<SEC-DOCUMENT>0001157523-21-000586.txt : 20210505
<SEC-HEADER>0001157523-21-000586.hdr.sgml : 20210505
<ACCEPTANCE-DATETIME>20210505063202
ACCESSION NUMBER:		0001157523-21-000586
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210505
FILED AS OF DATE:		20210505
DATE AS OF CHANGE:		20210505

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:		21891064

	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>a52423359.htm
<DESCRIPTION>NEW GOLD INC. FORM 6-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-indent: 36pt;">&#160;<br>
      &#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">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; margin-bottom: 6pt;">For the month of May 2021.</div>
    <div>Commission File Number 001-31722</div>
    <div>&#160;</div>
    <div style="text-align: center;"><img src="logo.jpg"></div>
    <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">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-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
    <br>
    <div style="text-align: center; font-weight: bold;">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" id="zb613d29f72dc4202b07bc8a0dfb26670" 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>
          </td>
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            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 81.28%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.19%; vertical-align: top;">
            <div><a href="a52423359ex99_1.htm">99.1</a></div>
          </td>
          <td style="width: 5.53%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 81.28%; vertical-align: top;">
            <div><a href="a52423359ex99_1.htm">New Gold Inc. News Release
                date May 5, 2021 &#8211; New Gold Reports 2021 First Quarter Results</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>
          </td>
          <td style="width: 11%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: top;" colspan="2">
            <div style="font-weight: bold;">NEW GOLD INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.99%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
        </tr>
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            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: center;">By:</div>
          </td>
          <td style="width: 37%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-style: italic;"><br>
              /s/ Sean Keating</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div>&#160;</div>
          </td>
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        <tr>
          <td style="width: 42.99%; vertical-align: top;">
            <div>Date:&#160;May 5, 2021</div>
          </td>
          <td style="width: 11%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: middle;" colspan="2">
            <div>Sean Keating</div>
            <div>Vice President, General Counsel and </div>
            <div>Corporate Secretary</div>
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        </tr>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52423359ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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            <div>&#160;</div>
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            <div style="text-align: right;">&#160;Exhibit 99.1</div>
          </td>
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    <div> <br>
    </div>
    <div> <img src="logo.jpg"></div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; margin-right: 88.2pt; margin-left: 86.5pt; margin-top: 7.9pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 16pt; font-weight: bold;">New Gold Reports 2021 First Quarter Results</div>
      <div style="text-align: justify; margin-left: 6pt; margin-top: 11.4pt; font-family: Arial, sans-serif; font-size: 9pt; font-style: italic;">(All amounts are in U.S. dollars unless otherwise indicated)</div>
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      </div>
      <div style="text-align: justify; margin-right: 7.35pt; margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;"><font style="font-weight: bold;">May 5, 2021 &#8211; New Gold Inc. (&#8220;New Gold&#8221; or the &#8220;Company&#8221;) (TSX and NYSE American: NGD) </font>reports
        first quarter results for the Company as of March 31, 2021. The Company will host a conference call and webcast today at 8:30 am Eastern Time to discuss the first quarter consolidated results (details are provided at the end of this news release).
        For detailed information, please refer to the Company&#8217;s First Quarter Management&#8217;s Discussion and Analysis (MD&amp;A) and Financial Statements that are available on the Company&#8217;s website at www.newgold.com and on SEDAR at www.sedar.com. The Company
        uses certain non-GAAP financial performance measures throughout this news release. Please refer to the &#8220;Non- GAAP Financial Performance Measures&#8221; section of this news release and the MD&amp;A for more information.</div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-align: justify; margin-right: 7.3pt; margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8220;The first quarter saw Rainy River deliver to plan and I am proud of the progress New Afton has made as it continues to safely
        and sequentially ramp-up operations," stated Renaud Adams, President &amp; CEO. "Planned increases in grade at Rainy River through the year, and New Afton nearing pre-incident mining rates, are expected to underpin stronger operational and
        financial results in the final three quarters of 2021 such that we remain on-track to achieve our guidance."</div>
      <div style="margin-top: 0.35pt;"><br>
      </div>
      <div style="text-align: justify; margin-right: 7.45pt; margin-left: 6pt; margin-top: 0.05pt; font-family: Arial, sans-serif; font-size: 9pt;">"During the quarter we continued to reinvest in our future, with exploration programs at both of our assets
        and strategic investments in Canadian opportunities. Our financial position is expected to strengthen with our exposure to gold and copper prices, and our focus in 2021 remains on further optimizing the performance at our operations and maximizing
        free cash flow to enhance our financial flexibility," added Mr. Adams.</div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;">Sustainability and ESG</div>
      <div style="text-align: justify; margin-right: 7.4pt; margin-left: 6pt; margin-top: 4.85pt; font-family: Arial, sans-serif; font-size: 9pt;">New Gold has four sustainability focus areas: Indigenous Peoples, Tailings Management, Water and Climate. New
        Gold has adapted its sustainability efforts to align with the most pressing ESG issues facing the Company and the mining industry. As such, our ESG approach continues to prioritize the health, safety, and well-being of our people and the people in
        the communities in which we operate. The protection of our people is central to our success as we believe people are our greatest asset. New Gold is committed to providing training, opportunities, and progression paths for our teams, and we
        actively seek to ensure that we promote diversity within our teams at all levels of the organization. We have adopted an embedded approach to execute on our sustainability strategy that aligns with ESG reporting standards.</div>
      <div style="margin-top: 0.2pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;">Consolidated First Quarter Highlights</div>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Total production for the first quarter was 96,026 gold equivalent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> ("gold eq.") ounces (66,650 ounces of gold, 187,224 ounces of silver and 13.8 million pounds of
                  copper).</div>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
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                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Revenues for the quarter were $165 million.</div>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
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                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Operating expense for the quarter was $1,022 per gold eq. ounce.</div>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
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                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Total cash costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> for the quarter were $1,067 per gold eq. ounce.</div>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
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                <div style="font-family: Arial, sans-serif; font-size: 9pt;">All-in sustaining costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> for the quarter were $1,550 per gold eq. ounce.</div>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Average realized gold price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> of $1,788 per ounce.</div>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Net earnings for the quarter were $15 million ($0.02 per share).</div>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Adjusted net earnings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> for the quarter were $8 million ($0.01 per share).</div>
              </td>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Cash generated from operations for the quarter was $53 million ($0.08 per share). Cash generated from operations for the quarter, before changes in non-cash operating working
                  capital<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup><font style="font-family: 'Times New Roman', serif;">,</font> was $64 million ($0.09 per share).</div>
              </td>
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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">At the end of the quarter, the Company had a cash position of $131 million and a strong liquidity position of $435 million.</div>
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      </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>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-left: 6pt; margin-top: 8.75pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="margin-left: 6pt; margin-top: 8.75pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;"><img src="logo.jpg">
        <div><br>
        </div>
        Consolidated Financial Highlights</div>
      <div style="margin-top: 0.15pt;"><br>
      </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="zed4009de21cd4972acc4dcac4fdc28d3">

          <tr>
            <td style="width: 53.27%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"><br>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #71665D; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2021</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #71665D; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Revenue ($M)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">164.9</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">142.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Net earnings (loss), per share ($)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">0.02</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(0.04)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Adj. net earnings (loss), per share ($)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">0.01</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(0.03)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Operating cash flow, per share ($)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">0.08</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">0.08</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Adj. operating cash flow, per share ($)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">0.09</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">0.07</div>
            </td>
          </tr>

      </table>
      <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="zfdfd3eb91c6e449bbdadcca3aacf351e">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Revenues for the quarter were $165 million, an increase compared to the prior-year period due to higher gold and copper prices, which was partially offset by
                  lower sales volume as underground operations at New Afton continued to ramp-up during the quarter following the tragic mud-rush incident in February.</div>
              </td>
            </tr>

        </table>
      </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="z3c26bf50628145e2a25bb414dee10b5f">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Operating expenses for the quarter were higher than the prior-year period due to the strengthening of the Canadian dollar and costs related to the continued
                  ramp-up of operations at New Afton.</div>
              </td>
            </tr>

        </table>
      </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="z19b82dc143b146fd85b701d4f4f48fdd">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Net earnings for the quarter were $15 million ($0.02 per share), an increase compared to the prior-year period primarily due to higher revenue, lower
                  depreciation and depletion and a gain on the revaluation of the Rainy River gold stream obligation and the New Afton free cash flow obligation to the Ontario Teacher's Pension Plan as a result of an increase in discount rates.</div>
              </td>
            </tr>

        </table>
      </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="zb7ae6272961345a493c9ecb1045bfe21">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Adjusted net earnings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> for the quarter were $8 million ($0.01 per share), an increase compared to the prior-year period primarily due to higher
                  revenue and lower depreciation and depletion.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-left: 6pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;">Consolidated Operational Highlights</div>
      <div style="margin-top: 0.15pt;"><br>
      </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="za21dc1a6392d414485821b3afa2b31c9">

          <tr>
            <td style="width: 53.27%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"><br>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #71665D; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2021</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; margin-right: 43.15pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold eq. production (ounces)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">96,026</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">103,435</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold production (ounces)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">66,650</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">66,790</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Copper production (Mlbs)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">13.8</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">18.5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Average realized gold price, per ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,788</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">1,458</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Average realized copper price, per pound<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">3.83</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">2.56</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Operating expense, per gold eq. ounce</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,022</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">864</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Total cash costs, per gold eq. ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,067</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">916</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Depreciation and depletion, per gold eq. ounce</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.5pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">498</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">507</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">All-in sustaining costs, per gold eq. ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,550</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">1,446</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Sustaining capital and sustaining leases ($M)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">37.9</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">49.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Growth capital ($M)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">18.5</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">19.0</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 style="margin-left: 6pt; margin-top: 8.75pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;"> <img src="logo.jpg"></div>
      <div style="margin-left: 6pt; margin-top: 8.75pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;">Rainy River</div>
      <div style="margin-left: 6pt; margin-top: 4.65pt; margin-bottom: 3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-weight: bold;">Rainy River Operational Highlights</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="z1316c24e74264bdc8e0580a889b6de39">

          <tr>
            <td style="width: 53.27%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Rainy River Mine</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #71665D; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2021</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; margin-right: 43.15pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold eq. production (ounces)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">56,513</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">51,106</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold eq. sold (ounces)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">53,577</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">53,538</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold production (ounces)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">54,656</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">50,381</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold sold (ounces)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">51,796</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">52,782</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Average realized gold price, per ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,786</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">1,455</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Operating expense, per gold eq. ounce</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,006</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">1,060</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Total cash costs, per gold eq. ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,006</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">1,060</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Depreciation and depletion, per gold eq. ounce</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.5pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">635</div>
            </td>
            <td style="width: 23.36%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">661</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">All-in sustaining costs, per gold eq. ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,586</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">1,755</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Sustaining capital and sustaining leases ($M)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">29.3</div>
            </td>
            <td style="width: 23.36%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">35.7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Growth capital ($M)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1.3</div>
            </td>
            <td style="width: 23.36%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.1</div>
            </td>
          </tr>

      </table>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-left: 6pt; margin-bottom: 3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-weight: bold;">Rainy River Operating Key Performance Indicators</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="z621ee451bcdf49e5a12fafd04b7bbe2e">

          <tr>
            <td style="width: 43.75%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Rainy River Mine (Open Pit Mine only)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; margin-right: 8.15pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">FY 2019</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; 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; margin-right: 7.05pt; margin-left: 7.3pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2020</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; 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; margin-right: 7.05pt; margin-left: 7.3pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q2 2020</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; 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; margin-right: 7.05pt; margin-left: 7.3pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q3 2020</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; 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; margin-right: 7.05pt; margin-left: 7.3pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q4 2020</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; margin-right: 7.9pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Tonnes mined per day (ore and waste)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">118,404</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">127,684</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">126,512</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">145,701</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">158,638</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">150,767</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Ore tonnes mined per day</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">18,712</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">26,012</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">23,101</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">36,515</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">42,918</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">35,681</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Operating waste tonnes per day</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">73,702</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">75,596</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">72,575</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">62,818</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">73,921</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">65,643</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Capitalized waste tonnes per day</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">25,990</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">26,077</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">30,836</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">46,368</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">41,799</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">49,442</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Total waste tonnes per day</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">99,692</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">101,673</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">103,411</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">109,186</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">115,720</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">115,085</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Strip ratio (waste:ore)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">5.33</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">3.91</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">4.48</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">2.99</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">2.70</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">3.23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Tonnes milled per calendar day</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">21,980</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">18,441</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">23,880</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">26,998</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">26,999</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">26,301</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold grade milled (g/t)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">1.08</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">1.03</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">0.78</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">0.88</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">0.93</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">0.80</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold recovery (%)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">91</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">90</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">89</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">89</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">90</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">89</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Mill availability (%)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">88</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">91</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">90</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">90</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">94</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">89</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold production (ounces)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">253,772</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">50,381</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">48,800</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">63,004</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">66,734</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">54,656</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold eq. production (ounces)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">257,051</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">51,106</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">49,633</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">64,221</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: right;">68,241</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: right;">56,513</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="z2775cd18426548598ba0ed0d75469e5c">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Rainy River has implemented measures to mitigate and limit the spread of COVID-19 and to protect the well-being of its employees, contractors, their families,
                  local communities, and other stakeholders. Measures include on-site testing and the use of contact tracing by the site team and through Public Health to isolate any infected individuals and limit further exposure. There are currently two
                  active cases at the Rainy River Mine. All prior cases (including the ten individuals referenced in the April 21 news release, all of whom were confirmed as COVID-positive by the Northwestern Health Unit) have recovered following the
                  applicable quarantine period. Further information on the Company&#8217;s response to COVID-19 is available via the following link: <font style="color: #0000FF;">https://newgold.com/covid-19/.</font></div>
              </td>
            </tr>

        </table>
      </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="za947a05ce14d42cebc8be2ae86b8030f">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">First quarter gold eq.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> production was 56,513 ounces (54,656 ounces of gold and 133,730 ounces of silver). Lower grades were expected during the
                  quarter as mining operations were focused on Phase 3 stripping to bring pit walls to the final pit limit. During the second half of the year, grades are expected to increase as the mine returns to Phase 2 area of the pit. The increase
                  compared to the prior-year period is due to higher throughput.</div>
              </td>
            </tr>

        </table>
      </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="z681fa8249044415dae2423420b7aa278">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Operating expense and total cash costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> were $1,006 per gold eq. ounce for the quarter, a decrease over the prior-year period primarily due to
                  improved operational performance, partially offset by the strengthening of the Canadian dollar.</div>
              </td>
            </tr>

        </table>
      </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="z327359dee69c4978b961518505c36c94">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Sustaining capital and sustaining lease<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> payments for the quarter were $29 million, including $13 million of capitalized mining costs. The decrease
                  compared to the prior-year period is mainly due to deferred construction capital programs completed in 2020. Sustaining capital spend during the quarter primarily included advancement of the planned annual tailings dam raise and capital
                  maintenance.</div>
              </td>
            </tr>

        </table>
      </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="z786e1ae385f24f1a95eb8bb5c1cabaae">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">All-in sustaining costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> were $1,586 per gold eq. ounce for the quarter, a decrease over the prior-year period primarily due to lower sustaining
                  capital spend.</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;">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>
      <div>
        <div> <img src="logo.jpg"></div>
        <div> <br>
        </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="z503cb63b4eec4974acc2b71e6aacf498">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Growth capital<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> for the quarter was $1 million, relating to the development of the underground Intrepid zone. At the end of the quarter,
                  development of the decline towards the Intrepid underground ore zone had advanced 650 metres. The first ore level was accessed and approximately 155 metres of development in ore was completed with tonnes and grades mined reconciling with
                  the block model and approximately 16,000 tonnes of development ore at 1.20 grams per tonne has been stockpiled.</div>
              </td>
            </tr>

        </table>
      </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="z20cd76aa8350467296606b384f8c81c1">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">During the quarter, the open pit mine achieved 150,767 tonnes per day, a decrease over the prior quarter, due to lower drilling rates as a result of extreme
                  winter weather conditions, but in-line with the 2021 target of ~151,000 tonnes per day. Approximately 3.2 million ore tonnes and 10.4 million waste tonnes (including 4.4 million capitalized waste tonnes) were mined from the open pit at an
                  average strip ratio of 3.23:1. During the second half of the year, the strip ratio is expected to decrease as operations return to Phase 2 area of the pit.</div>
              </td>
            </tr>

        </table>
      </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="zbb9e87ca1d3848c99bbbe5399a3a969a">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">The mill processed 26,301 tonnes per day for the quarter, slightly above plan and higher than the prior-year period. The mill continued to process ore
                  directly supplied by the open pit combined with ore from the medium grade stockpile and processed an average grade of 0.80 grams per tonne at a gold recovery of 89%. Mill availability for the quarter averaged 89%, lower than the prior
                  quarter due to planned maintenance activities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="margin-left: 6pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;">New Afton</div>
      <div style="margin-left: 6pt; margin-top: 4.65pt; margin-bottom: 3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-weight: bold;">New Afton Operational Highlights</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="z416026c3f9cb4a0892c75162a0b70c55">

          <tr>
            <td style="width: 53.27%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">New Afton Mine</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #71665D; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2021</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #71665D; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold eq. production (ounces)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">39,512</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">52,329</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold eq. sold (ounces)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">38,241</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">50,398</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold production (ounces)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">11,994</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">16,409</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold sold (ounces)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">11,744</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">15,991</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Copper production (Mlbs)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">13.8</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">18.5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Copper sold (Mlbs)</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">13.3</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">&#160;17.7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Average realized gold price, per ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,799</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">1,464</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Average realized copper price, per pound<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">3.83</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">2.56</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Operating expense, per gold eq. ounce</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,046</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.5pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">655</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Total cash costs, per gold eq. ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,153</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.5pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">762</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Depreciation and depletion, per gold eq. ounce</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.5pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">296</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.5pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">334</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">All-in sustaining costs, per gold eq. ounce<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,388</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">1,033</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Sustaining capital and sustaining leases ($M)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">8.5</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">13.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Growth capital ($M)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 23.36%; vertical-align: top; background-color: #EDEBE0; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">17.2</div>
            </td>
            <td style="width: 23.36%; vertical-align: top; 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; margin-right: 42.3pt; margin-left: 42.55pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">10.8</div>
            </td>
          </tr>

      </table>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-left: 6pt; margin-bottom: 3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-weight: bold;">New Afton Operating Key Performance Indicators</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="z8fa3df47d9ee4c808534c9d3ba412a3a">

          <tr>
            <td style="width: 43.75%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">New Afton Mine</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; 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; margin-right: 7.05pt; margin-left: 7.3pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">FY 2019</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 8.25pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2020</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; margin-right: 7.9pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q2 2020</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; 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; margin-right: 7.05pt; margin-left: 7.3pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q3 2020</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; 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; margin-right: 7.05pt; margin-left: 7.3pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q4 2020</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; background-color: #71665D; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: right; margin-right: 7.9pt; margin-top: 2.7pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Q1 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Tonnes mined per day (ore and waste)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">15,620</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">16,727</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">15,358</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">17,249</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">17,259</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">11,395</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Tonnes milled per calendar day</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">15,300</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">15,377</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">14,240</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">15,483</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">15,358</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">13,564</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold grade milled (g/t)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.47</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.45</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.46</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.44</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.46</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">0.39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold recovery (%)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">82</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">81</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">81</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">80</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">79</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">79</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold production (ounces)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">68,785</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">16,409</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">15,494</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">15,955</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">16,362</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">11,994</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Copper grade milled (%)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.78</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.73</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.72</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.71</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">0.73</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">0.64</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Copper recovery (%)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">83</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">82</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">83</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">82</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">81</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">80</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Copper production (Mlbs)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">79.4</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">18.5</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">16.9</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">18.2</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">18.5</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">13.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Mill availability (%)</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">97</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">98</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">92</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">98</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">99</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">96</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="margin-left: 2.6pt; margin-top: 2.7pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold eq. production (ounces)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">229,091</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">52,329</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">48,446</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">51,315</div>
            </td>
            <td style="width: 9.38%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
              <div style="font-size: 8pt; text-align: center;">52,326</div>
            </td>
            <td style="background-color: #EDEBE0; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.38%;">
              <div style="font-size: 8pt; text-align: center;">39,512</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;">4</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> <img src="logo.jpg"></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="z3114171c18014b479802ac162b83b5dc">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">New Afton has implemented measures to mitigate and limit the spread of COVID-19 and to protect the well-being of its employees, contractors, their families,
                  local communities, and other stakeholders. There are currently no active cases at the New Afton Mine. Further information on the Company&#8217;s response to COVID-19 is available via the following link: <font style="color: #0000FF;">https://newgold.com/covid-19/</font><font style="font-family: 'Times New Roman', serif;">.</font></div>
              </td>
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        </table>
      </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="zc6c8d7a184864fe5bb451b08fc93cdba">

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              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">First quarter gold eq.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> production was 39,512 ounces (11,994 ounces of gold, and 13.8 million pounds of copper). The decrease compared to the
                  prior-year period is due to lower grades and lower throughput as a result of the mud rush incident.</div>
              </td>
            </tr>

        </table>
      </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="ze3415c22bfed4e8680b27461f440a75f">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Operating expense and total cash costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> for the quarter were $1,046 and $1,153 per gold eq. ounce, respectively. Operating expense and total cash
                  costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> per gold eq. ounce have increased compared to the prior-year period as operations were impacted due to the tragic mud rush incident that occurred in February and the strengthening of the Canadian dollar.</div>
              </td>
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        </table>
      </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="z1fcd6b424a534c6cadea3bb6d3a6ab72">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Sustaining capital and sustaining lease<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> payments for the quarter were $8 million, primarily related to B3 mine development and the advancement of
                  the planned tailings dam raise.</div>
              </td>
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        </table>
      </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="z932a18cbff0543b2ba70e16a86e00350">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">All-in sustaining costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> were $1,388 per gold eq. ounce for the quarter, an increase over the prior-year period due to lower gold and copper sales
                  volumes and higher total cash costs.</div>
              </td>
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        </table>
      </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="z8be50b8843434f1a90b83d4ddc5bcccf">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">Growth capital<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> was $17 million for the quarter, primarily related to C-Zone development and the TAT project.</div>
              </td>
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        </table>
      </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="z735abd5c8d1d4caf9c1b91067bebd92d">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">During the quarter, C-Zone development advanced by approximately 820 metres and the project remains on track.</div>
              </td>
            </tr>

        </table>
      </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="zdc6f840b26b54af0a10ad6adf5564dcc">

            <tr>
              <td style="width: 14.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.55pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial, sans-serif; font-size: 9pt;">The C-Zone permit process was initiated with the pre-application package submitted during the first quarter.</div>
              </td>
            </tr>

        </table>
      </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="zb8a6ab050a7849cbb6e237cc62683bfe">

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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">The underground mine averaged 11,395 tonnes per day for the quarter, lower than previous quarters as underground operations continued to ramp-up during the
                  quarter following the tragic mud-rush incident in February. Mining rates increased in March, averaging approximately 16,200 tonnes per day, near pre-incident mining rates.</div>
              </td>
            </tr>

        </table>
      </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="zced236d7918847678b8f826323d649a1">

            <tr>
              <td style="width: 15pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Upon the receipt of the Mines Act permit, which is expected later this quarter, B3 production will commence and ramp-up over the year as more draw points
                  become accessible.</div>
              </td>
            </tr>

        </table>
      </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="z97f5947c9ff44589a7245d999f57fbaa">

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                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">During the quarter, the mill averaged 13,564 tonnes per day, and is currently incorporating the current surface stockpiles to supplement the overall lower
                  tonnes mined. The mill processed lower than average gold and copper grades of 0.39 grams per tonne gold and 0.64% copper, respectively, with gold and copper recoveries of 79% and 80%, respectively.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-left: 6pt; margin-top: 8.75pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;">First Quarter Conference Call and Webcast</div>
      <div style="text-align: justify; margin-right: 7.55pt; margin-left: 6pt; margin-top: 4.85pt; font-family: Arial, sans-serif; font-size: 9pt;">The Company will host a webcast and conference call today at 8:30 am Eastern Time to discuss the Company's
        first quarter consolidated results.</div>
      <div style="margin-top: 0.35pt;"><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="zd58167eed25340e8adff05a9c729cfd9">

            <tr>
              <td style="width: 14.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Participants may listen to the webcast by registering on our website at www.newgold.com or via the following link <font style="font-family: Arial,sans-serif; color: rgb(14, 25, 234);">https://onlinexperiences.com/Launch/QReg/ShowUUID=86F834BF-D9B7-4993-A7DA-B27454E7FA65</font><font style="font-family: 'Times New Roman',serif; color: rgb(14, 25, 234);">&#160;</font></div>
              </td>
            </tr>

        </table>
      </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="zb75908a7bf204f89b976adfd905f058a">

            <tr>
              <td style="width: 14.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">Participants may also listen to the conference call by calling toll free 1-833-350-1329, or 1-236-389-2426 outside of the U.S. and Canada, passcode 2491156</div>
              </td>
            </tr>

        </table>
      </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="zcfb6d642ef564578981d5adb9df21a2a">

            <tr>
              <td style="width: 14.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.6pt; font-family: Arial, sans-serif; font-size: 9pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 9pt;">A recorded playback of the conference call will be available until June 5, 2021 by calling toll free 1-800-585-8367, or 1-416-621-4642 outside of the U.S. and
                  Canada, passcode 2491156. An archived webcast will also be available until June 5, 2021 at www.newgold.com</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0.35pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; color: #4C7F71; font-family: Arial, sans-serif; font-size: 12pt; font-weight: bold;">About New Gold Inc.</div>
      <div style="text-align: justify; margin-right: 7.4pt; margin-left: 6pt; margin-top: 4.85pt; font-family: Arial, sans-serif; font-size: 9pt;">New Gold is a Canadian-focused intermediate gold mining Company with a portfolio of two core producing assets
        in Canada, the Rainy River gold mine, and the New Afton copper-gold mine. The Company also holds an 8% gold stream on the Artemis Gold Blackwater project located in Canada, a 6% equity stake in Artemis, and other Canadian-focused investments. The
        Company also owns 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 the environment and social responsibility. For further
        information on the Company, visit www.newgold.com.</div>
      <div><br>
      </div>
      <div style="margin-left: 6pt; margin-top: 6.3pt; font-family: Arial, sans-serif; font-size: 9pt;">For further information, please contact:</div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt; font-weight: bold;">Ankit Shah</div>
      <div style="margin-right: 288.5pt; margin-left: 6pt; margin-top: 0.9pt; font-family: Arial, sans-serif; font-size: 9pt;">Vice President, Strategy &amp; Business Development Direct: +1 (416) 324-6027</div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 9pt;">Email: ankit.shah@newgold.com</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><img src="logo.jpg"></div>
      <div style="margin-left: 6pt; margin-top: 9.2pt; font-family: Arial, sans-serif; font-weight: bold;">Non-GAAP Financial Performance Measures</div>
      <div><br>
      </div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt; font-style: italic;">Total Cash Costs per Gold eq. Ounce</div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; margin-top: 5.6pt; font-family: Arial, sans-serif; font-size: 8pt;">&#8220;Total cash costs per gold equivalent ounce&#8221; is a non-GAAP financial performance measure that is a common
        financial performance measure in the gold mining industry but does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold reports total cash costs on a sales basis
        and not on a production basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company&#8217;s performance and ability to generate liquidity through
        operating cash flow to fund future capital expenditures and working capital needs. New Gold believes that this measure, along with sales, is a key indicator of the Company&#8217;s ability to generate operating earnings and cash flow from its mining
        operations.</div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; margin-top: 5.6pt; font-family: Arial, sans-serif; font-size: 8pt;">This measure is intended to provide additional information only and should not be considered in isolation or
        as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of cash generated from operations under IFRS or operating costs presented under IFRS.</div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; margin-top: 5.6pt; font-family: Arial, sans-serif; font-size: 8pt;">Total cash cost figures are calculated in accordance with a standard developed by The Gold Institute, a
        worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Total
        cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs are then divided by gold
        equivalent ounces sold to arrive at the total cash costs per equivalent ounce sold.</div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; margin-top: 5.6pt; font-family: Arial, sans-serif; font-size: 8pt;">In addition to gold the Company produces copper and silver. Gold equivalent ounces of copper and silver
        produced or sold in a quarter are computed using a consistent ratio of copper and silver prices to the&#160; gold price and multiplying this ratio by the pounds of copper and silver ounces produced or sold during that quarter.</div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; margin-top: 5.6pt; font-family: Arial, sans-serif; font-size: 8pt;">Notwithstanding the impact of copper and silver sales, as the Company is focused on gold production, New Gold
        aims to assess the economic results of its operations in relation to gold, which is the primary driver of New Gold&#8217;s business. New Gold believes this metric is of interest to its investors, who invest in the Company primarily as a gold mining
        business. To determine the relevant costs associated with gold equivalent ounces, New Gold believes it is appropriate to reflect all operating costs incurred in its operations.</div>
      <div style="margin-top: 5.6pt;"><br>
      </div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt; font-style: italic;">All-In Sustaining Costs per Gold eq. Ounce</div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; margin-top: 5.85pt; font-family: Arial, sans-serif; font-size: 8pt;">&#8220;All-in sustaining costs per gold equivalent ounce&#8221; is a non-GAAP financial performance measure that does not
        have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold calculates "all-in sustaining costs per gold equivalent ounce" based on guidance announced by the World Gold
        Council (&#8220;WGC&#8221;) in September 2013. The WGC is a non-profit association of the world&#8217;s leading gold mining companies established in 1987 to promote the use of gold to industry, consumers and investors. The WGC is not a regulatory body and does not
        have the authority to develop accounting standards or disclosure requirements.&#160; The WGC has worked with its member companies to develop a measure that expands on IFRS measures to provide visibility into the economics of a gold mining company.
        Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. New Gold believes that "all-in sustaining costs per gold equivalent
        ounce" provides further transparency into costs associated with producing gold and will assist analysts, investors, and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current
        operations and its overall value. In addition, the Compensation Committee of the Board of Directors uses "all-in sustaining costs", together with other measures, in its Company scorecard to set incentive compensation goals and assess performance.</div>
      <div style="text-align: justify; margin-right: 7.7pt; margin-left: 6pt; margin-top: 5.85pt; font-family: Arial, sans-serif; font-size: 8pt;">"All-in sustaining costs per gold equivalent ounce" is intended to provide additional information only and
        does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with
        IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.</div>
      <div style="text-align: justify; margin-right: 7.7pt; margin-left: 6pt; margin-top: 5.85pt; font-family: Arial, sans-serif; font-size: 8pt;">New Gold defines "all-in sustaining costs per gold equivalent ounce" as the sum of total cash costs, net
        capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, lease payments that are sustaining in nature, and environmental reclamation costs,
        all divided by the total gold equivalent ounces sold to arrive at a per ounce figure. The &#8220;Sustaining Capital Expenditure Reconciliation&#8221; table below reconciles New Gold&#8217;s sustaining capital to its cash flow statement.&#160; The definition of sustaining
        versus non-sustaining is similarly applied to capitalized and expensed exploration costs and lease payments. Exploration costs and lease payments to develop new operations or that relate to major projects at existing operations where these projects
        are expected to materially increase production are classified as non-sustaining and are excluded. Gold equivalent ounces of copper and silver produced or sold in a quarter are computed using a consistent ratio of copper and silver prices to the
        gold price and multiplying this ratio by the pounds of copper and silver ounces produced or sold during that quarter.</div>
      <div style="text-align: justify; margin-right: 7.7pt; margin-left: 6pt; margin-top: 5.85pt; font-family: Arial, sans-serif; font-size: 8pt;">Costs excluded from all-in sustaining costs are non-sustaining capital expenditures, non-sustaining lease
        payments and exploration costs, financing costs, tax expense, and transaction costs associated with mergers, acquisitions and divestitures, and any items that are deducted for the purposes of adjusted earnings.</div>
      <div style="margin-top: 0.5pt;"><br>
      </div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt; font-style: italic;">Sustaining Capital and Sustaining Leases</div>
      <div style="text-align: justify; margin-right: 7.65pt; margin-left: 6pt; margin-top: 5.8pt; font-family: Arial, sans-serif; font-size: 8pt;">"Sustaining capital" and "sustaining lease" are non-GAAP financial performance measures that do not have any
        standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold defines "sustaining capital" as net capital expenditures that are intended to maintain operation of its gold producing
        assets. Similarly, a "sustaining lease" is a 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 capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. Management uses "sustaining capital" and
        "sustaining lease", to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. These measures are intended to provide additional information only and should not be considered in isolation or as
        substitutes for measures of performance prepared in accordance with IFRS.</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 style="margin-top: 0.4pt;"><img src="logo.jpg"></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt; font-style: italic;">Growth Capital</div>
      <div style="text-align: justify; margin-right: 7.55pt; margin-left: 6pt; margin-top: 5pt; font-family: Arial, sans-serif; font-size: 8pt;">"Growth capital" is a non-GAAP financial performance measure that does not have any standardized meaning under
        IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold considers 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 capital expenditures that are intended to maintain operation of its gold producing assets. Management uses "growth capital" to understand the cost to develop new operations or related to major projects at existing
        operations where these projects will materially increase production. This measure is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance
        with IFRS<font style="font-family: 'Times New Roman', serif;">.</font></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt;">The following tables reconcile the above non-GAAP measures to the most directly comparable IFRS measure on an aggregate basis.</div>
      <div style="margin-top: 0.45pt;"><br>
      </div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt; font-style: italic;">Consolidated OPEX, Cash Cost and All-in Sustaining Costs Reconciliation</div>
      <div style="margin-top: 0.5pt; margin-bottom: 0.05pt;"><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="ze88a37b8208747dc96996de418a0ce4c">

          <tr>
            <td style="width: 72%; vertical-align: top; background-color: rgb(113, 102, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
            <td colspan="2" style="vertical-align: top; background-color: rgb(113, 102, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 6.45pt; margin-top: 2.3pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Three months ended March 31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 4.2pt; font-family: Arial, sans-serif; font-size: 7pt; font-style: italic;">(in millions of U.S. dollars, except where noted)</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">2021</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 1.55pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">CONSOLIDATED OPEX, CASH COST AND ALL-IN SUSTAINING COSTS RECONCILIATION</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Operating expenses</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">93.9</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">89.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold equivalent ounces sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">91,818</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">103,936</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Operating expenses per gold equivalent ounce sold ($/ounce)</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,022</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">864</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Operating expenses</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">93.9</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">89.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Treatment and refining charges on concentrate sales</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">4.1</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">5.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Total cash costs</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">98.0</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">95.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold equivalent ounces sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">91,818</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">103,936</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Total cash costs per gold equivalent ounce sold ($/ounce)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,067</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">916</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Sustaining capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">35.1</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">46.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Sustaining exploration <font style="font-family: 'Times New Roman', serif;">-</font> expensed</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">0.3</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">&#8212;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Sustaining leases<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">2.7</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">2.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Corporate G&amp;A including share-based compensation</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">3.8</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">4.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Reclamation expenses</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">2.3</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">1.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Total all-in sustaining costs</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">142.3</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">150.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold equivalent ounces sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">91,818</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">103,936</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">All-in sustaining costs per gold equivalent ounce sold ($/ounce)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,550</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">&#160;1,446</div>
            </td>
          </tr>

      </table>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt; font-style: italic;">Adjusted Net Earnings/(Loss)</div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; margin-top: 5.75pt; font-family: Arial, sans-serif; font-size: 8pt;">&#8220;Adjusted net earnings&#8221; and &#8220;adjusted net earnings per share&#8221; are non-GAAP financial performance measures
        that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. "Adjusted net earnings" and "adjusted net earnings per share" exclude the following from net earnings:
        Inventory write downs, Items included in &#8220;Other gains and losses&#8221; as per Note 3 of the Company&#8217;s consolidated financial statements; and Certain non-recurring items. Net earnings have been adjusted, including the associated tax impact, for the group
        of costs in &#8220;Other gains and losses&#8221; on the condensed consolidated income statements. Key entries in this grouping are: the fair value changes for the gold stream obligation; fair value changes for the free cash flow interest obligation; the gold
        and copper option contracts; foreign exchange forward contracts; foreign exchange gain or loss, loss on disposal of assets and fair value changes in investments. The adjusted entries are also impacted for tax to the extent that the underlying
        entries are impacted for tax in the unadjusted net earnings.</div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; margin-top: 5.75pt; font-family: Arial, sans-serif; font-size: 8pt;">The Company uses "adjusted net earnings" for its own internal purposes. Management&#8217;s internal budgets and
        forecasts and public guidance do not reflect the items which have been excluded from the determination of "adjusted net earnings". Consequently, the presentation of "adjusted net earnings" enables investors to better understand the underlying
        operating performance of the Company's core mining business through the eyes of management. Management periodically evaluates the components of "adjusted net earnings" based on an internal assessment of performance measures that are useful for
        evaluating the operating performance of New Gold's business and a review of the non-GAAP financial performance measures used by mining industry analysts and other mining companies. "Adjusted net earnings" and "adjusted net earnings per share" are
        intended to provide additional information only and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash
        flows from operations as determined under IFRS. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.</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;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 5.75pt;"><img src="logo.jpg"></div>
      <div style="margin-top: 0.25pt; margin-bottom: 0.05pt;"><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="zd1a9c87a79154b5bbae954ca9ee8afda">

          <tr>
            <td style="width: 72%; vertical-align: top; background-color: rgb(113, 102, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
            <td colspan="2" style="vertical-align: top; background-color: rgb(113, 102, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 6.45pt; margin-top: 2.3pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Three months ended March 31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 4.2pt; font-family: Arial, sans-serif; font-size: 7pt; font-style: italic;">(in millions of U.S. dollars, except where noted)</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">2021</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 1.55pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">ADJUSTED NET EARNINGS (LOSS) RECONCILIATION</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Earnings (loss) before taxes</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">19.0</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(23.1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Other (gains) losses</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(8.7)</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">3.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Inventory write-down</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">&#8212;</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">3.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Adjusted net earnings (loss) before taxes</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">10.3</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(16.2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Income tax (expense) recovery</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(3.9)</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(5.2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Income tax adjustments</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1.7</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">3.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Adjusted income tax recovery (expense)</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(2.2)</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(1.6)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Adjusted net earnings (loss)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">8.1</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(17.8)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Adjusted earnings (loss) per share (basic and diluted)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">0.01</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(0.03)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt; font-style: italic;">Cash Generated from Operations, before Changes in Non-Cash Operating Working Capital</div>
      <div style="text-align: justify; margin-right: 7.7pt; margin-left: 6pt; margin-top: 5.8pt; font-family: Arial, sans-serif; font-size: 8pt;">&#8220;Cash generated from operations, before changes in non-cash operating working capital&#8221; is a non-GAAP financial
        performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Other companies may calculate this measure differently and this measure is unlikely to be
        comparable to similar measures presented by other companies. "Cash generated from operations, before changes in non-cash operating working capital" excludes changes in non-cash operating working capital. New Gold believes this non-GAAP financial
        measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company&#8217;s ability to generate cash from its operations before temporary working capital changes.</div>
      <div style="text-align: justify; margin-right: 7.8pt; margin-left: 6pt; margin-top: 5.9pt; font-family: Arial, sans-serif; font-size: 8pt;">Cash generated from operations, before non-cash changes in working capital is intended to provide additional
        information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of operating profit or cash flows from operations as determined
        under IFRS. The following table reconciles this non-GAAP financial performance measure to the most directly comparable IFRS measure.</div>
      <div style="margin-top: 0.05pt;"><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="zc63f0fb992c44495b91b337a21959da0">

          <tr>
            <td style="width: 72%; vertical-align: top; background-color: rgb(113, 102, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
            <td colspan="2" style="vertical-align: top; background-color: rgb(113, 102, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 6.45pt; margin-top: 2.3pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Three months ended March 31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 3pt; font-family: Arial, sans-serif; font-size: 7pt; font-style: italic;">(in millions of U.S. dollars)</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">2021</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 1.55pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">CASH RECONCILIATION</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Cash generated from operations</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">&#160;53.3</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">51.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Add back (deduct): Change in non-cash operating working capital</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">10.4</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">(4.2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Cash generated from operations, before changes in non-cash operating working capital<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">63.7</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">47.1</div>
            </td>
          </tr>

      </table>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt; font-style: italic;">Average Realized Price</div>
      <div style="text-align: justify; margin-right: 7.55pt; margin-left: 6pt; margin-top: 5.75pt; font-family: Arial, sans-serif; font-size: 8pt;">&#8220;Average realized price per ounce of gold sold&#8221; is a non-GAAP financial performance measure that does not
        have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures
        presented by other companies. Management uses this measure to better understand the price realized in each reporting period for gold sales. &#8220;Average realized price per ounce of gold sold&#8221; is intended to provide additional information only and
        should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS measure on an
        aggregate and mine-by-mine basis<font style="font-family: 'Times New Roman', serif;">.</font></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="zf29869e26fa04fe59d0f22949a6e7192">

          <tr>
            <td style="width: 72%; vertical-align: top; background-color: rgb(113, 102, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
            <td colspan="2" style="vertical-align: top; background-color: rgb(113, 102, 93); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 4.95pt; margin-top: 2.3pt; color: #FFFFFF; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">Three months ended March 31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 3pt; font-family: Arial, sans-serif; font-size: 7pt; font-style: italic;">(in millions of U.S. dollars, except where noted)</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 2.3pt; margin-top: 2.3pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">2021</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 1.55pt; color: #1F487D; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; color: #005A93; font-family: Arial, sans-serif; font-size: 8pt; font-weight: bold;">TOTAL AVERAGE REALIZED PRICE</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Revenue from gold sales</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">112.4</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">98.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Treatment and refining charges on gold concentrate sales</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1.2</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Gross revenue from gold sales</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">113.6</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">100.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Gold ounces sold</div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">63,539</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">68,773</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 2.6pt; margin-top: 2.3pt; font-family: Arial, sans-serif; font-size: 8pt;">Total average realized price per gold ounce sold ($/ounce)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
            <td style="width: 14%; vertical-align: top; background-color: rgb(237, 235, 224); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,788</div>
            </td>
            <td style="width: 14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: right; margin-right: 1.5pt; margin-top: 2.3pt; color: #3F3F3F; font-family: Arial, sans-serif; font-size: 8pt;">1,458</div>
            </td>
          </tr>

      </table>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-align: justify; margin-right: 7.6pt; margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt;">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 MD&amp;A for the three months ended March 31, 2021 filed at www.sedar.com and on EDGAR at www.sec.gov.</div>
      <div style="margin-top: 0.15pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; margin-top: 0.05pt; font-family: Arial, sans-serif; font-weight: bold;">Technical Information</div>
      <div style="text-align: justify; margin-right: 7.75pt; margin-left: 6pt; margin-top: 3pt; font-family: Arial, sans-serif; font-size: 8pt;">The scientific and technical information contained herein has been reviewed and approved by Eric Vinet, Senior
        Vice President, Operations of New Gold. Mr. Vinet is a Professional Engineer and member of the Ordre des ing&#233;nieurs du Qu&#233;bec. He is a "Qualified Person" for the purposes of National Instrument 43-101 &#8211; <font style="font-style: italic;">Standards
          of Disclosure for Mineral Projects.</font></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 style="margin-top: 0.2pt;"><img src="logo.jpg"></div>
      <div style="text-align: justify; margin-left: 6pt; font-family: Arial, sans-serif; font-weight: bold;">End Notes</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="z35ad997ea25c44bcb3637d6b4734d219">

            <tr>
              <td style="width: 24pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 8pt;">Total gold eq. ounces include silver and copper produced/sold converted to a gold eq. based on a ratio of $1,800 per gold ounce, $25.00 per silver ounce and
                  $3.50 per copper pound used for 2021 guidance estimates. All copper is produced/sold by the New Afton Mine. Gold eq. ounces for Rainy River in Q1 2021 includes production of 133,730 ounces of silver (128,260 ounces sold) converted to a
                  gold eq. based on a ratio of $1,800 per gold ounce and $25.00 per silver ounce used for 2021 guidance estimates. Gold eq. ounces for New Afton in Q1 2021 includes 13.8 million pounds of copper produced (13.3 million pounds sold) and
                  produced 53,494 ounces of silver (48,328 ounces of silver sold) converted to a gold eq. based on a ratio of $1,800 per gold ounce, 3.50 per copper pound and $25.00 per silver ounce used for 2021 guidance estimates.</div>
              </td>
            </tr>

        </table>
      </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="z5b6a506398db4248925d3730e7dc3d31">

            <tr>
              <td style="width: 24pt; vertical-align: top; align: right;">
                <div style="margin-left: 6pt; font-family: Arial, sans-serif; font-size: 8pt;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 8pt;">"Total cash costs", "all-in sustaining costs", "adjusted net earnings/(loss)", "sustaining capital and sustaining leases&#8221;, &#8220;growth capital&#8221;, &#8220;cash generated
                  from operations&#8221; and &#8220;average realized gold/copper price per ounce/pound&#8221; are all non-GAAP financial performance measures that are used in this press release. These measures do not have any standardized meaning under IFRS and therefore
                  may not be comparable to similar measures presented by other issuers. For more information about these measures, why they are used by the Company, and a reconciliation to the most directly comparable measure under IFRS, see the &#8220;Non-GAAP
                  Financial Performance Measures" section of this news release.</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;">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 style="text-align: justify; margin-left: 6pt; margin-top: 9.2pt; font-family: Arial, sans-serif; font-weight: bold;"> <img src="logo.jpg"></div>
      <div style="text-align: justify; margin-left: 6pt; margin-top: 9.2pt; font-family: Arial, sans-serif; font-weight: bold;">Cautionary Note Regarding Forward-Looking Statements</div>
      <div style="text-align: justify; margin-right: 7.5pt; margin-left: 6pt; margin-top: 3.05pt; font-family: Arial, sans-serif; font-size: 8pt;">Certain information contained in this news release, including any information relating to New Gold&#8217;s future
        financial or operating performance are &#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 planned increases in grade at the Rainy River Mine and New
        Afton Mine; plans to generate free cash flow; anticipated operational and financial results during the remainder of 2021; the strengthening in the Company&#8217;s financial position in future periods; the Company&#8217;s plans regarding diesel based GHG
        emission reductions; the anticipated effect of the construction of the TAT plant; the Company&#8217;s return to the Phase 2 area of the pit at the Rainy River Mine; the Company&#8217;s strip ratio at the Rainy River Mine; and the commencement and ramping up of
        B3 zone production at the New Afton Mine.</div>
      <div style="text-align: justify; margin-right: 7.5pt; margin-left: 6pt; margin-top: 2.65pt; font-family: Arial, sans-serif; font-size: 8pt;">All forward-looking statements in this news release are based on the opinions and estimates of management
        that, while considered reasonable 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 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 MD&amp;A, 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) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser
        extent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials
        costs increasing on a basis consistent with New Gold&#8217;s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the New Afton Mine and Rainy River Mine being consistent with New Gold&#8217;s current
        expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; (9) there being no significant disruptions to the Company&#8217;s workforce at
        either the Rainy River or New Afton Mine due to cases of COVID-19 or any required self-isolation requirements (due, among other things, to cross-border travel to the United States or any other country); (10) the responses of the relevant
        governments to the COVID-19 outbreak being sufficient to contain the impact of the COVID-19 outbreak; (11) 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; (12) 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 (13) Artemis Gold Inc.
        being able to complete the remaining C$50 million cash payment due on August 24, 2021 for the acquisition of the Blackwater project.</div>
      <div style="text-align: justify; margin-right: 7.5pt; margin-left: 6pt; margin-top: 2.4pt; font-family: Arial, sans-serif; font-size: 8pt;">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; volatility in the market price of the Company&#8217;s securities; hedging and investment related risks;
        dependence on the Rainy River Mine and New Afton Mine; 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; risks related to construction, including changing costs and timelines;
        adequate infrastructure; 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; global economic and financial conditions; risks relating to New Gold&#8217;s debt and liquidity; the adequacy of internal and disclosure controls; taxation; impairment; conflicts of interest; risks relating to climate change;
        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; risks relating to proposed
        acquisitions and the integration thereof; information systems security threats; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of, or inability to attract, 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; disruptions to the Company&#8217;s workforce at either the Rainy River Mine or the New Afton Mine, or both, due to cases of COVID-19 or
        any required self-isolation (due to cross-border travel, exposure to a case of COVID-19 or otherwise); the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 outbreak;
        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 anticipated timeline 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 anticipated timeline or at all; Artemis Gold Inc. not being able to make the remaining C$50 million cash payment due in connection with its
        acquisition of the Blackwater Project 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 most recent 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>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
