<SEC-DOCUMENT>0001157523-21-000157.txt : 20210210
<SEC-HEADER>0001157523-21-000157.hdr.sgml : 20210210
<ACCEPTANCE-DATETIME>20210210063026
ACCESSION NUMBER:		0001157523-21-000157
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210210
FILED AS OF DATE:		20210210
DATE AS OF CHANGE:		20210210

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:		21609223

	BUSINESS ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3320
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3320
		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>a52376946.htm
<DESCRIPTION>NEW GOLD INC. 6-K
<TEXT>
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    <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">UNITED STATES</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">SECURITIES AND EXCHANGE COMMISSION</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">Washington, D.C. 20549</div>
    <div style="text-indent: 36pt;">&#160;<br>
      &#160;</div>
    <div style="text-align: center; font-weight: bold; font-size: 18pt;">Form 6-K</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</div>
    <div style="text-align: center; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-align: justify;">For the month of February 2021.</div>
    <div>&#160;</div>
    <div>Commission File Number 001-31722</div>
    <div>&#160;</div>
    <div style="text-align: center;"><img src="logo.jpg"> </div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold; font-size: 24pt;">New Gold Inc.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-align: center;">Suite 3320 &#8211; 181 Bay Street</div>
    <div style="text-align: center;">Toronto, Ontario M5J 2T3</div>
    <div style="text-align: center;">Canada</div>
    <div style="text-align: center;">(Address of principal executive office)</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font>&#160;Form 40-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>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-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div><font style="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.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>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-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div><font style="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.</div>
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    <div style="font-weight: bold;"> <br>
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    <div style="text-align: center; font-weight: bold;">&#160;DOCUMENTS FILED AS PART OF THIS FORM 6-K</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z0dc230c7674248039e3ac43160be11bd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div style="text-align: center; font-weight: bold;">Exhibit</div>
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          <td style="width: 88%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Description</div>
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          <td style="width: 12%; vertical-align: top;">
            <div><a href="a52376946ex99_1.htm">99.1</a></div>
          </td>
          <td style="width: 88%; vertical-align: top;">
            <div><a href="a52376946ex99_1.htm">New Gold Inc. News Release date February 10, 2021 &#8211; New Gold Provides 2021 Operational Estimates for the Rainy
                River Mine and Updated Mineral Reserves and Mineral Resources</a></div>
          </td>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 18pt;">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.</div>
    <div style="text-indent: 36pt;">&#160;</div>
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            <div>&#160;</div>
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            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div style="font-weight: bold;">NEW GOLD INC.</div>
          </td>
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          <td style="width: 52%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div>&#160;</div>
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            <div>&#160;</div>
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            <div>&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;"> By:<br>
          </td>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;"> <br>
            </div>
            <div style="font-style: italic;">/s/ Sean Keating</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div>&#160;</div>
          </td>
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          <td style="width: 52%; vertical-align: top;">
            <div>Date:&#160;February 10, 2021</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>Sean Keating</div>
            <div>Vice President, General Counsel and Corporate Secretary</div>
          </td>
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    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52376946ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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          <td style="width: 50.00%;"><img src="logo.jpg"></td>
          <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
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    <div>
      <div style="text-align: center; margin-left: 0.55pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; color: rgb(38, 101, 118);">New Gold Provides 2021 Operational Estimates for the Rainy River Mine and Updated Mineral
        Reserves and Mineral Resources</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 0.55pt;"><font style="font-weight: bold;">February 10, 2021 &#8211; New Gold Inc. (&#8220;New Gold&#8221; or the &#8220;Company&#8221;) (TSX and NYSE American: NGD)</font> provides annual operational outlook for the Rainy River Mine
        and updated Mineral Reserves and Mineral Resources as of December 31, 2020. Annual operational estimates for the New Afton Mine will be released at a later date. <font style="font-weight: bold; font-style: italic;">All amounts are in U.S. dollars
          unless otherwise indicated.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;">Following the tragic underground mud-rush event at the New Afton Mine that occurred on February 2, 2021, the release of annual operational estimates for the New Afton Mine will be slightly delayed allowing the
        Company sufficient time to advance a more fulsome analysis and consider the potential impact on our 2021 production plan as additional information from our investigation becomes available. As noted in the press release dated February 8, 2021, the
        mine has restarted some underground activities and is currently operating at approximately 3,000 to 5,000 tonnes per day. The mill is currently processing ore from the live pile, which contains approximately 100,000 tonnes at 0.65-0.75% copper and
        0.40-0.50 grams per tonne gold. The intermediate-grade surface stockpile contains approximately 1.4 million tonnes at 0.35-0.45% copper and 0.20-0.30 grams per tonne gold.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">&#8220;We will continue to prioritize the health, safety and well-being of our workforce as we continue to safely and sequentially ramp-up underground operations at the New Afton Mine. As we consider the impact on the 2021
        mine plan, we have flexibility to adjust the 2021 mine plan, including the optionality of supplementing mill feed for a period of time from our surface stockpiles,&#8221; stated Renaud Adams, President and CEO. &#8220;At the Rainy River Mine, the Company will
        continue to focus on optimizing our operational and cost performance with the objective of outperforming the 2021 technical report estimates as we build on the many accomplishments achieved over the past two years. We will also evaluate the
        potential expansion of the underground mine beyond the current life of mine, focusing on organic growth opportunities and advancing the exploration program.&#8221;</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Sustainability and ESG</div>
      <div>&#160;</div>
      <div style="text-align: justify;">At Rainy River we continue to engage with our Indigenous partners on our environmental and social impacts. We take a collaborative approach to environmental monitoring through the development of our Environmental
        Monitoring Board, which is made up of Community members and members of the Rainy River team. We understand our approach to the environment is important to surrounding communities and we incorporate traditional knowledge into our monitoring as much
        as possible to ensure we respect the shared knowledge of our partners. During the year we will be focusing on increasing local procurement by working with local partners to provide business opportunities to more Indigenous companies. Economic
        development for the surrounding area continues to be the priority and we know that through business development opportunities and increased local employment we can have a long-term positive impact for our partners, creating more resilient
        communities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 0.55pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">2021 Rainy River Mine Operational Outlook</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-style: italic;">The operational outlook for the Rainy River Mine assumes that our operations will continue without any significant COVID-19-related interruptions. New Gold continues to maintain preventative
        measures at all our sites to protect our workforce and communities, and to mitigate the effects of COVID-19 on our operations. Any reduction or suspension of our operations due to COVID-19, could impact our ability to achieve the Rainy River&#8217;s 2021
        outlook. Please see the Cautionary Note Regarding Forward-Looking Statements at the end of this news release.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">During 2021, the Rainy River Mine will build on the transformational success that has been achieved, which supports expected production growth and a decrease in operating and capital costs over the prior year. The
        focus in 2021 is to drive further operational, cost and Mineral Reserves optimization.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
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              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
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        <div>&#160;</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Rainy River Operational Estimates</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-style: italic;">In 2021, the Company will continue to report production on a gold eq. basis as well as on a per-metal basis. Cash costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>and AISC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>will be reported on a per gold eq. ounce
        basis. Guidance has been prepared assuming $1,800 per gold ounce, $3.50 per pound of copper and $25 per silver ounce and a foreign exchange rate of 1.28 Canadian dollars to the US dollar (&#8220;Guidance Assumptions&#8221;).</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Rainy River 2021 Guidance Estimates</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 75%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z9e4c36e3d06747cf96d5ef5855471e89">

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              <div style="text-align: center; font-weight: bold;">Rainy River Mine 2021 Operational and Cost Guidance</div>
            </td>
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              <div style="font-weight: bold;">2021 Operational Estimates</div>
            </td>
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              <div style="text-align: center; font-weight: bold;">2021 Guidance</div>
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              <div>Gold Produced (ounces)</div>
            </td>
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              <div style="text-align: center;">270,000 - 290,000</div>
            </td>
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              <div>Gold Eq. Produced (ounces)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 39.65%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">275,000 - 295,000</div>
            </td>
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              <div>Cash Costs per gold eq. ounce <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,2</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 39.65%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$715 - $795</div>
            </td>
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            <td nowrap="nowrap" style="width: 60.35%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>All-in Sustaining Costs per gold eq. ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,2</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 39.65%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$1,125 - $1,225</div>
            </td>
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            <td nowrap="nowrap" style="width: 60.35%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">2021 Capital Investment &amp; Exploration Expense Estimates</div>
            </td>
            <td nowrap="nowrap" style="width: 39.65%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">2021 Guidance</div>
            </td>
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              <div>Sustaining Capital &amp; Sustaining Leases ($M)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 39.65%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$95 - $125</div>
            </td>
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            <td nowrap="nowrap" style="width: 60.35%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Growth Capital ($M)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 39.65%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$10 - $15</div>
            </td>
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            <td nowrap="nowrap" style="width: 60.35%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Exploration Expense ($M)</div>
            </td>
            <td nowrap="nowrap" style="width: 39.65%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">~$5</div>
            </td>
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            <td nowrap="nowrap" colspan="2" style="width: 100%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>1.<font style="text-indent: 0px; font-size: 5.79pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Gold eq. ounces includes approximately 538,000 to 568,000 ounces of silver.</div>
              <div>2.<font style="text-indent: 0px; font-size: 5.79pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Refer to the &#8220;Non-GAAP Measures&#8221; section of this news release.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">The Company announces its 2021 operational outlook for the Rainy River Mine with an approximately 22% increase in production. Cash costs and All-in Sustaining Costs (&#8220;AISC&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> are expected to decrease over
        the prior year, primarily due to lower cash costs and sustaining capital requirements as all deferred construction capital programs were completed in 2020. Growth capital is expected to increase over the prior year, primarily related to development
        of the underground Intrepid Zone.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd070cb41fd6e4f99b080c0315c95ac24">

            <tr>
              <td style="width: 18pt; vertical-align: top;">
                <div style="margin-left: 3.4pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Gold eq. production is expected to increase over the prior year due to an increase in higher grade tonnes mined and processed as compared to 2020, which included the impact related to a voluntary two-week
                  suspension due to COVID-19.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc595443db29c402183f1779c85b8a66d">

            <tr>
              <td style="width: 18pt; vertical-align: top;">
                <div style="margin-left: 3.4pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Cash costs per gold eq. ounce are expected to decrease over the prior year as production increases and operational cost performance continues to improve. Operating expense per gold eq. ounce is expected to
                  be between $715 and $795.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5edb47524384b0b99da5d2ece8afe23">

            <tr>
              <td style="width: 18pt; vertical-align: top;">
                <div style="margin-left: 3.4pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Sustaining capital is expected to decrease over the prior year as planned.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2209690fd85a4fb4b113302b345dafba">

            <tr>
              <td style="width: 18pt; vertical-align: top;">
                <div style="margin-left: 3.4pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">AISC are expected to decrease, primarily due to higher production, lower cash costs and lower sustaining capital requirements as compared to the prior year.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf21d6106e37a472e858cf095bb5bd8bb">

            <tr>
              <td style="width: 18pt; vertical-align: top;">
                <div style="margin-left: 3.4pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Growth capital is expected to increase over the prior year, primarily relating to the development of the underground Intrepid Zone.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z434a12550fbf4b3ba4cfa5828da448bd">

            <tr>
              <td style="width: 18pt; vertical-align: top;">
                <div style="margin-left: 3.4pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">The initial phase of an exploration drilling program focused on the North East Trend, located approximately 18 kilometers northeast of the Rainy River Mine was launched in late 2020. This first phase of
                  exploration drilling will be completed during the first half of the year and could be expanded based on results.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ccb5bee9f6549e388252e03d40e6718">

            <tr>
              <td style="width: 18pt; vertical-align: top;">
                <div style="margin-left: 3.4pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">During the year, operational and cost performance from the Rainy River Mine is expected to be in-line with the 2021 estimates provided in the NI 43-101 Technical Report for the Rainy River Mine dated March
                  12, 2020 (the &#8220;<font style="font-weight: bold;">Rainy River Technical Report</font>&#8221;), which estimate production of approximately 284,000 gold eq. ounces at AISC of approximately $1,200 per ounce (including equipment leasing), assuming
                  Guidance Assumptions.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
          <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>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 50.00%;"><img src="logo.jpg"></td>
                <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
        <div> <br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z52528b3deb2347d2889463a637cbce1e">

          <tr>
            <td colspan="2" style="vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">2021 Rainy River Key Performance Indicators</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Key Performance Indicators</div>
            </td>
            <td style="width: 40%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">2021 Estimates<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Open pit tonnes mined per day (ore and waste)</div>
            </td>
            <td style="width: 40%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center;">150,000 - 152,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Strip ratio (waste:ore)</div>
            </td>
            <td style="width: 40%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center;">~2.70</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Tonnes milled per calendar day</div>
            </td>
            <td style="width: 40%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center;">26,200 - 26,400</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Gold grade milled (g/t)</div>
            </td>
            <td style="width: 40%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center;">0.98 - 1.02</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Gold recovery (%)</div>
            </td>
            <td style="width: 40%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center;">90 - 92</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-indent: -6pt; margin-left: 6pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160; </font>These estimates are based on assumptions that, while considered reasonable by the Company as at
                the date of this press release in light of management&#8217;s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. See
                <font style="font-style: italic;">Cautionary Note Regarding Forward-Looking Statements </font>for more details.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">The Rainy River Mine begins 2021 with both the open pit mine and mill operating at productivity levels that are in-line with the estimates in the Rainy River Technical Report and with the objective of potentially
        outperforming those estimates.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">During the first half of the year, grades are expected to be lower as the mine plan focuses on Phase 3 waste mining to bring pit walls to the final pit limit of Phase 3 south. Mining efforts are expected to return to
        Phase 2 mining in the second half of the year, with higher grades expected from the HS, 433 and ODM zones. Accordingly, the strip ratio is expected to be higher during the first half of the year and then decline in the second half as waste
        stripping activities are completed.&#160; The final Phase 4 overburden stripping is expected to continue to advance in the fourth quarter and into 2022. The plan considers a sustained average mining rate of approximately 151,000 tonnes per day. Cash
        costs and AISC are expected to be higher in the first half of the year and decrease in the second half of the year as grades improve and the strip ratio decreases.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Sustaining capital is expected to be relatively consistent during the year and is primarily related to waste stripping in the first half of the year, a Stage 3 dam raise in the second half with capital parts and
        components replacement programs throughout the year.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Growth capital includes the development of the decline towards the Intrepid underground ore zone that will continue during the year, with the operation expected to access the first ore level during the first quarter.
        The focus in 2021 will be on the refinement of the long-hole mining methodology and block model and to consider the potential to bring forward production from the Intrepid Zone from 2023 to early 2022.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The Company has also released its updated 2020 Mineral Reserve and Mineral Resources statements, which incorporates the conversion of approximately 123,000 ounces of Measured and Indicated Resources (M&amp;I)
        contained in the Intrepid Zone to Mineral Reserves, using a higher reserve gold price assumption of $1,400 per ounce. (<font style="font-style: italic;">Details regarding the Company&#8217;s 2020 Mineral Reserves and Mineral Resources are provided below)</font>.
        As a result, the majority of the ounces contained within the Intrepid Zone can now be considered for inclusion in the underground mine plan and because the Intrepid Zone is independent of the open pit, there is an opportunity to advance the mining
        of the Intrepid zone as described above.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The <u>2019 Mineral Resources</u> included a significant number of underground resources that were recategorized from Mineral Reserves to M&amp;I Resources. With the higher gold price of $1,400 per ounce used for
        the 2020 Mineral Reserve estimates, the opportunity exists for a potential recategorization of a portion of the current M&amp;I Resources as Mineral Reserves that could potentially expand the underground mine life beyond 2028. During the year, the
        Company is expected to complete an economic study of a potential standalone underground operation scenario beyond 2028, once all remaining surface stockpiles are depleted. The study will also consider a reduced throughput milling scenario that
        better accommodates the underground scenario. Based on the results of the study, which would include the already converted Mineral Reserve ounces from the Intrepid Zone as well as any further optimizations that may be achieved in 2021, the Company
        may consider releasing an enhanced NI 43-101 Technical Report in late 2021 or early 2022.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
        <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>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div> <br>
        </div>
      </div>
      <div style="color: rgb(38, 101, 118); font-weight: bold;">2021 Financial Outlook</div>
      <div> <br>
      </div>
      <div style="text-align: justify;">Following key transactions completed in 2020, as well as improving operational and cost performance, the Company focused on debt reduction and improved liquidity that supported the transition to free cash flow. The
        Company is fully exposed to the stronger gold price following the expiration of gold option contracts at the end of 2020. The Company purchased low cost copper put options with a floor of $3.10 per pound to de-risk the execution of the 2021 C-Zone
        capital program while remaining fully exposed to higher copper prices.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The Company&#8217;s cash position will be positively impacted by the receipt of a second C$50 million payment from Artemis Gold Inc. (&#8220;Artemis&#8221;) in August 2021, related to the sale of the Blackwater Project <font style="font-style: italic;">(for more information refer to the Company&#8217;s June 9 and August 24, 2020 news releases)</font>. The Company also holds an 8% gold stream on the Blackwater Project and a 6% equity stake in Artemis.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">During the year, depreciation and depletion is expected to average between $460 and $540 per gold eq. ounce for the Rainy River Mine.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">As of December 31, 2020, the Company had a cash position of $185 million and a strong liquidity position of approximately $490 million.</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Mineral Reserves and Mineral Resources (as at December 31, 2020)</div>
      <div>&#160;</div>
      <div style="text-align: justify;">As at December 31, 2020, New Gold is reporting Mineral Reserves and Mineral Resources as summarized in the table below. Detailed Mineral Reserve and Mineral Resource tables follow at the end of this news release.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6e0ea37387e8468f8c6285556f659f14">

          <tr>
            <td rowspan="2" style="width: 39.7%; vertical-align: middle; background-color: #71675D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Mineral Reserves and Mineral Resources Summary<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td colspan="3" style="width: 30.14%; vertical-align: middle; background-color: #71675D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">As at December 31, 2020</div>
            </td>
            <td colspan="3" style="width: 30.15%; vertical-align: middle; background-color: #71675D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">As at December 31, 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.05%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">Gold</div>
              <div style="text-align: center; font-weight: bold;">&#160;koz</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">Silver</div>
              <div style="text-align: center; font-weight: bold;">koz</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; background-color: #71675D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Copper</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Mlbs</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">Gold</div>
              <div style="text-align: center; font-weight: bold;">&#160;koz</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">Silver</div>
              <div style="text-align: center; font-weight: bold;">koz</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; background-color: #71675D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Copper</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Mlbs</div>
            </td>
          </tr>
          <tr>
            <td colspan="7" style="width: 100%; vertical-align: middle; background-color: rgb(113, 103, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Proven and Probable Mineral Reserves</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Rainy River</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2,598</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">7,152</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2,636</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">6,266</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-indent: 9pt;">Open Pit</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,599</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">3,518</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,748</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">3,602</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-indent: 9pt;">Underground</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">672</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,795</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">549</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,034</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-indent: 9pt;">Low grade and stockpile</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">327</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,839</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">339</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,629</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>New Afton</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">958</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2,670</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">758</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">1,005</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2,844</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">802</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Blackwater</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">8,170</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">60,800</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Total Proven and Probable Reserves</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">3,556</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">9,822</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">758</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">11,811</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">69,909</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">802</div>
            </td>
          </tr>
          <tr>
            <td colspan="7" style="width: 100%; vertical-align: middle; background-color: #71675D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Rainy River</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2,005</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">5,125</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">1,914</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">5,120</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-indent: 9pt;">Open Pit</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">187</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">562</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">245</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">789</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-indent: 9pt;">Underground</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,818</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">4,563</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,669</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">4,331</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>New Afton</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">1,182</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">4,246</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">1,003</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">1,118</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">3,754</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">933</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Blackwater</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">1,402</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">8,915</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Total Measured and Indicated Mineral Resources</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">3,187</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">9,371</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">1,003</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">4,434</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">17,788</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">933</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.7%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Total Inferred Mineral Resources</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">412</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">917</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">143</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">754</div>
            </td>
            <td style="width: 10.05%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">3,124</div>
            </td>
            <td style="width: 10.06%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">121</div>
            </td>
          </tr>
          <tr>
            <td colspan="7" style="width: 100%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-indent: 1.1pt;">1.&#160; Refer to the detailed Mineral Reserve and Mineral Resource tables that follow at the end of this press release for the estimates as at December 31, 2020 and the Company&#8217;s Annual Information Form dated</div>
              <div style="text-indent: 1.1pt;">&#160;&#160;&#160;&#160; March 27, 2020 for estimates as at December 31, 2019.</div>
              <div style="text-indent: 1.1pt;">2.&#160; The Mineral Reserves and Mineral Resources stated above are as at December 31, 2020 and do not reflect any events subsequent to that date.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 3.4pt;">Consolidated gold Mineral Reserves decreased by approximately 8.25 million gold ounces as compared to 2019. This decrease includes approximately 8.17 million gold ounces related to the sale of the
        Blackwater Project in August 2020, 253,000 gold ounces of mining depletion at the Rainy River Mine and approximately 85,000 gold ounces of mining depletion at the New Afton Mine. Mining depletion was partially offset by approximately 253,000 ounces
        of positive resource to reserve conversion from updated mine designs and operational plans at both mines.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a19660f07914030a573372461489217">

            <tr>
              <td style="width: 21.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 3.4pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">At the Rainy River Mine, total Mineral Reserves slightly decreased by approximately 38,000 gold ounces over the prior year, primarily due to mine depletion that was partially offset by the conversion of
                  215,000 gold ounce from Mineral Resources to Mineral Reserves (92,000 open pit mine plan and 123,000 underground mine plan) due to updated mine designs and operational plan optimization. The increase in Mineral Reserves was driven by
                  updated metal price assumptions and updated cut-off grades for underground reserves.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b7a9d952d4849ffadbff2bfea6c74d7">

            <tr>
              <td style="width: 21.3pt; vertical-align: top;">
                <div style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: Times New Roman;">&#160;&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">At the New Afton Mine, Mineral Reserves decreased by approximately 47,000 gold ounces over the prior year as a result of mine depletion that was partially offset by the addition of 38,000 gold ounces from
                  the C-Zone mine plan optimization.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div style="text-align: justify;">Consolidated Measured and Indicated Mineral Resources decreased by approximately 1.2 million gold ounces due to the sale of the Blackwater Project, partially offset by increased underground Mineral Resources at the
        Rainy River and New Afton Mines.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda49b79403a2469eae03a42ea2b27945">

            <tr>
              <td style="width: 21.3pt; vertical-align: top; align: right;">
                <div style="margin-left: 3.3pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">At the Rainy River Mine Measured and Indicated Mineral Resources have increased by 91,000 gold ounces due to higher gold prices and lower cut-off grades applied for underground ore material.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze65d808ceaaa42a88a550de718043439">

            <tr>
              <td style="width: 21.3pt; vertical-align: top; align: right;">
                <div style="margin-left: 3.3pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Total Measured and Indicated Mineral Resources at the New Afton Mine increased by approximately 64,000 gold ounces driven by additional drilling in 2020.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div style="text-align: justify;">Consolidated Inferred Mineral Resources decreased by approximately 340,000 gold ounces due the sale of the Blackwater Project.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">About New Gold Inc.</div>
      <div style="text-align: justify;">New Gold is a Canadian-focused intermediate gold mining company with a portfolio of two core producing assets in Canada, the Rainy River and New Afton Mines. The Company also holds an 8% gold stream on the Artemis
        Gold Blackwater Project located in British Columbia and a 6% equity stake in Artemis. The Company also operates the Cerro San Pedro Mine in Mexico (in reclamation). New Gold's vision is to build a leading diversified intermediate gold company based
        in Canada that is committed to environment and social responsibility. For further information on the Company, visit www.newgold.com.</div>
      <div>&#160;</div>
      <div>For further information, please contact:</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Anne Day</div>
      <div>Vice President, Investor Relations</div>
      <div>Direct: +1 (416) 324-6003</div>
      <div>Email: anne.day@newgold.com</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Cautionary Note Regarding Forward-Looking Statements</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Certain information contained in this news release, including any information relating to New Gold&#8217;s future financial or operating performance is &#8220;forward looking&#8221;. All statements in this news release, 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 news
        release include, among others, statements with respect to: the Company&#8217;s plans to grow production and generate free cash flow; the Company&#8217;s production and sales; the Company&#8217;s cash costs, all-in sustaining costs and operational expenses; the
        Company&#8217;s plans to optimize operations and costs at its assets and plans to extend the life of mine of the Rainy River Mine; the Company&#8217;s plans and efforts to increase local procurement at the Rainy River Mine and the impact of economic
        development efforts for our partners and the local economy and community; the timing of completion for capital projects at the Rainy River Mine; the timing and scope of exploration drilling programs at the Rainy River Mine.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
        <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>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify;">All forward-looking statements in this news release 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 news release, New Gold&#8217;s latest annual management&#8217;s discussion and analysis (&#8220;MD&amp;A&#8221;), its
        most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the
        forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold&#8217;s operations other than as set out herein; (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) prices of gold, silver, copper
        and certain other commodities being approximately consistent with current levels; (5) 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; (6)
        prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) equipment, labour and materials costs increasing on a basis consistent with New Gold&#8217;s current expectations; (8)
        arrangements with First Nations and other Aboriginal groups in respect of the New Afton Mine and Rainy River Mine being consistent with New Gold&#8217;s current expectations, particularly in the context of the outbreak of COVID-19; (9) all required
        permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes; (10) there
        being no new cases of COVID-19 in the Company&#8217;s workforce at either the Rainy River or New Afton Mine and the assumption that no additional members of the workforce are expected to be required to self-isolate due to cross-border travel to the
        United States or any other country; (11) the responses of the relevant governments to the COVID-19 outbreak being sufficient to contain the impact of the COVID-19 outbreak; (12) there being no material disruption to the Company&#8217;s supply chains and
        workforce that would interfere with the Company&#8217;s anticipated course of action at the Rainy River Mine and the systematic ramp-up of operations; (13) the long-term economic effects of the COVID-19 outbreak not having a material adverse impact on
        the Company&#8217;s operations or liquidity position; and (14) Artemis Gold Inc. being able to complete the remaining C$50 million cash payment due on August 24, 2021 in connection with the sale of the Blackwater Project.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.85pt;">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, 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; fluctuation in treatment and refining charges; changes in
        national and local government legislation in Canada, the United States and, to a lesser extent, 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, 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; 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 Indigenous
        groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; there being cases of COVID-19 in the Company&#8217;s workforce at
        either the Rainy River Mine or New Afton Mine, or both; the Company&#8217;s workforce at either the Rainy River Mine or the New Afton Mine, or both, being required to self-isolate due to cross-border travel to the United States or any other country; the
        responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain its impact; disruptions to the Company&#8217;s supply chain and workforce due to the COVID-19 outbreak; an economic recession or downturn as a result of the
        COVID-19 outbreak that materially adversely affects the Company&#8217;s operations or liquidity position; there being further shutdowns at the Rainy River or New Afton Mines; the Company not being able to complete its construction projects at the Rainy
        River Mine or the New Afton Mines on the timing described herein or at all; the Company not being able to complete the exploration drilling program to be launched at the Rainy River Mine and Cherry Creek on the timing described herein or at all;
        Artemis Gold Inc. not being able to make the remaining C$50 million cash payment due on August 24, 2021. 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 Annual Information Form, MD&amp;A and other disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. 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 forward-looking statements contained in this news release 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.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0.85pt; font-weight: bold;">Non-GAAP Financial Performance Measures</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.85pt;">All-in sustaining costs (AISC) per gold eq. ounce, cash costs per gold ounce and per gold eq. ounce, sustaining capital, sustaining lease and growth capital are non-GAAP financial measures that
        do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in
        accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. In addition, certain
        non-GAAP measures are utilized, along with other measures, in the Company scorecard to set incentive compensation goals and assess the performance of its executives.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
        <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>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div> <br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 0.6pt; font-style: italic;">Cash Costs and Total Cash Costs</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.6pt;">&#8220;Cash costs&#8221;, &#8220;cash costs per gold eq. ounce&#8221; and &#8220;total cash costs&#8221; are non-GAAP financial measures which 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. New Gold reports
        total cash costs on a sales basis. The Company believes that certain investors use this information to evaluate the Company's performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working
        capital needs. This measure, along with sales, is considered to be a key indicator of the Company's ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining,
        processing and administration costs, royalties, production taxes, but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs per gold eq. ounce are divided by gold eq. ounces sold to arrive at a per ounce
        figure. Unless otherwise indicated, all total cash cost information in this news release is on a gold eq. ounce basis. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs presented do not
        have a 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 and
        is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.1pt; font-style: italic;">All-In Sustaining Costs per Gold eq. Ounce</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.1pt;">&#8220;All-in sustaining costs per gold eq. ounce&#8221; is a non-GAAP financial measure. Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies
        from around the world, New Gold defines "all-in sustaining costs" per ounce as the sum of total cash costs, 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 ounces of gold eq. sold to arrive at a per ounce figure.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.1pt;">In addition to gold, the Company produces copper and silver. 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.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.1pt;">New Gold believes this non-GAAP financial measure provides further transparency into costs associated with producing gold and assists analysts, investors and other stakeholders of the Company in
        assessing the Company's operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining
        costs presented do not have a 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 and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.6pt; font-style: italic;">Sustaining Capital and Sustaining Lease</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.6pt;">&#8220;Sustaining capital&#8221; and &#8220;sustaining lease&#8221; are non-GAAP financial measures. New Gold defines sustaining capital as net capital expenditures that are intended to maintain operation of its gold
        producing assets. A sustaining lease is similarly a capital lease payment that is sustaining in nature. 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 or growth capital. Management uses sustaining capital and other sustaining costs, to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. Sustaining
        capital and sustaining lease are intended to provide additional information only, do 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.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-style: italic;">Growth Capital</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.6pt;">&#8220;Growth capital&#8221; is a non-GAAP financial measure. New Gold terms non-sustaining capital costs to be &#8220;growth capital&#8221;, which are capital expenditures to develop new operations or capital
        expenditures related to major projects at existing operations where these projects will materially increase production. To determine growth capital expenditures, New Gold uses cash flow related to mining interests from its statement of cash flows
        and deducts any expenditures that are sustaining capital. Growth capital is intended to provide additional information only, 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.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0.85pt;">For additional information with respect to the non-GAAP measures used by the Company, including reconciliation to the nearest IFRS measures, refer to the detailed non-GAAP performance measure
        disclosure in the Management&#8217;s Discussion and Analysis for the nine months ended September 30, 2020 filed at www.sedar.com and on EDGAR at <font style="color: rgb(0, 112, 192);"><u><font style="font-family: 'Times New Roman',Times,serif;">www.sec.gov</font></u><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">.</font></font></div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Cautionary Note Regarding Mineral Reserve and Mineral Resource Estimates</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this News Release was prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (&#8220;<font style="font-weight: bold;">NI 43-101</font>&#8221;). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral
        projects. NI 43-101 differs significantly from the disclosure requirements of the United States Securities and Exchange Commission (&#8220;<font style="font-weight: bold;">SEC</font>&#8221;) generally applicable to U.S. companies. For example, the terms
        &#8220;mineral reserve&#8221;, &#8220;proven mineral reserve&#8221;, &#8220;probable mineral reserve&#8221;, &#8220;mineral resource&#8221;, &#8220;measured mineral resource&#8221;, &#8220;indicated mineral resource&#8221; and &#8220;inferred mineral resource&#8221; are defined in NI 43-101. These definitions differ from the
        definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this News Release will not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure
        requirements.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
      </div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Technical Information</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The scientific and technical information relating to the Mineral Reserves contained herein has been reviewed and approved by Andrew Croal, Director, Technical Services for the Company. The scientific and technical
        information relating to the Mineral Resources contained herein has been reviewed and approved by Michele Della Libera, Director, Exploration for the Company. All other scientific and technical information in this News Release has been reviewed and
        approved by Mr. Eric Vinet, Vice President, General Manager, Rainy River for the Company. Mr. Croal is a Professional Engineer and a member of the Professional Engineers of Ontario. Mr. Della Libera is a Professional Geologist and a member of the
        Association of Professional Geoscientists of Ontario and the Engineers and Geoscientists British Columbia. Mr. Vinet is a Professional Engineer and member of the Ordre des ing&#233;nieurs du Qu&#233;bec. Mr. Croal, Mr. Della Libera and Mr. Vinet are
        "Qualified Persons" for the purposes of NI 43-101. To the Company&#8217;s knowledge, each of the aforementioned persons holds less than 1% of the outstanding securities of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The estimates of Mineral Reserves and Mineral Resources discussed in this News Release may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and
        relevant issues. New Gold&#8217;s current NI 43-101 Technical Reports, which are available at www.sedar.com, contain further information regarding Mineral Reserve and Mineral Resource estimates, classification, reporting parameters, key assumptions and
        risks for each of New Gold's material mineral properties.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
        <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;
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div> <br>
        </div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">MINERAL RESERVES AND MINERAL RESOURCES</div>
      <div>&#160;</div>
      <div>New Gold&#8217;s Mineral Reserve estimates as at December 31, 2020, is presented in the following table.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z049d677289be41dcafcf464c82b7da65">

          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" colspan="3" style="vertical-align: middle; color: rgb(38, 101, 118);">
              <div style="font-weight: bold;">MINERAL RESERVES</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; background-color: rgb(113, 103, 93);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(113, 103, 93);">&#160;</td>
            <td nowrap="nowrap" colspan="3" style="vertical-align: middle; background-color: rgb(113, 103, 93); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Metal grade</div>
            </td>
            <td nowrap="nowrap" colspan="3" style="vertical-align: middle; background-color: rgb(113, 103, 93);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Contained metal</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Tonnes<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>000s</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Gold<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>g/t</div>
            </td>
            <td style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Silver<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>g/t</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Copper<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>%</div>
            </td>
            <td style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Gold<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Koz</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Silver<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Koz</div>
            </td>
            <td style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Copper<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Mlbs</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); color: rgb(38, 101, 118);">
              <div style="margin-right: 16.5pt; font-weight: bold;">RAINY RIVER</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-weight: bold;">Direct processing reserves</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Open Pit</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 8.3pt; margin-right: 16.5pt;">Proven</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">14,333</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">1.22</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">2.5</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">563</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
              <div style="text-align: right;">1,137</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 8.3pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>27,273</u></div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
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            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>2.7</u></div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">-</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>1,036</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
              <div style="text-align: right;"><u>2,381</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 8.3pt; margin-right: 16.5pt;">Open Pit P&amp;P (direct proc.)</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">41,606</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">1.20</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">2.6</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">1,599</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
              <div style="text-align: right;">3,518</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Stockpile DPO</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 8.3pt; margin-right: 16.5pt;">Proven</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;599</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.73</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;3.2</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;14</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;62</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 8.3pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 8.3pt; margin-right: 16.5pt;">Total Stockpile</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;599</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.73</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;14</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;62</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Low grade reserves</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Open Pit</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Proven</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;5,401</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.35</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;2.0</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;61</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;346</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;12,924</u></div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;144</u></div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Open Pit P&amp;P (low grade)</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;18,325</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.35</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;2.2</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;205</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;1,313</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Stockpile</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Proven</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;7,987</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.42</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;1.8</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;108</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;464</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Open Pit P&amp;P (stockpile)</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;7,987</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.42</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;1.8</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;108</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;464</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-weight: bold;">Open Pit P&amp;P (Direct proc. &amp; Low grade)</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253);">
              <div style="text-align: right; font-weight: bold;">&#160;68,517</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;0.87</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253);">
              <div style="text-align: right; font-weight: bold;">&#160;2.4</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253);">
              <div style="text-align: right; font-weight: bold;">1,926</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
              <div style="text-align: right; font-weight: bold;">&#160;5,357</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-weight: bold;">Underground</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Proven</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;5,399</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;3.87</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;10.3</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;672</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;1,795</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Underground P&amp;P (direct proc.)</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;5,399</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;3.87</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;10.3</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;672</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;1,795</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-weight: bold;">Combined Direct proc. &amp; Low grade</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Proven</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;28,320</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.82</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;2.2</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;746</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;2,009</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;45,596</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;1.26</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;3.5</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;1,852</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;5,143</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-right: 16.5pt; font-weight: bold;">Total Rainy River P&amp;P</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;73,916</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;1.09</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;3.0</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;2,598</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;7,152</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); color: rgb(38, 101, 118);">
              <div style="margin-right: 16.5pt; font-weight: bold;">NEW AFTON</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(241, 252, 253); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">
              <div style="margin-right: 16.5pt; font-style: italic; font-weight: bold;">A&amp;B Zones</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(241, 252, 253);">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Proven</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;8,047</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.49</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;2.3</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;126</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">593</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">122</div>
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
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            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Proven</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;9,325</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.63</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;1.4</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.74</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;189</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">418</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">152</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="margin-right: 16.5pt; font-style: italic; font-weight: bold;">C-Zone</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Proven</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="text-indent: 9pt; margin-right: 16.5pt;">Probable</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;29,252</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.68</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;1.8</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.75</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;643</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;1,659</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253);">
              <div style="text-align: right;"><u>&#160;484</u></div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-right: 16.5pt; font-weight: bold;">Total New Afton P&amp;P</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;46,624</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;0.64</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;1.8</div>
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            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;0.74</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;958</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;2,670</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(241, 252, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;758</div>
            </td>
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          <tr>
            <td nowrap="nowrap" colspan="2" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-right: 16.5pt; font-weight: bold;">TOTAL PROVEN &amp; PROBABLE RESERVES</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;3,556</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;9,822</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;758</div>
            </td>
          </tr>

      </table>
      <div style="text-indent: 4.5pt; font-style: italic;">Notes to the Mineral Reserve and Mineral Resource estimates are provided below.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
        <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;
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div> <br>
        </div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Measured and Indicated Mineral Resources</div>
      <div>&#160;</div>
      <div>Mineral Resource estimates as at December 31, 2020, are presented in the following tables:</div>
      <div>&#160;</div>
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          <tr>
            <td nowrap="nowrap" colspan="8" style="vertical-align: middle; color: rgb(38, 101, 118);">
              <div style="text-align: center; font-weight: bold;">MEASURED &amp; INDICATED MINERAL RESOURCES (<font style="font-style: italic;">Exclusive of Mineral Reserves</font>)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9.84%; vertical-align: middle; background-color: #71675D; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td colspan="3" rowspan="1" style="background-color: #71675D; border-bottom: 2px solid #000000; border-left: 2px #000000; border-right: 2px #000000; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Metal grade</div>
            </td>
            <td colspan="3" rowspan="1" style="vertical-align: middle; background-color: rgb(113, 103, 93); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center; color: rgb(255, 255, 255); font-weight: bold;">Contained metal</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 9.84%; vertical-align: middle; background-color: #F1FCFD; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Tonnes<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>000s</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Gold<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>g/t</div>
            </td>
            <td style="width: 9.88%; vertical-align: middle; background-color: #F2F9FD; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Silver<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>g/t</div>
            </td>
            <td style="width: 9.87%; vertical-align: middle; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Copper<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>%</div>
            </td>
            <td style="width: 10%; vertical-align: middle; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Gold<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Koz</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Silver<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Koz</div>
            </td>
            <td style="width: 9.91%; vertical-align: middle; background-color: #F2F9FD; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Copper<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Mlbs</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); color: rgb(38, 101, 118);">
              <div style="font-weight: bold;">RAINY RIVER</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: middle; background-color: #F1FCFD; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: right; font-style: italic;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid;">
              <div style="text-align: right; font-style: italic;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: middle; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: right; font-style: italic;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid;">
              <div style="text-align: right; font-style: italic;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-weight: bold;">Direct processing resources</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F1FCFD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Open Pit</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F1FCFD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Measured</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F1FCFD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;592</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;1.51</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;2.4</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;29</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;46</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Indicated</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F1FCFD; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;3,696</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;1.11</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;3.1</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;132</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;370</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Open Pit M&amp;I <font style="font-family: 'Times New Roman', Times, serif; font-style: italic;">(direct proc.)</font></div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F1FCFD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;4,288</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;1.17</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;3.0</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;161</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;416</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Underground</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F1FCFD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Measured</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F1FCFD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Indicated</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;18,494</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;3.06</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;7.7</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;1,818</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;4,563</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Underground M&amp;I <font style="font-family: 'Times New Roman', Times, serif; font-style: italic;">(direct proc.)</font></div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;18,494</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;3.06</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;7.7</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;1,818</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;4,563</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Low grade resources</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Open Pit</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Measured</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;236</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.34</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;1.9</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;3</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;15</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Indicated</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;2,054</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.35</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;2.0</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;23</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;131</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Open Pit M&amp;I <font style="font-family: 'Times New Roman', Times, serif; font-style: italic;">(low grade)</font></div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;2,290</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.35</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;2.0</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;26</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;146</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-weight: bold;">Combined M&amp;I</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Measured</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;828</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;1.20</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;2.3</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;32</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;61</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Indicated</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;24,244</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;2.53</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;6.5</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;1,973</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;5,064</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; font-weight: bold;">&#160;25,072</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;2.49</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD; border-bottom: #000000 2px solid;">
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            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;2,005</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;5,125</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); color: rgb(38, 101, 118);">
              <div style="font-weight: bold;">NEW AFTON</div>
            </td>
            <td style="width: 9.84%; vertical-align: middle; background-color: #F2F9FD; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 9.88%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid;">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 9.87%; vertical-align: middle; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: middle; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: middle;">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 9.91%; vertical-align: middle; background-color: #F2F9FD;">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">A&amp;B Zones</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: middle; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: middle; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: middle; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: middle; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Measured</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;19,920</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.52</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;1.4</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;0.72</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;335</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;867</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;314</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Indicated</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;11,691</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.36</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;2.5</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;0.56</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;135</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;933</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;145</u></div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">A&amp;B Zone M&amp;I</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;31,612</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.46</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;1.8</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;0.66</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;470</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;1,800</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;460</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-style: italic; font-weight: bold;">C-Zone</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Measured</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;6,156</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.82</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;2.1</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;0.99</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;163</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;417</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;135</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Indicated</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;16,398</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.68</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;2.4</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;0.82</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;356</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;1,261</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;295</u></div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">C-zone M&amp;I</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;22,554</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.72</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;2.3</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;0.86</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;519</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;1,678</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;430</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-style: italic; font-weight: bold;">HW Lens</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Measured</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Indicated</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;12,333</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.49</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;1.9</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;0.42</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;194</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;769</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;114</u></div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">HW Lens M&amp;I</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;12,333</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.49</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;1.9</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;0.42</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;194</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;769</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;114</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-weight: bold;">Combined M&amp;I</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Measured</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;26,076</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.59</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;1.5</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;">&#160;0.78</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;497</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;1,281</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;">&#160;449</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Indicated</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;40,422</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.53</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;2.3</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid;">
              <div style="text-align: right;"><u>&#160;0.62</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;684</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;2,965</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD;">
              <div style="text-align: right;"><u>&#160;554</u></div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Total New Afton M&amp;I</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: top; background-color: #F2F9FD; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;<font style="font-weight: bold;">66,498</font></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;0.55</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: top; background-color: #F2F9FD; border-bottom: #000000 2px solid;">
              <div style="text-align: right; font-weight: bold;">&#160;2.0</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; font-weight: bold;">&#160;0.68</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;1,182</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;4,246</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD; border-bottom: #000000 2px solid;">
              <div style="text-align: right; font-weight: bold;">&#160;1,003</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">TOTAL M&amp;I RESOURCES</div>
            </td>
            <td nowrap="nowrap" style="width: 9.84%; vertical-align: middle; background-color: #F2F9FD; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.88%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.87%; vertical-align: middle; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;3,187</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;9,371</div>
            </td>
            <td nowrap="nowrap" style="width: 9.91%; vertical-align: top; background-color: #F2F9FD; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; font-weight: bold;">&#160;1,003</div>
            </td>
          </tr>

      </table>
      <div style="font-style: italic;">Notes to the Mineral Reserve and Mineral Resource estimates are provided below.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
        <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;
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Inferred Mineral Resources</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3f516e5395854108a22f7414167d6862">

          <tr>
            <td nowrap="nowrap" colspan="8" style="vertical-align: middle; color: rgb(38, 101, 118);">
              <div style="text-align: center; font-weight: bold;">INFERRED MINERAL RESOURCES</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; white-space: nowrap; width: 30%;">&#160;</td>
            <td style="background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; white-space: nowrap; width: 10.19%;"><br>
            </td>
            <td rowspan="1" colspan="3" style="background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">Metal grade</div>
            </td>
            <td colspan="3" rowspan="1" style="background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; white-space: nowrap; text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Contained metal</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10.19%; vertical-align: middle; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Tonnes<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>000s</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Gold<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>g/t</div>
            </td>
            <td style="width: 10.02%; vertical-align: middle; background-color: rgb(242, 249, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Silver<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>g/t</div>
            </td>
            <td style="width: 9.93%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Copper<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>%</div>
            </td>
            <td style="width: 10%; vertical-align: middle; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Gold<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Koz</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Silver<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Koz</div>
            </td>
            <td style="width: 10.45%; vertical-align: middle; background-color: rgb(242, 249, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Copper<font style="font-family: 'Times New Roman', Times, serif;"><br>
                </font>Mlbs</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); color: rgb(38, 101, 118);">
              <div style="font-weight: bold;">RAINY RIVER</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: middle; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: middle; background-color: rgb(242, 249, 253); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: middle; background-color: rgb(242, 249, 253); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-style: italic; font-weight: bold;">Direct processing</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Open Pit</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;797</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.97</div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;2.4</div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;25</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;82</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Underground</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;1,599</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;3.30</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;"><u>&#160;2.8</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;170</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;146</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Total Direct Processing</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;2,396</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;2.52</div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;2.7</div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;195</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;228</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-style: italic; font-weight: bold;">Low grade resources</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Open Pit</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;681</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.35</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;"><u>&#160;1.4</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;8</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><u>&#160;30</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Rainy River Inferred</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;3,077</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;2.05</div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;2.6</div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;203</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;258</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; color: rgb(38, 101, 118);">
              <div style="font-weight: bold;">NEW AFTON</div>
            </td>
            <td style="width: 10.19%; vertical-align: middle; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10.02%; vertical-align: middle; background-color: rgb(242, 249, 253);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 9.93%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: middle; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: middle;">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10.45%; vertical-align: middle; background-color: rgb(242, 249, 253);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">A&amp;B Zones</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;7,671</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.34</div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;1.3</div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.33</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;83</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;311</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;56</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">C-Zone</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;10,640</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.37</div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;1.0</div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;0.37</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;126</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;349</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;87</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">HW Lens</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;3</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.49</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;"><u>&#160;0.6</u></div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;"><u>&#160;0.19</u></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">&#160;-</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253);">
              <div style="text-align: right;">&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">New Afton Inferred</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: top; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;18,313</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;0.36</div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: top; background-color: rgb(242, 249, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;1.1</div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;0.36</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;209</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;659</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;143</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">TOTAL INFERRED</div>
            </td>
            <td nowrap="nowrap" style="width: 10.19%; vertical-align: middle; background-color: rgb(242, 249, 253); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10.02%; vertical-align: middle; background-color: rgb(242, 249, 253); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.93%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-style: italic; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(242, 249, 253); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;412</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;917</div>
            </td>
            <td nowrap="nowrap" style="width: 10.45%; vertical-align: top; background-color: rgb(242, 249, 253); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">&#160;143</div>
            </td>
          </tr>

      </table>
      <div style="font-style: italic;">Notes to the mineral reserve and mineral resource estimates are provided below.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(38, 101, 118);">Notes to Mineral Reserve and Resource Estimates</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze6759386d2db478a8d6fcc0de5014693">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">New Gold&#8217;s Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Standards, which are incorporated by reference in NI 43-101.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe3bcb0815114cb48191e6ade2c82b98">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">All Mineral Reserve and Mineral Resource estimates for New Gold&#8217;s properties and projects are effective December 31, 2020 and do not reflect any events subsequent to that date.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze892407d41f749d798695c4c17f3e18e">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">New Gold&#8217;s year-end 2020 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign exchange (FX) rate criteria:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z1d3d27cacd9443f6b97ea6167eedfb89">

          <tr>
            <td style="width: 32%; vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 17.21%; vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">Gold</div>
              <div style="text-align: center; font-weight: bold;">$/ounce</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">Silver</div>
              <div style="text-align: center; font-weight: bold;">$/ounce</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">Copper</div>
              <div style="text-align: center; font-weight: bold;">$/pound</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="text-align: center; font-weight: bold;">FX</div>
              <div style="text-align: center; font-weight: bold;">CAD:USD</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Mineral Reserves</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$1,400</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$18.00</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$2.75</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$1.30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Mineral Resources</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$1,500</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$20.00</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$3.00</div>
            </td>
            <td style="width: 17.21%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$1.30</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z771b5d54f5cd412ab4db5d2a1b43fccf">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>4.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Lower cut-offs for the Company&#8217;s Mineral Reserves and Mineral Resources are outlined in the following table:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za87e3e6603c94b07b7772f70fc3cfce0">

          <tr>
            <td colspan="2" style="vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 255, 255);">Mineral Property</div>
            </td>
            <td style="width: 27.34%; vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Mineral Reserves</div>
              <div style="font-weight: bold;">Lower cut-off</div>
            </td>
            <td style="width: 29%; vertical-align: middle; background-color: rgb(113, 103, 93); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Mineral Resources</div>
              <div style="font-weight: bold;">Lower Cut-off</div>
            </td>
          </tr>
          <tr>
            <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
              <div>Rainy River</div>
            </td>
            <td style="width: 24.52%; vertical-align: middle; border-top: #000000 2px solid;">
              <div>O/P direct processing:</div>
            </td>
            <td style="width: 27.34%; vertical-align: middle; background-color: #F2F9FD; border-top: #000000 2px solid;">
              <div>0.46 &#8211; 0.49 g/t AuEq</div>
            </td>
            <td style="width: 29%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
              <div>0.44 &#8211; 0.45 g/t AuEq</div>
            </td>
          </tr>
          <tr>
            <td style="width: 19%; vertical-align: top;">&#160;</td>
            <td style="width: 24.52%; vertical-align: middle;">
              <div>O/P low grade material:</div>
            </td>
            <td style="width: 27.34%; vertical-align: middle; background-color: #F2F9FD;">
              <div>0.30 g/t AuEq</div>
            </td>
            <td style="width: 29%; vertical-align: middle;">
              <div>0.30 g/t AuEq</div>
            </td>
          </tr>
          <tr>
            <td style="width: 19%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 24.52%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div>U/G direct processing:</div>
            </td>
            <td style="width: 27.34%; vertical-align: middle; background-color: #F2F9FD; border-bottom: #000000 2px solid;">
              <div>1.93 g/t AuEq</div>
            </td>
            <td style="width: 29%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>1.70 g/t AuEq</div>
            </td>
          </tr>
          <tr>
            <td style="width: 19%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div>New Afton</div>
            </td>
            <td style="width: 24.52%; vertical-align: middle; border-top: #000000 2px solid;">
              <div>Main Zone &#8211; B1 &amp; B2 Blocks:</div>
            </td>
            <td style="width: 27.34%; vertical-align: top; background-color: #F2F9FD; border-top: #000000 2px solid;">
              <div>USD$ 21.00/t</div>
            </td>
            <td rowspan="2" style="width: 29%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>All Resources:&#160; 0.40% CuEq</div>
            </td>
          </tr>
          <tr>
            <td style="width: 19%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 24.52%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div>B3 Block &amp; C-zone:</div>
            </td>
            <td style="width: 27.34%; vertical-align: middle; background-color: #F2F9FD; border-bottom: #000000 2px solid;">
              <div>USD$ 24.00/t</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61ce6811cbaf462885482192022fe691">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>5.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">New Gold reports its measured and indicated mineral resources exclusive of mineral reserves. Measured and indicated mineral resources that are not mineral reserves do not have demonstrated economic
                  viability. Inferred mineral resources have a greater amount of uncertainty as to their existence and technical feasibility, do not have demonstrated economic viability, and are likewise exclusive of mineral reserves.&#160; Numbers may not add
                  due to rounding.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
        <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>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;"><img src="logo.jpg"></td>
              <td style="width: 50%; text-align: right;"><img src="header.jpg"> </td>
            </tr>

        </table>
        <div>&#160;</div>
        &#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6df2d448cb6d4c6a9bede907e9b72027">

            <tr>
              <td style="width: 18pt; vertical-align: top;">
                <div>6.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Mineral resources are classified as measured, indicated and inferred based on relative levels of confidence in their estimation and on technical and economic parameters consistent with the methods
                  considered to be most suitable to their potential commercial extraction. The designators &#8216;open pit&#8217; and &#8216;underground&#8217; may be used to indicate the envisioned mining method for different portions of a resource. Similarly, the designators
                  &#8216;direct processing&#8217; and &#8216;lower grade material&#8217; may be applied to differentiate material envisioned to be mined and processed directly from material to be mined and stored separately for future processing. Mineral reserves and mineral
                  resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding mineral reserve and mineral resource estimation,
                  classification, reporting parameters, key assumptions and associated risks for each of New Gold&#8217;s material properties are provided in the respective NI 43-101 Technical Reports, which are available at <font style="color: rgb(0, 112, 192);"><u>www.sedar.com</u></font>.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb22d9c89bcbf41589a78d171cbdf2c7d">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>7.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">The preparation of New Gold's consolidated statement and estimation of mineral reserves has been completed under the oversight and review of Mr. Andrew Croal, Director of Technical Services for the Company.
                  Mr. Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario. Preparation of New Gold&#8217;s consolidated statement and estimation of mineral resources has been completed under the oversight and review
                  of Mr. Michele Della Libera, Director, Exploration for the Company. Mr. Della Libera is a Professional Geoscientist and member of the Association of Professional Geoscientist of Ontario and of the Engineers and Geoscientist of British
                  Columbia. Mr. Croal and Mr. Della Libera are "Qualified Persons" as defined by NI 43-101.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div><br>
      </div>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
