</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Revenue <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Gold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,278</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,296</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Copper ($/pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.56</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Copper ($/pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.79</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.14</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses per gold eq. ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">645</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">760</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total cash costs per gold eq. ounce sold ($/ounce)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">697</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">828</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">All-in sustaining costs per gold eq. ounce sold ($/ounce)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,083</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,373</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

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      <div>
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            <tr>
              <td style="width: 13.5pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Production is shown on a total contained basis while sales are shown on a net payable basis, including final
                    product inventory and smelter payable adjustments,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>where applicable.</font></div>
              </td>
            </tr>

        </table>
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      <div>
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            <tr>
              <td style="width: 13.5pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Company uses certain non-GAAP financial performance measures throughout this MD&amp;A. Average realized
                    price, total cash costs and all-in sustaining costs per gold equivalent ounce sold and total cash costs and all-in sustaining costs on a co-product basis are non-GAAP financial performance measures with no standard meaning under IFRS.
                    For further information and a detailed reconciliation, please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this MD&amp;A.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z227e6a66abd94245bf2e04727eb35bd7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 13.5pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">3.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Gold equivalent ounces include silver ounces and copper ounces produced converted to a gold equivalent based
                    on a ratio of the average spot market prices for the commodities for each period. For pricing assumptions, please refer to the &#8220;Review of Operating Mines&#8221; section of this MD&amp;A.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;3</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;<br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL HIGHLIGHTS</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4e4319f0a13a49fd9982f67748ad5ec8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td colspan="5" style="width: 100%; vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">&#160;2019</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle; border-top: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL INFORMATION FROM CONTINUING OPERATIONS</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2; border-top: #000000 2px solid;">&#160;</td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle; border-top: #000000 2px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Revenue</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;167.9</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;147.5</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating margin<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;81.0</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;58.4</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Revenue less cost of goods sold</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;19.8</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;2.3</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(13.4)</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(30.9)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted net loss <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(1.8)</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(17.9)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating cash flows</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;74.3</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;39.7</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating cash flows before changes in non-cash operating working capital<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;71.1</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;49.9</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures (sustaining) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42.6</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">55.5</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures (growth) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.8</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;12.7</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;2,168.8</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,951.5</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;132.3</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">191.3</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Long-term debt</font></div>
              <div>&#160;</div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;781.2</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,008.4</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current liabilities excluding long-term debt</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;331.9</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;618.8</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">SHARE DATA</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss per share from operations:</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Basic ($)</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(0.02)</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(0.05)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Diluted ($)</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(0.02)</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(0.05)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted net loss per basic share ($)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(0.00)</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(0.03)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share price as at March 31 (TSX &#8211; Canadian dollars)</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.14</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3.34</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted average outstanding shares (basic) (millions)</font></div>
            </td>
            <td colspan="2" style="width: 13.03%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;579.1</font></div>
            </td>
            <td colspan="2" style="width: 13.28%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;578.7</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 83.23%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="width: 3.64%; vertical-align: top;">&#160;</td>
            <td style="width: 13.13%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z334e21215ea94f65ae82f4174b5c6c56" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">The Company uses certain non-GAAP financial performance measures throughout this MD&amp;A.
                    Operating margin, adjusted net earnings (loss), adjusted net earnings (loss) per basic share, capital expenditures (sustaining and growth) and operating cash flows before changes in non-cash operating working capital are non-GAAP
                    financial performance measures with no standard meaning under IFRS. For further information and a detailed reconciliation, please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this MD&amp;A.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;4</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
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      </div>
      <div style="text-align: justify;"><br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;"> </font>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">OUTLOOK FOR 2019</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the year, the Company will continue to advance its strategy of re-positioning the Company for long-term success that will include:
          completion of all remaining construction capital at Rainy River in order to position the operation for efficient and sustainable mining; optimizing the Rainy River life of mine plan with a clear focus on lowering future capital requirements while
          delivering strong free cash flow generation starting in 2020; re-launching an internally funded development program for the New Afton C-zone and delivering an optimized life of mine plan; and returning the Company&#8217;s focus to organic growth
          opportunities by launching strategic exploration programs at both assets.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the first quarter, the Company reported encouraging results at Rainy River with improved mill availability and metal recoveries
          achieved as mill upgrades and repairs were completed. The Company is committed to driving further efficiencies as remaining mill upgrades and construction activities are completed over the balance of the year. Consistent with our renewed focus on
          organic growth, a strategic exploration program will be launched in the second quarter that will focus on previously identified near-mine targets in the Intrepid North area. An updated mine plan is expected to be completed in the fourth quarter.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the first quarter, New Afton reported another solid quarter of in-line results. During the quarter, efforts continued to focus on
          advancing the internally-funded development of the C-zone, which is expected to extend the mine life to 2030. Concurrently, a strategic exploration drilling program was recently launched at New Afton that will test the down plunge extension of
          the C-zone (the D-zone), which could increase the resource inventory and further extend the mine life. The first hole of the 10-hole program has been completed, which intersected C-zone style mineralization with a second hole currently underway.
          The drilling program is expected to be completed during the third quarter. An updated mine plan is expected to be completed in the latter part of the year.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is on track to achieve 2019 guidance for the Rainy River and New Afton mines.</font></div>
      <div>&#160;</div>
      <div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Details of the Company&#8217;s 2019 guidance is available on SEDAR at <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
              serif;">www.sedar.com</font>, on EDGAR at <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.sec.gov</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><u>,</u></font>
            and on the Company&#8217;s website at <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.newgold.com</font>.</font></div>
        <div>&#160;</div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">KEY PERFORMANCE DRIVERS</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There is a range of key performance drivers that are critical to the successful implementation of New Gold&#8217;s strategy and the achievement
          of its goals. The key internal drivers are production volumes and costs. The key external drivers are market prices of gold, copper and silver, as well as foreign exchange rates.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Production Volumes and Costs</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For an analysis of the impact of production volumes and costs for the three months ended March 31, 2019 relative to prior-year periods,
          refer to the &#8220;Review of Operating Mines&#8221; section of this MD&amp;A.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;">Commodity Prices</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Gold Prices</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The price of gold is the single largest factor affecting New Gold&#8217;s profitability and operating cash flows. As such, the current and future
          financial performance of the Company is expected to be closely related to the prevailing price of gold.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;">
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            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;5</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, New Gold&#8217;s gold revenue per ounce and average realized gold price per ounce were $1,278 and
          $1,301 respectively, compared to the London bullion market (&#8220;LBMA&#8221;) p.m. average gold price of $1,304 per ounce.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Copper Prices</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, New Gold&#8217;s copper revenue per pound and average realized copper price per pound were&#160; $2.56 and
          $2.79 respectively compared to the average London Metal Exchange (&#8220;LME&#8221;) copper price of $2.82 per pound.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In December 2018, the Company entered into gold price option collar contracts and copper price collar option contracts to provide downside
          price protection.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Foreign Exchange Rates</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s key operations are in Canada, while revenue is generated in U.S. dollars. As a result, the Company has foreign currency
          exposure with respect to costs not denominated in U.S. dollars. New Gold&#8217;s operating results and cash flows are influenced by changes in various exchange rates against the U.S. dollar. The Company has exposure to the Canadian dollar through New
          Afton, Rainy River, and Blackwater, as well as through corporate administration costs. The Company also has exposure to the Mexican peso through its reclamation activities at Cerro San Pedro.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Canadian dollar strengthened against the U.S. dollar by approximately 2% from December 31, 2018 to March 31, 2019. The average Canadian
          dollar against the average U.S. dollar for the three months ended March 31, 2019 weakened by approximately 5% when compared to the prior-year period. The strengthening or weakening of the Canadian dollar impacts costs in U.S. dollar terms at the
          Company&#8217;s Canadian operations, as well as capital costs at the Company&#8217;s Canadian development property as a significant portion of operating and capital costs are denominated in Canadian dollars.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For an analysis of the impact of foreign exchange fluctuations on operating costs for the three months ended March 31, 2019 relative to
          prior-year periods, refer to the &#8220;Review of Operating Mines&#8221; sections for Rainy River and New Afton.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Economic Outlook</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The LBMA p.m. gold price increased by 4% since the start of 2019. <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
            serif; color: #000000;">Despite a relative slowdown in China, t</font>he global economy remains strong, while equity and bond markets have rebounded from their year-end declines.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prospects for gold are encouraged by several structural factors. Mine supply has been plateauing as high quality deposits become more
          difficult to find and more expensive to develop and mine. Exploration budgets have been cut in recent years, increasing the likelihood that supply will remain muted, even in the face of increasing gold prices. Gold held in exchange-traded
          products has decreased slightly since mid-January of 2019, although overall interest remains strong relative to historic levels.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Economic events can have significant effects on the price of gold, through currency rate fluctuations, the relative strength of the U.S.
          dollar, gold supply and demand, and macroeconomic factors such as interest rates and inflation expectations. Management anticipates that the long-term economic environment should provide support for precious metals and for gold in particular, and
          believes the prospects for the business are favourable.</font></div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>
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                <div style="color: rgb(255, 255, 255);">&#160;6</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
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      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;"> <br>
        </font></div>
      <div style="text-align: justify;">
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;"> </font>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">FINANCIAL RESULTS</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Summary of Quarterly Financial Results</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z972cfd0b94824402bddf2613ab08197d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">&#160;FINANCIAL RESULTS</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">147.5</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">86.9</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.1</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation and depletion</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">61.2</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">56.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate administration</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share-based payment expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exploration and business development</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Earnings (loss) from operations</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance income</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(15.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(16.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other gains and losses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; margin-right: 21.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Rainy River underground project costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; margin-right: 21.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Loss on foreign exchange</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(19.9</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; margin-right: 21.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Other loss on disposal of assets</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; margin-right: 21.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Gain on revaluation of investments</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="text-align: justify; margin-right: 21.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Unrealized (loss) gain on revaluation of gold stream obligation</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
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            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <tr>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; text-indent: -7.95pt; margin-right: 21.55pt; margin-left: 7.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Gain on additional proceeds realized from collection of
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify; margin-right: 21.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Other</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(9.7</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Loss from continuing operations</font></div>
              <div>&#160;</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(13.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(30.9</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Earnings from discontinued operations</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Net loss</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(13.4</font></font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">The Company uses certain non-GAAP financial performance measures throughout this MD&amp;A.
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        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Revenue</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the $20.4 million, or 14%, increase in revenue was due to a $30.1 million increase in gold
          ounces sold offset by a $9.7 million decrease in average realized prices. The average realized prices for the three months ended March 31, 2019 were $1,301 per gold ounce, and $2.79 per pound of copper. This compared to $1,331 per gold ounce and
          $3.14 per pound of copper in the prior-year period.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A detailed discussion of production is included in the &#8220;Review of Operating Mines&#8221; section of this MD&amp;A.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Operating expenses</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, operating expenses were relatively consistent compared with the prior-year period as the
          increase in volume was offset by the ramp-up in operating efficiencies at Rainy River.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Depreciation and depletion</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, depreciation and depletion increased compared with the prior-year period due to increased sales
          volumes.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Revenue less cost of goods sold</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, revenue less cost of goods sold increased, primarily due to increased operating margin, offset
          by an increase in depreciation and depletion.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Corporate administration, corporate restructuring, and share-based payment expenses</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, corporate administration remained consistent with the prior-year period.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Finance income and finance costs</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, finance costs decreased relative to the prior-year period as the credit facility was undrawn
          throughout the first quarter of 2019.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Other gains and losses</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following other gains and losses are added back for the purposes of adjusted net earnings:</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Underground project costs</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Underground project costs of $1.7 million relate to costs associated with the deferral of the Rainy River underground mine development plan
          and include demobilization and related costs. The cost to transfer ownership of infrastructure from the contractor has been capitalized.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Foreign exchange</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Movements in foreign exchange are primarily due to the revaluation of the deferred tax liabilities at the balance sheet date and the
          appreciation or depreciation of the Canadian dollar and Mexican peso compared to the U.S. dollar in the current period.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Gold stream obligation</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the unrealized loss on revaluation of the gold stream obligation derivative instrument was a
          result of a decrease in the risk-free interest rate.</font></div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div>
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                <div style="color: rgb(255, 255, 255);">&#160;8</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-align: justify;"><br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Copper option contracts</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the Company recognized a loss of $3.1 million on the revaluation of the copper price option
          contracts due to an increase in copper prices.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Gold option contracts</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the Company recognized a gain of $1.1 million on the revaluation of the gold price option
          contracts resulting from a decrease in the number of options outstanding.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">CSP&#8217;s reclamation, closure cost obligation, and social closure costs</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cerro San Pedro transitioned to the reclamation phase of its mine life cycle effective December 31, 2018. The $1.0 million revaluation of
          CSP&#8217;s reclamation and closure cost obligation is a result of changes in estimates to the expected cash flows and social closure costs.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Mesquite sale proceeds</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The gain on the Mesquite sale proceeds of $2.1 million represents additional proceeds collected in excess of the amounts accrued on the
          collection of the outstanding working capital proceeds due from the sale of Mesquite.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Income tax</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense from continuing operations for the three months ended March 31, 2019 was $3.7 million on a loss before taxes of $9.7
          million compared to an expense of $1.4 million on loss before tax of $29.5 million in the prior year, reflecting an effective tax rate of 38.0% in 2019 compared to 4.75% in 2018. The increase is related to current mineral tax expense in the
          period.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the Company recorded a foreign exchange gain of $0.9 million on non-monetary liabilities,
          compared to a loss of $21.6 million in the prior-year with no associated tax impact.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On an adjusted net loss basis, the adjusted tax expense from continuing operations for the three months ended March 31, 2019, was $0.8
          million, compared to adjusted tax recovery of $3.4 million in the prior year. The adjusted tax expense excludes other gains and losses on the consolidated income statement. Please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of
          this MD&amp;A.</font></div>
      <div>&#160;</div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">(Loss) earnings from discontinued operations, net of tax</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peak Mines and Mesquite have been classified as discontinued operations in the prior-year period.</font></div>
      <div>&#160;</div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Net loss</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the net loss decreased compared to the prior-year period as the increase in revenue and decrease
          in share-based payments and finance costs was partially offset by an increase in depreciation and depletion and income tax recovery.</font></div>
      <div>&#160;</div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Adjusted net earnings (loss) from continuing operations</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net losses have been adjusted for other gains and losses on the consolidated income statement. Key elements in other gains and losses are:
          underground project costs at Rainy River; the fair value changes for the gold stream obligation; fair value changes for copper and gold price option contracts, and a foreign exchange loss. The adjusted entries are also impacted for tax to the
          extent that the underlying entries are impacted for tax in the unadjusted net earnings. Please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this MD&amp;A.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;9</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify;"><br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted net loss from continuing operations for the three months ended March 31, 2019 was $1.8 million, or $0.00 per basic share, compared
          to an adjusted net loss from continuing operations of $17.9 million, or $0.03 per basic share in the prior-year period. Adjusted net loss from continuing operations was primarily impacted by an increase in operating margin of $22.6 million, a
          decrease of $1.4 million in exploration, business development, and corporate general and administrative expenses, a decrease in finance costs less finance income of $1.4 million when compared to the prior year. This was partially offset by an
          increase in depreciation and depletion expenses of $5.1 million, and an increase in income tax expense of $4.2 million.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For further information on the Company&#8217;s liquidity and cash flow position, please refer to the &#8220;Liquidity and Cash Flow&#8221; section of this
          MD&amp;A. For further information on the Company&#8217;s financial results, please refer to the &#8220;Financial Results&#8221; section of this MD&amp;A.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Key Quarterly Operating and Financial Information</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Selected financial and operating information for the current and previous quarters is as follows:</font></div>
      <div>&#160;</div>
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          <tr>
            <td valign="bottom" rowspan="1" colspan="37" style="vertical-align: middle; background-color: rgb(112, 102, 92);">&#160;&#160;&#160;&#160;&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars,</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">&#160;except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q1</font></div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q4</font></div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q3</font></div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q2</font></div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q1</font></div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q4</font></div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2017</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q3</font></div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2017</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q2<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>2017</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Q1<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>2017</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CONTINUING OPERATING <br>
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            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63,711</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">58,070</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
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            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.7</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.28</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.00</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.54</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.39</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.05</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.02</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.06</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Diluted ($)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.02</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.28</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.00</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.54</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.39</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.05</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.02</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.06</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 28%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A detailed discussion of production is included in the &#8220;Review of Operating Mines&#8221; section of this MD&amp;A.</font></div>
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      <div><br>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the first quarter of 2019, the Company identified an immaterial error relating to its deferred tax liabilities. The result of this error
          is an increase to income tax expense and deferred tax liabilities of $14.8 million for the three months and year ended December 31, 2018. The resulting understatement of the deferred tax liabilities balance of $14.8 million as at December 31,
          2018 has been revised in the comparative condensed consolidated statement of financial position. There has been no change to the comparative condensed consolidated income statements or the comparative condensed consolidated statement of cash
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      <div>&#160;</div>
      <div><br>
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                <div style="color: rgb(255, 255, 255);">&#160;10</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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      <div>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">REVIEW OF OPERATING MINES</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Rainy River Mine, Ontario, Canada</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River is a gold mine located approximately 50 kilometres northwest of Fort Frances, a town of approximately 8,000 people, in
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at December 31, 2018, the mine had 4.2 million ounces of Proven and Probable Gold Mineral Reserves, with 2.1 million ounces of Measured
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      <div>&#160;</div>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">OPERATING INFORMATION</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Produced</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold (ounces):</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">61,557</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,880</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Average gold realized price ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,295</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,328</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses per gold eq. ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">801</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">801</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,240</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,427</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL INFORMATION</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">92.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">55.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating margin<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue less cost of goods sold</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(13.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures (sustaining capital)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"></font>48.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures (growth capital)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z6c6cc422163b41299ea541b7674a3e5f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">&#160;&#160;&#160;Production is shown on a total contained basis while sales are shown on a net payable
                    basis, including final product inventory and smelter payable adjustments, where applicable.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zfb9fee604826428a87d9fe873839d8f7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">We use certain non-GAAP financial performance measures throughout our MD&amp;A. Total cash costs and all-in
                    sustaining costs per gold eq ounce sold, average realized price, and operating margin and capital expenditures (sustaining capital, sustaining leases, and growth capital) are non-GAAP financial performance measures with no standard
                    meaning under IFRS. For further information and a detailed reconciliation, please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this MD&amp;A.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z735e1b95e0d14fe8992f1cae2fb53fb5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">3.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;&#160;Gold equivalent ounces for Rainy River includes silver ounces produced converted to a gold equivalent based
                    on a ratio of the average spot market prices for the commodities for each period. The ratio for Q1 2019 was calculated based on average spot market prices of $1,304 per gold ounce and $15.57 per silver ounce. <font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The ratio for Q1 2018 was calculated based on average spot market prices of $1,329 per gold ounce and $16.77 per silver ounce.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> </font><br>
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                <div style="color: rgb(255, 255, 255);">&#160;11</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

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        <div><img src="smalllogo.jpg">
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">Operating results</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Production</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River reported in-line gold equivalent production of 62,278 ounces (61,557 ounces of gold and 60,383 ounces of silver) for the
          quarter. As previously disclosed, production during the quarter included planned lower grades as mining operations continued the transition to phase 2 of the mine plan.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the quarter, approximately 1.4 million ore tonnes and 8.6 million waste tonnes (including 2.97 million capitalized waste tonnes)
          were mined at an operating strip ratio of 6.10:1. Mining operations in the quarter were primarily focused on waste stripping to expose ore for mining in future quarters. Additionally, 0.9 million tonnes of out-pit non-acid generating (NAG)
          material were mined in preparation for planned dam raises scheduled to begin during the second quarter.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mill throughput for the quarter averaged 19,725 tonnes per calendar day, below the annual target of 22,000-24,000 tonnes per day. The lower
          average mill throughput was negatively impacted by the significant buildup of ice in the crushed ore stockpile above the apron feeders. Average mill throughput returned to target levels at the end of the quarter.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mill availability for the quarter was a record 89% (95% in March), despite the planned downtime to replace the ball mill trunnion and
          complete repairs.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold recovery improved to average 90% for the quarter, a significant improvement over the 89% reported in the fourth quarter when
          considering the 16% lower average grade milled. Recoveries are expected to continue to improve throughout the year to an average of 90-92% for the year.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the first quarter of 2019, the Company launched a comprehensive optimization study that includes the review of alternative open pit
          and underground mining scenarios with the overall objective of reducing capital and improving the return on investment over the life of mine. An updated life of mine plan is anticipated to be completed in the fourth quarter.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Revenue</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, revenue increased compared to the prior-year period due to higher metal sales volumes.</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Revenue less cost of goods sold</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, revenue less cost of goods sold increased, primarily driven by higher gold sales volumes.</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Operating expenses, total cash costs, all-in sustaining costs, and capital expenditures</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, operating expense per gold equivalent ounce was $801 which is a 35% decrease over the prior-year
          quarter, driven by improved operational performance and increased metal production and sales volumes achieved in the current year quarter.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, all-in sustaining costs per gold equivalent ounce were $1,330, which included $10 million of
          capitalized stripping mining costs ($140 per gold eq. ounce), and $27 million of other sustaining capital expenditure and lease payments. AISC per gold equivalent ounce for the quarter declined by 45% over the prior-year quarter due to improved
          operational performance and an increase in metal production and sales volumes coupled with a decrease in sustaining capital. It is expected that sustaining capital will be higher in the second and third quarters when weather conditions are more
          favourable for infrastructure and tailings construction will decline in the fourth quarter.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, growth capital was $3.8 million, related to underground mine development, working capital
          payments and the transfer of infrastructure from the contractor.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          <br>
        </font></div>
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        </font></div>
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                <div style="color: rgb(255, 255, 255);">&#160;12</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
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      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Impact of foreign exchange on operations</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River&#8217;s operations are impacted by fluctuations in the valuation of the U.S. dollar against the Canadian dollar. For the three months
          ended March 31, 2019, the value of the U.S. dollar averaged $1.33 against the Canadian dollar compared to $1.26 in the prior-year period. This had a positive impact on total cash costs of $41 per gold ounce sold against the prior-year.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Exploration activities</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exploration activities during the quarter focused on refining the scope of work and schedule for the upcoming field program. A strategic
          exploration drill program is expected to begin in the second quarter that will test near-mine targets in the Intrepid North area.</font></div>
      <div>&#160;</div>
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                <div style="color: rgb(255, 255, 255);">&#160;13</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        </table>
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      <div style="text-align: justify;"><br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">New Afton Mine, British Columbia, Canada</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Afton mine is located near Kamloops, British Columbia. As at December 31, 2018, the mine had 1.1 million ounces of Proven and
          Probable Gold Mineral Reserves and 903 million pounds of Proven and Probable Copper Mineral Reserves, with 1.1 million ounces of Measured and Indicated Gold Mineral Resources, exclusive of Mineral Reserves, and 891 million pounds of Measured and
          Indicated Copper Mineral Resources, exclusive of Mineral Reserves. A summary of New Afton&#8217;s operating results is provided below.</font></div>
      <div>&#160;</div>
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            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
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            <td valign="bottom" colspan="1" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
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            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
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            <td valign="bottom" colspan="1" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">&#160;OPERATING INFORMATION</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ore mined (thousands of tonnes)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,290</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Average grade:</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.57</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Copper (%)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.80</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.94</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Recovery rate (%):</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Gold</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">83.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84.1</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Copper</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">83.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">83.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Produced</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">60,986</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">73,717</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Sold</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">63,216</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">69,914</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold (ounces):</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Produced <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17,841</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19,998</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18,617</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,485</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper (millions of pounds):</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Produced <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Gold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,215</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,218</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Copper ($/pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.56</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.86</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Gold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,327</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,336</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Copper ($/pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.79</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.14</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses per gold eq ounce sold ($/ounce)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">468</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">405</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">477</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">408</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses per copper pound sold ($/pound)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (3)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">1.00</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.96</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs per gold eq. sold ($/ounce) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">578</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">523</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-in sustaining costs per gold eq. sold ($/ounce) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">714</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs on a co-product basis <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Gold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">589</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">527</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Copper ($/pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.24</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.24</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-in sustaining costs on a co-product basis <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Gold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">727</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">631</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Copper ($/pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.53</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.48</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL INFORMATION:</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">75.4</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84.5</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">45.8</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">56.2</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue less cost of goods sold</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">6.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.4</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures (sustaining capital) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">7.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures (growth capital)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z668fdfcb3b3641ecb0ba03ee1abebf54" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.2pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Production is shown on a total contained basis while sales are shown on a net payable basis,
                    including final product inventory and smelter payable adjustments, where applicable.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2bc8b7417dd44aa4b1570ed90ca9be64" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.2pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">We use certain non-GAAP financial performance measures throughout our MD&amp;A. Total cash
                    costs and all-in sustaining costs per gold ounce sold, total cash costs and all-in sustaining costs on a co-product basis, average realized price, operating margin, and capital expenditures (sustaining capital, sustaining leases, and
                    growth capital) are non-GAAP financial performance measures with no standard meaning under IFRS. For further information and a detailed reconciliation, please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this
                    MD&amp;A.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5839ccce24204669af77e60f83d5081f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.2pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">3.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Operating expenses are apportioned to each metal produced on a percentage of revenue basis.
                    For further information and a detailed reconciliation, please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this MD&amp;A.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc84450fddce54ce9b5e13ece6d2a847d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.2pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">4.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Gold equivalent ounces for New Afton includes silver ounces and copper pounds produced
                    converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period.&#160; The ratio for Q1 2019 was calculated based on average spot market prices of $1,304 per gold ounce, $15.57 per silver
                    ounce and $2.82 per copper pound. The ratio for Q1 2018 was calculated based on average spot market prices of $1,329 per gold ounce, $16.77 per silver ounce and $3.16 per copper pound.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div>
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                <div style="color: rgb(255, 255, 255);">&#160;14</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
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      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Operating results</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Production</font></div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Afton produced 60,986 gold equivalent ounces for the quarter, including 17,841 ounces of gold, and 19.5 million
          pounds of copper, in line with plan.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The second phase of a planned mill upgrade to address supergene ore recovery advanced during the quarter with
          commissioning scheduled for the third quarter.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Development of the B3-zone is currently underway, which will sustain ongoing production during the C-zone development
          period.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Efforts during the quarter continued to focus on de-risking the C-zone project, primarily focusing on the finalization of the tailings
          disposal plan and advancing permitting efforts with the objective of updating the life of mine plan in the latter part of the year. During the quarter, exploration-heading development towards the C-zone commenced and advanced by approximately 50
          metres.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Revenue</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, revenue decreased compared to the prior-year period due to lower copper sales volume and lower
          realized metal prices.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Revenue less cost of goods sold</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the decrease in revenue less cost of goods sold was primarily driven by lower copper sales
          volume.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Operating expenses, total cash costs, all-in sustaining costs, and capital expenditures</font></div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, operating expense per gold equivalent ounce was $468, which is an increase
          from the prior-year quarter primarily due to a decrease in sales volume.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, all-in-sustaining costs per gold equivalent ounce was $714. All-in
          sustaining costs per gold ounce (net of by-product credits) for the quarter was ($673). All-in sustaining costs have increased over the prior-year quarter due to an increase in sustaining capital as well as a decrease in metal sales volume and
          revenue.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the three months ended March 31, 2019, sustaining capital and sustaining lease payments was $8.0 million,
          primarily related to tailings dam raises and equipment purchases and sustaining mine development.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Growth capital for the quarter was $2.6 million, primarily related to the C-zone.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Impact of foreign exchange on operations</font></div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Afton&#8217;s operations are impacted by fluctuations in the valuation of the U.S. dollar against the Canadian dollar.
          For the three months ended March 31, 2019, the value of the U.S. dollar averaged $1.33 against the Canadian dollar, compared to $1.26 in the prior-year period, resulting in a positive impact on total cash costs of $29 per gold ounce sold against
          the prior year.</font></div>
      <div>&#160;</div>
      <div> <br>
      </div>
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                <div style="color: rgb(255, 255, 255);">&#160;15</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        </table>
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      </div>
      <div style="text-align: justify;"><br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Exploration activities</font></div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the first quarter of 2019, the Company completed 5,998 metres of core drilling in 31 holes on the Sub Level
          Cave &#8220;SLC&#8221; infill drilling program to support M&amp;I resource classification, The SLC area is located directly beneath the East Cave portion of the New Afton Main Zone.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An underground drilling program is currently underway that will test the down plunge extension of the C-zone (the
          D-zone) that could increase the resource inventory and extend mine life beyond 2030. The first hole of the 10-hole program has been completed, which intersected C-zone style mineralization over an approximate 140 metre interval (from 662 metres
          to 802 metres depth) and ended at the planned target, 360 vertical metres below the C-zone (assays pending). A second drill hole is currently underway and the program is expected to be completed by the end of the third quarter.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">DEVELOPMENT AND EXPLORATION REVIEW</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Blackwater Project, British Columbia, Canada</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Blackwater is a bulk-tonnage, gold-silver project located approximately 160 kilometres southwest of Prince George, a city of approximately
          80,000 people, in central British Columbia, Canada. The project property position covers over 1,000 square kilometres and is located near infrastructure.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Environmental and permitting activities</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The following environmental and permitting related activities occurred at Blackwater for the three months ended March 31,
          2019:</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify;">
        <table cellspacing="0" cellpadding="0" border="0" id="z1e1627fbc2f44845b92e1dfe13baeea5" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
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                <div style="text-align: center; color: rgb(0, 0, 0); font-family: Symbol,serif; font-size: 10pt;"><font style="font-family: Times New Roman;">&#9679;</font></div>
              </td>
              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Provincial and Federal Environmental Assessment (&#8220;EA&#8221;) technical review stage continued.</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Advanced discussions with key First Nations on Participation Agreements (&#8220;PAs&#8221;).</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Advanced project trade-off studies.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <br>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On April 15, 2019, the federal Minister of Environment and Climate Change issued a positive Decision Statement regarding the project&#8217;s EA,
          which is a very significant milestone for the project. The Company expects a decision from the province of British Columbia on the environmental assessment by the end of 2019. In addition, on April 18, 2019, the Company entered into a trilateral
          PA with the Lhoosk&#8217;uz Dene Nation and Ulkatcho First Nation, the two Indigenous groups whose traditional territories overlap the project&#8217;s mine site.&#160; Engagement and negotiations with other First Nations continue.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company will continue to assess alternative project scenarios at Blackwater that would involve lower initial capital requirements and a
          higher-grade pit configuration with the goal of generating positive returns at current metals prices.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #3F96B4;">Project costs</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, capital expenditures totalled $1.4 million, compared to $1.9 million in the prior year.
          Expenditures in the current period related to continued advancement of the EA process, including work to resolve remaining regulatory and First Nations comments and related environmental and engineering studies, as well as discussions with First
          Nations on PAs.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><br>
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                <div style="color: rgb(255, 255, 255);">&#160;16</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        </table>
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      </div>
      <div>&#160;</div>
      <div>
        <div><img src="smalllogo.jpg">
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        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">FINANCIAL CONDITION REVIEW</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Balance Sheet Review</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="z14cfe2a6f20c4979afa3e3a417af99de" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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            <td colspan="1" style="vertical-align: middle; background-color: rgb(112, 102, 92); width: 70%;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                </font></div>
            </td>
            <td colspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; width: 1%;">&#160;</td>
            <td colspan="2" style="vertical-align: middle; background-color: rgb(112, 102, 92); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">As at March 31</font></td>
            <td colspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; white-space: nowrap; text-align: right; width: 1%;">&#160;</td>
            <td colspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; width: 1%; text-align: right;">&#160;</td>
            <td colspan="2" style="background-color: rgb(112, 102, 92); vertical-align: top; text-align: right;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">As at December 31</font></td>
            <td colspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; white-space: nowrap; text-align: left; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 70%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2018</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">BALANCE SHEET INFORMATION</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">132.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"></font>103.7</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other current assets</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">164.5</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current assets</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,872.0</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,879.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2,168.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"></font>2,169.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current liabilities</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">126.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">130.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current liabilities excluding long-term debt</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">331.9</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">313.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Long-term debt</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">781.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">780.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total liabilities</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,239.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,225.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total equity</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">929.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">944.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 70%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total liabilities and equity</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(242, 242, 242); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2,168.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,169.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">Assets</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Cash and cash equivalents</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The increase in cash and cash equivalents was primarily driven by positive operating cash flows generated during the quarter which is only
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Other current assets</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other current assets primarily consist of trade and other receivables, inventories, prepaid expenses, and income tax receivables. Other
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Non-current assets</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current assets consist of mining interests which include the Company&#8217;s mining properties, development projects, property, plant and
          equipment, and long-term inventory. Non-current assets were consistent with the prior period as depreciation and depletion was partially offset by capital additions.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">Liabilities</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Current liabilities</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current liabilities consist primarily of trade and other payables. Current liabilities decreased compared to the prior-year period as a
          result of a reduction in trade payables and accruals, offset by an increase in interest payable as the Company makes interest payments on its senior secured notes in the second and fourth quarters.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Non-current liabilities excluding long-term debt</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current liabilities excluding long-term debt consist primarily of reclamation and closure cost obligations, the gold stream obligation
          and deferred tax liabilities.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;17</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s asset retirement obligations consist of reclamation and closure costs for Rainy River, New Afton, Cerro San Pedro and
          Blackwater. Significant reclamation and closure activities include land rehabilitation, demolition of buildings and mine facilities, ongoing monitoring, and other costs. The long-term discounted portion of the liability as at March 31, 2019 was
          $89.8 million, and was higher than the balance at December 31, 2018 of $86.1 million, primarily due to the decrease in discount rates used to value the liability.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The net deferred income tax liability is consistent at $56.3 million compared to the prior year.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Long-term debt and other financial liabilities containing financial covenants</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The majority of the Company&#8217;s contractual obligations consist of long-term debt and interest payable. Long-term debt includes senior
          unsecured notes and the amounts drawn on the Company&#8217;s revolving Credit Facility (the &#8220;Credit Facility&#8221;).</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s gold stream obligation contains a maximum leverage ratio covenant (net debt to earnings before interest, taxes, depreciation,
          amortization, exploration, impairment and other non-cash adjustments) of 3.5 : 1.0, with the exception that the leverage ratio limit may increase to 4.0 : 1.0 for two consecutive quarters, provided that it thereafter returns to a maximum of 3.5 :
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company issued $500.0 million of senior unsecured notes
            (&#8220;2022 Unsecured Notes&#8221;) which mature and become due and payable on November 15, 2022, and bear interest at the rate of 6.25% per annum. The Company issued $300.0 million of senior unsecured notes (&#8220;2025 Unsecured Notes&#8221;) which mature and
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has a revolving credit facility with a maturity date of August 2021 and a borrowing limit of $400.0 million.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Credit Facility contains various covenants customary for a loan facility of this nature, including limits on
          indebtedness, asset sales and liens. The Credit Facility contains three covenant tests, the minimum interest coverage ratio, being earnings before interest, taxes, depreciation, amortization, exploration, impairment and other non-cash adjustments
          (&#8220;Adjusted EBITDA&#8221;) to interest, the maximum net debt to Adjusted EBITDA ratio (&#8220;Leverage Ratio&#8221;), and the maximum gross secured debt to Adjusted EBITDA, all of which are measured on a rolling four-quarter basis at the end of every quarter.</font></div>
      <div>&#160;</div>
      <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"><br>
        <table cellspacing="0" cellpadding="0" border="0">
        </table>
        <br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;18</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Significant financial covenants from the credit facility are as follows:</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zebe3fa2928ad4f238b4ac2a7ad224282" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td colspan="1" rowspan="1" style="background-color: #70665C; vertical-align: middle;">&#160;</td>
            <td colspan="1" rowspan="1" style="background-color: #70665C; vertical-align: middle;">&#160;</td>
            <td colspan="1" rowspan="1" style="background-color: rgb(112, 102, 92); vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">Three months ended</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255,
                  255, 255);"></font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);">March 31</font></div>
            </td>
            <td colspan="1" rowspan="1" style="background-color: #70665C; vertical-align: middle;">&#160;
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Year ended</font></div>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">&#160;December 31</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="1" rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td colspan="1" rowspan="1" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);">Financial </font></div>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);">covenant</font></div>
            </td>
            <td colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(242, 242, 242); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;
                font-weight: bold; color: rgb(68, 121, 123);">2019</font></td>
            <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121,
                123);">2018</font></td>
          </tr>
          <tr>
            <td colspan="1" rowspan="1" style="vertical-align: middle;">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">FINANCIAL COVENANTS</font></td>
            <td colspan="1" rowspan="1" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
            <td colspan="1" rowspan="1" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td colspan="1" rowspan="1" style="vertical-align: middle;">&#160;&#160;&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Minimum interest coverage ratio (Adjusted EBITDA to interest)</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&gt;3.0 : 1</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.7 : 1</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.5 : 1</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Maximum leverage ratio (net debt to Adjusted EBITDA)</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&lt;4.5 : 1</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle; background-color: #F2F2F2;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;2.5 : 1</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.6 : 1</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Maximum secured leverage ratio (secured debt to Adjusted EBITDA)</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&lt;2.0 : 1</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5 : 1</font></div>
            </td>
            <td colspan="1" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;0.4 : 1</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at March 31, 2019, letters of credit amounting to $112.8 million have been issued through the Credit Facility (December 31, 2018 -
          $110.8 million). Letters of credit relate to reclamation bonds, and other financial assurances required with various government agencies.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Liquidity and Cash Flow</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at March 31, 2019, the Company had cash and cash equivalents of $132.3 million compared to $103.7 million at December 31, 2018. The
          Company&#8217;s investment policy is to invest its surplus funds in permitted investments consisting of treasury bills, bonds, notes and other evidences of indebtedness of Canada, the U.S. or any of the Canadian provinces with a minimum credit rating
          of R-1 mid from the DBRS or an equivalent rating from Standard &amp; Poor&#8217;s or Moody&#8217;s and with maturities of 12 months or less at the original date of acquisition.&#160; In addition, the Company is permitted to invest in bankers&#8217; acceptances and
          other evidences of indebtedness of certain financial institutions. All investments must have a maximum term to maturity of 12 months and the average term will generally range from seven days to 90 days. Under the policy, the Company is not
          permitted to make investments in asset-backed commercial paper.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s liquidity is impacted by several factors which include, but are not limited to, gold and copper market prices, capital
          expenditures, operating costs, interest rates, and foreign exchange rates.&#160; These factors are monitored by the Company on a regular basis and will continue to be reviewed.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s cash flows from operating, investing, and financing activities, as presented in the consolidated statements of cash flows,
          are summarized in the following table for the three months ended March 31, 2019 and 2018:</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z63c7e55f5aeb439db6b191803c88ce00" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" rowspan="1" colspan="9" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">&#160;CASH FLOW INFORMATION</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash generated from continuing operations</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">74.3</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investing cash flows used by continuing operations (capital expenditures and other)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(50.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(68.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash generated from investing activities (sale of Mesquite and other assets)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash used in financing activities</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(8.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect of exchange rate changes on cash and cash equivalents</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash flows related to discontinued operations</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Change in cash and cash equivalents</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(24.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>&#160;
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;19</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Operations</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended March 31, 2019, the increase in cash generated from operations was primarily due to higher revenue resulting
          from higher sales volume and favourable changes in non-cash working capital when compared to the prior period.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Investing Activities</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash used in investing activities is primarily for the continued capital investment in the Company&#8217;s operating mines and development
          projects. Spending was $50.0 million for the three months ended March 31, 2019 compared to $68.0 million in the prior year. Additionally, in the quarter the Company collected on the outstanding working capital receivable associated with the sale
          of Mesquite.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table summarizes the capital expenditures (mining interests per the unaudited consolidated statements of cash flows) for the
          three months ended March 31, 2019 and 2018:</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zc95482ce842c4624ae137122db0c2b71" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" rowspan="1" colspan="9" style="vertical-align: middle; background-color: rgb(112, 102, 92); text-align: right;">&#160;&#160;
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font>&#160;&#160;&#160; <br>
              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CAPITAL EXPENDITURES BY SITE</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">38.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">59.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Afton</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Blackwater</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures from continuing operations</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">50.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">68.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #3F96B4;">Financing Activities</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash used in financing activities primarily related to finance lease payments and interest paid.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s March 31, 2019 cash balance of $132.3 million, together with the $287.2 million available for drawdown under the Credit
          Facility at March 31, 2019, provided the Company with approximately $419.5 million of liquidity.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The net cash generated by operations is highly dependent on metal prices, including gold and copper, as well as other factors, including
          the Canadian/U.S. dollar exchange rate. To mitigate a portion of this risk, in December 2018, the Company entered into copper and gold price option collar contracts for 2019 production by purchasing put options and selling call options covering
          21,600 tonnes of copper and 192,000 ounces of gold. As at 31 March 2019, there are 16,200 tonnes of copper and 144,000 ounces of gold option contracts outstanding.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2019, the Company is expecting to complete all remaining construction at Rainy River and continue to advance the C-zone development at
          New Afton resulting in significant capital expenditures that are expected to exceed total cash generated from operations. Assuming the continuation of prevailing commodity prices and exchange rates, and operations performing in accordance with
          mine plans, the Company believes it has adequate liquidity to implement its near-term operational plan and will be able to repay future indebtedness from a combination of internally generated cash flow, refinancing activities and other corporate
          actions.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Commitments</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has entered into a number of contractual commitments for capital items relating to operations and development. At March 31,
          2019, these commitments totalled $63.2 million, $62.9 million of which is expected to fall due over the next 12 months. This compares to commitments of $27.2 million as at December 31, 2018, $26.9 million of which was expected to fall due over
          the upcoming year. Certain contractual commitments may contain cancellation clauses; however, the Company discloses its commitments based on management&#8217;s intent to fulfill the contracts.</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;20</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
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      <div>&#160;
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                <div style="color: rgb(255, 255, 255);">&#160;21</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        <div><img src="smalllogo.jpg">
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        <div>&#160;</div>
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            <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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            <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">500.0</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">300.0</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">800.0</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 28%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100.7</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">57.8</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.5</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">230.4</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">242.9</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 28%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">63.2</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.2</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 28%;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.6</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold stream obligation</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.4</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">46.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">53.6</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 28%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Related Party Transactions</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company did not enter into any related party transactions during the three month ended March 31, 2019.</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Off-Balance Sheet Arrangements</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has no off-balance sheet arrangements.</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Outstanding Shares</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at April 24, 2019, there were 579.1 million common shares of the Company outstanding. The Company had 9.5 million stock options
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      <div>&#160;</div>
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        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;22</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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      <div>&#160;
        <div><img src="smalllogo.jpg">
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">NON-GAAP FINANCIAL PERFORMANCE MEASURES</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total Cash Costs per Gold Equivalent Ounce</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;Total cash costs per gold equivalent ounce&#8221; is a non-GAAP measure that is a common financial performance measure in the gold mining
          industry but with no standard meaning under IFRS. New Gold reports total cash costs on a sales basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to
          evaluate the Company&#8217;s performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. New Gold believes that this measure, along with sales, is a key indicator of a
          Company&#8217;s ability to generate operating earnings and cash flow from its mining operations.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be
          comparable to similar measures presented by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow
          from operations under IFRS or operating costs presented under IFRS.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash cost figures are calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers
          of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Total cash costs include mine site
          operating costs such as mining, processing and administration costs, royalties, production taxes and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product
          sales. Total cash costs are then divided by gold equivalent ounces sold to arrive at the total cash costs per equivalent ounce sold.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition to gold the Company produces copper and silver. Gold equivalent ounces of copper and silver produced in a quarter are computed
          by calculating the ratio of the average spot market copper and silver prices to the average spot market gold price in a quarter and multiplying this ratio by the pounds of copper and silver ounces produced during that quarter. Gold equivalent
          ounces produced in a period longer than one quarter are calculated by adding the number of gold equivalent ounces in each quarter of that period. Notwithstanding the impact of copper and silver sales, as a Company focused on gold production, New
          Gold aims to assess the economic results of its operations in relation to gold, which is the primary driver of New Gold&#8217;s business. New Gold believes this metric is of interest to its investors, who invest in the Company primarily as a gold
          mining Company.&#160; To determine the relevant costs associated with gold equivalent ounces, New Gold believes it is appropriate to reflect all operating costs that are extracted in its operations.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Previously New Gold calculated total cash costs per ounce for Rainy River and Cerro San Pedro net of by-product silver sales revenue. New
          Gold has calculated New Afton total cash costs per ounce net of by-product silver and copper sales revenue for comparative purposes.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>Total cash costs per gold
          ounce net of by-product sales and are divided by gold ounces sold to arrive at a per ounce figure. New Gold notes that in connection with New Afton, the copper by-product revenue was sufficiently large to result in a negative total cash cost on a
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To provide additional information to investors, New Gold has also calculated total cash costs at New Afton on an individual co-product
          basis which apportions the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total gold ounces, silver ounces or pounds of copper sold, as the case may be, to arrive at per ounce or per
          pound figures.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="background-color: #632523; width: 50%;">
              <div style="color: rgb(255, 255, 255);">&#160;23</div>
            </td>
            <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">All-in Sustaining Costs per Gold Equivalent Ounce</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;All-in sustaining costs per gold equivalent ounce&#8221; is a non-GAAP measure based on guidance announced by the World Gold Council (&#8220;WGC&#8221;) in
          September 2013. The WGC is a non-profit association of the world&#8217;s leading gold mining companies established in 1987 to promote the use of gold to industry, consumers, and investors. The WGC is not a regulatory body and does not have the
          authority to develop accounting standards or disclosure requirements.&#160; The WGC has worked with its member companies, including New Gold, to develop a measure that expands on IFRS measures such as operating expenses and non-GAAP measures to
          provide visibility into the economics of a gold mining company. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. New
          Gold believes the all-in sustaining costs measure provides further transparency into costs associated with producing gold and will assist analysts, investors, and other stakeholders of the Company in assessing its operating performance, its
          ability to generate free cash flow from current operations and its overall value. In addition, the Compensation Committee of the Board of Directors uses all-in sustaining costs, together with other measures, in its Company scorecard to set
          incentive compensation goals and assess performance.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-in sustaining costs per gold equivalent ounce is intended to provide additional information only and does not have any standardized
          meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not
          necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Gold defines all-in sustaining costs per gold equivalent ounce as the sum of total cash costs, net capital expenditures that are
          sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, lease payments that are sustaining in nature, and environmental reclamation costs, all divided by the total gold
          equivalent ounces sold to arrive at a per ounce figure. To determine sustaining capital expenditures, New Gold uses cash flow related to mining interests from its statement of cash flows and deducts any expenditures that are non-sustaining
          (growth).&#160; Capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production are classified as non-sustaining and are excluded.&#160; The
          table &#8220;Sustaining Capital Expenditure Reconciliation&#8221; reconciles New Gold&#8217;s sustaining capital to its cash flow statement.&#160; The definition of sustaining versus non-sustaining is similarly applied to capitalized and expensed exploration costs and
          lease payments. Exploration costs and lease payments to develop new operations or that relate to major projects at existing operations where these projects are expected to materially increase production are classified as non-sustaining and are
          excluded.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>Gold equivalent ounces of copper and silver produced in a quarter are computed by calculating the ratio of the average spot market copper and silver
          prices to the average spot market gold price in a quarter and multiplying this ratio by the pounds of copper and silver ounces produced during that quarter. Gold equivalent ounces produced in a period longer than one quarter are calculated by
          adding the number of gold equivalent ounces in each quarter of that period.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Costs excluded from all-in sustaining costs are non-sustaining capital expenditures, lease payments and exploration costs, financing costs,
          tax expense, and transaction costs associated with mergers, acquisitions and divestitures, and any items that are deducted for the purposes of adjusted earnings.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Previously New Gold calculated all-in sustaining costs per ounce for Rainy River and Cerro San Pedro net of by-product silver sales
          revenue. New Gold has calculated New Afton all-in sustaining costs per ounce net of by-product silver and copper sales revenue for comparative purposes. All-in sustaining costs per gold ounce net of by-product sales and are divided by gold ounces
          sold to arrive at a per ounce figure. New Gold notes that in connection with New Afton, the copper by-product revenue was sufficiently large to result in a negative all in sustaining cost.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"><br>
        <table cellspacing="0" cellpadding="0" border="0">
        </table>
        <br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;24</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To provide additional information to investors, New Gold has also calculated New Afton all-in sustaining costs per ounce on an individual
          co-product basis, which apportions the all-in sustaining costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total gold ounces, silver ounces or pounds of copper sold, as the case may be, to
          arrive at per ounce or per pound figures.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><br>
        <br>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="background-color: #632523; width: 50%;">
                  <div style="color: rgb(255, 255, 255);">&#160;25</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Cash Costs and All-in Sustaining Costs (&#8220;AISC&#8221;) per Gold Equivalent Ounce Reconciliation Tables</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following tables reconcile these non-GAAP measures to the most directly comparable IFRS measure on an aggregate and mine-by-mine basis.</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z1d7317a8b09547728ac89c223e16652e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" rowspan="1" colspan="9" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CONSOLIDATED OPEX, CASH COST AND AISC FROM CONTINUING OPERATIONS RECONCILIATION</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">86.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold equivalent ounces sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">134,699</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">117,282</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses per gold equivalent ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">645</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">760</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">86.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Treatment and refining charges on concentrate sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total cash costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">93.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">97.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold equivalent ounces sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">134,699</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">117,282</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total cash costs per gold equivalent ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">697</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">828</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">55.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining exploration - expensed</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining leases</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Corporate G&amp;A including share-based compensation<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Reclamation expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total all-in sustaining costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">145.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">161.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold equivalent ounces sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">134,699</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">117,282</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">All-in sustaining costs per gold equivalent ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,083</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,373</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Adjustments include social closure costs incurred at Cerro San Pedro included in operating
                    expenses.</font></div>
              </td>
            </tr>

        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z09062b46e4bd4f23a865c2c998fc0b7f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 13.7pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Gold equivalent ounces includes silver ounces and copper pounds produced converted to a gold
                    equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for Q1 2019 was calculated based on average spot market prices of $1,304 per gold ounce, $2.82 per copper pound and $15.57 per
                    silver ounce. The ratio for Q1 2018 was calculated based on average spot market prices of $1,329 per gold ounce, $3.16 per copper pound and $16.77 per silver ounce.</font></div>
              </td>
            </tr>

        </table>
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            <tr>
              <td style="width: 13.7pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See &#8220;Total Sustaining Capital Expenditure Reconciliation&#8221; to reconcile sustaining capital
                    expenditures to mining interests per the statement of cash flows.</font></div>
              </td>
            </tr>

        </table>
      </div>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z75ea69f001354a7b8d9f23d11306e4e4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 13.7pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">4.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Includes the sum of corporate administration costs and share-based payment expense per the
                    income statement, net of any non-cash depreciation within those figures.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;26</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4e06084ee9284d02a5d35dc777525355" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">RAINY RIVER OPEX, CASH COSTS AND AISC RECONCILIATION</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold Equivalent Ounces sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">71,483</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41,621</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses per unit of gold sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">801</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,240</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total cash costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold Equivalent Ounces sold</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">71,483</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41,621</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total cash costs per Gold Equivalent Ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">801</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,240</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">48.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining leases</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Reclamation expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total all-in sustaining costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">95.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold Equivalent Ounces sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">71,483</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41,621</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">All-in sustaining costs per Gold Equivalent Ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,330</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,427</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z0ff69282b36f48288e5bfd35d97f30dd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Gold equivalent ounces includes silver ounces produced converted to a gold
                    equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for Q1 2019 was calculated based on average spot market prices of $1,304 per gold ounce and $15.57 per silver ounce. The ratio
                    for Q1 2018 was calculated based on average spot market prices of $1,329 per gold ounce and $16.77 per silver ounce.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z284932fe288f4fa499a6297cb3370ffe" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See &#8220;Total Sustaining Capital Expenditure Reconciliation&#8221; to reconcile
                    sustaining capital expenditures to mining interests per the statement of cash flows.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z80943421acef48559af340aaee9a43d9">

          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #70665C;" rowspan="1" colspan="8">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="background-color: #70665C; text-align: left; vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A GOLD EQUIVALENT BASIS</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold Equivalent Ounces sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">63,216</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">69,914</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses per unit of gold sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">468</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">405</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Operating expenses</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Treatment and refining charges on concentrate sales</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total cash costs</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold Equivalent Ounces sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">63,216</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">69,914</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total cash costs per Gold Equivalent Ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">578</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">523</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining exploration - expensed</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining leases</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Reclamation expenses</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total all-in sustaining costs</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">43.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Gold Equivalent Ounces sold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">63,216</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">69,914</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">All-in sustaining costs per Gold Equivalent Ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">714</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>

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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Gold equivalent ounces includes silver ounces and copper pounds produced
                    converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for Q1 2019 was calculated based on average spot market prices of $1,304 per gold ounce $2.82 per copper
                    pound and $15.57 per silver ounce. The ratio for Q1 2018 was calculated based on average spot market prices of $1,329 per gold ounce, $3.16 per copper pound and $16.77 per silver ounce.</font></div>
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            </tr>

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              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See &#8220;Total Sustaining Capital Expenditure Reconciliation&#8221; to reconcile
                    sustaining capital expenditures to mining interests per the statement of cash flows.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;27</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z9e8755a1edd746229b54e4d03ffff5fa" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="16" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31, 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> Gold</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Copper</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Silver</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A CO-PRODUCT BASIS</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Units of metal sold (ounces/millions of pounds/millions of ounces)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18,617</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses per unit of metal sold ($/ounce or pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">477</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.00</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.78</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Treatment and refining charges on concentrate sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By-product silver and copper sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(57.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs net of by-product revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(21.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Units of metal sold (ounces/millions of pounds/millions of ounces)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18,617</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                    font-weight: bold;">20.2</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs on a co-product basis<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> ($/ounce or pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">589</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.24</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.14</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs per gold ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1,132</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total co-product cash costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs net of by-product revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(21.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sustaining capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sustaining exploration expense</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Sustaining leases</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reclamation expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total co-product all-in sustaining costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30.9</font><font style="font-size: 10pt; font-family: 'Times New
                    Roman', Times, serif;"></font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total all-in sustaining costs net of by-product revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(12.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-in sustaining costs on a co-product basis<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> ($/ounce or pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">727</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.53</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.81</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-in sustaining costs per gold ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(673</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
            </td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z56f57ae1ceaf4b0fa6278ccd782eaecf" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Operating expenses are apportioned to each metal produced on a percentage of revenue basis.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zff4372c32aef41bf973f3f1af29e278b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Amounts presented on a co-product basis remove the impact of other metal sales that are
                    produced as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z437e4fe72b6e44ebb880fe87c74af5ce" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See &#8220;Total Sustaining Capital Expenditure Reconciliation&#8221; to reconcile sustaining capital
                    expenditures to mining interests per the statement of cash flows.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z63bf3a592fb34b4ab0d493cb8f5e36d9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="16" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31, 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> Gold</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Copper</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Silver</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Total</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A CO-PRODUCT BASIS</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Units of metal sold (ounces/millions of pounds/millions of ounces)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,485</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses per unit of metal sold ($/ounce or pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">408</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.96</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.01</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Treatment and refining charges on concentrate sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By-product silver and copper sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(68.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs net of by-product revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(31.5</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Units of metal sold (ounces/millions of pounds/millions of ounces)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,485</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs on a co-product basis<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> ($/ounce or pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">527</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.24</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.46</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs per gold ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,702</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total co-product cash costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs net of by-product revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(31.5</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sustaining capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sustaining exploration expense</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reclamation expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total co-product all-in sustaining costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total all-in sustaining costs net of by-product revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(24.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-in sustaining costs on a co-product basis<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> ($/ounce or pound)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">631</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.48</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.73</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-in sustaining costs per gold ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,313</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>

      </table>
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            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Operating expenses are apportioned to each metal produced on a percentage of revenue basis.</font></div>
              </td>
            </tr>

        </table>
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      <div>
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              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Amounts presented on a co-product basis remove the impact of other metal sales that are
                    produced as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis.</font></div>
              </td>
            </tr>

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                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">See &#8220;Total Sustaining Capital Expenditure Reconciliation&#8221; to reconcile sustaining capital
                    expenditures to mining interests per the statement of cash flow.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
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            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;28</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

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      <div style="text-align: justify;"><br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #70665C;"> </font>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #70665C;">Sustaining Capital Expenditures Reconciliation Tables</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf73465c50eea4b0c835eadadba1282a3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">TOTAL SUSTAINING CAPITAL EXPENDITURES</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mining interests per statement of cash flows</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">50.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">68.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Afton growth capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(2.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River growth capital expenditures</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Blackwater growth capital expenditures</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Growth capital expenditures at New Afton in the current period and
                    prior-year period relate to project advancement for the C-zone. Growth capital expenditures at Rainy River in the current period is primarily related to the payment of underground mine development working capital and the transfer of
                    infrastructure from the contractor and in the prior-year period related to the payment of working capital for project development (pre-commercial production).</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Adjusted Net Earnings and Adjusted Net Earnings from Continuing Operations per Share</font></div>
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              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="text-align: left; color: #000000; font-family: Symbol, serif; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
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              <td style="width: 93%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Impairment losses;</font></div>
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            <tr>
              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: 93%; vertical-align: top;">
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            <tr>
              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: 93%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Items included in &#8220;Other gains and losses&#8221; as per Note 3 of the Company&#8217;s&#160; consolidated financial statements; and</font></div>
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            <tr>
              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: 93%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Certain non-recurring items.</font></div>
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        <br>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Earnings</font> from continuing operations<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> have been adjusted, including the associated tax impact, for the group of costs in &#8220;Other gains and losses&#8221; on the unaudited condensed consolidated income
            statements. Key entries in this grouping are: the fair value changes for the gold stream obligation; and the gold and copper option contracts and copper forward contracts; foreign exchange gain or loss and loss on disposal of assets. The
            adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings.</font></font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Company uses adjusted net earnings for its own internal purposes. Management&#8217;s internal budgets and forecasts and
          public guidance do not reflect the items which have been excluded from the determination of adjusted net earnings. Consequently, the presentation of adjusted net earnings enables shareholders to better understand the underlying operating
          performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating
          performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Adjusted net earnings are intended to provide
            additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. It should not be considered in isolation or as a substitute for measures of
            performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. </font>The following table reconciles this non-GAAP measure to the most
          directly comparable IFRS measure.</font></div>
      <div>&#160;</div>
      <div><br>
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      <div>&#160;
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            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;29</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        <div>&#160;</div>
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            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;"> Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">ADJUSTED LOSS FROM CONTINUING OPERATIONS RECONCILIATION</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss before taxes</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(9.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(29.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other (gains) losses <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.7</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted net loss before taxes</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(21.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax adjustments</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.9</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted income tax (expense) recovery</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted net loss</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(17.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted loss per share (basic and diluted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(0.00</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.03</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
          </tr>

      </table>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Please refer to Note 3 of the Company&#8217;s unaudited condensed consolidated financial statements
                    for a detailed breakdown of other gains and losses.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Operating Cash Flows Generated from Operations, before Changes in Non-Cash Operating Working Capital</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;Operating cash flows generated from operations, before changes in non-cash operating working capital&#8221; is a non-GAAP financial measure with
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating cash flows generated from operations, before non-cash changes in working capital is intended to provide additional information
          only and does not have any standardized meaning under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently and this
          measure is unlikely to be comparable to similar measures presented by other companies.</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4f1f71df339142679297952e19e83eb3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" rowspan="1" colspan="9" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">CASH RECONCILIATION FROM CONTINUING OPERATIONS</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash generated from operations</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">74.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Add back (deduct): Change in non-cash operating working capital</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash generated from operations before changes in non-cash operating working capital</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">71.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">49.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>&#160;
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;30</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <br>
      <div><img src="smalllogo.jpg">
        <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; color: #44797B;">Operating Margin</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;Operating margin&#8221; is a non-GAAP financial measure with no standard meaning under IFRS, which management uses to evaluate the Company&#8217;s
          aggregated and mine-by-mine contribution to net earnings before non-cash depreciation and depletion charges. Operating margin is calculated as revenue less operating expenses and therefore does not include depreciation and depletion. Operating
          margin is intended to provide additional information only and does not have any standardized meaning under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other
          companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies. The following tables reconcile this non-GAAP measure to the most directly comparable IFRS measure on
          an aggregated and mine-by-mine basis.</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Operating Margin Reconciliation Tables</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="za81338ea3419444ca8805b97664d6e5d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
              <div> </div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;">TOTAL OPERATING MARGIN</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">167.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">147.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less: Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">86.9</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total operating margin</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">81.0</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">58.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z8ac165901963403b9f0e9ba5c772130f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;"> </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;"> </font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #70665C;">&#160;</td>
            <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
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                months ended March 31</font>&#160;&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018 <br>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;">RAINY RIVER OPERATING MARGIN</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">92.5</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #005B94;"></font><font style="font-size: 10pt; font-family: 'Times New
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less: Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River operating margin</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
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      <table cellspacing="0" cellpadding="0" id="z1a83f3feb93f46838c100117dd3cb5d7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;"> Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;">NEW AFTON OPERATING MARGIN</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84.5</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less: Operating expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Afton operating margin</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"></font>56.2<font style="font-size: 10pt; font-family: 'Times New
                    Roman', Times, serif; font-weight: bold;"></font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;31</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Average Realized Price</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;Average realized price per ounce of gold sold&#8221; is a non-GAAP financial measure with no standard meaning under IFRS. Management uses this
          measure to better understand the price realized in each reporting period for gold sales. Average realized price is intended to provide additional information only and does not have any standardized meaning under IFRS; it should not be considered
          in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies.
          The following tables reconcile this non-GAAP measure to the most directly comparable IFRS measure on an aggregate and mine-by-mine basis.</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zd47d3a14c49c4b768217d161f30baefa" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" rowspan="1" colspan="8" style="vertical-align: middle; background-color: #70665C;"><br>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;">TOTAL AVERAGE REALIZED PRICE FROM CONTINUING OPERATIONS</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue from gold sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82.9</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Treatment and refining charges on gold concentrate sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gross revenue from gold sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">116.4</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">85.1</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold ounces sold</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">89,312</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total average realized price per gold ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,331</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
              <div> </div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);"> 2019</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);"> 2018</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;">RAINY RIVER AVERAGE REALIZED PRICE</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue from gold sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">91.5</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">54.3</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold ounces sold</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">70,695</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,880</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rainy River average realized price per gold ounce sold ($/ounce)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,295</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,328</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

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          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(255, 255, 255);"> Three months ended March 31</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;"> </font> </div>
              <div> </div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(242, 242, 242); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(242, 242, 242); text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(68, 121, 123);"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #44797B;">NEW AFTON AVERAGE REALIZED PRICE</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue from gold sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; border-bottom: #000000 solid 2px;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Treatment and refining charges on gold concentrate sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gross revenue from gold sales</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.9</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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      <div>&#160;</div>
      <div><br>
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        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;32</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        <div><img src="smalllogo.jpg">
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        <div>&#160;</div>
        <div><br>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">ENTERPRISE RISK MANAGEMENT AND RISK FACTORS</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #3F96B4;">Metal price risk</font></div>
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      <div>&#160;</div>
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              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
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              <td style="width: 93%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">the strength of the U.S. economy and the economies of other industrialized and developing nations;</font></div>
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              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
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              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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              </td>
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            <tr>
              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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            </tr>
            <tr>
              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: 93%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">interest rates;</font></div>
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            <tr>
              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: 93%; vertical-align: top;">
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              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: 93%; vertical-align: top;">
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            </tr>
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              <td colspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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              <td style="width: 36pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
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      <br>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">For the three months ended March 31, 2019, the Company&#8217;s revenue and cash flows were impacted by gold prices in the range
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          a time lag between the shipment of gold and copper and final pricing, and changes in pricing can impact the Company&#8217;s revenue and working capital position. As at March 31, 2019, working capital includes unpriced gold and copper concentrate
          receivables totalling 1,930 ounces of gold and 1.6 million pounds of copper not offset by copper swap contracts. The Company&#8217;s exposure to changes in copper prices has been significantly reduced during 2019 as the Company has entered into copper
          price option contracts (whereby it sold a series of call option contracts and purchased a series of put option contracts) to reduce exposure to changes in copper prices.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An increase in gold, copper and silver prices would increase the Company&#8217;s net earnings, whereas an increase in fuel or restricted share
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      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="background-color: #632523; width: 50%;">
                <div style="color: rgb(255, 255, 255);">&#160;33</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1ea03f3c158c4466ba51e01cfada53d4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;"> Three months ended March 31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #70665C; text-align: left; vertical-align: bottom;">&#160;</td>
            <td colspan="1" style="background-color: #70665C; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: middle; background-color: #70665C;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FFFFFF;">Three months ended March 31</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">(in millions of U.S. dollars, except where noted)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Net</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">IMPACT OF 10% CHANGE IN COMMODITY PRICES</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: #F2F2F2;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gold price</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.1</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 52%; border-bottom: #000000 solid 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper price</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="background-color: #F2F2F2; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #F2F2F2; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.7</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 3.45pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reserve calculations and mine plans using significantly lower gold, silver, copper and other metal prices could
          result in significant reductions in Mineral Reserve and Resource estimates and revisions in the Company&#8217;s life-of-mine plans, which in turn could result in material write-downs of its investments in mining properties and increased depletion,
          reclamation and closure charges.&#160; Depending on the price of gold or other metals, the Company may determine that it is impractical to continue commercial production at a particular site. In addition, cash costs and all-in sustaining costs of gold
          production are calculated net of by-product credits, and therefore may be impacted by downward fluctuations in the price of by-product metals. Any of these factors could result in a material adverse effect on the Company&#8217;s results of operations
          and financial condition.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is also subject to price risk for fluctuations in the cost of energy, principally electricity and purchased petroleum products.
          The Company&#8217;s costs are affected by the prices of commodities and other inputs it consumes or uses in its operations, such as lime, sodium cyanide and explosives.&#160; The prices of such commodities and inputs are influenced by supply and demand
          trends affecting the mining industry in general and other factors outside our control. Increases in the price for materials consumed in the Company&#8217;s mining and production activities could materially adversely affect its results of operations and
          financial condition.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is also subject to price risk for changes in the Company&#8217;s common stock price per share. The Company has granted, under its
          long-term incentive plan, restricted share units that the Company is required to satisfy in cash upon vesting. The amount of cash the Company will be required to expend is dependent upon the price per common share at the time of vesting. The
          Company considers this plan a financial liability and is required to fair value the outstanding liability with the resulting changes included in compensation expense each period.</font></div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div> <br>
      </div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
      </div>
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      </div>
      <div>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTIES</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The preparation of the Company&#8217;s consolidated financial statements in conformity with IFRS requires the Company&#8217;s management to make
          judgments, estimates and assumptions about the future events that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Estimates and assumptions are continually evaluated and are
          based on management&#8217;s experience and other facts and circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company&#8217;s assets and liabilities are accounted for prospectively.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The areas which require management to make significant judgments, estimates and assumptions in determining carrying values are described in
          the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2018 and have been consistently applied in the preparation of the unaudited condensed consolidated interim financial statements.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">ACCOUNTING POLICIES</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company's significant accounting policies and future changes in accounting policies are presented in the audited consolidated financial
          statements for the year ended December 31, 2018 and have been consistently applied in the preparation of the unaudited condensed consolidated interim financial statements, except as noted below.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Changes in accounting policies</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #3F96B4;">Leases</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 6, 2016, the IASB issued IFRS 16, Leases (&#8220;IFRS 16&#8221;). This standard specifies the methodology to recognize, measure, present and
          disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases. This standard replaces IAS 17 Leases.&#160; The effective date is for reporting periods beginning on or
          after January 1, 2019 with early adoption permitted.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company adopted IFRS 16 on January 1, 2019 using the modified retrospective approach. Under this approach, the cumulative effect of
          initially applying IFRS 16 is recognized as an adjustment to equity at the date of initial application. Comparative figures are not restated to reflect the adoption of IFRS 16. Additionally, the Company has adopted the exemption for leases with a
          lease term of 12 months or less and for leases that are low value. Given that the Company&#8217;s existing operating leases are not material, no adjustment to equity has been recognized upon IFRS 16 adoption on January 1, 2019.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
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                <div style="color: rgb(255, 255, 255);">&#160;35</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

        </table>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
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      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
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        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;">CONTROLS AND PROCEDURES</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Disclosure Controls and Procedures</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s management, with the participation of and under the supervision of its President &amp; Chief Executive Officer and Chief
          Financial Officer, has evaluated the effectiveness of the Company&#8217;s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (&#8220;Exchange Act&#8221;) and in National Instrument
          52-109 Certification of Disclosure in Issuers&#8217; Annual and Interim Filings, as at and for the year ended December 31, 2018. Based on that evaluation, the Company&#8217;s Chief Executive Officer and Chief Financial Officer have concluded that, as at and
          for the year ended December 31, 2018, the Company&#8217;s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed,
          summarized and reported, within the appropriate time periods.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Internal Controls over Financial Reporting</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Gold&#8217;s management, with the participation of its Chief Executive Officer and Chief Financial Officer, is responsible for establishing
          and maintaining adequate internal controls over financial reporting. Internal controls over financial reporting is a process designed by, or under the supervision of, the Company&#8217;s principal executive and principal financial officers and effected
          by the Company&#8217;s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
          International Financial Reporting Standards. New Gold&#8217;s management assessed the effectiveness of the Company&#8217;s internal controls over financial reporting as at and for the year ended December 31, 2018 based on the 2013 updated Committee of
          Sponsoring Organization of the Treadway Commission (&#8220;COSO&#8221;) and has concluded that New Gold&#8217;s internal controls over financial reporting are effective as at and for the year ended December 31, 2018.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, 2018 has been audited by Deloitte LLP, the
          Company&#8217;s independent registered public accounting firm, as stated in their report immediately preceding the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2018.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Limitations of Controls and Procedures</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s management, including its Chief Executive Officer and Chief Financial Officer, believe that any internal controls and
          procedures for financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Furthermore, the design of a control system must reflect the
          fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations of all control systems, they cannot provide absolute assurance that all control issues and instances
          of fraud, if any, within the Company have been prevented and/or detected. These inherent limitations include the realities that judgments in decision-making can be faulty and breakdowns can occur because of simple error or mistake. Additionally,
          controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override control. The design of any system of controls is also based in part upon certain assumptions about the likelihood
          of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements
          due to error or fraud may occur and not be detected.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Changes in Internal Controls over Financial Reporting</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There has been no change in the Company&#8217;s design of internal controls and procedures over financial reporting that has materially affected,
          or is reasonably likely to materially affect, the Company&#8217;s internal controls over financial reporting during the period covered by this MD&amp;A.</font></div>
      <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">&#160;
        <div><br>
          <br>
        </div>
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                <div style="color: rgb(255, 255, 255);">&#160;36</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        </table>
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      <div style="text-align: justify;"><br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #70665C;"> CAUTIONARY NOTES</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable
          Canadian securities laws, and may not be comparable to similar information for United States companies. The terms &#8220;Mineral Resource&#8221;, &#8220;Measured Mineral Resource&#8221;, &#8220;Indicated Mineral Resource&#8221; and &#8220;Inferred Mineral Resource&#8221; used in this MD&amp;A
          are Canadian mining terms as defined in the CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014 and incorporated by reference in National Instrument 43-101 (&#8220;NI 43-101&#8221;).&#160; While the terms
          &#8220;Mineral Resource&#8221;, &#8220;Measured Mineral Resource&#8221;, &#8220;Indicated Mineral Resource&#8221; and &#8220;Inferred Mineral Resource&#8221; are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States
          Securities and Exchange Commission.&#160; As such, certain information contained in this MD&amp;A concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States
          companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An &#8220;Inferred Mineral Resource&#8221; has a great amount of uncertainty as to its existence and as to its economic and legal feasibility.&#160; Under
          Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. It cannot be assumed that all or any part of an &#8220;Inferred Mineral Resource&#8221; will ever be upgraded to a higher confidence
          category through additional exploration drilling and technical evaluation. Readers are cautioned not to assume that all or any part of an &#8220;Inferred Mineral Resource&#8221; exists or is economically or legally mineable.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under United States standards, mineralization may not be classified as a &#8220;Reserve&#8221; unless the determination has been made that the
          mineralization could be economically and legally produced or extracted at the time the Reserve estimation is made.&#160; Readers are cautioned not to assume that all or any part of the Measured or Indicated Mineral Resources will ever be converted
          into Mineral Reserves. In addition, the definitions of &#8220;Proven Mineral Reserves&#8221; and &#8220;Probable Mineral Reserves&#8221; under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Cautionary Note Regarding Forward-Looking Statements</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certain information contained in this MD&amp;A, including any information relating to New Gold&#8217;s future financial or operating performance
          are &#8220;forward looking&#8221;. All statements in this MD&amp;A, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are &#8220;forward-looking statements&#8221;. Forward-looking statements
          are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as &#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;budget&#8221;, &#8220;scheduled&#8221;, &#8220;targeted&#8221;, &#8220;estimates&#8221;, &#8220;forecasts&#8221;,
          &#8220;intends&#8221;, &#8220;anticipates&#8221;, &#8220;projects&#8221;, &#8220;potential&#8221;, &#8220;believes&#8221; or variations of such words and phrases or statements that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;should&#8221;, &#8220;might&#8221; or &#8220;will be taken&#8221;, &#8220;occur&#8221; or &#8220;be achieved&#8221; or
          the negative connotation of such terms. Forward-looking statements in this MD&amp;A include those under the heading &#8220;Outlook for 2019&#8221; and &#8220;Development and Exploration Review&#8221; and include, among others, statements with respect to: guidance for
          production, operating expenses per gold ounce sold, total cash costs and all-in sustaining costs, and the factors contributing to those expected results, as well as expected capital expenditures; Mineral Reserve and Mineral Resource estimates;
          grades expected to be mined at the Company&#8217;s operations; planned activities for 2019 and beyond at the Company&#8217;s operations and projects.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
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                <div style="color: rgb(255, 255, 255);">&#160;37</div>
              </td>
              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
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        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
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      <div>&#160;
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All forward-looking statements in this MD&amp;A are based on the opinions and estimates of management as of the date such statements are
          made and are subject to important risk factors and uncertainties, many of which are beyond New Gold&#8217;s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this MD&amp;A, New Gold&#8217;s
          Annual Information Form and its Technical Reports filed on SEDAR at www.sedar.com. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this MD&amp;A are also subject to the
          following assumptions: (1) there being no significant disruptions affecting New Gold&#8217;s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold&#8217;s
          current expectations; (3) the accuracy of New Gold&#8217;s current Mineral Reserve and Mineral Resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent the Mexican peso, being approximately
          consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and material costs increasing on a basis consistent with
          New Gold&#8217;s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of Rainy River, New Afton and Blackwater being consistent with New Gold&#8217;s current expectations; (8) all required permits, licenses and
          authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; (9) the results of the feasibility studies for New Afton C-zone and Blackwater being realized; and (10) in the case of
          production, cost and expenditure outlooks at operating mine&#8217;s for 2019, commodity prices,&#160; exchange rates, grades, recovery rates, mill availability and mill throughput rates being consistent with those estimated for the purposes of 2019
          guidance.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks,
          uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation:
          significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international
          currency markets and in the rates of exchange of the currencies of Canada and the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated Mineral Reserves and Mineral
          Resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended;
          changes in national and local government legislation in Canada and the United States and, to a lesser extent,&#160; Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and
          political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability
          of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessary permits for New Afton C-zone and Blackwater;
          the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and
          future legal challenges New Gold is or may become a party to; diminishing quantities or grades of Mineral Reserves and Mineral Resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of
          current exploration or reclamation activities; uncertainties inherent to mining economic studies including the feasibility studies for New Afton C-zone and Blackwater; the uncertainty with respect to prevailing market conditions necessary for a
          positive development or construction decision for Blackwater; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties;
          unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Aboriginal groups; uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and
          authorizations and complying with permitting requirements, including those associated with the environmental assessment process for Blackwater. In addition, there are risks and hazards associated with the business of mineral exploration,
          development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain
          insurance to cover these risks) as well as &#8220;Risk Factors&#8221; included in New Gold&#8217;s disclosure documents filed on and available on SEDAR at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and
          future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this MD&amp;A are qualified by these cautionary statements. New Gold expressly disclaims any intention or
          obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.</font></div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div><br>
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                  <div style="color: rgb(255, 255, 255);">&#160;38</div>
                </td>
                <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <br>
        <div><img src="smalllogo.jpg">
          <hr noshade="noshade" align="center" style="background-color: #7B7346; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #7B7346; text-align: center;"></div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #44797B;">Technical Information</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The scientific and technical information relating to the Mineral Reserves contained herein has been reviewed and approved by Mr. Nicholas
          Kwong, Director of Technical Services for the Company. The scientific and technical information relating to the Mineral Resources contained herein has been reviewed and approved by Mr. Mark A. Petersen a consultant to New Gold and its former Vice
          President, Exploration. All other scientific and technical information in this MD&amp;A has been reviewed and approved by Mr. Eric Vinet, Vice President, Technical Services for the Company. Mr. Kwong is a Professional Engineer and a member of the
          Association of Professional Engineers and Geoscientists of British Columbia.&#160; Mr. Petersen is a Professional Geoscientist (P.Geo.) and Practicing Member of the Association of Professional Geoscientists of Ontario, an SME Registered Member and an
          AIPG Certified Professional Geologist.&#160; Mr. Vinet is a Professional Engineer and member of the Ordre des ing&#233;nieurs du Qu&#233;bec. Mr. Kwong, Mr. Petersen and Mr. Vinet are "Qualified Persons" for the purposes of NI 43-101.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The estimates of Mineral Reserves and Mineral Resources discussed in this MD&amp;A may be materially affected by environmental, permitting,
          legal, title, taxation, sociopolitical, marketing and other relevant issues. New Gold&#8217;s current Annual Information Form and the NI 43-101 Technical Reports for its mineral properties, all of which are available on SEDAR at www.sedar.com, contain
          further details regarding Mineral Reserve and Mineral Resource estimates, classification and reporting parameters, key assumptions and associated risks for each of New Gold's mineral properties, including a breakdown by category.</font></div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
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              <td style="background-color: rgb(99, 37, 35); width: 50%; color: rgb(255, 255, 255); text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">WW.NEWGOLD.COM&#160;&#160; TSX:NGD&#160; NYSE American:NGD</font></td>
            </tr>

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      </div>
      <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>a51974295ex99_3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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    <div style="text-align: right; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;"> Exhibit 99.3<br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><br>
      <br>
      Form 52-109F2</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Certification of Interim Filings</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Full Certificate</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
      </font></div>
    <br>
    <table cellspacing="0" cellpadding="0" border="0" id="ze1fbc58c936d487f90b7fb3c22084f41" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

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          <td colspan="2" rowspan="1" style="width: 5%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">I,&#160;&#160; <font style="font-weight: bold;">Renaud Adams, Chief Executive Officer of New Gold
              Inc.,</font> certify the following:</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 94%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Review:</font> I have reviewed the interim financial report and interim MD&amp;A (together, the
                &#8220;interim filings&#8221;) of New Gold Inc. (the &#8220;issuer&#8221;) for the interim period ended <font style="font-weight: bold;">March 31, 2019.</font></font></div>
          </td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 94%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">No misrepresentations:</font> Based on my knowledge, having exercised reasonable diligence, the interim
                filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with
                respect to the period covered by the interim filings.</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 94%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Fair presentation:</font> Based on my knowledge, having exercised reasonable diligence, the interim
                financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for
                the periods presented in the interim filings.</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 94%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Responsibility:</font> The issuer&#8217;s other certifying officer(s) and I are responsible for establishing
                and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,
                for the issuer.</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 94%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Design:</font>&#160; Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s
                other certifying officer(s) and I have, as at the end of the period covered by the interim filings</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
          </td>
          <td rowspan="1" colspan="2" style="vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable
            assurance that</td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 87%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td colspan="1" style="width: 3%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></font></td>
          <td style="width: 87%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
                are being prepared; and</font></div>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 87%; vertical-align: top;">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td colspan="1" style="width: 3%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
          <td style="width: 87%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
                under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</font></div>
          </td>
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          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 87%; vertical-align: top;">&#160;</td>
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          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">(b)<br>
          </td>
          <td rowspan="1" colspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 87%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
              the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</div>
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          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 87%; vertical-align: top;">&#160;</td>
        </tr>

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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.1</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Control framework:&#160;</font> The control framework the issuer&#8217;s other certifying officer(s) and I used
                  to design the issuer&#8217;s ICFR is <font style="font-weight: bold;">Internal Control &#8211; Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.</font></font></div>
            </td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.2</font></div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">ICFR &#8211; material weakness relating to design:</font> None</font></div>
            </td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.3</font></div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Limitation on scope of design:</font> None</font></div>
            </td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
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            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Reporting changes in ICFR: </font>The issuer has disclosed in its interim MD&amp;A any change in the
                  issuer&#8217;s ICFR that occurred during the period beginning on <font style="font-weight: bold;">January 1, 2019</font> and ended on <font style="font-weight: bold;">March 31, 2019</font> that has materially affected, or is reasonably likely
                  to materially affect, the issuer&#8217;s ICFR.</font></div>
            </td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 95%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 95%; vertical-align: top;">&#160;</td>
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            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:</font></div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April 25, 2019</font></div>
            </td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Renaud Adams&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                  </font></u></div>
            </td>
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            <td style="width: 5%; vertical-align: top; font-weight: bold;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:</font></div>
            </td>
            <td style="width: 95%; vertical-align: top; font-weight: bold;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Renaud Adams</font></div>
            </td>
          </tr>
          <tr>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title:</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Executive Officer</font></div>
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<DOCUMENT>
<TYPE>EX-99.4
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<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<body text="#000000" bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.4</font><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div style="text-align: left;">
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Form 52-109F2</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Certification of Interim Filings</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Full Certificate</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>I, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Robert Chausse, Chief Financial Officer </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">of</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"> New Gold Inc.,</font> certify the following:<font style="font-size: 10pt; font-family:
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        </font></font><br>
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        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></div>
          </td>
          <td colspan="3" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Review: </font>I
                have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">New Gold Inc.</font>
                (the &#8220;issuer&#8221;) for the interim period ended <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">March 31, 2019</font>.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></div>
          </td>
          <td colspan="3" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">No
                  misrepresentations:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue
                statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the
                interim filings.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></div>
          </td>
          <td colspan="3" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Fair presentation:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information
                included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></div>
          </td>
          <td colspan="3" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Responsibility: </font>The

                issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National
                Instrument 52-109 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</font> for the issuer.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></div>
          </td>
          <td colspan="3" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Design:</font>&#160;
                Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(i)</font></div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
                are being prepared; and</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
          <td style="width: 87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(ii)</font></div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
                under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
          <td style="width: 87%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z4926968240e04653a2d64f727ddb6ac9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
                reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.1</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Control framework</font>:&#160;

                The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Internal Control</font>
                &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Integrated</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Framework published by the Committee of Sponsoring Organizations of the Treadway Commission</font>.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.2</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">ICFR &#8211; material
                  weakness relating to design: </font>None</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.3</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Limitation on scope
                  of design: </font>None</font></div>
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        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Reporting changes in
                  ICFR:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning
                on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">January 1, 2019 </font>and ended on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">March
                  31, 2019 </font>that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</font></div>
          </td>
        </tr>
        <tr>
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          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>

    </table>
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        <tr>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:</font></div>
          </td>
          <td style="width: 28.74%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April 25, 2019</font></div>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">/s/ Robert Chausse</font></div>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name:</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Robert Chausse</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Chief Financial Officer</font></div>
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        </tr>

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<DOCUMENT>
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<FILENAME>mdacover.jpg
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